# EDGAR Filing Document

**Accession Number:** 0000835620
**File Stem:** 0001193125-26-093626
**Filing Date:** 2026-3
**Character Count:** 902721
**Document Hash:** 4e4e1174a2ff115c94ba57b19e5a15fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093626.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093626

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Strategic Global Bond Fund, Inc.
- **CENTRAL INDEX KEY:** 0000835620

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05603
- **FILM NUMBER:** 26725628

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK WORLD INCOME FUND, INC.
- **DATE OF NAME CHANGE:** 20061002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH WORLD INCOME FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WORLD INCOME FUND INC
- **DATE OF NAME CHANGE:** 19910916

## Series and Classes Contracts Data

### BlackRock Strategic Global Bond Fund, Inc. (Series ID: S000002866)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000007879 | Investor A    |  |
| C000007882 | Institutional |  |
| C000038980 | Investor C    |  |
| C000162768 | Class K       |  |

?xml version='1.0' encoding='ASCII'? BlackRock Strategic Global Bond Fund, Inc.

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:

811-05603

Name of Fund:

BlackRock Strategic Global Bond Fund, Inc.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Strategic Global Bond Fund, Inc., 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:

12/31/2025

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](g758511images_5650.jpg)

### BlackRock Strategic Global Bond Fund, Inc.

### Institutional Shares \| MAWIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock Strategic Global Bond Fund, Inc. (the "Fund") for the period of January 1, 2025 to December 31, 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 year ?
(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 | $55 | 0.53% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 8.48%. 

* For the same period, the Fund's benchmark, the Bloomberg Global Aggregate Bond Index returned 8.17% and the Custom Benchmark returned 8.49%. 

What contributed to performance?

Positive contributors to the Fund's performance over the period included positioning with respect to U.S. interest rates, followed by developed market currency exposures and positioning with respect to emerging market interest rates.

What detracted from performance?

There were no material detractors from performance over the annual period.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g758511chartimages_6657919.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 8.48% | (0.37)% | 2.62% |
| Bloomberg Global Aggregate Bond Index | 8.17 | (2.15) | 1.26 |
| Custom Benchmark | 8.49 | (1.98) | 1.52 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$906635146 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3197 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3142490 |
| Portfolio Turnover Rate | &nbsp;&nbsp;366% |

---

The Custom Benchmark is comprised of the returns of the Bloomberg Global Aggregate ex EM Bond Index (80%) and the Bloomberg EM ex Korea Bond Index (20%).

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 27.2% |
| Corporate Bonds | 24.3% |
| Foreign Agency Obligations | 21.7% |
| Non-Agency Mortgage-Backed Securities | 11.4% |
| Asset-Backed Securities | 7.8% |
| Investment Companies | 2.5% |
| Floating Rate Loan Interests | 2.0% |
| Common Stocks | 1.1% |
| Capital Trusts | 1.0% |
| Preferred Stocks | 0.7% |
| Other<sup>\*</sup> | 0.3% |

---

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 57.3% |
| China | 5.4% |
| United Kingdom | 4.3% |
| Spain | 3.3% |
| Mexico | 2.5% |
| Cayman Islands | 2.4% |
| France | 2.1% |
| South Africa | 1.5% |
| Italy | 1.5% |
| India | 1.3% |
| Other<sup>#</sup> | 18.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest investment types are presented. Additional investment types are found in Other.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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](g758511images_5649.jpg)

BlackRock Strategic Global Bond Fund, Inc.

Institutional Shares \| MAWIX

Annual Shareholder Report — December 31, 2025

MAWIX-12/25-AR

![TSR - BLK Retail Logo](g758511images_5650.jpg)

### BlackRock Strategic Global Bond Fund, Inc.

### Investor A Shares \| MDWIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock Strategic Global Bond Fund, Inc. (the "Fund") for the period of January 1, 2025 to December 31, 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 year ?
(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 | $81 | 0.78% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 8.21%. 

* For the same period, the Fund's benchmark, the Bloomberg Global Aggregate Bond Index returned 8.17% and the Custom Benchmark returned 8.49%. 

What contributed to performance?

Positive contributors to the Fund's performance over the period included positioning with respect to U.S. interest rates, followed by developed market currency exposures and positioning with respect to emerging market interest rates.

What detracted from performance?

There were no material detractors from performance over the annual period.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g758511chartimages_6657868.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 8.21% | (0.62)% | 2.38% |
| Investor A Shares (with sales charge) | 3.88 | (1.43) | 1.97 |
| Bloomberg Global Aggregate Bond Index | 8.17 | (2.15) | 1.26 |
| Custom Benchmark | 8.49 | (1.98) | 1.52 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$906635146 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3197 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3142490 |
| Portfolio Turnover Rate | &nbsp;&nbsp;366% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Custom Benchmark is comprised of the returns of the Bloomberg Global Aggregate ex EM Bond Index (80%) and the Bloomberg EM ex Korea Bond Index (20%).

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 27.2% |
| Corporate Bonds | 24.3% |
| Foreign Agency Obligations | 21.7% |
| Non-Agency Mortgage-Backed Securities | 11.4% |
| Asset-Backed Securities | 7.8% |
| Investment Companies | 2.5% |
| Floating Rate Loan Interests | 2.0% |
| Common Stocks | 1.1% |
| Capital Trusts | 1.0% |
| Preferred Stocks | 0.7% |
| Other<sup>\*</sup> | 0.3% |

---

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 57.3% |
| China | 5.4% |
| United Kingdom | 4.3% |
| Spain | 3.3% |
| Mexico | 2.5% |
| Cayman Islands | 2.4% |
| France | 2.1% |
| South Africa | 1.5% |
| Italy | 1.5% |
| India | 1.3% |
| Other<sup>#</sup> | 18.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest investment types are presented. Additional investment types are found in Other.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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](g758511images_5649.jpg)

BlackRock Strategic Global Bond Fund, Inc.

Investor A Shares \| MDWIX

Annual Shareholder Report — December 31, 2025

MDWIX-12/25-AR

![TSR - BLK Retail Logo](g758511images_5650.jpg)

### BlackRock Strategic Global Bond Fund, Inc.

### Investor C Shares \| MHWIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock Strategic Global Bond Fund, Inc. (the "Fund") for the period of January 1, 2025 to December 31, 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 year ?
(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 | $159 | 1.53% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor C Shares returned 7.41%. 

* For the same period, the Fund's benchmark, the Bloomberg Global Aggregate Bond Index returned 8.17% and the Custom Benchmark returned 8.49%. 

What contributed to performance?

Positive contributors to the Fund's performance over the period included positioning with respect to U.S. interest rates, followed by developed market currency exposures and positioning with respect to emerging market interest rates.

What detracted from performance?

There were no material detractors from performance over the annual period.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g758511chartimages_6657855.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | 7.41% | (1.37)% | 1.77% |
| Investor C Shares (with sales charge) | 6.41 | (1.37) | 1.77 |
| Bloomberg Global Aggregate Bond Index | 8.17 | (2.15) | 1.26 |
| Custom Benchmark | 8.49 | (1.98) | 1.52 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$906635146 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3197 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3142490 |
| Portfolio Turnover Rate | &nbsp;&nbsp;366% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Custom Benchmark is comprised of the returns of the Bloomberg Global Aggregate ex EM Bond Index (80%) and the Bloomberg EM ex Korea Bond Index (20%).

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 27.2% |
| Corporate Bonds | 24.3% |
| Foreign Agency Obligations | 21.7% |
| Non-Agency Mortgage-Backed Securities | 11.4% |
| Asset-Backed Securities | 7.8% |
| Investment Companies | 2.5% |
| Floating Rate Loan Interests | 2.0% |
| Common Stocks | 1.1% |
| Capital Trusts | 1.0% |
| Preferred Stocks | 0.7% |
| Other<sup>\*</sup> | 0.3% |

---

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 57.3% |
| China | 5.4% |
| United Kingdom | 4.3% |
| Spain | 3.3% |
| Mexico | 2.5% |
| Cayman Islands | 2.4% |
| France | 2.1% |
| South Africa | 1.5% |
| Italy | 1.5% |
| India | 1.3% |
| Other<sup>#</sup> | 18.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest investment types are presented. Additional investment types are found in Other.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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](g758511images_5649.jpg)

BlackRock Strategic Global Bond Fund, Inc.

Investor C Shares \| MHWIX

Annual Shareholder Report — December 31, 2025

MHWIX-12/25-AR

![TSR - BLK Retail Logo](g758511images_5650.jpg)

### BlackRock Strategic Global Bond Fund, Inc.

### Class K Shares \| MKWIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock Strategic Global Bond Fund, Inc. (the "Fund") for the period of January 1, 2025 to December 31, 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 year ?
(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 | $50 | 0.48% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 8.53%. 

* For the same period, the Fund's benchmark, the Bloomberg Global Aggregate Bond Index returned 8.17% and the Custom Benchmark returned 8.49%. 

What contributed to performance?

Positive contributors to the Fund's performance over the period included positioning with respect to U.S. interest rates, followed by developed market currency exposures and positioning with respect to emerging market interest rates.

What detracted from performance?

There were no material detractors from performance over the annual period.

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

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g758511chartimages_6657804.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 8.53% | (0.32)% | 2.67% |
| Bloomberg Global Aggregate Bond Index | 8.17 | (2.15) | 1.26 |
| Custom Benchmark | 8.49 | (1.98) | 1.52 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$906635146 |
| Number of Portfolio Holdings | &nbsp;&nbsp;3197 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$3142490 |
| Portfolio Turnover Rate | &nbsp;&nbsp;366% |

---

The Custom Benchmark is comprised of the returns of the Bloomberg Global Aggregate ex EM Bond Index (80%) and the Bloomberg EM ex Korea Bond Index (20%).

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| U.S. Government Sponsored Agency Securities | 27.2% |
| Corporate Bonds | 24.3% |
| Foreign Agency Obligations | 21.7% |
| Non-Agency Mortgage-Backed Securities | 11.4% |
| Asset-Backed Securities | 7.8% |
| Investment Companies | 2.5% |
| Floating Rate Loan Interests | 2.0% |
| Common Stocks | 1.1% |
| Capital Trusts | 1.0% |
| Preferred Stocks | 0.7% |
| Other<sup>\*</sup> | 0.3% |

---

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 57.3% |
| China | 5.4% |
| United Kingdom | 4.3% |
| Spain | 3.3% |
| Mexico | 2.5% |
| Cayman Islands | 2.4% |
| France | 2.1% |
| South Africa | 1.5% |
| Italy | 1.5% |
| India | 1.3% |
| Other<sup>#</sup> | 18.4% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>\*</sup></sup><sup>Ten largest investment types are presented. Additional investment types are found in Other.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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](g758511images_5649.jpg)

BlackRock Strategic Global Bond Fund, Inc.

Class K Shares \| MKWIX

Annual Shareholder Report — December 31, 2025

MKWIX-12/25-AR

------

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

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.  |

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Item 3 – Audit Committee Financial Expert – The registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Arthur P. Steinmetz

Lorenzo A. Flores

Catherine A. Lynch

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees<sup>4</sup>** | **(d) All Other Fees<sup>4</sup>** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u><sup>3</sup>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u><sup>3</sup>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End<sup>3</sup></u>** | **<u>Previous</u>** <br> **<u>Fisca</u>l**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End<sup>3</sup></u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Strategic Global Bond Fund, Inc. | $78310 | $77928 | $0 | $0 | $19800 | $19800 | $388 | $0 |

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The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

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---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (c) Tax Fees<sup>2</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (d) All Other Fees<sup>3</sup> | $2149000 | $2149000 |

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<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current Fiscal Year</u> <br><u>End</u>** | **<u>Previous Fiscal</u> <br><u>Year End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Strategic Global Bond Fund, Inc. | $20188 | $19800 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **<u>Current Fiscal Year</u> <br><u>End</u>** | **<u>Previous Fiscal</u> <br><u>Year End</u>** |
| &nbsp;&nbsp;&nbsp; $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

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.

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![](g758511imga89e24de1.jpg)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information<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>

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**Table of Contents**

**Page**

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| | |
|:---|:---|
| [The Benefits and Risks of Leveraging](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_RskDeriv-Footer-FundBookName-881_1)  | 3 |
| [Derivative Financial Instruments](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_RskDeriv-Footer-FundBookName-881_1)  | 3 |
| [Schedules of Investments](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_SOI-Footer-FundBookName-881_1)  | 4 |
| [Statements of Assets and Liabilities](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_FS-Footer-FundBookName-881_1)  | 96 |
| [Statements of Operations](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_FS-Footer-FundBookName-881_4)  | 99 |
| [Statements of Changes in Net Assets](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_FS-Footer-FundBookName-881_6)  | 101 |
| [Financial Highlights](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_FIHI-Footer-FundBookName-881_1)  | 102 |
| [Notes to Financial Statements](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_NTF-Footer-FundBookName-881_1)  | 110 |
| [Report of Independent Registered Public Accounting Firm](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_AUDIT-1-Footer-FundBookName-881_1)  | 127 |
| [Important Tax Information](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_TAX-1-Footer-FundBookName-881_1)  | 128 |
| [Additional Information](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_ADDInfo-Footer-FundBookName-881_1)  | 129 |
| [Disclosure of Investment Sub-Advisory Agreement](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_IAAS-Footer-FundBookName_1)  | 131 |
| [Glossary of Terms Used in these Financial Statements](#xx_a8b31963-d4b9-48a9-8aed-f117bb6ade7e_Terms-Footer-FundBookName-881_1)  | 132 |

---

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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

December 31, 2025

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

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

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

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| **Australia**<sup>(a)</sup> **— 0.1%** | **Australia**<sup>(a)</sup> **— 0.1%** | **Australia**<sup>(a)</sup> **— 0.1%** |  |
| Latitude Australia Credit Card Master Trust, <br> Series 2025-1, Class A, (1-Month BBSW + 1.15%), <br> 4.71%, 11/23/37<br>| AUD | 500 | $334656 |
| Metro Finance Trust, Series 2025-1, Class A, (1-Month <br> BBSW + 1.17%), 4.72%, 10/15/31<br>|  | 395 | 264329 |
| Panorama Auto Trust, Series 25-1, Class A, (1-Month <br> BBSW + 0.97%), 4.52%, 03/15/33<sup>(b)</sup><br>|  | 395 | 264114 |
| RESIMAC Premier, Series 2025-1, Class A, (1-Month <br> BBSW + 1.10%), 4.65%, 09/12/56<br>|  | 399 | 267347 |
|  |  |  | 1130446 |
| **Bermuda**<sup>(a)(c)</sup> **— 0.3%** | **Bermuda**<sup>(a)(c)</sup> **— 0.3%** | **Bermuda**<sup>(a)(c)</sup> **— 0.3%** |  |
| Symphony CLO 36 Ltd., Series 2017-2A, Class A, (3-<br> mo. CME Term SOFR + 1.41%), 5.31%, 01/16/31<br>| USD | 9 | 9124 |
| Symphony CLO Ltd., Series 2023-40A, Class AR, (3-<br> mo. CME Term SOFR + 1.31%), 5.22%, 01/05/38<br>|  | 3050 | 3061337 |
|  |  |  | 3070461 |
| **Cayman Islands**<sup>(c)</sup> **— 2.8%** | **Cayman Islands**<sup>(c)</sup> **— 2.8%** | **Cayman Islands**<sup>(c)</sup> **— 2.8%** |  |
| Anchorage Capital CLO Ltd., Series 2016-8A, <br> Class A1R3, (3-mo. CME Term SOFR + 1.29%), <br> 5.20%, 10/27/38<sup>(a)</sup><br>|  | 950 | 952510 |
| Apidos CLO LIII, Series 2025-53A, Class A1, (3-mo. <br> CME Term SOFR + 1.32%), 5.20%, 07/20/38<sup>(a)</sup><br>|  | 2000 | 2007249 |
| Barings CLO Ltd., Series 2020-1A, Class A1R2, (3-mo. <br> CME Term SOFR + 1.26%), 5.16%, 01/15/38<sup>(a)</sup><br>|  | 1515 | 1518484 |
| Carlyle U.S. CLO Ltd., Series 2024-6A, Class B, (3-mo. <br> CME Term SOFR + 1.70%), 5.56%, 10/25/37<sup>(a)</sup><br>|  | 2500 | 2509806 |
| Cedar Funding II CLO Ltd., Series 2013-1A, <br> Class BR3, (3-mo. CME Term SOFR + 1.75%), <br> 5.84%, 07/22/38<sup>(a)</sup><br>|  | 1000 | 1003289 |
| Diameter Capital CLO Ltd., Series 2021-2A, <br> Class A2R, (3-mo. CME Term SOFR + 1.80%), <br> 5.70%, 10/15/37<sup>(a)</sup><br>|  | 500 | 502137 |
| Dryden Senior Loan Fund<sup>(a)</sup> <br>|  |  |  |
| Series 2015-37A, Class AR, (3-mo. CME Term <br> SOFR + 1.36%), 5.27%, 01/15/31<br>|  | 144 | 144238 |
| Series 2017-49, Class AR, (3-mo. CME Term SOFR <br> + 1.21%), 5.10%, 07/18/30<br>|  | 114 | 113730 |
| Golub Capital Partners CLO Ltd., Series 2020-50A, <br> Class BR2, (3-mo. CME Term SOFR + 1.50%), <br> 5.38%, 04/20/35<sup>(a)</sup><br>|  | 405 | 405425 |
| Gracie Point International Funding LLC, Series 2023-<br> 2A, Class A, (90-day Avg SOFR + 2.25%), 6.45%, <br> 03/01/27<sup>(a)</sup><br>|  | 93 | 92920 |
| Loanpal Solar Loan Ltd., Series 2020-2GF, Class A, <br> 2.75%, 07/20/47<br>|  | 66 | 56687 |
| Octagon Investment Partners 36 Ltd., Series 2018-1A, <br> Class A1, (3-mo. CME Term SOFR + 1.23%), <br> 5.14%, 04/15/31<sup>(a)</sup><br>|  | 127 | 126707 |
| OHA Credit Funding Ltd.<sup>(a)</sup> <br>|  |  |  |
| Series 2022-12RA, Class C, (3-mo. CME Term <br> SOFR + 1.80%), 6.13%, 07/20/37<br>|  | 1000 | 1002832 |
| Series 2025-20A, Class A, (3-mo. CME Term SOFR <br> + 1.10%), 4.98%, 04/20/38<br>|  | 1030 | 1028484 |
| Orion CLO Ltd., Series 2025-5A, Class D1, (3-mo. <br> CME Term SOFR + 3.05%), 6.93%, 07/20/38<sup>(a)</sup><br>|  | 500 | 500150 |
| Park Blue CLO Ltd., Series 2022-2A, Class A1R, (3-<br> mo. CME Term SOFR + 1.42%), 5.30%, 07/20/37<sup>(a)</sup><br>|  | 2000 | 2007374 |

---

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Cayman Islands (continued)** | **Cayman Islands (continued)** | **Cayman Islands (continued)** |  |
| Post CLO VI Ltd.<sup>(a)</sup> <br>|  |  |  |
| Series 2024-2A, Class A1, (3-mo. CME Term SOFR <br> + 1.42%), 5.30%, 01/20/38<br>| USD | 2000 | $2008153 |
| Series 2024-2A, Class D1, (3-mo. CME Term SOFR <br> + 3.20%), 7.08%, 01/20/38<br>|  | 1000 | 999465 |
| Rad CLO Ltd., Series 2023-18A, Class A1R, (3-mo. <br> CME Term SOFR + 1.40%), 5.30%, 07/15/37<sup>(a)</sup><br>|  | 1130 | 1133070 |
| Regatta XVIII Funding Ltd., Series 2021-1A, <br> Class A1R, (3-mo. CME Term SOFR + 1.16%), <br> 5.06%, 04/15/38<sup>(a)</sup><br>|  | 2000 | 1999112 |
| Rockford Tower CLO Ltd., Series 2017-3A, Class A, <br> (3-mo. CME Term SOFR + 1.45%), 5.34%, <br> 10/20/30<sup>(a)</sup><br>|  | 40 | 39733 |
| Signal Peak CLO Ltd., Series 2020-8A, Class A1R, <br> (3-mo. CME Term SOFR + 1.39%), 5.27%, <br> 10/20/37<sup>(a)</sup><br>|  | 1000 | 1003627 |
| Sixth Street CLO XII Ltd., Series 2018-12A, Class BR2, <br> (3-mo. CME Term SOFR + 1.60%), 5.37%, <br> 01/17/39<sup>(a)</sup><br>|  | 325 | 325787 |
| Symphony CLO XIX Ltd., Series 2018-19A, Class A, <br> (3-mo. CME Term SOFR + 1.22%), 5.12%, <br> 04/16/31<sup>(a)</sup><br>|  | 163 | 162978 |
| Trinitas CLO XII Ltd., Series 2020-12A, Class A1R2, <br> (3-mo. CME Term SOFR + 1.05%), 4.91%, <br> 04/25/33<sup>(a)</sup><br>|  | 1503 | 1503383 |
| Warwick Capital CLO Ltd.<sup>(a)</sup> <br>|  |  |  |
| Series 2024-4A, Class A1, (3-mo. CME Term SOFR <br> + 1.40%), 5.28%, 07/20/37<br>|  | 1000 | 1003828 |
| Series 2025-6A, Class A1, (3-mo. CME Term SOFR <br> + 1.43%), 5.53%, 07/20/38<br>|  | 1000 | 1004121 |
|  |  |  | 25155279 |
| **France**<sup>(a)(b)</sup> **— 0.0%** | **France**<sup>(a)(b)</sup> **— 0.0%** | **France**<sup>(a)(b)</sup> **— 0.0%** |  |
| FCT Noria, Series 2025-1, Class B, (1-mo. EURIBOR + <br> 0.90%), 2.79%, 07/25/43<br>| EUR | 100 | 117244 |
| Noria DE |  |  |  |
| Series 2024-DE1, Class B, (1-mo. EURIBOR + <br> 0.95%), 2.84%, 02/25/43<br>|  | 83 | 97942 |
| Series 2024-DE1, Class C, (1-mo. EURIBOR + <br> 1.25%), 3.14%, 02/25/43<br>|  | 81 | 94521 |
|  |  |  | 309707 |
| **Germany**<sup>(a)</sup> **— 0.0%** | **Germany**<sup>(a)</sup> **— 0.0%** | **Germany**<sup>(a)</sup> **— 0.0%** |  |
| FCT Autonoria DE, Series 2023-DE, Class B, (1-mo. <br> EURIBOR + 1.15%), 3.04%, 01/26/43<sup>(b)</sup><br>|  | 35 | 41322 |
| Red & Black Auto Germany UG, Series 10, Class B, <br> (1-mo. EURIBOR + 1.20%), 3.14%, 09/15/32<br>|  | 63 | 74114 |
|  |  |  | 115436 |
| **Ireland**<sup>(a)(b)</sup> **— 0.1%** | **Ireland**<sup>(a)(b)</sup> **— 0.1%** | **Ireland**<sup>(a)(b)</sup> **— 0.1%** |  |
| Avoca CLO XXII DAC, Series 22X, Class B1, (3-mo. <br> EURIBOR + 1.30%), 3.33%, 04/15/35<br>|  | 100 | 116830 |
| CIFC European Funding CLO I DAC, Series 1X, <br> Class DR, (3-mo. EURIBOR + 3.20%), 5.21%, <br> 07/15/32<br>|  | 100 | 117790 |
| CVC Cordatus Loan Fund IV DAC, Series 4X, <br> Class BR1, (3-mo. EURIBOR + 1.30%), 3.35%, <br> 02/22/34<br>|  | 100 | 116875 |
| Henley CLO IV DAC, Series 4X, Class B1, (3-mo. <br> EURIBOR + 1.35%), 3.42%, 04/25/34<br>|  | 100 | 117213 |
| Penta CLO DAC, Series 2024-17X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.31%, 08/15/38<br>|  | 100 | 118285 |

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2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |  |
| Providus CLO VI DAC, Series 6X, Class D, (3-mo. <br> EURIBOR + 3.20%), 5.25%, 05/20/34<br>| EUR | 100 | $117913 |
| Tikehau CLO XII DAC, Series 12X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.25%, 10/20/38<br>|  | 100 | 117948 |
|  |  |  | 822854 |
| **Italy**<sup>(a)(b)</sup> **— 0.3%** | **Italy**<sup>(a)(b)</sup> **— 0.3%** | **Italy**<sup>(a)(b)</sup> **— 0.3%** |  |
| Asset-Backed European Securitisation Transaction <br> Twenty-Four SRL, Series 2024-R, Class B, (1-mo. <br> EURIBOR + 1.15%), 3.21%, 08/16/40<br>|  | 289 | 340682 |
| Auto ABS Italian Stella Loans SRL |  |  |  |
| Series 2024-1, Class A, (1-mo. EURIBOR + 0.73%), <br> 2.62%, 12/29/36<br>|  | 202 | 238035 |
| Series 2024-1, Class B, (1-mo. EURIBOR + 1.20%), <br> 3.09%, 12/29/36<br>|  | 88 | 103744 |
| Series 2025-1, Class B, (1-mo. EURIBOR + 1.00%), <br> 2.89%, 12/28/40<br>|  | 167 | 196584 |
| AutoFlorence SRL, Series 3, Class A, (1-mo. <br> EURIBOR + 0.95%), 2.84%, 12/25/46<br>|  | 237 | 279538 |
| Brignole Co., Series 2024, Class A, (1-mo. EURIBOR + <br> 0.78%), 2.68%, 02/24/42<br>|  | 162 | 190535 |
| Fulvia SPV SRL, Series 2025-1, Class B, (3-mo. <br> EURIBOR + 0.90%), 2.90%, 12/23/41<br>|  | 100 | 117548 |
| Golden Bar Securitisation SRL |  |  |  |
| Series 2025-2, Class A1, (3-mo. EURIBOR + <br> 0.67%), 2.71%, 12/20/44<br>|  | 451 | 530104 |
| Series 2025-2, Class B, (3-mo. EURIBOR + 0.90%), <br> 2.94%, 12/22/44<br>|  | 106 | 124622 |
| Quarzo SRL, Series 2024-1, Class B, (3-mo. <br> EURIBOR + 1.60%), 3.70%, 06/15/41<br>|  | 72 | 84727 |
| Red & Black Auto Italy SRL, Series 3, Class A, (1-mo. <br> EURIBOR + 0.81%), 2.70%, 07/28/36<br>|  | 196 | 230601 |
|  |  |  | 2436720 |
| **Jersey — 0.6%** | **Jersey — 0.6%** | **Jersey — 0.6%** |  |
| AGL CLO Ltd., Series 2023-24A, Class A2R, (3-mo. <br> CME Term SOFR + 1.71%), 5.57%, 03/31/38<sup>(a)(c)</sup><br>| USD | 2000 | 2005782 |
| Hamlin Park CLO Ltd., Series 2024-1A, Class A, (3-<br> mo. CME Term SOFR + 1.34%), 5.22%, <br> 10/20/37<sup>(a)(c)</sup><br>|  | 3000 | 3012426 |
| Vantage Data Centers Jersey Borrower SPV Ltd. |  |  |  |
| Series 2024-1X, Class A2, 6.17%, 05/28/39 | GBP | 176 | 242680 |
| Series 2024-1X, Class B, 6.34%, 05/28/39<sup>(b)</sup> |  | 119 | 160382 |
|  |  |  | 5421270 |
| **Luxembourg**<sup>(a)</sup> **— 0.2%** | **Luxembourg**<sup>(a)</sup> **— 0.2%** | **Luxembourg**<sup>(a)</sup> **— 0.2%** |  |
| Asset-Backed European Securitisation Transaction <br> Twenty-Three SARL, Series 2023, Class B, (1-mo. <br> EURIBOR + 1.30%), 3.22%, 03/21/34<br>| EUR | 87 | 102145 |
| Auto1 Car Funding SARL, Series 2024-1, Class A, <br> (1-mo. EURIBOR + 0.70%), 2.64%, 12/15/33<sup>(b)</sup><br>|  | 95 | 111957 |
| FACT SA/LU, Series 2024-1, Class B, (1-mo. <br> EURIBOR + 1.05%), 2.97%, 09/22/31<sup>(b)</sup><br>|  | 100 | 117831 |
| First Mobility SARL - Compartment Swiss Lease, <br> Series 2025-1, Class B, (1-mo. EURIBOR + N <br> Ap%), 2.84%, 10/14/32<sup>(b)</sup><br>|  | 100 | 117594 |
| Golden Ray SA - Compartment 1, Series 1, Class A2, <br> (1-mo. EURIBOR + 0.80%), 2.69%, 12/27/57<sup>(b)</sup><br>|  | 255 | 300032 |
| Pony SA, Series 2024-1, Class B, (1-mo. EURIBOR + <br> 0.85%), 2.79%, 01/14/33<sup>(b)</sup><br>|  | 90 | 105228 |
| SC Austria SARL<sup>(b)</sup> <br>|  |  |  |
| Series 2025-1, Class C, (3-mo. EURIBOR + 1.45%), <br> 3.44%, 07/25/41<br>|  | 100 | 117847 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** |  |
| SC Austria SARL<sup>(b)</sup> (continued) |  |  |  |
| Series 2025-1, Class D, (3-mo. EURIBOR + 1.80%), <br> 3.79%, 07/25/41<br>| EUR | 100 | $117919 |
| SC Germany SA Compartment Consumer<sup>(b)</sup> <br>|  |  |  |
| Series 2024-2, Class B, (1-mo. EURIBOR + 1.10%), <br> 3.04%, 05/14/38<br>|  | 100 | 117660 |
| Series 2025-1, Class B, (1-mo. EURIBOR + 0.95%), <br> 2.89%, 12/14/38<br>|  | 100 | 117017 |
| Series 2025-2, Class B, (1-mo. EURIBOR + 0.95%), <br> 2.89%, 12/15/38<br>|  | 300 | 353210 |
| Series 2025-2, Class D, (1-mo. EURIBOR + 1.50%), <br> 3.44%, 12/15/38<br>|  | 100 | 117543 |
| TREVA Equipment Finance SA - Compartment, <br> Series 2024-1, Class B, (1-mo. EURIBOR + 0.90%), <br> 2.80%, 01/20/35<sup>(b)</sup><br>|  | 34 | 40148 |
|  |  |  | 1836131 |
| **Netherlands**<sup>(a)</sup> **— 0.1%** | **Netherlands**<sup>(a)</sup> **— 0.1%** | **Netherlands**<sup>(a)</sup> **— 0.1%** |  |
| Domi BV, Series 2023-1, Class A, (3-mo. EURIBOR + <br> 1.12%), 3.18%, 02/15/55<sup>(b)</sup><br>|  | 112 | 132583 |
| Hill FL BV, Series 2025-1FL, Class B, (1-mo. <br> EURIBOR + 0.95%), 2.89%, 10/18/32<sup>(b)</sup><br>|  | 306 | 359517 |
| Mila BV |  |  |  |
| Series 2024-1, Class A, (1-mo. EURIBOR + 0.69%), <br> 2.62%, 09/16/41<br>|  | 127 | 148931 |
| Series 2025-1, Class B, (1-mo. EURIBOR + 0.85%), <br> 2.76%, 10/12/42<sup>(b)</sup><br>|  | 100 | 117376 |
|  |  |  | 758407 |
| **Portugal**<sup>(a)(b)</sup> **— 0.2%** | **Portugal**<sup>(a)(b)</sup> **— 0.2%** | **Portugal**<sup>(a)(b)</sup> **— 0.2%** |  |
| GAMMA Sociedade de Titularizacao de Creditos SA <br> Consumer Totta 3<br>|  |  |  |
| Series 3, Class A, (3-mo. EURIBOR + 0.75%), <br> 2.79%, 10/25/35<br>|  | 200 | 235352 |
| Series 3, Class B, (3-mo. EURIBOR + 1.20%), <br> 3.24%, 10/25/35<br>|  | 100 | 117718 |
| TAGUS-Sociedade de Titularizacao de Creditos <br> SA/Vasco Finance No. 3, Series 3, Class A, (1-mo. <br> EURIBOR + 0.93%), 2.90%, 10/27/43<br>|  | 800 | 941402 |
|  |  |  | 1294472 |
| **Spain**<sup>(a)</sup> **— 0.0%** | **Spain**<sup>(a)</sup> **— 0.0%** | **Spain**<sup>(a)</sup> **— 0.0%** |  |
| Autonoria Spain FT, Series 2021-SP, Class B, (1-mo. <br> EURIBOR + 0.80%), 2.69%, 01/31/39<br>|  | 38 | 44741 |
| Santander Consumo Fondo de Titulizacion, Series 8, <br> Class B, (3-mo. EURIBOR + 1.20%), 3.21%, <br> 01/21/40<sup>(b)</sup><br>|  | 100 | 118049 |
|  |  |  | 162790 |
| **United Kingdom — 0.7%** | **United Kingdom — 0.7%** | **United Kingdom — 0.7%** |  |
| Asimi Funding PLC<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2025-1, Class A, (1-day SONIA GBP 0.95%), <br> 4.79%, 05/16/32<br>| GBP | 101 | 137009 |
| Series 2025-2, Class A, (1-day SONIA GBP 0.82%), <br> 0.00%, 12/16/32<br>|  | 301 | 406142 |
| Series 2025-2, Class B, (1-day SONIA GBP 1.20%), <br> 0.00%, 12/16/32<br>|  | 176 | 237191 |
| Series 2025-2, Class E, (1-day SONIA GBP 2.80%), <br> 0.00%, 12/16/32<br>|  | 100 | 134807 |
| Series 2025-2, Class F, (1-day SONIA GBP 4.80%), <br> 0.00%, 12/16/32<br>|  | 100 | 134401 |
| Atlas Funding PLC, Series 2023-1, Class B, (1-day <br> SONIA GBP 1.90%), 5.69%, 01/20/61<sup>(a)</sup><br>|  | 100 | 135682 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |  |
| Dowson PLC<sup>(a)</sup> <br>|  |  |  |
| Series 2024-1, Class B, (1-day SONIA GBP 1.25%), <br> 5.04%, 08/20/31<br>| GBP | 149 | $201120 |
| Series 2025-1, Class D, (1-day SONIA GBP 1.90%), <br> 5.69%, 12/20/32<sup>(b)</sup><br>|  | 100 | 134801 |
| Edenbrook Mortgage Funding PLC, Series 2024-1, <br> Class A, (1-day SONIA GBP 0.87%), 4.63%, <br> 03/22/57<sup>(a)(b)</sup><br>|  | 207 | 280064 |
| Elstree Funding No. 5 PLC, Series 2005, Class A, (1-<br> day SONIA GBP 0.85%), 4.64%, 08/21/61<sup>(a)(b)</sup><br>|  | 229 | 308642 |
| Hermitage PLC<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2023-1, Class B, (1-day SONIA GBP 2.45%), <br> 6.24%, 09/21/33<br>|  | 19 | 25350 |
| Series 2024-1, Class A, (1-day SONIA GBP 0.90%), <br> 4.69%, 04/21/33<br>|  | 149 | 201457 |
| Series 2024-1, Class B, (1-day SONIA GBP 1.25%), <br> 5.04%, 04/21/33<br>|  | 50 | 67054 |
| Hops Hill PLC, Series 5, Class B, (1-day SONIA GBP <br> 1.00%), 4.79%, 06/21/56<sup>(a)(b)</sup><br>|  | 100 | 134562 |
| London Cards No. 3 PLC<sup>(a)(b)</sup> <br>|  |  |  |
| Series 3X, Class A, (1-day SONIA GBP 0.90%), <br> 0.00%, 12/15/35<br>|  | 628 | 847363 |
| Series 3X, Class B, (1-day SONIA GBP 1.50%), <br> 0.00%, 12/15/35<br>|  | 439 | 591923 |
| Morglas ABS PLC, Series 2025-1, Class A, (1-day <br> SONIA GBP 0.80%), 4.64%, 09/15/40<sup>(a)(b)</sup><br>|  | 737 | 993224 |
| Mortimer Mix PLC, Series 2024-MIX, Class B, (1-day <br> SONIA GBP 1.15%), 4.91%, 09/22/67<sup>(a)</sup><br>|  | 100 | 134494 |
| Newday Funding Master Issuer PLC<sup>(a)</sup> <br>|  |  |  |
| Series 2024-2X, Class A, (1-day SONIA GBP <br> 0.90%), 4.74%, 07/15/32<sup>(b)</sup><br>|  | 275 | 371547 |
| Series 2024-3X, Class B, (1-day SONIA GBP <br> 1.30%), 5.14%, 11/15/32<br>|  | 100 | 135055 |
| Series 2025-2X, Class B, (1-day SONIA GBP <br> 1.05%), 4.89%, 07/15/33<sup>(b)</sup><br>|  | 134 | 180241 |
| PCL Funding IX PLC, Series 2024-1, Class A, (1-day <br> SONIA GBP 0.90%), 4.74%, 07/16/29<sup>(a)</sup><br>|  | 318 | 429636 |
| Polaris PLC, Series 2023-1, Class B, (1-day SONIA <br> GBP 2.75%), 6.53%, 02/23/61<sup>(a)(b)</sup><br>|  | 160 | 218142 |
| Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<sup>(b)</sup><br>|  | 57 | 81049 |
| Winchester PLC, Series 2001, Class B, (1-day SONIA <br> GBP 1.20%), 5.13%, 10/21/56<sup>(a)</sup><br>|  | 100 | 134916 |
|  |  |  | 6655872 |
| **United States**<sup>(c)</sup> **— 3.9%** | **United States**<sup>(c)</sup> **— 3.9%** | **United States**<sup>(c)</sup> **— 3.9%** |  |
| Affirm Asset Securitization Trust |  |  |  |
| Series 2024-A, Class A, 5.61%, 02/15/29 | USD | 570 | 570882 |
| Series 2025-X1, Class C, 5.34%, 04/15/30 |  | 100 | 100336 |
| Series 2025-X2, Class A, 4.45%, 10/15/30 |  | 431 | 431515 |
| Affirm Master Trust, Series 2025-1A, Class A, 4.99%, <br> 02/15/33<br>|  | 610 | 616069 |
| Aqua Finance Trust, Series 2021-A, Class A, 1.54%, <br> 07/17/46<br>|  | 20 | 18363 |
| BHG Securitization Trust |  |  |  |
| Series 2021-A, Class A, 1.42%, 11/17/33 |  | 12 | 11827 |
| Series 2021-A, Class B, 2.79%, 11/17/33 |  | 100 | 98491 |
| Brex Commercial Charge Card Master Trust, <br> Series 2024-1, Class A1, 6.05%, 07/15/27<br>|  | 129 | 129390 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| College Avenue Student Loans LLC, Series 2023-B, <br> Class A1A, 6.50%, 06/25/54<br>| USD | 268 | $280137 |
| College Avenue Student Loans Trust, Series 2024-A, <br> Class A1B, (30-day Avg SOFR + 1.75%), 5.62%, <br> 06/25/54<sup>(a)</sup><br>|  | 310 | 314155 |
| Concord Music Royalties LLC, Series 2024-1A, <br> Class A, 5.64%, 10/20/74<br>|  | 895 | 903017 |
| ELFI Graduate Loan Program LLC, Series 2023-A, <br> Class A, 6.37%, 02/04/48<br>|  | 508 | 532048 |
| Enterprise Fleet Financing LLC, Series 2024-4, <br> Class A4, 4.70%, 06/20/31<br>|  | 65 | 66028 |
| FIGRE Trust, Series 2025-HE3, Class A, 5.56%, <br> 05/25/55<sup>(a)</sup><br>|  | 1769 | 1787881 |
| Flatiron CLO LLC, Series 2023-1A, Class DR, (3-mo. <br> CME Term SOFR + 2.70%), 6.58%, 04/17/36<sup>(a)</sup><br>|  | 700 | 699409 |
| FNA 8 LLC, Series 2025-1, Class A, 5.62%, <br> 03/15/45<sup>(a)</sup><br>|  | 244 | 246016 |
| Foundation Finance Trust |  |  |  |
| Series 2021-2A, Class A, 2.19%, 01/15/42 |  | 78 | 74466 |
| Series 2023-2A, Class A, 6.53%, 06/15/49 |  | 197 | 205436 |
| Series 2024-2A, Class B, 4.93%, 03/15/50 |  | 85 | 84972 |
| Series 2025-3A, Class A, 4.56%, 08/15/52 |  | 376 | 377380 |
| Series 2025-3A, Class B, 4.87%, 08/15/52 |  | 270 | 270406 |
| Goldman Home Improvement Trust Issuer Trust |  |  |  |
| Series 2022-GRN1, Class A, 4.50%, 06/25/52 |  | 272 | 272134 |
| Series 2022-GRN2, Class A, 6.80%, 10/25/52 |  | 39 | 39786 |
| GoodLeap Home Improvement Solutions Trust |  |  |  |
| Series 2024-1A, Class A, 5.35%, 10/20/46 |  | 509 | 515918 |
| Series 2025-1A, Class A, 5.38%, 02/20/49 |  | 434 | 439721 |
| Series 2025-1A, Class B, 6.27%, 02/20/49 |  | 20 | 19926 |
| Series 2025-2A, Class A, 5.32%, 06/20/49 |  | 835 | 844065 |
| Series 2025-2A, Class B, 5.98%, 06/20/49 |  | 278 | 279836 |
| GoodLeap Sustainable Home Solutions Trust, <br> Series 2021-3CS, Class A, 2.10%, 05/20/48<br>|  | 199 | 161442 |
| Gracie Point International Funding LLC, Series 2024-<br> 1A, Class A, (90-day Avg SOFR + 1.70%), 5.89%, <br> 03/01/28<sup>(a)</sup><br>|  | 306 | 306231 |
| GreenSky Home Improvement Trust, Series 2024-1, <br> Class A4, 5.67%, 06/25/59<br>|  | 233 | 238986 |
| Huntington Bank Auto Credit-Linked Notes<sup>(a)</sup> <br>|  |  |  |
| Series 2024-1, Class B2, (30-day Avg SOFR + <br> 1.40%), 5.32%, 05/20/32<br>|  | 132 | 132708 |
| Series 2024-2, Class B2, (30-day Avg SOFR + <br> 1.35%), 5.27%, 10/20/32<br>|  | 230 | 230639 |
| Lendmark Funding Trust |  |  |  |
| Series 2024-1A, Class B, 5.88%, 06/21/32 |  | 100 | 101438 |
| Series 2024-2A, Class B, 4.86%, 02/21/34 |  | 100 | 100465 |
| Series 2025-1A, Class A, 4.94%, 09/20/34 |  | 316 | 319544 |
| Lyra Music Assets Delaware LP |  |  |  |
| Series 2024-2A, Class A2, 5.76%, 12/22/64 |  | 388 | 393038 |
| Series 2025-1A, Class A2, 5.60%, 09/20/65 |  | 262 | 264289 |
| Mariner Finance Issuance Trust |  |  |  |
| Series 2024-AA, Class A, 5.13%, 09/22/36 |  | 241 | 244209 |
| Series 2024-BA, Class D, 6.36%, 11/20/38 |  | 100 | 102397 |
| Series 2025-AA, Class A, 4.98%, 05/20/38 |  | 469 | 474957 |
| Series 2025-AA, Class B, 5.33%, 05/20/38 |  | 172 | 174275 |
| Mosaic Solar Loan Trust, Series 2023-4, Class A, <br> 6.40%, 05/20/53<br>|  | 191 | 191914 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |  |
| Navient Private Education Refi Loan Trust |  |  |  |
| Series 2020-CA, Class A2B, (1-mo. Term SOFR + <br> 1.71%), 5.46%, 11/15/68<sup>(a)</sup><br>| USD | 320 | $322291 |
| Series 2021-DA, Class A, (Prime - 1.99%), 4.76%, <br> 04/15/60<sup>(a)</sup><br>|  | 127 | 125674 |
| Series 2024-A, Class A, 5.66%, 10/15/72 |  | 485 | 497037 |
| Navient Student Loan Trust |  |  |  |
| Series 2023-B, Class A1B, (30-day Avg SOFR + <br> 1.70%), 5.68%, 03/15/72<sup>(a)</sup><br>|  | 126 | 126800 |
| Series 2023-BA, Class A1A, 6.48%, 03/15/72 |  | 87 | 90449 |
| Nelnet Student Loan Trust |  |  |  |
| Series 2021-A, Class B1, 2.85%, 04/20/62 |  | 136 | 122139 |
| Series 2021-DA, Class B, 2.90%, 04/20/62 |  | 700 | 631981 |
| Series 2021-DA, Class C, 3.50%, 04/20/62 |  | 100 | 87277 |
| Series 2023-PL1A, Class A1A, (30-day Avg SOFR + <br> 2.25%), 6.12%, 11/25/53<sup>(a)</sup><br>|  | 83 | 83810 |
| Series 2025-AA, Class A1B, (30-day Avg SOFR + <br> 1.10%), 5.08%, 03/15/57<sup>(a)</sup><br>|  | 542 | 539609 |
| Series 2025-BA, Class A1B, (30-day Avg SOFR + <br> 1.35%), 5.33%, 05/17/55<sup>(a)</sup><br>|  | 978 | 984364 |
| Series 2025-BA, Class D, 6.04%, 05/17/55 |  | 864 | 862468 |
| Series 2025-CA, Class A1B, (30-day Avg SOFR + <br> 1.35%), 5.27%, 06/22/65<sup>(a)</sup><br>|  | 1530 | 1540685 |
| OneMain Financial Issuance Trust |  |  |  |
| Series 2022-2A, Class B, 5.24%, 10/14/34 |  | 189 | 189621 |
| Series 2023-2A, Class D, 7.52%, 09/15/36 |  | 552 | 571881 |
| Series 2024-1A, Class A, 5.79%, 05/14/41 |  | 760 | 798784 |
| Point Broadband Funding LLC, Series 2025-1A, <br> Class A2, 5.34%, 07/20/55<br>|  | 271 | 272980 |
| QTS Issuer ABS II LLC, Series 2025-1A, Class A2, <br> 5.04%, 10/05/55<br>|  | 998 | 989194 |
| Regional Management Issuance Trust |  |  |  |
| Series 2021-2, Class B, 2.35%, 08/15/33 |  | 990 | 932630 |
| Series 2022-1, Class A, 3.07%, 03/15/32 |  | 42 | 41859 |
| Series 2024-2, Class A, 5.11%, 12/15/33 |  | 100 | 100776 |
| Republic Finance Issuance Trust |  |  |  |
| Series 2021-A, Class B, 2.80%, 12/22/31 |  | 90 | 90055 |
| Series 2021-A, Class C, 3.53%, 12/22/31 |  | 100 | 99217 |
| Series 2021-A, Class D, 5.23%, 12/22/31 |  | 800 | 798173 |
| Series 2024-B, Class A, 5.42%, 11/20/37 |  | 424 | 432036 |
| Series 2024-B, Class B, 5.86%, 11/20/37 |  | 152 | 155661 |
| Service Experts Issuer LLC |  |  |  |
| Series 2021-1A, Class A, 2.67%, 02/02/32 |  | 82 | 81282 |
| Series 2024-1A, Class A, 6.39%, 11/20/35 |  | 124 | 127060 |
| Sesac Finance LLC |  |  |  |
| Series 2024-1, Class A2, 6.42%, 01/25/54 |  | 50 | 50823 |
| Series 2025-1, Class A2, 5.50%, 07/25/55 |  | 364 | 361741 |
| SMB Private Education Loan Trust |  |  |  |
| Series 2024-A, Class A1B, (30-day Avg SOFR + <br> 1.45%), 5.43%, 03/15/56<sup>(a)</sup><br>|  | 656 | 662117 |
| Series 2024-A, Class B, 5.88%, 03/15/56 |  | 408 | 419195 |
| Series 2024-C, Class A1B, (30-day Avg SOFR + <br> 1.10%), 5.07%, 06/17/52<sup>(a)</sup><br>|  | 135 | 134650 |
| SoFi Consumer Loan Program Trust |  |  |  |
| Series 2025-1, Class A, 4.80%, 02/27/34 |  | 493 | 495165 |
| Series 2025-1, Class B, 5.12%, 02/27/34 |  | 100 | 101105 |
| SoFi Personal Loan Trust |  |  |  |
| Series 2024-1, Class R1, 0.00%, 02/12/31 |  | 10 | 170542 |
| Series 2024-1A, Class A, 6.06%, 02/12/31 |  | 114 | 113231 |
| Subway Funding LLC, Series 2024-1A, Class A2II, <br> 6.27%, 07/30/54<br>|  | 231 | 235522 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |  |
| Summit Issuer LLC, Series 2025-1A, Class A2, 5.21%, <br> 11/20/55<br>| USD | 624 | $625349 |
| Towd Point Mortgage Trust<sup>(a)</sup> <br>|  |  |  |
| Series 2023-CES1, Class A2, 7.25%, 07/25/63 |  | 963 | 969023 |
| Series 2024-CES1, Class A1A, 5.85%, 01/25/64 |  | 1008 | 1013539 |
| Series 2024-CES2, Class A1A, 6.13%, 02/25/64 |  | 1071 | 1079928 |
| Upgrade Master Pass-Thru Trust |  |  |  |
| Series 2025-ST4, Class A, 5.50%, 08/16/32 |  | 168 | 168674 |
| Series 2025-ST6, Class A, 4.61%, 10/15/32 |  | 583 | 583951 |
| Series 2025-ST7, Class A, 4.55%, 11/15/32 |  | 463 | 462298 |
| Series 2025-ST7, Class B, 4.98%, 11/15/32 |  | 204 | 204272 |
| Series 2025-ST8, Class B, 5.07%, 12/15/33 |  | 890 | 891859 |
| UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%, <br> 01/25/47<br>|  | 398 | 401516 |
| Vantage Data Centers Issuer LLC, Series 2025-2A, <br> Class A2, 5.24%, 11/15/55<br>|  | 388 | 384272 |
|  |  |  | 34890707 |
| **Total Asset-Backed Securities — 9.3%** <br>**(Cost: $83,323,250)** | **Total Asset-Backed Securities — 9.3%** <br>**(Cost: $83,323,250)** | **Total Asset-Backed Securities — 9.3%** <br>**(Cost: $83,323,250)** | 84060552 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Canada — 0.0%** | **Canada — 0.0%** |  |
| Algoma Steel Group, Inc. | 26292 | 107797 |
| **Chile — 0.0%** | **Chile — 0.0%** |  |
| Wom New Holdco<sup>(d)(e)</sup> | 1029 | 23667 |
| **China — 0.1%** | **China — 0.1%** |  |
| Alibaba Group Holding Ltd. | 200 | 3672 |
| Alibaba Group Holding Ltd., ADR | 1056 | 154789 |
| AsiaInfo Technologies Ltd.<sup>(c)</sup> | 3600 | 3497 |
| Bilibili, Inc., Class Z<sup>(e)</sup> | 140 | 3455 |
| BYD Co. Ltd., Class H | 7500 | 91656 |
| China Ruyi Holdings Ltd.<sup>(e)</sup> | 16000 | 4507 |
| JD Health International, Inc.<sup>(c)(e)</sup> | 550 | 3939 |
| JD.com, Inc., Class A | 300 | 4314 |
| Kingsoft Corp. Ltd. | 1200 | 4402 |
| Kuaishou Technology<sup>(c)</sup> | 500 | 4133 |
| Li Auto, Inc., Class A<sup>(e)</sup> | 400 | 3376 |
| Meitu, Inc.<sup>(c)</sup> | 3000 | 2701 |
| NetEase Cloud Music, Inc.<sup>(c)(e)</sup> | 200 | 4791 |
| NetEase, Inc. | 200 | 5505 |
| Tencent Holdings Ltd. | 1024 | 78585 |
| Xiaomi Corp., Class B<sup>(c)(e)</sup> | 800 | 4038 |
| XPeng, Inc., Class A<sup>(e)</sup> | 300 | 3050 |
|  |  | 380410 |
| **France — 0.0%** | **France — 0.0%** |  |
| Altice France Lux 3<sup>(e)</sup> | 517 | 9105 |
| **Italy — 0.0%** | **Italy — 0.0%** |  |
| Intesa Sanpaolo SpA | 17084 | 118052 |
| UniCredit SpA | 2923 | 242103 |
|  |  | 360155 |
| **Spain — 0.0%** | **Spain — 0.0%** |  |
| CaixaBank SA | 16965 | 207416 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| Genius Sports Ltd.<sup>(e)</sup> | 16197 | 178491 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States — 1.1%** | **United States — 1.1%** |  |
| Advanced Micro Devices, Inc.<sup>(e)</sup> | 477 | $102154 |
| Alphabet, Inc., Class C | 1437 | 450931 |
| AMC Networks, Inc., Class A<sup>(e)</sup> | 12756 | 121437 |
| Anduril Industries, Inc., Preference Shares<sup>(d)(e)</sup> | 3592 | 160239 |
| Apollo Global Management, Inc. | 1057 | 153011 |
| Apple, Inc. | 500 | 135930 |
| Bank of America Corp. | 1883 | 103565 |
| Boeing Co.<sup>(e)</sup> | 672 | 145905 |
| Boston Scientific Corp.<sup>(e)</sup> | 1417 | 135111 |
| Broadcom, Inc. | 219 | 75796 |
| Caesars Entertainment, Inc.<sup>(e)</sup> | 3619 | 84648 |
| Carrier Global Corp. | 1288 | 68058 |
| Century Communities, Inc. | 2891 | 171581 |
| Circle Internet Group, Inc., Class A<sup>(e)</sup> | 1235 | 97936 |
| Citigroup, Inc. | 1083 | 126375 |
| Coreweave, Inc., Class A<sup>(e)</sup> | 2711 | 194135 |
| D.R. Horton, Inc. | 680 | 97940 |
| Delta Air Lines, Inc. | 4031 | 279751 |
| DF Residential III LP<sup>(d)(e)</sup> | 480173 | 518587 |
| Duke Energy Corp. | 568 | 66575 |
| EchoStar Corp., Class A<sup>(e)</sup> | 9364 | 1017867 |
| Eli Lilly & Co. | 82 | 88124 |
| Flagstar Financial, Inc. | 61137 | 769715 |
| Freeport-McMoRan, Inc. | 997 | 50638 |
| Freewire Equity<sup>(d)(e)</sup> | 6 |  |
| GE Vernova, Inc. | 188 | 122871 |
| General Electric Co. | 770 | 237183 |
| Goldman Sachs Group, Inc. | 51 | 44829 |
| HNG Hospitality Offshore LP, (Acquired 02/16/24, <br> Cost: $538,000)<sup>(d)(e)(f)</sup><br>| 538000 | 398120 |
| iShares Ethereum Trust ETF<sup>(e)(g)(h)</sup> | 16400 | 367852 |
| KLA Corp. | 100 | 121508 |
| Lam Research Corp. | 1414 | 242049 |
| Lumen Technologies, Inc.<sup>(e)</sup> | 16582 | 128842 |
| M/I Homes, Inc.<sup>(e)</sup> | 731 | 93531 |
| Meritage Homes Corp. | 2317 | 152459 |
| Micron Technology, Inc. | 1079 | 307957 |
| Netflix, Inc.<sup>(e)</sup> | 1241 | 116356 |
| NRG Energy, Inc. | 850 | 135354 |
| NVIDIA Corp. | 1353 | 252334 |
| Palladyne AI Corp.<sup>(e)</sup> | 305 | 1299 |
| Six Flags Entertainment Corp.<sup>(e)</sup> | 8003 | 122766 |
| Solaris Energy Infrastructure, Inc., Class A | 7039 | 323583 |
| Sonder Holdings, Inc., Class A<sup>(e)</sup> | 2292 | 23 |
| Space Exploration Technologies Corp., Class A, <br> (Acquired 08/21/23, Cost: $85,374)<sup>(d)(e)(f)</sup><br>| 1054 | 333064 |
| Space Exploration Technologies Corp., Class C, <br> (Acquired 08/21/23, Cost: $91,692)<sup>(d)(e)(f)</sup><br>| 1132 | 357712 |
| Toll Brothers, Inc. | 843 | 113990 |
| Trane Technologies PLC | 213 | 82900 |
| Tri Pointe Homes, Inc.<sup>(e)</sup> | 5068 | 159490 |
| United Airlines Holdings, Inc.<sup>(e)</sup> | 1366 | 152746 |
| Vertiv Holdings Co., Class A | 670 | 108547 |
| Vistra Corp. | 232 | 37429 |
| Vobile Group Ltd.<sup>(e)</sup> | 5000 | 2644 |
| Walmart, Inc. | 1117 | 124445 |
| Walt Disney Co. | 419 | 47670 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Wealthfront Corp.<sup>(e)</sup> | 83 | $1128 |
| Wynn Resorts Ltd. | 831 | 99994 |
|  |  | 10006684 |
| **Total Common Stocks — 1.2%** <br>**(Cost: $9,005,448)** | **Total Common Stocks — 1.2%** <br>**(Cost: $9,005,448)** | 11273725 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Argentina**<sup>(c)</sup> **— 0.0%** | **Argentina**<sup>(c)</sup> **— 0.0%** | **Argentina**<sup>(c)</sup> **— 0.0%** | **Argentina**<sup>(c)</sup> **— 0.0%** |
| Telecom Argentina SA, 9.25%, 05/28/33 | USD | 168 | 175319 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33 |  | 95 | 97137 |
| YPF SA, 9.50%, 01/17/31 |  | 113 | 120380 |
|  |  |  | 392836 |
| **Australia — 0.9%** | **Australia — 0.9%** | **Australia — 0.9%** | **Australia — 0.9%** |
| AGL Energy Ltd., 5.77%, 09/30/35<sup>(b)</sup> | AUD | 200 | 129110 |
| Ampol Ltd., (3-Month BBSW + 2.00%), 5.85%, <br> 10/30/55<sup>(a)(b)</sup><br>|  | 310 | 200395 |
| BHP Billiton Finance Ltd., 3.64%, 09/04/35<sup>(b)</sup> | EUR | 694 | 802580 |
| Fortescue Treasury Pty. Ltd., 4.38%, 04/01/31<sup>(c)</sup> | USD | 56 | 54159 |
| Glencore Capital Finance DAC<sup>(b)</sup> <br>|  |  |  |
| 3.75%, 02/04/32 | EUR | 100 | 118455 |
| 3.67%, 10/06/32 |  | 170 | 198498 |
| Insurance Australia Group Ltd., (3-Month BBSW + <br> 1.68%), 5.39%, 06/15/37<sup>(a)(b)</sup><br>| AUD | 200 | 134694 |
| Mineral Resources Ltd.<sup>(c)</sup> <br>|  |  |  |
| 9.25%, 10/01/28 | USD | 112 | 117544 |
| 8.50%, 05/01/30 |  | 120 | 124793 |
| National Australia Bank Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| (3-Month BBSW + 1.30%), 4.95%, 11/14/35 | AUD | 860 | 573508 |
| (3-Month BBSW + 1.70%), 5.77%, 07/30/40 |  | 500 | 328576 |
| NSW Electricity Networks Finance Property Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| (3-Month BBSW + 1.80%), 5.44%, 11/20/55 |  | 240 | 160492 |
| (3-Month BBSW + 2.20%), 6.30%, 11/20/55 |  | 250 | 164258 |
| Oceana Australian Fixed Income Trust, A Note <br> Upsize<sup>(d)</sup> <br>|  |  |  |
| 10.50%, 07/31/28 |  | 348 | 231959 |
| Class A, 12.50%, 07/31/26 |  | 248 | 167572 |
| Class A, 12.50%, 07/31/27 |  | 414 | 284571 |
| Origin Energy Finance Ltd., 1.00%, 09/17/29<sup>(b)</sup> | EUR | 666 | 719623 |
| Pacific National Finance Pty. Ltd., 7.75%, 12/11/54<sup>(a)(b)</sup> | AUD | 960 | 647537 |
| Patrick Terminals Finance Property Ltd., 5.55%, <br> 10/22/35<sup>(b)</sup><br>|  | 480 | 307758 |
| Port of Newcastle Investments Financing Pty. Ltd., <br> 6.10%, 07/18/33<sup>(b)</sup><br>|  | 360 | 239451 |
| Santos Finance Ltd., 5.75%, 11/13/35<sup>(c)</sup> | USD | 1225 | 1218194 |
| Scentre Group Trust 1, 5.35%, 09/18/35<sup>(b)</sup> | AUD | 430 | 273867 |
| Tabcorp Finance Pty. Ltd., 5.99%, 05/28/31<sup>(b)</sup> |  | 500 | 329401 |
| Westpac Banking Corp., 6.14%, 11/13/45<sup>(b)</sup> |  | 460 | 301652 |
|  |  |  | 7828647 |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |
| ams-OSRAM AG, 10.50%, 03/30/29<sup>(b)</sup> | EUR | 100 | 122373 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br> Worldwide, Inc., 4.90%, 02/01/46<br>| USD | 397 | 367181 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Anheuser-Busch InBev SA, 2.75%, 03/17/36<sup>(b)</sup> | EUR | 146 | $157998 |
| Anheuser-Busch InBev Worldwide, Inc., 5.80%, <br> 01/23/59<br>| USD | 204 | 207965 |
|  |  |  | 733144 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| 3R Lux SARL, 9.75%, 02/05/31<sup>(c)</sup> |  | 200 | 206126 |
| Ambipar Lux SARL, 10.88%, 02/05/25<sup>(b)(e)(i)</sup> |  | 310 | 51730 |
| Azul Secured Finance LLP, 11.93%, 08/28/28<sup>(e)(i)</sup> |  | 223 | 112126 |
| Embraer Netherlands Finance BV, 5.98%, 02/11/35 |  | 80 | 84712 |
| MC Brazil Downstream Trading SARL, 7.25%, <br> 06/30/31<sup>(c)</sup><br>|  | 200 | 175481 |
| Petrobras Global Finance BV, 6.75%, 01/27/41 |  | 32 | 32313 |
| Raizen Fuels Finance SA, 6.70%, 02/25/37<sup>(b)</sup> |  | 200 | 162000 |
| Samarco Mineracao SA<sup>(j)</sup> <br>|  |  |  |
| (9.00% Cash or 9.00% PIK), 9.50%, 06/30/31<sup>(b)</sup> |  | 327 | 333064 |
| (9.00% PIK), 9.50%, 06/30/31<sup>(c)</sup> |  | 143 | 144975 |
| Suzano Austria GmbH |  |  |  |
| 6.00%, 01/15/29 |  | 200 | 205625 |
| 5.00%, 01/15/30 |  | 200 | 200002 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 95 | 96947 |
|  |  |  | 1805101 |
| **Canada — 0.5%** | **Canada — 0.5%** | **Canada — 0.5%** | **Canada — 0.5%** |
| Air Canada Pass-Through Trust, Series 2020-1, <br> Class C, 10.50%, 07/15/26<sup>(c)</sup><br>|  | 302 | 310366 |
| Bombardier, Inc., 8.75%, 11/15/30<sup>(c)</sup> |  | 86 | 92915 |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<sup>(c)</sup> <br>|  |  |  |
| 6.25%, 09/15/27 |  | 74 | 74042 |
| 5.00%, 06/15/29 |  | 65 | 62876 |
| 4.88%, 02/15/30 |  | 93 | 86625 |
| Burger King (Restaurant Brands International Inc.)/New <br> Red Finance, Inc., 6.13%, 06/15/29<sup>(c)</sup><br>|  | 100 | 102658 |
| Burger King (Restaurant Brands International, <br> Inc.)/New Red Finance, Inc., 4.00%, 10/15/30<sup>(c)</sup><br>|  | 84 | 80002 |
| Garda World Security Corp.<sup>(c)</sup> <br>|  |  |  |
| 8.25%, 08/01/32 |  | 94 | 95534 |
| 8.38%, 11/15/32 |  | 100 | 101861 |
| HR Ottawa LP, 11.00%, 03/31/31<sup>(c)</sup> |  | 1906 | 2095781 |
| NOVA Chemicals Corp., 5.25%, 06/01/27<sup>(c)</sup> |  | 158 | 158967 |
| Open Text Corp., 3.88%, 12/01/29<sup>(c)</sup> |  | 100 | 94903 |
| Prime Investment Partners Ltd., 11.00%, 05/01/30<sup>(d)</sup> |  | 929 | 965658 |
| Rogers Communications, Inc., (5-year CMT + 2.65%), <br> 7.00%, 04/15/55<sup>(a)</sup><br>|  | 74 | 77419 |
| South Bow Canadian Infrastructure Holdings Ltd., (5-<br> year CMT + 3.95%), 7.63%, 03/01/55<sup>(a)</sup><br>|  | 100 | 104237 |
| TELUS Corp., (5-year CMT + 2.77%), 6.63%, <br> 10/15/55<sup>(a)</sup><br>|  | 15 | 15307 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan <br> FinCo U.S. LLC, 9.50%, 05/15/30<sup>(c)</sup><br>|  | 341 | 340525 |
|  |  |  | 4859676 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| AES Andes SA, (5-year CMT + 3.84%), 8.15%, <br> 06/10/55<sup>(a)(c)</sup><br>|  | 200 | 209428 |
| Corp. Nacional del Cobre de Chile, 3.15%, 01/14/30<sup>(b)</sup> |  | 200 | 189734 |
| Telefonica Moviles Chile SA, 3.54%, 11/18/31<sup>(c)</sup> |  | 164 | 94220 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(c)(j)(k)</sup><br>|  | 548 | 501081 |
| WOM Mobile SA, (12.50% PIK), 11.00%, 04/01/31<sup>(c)(j)</sup> |  | 316 | 311889 |
|  |  |  | 1306352 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **China — 0.3%** | **China — 0.3%** | **China — 0.3%** | **China — 0.3%** |
| Alibaba Group Holding Ltd., 0.50%, 06/01/31<sup>(k)</sup> | USD | 61 | $94733 |
| Fantasia Holdings Group Co. Ltd., 11.88%, <br> 06/01/23<sup>(b)(e)(i)</sup><br>|  | 200 | 2000 |
| Fortune Star BVI Ltd.<sup>(b)</sup> <br>|  |  |  |
| 3.95%, 10/02/26 | EUR | 1200 | 1400171 |
| 6.80%, 09/09/29 | USD | 800 | 788000 |
| Prosus NV, 3.06%, 07/13/31<sup>(b)</sup> |  | 200 | 181624 |
|  |  |  | 2466528 |
| **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>(c)(j)</sup><br>|  | 505 | 503660 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 11 | 11704 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<sup>(c)</sup> |  | 212 | 147340 |
| Promigas SA ESP/Gases del Pacifico SAC, 3.75%, <br> 10/16/29<sup>(b)</sup><br>|  | 400 | 375656 |
|  |  |  | 1038360 |
| **Cyprus — 0.0%** | **Cyprus — 0.0%** | **Cyprus — 0.0%** | **Cyprus — 0.0%** |
| ASG Finance DAC, 9.75%, 05/15/29<sup>(b)</sup> |  | 311 | 273680 |
| **Czech Republic**<sup>(b)</sup> **— 0.1%** | **Czech Republic**<sup>(b)</sup> **— 0.1%** | **Czech Republic**<sup>(b)</sup> **— 0.1%** | **Czech Republic**<sup>(b)</sup> **— 0.1%** |
| Czechoslovak Group A/S, 5.25%, 01/10/31 | EUR | 125 | 152041 |
| EP Infrastructure AS |  |  |  |
| 1.82%, 03/02/31 |  | 455 | 480576 |
| 4.13%, 02/27/33 |  | 200 | 231954 |
|  |  |  | 864571 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |
| SGL Group ApS, (3-mo. EURIBOR + 4.75%), 6.77%, <br> 04/22/30<sup>(a)</sup><br>|  | 200 | 226768 |
| **Finland**<sup>(b)</sup> **— 0.1%** | **Finland**<sup>(b)</sup> **— 0.1%** | **Finland**<sup>(b)</sup> **— 0.1%** | **Finland**<sup>(b)</sup> **— 0.1%** |
| Citycon Treasury BV, 5.38%, 07/08/31 |  | 200 | 222951 |
| Mehilainen Yhtiot OYJ, 5.13%, 06/30/32 |  | 400 | 477216 |
|  |  |  | 700167 |
| **France — 2.1%** | **France — 2.1%** | **France — 2.1%** | **France — 2.1%** |
| Air Liquide Finance SA, 3.00%, 05/05/33<sup>(b)</sup> |  | 200 | 230603 |
| Altice France SA, 5.63%, 07/15/32<sup>(b)</sup> |  | 77 | 86113 |
| Atos SE<sup>(b)(l)</sup> <br>|  |  |  |
| 5.41%, 12/18/26 |  | 68 | 78837 |
| 9.73%, 12/18/26 |  | 277 | 372780 |
| Banijay Entertainment SAS, 7.00%, 05/01/29<sup>(b)</sup> |  | 200 | 243802 |
| Banque Federative du Credit Mutuel SA<sup>(b)</sup> <br>|  |  |  |
| 0.63%, 11/19/27 |  | 500 | 565982 |
| 1.25%, 06/03/30 |  | 700 | 754388 |
| BNP Paribas SA, (3-mo. EURIBOR + 0.80%), 0.38%, <br> 10/14/27<sup>(a)(b)</sup><br>|  | 400 | 462756 |
| Capgemini SE, 3.50%, 09/25/34<sup>(b)</sup> |  | 100 | 114741 |
| Cofiroute SA, 1.00%, 05/19/31<sup>(b)</sup> |  | 500 | 524868 |
| Credit Agricole SA<sup>(a)(b)</sup> <br>|  |  |  |
| (3-mo. EURIBOR + 0.60%), 0.63%, 01/12/28 |  | 3300 | 3806224 |
| (3-mo. EURIBOR + 0.68%), 0.50%, 09/21/29 |  | 400 | 441332 |
| Electricite de France SA<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 06/17/31 |  | 1600 | 1958170 |
| 6.13%, 06/02/34 | GBP | 200 | 280319 |
| Elior Group SA, 5.63%, 03/15/30<sup>(b)</sup> | EUR | 100 | 121868 |
| Engie SA, 1.88%, 09/19/33<sup>(b)</sup> |  | 400 | 418509 |
| Eutelsat SA<sup>(b)</sup> <br>|  |  |  |
| 1.50%, 10/13/28 |  | 100 | 112347 |
| 9.75%, 04/13/29 |  | 100 | 125327 |
| Figeac Aero SA, (Acquired 07/16/25, Cost: $395,607), <br> 7.79%, 07/23/30<sup>(d)(f)</sup><br>|  | 340 | 396092 |
| Forvia SE, 5.50%, 06/15/31<sup>(b)</sup> |  | 200 | 243175 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
| Goldstory SAS, 6.75%, 02/01/30<sup>(b)</sup> | EUR | 100 | $121907 |
| iliad SA<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 02/15/29 |  | 200 | 247252 |
| 5.63%, 02/15/30 |  | 200 | 252551 |
| 4.25%, 01/09/32 |  | 100 | 118548 |
| IPD 3 BV<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 06/15/31 |  | 202 | 240112 |
| Series NOV, 5.50%, 06/15/31 |  | 100 | 118257 |
| Kapla Holding SAS, 5.00%, 04/30/31<sup>(b)</sup> |  | 100 | 119178 |
| Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.64%, 07/01/29<sup>(a)(b)</sup><br>|  | 100 | 118877 |
| Loxam SAS, 4.25%, 02/15/31<sup>(b)</sup> |  | 100 | 117567 |
| New Immo Holding SA<sup>(b)</sup> <br>|  |  |  |
| 3.25%, 07/23/27 |  | 100 | 117260 |
| 5.88%, 04/17/28 |  | 100 | 121563 |
| 4.88%, 12/08/28 |  | 100 | 119016 |
| 4.95%, 11/14/30 |  | 100 | 118199 |
| Opal Bidco SAS, 5.50%, 03/31/32<sup>(b)</sup> |  | 105 | 127293 |
| Paprec Holding SA, 4.13%, 07/15/30<sup>(b)</sup> |  | 113 | 133431 |
| RCI Banque SA<sup>(a)(b)</sup> <br>|  |  |  |
| (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br> 03/24/37<br>|  | 100 | 119769 |
| (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>|  | 100 | 123859 |
| Renault SA, 3.88%, 09/30/30<sup>(b)</sup> |  | 100 | 118373 |
| RTE Reseau de Transport d'Electricite SADIR, 1.13%, <br> 09/09/49<sup>(b)</sup><br>|  | 400 | 236479 |
| Sabena technics SAS, (3-mo. EURIBOR + 5.00%), <br> (Acquired 10/28/22, Cost: $293,638), 7.02%, <br> 09/30/29<sup>(d)(f)</sup><br>|  | 297 | 349561 |
| Societe Generale SA<sup>(b)</sup> <br>|  |  |  |
| 1.25%, 12/07/27 | GBP | 300 | 382268 |
| 1.75%, 03/22/29 | EUR | 400 | 451564 |
| TotalEnergies Capital International SA, 3.50%, <br> 03/03/37<sup>(b)</sup><br>|  | 100 | 113257 |
| Veolia Environnement SA<sup>(b)</sup> <br>|  |  |  |
| 1.94%, 01/07/30 |  | 700 | 787741 |
| 3.32%, 06/17/32 |  | 100 | 116720 |
| Worldline SA, 5.25%, 11/27/29<sup>(b)</sup> |  | 1200 | 1244636 |
| Worldline SA/France, 4.13%, 09/12/28<sup>(b)</sup> |  | 1000 | 1058562 |
|  |  |  | 18632033 |
| **Germany — 1.3%** | **Germany — 1.3%** | **Germany — 1.3%** | **Germany — 1.3%** |
| Alstria Office AG, 5.50%, 03/20/31<sup>(b)</sup> |  | 100 | 120292 |
| APCOA Group GmbH, 6.00%, 04/15/31<sup>(b)</sup> |  | 200 | 239218 |
| Aroundtown Finance SARL, (5-year EURIBOR ICE <br> Swap + 3.43%), 5.25%<sup>(a)(b)(m)</sup><br>|  | 356 | 407800 |
| Aroundtown SA<sup>(b)</sup> <br>|  |  |  |
| 0.01%, 07/16/26 |  | 100 | 115912 |
| 3.50%, 05/13/30 |  | 100 | 116083 |
| Brenntag Finance BV, 3.38%, 10/02/31<sup>(b)</sup> |  | 200 | 232083 |
| Deutsche Bank AG, (5-year EURIBOR ICE Swap + <br> 5.26%), 8.13%<sup>(a)(b)(m)</sup><br>|  | 200 | 255423 |
| Deutsche Telekom AG, 1.75%, 12/09/49<sup>(b)</sup> |  | 67 | 48902 |
| Dynamo Newco II GmbH, 6.25%, 10/15/31<sup>(b)</sup> |  | 100 | 119699 |
| E.ON SE, 3.88%, 09/05/38<sup>(b)</sup> |  | 345 | 400633 |
| Envalior Deutschland GmbH, (6-mo. EURIBOR at <br> 0.00% Floor + 9.50% and 11.62% Cash or 11.62% <br> PIK), 11.62%, 04/01/31<sup>(a)(d)(j)</sup><br>|  | 419 | 438945 |
| Eurogrid GmbH, 1.50%, 04/18/28<sup>(b)</sup> |  | 300 | 342916 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Grand City Properties SA, (5-year EUR Swap + <br> 2.18%), 1.50%<sup>(a)(b)(m)</sup><br>| EUR | 100 | $115691 |
| Gruenenthal GmbH<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 11/15/31 |  | 100 | 118752 |
| Series NOV, 4.63%, 11/15/31 |  | 100 | 118752 |
| HT Troplast GmbH, 9.38%, 07/15/28<sup>(b)</sup> |  | 100 | 121868 |
| IHO Verwaltungs GmbH, (8.75% Cash or 9.50% PIK), <br> 8.75%, 05/15/28<sup>(b)(j)</sup><br>|  | 200 | 245603 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(b)</sup> |  | 100 | 122197 |
| Nidda Healthcare Holding GmbH<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 02/21/30 |  | 202 | 246420 |
| 5.38%, 10/23/30 |  | 100 | 120094 |
| (3-mo. EURIBOR + 3.25%), 5.28%, 10/15/32<sup>(a)</sup> |  | 253 | 300010 |
| PCF GmbH, 4.75%, 04/15/29<sup>(b)</sup> |  | 122 | 66815 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 5.78%, 07/01/29<sup>(a)(b)</sup><br>|  | 100 | 118481 |
| ProGroup AG, 5.13%, 04/15/29<sup>(b)</sup> |  | 100 | 120680 |
| Robert Bosch GmbH, 4.38%, 06/02/43<sup>(b)</sup> |  | 200 | 231195 |
| Tele Columbus AG, (10.00% PIK), 10.00%, <br> 01/01/29<sup>(b)(j)</sup><br>|  | 118 | 90707 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(b)</sup> |  | 186 | 219355 |
| TUI Cruises GmbH, 5.00%, 05/15/30<sup>(b)</sup> |  | 100 | 120585 |
| Volkswagen Bank GmbH<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 01/07/26 |  | 400 | 470286 |
| 4.63%, 05/03/31 |  | 900 | 1107962 |
| Volkswagen Financial Services AG<sup>(b)</sup> <br>|  |  |  |
| 2.25%, 10/01/27 |  | 859 | 1001764 |
| (3-mo. EURIBOR + 0.78%), 2.85%, 06/10/27<sup>(a)</sup> |  | 1965 | 2316178 |
| Vonovia SE, Series B, 0.88%, 05/20/32<sup>(b)(k)</sup> |  | 200 | 227166 |
| Wintershall Dea Finance 2 BV, (5-year EURIBOR ICE <br> Swap + 3.94%), 6.12%<sup>(a)(b)(m)</sup><br>|  | 203 | 243375 |
| ZF Europe Finance BV<sup>(b)</sup> <br>|  |  |  |
| 2.50%, 10/23/27 |  | 200 | 231479 |
| 7.00%, 06/12/30 |  | 200 | 247612 |
| ZF North America Capital, Inc., 7.13%, 04/14/30<sup>(c)</sup> | USD | 150 | 151159 |
|  |  |  | 11312092 |
| **Greece**<sup>(a)(b)</sup> **— 0.0%** | **Greece**<sup>(a)(b)</sup> **— 0.0%** | **Greece**<sup>(a)(b)</sup> **— 0.0%** | **Greece**<sup>(a)(b)</sup> **— 0.0%** |
| Eurobank SA, (1-year EURIBOR ICE Swap + 1.70%), <br> 4.00%, 02/07/36<br>| EUR | 100 | 117003 |
| National Bank of Greece SA, (5-year EURIBOR ICE <br> Swap + 3.15%), 5.88%, 06/28/35<br>|  | 211 | 264934 |
|  |  |  | 381937 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| Elect Global Investments Ltd., 4.85%<sup>(b)(m)</sup> | USD | 200 | 150294 |
| Melco Resorts Finance Ltd., 7.63%, 04/17/32<sup>(c)</sup> |  | 200 | 210000 |
| Peak RE Bvi Holding Ltd., (5-year CMT + 3.00%), <br> 5.63%<sup>(a)(b)(m)</sup><br>|  | 285 | 287494 |
|  |  |  | 647788 |
| **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** | **Hungary — 0.0%** |
| MVM Energetika Zrt, 7.50%, 06/09/28<sup>(b)</sup> |  | 200 | 211094 |
| **India — 1.1%** | **India — 1.1%** | **India — 1.1%** | **India — 1.1%** |
| Biocon Biologics Global PLC, 6.67%, 10/09/29<sup>(b)</sup> |  | 200 | 201000 |
| Clean Renewable Power Mauritius Pte. Ltd., 4.25%, <br> 03/25/27<sup>(b)</sup><br>|  | 770 | 751712 |
| Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27<sup>(b)</sup> |  | 1000 | 1015000 |
| Continuum Green Energy India Pvt./Co-Issuers, <br> 7.50%, 06/26/33<sup>(b)</sup><br>|  | 306 | 315298 |
| Diamond II Ltd., 7.95%, 07/28/26<sup>(b)</sup> |  | 1000 | 1002190 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** | **India (continued)** |
| Flourishing Trade & Investment Ltd., (11.04% PIK), <br> 11.04%, 04/02/30<sup>(c)(d)(j)</sup><br>| USD | 1186 | $1227499 |
| Greenko Wind Projects Mauritius Ltd., 7.25%, <br> 09/27/28<sup>(b)</sup><br>|  | 495 | 499795 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(b)</sup> |  | 759 | 749816 |
| Muthoot Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 04/23/29 |  | 300 | 304125 |
| 6.38%, 03/02/30 |  | 1235 | 1255455 |
| Power Finance Corp. Ltd., 1.84%, 09/21/28<sup>(b)</sup> | EUR | 100 | 112853 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(b)</sup> | USD | 200 | 198712 |
| Sammaan Capital Ltd., 7.50%, 10/16/30<sup>(b)</sup> |  | 815 | 803030 |
| Vedanta Resources Finance II PLC |  |  |  |
| 10.88%, 09/17/29<sup>(b)</sup> |  | 700 | 737844 |
| 10.88%, 09/17/29<sup>(c)</sup> |  | 528 | 556545 |
| 9.48%, 07/24/30<sup>(c)</sup> |  | 200 | 204250 |
| 11.25%, 12/03/31<sup>(c)</sup> |  | 200 | 214813 |
|  |  |  | 10149937 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** | **Indonesia — 0.5%** |
| Freeport Indonesia PT<sup>(b)</sup> <br>|  |  |  |
| 4.76%, 04/14/27 |  | 200 | 200500 |
| 6.20%, 04/14/52 |  | 800 | 815184 |
| Indofood CBP Sukses Makmur Tbk PT, 4.75%, <br> 06/09/51<sup>(b)</sup><br>|  | 455 | 390590 |
| Medco Maple Tree Pte. Ltd. |  |  |  |
| 8.96%, 04/27/29<sup>(b)</sup> |  | 500 | 521565 |
| 8.96%, 04/27/29<sup>(c)</sup> |  | 104 | 108486 |
| Nickel Industries Ltd., 9.00%, 09/30/30<sup>(b)</sup> |  | 320 | 331200 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik <br> Negara<sup>(b)</sup> <br>|  |  |  |
| 1.88%, 11/05/31 | EUR | 700 | 734724 |
| 4.88%, 07/17/49 | USD | 500 | 426875 |
| 4.00%, 06/30/50 |  | 500 | 370675 |
| Star Energy Geothermal Darajat II/Star Energy <br> Geothermal Salak, 4.85%, 10/14/38<sup>(b)</sup><br>|  | 200 | 194000 |
|  |  |  | 4093799 |
| **Ireland — 0.0%** | **Ireland — 0.0%** | **Ireland — 0.0%** | **Ireland — 0.0%** |
| Cedacri SpA, (3-mo. EURIBOR + 5.50%), 7.56%, <br> 05/15/28<sup>(a)(b)</sup><br>| EUR | 150 | 178251 |
| GGAM Finance Ltd., 6.88%, 04/15/29<sup>(c)</sup> | USD | 78 | 80900 |
|  |  |  | 259151 |
| **Israel — 0.0%** | **Israel — 0.0%** | **Israel — 0.0%** | **Israel — 0.0%** |
| Energean Israel Finance Ltd., 5.38%, 03/30/28<sup>(b)(c)</sup> |  | 15 | 14745 |
| Energean PLC, 5.63%, 05/12/31<sup>(b)</sup> | EUR | 100 | 117519 |
| Teva Pharmaceutical Finance Netherlands III BV, <br> 7.88%, 09/15/29<br>| USD | 200 | 219626 |
|  |  |  | 351890 |
| **Italy — 1.3%** | **Italy — 1.3%** | **Italy — 1.3%** | **Italy — 1.3%** |
| Almaviva-The Italian Innovation Co. SpA, 5.00%, <br> 10/30/30<sup>(b)</sup><br>| EUR | 262 | 310457 |
| ASTM SpA, 1.00%, 11/25/26<sup>(b)</sup> |  | 2848 | 3302488 |
| Bubbles Bidco SpA, 6.50%, 09/30/31<sup>(b)</sup> |  | 122 | 147090 |
| Continuum Energy Pte. Ltd., 12.00%, 09/11/27<sup>(c)(d)</sup> | USD | 432 | 430403 |
| Dolcetto Holdco SpA, 5.63%, 07/14/32<sup>(b)</sup> | EUR | 100 | 119281 |
| Duomo Bidco SpA, (3-mo. EURIBOR + 3.25%), 5.31%, <br> 01/15/32<sup>(a)(b)</sup><br>|  | 111 | 131446 |
| Engineering - Ingegneria Informatica - SpA, 11.13%, <br> 05/15/28<sup>(b)</sup><br>|  | 100 | 124399 |
| Eni SpA<sup>(b)</sup> <br>|  |  |  |
| 1.63%, 05/17/28 |  | 157 | 180024 |
| 0.38%, 06/14/28 |  | 3024 | 3363507 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Eni SpA<sup>(b)</sup> (continued) |  |  |  |
| 3.63%, 01/29/29 | EUR | 688 | $827658 |
| Fedrigoni SpA, (3-mo. EURIBOR + 4.00%), 6.02%, <br> 01/15/30<sup>(a)(b)</sup><br>|  | 200 | 230188 |
| Fibercop SpA, 5.13%, 06/30/32<sup>(b)</sup> |  | 100 | 119440 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<sup>(b)</sup> |  | 300 | 352555 |
| Gruppo San Donato SPA, 6.50%, 10/31/31<sup>(b)</sup> |  | 100 | 119613 |
| IMA Industria Macchine Automatiche SpA<sup>(b)</sup> <br>|  |  |  |
| 3.75%, 01/15/28 |  | 100 | 117667 |
| (3-mo. EURIBOR + 3.75%), 5.78%, 04/15/29<sup>(a)</sup> |  | 200 | 237744 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(b)</sup> |  | 200 | 234272 |
| Lottomatica Group SpA, 4.88%, 01/31/31<sup>(b)</sup> |  | 100 | 121027 |
| Pachelbel Bidco SpA<sup>(b)</sup> <br>|  |  |  |
| 7.13%, 05/17/31 |  | 118 | 148095 |
| (3-mo. EURIBOR + 4.25%), 6.32%, 05/17/31<sup>(a)</sup> |  | 100 | 118833 |
| Rossini SARL<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 12/31/29 |  | 100 | 123478 |
| (3-mo. EURIBOR + 3.88%), 5.89%, 12/31/29<sup>(a)</sup> |  | 43 | 51249 |
| TeamSystem SpA, 5.00%, 07/01/31<sup>(b)</sup> |  | 172 | 203996 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 46 | 50955 |
| UniCredit SpA, 3.73%, 06/10/35<sup>(b)</sup> | EUR | 749 | 877906 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(b)</sup> |  | 100 | 123135 |
|  |  |  | 12166906 |
| **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>(c)(d)(n)</sup><br>| USD | 71 | 4262 |
| **Japan — 0.4%** | **Japan — 0.4%** | **Japan — 0.4%** | **Japan — 0.4%** |
| Nissan Motor Co. Ltd. |  |  |  |
| 5.25%, 07/17/29<sup>(b)</sup> | EUR | 292 | 352322 |
| 4.81%, 09/17/30<sup>(c)</sup> | USD | 200 | 188500 |
| SoftBank Group Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 01/08/29 | EUR | 200 | 240595 |
| 5.25%, 10/10/29 |  | 500 | 596525 |
| 5.88%, 07/10/31 |  | 600 | 720517 |
| 3.88%, 07/06/32 |  | 200 | 219741 |
| 6.38%, 07/10/33 |  | 700 | 843679 |
|  |  |  | 3161879 |
| **Jersey — 0.1%** | **Jersey — 0.1%** | **Jersey — 0.1%** | **Jersey — 0.1%** |
| Aston Martin Capital Holdings Ltd. |  |  |  |
| 10.00%, 03/31/29<sup>(c)</sup> | USD | 200 | 186149 |
| 10.38%, 03/31/29<sup>(b)</sup> | GBP | 100 | 122703 |
| Deepocean Ltd., 6.00%, 04/08/31<sup>(b)</sup> | EUR | 112 | 135042 |
|  |  |  | 443894 |
| **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** | **Kazakhstan — 0.0%** |
| KazMunayGas National Co. JSC, 6.38%, 10/24/48<sup>(b)</sup> | USD | 200 | 201394 |
| **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** |
| Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, <br> 12/31/28<sup>(j)</sup><br>| EUR | 415 | 534037 |
| Breakwater Energy Holdings SARL |  |  |  |
| 9.25%, 11/15/30<sup>(c)</sup> | USD | 250 | 261789 |
| 9.25%, 11/15/30 |  | 250 | 261789 |
| Encore Issuances SA, (1-mo. EURIBOR + 3.00%), <br> 4.93%, 08/14/26<sup>(a)</sup><br>| EUR | 32 | 37755 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(b)</sup> |  | 100 | 125230 |
| Essendi SA<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 05/15/32 |  | 300 | 361363 |
| (3-mo. EURIBOR + 3.75%), 5.81%, 05/15/32<sup>(a)</sup> |  | 200 | 238051 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28<sup>(b)</sup> |  | 111 | 124879 |
| INEOS Finance PLC |  |  |  |
| 6.38%, 04/15/29<sup>(b)</sup> |  | 200 | 206229 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** | **Luxembourg (continued)** |
| INEOS Finance PLC (continued) |  |  |  |
| 7.50%, 04/15/29<sup>(c)</sup> | USD | 200 | $173736 |
| 7.25%, 03/31/31<sup>(b)</sup> | EUR | 100 | 101123 |
| ION Platform Finance SARL<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 05/01/29 |  | 326 | 388834 |
| 6.50%, 09/30/30 |  | 131 | 148978 |
| 6.88%, 09/30/32 |  | 109 | 122529 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(b)(e)(i)</sup> |  | 100 | 55234 |
| Maxam Prill SARL, 6.00%, 07/15/30<sup>(b)</sup> |  | 354 | 425041 |
| Summer BC Holdco B SARL<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 02/15/30 |  | 102 | 110466 |
| (3-mo. EURIBOR + 4.25%), 6.31%, 02/15/30<sup>(a)</sup> |  | 100 | 110164 |
| Vivion Investments SARL<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 06/08/30 |  | 100 | 113186 |
| (6.50% PIK), 6.50%, 02/28/29<sup>(j)</sup> |  | 122 | 142850 |
|  |  |  | 4043263 |
| **Macau — 0.2%** | **Macau — 0.2%** | **Macau — 0.2%** | **Macau — 0.2%** |
| Studio City Finance Ltd., 5.00%, 01/15/29<sup>(b)</sup> | USD | 488 | 469807 |
| Wynn Macau Ltd. |  |  |  |
| 5.63%, 08/26/28<sup>(b)</sup> |  | 1204 | 1201616 |
| 5.63%, 08/26/28<sup>(c)</sup> |  | 200 | 199604 |
|  |  |  | 1871027 |
| **Mauritius — 0.1%** | **Mauritius — 0.1%** | **Mauritius — 0.1%** | **Mauritius — 0.1%** |
| Resurgent Trade & Investment Ltd., 9.52%, 12/01/27 |  | 1007 | 1007000 |
| **Mexico — 0.5%** | **Mexico — 0.5%** | **Mexico — 0.5%** | **Mexico — 0.5%** |
| FIEMEX Energia - Banco Actinver SA Institucion de <br> Banca Multiple, 7.25%, 01/31/41<sup>(c)</sup><br>|  | 198 | 208106 |
| Food Service Project SA, 5.50%, 01/21/27<sup>(b)</sup> | EUR | 100 | 117719 |
| Grupo Aeromexico SAB de CV, 8.25%, 11/15/29<sup>(b)</sup> | USD | 200 | 204262 |
| Grupo Posadas SAB de CV, (5.00% Cash or 7.00% <br> PIK), 8.00%, 12/30/27<sup>(j)</sup><br>|  | 113 | 113098 |
| Petroleos Mexicanos |  |  |  |
| 7.50%, 03/31/26<sup>(c)</sup> |  | 2154 | 2159385 |
| 4.75%, 02/26/29<sup>(b)</sup> | EUR | 164 | 193937 |
| 8.75%, 06/02/29 | USD | 203 | 217340 |
| 6.84%, 01/23/30 |  | 587 | 596333 |
| 5.95%, 01/28/31 |  | 685 | 663012 |
| 6.70%, 02/16/32 |  | 58 | 57834 |
| 6.38%, 01/23/45 |  | 432 | 346861 |
|  |  |  | 4877887 |
| **Morocco**<sup>(c)</sup> **— 0.1%** | **Morocco**<sup>(c)</sup> **— 0.1%** | **Morocco**<sup>(c)</sup> **— 0.1%** | **Morocco**<sup>(c)</sup> **— 0.1%** |
| OCP SA |  |  |  |
| 6.75%, 05/02/34 |  | 202 | 217847 |
| 7.50%, 05/02/54 |  | 200 | 220996 |
|  |  |  | 438843 |
| **Netherlands — 0.6%** | **Netherlands — 0.6%** | **Netherlands — 0.6%** | **Netherlands — 0.6%** |
| ABN AMRO Bank NV, (5-year EURIBOR ICE Swap + <br> 2.45%), 5.50%, 09/21/33<sup>(a)(b)</sup><br>| EUR | 800 | 991136 |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(b)</sup> |  | 246 | 298926 |
| Heineken NV, 3.51%, 05/03/34<sup>(b)</sup> |  | 180 | 210316 |
| IMCD NV, 2.13%, 03/31/27<sup>(b)</sup> |  | 1569 | 1828905 |
| ING Groep NV, (5-year EUR Swap + 1.78%), 4.25%, <br> 08/26/35<sup>(a)(b)</sup><br>|  | 200 | 240637 |
| Q-Park Holding I BV<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 03/01/29 |  | 100 | 120750 |
| 5.13%, 02/15/30 |  | 215 | 260872 |
| Sunrise FinCo I BV |  |  |  |
| 4.88%, 07/15/31<sup>(c)</sup> | USD | 200 | 190500 |
| 4.63%, 05/15/32<sup>(b)</sup> | EUR | 243 | 288438 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Trivium Packaging Finance BV, 12.25%, 01/15/31<sup>(c)</sup> | USD | 200 | $217007 |
| VZ Secured Financing BV |  |  |  |
| 5.00%, 01/15/32<sup>(c)</sup> |  | 201 | 181896 |
| 5.25%, 01/15/33<sup>(b)</sup> | EUR | 423 | 487366 |
| VZ Vendor Financing II BV, 2.88%, 01/15/29<sup>(b)</sup> |  | 170 | 188700 |
|  |  |  | 5505449 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |
| IHS Holding Ltd., 6.25%, 11/29/28<sup>(c)</sup> | USD | 200 | 198584 |
| **Peru**<sup>(c)</sup> **— 0.0%** | **Peru**<sup>(c)</sup> **— 0.0%** | **Peru**<sup>(c)</sup> **— 0.0%** | **Peru**<sup>(c)</sup> **— 0.0%** |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br> 07/03/36<br>|  | 50 | 52993 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32 |  | 16 | 16418 |
|  |  |  | 69411 |
| **Philippines**<sup>(b)(m)</sup> **— 0.1%** | **Philippines**<sup>(b)(m)</sup> **— 0.1%** | **Philippines**<sup>(b)(m)</sup> **— 0.1%** | **Philippines**<sup>(b)(m)</sup> **— 0.1%** |
| ACEN Finance Ltd., 4.00% |  | 267 | 176220 |
| Petron Corp., (5-year CMT + 7.57%), 5.95%<sup>(a)</sup> |  | 444 | 442695 |
| San Miguel Global Power Holdings Corp., (1-year CMT <br> + 6.40%), 8.13%<sup>(a)</sup><br>|  | 650 | 657515 |
|  |  |  | 1276430 |
| **Portugal**<sup>(a)(b)</sup> **— 0.0%** | **Portugal**<sup>(a)(b)</sup> **— 0.0%** | **Portugal**<sup>(a)(b)</sup> **— 0.0%** | **Portugal**<sup>(a)(b)</sup> **— 0.0%** |
| EDP SA |  |  |  |
| (5-year EUR Swap + 2.38%), 1.88%, 08/02/81 | EUR | 200 | 233428 |
| (5-year EURIBOR ICE Swap + 2.40%), 4.63%, <br> 09/16/54<br>|  | 100 | 120591 |
|  |  |  | 354019 |
| **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)(m)</sup><br>| USD | 200 | 202492 |
| Saudi Arabian Oil Co., 4.75%, 06/02/30<sup>(c)</sup> |  | 200 | 202500 |
| Saudi Electricity Sukuk Programme Co.<sup>(b)</sup> <br>|  |  |  |
| 4.94%, 02/13/29 |  | 200 | 203024 |
| 5.23%, 02/18/30 |  | 200 | 204864 |
| SRC Sukuk Ltd., 4.38%, 04/02/29<sup>(b)</sup> |  | 438 | 437826 |
|  |  |  | 1250706 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| Puma International Financing SA, 7.75%, 04/25/29<sup>(b)</sup> |  | 435 | 447406 |
| **South Africa**<sup>(b)</sup> **— 0.1%** | **South Africa**<sup>(b)</sup> **— 0.1%** | **South Africa**<sup>(b)</sup> **— 0.1%** | **South Africa**<sup>(b)</sup> **— 0.1%** |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32 | EUR | 200 | 228158 |
| Sasol Financing USA LLC, 8.75%, 05/03/29 | USD | 200 | 202472 |
| Transnet/South Africa, 8.25%, 02/06/28 |  | 200 | 211313 |
|  |  |  | 641943 |
| **South Korea**<sup>(b)</sup> **— 0.1%** | **South Korea**<sup>(b)</sup> **— 0.1%** | **South Korea**<sup>(b)</sup> **— 0.1%** | **South Korea**<sup>(b)</sup> **— 0.1%** |
| Hyundai Card Co. Ltd., 5.75%, 04/24/29 |  | 200 | 207266 |
| Tongyang Life Insurance Co. Ltd., (5-year CMT + <br> 2.40%), 6.25%, 05/07/35<sup>(a)</sup><br>|  | 500 | 517760 |
|  |  |  | 725026 |
| **Spain**<sup>(b)</sup> **— 0.2%** | **Spain**<sup>(b)</sup> **— 0.2%** | **Spain**<sup>(b)</sup> **— 0.2%** | **Spain**<sup>(b)</sup> **— 0.2%** |
| Abanca Corp. Bancaria SA, (5-year EURIBOR ICE <br> Swap + 2.45%), 4.63%, 12/11/36<sup>(a)</sup><br>| EUR | 100 | 120567 |
| Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br> 2.50%), 4.55%, 05/01/30<sup>(a)</sup><br>|  | 103 | 122121 |
| Banco de Sabadell SA, (1-year EURIBOR ICE Swap + <br> 1.25%), 3.50%, 05/27/31<sup>(a)</sup><br>|  | 600 | 710147 |
| CaixaBank SA, (5-year EURIBOR ICE Swap + 3.94%), <br> 6.25%<sup>(a)(m)</sup><br>|  | 200 | 247077 |
| Cirsa Finance International SARL, (3-mo. EURIBOR + <br> 3.00%), 5.10%, 10/15/32<sup>(a)</sup><br>|  | 100 | 118562 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| Grifols SA |  |  |  |
| 7.13%, 05/01/30 | EUR | 100 | $123296 |
| 7.50%, 05/01/30 |  | 200 | 246864 |
| Lorca Telecom Bondco SA, 4.00%, 09/18/27 |  | 15 | 17498 |
|  |  |  | 1706132 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Atlas Copco Finance DAC, 0.13%, 09/03/29<sup>(b)</sup> |  | 200 | 213748 |
| Dometic Group AB, 5.00%, 09/11/30<sup>(b)</sup> |  | 100 | 119625 |
| Preem Holdings AB, 12.00%, 06/30/27<sup>(b)</sup> |  | 80 | 97047 |
| Stena International SA, 7.25%, 01/15/31<sup>(c)</sup> | USD | 200 | 203881 |
|  |  |  | 634301 |
| **Switzerland — 0.3%** | **Switzerland — 0.3%** | **Switzerland — 0.3%** | **Switzerland — 0.3%** |
| Allwyn Entertainment Financing U.K. PLC<sup>(b)</sup> <br>|  |  |  |
| 7.25%, 04/30/30 | EUR | 90 | 111057 |
| 4.13%, 02/15/31 |  | 171 | 197944 |
| gategroup Finance Luxembourg SA, 3.00%, <br> 02/28/27<sup>(b)</sup><br>| CHF | 125 | 157029 |
| UBS Group AG<sup>(b)</sup> <br>|  |  |  |
| 0.63%, 01/18/33 | EUR | 1400 | 1347156 |
| 0.63%, 02/24/33 |  | 527 | 505348 |
| VistaJet Malta Finance PLC/Vista Management <br> Holding, Inc.<sup>(c)</sup> <br>|  |  |  |
| 9.50%, 06/01/28 | USD | 40 | 41371 |
| 6.38%, 02/01/30 |  | 6 | 5710 |
|  |  |  | 2365615 |
| **Thailand**<sup>(b)</sup> **— 0.2%** | **Thailand**<sup>(b)</sup> **— 0.2%** | **Thailand**<sup>(b)</sup> **— 0.2%** | **Thailand**<sup>(b)</sup> **— 0.2%** |
| Muangthai Capital PCL |  |  |  |
| 6.88%, 09/30/28 |  | 1000 | 1012500 |
| 7.55%, 07/21/30 |  | 300 | 310218 |
|  |  |  | 1322718 |
| **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** | **Turkey — 0.0%** |
| Sisecam U.K. PLC, 8.25%, 05/02/29<sup>(b)</sup> |  | 200 | 206000 |
| Turk Telekomunikasyon A/S, 6.95%, 10/07/32<sup>(c)</sup> |  | 200 | 204062 |
|  |  |  | 410062 |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |
| NAK Naftogaz Ukraine via Kondor Finance PLC, <br> (7.13% PIK), 7.13%, 07/19/26<sup>(b)(j)</sup><br>| EUR | 483 | 470905 |
| VF Ukraine PAT via VFU Funding PLC |  |  |  |
| 9.63%, 02/11/27<sup>(c)</sup> | USD | 150 | 144794 |
| 9.63%, 02/11/27<sup>(b)</sup> |  | 150 | 144793 |
|  |  |  | 760492 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |
| Alpha Star Holding VIII Ltd., 8.38%, 04/12/27<sup>(b)</sup> |  | 200 | 206186 |
| **United Kingdom — 1.8%** | **United Kingdom — 1.8%** | **United Kingdom — 1.8%** | **United Kingdom — 1.8%** |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(b)</sup> | EUR | 100 | 123408 |
| Ardonagh Finco Ltd. |  |  |  |
| 6.88%, 02/15/31<sup>(b)</sup> |  | 418 | 506301 |
| 7.75%, 02/15/31<sup>(c)</sup> | USD | 200 | 209671 |
| AstraZeneca PLC, 1.38%, 08/06/30 |  | 352 | 312897 |
| Barclays PLC<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 2.98%), 6.22%, 05/09/34 |  | 400 | 430122 |
| (1-year CMT + 3.50%), 7.44%, 11/02/33 |  | 391 | 447091 |
| BCP V Modular Services Finance II PLC<sup>(b)</sup> <br>|  |  |  |
| 6.13%, 11/30/28 | GBP | 223 | 282160 |
| 6.50%, 07/10/31 | EUR | 280 | 306794 |
| Bellis Acquisition Co. PLC<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 05/14/30 | GBP | 250 | 313425 |
| 8.00%, 07/01/31 | EUR | 100 | 113889 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Belron U.K. Finance PLC, 4.63%, 10/15/29<sup>(b)</sup> | EUR | 139 | $167876 |
| Biffa Group Holdings Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 06/15/31 |  | 100 | 117180 |
| 7.38%, 06/15/31 | GBP | 100 | 135957 |
| Boots Group Finco LP<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 08/31/32 | EUR | 100 | 121437 |
| 7.38%, 08/31/32 | GBP | 100 | 139401 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 5.63%, 02/15/32<sup>(b)</sup><br>| EUR | 300 | 360147 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(b)</sup> | GBP | 400 | 564141 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(c)</sup><br>| USD | 200 | 212148 |
| ContourGlobal Power Holdings SA, 5.00%, 02/28/30<sup>(b)</sup> | EUR | 200 | 240639 |
| CPUK Finance Ltd., 4.50%, 08/28/27<sup>(b)</sup> | GBP | 100 | 132089 |
| Deuce Finco PLC<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 11/20/31 |  | 100 | 136138 |
| (3-mo. EURIBOR + 3.50%), 5.55%, 11/20/32<sup>(a)</sup> | EUR | 100 | 119194 |
| EC Finance PLC, 3.25%, 10/15/26<sup>(b)</sup> |  | 200 | 232572 |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(b)</sup> | GBP | 306 | 438258 |
| Froneri Lux FinCo SARL, 4.75%, 08/01/32<sup>(b)</sup> | EUR | 100 | 118402 |
| Heathrow Finance PLC<sup>(b)(l)</sup> <br>|  |  |  |
| 3.88%, 03/01/27 | GBP | 100 | 132205 |
| 4.13%, 09/01/29 |  | 130 | 164515 |
| HSBC Holdings PLC<sup>(a)(b)</sup> <br>|  |  |  |
| (3-mo. EURIBOR + 0.86%), 3.76%, 05/20/29 | EUR | 1994 | 2390059 |
| (3-Month BBSW + 1.60%), 5.64%, 08/28/36 | AUD | 400 | 259556 |
| Imperial Brands Finance PLC, 3.88%, 02/12/34<sup>(b)</sup> | EUR | 100 | 115404 |
| Ithaca Energy North Sea PLC, 5.50%, 10/01/31<sup>(b)</sup> |  | 200 | 236247 |
| Market Bidco Finco PLC<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 01/31/31 |  | 136 | 158084 |
| 8.75%, 01/31/31 | GBP | 100 | 132619 |
| Mobico Group PLC<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 09/26/31 | EUR | 100 | 93025 |
| (5-year UK Government Bond + 4.14%), 4.25%<sup>(a)(m)</sup> | GBP | 100 | 79322 |
| Motability Operations Group PLC, 3.88%, 01/24/34<sup>(b)</sup> | EUR | 332 | 390982 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(b)</sup> |  | 200 | 213321 |
| Northumbrian Water Finance PLC<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 07/22/32 | GBP | 601 | 813508 |
| 5.63%, 04/29/33 |  | 49 | 66792 |
| Ocado Group PLC, 10.50%, 08/08/29<sup>(b)</sup> |  | 100 | 135252 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(b)</sup> | EUR | 200 | 245690 |
| Pinewood Finco PLC, 6.00%, 03/27/30<sup>(b)</sup> | GBP | 155 | 210108 |
| Pinnacle Bidco PLC, 10.00%, 10/11/28<sup>(b)</sup> |  | 200 | 283742 |
| SCC Power PLC<sup>(c)(j)</sup> <br>|  |  |  |
| (4.00% Cash and 4.00% PIK), 8.00%, 12/31/28 | USD | 87 | 51128 |
| (4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 |  | 13 | 3236 |
| Standard Chartered PLC, (5-year CMT + 2.87%), <br> 7.00%<sup>(a)(c)(m)</sup><br>|  | 800 | 822452 |
| Synthomer PLC, 7.38%, 05/02/29<sup>(b)</sup> | EUR | 100 | 103932 |
| Thames Water Utilities Finance PLC, 4.00%, <br> 06/19/27<sup>(b)</sup><br>| GBP | 100 | 96865 |
| Virgin Media Secured Finance PLC, 4.50%, <br> 08/15/30<sup>(c)</sup><br>| USD | 200 | 185147 |
| Virgin Media Vendor Financing Notes III DAC, 4.88%, <br> 07/15/28<sup>(b)</sup><br>| GBP | 400 | 524917 |
| Vmed O2 U.K. Financing I PLC<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 01/31/29 |  | 100 | 127589 |
| 4.50%, 07/15/31 |  | 207 | 247234 |
| 5.63%, 04/15/32 | EUR | 209 | 246951 |
| Vodafone Group PLC<sup>(a)</sup> <br>|  |  |  |
| (5-year CMT + 2.77%), 4.13%, 06/04/81 | USD | 32 | 29878 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| Vodafone Group PLC<sup>(a)</sup> (continued) |  |  |  |
| (5-year EUR Swap + 3.48%), 3.00%, 08/27/80<sup>(b)</sup> | EUR | 500 | $566097 |
| WPP Finance 2013, 3.63%, 06/09/31<sup>(b)</sup> |  | 770 | 893308 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(b)</sup> |  | 257 | 317140 |
|  |  |  | 16617642 |
| **United States — 14.1%** | **United States — 14.1%** | **United States — 14.1%** | **United States — 14.1%** |
| AbbVie, Inc. |  |  |  |
| 4.25%, 11/21/49 | USD | 420 | 345893 |
| 5.40%, 03/15/54 |  | 213 | 207073 |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(c)</sup> |  | 100 | 101000 |
| Advance Auto Parts, Inc., 3.90%, 04/15/30 |  | 100 | 91798 |
| AES Corp., (5-year CMT + 2.89%), 6.95%, 07/15/55<sup>(a)</sup> |  | 100 | 98732 |
| Aethon III BR LLC, 10.08%, 01/10/27<sup>(c)(d)</sup> |  | 313 | 311611 |
| Air Products and Chemicals, Inc., 4.00%, 03/03/35 | EUR | 358 | 428680 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC, 4.63%, 01/15/27<sup>(c)</sup><br>| USD | 100 | 99904 |
| Allegiant Travel Co., 7.25%, 08/15/27<sup>(c)</sup> |  | 68 | 68950 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer, 7.38%, 10/01/32<sup>(c)</sup><br>|  | 200 | 207374 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp., 6.00%, 06/01/29<sup>(c)</sup><br>|  | 200 | 197931 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp./Atlas Luxco 4 SARL<sup>(b)</sup> <br>|  |  |  |
| 3.63%, 06/01/28 | EUR | 100 | 116446 |
| 4.88%, 06/01/28 | GBP | 200 | 262462 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(c)</sup> | USD | 90 | 93167 |
| Alphabet, Inc. |  |  |  |
| 5.45%, 11/15/55 |  | 246 | 241318 |
| 4.38%, 11/06/64 | EUR | 470 | 526093 |
| 5.70%, 11/15/75 | USD | 120 | 118110 |
| Amazon.com, Inc. |  |  |  |
| 3.10%, 05/12/51 |  | 234 | 157097 |
| 2.70%, 06/03/60 |  | 92 | 52011 |
| 3.25%, 05/12/61 |  | 175 | 111964 |
| 4.10%, 04/13/62 |  | 363 | 279035 |
| 5.55%, 11/20/65 |  | 76 | 73720 |
| AMC Networks, Inc. |  |  |  |
| 10.25%, 01/15/29<sup>(c)</sup> |  | 309 | 324021 |
| 4.25%, 02/15/29 |  | 226 | 200841 |
| 10.50%, 07/15/32<sup>(c)</sup> |  | 100 | 110474 |
| American Airlines Pass-Through Trust |  |  |  |
| Series 2019-1, Class AA, 3.15%, 02/15/32 |  | 60 | 56366 |
| Series 2019-1, Class B, 3.85%, 02/15/28 |  | 45 | 44155 |
| American Airlines Trust, Series 2025-1, Class B, <br> 5.65%, 05/11/36<br>|  | 109 | 109550 |
| American Airlines, Inc., 7.25%, 02/15/28<sup>(c)</sup> |  | 100 | 102230 |
| American Axle & Manufacturing, Inc., 5.00%, 10/01/29 |  | 84 | 80915 |
| American Express Co. |  |  |  |
| 2.55%, 03/04/27 |  | 1535 | 1512772 |
| (1-day SOFR + 1.22%), 4.92%, 07/20/33<sup>(a)</sup> |  | 826 | 840617 |
| American International Group, Inc. |  |  |  |
| 4.85%, 05/07/30 |  | 88 | 90188 |
| 5.13%, 03/27/33 |  | 45 | 46280 |
| American Tower Corp. |  |  |  |
| 0.95%, 10/05/30 | EUR | 320 | 340028 |
| 5.65%, 03/15/33 | USD | 548 | 577375 |
| 5.55%, 07/15/33 |  | 912 | 954984 |
| Amgen, Inc. |  |  |  |
| 4.66%, 06/15/51 |  | 279 | 238710 |
| 5.75%, 03/02/63 |  | 494 | 481987 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(c)</sup> | USD | 100 | $98090 |
| Apple, Inc. |  |  |  |
| 4.38%, 05/13/45 |  | 230 | 205039 |
| 2.65%, 02/08/51 |  | 265 | 163816 |
| 2.70%, 08/05/51 |  | 70 | 43569 |
| 2.85%, 08/05/61 |  | 77 | 45451 |
| 4.10%, 08/08/62 |  | 189 | 148567 |
| Aramark International Finance SARL, 4.38%, <br> 04/15/33<sup>(b)</sup><br>| EUR | 200 | 234854 |
| Arches Buyer, Inc., 4.25%, 06/01/28<sup>(c)</sup> | USD | 93 | 91271 |
| Ardagh Group SA |  |  |  |
| 9.50%, 12/01/30<sup>(c)</sup> |  | 416 | 451398 |
| 9.50%, 12/01/30 |  | 61 | 66359 |
| (4.50% Cash + 7.50% PIK), 12.00%, 12/01/30<sup>(b)(j)</sup> | EUR | 100 | 107742 |
| (5.50% Cash + 6.50% PIK), 12.00%, 12/01/30<sup>(c)(j)</sup> | USD | 804 | 734655 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 5.00%, 01/30/31<sup>(b)</sup><br>| EUR | 100 | 118817 |
| Aretec Group, Inc., 10.00%, 08/15/30<sup>(c)</sup> | USD | 64 | 69065 |
| Arsenal AIC Parent LLC, 11.50%, 10/01/31<sup>(c)</sup> |  | 100 | 110055 |
| Asbury Automotive Group, Inc., 5.00%, 02/15/32<sup>(c)</sup> |  | 11 | 10690 |
| Ascension Health, Series 2025, 4.92%, 11/15/35 |  | 150 | 150227 |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>(c)</sup> <br>|  |  |  |
| 4.63%, 08/01/29 |  | 37 | 35276 |
| 4.63%, 04/01/30 |  | 97 | 92634 |
| 6.88%, 08/01/33 |  | 66 | 66052 |
| AT&T, Inc. |  |  |  |
| 3.65%, 06/01/51 |  | 868 | 609952 |
| 3.55%, 09/15/55 |  | 170 | 113159 |
| 3.65%, 09/15/59 |  | 854 | 563178 |
| ATI, Inc., 7.25%, 08/15/30 |  | 15 | 15847 |
| Avantor Funding, Inc.<sup>(c)</sup> <br>|  |  |  |
| 4.63%, 07/15/28 |  | 26 | 25859 |
| 3.88%, 11/01/29 |  | 100 | 95626 |
| Avianca Midco 2 PLC, 9.00%, 12/01/28 |  | 199 | 200574 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., <br> 8.00%, 02/15/31<sup>(c)</sup><br>|  | 55 | 56524 |
| Azorra Finance Ltd., 7.25%, 01/15/31<sup>(c)</sup> |  | 40 | 41913 |
| Baltimore Gas and Electric Co., 5.40%, 06/01/53 |  | 55 | 52880 |
| Bank of America Corp.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.00%), 5.16%, 01/24/31 |  | 467 | 482109 |
| (3-mo. CME Term SOFR + 1.78%), 4.33%, <br> 03/15/50<br>|  | 531 | 446083 |
| (3-mo. CME Term SOFR + 3.41%), 4.08%, <br> 03/20/51<br>|  | 810 | 649004 |
| (3-mo. EURIBOR + 0.89%), 1.66%, 04/25/28<sup>(b)</sup> | EUR | 1239 | 1439710 |
| Beach Acquisition Bidco LLC, 5.25%, 07/15/32<sup>(b)</sup> |  | 100 | 119642 |
| Becton Dickinson & Co. |  |  |  |
| 4.69%, 02/13/28 | USD | 44 | 44582 |
| 5.08%, 06/07/29 |  | 72 | 73906 |
| Beignet Investor LLC, 6.58%, 05/30/49<sup>(c)</sup> |  | 4849 | 5122945 |
| Block, Inc., 5.63%, 08/15/30<sup>(c)</sup> |  | 100 | 102032 |
| BMS Ireland Capital Funding DAC, 4.58%, 11/10/55 | EUR | 410 | 470167 |
| Booking Holdings, Inc. |  |  |  |
| 0.50%, 03/08/28 |  | 505 | 567344 |
| 4.50%, 11/15/31 |  | 171 | 212849 |
| 3.25%, 11/21/32 |  | 333 | 386297 |
| Boyd Gaming Corp., 4.75%, 06/15/31<sup>(c)</sup> | USD | 53 | 51780 |
| Bracelet Holdings, Inc., 9.25%, 07/02/28<sup>(c)</sup> |  | 536 | 524319 |
| Bristol-Myers Squibb Co., 3.90%, 03/15/62 |  | 335 | 242873 |
| Broadcom, Inc. |  |  |  |
| 5.15%, 11/15/31 |  | 247 | 256250 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| Broadcom, Inc. (continued) |  |  |  |
| 4.90%, 07/15/32 | USD | 348 | $355309 |
| 5.20%, 07/15/35 |  | 1524 | 1561439 |
| Buckeye Partners LP, 6.88%, 07/01/29<sup>(c)</sup> |  | 58 | 60332 |
| Builders FirstSource, Inc., 5.00%, 03/01/30<sup>(c)</sup> |  | 56 | 55836 |
| Burlington Northern Santa Fe LLC, 5.20%, 04/15/54 |  | 105 | 98817 |
| Caesars Entertainment, Inc.<sup>(c)</sup> <br>|  |  |  |
| 7.00%, 02/15/30 |  | 104 | 107708 |
| 6.50%, 02/15/32 |  | 17 | 17415 |
| California Resources Corp.<sup>(c)</sup> <br>|  |  |  |
| 8.25%, 06/15/29 |  | 97 | 101460 |
| 7.00%, 01/15/34 |  | 132 | 130026 |
| Capital One Financial Corp.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.25%), 4.49%, 09/11/31 |  | 66 | 65903 |
| (1-day SOFR + 1.63%), 5.20%, 09/11/36 |  | 47 | 46763 |
| (1-day SOFR + 2.64%), 6.31%, 06/08/29 |  | 101 | 105995 |
| (1-day SOFR + 2.86%), 6.38%, 06/08/34 |  | 80 | 86474 |
| Caterpillar, Inc. |  |  |  |
| 5.20%, 05/15/35 |  | 129 | 133711 |
| 5.50%, 05/15/55 |  | 47 | 47404 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(c)</sup> <br>|  |  |  |
| 6.38%, 09/01/29 |  | 80 | 81100 |
| 4.75%, 03/01/30 |  | 241 | 230167 |
| 4.75%, 02/01/32 |  | 61 | 55750 |
| 4.50%, 06/01/33 |  | 130 | 113797 |
| 4.25%, 01/15/34 |  | 100 | 85027 |
| Celanese U.S. Holdings LLC |  |  |  |
| 6.50%, 04/15/30 |  | 62 | 62310 |
| 7.05%, 11/15/30 |  | 52 | 54791 |
| 6.75%, 04/15/33 |  | 100 | 99475 |
| Centene Corp., 4.25%, 12/15/27 |  | 400 | 397645 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |  |
| 4.40%, 12/01/61 |  | 383 | 250492 |
| 3.95%, 06/30/62 |  | 514 | 309288 |
| Chemours Co., 4.63%, 11/15/29<sup>(c)</sup> |  | 100 | 90423 |
| CHS/Community Health Systems, Inc.<sup>(c)</sup> <br>|  |  |  |
| 4.75%, 02/15/31 |  | 197 | 175504 |
| 10.88%, 01/15/32 |  | 90 | 98230 |
| Churchill Downs, Inc., 5.50%, 04/01/27<sup>(c)</sup> |  | 150 | 150000 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(c)</sup> |  | 32 | 32591 |
| Citigroup, Inc.<sup>(a)</sup> <br>|  |  |  |
| 6.35%, 09/09/30 |  | 3095 | 3067823 |
| 0.00%, 12/11/30 |  | 765 | 765000 |
| (1-day SOFR + 0.87%), 4.79%, 03/04/29 |  | 670 | 679600 |
| (1-day SOFR + 1.18%), 2.52%, 11/03/32 |  | 363 | 325211 |
| (1-day SOFR + 1.46%), 4.95%, 05/07/31 |  | 1262 | 1288987 |
| (1-day SOFR + 1.94%), 3.79%, 03/17/33 |  | 919 | 876247 |
| (3-mo. EURIBOR + 1.03%), 3.49%, 10/22/34 | EUR | 243 | 280093 |
| (3-mo. EURIBOR + 1.58%), 4.11%, 04/29/36 |  | 987 | 1178896 |
| Civitas Resources, Inc.<sup>(c)</sup> <br>|  |  |  |
| 5.00%, 10/15/26 | USD | 308 | 307095 |
| 8.38%, 07/01/28 |  | 141 | 145285 |
| 8.63%, 11/01/30 |  | 121 | 126815 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| 4.75%, 06/15/31<sup>(b)</sup> | EUR | 111 | 132305 |
| 6.75%, 09/15/32<sup>(c)</sup> | USD | 100 | 103699 |
| Clear Channel Outdoor Holdings, Inc., 7.13%, <br> 02/15/31<sup>(c)</sup><br>|  | 70 | 73300 |
| Cleveland-Cliffs, Inc.<sup>(c)</sup> <br>|  |  |  |
| 7.00%, 03/15/32 |  | 63 | 64575 |
| 7.38%, 05/01/33 |  | 100 | 104003 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Cloud Software Group, Inc.<sup>(c)</sup> <br>|  |  |  |
| 6.50%, 03/31/29 | USD | 96 | $97256 |
| 9.00%, 09/30/29 |  | 267 | 278083 |
| Clydesdale Acquisition Holdings, Inc.<sup>(c)</sup> <br>|  |  |  |
| 8.75%, 04/15/30 |  | 106 | 107768 |
| 6.75%, 04/15/32 |  | 76 | 78149 |
| Coca-Cola Co. |  |  |  |
| 2.50%, 03/15/51 |  | 25 | 14987 |
| 5.20%, 01/14/55 |  | 158 | 152332 |
| Cogent Communications Group LLC/Cogent Finance, <br> Inc., 7.00%, 06/15/27<sup>(c)</sup><br>|  | 31 | 31021 |
| Comcast Corp. |  |  |  |
| 5.35%, 05/15/53 |  | 213 | 191331 |
| 2.94%, 11/01/56 |  | 271 | 152268 |
| 2.99%, 11/01/63 |  | 197 | 106557 |
| Comstock Resources, Inc., 6.75%, 03/01/29<sup>(c)</sup> |  | 100 | 99799 |
| Core Scientific, Inc., 0.00%, 06/15/31<sup>(c)(k)(n)</sup> |  | 44 | 46231 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(c)</sup> |  | 167 | 155272 |
| Credit Acceptance Corp., 9.25%, 12/15/28<sup>(c)</sup> |  | 3 | 3135 |
| Crescent Energy Finance LLC<sup>(c)</sup> <br>|  |  |  |
| 7.38%, 01/15/33 |  | 219 | 207820 |
| 8.38%, 01/15/34 |  | 57 | 56620 |
| Crown Americas LLC/Crown Americas Capital Corp. V, <br> 4.25%, 09/30/26<br>|  | 72 | 71734 |
| Crown Castle, Inc. |  |  |  |
| 3.30%, 07/01/30 |  | 418 | 396497 |
| 2.25%, 01/15/31 |  | 751 | 670800 |
| 2.10%, 04/01/31 |  | 267 | 235639 |
| CSC Holdings LLC<sup>(c)</sup> <br>|  |  |  |
| 11.25%, 05/15/28 |  | 200 | 159133 |
| 11.75%, 01/31/29 |  | 200 | 148589 |
| CSX Corp., 4.10%, 11/15/32 |  | 325 | 318926 |
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, <br> 05/15/28<sup>(c)</sup><br>|  | 36 | 36191 |
| CVS Health Corp. |  |  |  |
| 4.30%, 03/25/28 |  | 235 | 235778 |
| 3.25%, 08/15/29 |  | 238 | 229749 |
| 5.00%, 09/15/32 |  | 92 | 93902 |
| 5.45%, 09/15/35 |  | 174 | 178108 |
| 5.13%, 07/20/45 |  | 118 | 106531 |
| 5.05%, 03/25/48 |  | 263 | 231848 |
| Dana Financing Luxembourg SARL, 8.50%, <br> 07/15/31<sup>(b)</sup><br>| EUR | 200 | 251235 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(b)</sup> |  | 100 | 119056 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(c)</sup> | USD | 100 | 101633 |
| DaVita, Inc., 4.63%, 06/01/30<sup>(c)</sup> |  | 200 | 194478 |
| Delek Logistics Partners LP/Delek Logistics Finance <br> Corp., 8.63%, 03/15/29<sup>(c)</sup><br>|  | 117 | 122635 |
| Delta Air Lines, Inc. |  |  |  |
| 4.95%, 07/10/28 |  | 940 | 956904 |
| 5.25%, 07/10/30 |  | 755 | 775813 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(c)</sup> |  | 65 | 65767 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc., 10.00%, 02/15/31<sup>(c)</sup><br>|  | 100 | 102205 |
| Discovery Communications LLC, 5.00%, 09/20/37 |  | 100 | 80012 |
| DISH Network Corp., 3.38%, 08/15/26<sup>(k)</sup> |  | 72 | 69300 |
| EchoStar Corp. |  |  |  |
| (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30<sup>(j)</sup> |  | 104 | 106250 |
| 10.75%, 11/30/29 |  | 300 | 331740 |
| Elevance Health, Inc. |  |  |  |
| 5.13%, 02/15/53 |  | 230 | 207589 |
| 5.70%, 02/15/55 |  | 220 | 214537 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| Eli Lilly & Co., 5.20%, 08/14/64 | USD | 208 | $195718 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.38%, 12/15/30<sup>(b)</sup> | EUR | 208 | 254686 |
| 6.75%, 07/15/31<sup>(c)</sup> | USD | 38 | 40052 |
| Encompass Health Corp., 4.75%, 02/01/30 |  | 57 | 56811 |
| Encore Capital Group, Inc., 4.25%, 06/01/28<sup>(b)</sup> | GBP | 101 | 130363 |
| Energizer Holdings, Inc., 4.38%, 03/31/29<sup>(c)</sup> | USD | 79 | 75485 |
| Energy Transfer LP, (5-year CMT + 4.02%), 8.00%, <br> 05/15/54<sup>(a)</sup><br>|  | 20 | 21349 |
| Entegris, Inc., 5.95%, 06/15/30<sup>(c)</sup> |  | 100 | 102001 |
| Equinix, Inc. |  |  |  |
| 2.50%, 05/15/31 |  | 607 | 549324 |
| 3.90%, 04/15/32 |  | 591 | 568010 |
| EquipmentShare.com, Inc.<sup>(c)</sup> <br>|  |  |  |
| 9.00%, 05/15/28 |  | 49 | 50920 |
| 8.00%, 03/15/33 |  | 31 | 32519 |
| Exelon Corp., 4.10%, 03/15/52 |  | 104 | 80250 |
| Exxon Mobil Corp., 1.41%, 06/26/39 | EUR | 233 | 196924 |
| Fair Isaac Corp., 4.00%, 06/15/28<sup>(c)</sup> | USD | 100 | 98625 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc., 6.75%, 01/15/30<sup>(c)</sup><br>|  | 51 | 48490 |
| FirstCash, Inc., 6.88%, 03/01/32<sup>(c)</sup> |  | 72 | 74895 |
| FirstEnergy Transmission LLC, 4.55%, 04/01/49<sup>(c)</sup> |  | 309 | 262473 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<sup>(c)</sup> |  | 27 | 28209 |
| Florida Power & Light Co., 2.88%, 12/04/51 |  | 913 | 581924 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(c)</sup> |  | 26 | 26731 |
| Ford Motor Credit Co. LLC |  |  |  |
| 6.95%, 06/10/26 |  | 210 | 211829 |
| 4.54%, 08/01/26 |  | 200 | 199728 |
| 5.13%, 11/05/26 |  | 340 | 341847 |
| Freedom Mortgage Holdings LLC<sup>(c)</sup> <br>|  |  |  |
| 9.25%, 02/01/29 |  | 100 | 104885 |
| 9.13%, 05/15/31 |  | 29 | 31148 |
| FTAI Aviation Investors LLC, 7.00%, 05/01/31<sup>(c)</sup> |  | 68 | 71610 |
| Full House Resorts, Inc., 8.25%, 02/15/28<sup>(c)</sup> |  | 50 | 43438 |
| Gap, Inc., 3.88%, 10/01/31<sup>(c)</sup> |  | 80 | 73944 |
| Gen Digital, Inc., 6.75%, 09/30/27<sup>(c)</sup> |  | 94 | 95400 |
| General Electric Co., 2.13%, 05/17/37 | EUR | 586 | 584052 |
| General Motors Financial Co., Inc., 5.45%, 07/15/30 | USD | 307 | 318803 |
| Genesis Energy LP/Genesis Energy Finance Corp., <br> 8.00%, 05/15/33<br>|  | 60 | 62286 |
| GEO Group, Inc., 8.63%, 04/15/29 |  | 100 | 105180 |
| GFL Environmental, Inc., 4.00%, 08/01/28<sup>(c)</sup> |  | 100 | 98640 |
| Gilead Sciences, Inc., 2.80%, 10/01/50 |  | 937 | 593027 |
| Goldman Sachs Bank USA, Series BKNT, 6.60%, <br> 09/12/30<sup>(a)(d)</sup><br>|  | 3095 | 3083858 |
| Goldman Sachs Group, Inc.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.38%), 5.54%, 01/28/36 |  | 597 | 619612 |
| (1-day SOFR + 1.41%), 3.10%, 02/24/33 |  | 1482 | 1365256 |
| (1-day SOFR + 1.58%), 5.22%, 04/23/31 |  | 1987 | 2052268 |
| (3-mo. CME Term SOFR + 1.56%), 4.22%, <br> 05/01/29<br>|  | 410 | 410853 |
| Goodyear Tire & Rubber Co., 5.63%, 04/30/33 |  | 165 | 156288 |
| Granite Ridge Resources, Inc., 8.88%, 11/05/29<sup>(c)(d)</sup> |  | 1160 | 1118008 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(c)</sup> |  | 60 | 62266 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<sup>(c)</sup> |  | 69 | 71001 |
| GS Finance Corp., 8.75%, 02/14/30<sup>(a)</sup> |  | 1930 | 1924851 |
| Harvest Midstream I LP, 7.50%, 09/01/28<sup>(c)</sup> |  | 97 | 98450 |
| HCA, Inc. |  |  |  |
| 6.20%, 03/01/55 |  | 479 | 488168 |
| 6.10%, 04/01/64 |  | 292 | 289257 |
| Herc Holdings, Inc., 7.00%, 06/15/30<sup>(c)</sup> |  | 147 | 154707 |
| Hess Midstream Operations LP, 5.88%, 03/01/28<sup>(c)</sup> |  | 113 | 115121 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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>(c)</sup> <br>|  |  |  |
| 6.00%, 02/01/31 | USD | 94 | $89359 |
| 6.88%, 05/15/34 |  | 111 | 104008 |
| Hilton Domestic Operating Co., Inc.<sup>(c)</sup> <br>|  |  |  |
| 3.63%, 02/15/32 |  | 20 | 18566 |
| 5.88%, 03/15/33 |  | 145 | 149174 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<sup>(c)</sup> <br>|  |  |  |
| 5.00%, 06/01/29 |  | 99 | 96161 |
| 4.88%, 07/01/31 |  | 2 | 1867 |
| Home Depot, Inc., 5.40%, 06/25/64 |  | 742 | 709128 |
| HUB International Ltd., 7.25%, 06/15/30<sup>(c)</sup> |  | 200 | 209985 |
| Humana, Inc. |  |  |  |
| 3.70%, 03/23/29 |  | 44 | 43201 |
| 5.38%, 04/15/31 |  | 185 | 191269 |
| Huntsman International LLC, 2.95%, 06/15/31 |  | 100 | 84265 |
| Hyundai Capital America, (1-day SOFR + 1.35%), <br> 5.08%, 03/27/30<sup>(a)(b)</sup><br>|  | 500 | 503604 |
| iHeartCommunications, Inc.<sup>(c)</sup> <br>|  |  |  |
| 9.13%, 05/01/29 |  | 100 | 96311 |
| 7.75%, 08/15/30 |  | 75 | 65625 |
| Intel Corp. |  |  |  |
| 5.20%, 02/10/33 |  | 83 | 84567 |
| 5.63%, 02/10/43 |  | 81 | 77799 |
| 3.73%, 12/08/47 |  | 251 | 178610 |
| 5.90%, 02/10/63 |  | 46 | 43015 |
| ION Platform Finance U.S., Inc., 9.00%, 08/01/29<sup>(c)</sup> |  | 148 | 145712 |
| IQVIA, Inc., 5.00%, 10/15/26<sup>(c)</sup> |  | 203 | 202885 |
| Iron Mountain, Inc. |  |  |  |
| 7.00%, 02/15/29<sup>(c)</sup> |  | 70 | 71905 |
| 5.63%, 07/15/32<sup>(c)</sup> |  | 100 | 98427 |
| 4.75%, 01/15/34<sup>(b)</sup> | EUR | 117 | 133707 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(c)</sup> | USD | 11 | 10556 |
| Jane Street Group/JSG Finance, Inc., 7.13%, <br> 04/30/31<sup>(c)</sup><br>|  | 116 | 121889 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, <br> 08/15/28<sup>(c)</sup><br>|  | 200 | 192554 |
| Jefferson Capital Holdings LLC, 8.25%, 05/15/30<sup>(c)</sup> |  | 18 | 18931 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(c)</sup><br>|  | 100 | 100746 |
| JetBlue Pass-Through Trust, Series 2019-1, Class AA, <br> 2.75%, 05/15/32<br>|  | 58 | 51641 |
| Johnson & Johnson, 1.65%, 05/20/35 | EUR | 514 | 523990 |
| JPMorgan Chase & Co.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.44%), 5.10%, 04/22/31 | USD | 2540 | 2622490 |
| (1-day SOFR + 1.58%), 3.33%, 04/22/52 |  | 1241 | 879802 |
| (1-day SOFR + 1.64%), 5.58%, 07/23/36 |  | 71 | 73446 |
| (1-day SOFR + 2.58%), 5.72%, 09/14/33 |  | 55 | 58146 |
| (3-mo. CME Term SOFR + 2.52%), 2.96%, <br> 05/13/31<br>|  | 47 | 44338 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<sup>(c)</sup><br>|  | 53 | 55634 |
| KLA Corp., 5.25%, 07/15/62 |  | 214 | 198625 |
| Kohl's Corp., 5.13%, 05/01/31 |  | 115 | 101157 |
| Kronos International, Inc., 9.50%, 03/15/29<sup>(b)</sup> | EUR | 105 | 114553 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital <br> Finance Corp., 7.00%, 07/15/31<sup>(c)</sup><br>| USD | 141 | 149496 |
| Lamar Media Corp., 4.88%, 01/15/29 |  | 113 | 112804 |
| LCM Investments Holdings II LLC, 8.25%, 08/01/31<sup>(c)</sup> |  | 55 | 58173 |
| Lessen Holdings, Inc., 12.15%, 01/05/28<sup>(c)(d)</sup> |  | 792 | 616187 |
| Level 3 Financing, Inc.<sup>(c)</sup> <br>|  |  |  |
| 6.88%, 06/30/33 |  | 118 | 121119 |
| 7.00%, 03/31/34 |  | 10 | 10306 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| LGI Homes, Inc.<sup>(c)</sup> <br>|  |  |  |
| 8.75%, 12/15/28 | USD | 131 | $136642 |
| 7.00%, 11/15/32 |  | 304 | 290585 |
| LifePoint Health, Inc., 11.00%, 10/15/30<sup>(c)</sup> |  | 74 | 81151 |
| Light & Wonder International, Inc.<sup>(c)</sup> <br>|  |  |  |
| 7.25%, 11/15/29 |  | 31 | 31839 |
| 7.50%, 09/01/31 |  | 90 | 93900 |
| Lithia Motors, Inc., 4.38%, 01/15/31<sup>(c)</sup> |  | 100 | 96108 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(c)</sup> |  | 50 | 50102 |
| Magnera Corp., 7.25%, 11/15/31<sup>(c)</sup> |  | 100 | 98166 |
| Match Group Holdings II LLC, 4.13%, 08/01/30<sup>(c)</sup> |  | 56 | 53005 |
| Mauser Packaging Solutions Holding Co.<sup>(c)</sup> <br>|  |  |  |
| 7.88%, 04/15/30 |  | 93 | 92266 |
| 9.25%, 04/15/30 |  | 431 | 413760 |
| McAfee Corp., 7.38%, 02/15/30<sup>(c)</sup> |  | 155 | 135172 |
| McDonald's Corp. |  |  |  |
| 5.00%, 02/13/36 |  | 136 | 137105 |
| 3.63%, 09/01/49 |  | 149 | 109647 |
| McGraw-Hill Education, Inc., 7.38%, 09/01/31<sup>(c)</sup> |  | 80 | 84405 |
| Medline Borrower LP, 3.88%, 04/01/29<sup>(c)</sup> |  | 192 | 187451 |
| Medtronic Global Holdings SCA, 1.75%, 07/02/49 | EUR | 200 | 142622 |
| Meta Platforms, Inc. |  |  |  |
| 4.65%, 08/15/62 | USD | 478 | 386121 |
| 5.75%, 05/15/63 |  | 180 | 172873 |
| Microsoft Corp., 2.50%, 09/15/50 |  | 408 | 247133 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 11.88%, 04/15/31<sup>(c)</sup><br>|  | 94 | 99329 |
| Molina Healthcare, Inc., 3.88%, 11/15/30<sup>(c)</sup> |  | 100 | 92789 |
| Morgan Stanley |  |  |  |
| 1.88%, 04/27/27 | EUR | 200 | 233222 |
| (1-day SOFR + 1.22%), 5.04%, 07/19/30<sup>(a)</sup> | USD | 2362 | 2421726 |
| (1-day SOFR + 1.38%), 4.99%, 04/12/29<sup>(a)</sup> |  | 2247 | 2291506 |
| (1-day SOFR + 1.51%), 5.19%, 04/17/31<sup>(a)</sup> |  | 556 | 573276 |
| (1-day SOFR + 1.87%), 5.25%, 04/21/34<sup>(a)</sup> |  | 1514 | 1558756 |
| (3-mo. EURIBOR + 1.04%), 3.79%, 03/21/30<sup>(a)</sup> | EUR | 1063 | 1278097 |
| (3-mo. EURIBOR + 1.12%), 3.75%, 11/07/36<sup>(a)</sup> |  | 230 | 265916 |
| (3-mo. EURIBOR + 1.30%), 4.66%, 03/02/29<sup>(a)</sup> |  | 445 | 543051 |
| (3-mo. EURIBOR + 1.76%), 4.81%, 10/25/28<sup>(a)</sup> |  | 150 | 182917 |
| MPT Operating Partnership LP/MPT Finance Corp., <br> 7.00%, 02/15/32<sup>(b)</sup><br>|  | 250 | 305300 |
| NCL Corp. Ltd., 6.75%, 02/01/32<sup>(c)</sup> | USD | 100 | 102392 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(c)</sup> |  | 21 | 22793 |
| Nestle Finance International Ltd.<sup>(b)</sup> <br>|  |  |  |
| 3.13%, 10/28/36 | EUR | 80 | 89556 |
| 3.25%, 01/23/37 |  | 371 | 421344 |
| New Generation Gas Gathering LLC, (3-mo. CME <br> Term SOFR @ 2.00% Floor + 5.75%), 9.41%, <br> 09/30/29<sup>(a)(c)(d)</sup><br>| USD | 832 | 837677 |
| Newell Brands, Inc. |  |  |  |
| 6.63%, 09/15/29 |  | 16 | 15942 |
| 6.38%, 05/15/30 |  | 100 | 97656 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| 5.30%, 03/15/32 |  | 511 | 532206 |
| (5-year EURIBOR ICE Swap + 1.59%), 4.00%, <br> 05/15/56<sup>(a)</sup><br>| EUR | 800 | 936963 |
| NextEra Energy Operating Partners LP, 7.25%, <br> 01/15/29<sup>(c)</sup><br>| USD | 100 | 102461 |
| Nissan Motor Acceptance Co. LLC, 5.63%, 09/29/28<sup>(c)</sup> |  | 47 | 47132 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(c)</sup> |  | 100 | 103891 |
| Northern Oil & Gas, Inc., 7.88%, 10/15/33<sup>(c)</sup> |  | 83 | 80813 |
| Novelis Corp.<sup>(c)</sup> <br>|  |  |  |
| 6.88%, 01/30/30 |  | 100 | 103835 |
| 3.88%, 08/15/31 |  | 25 | 22787 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| NRG Energy, Inc.<sup>(c)</sup> <br>|  |  |  |
| 4.45%, 06/15/29 | USD | 40 | $39823 |
| 5.75%, 07/15/29 |  | 200 | 199021 |
| OI European Group BV, 6.25%, 05/15/28<sup>(b)</sup> | EUR | 171 | 206741 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| 4.25%, 10/01/28<sup>(c)</sup> | USD | 201 | 195114 |
| 6.13%, 02/15/33<sup>(b)</sup> | EUR | 104 | 121259 |
| ONE Gas, Inc., 2.00%, 05/15/30 | USD | 35 | 32015 |
| Oracle Corp. |  |  |  |
| 6.90%, 11/09/52 |  | 76 | 75097 |
| 5.38%, 09/27/54 |  | 721 | 583126 |
| 3.85%, 04/01/60 |  | 399 | 243808 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br> 2.88%, 04/30/28<sup>(b)</sup><br>| EUR | 100 | 114076 |
| OT Midco, Inc., 10.00%, 02/15/30<sup>(c)</sup> | USD | 217 | 86341 |
| Outfront Media Capital LLC/Outfront Media Capital <br> Corp., 4.63%, 03/15/30<sup>(c)</sup><br>|  | 83 | 81020 |
| Owens-Brockway Glass Container, Inc., 7.25%, <br> 05/15/31<sup>(c)</sup><br>|  | 12 | 12249 |
| Pacific Gas and Electric Co. |  |  |  |
| 3.50%, 08/01/50 |  | 395 | 266349 |
| 5.90%, 10/01/54 |  | 306 | 293272 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(c)</sup> |  | 100 | 103625 |
| Paramount Global, (3-mo. SOFR US + 4.16%), 6.25%, <br> 02/28/57<sup>(a)</sup><br>|  | 78 | 69959 |
| Park Intermediate Holdings LLC/PK Domestic Property <br> LLC/PK Finance Co-Issuer<sup>(c)</sup> <br>|  |  |  |
| 4.88%, 05/15/29 |  | 166 | 162096 |
| 7.00%, 02/01/30 |  | 76 | 78006 |
| PECO Energy Co. |  |  |  |
| 4.38%, 08/15/52 |  | 290 | 238882 |
| 5.25%, 09/15/54 |  | 169 | 159753 |
| PennyMac Financial Services, Inc., 7.13%, 11/15/30<sup>(c)</sup> |  | 100 | 105123 |
| Permian Resources Operating LLC<sup>(c)</sup> <br>|  |  |  |
| 8.00%, 04/15/27 |  | 180 | 182351 |
| 7.00%, 01/15/32 |  | 100 | 104234 |
| Pfizer Investment Enterprises Pte. Ltd., 5.34%, <br> 05/19/63<br>|  | 681 | 631833 |
| Pilgrim's Pride Corp., 3.50%, 03/01/32 |  | 131 | 121017 |
| PNC Financial Services Group, Inc., (1-day SOFR + <br> 1.60%), 5.40%, 07/23/35<sup>(a)</sup><br>|  | 241 | 249279 |
| Post Holdings, Inc., 6.38%, 03/01/33<sup>(c)</sup> |  | 100 | 101000 |
| Prestige Brands, Inc., 3.75%, 04/01/31<sup>(c)</sup> |  | 94 | 87772 |
| Prologis LP, 5.25%, 05/15/35 |  | 446 | 460421 |
| QUALCOMM, Inc., 4.50%, 05/20/52 |  | 119 | 100806 |
| Quikrete Holdings, Inc., 6.38%, 03/01/32<sup>(c)</sup> |  | 87 | 90557 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(c)</sup> |  | 30 | 31333 |
| Range Resources Corp., 8.25%, 01/15/29 |  | 240 | 244756 |
| Resort Communities LoanCo LP, (13.00% PIK), <br> 13.00%, 11/30/28<sup>(c)(d)(j)</sup><br>|  | 2337 | 2379357 |
| Reworld Holding Corp., 4.88%, 12/01/29<sup>(c)</sup> |  | 52 | 49981 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| 4.75%, 10/15/27 |  | 100 | 99586 |
| 6.50%, 04/01/32<sup>(c)</sup> |  | 85 | 88152 |
| RLJ Lodging Trust LP, 3.75%, 07/01/26<sup>(c)</sup> |  | 104 | 103421 |
| Rocket Cos., Inc., 7.13%, 02/01/32<sup>(c)</sup> |  | 126 | 132552 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br> Inc., 3.88%, 03/01/31<sup>(c)</sup><br>|  | 35 | 33236 |
| Ryan Specialty LLC, 4.38%, 02/01/30<sup>(c)</sup> |  | 39 | 38276 |
| SBA Communications Corp., 3.88%, 02/15/27 |  | 88 | 87337 |
| SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, <br> 07/15/28<sup>(b)</sup><br>| EUR | 150 | 185214 |
| Scotts Miracle-Gro Co., 4.00%, 04/01/31 | USD | 82 | 77151 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| Seagate Data Storage Technology Pte Ltd., 9.63%, <br> 12/01/32<sup>(c)</sup><br>| USD | 43 | $48817 |
| Sealed Air Corp., 5.00%, 04/15/29<sup>(c)</sup> |  | 10 | 10066 |
| Select Medical Corp., 6.25%, 12/01/32<sup>(c)</sup> |  | 71 | 69420 |
| Sensata Technologies, Inc., 4.38%, 02/15/30<sup>(c)</sup> |  | 75 | 73252 |
| Service Properties Trust |  |  |  |
| 0.00%, 09/30/27<sup>(c)(n)</sup> |  | 222 | 200612 |
| 8.38%, 06/15/29 |  | 486 | 488622 |
| 4.95%, 10/01/29 |  | 100 | 86678 |
| 8.88%, 06/15/32 |  | 392 | 386690 |
| Shift4 Payments, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 05/15/33 | EUR | 109 | 131181 |
| Series DEC, 5.50%, 05/15/33 |  | 100 | 120350 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(c)</sup> | USD | 100 | 104443 |
| Sirius XM Radio LLC<sup>(c)</sup> <br>|  |  |  |
| 5.00%, 08/01/27 |  | 78 | 78190 |
| 4.00%, 07/15/28 |  | 100 | 97757 |
| 3.88%, 09/01/31 |  | 35 | 32233 |
| Six Flags Entertainment Corp.<sup>(c)</sup> <br>|  |  |  |
| 5.50%, 04/15/27 |  | 28 | 27825 |
| 7.25%, 05/15/31 |  | 33 | 31664 |
| SM Energy Co.<sup>(c)</sup> <br>|  |  |  |
| 6.75%, 08/01/29 |  | 30 | 30220 |
| 7.00%, 08/01/32 |  | 102 | 100273 |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31<sup>(c)</sup> |  | 34 | 36368 |
| Snap, Inc., 6.88%, 03/01/33<sup>(c)</sup> |  | 14 | 14507 |
| Solaris Energy Infrastructure, Inc.<sup>(k)</sup> <br>|  |  |  |
| 4.75%, 05/01/30 |  | 261 | 520356 |
| 0.25%, 10/01/31 |  | 841 | 909331 |
| Solventum Corp. |  |  |  |
| 5.60%, 03/23/34 |  | 130 | 135264 |
| 5.90%, 04/30/54 |  | 97 | 97425 |
| Sonder Holdings, Inc., (7.00% PIK), 7.00%, <br> 12/10/27<sup>(d)(e)(i)(j)</sup><br>|  | 952 |  |
| Sonic Automotive, Inc., 4.88%, 11/15/31<sup>(c)</sup> |  | 56 | 54086 |
| Spirit Airlines Pass-Through Trust |  |  |  |
| Series 2015-1A, Class A, 4.10%, 04/01/28 |  | 7 | 6714 |
| Series 2015-1A, Class A, 3.65%, 08/15/31<sup>(e)(i)</sup> |  | 215 | 197505 |
| Series 2017-1AA, Class AA, 3.38%, 02/15/30 |  | 82 | 77370 |
| SS&C Technologies, Inc., 5.50%, 09/30/27<sup>(c)</sup> |  | 23 | 23021 |
| Standard Building Solutions, Inc., 6.25%, 08/01/33<sup>(c)</sup> |  | 152 | 155274 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(c)</sup> |  | 111 | 118460 |
| Starwood Property Trust, Inc., 3.63%, 07/15/26<sup>(c)</sup> |  | 121 | 120407 |
| Stem, Inc., 0.50%, 12/01/28<sup>(c)(k)</sup> |  | 27 | 10530 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(c)</sup> |  | 95 | 99785 |
| Sunoco LP<sup>(c)</sup> <br>|  |  |  |
| 4.63%, 05/01/30 |  | 68 | 66061 |
| 6.25%, 07/01/33 |  | 117 | 119845 |
| Synchrony Financial<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.40%), 5.02%, 07/29/29 |  | 93 | 94170 |
| (1-day SOFR Index + 2.13%), 5.94%, 08/02/30 |  | 79 | 82332 |
| Talen Energy Supply LLC, 8.63%, 06/01/30<sup>(c)</sup> |  | 100 | 105875 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.<sup>(c)</sup> <br>|  |  |  |
| 5.50%, 01/15/28 |  | 14 | 14008 |
| 6.00%, 12/31/30 |  | 80 | 80647 |
| Tenet Healthcare Corp. |  |  |  |
| 4.63%, 06/15/28 |  | 154 | 154286 |
| 4.38%, 01/15/30 |  | 100 | 98117 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(c)</sup> |  | 100 | 100320 |
| T-Mobile USA, Inc. |  |  |  |
| 5.65%, 01/15/53 |  | 414 | 400216 |
| 5.75%, 01/15/54 |  | 973 | 954654 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| TransDigm, Inc.<sup>(c)</sup> <br>|  |  |  |
| 6.38%, 03/01/29 | USD | 100 | $103127 |
| 6.63%, 03/01/32 |  | 176 | 183114 |
| 6.38%, 05/31/33 |  | 67 | 68751 |
| Transocean International Ltd., 8.25%, 05/15/29<sup>(c)</sup> |  | 131 | 132029 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(c)</sup> |  | 103 | 104998 |
| Travel & Leisure Co., 6.63%, 07/31/26<sup>(c)</sup> |  | 100 | 100700 |
| Tronox, Inc., 4.63%, 03/15/29<sup>(c)</sup> |  | 56 | 39203 |
| U.S. Bancorp, (3-mo. EURIBOR + 0.80%), 2.87%, <br> 05/21/28<sup>(a)</sup><br>| EUR | 400 | 471105 |
| U.S. Foods, Inc., 6.88%, 09/15/28<sup>(c)</sup> | USD | 118 | 122068 |
| Uber Technologies, Inc., 5.35%, 09/15/54 |  | 625 | 596046 |
| UKG, Inc., 6.88%, 02/01/31<sup>(c)</sup> |  | 64 | 65742 |
| Union Pacific Corp. |  |  |  |
| 3.84%, 03/20/60 |  | 212 | 152942 |
| 5.15%, 01/20/63 |  | 151 | 138171 |
| 3.85%, 02/14/72 |  | 121 | 83632 |
| United Airlines Pass-Through Trust, Series 2019-2, <br> Class A, 2.90%, 05/01/28<br>|  | 34 | 32648 |
| United Rentals North America, Inc., 3.75%, 01/15/32 |  | 138 | 129470 |
| United Wholesale Mortgage LLC<sup>(c)</sup> <br>|  |  |  |
| 5.75%, 06/15/27 |  | 119 | 119317 |
| 5.50%, 04/15/29 |  | 30 | 29785 |
| UnitedHealth Group, Inc. |  |  |  |
| 2.90%, 05/15/50 |  | 277 | 176866 |
| 3.25%, 05/15/51 |  | 66 | 44546 |
| 6.05%, 02/15/63 |  | 78 | 79665 |
| 5.75%, 07/15/64 |  | 135 | 131802 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC, 4.75%, 04/15/28<sup>(c)</sup><br>|  | 72 | 71557 |
| Univision Communications, Inc.<sup>(c)</sup> <br>|  |  |  |
| 4.50%, 05/01/29 |  | 95 | 91255 |
| 7.38%, 06/30/30 |  | 56 | 56921 |
| 9.38%, 08/01/32 |  | 16 | 17197 |
| USA Compression Partners LP/USA Compression <br> Finance Corp.<sup>(c)</sup> <br>|  |  |  |
| 7.13%, 03/15/29 |  | 12 | 12421 |
| 6.25%, 10/01/33 |  | 23 | 23276 |
| UWM Holdings LLC<sup>(c)</sup> <br>|  |  |  |
| 6.63%, 02/01/30 |  | 31 | 31390 |
| 6.25%, 03/15/31 |  | 67 | 66893 |
| Venture Global Calcasieu Pass LLC, 6.25%, <br> 01/15/30<sup>(c)</sup><br>|  | 145 | 146800 |
| Venture Global LNG, Inc.<sup>(c)</sup> <br>|  |  |  |
| 7.00%, 01/15/30 |  | 113 | 108755 |
| 8.38%, 06/01/31 |  | 209 | 207835 |
| 9.88%, 02/01/32 |  | 100 | 103307 |
| Venture Global Plaquemines LNG LLC<sup>(c)</sup> <br>|  |  |  |
| 7.50%, 05/01/33 |  | 89 | 96165 |
| 6.75%, 01/15/36 |  | 128 | 131109 |
| Verizon Communications, Inc., 3.70%, 03/22/61 |  | 1254 | 846168 |
| Versant Media Group, Inc., 7.25%, 01/30/31<sup>(c)</sup> |  | 26 | 26824 |
| VF Corp., 0.25%, 02/25/28 | EUR | 100 | 108404 |
| Viasat, Inc., 5.63%, 04/15/27<sup>(c)</sup> | USD | 98 | 97859 |
| Viking Cruises Ltd., 7.00%, 02/15/29<sup>(c)</sup> |  | 159 | 159921 |
| Vistra Operations Co. LLC<sup>(c)</sup> <br>|  |  |  |
| 5.63%, 02/15/27 |  | 100 | 100043 |
| 7.75%, 10/15/31 |  | 81 | 85793 |
| Vital Energy, Inc., 7.88%, 04/15/32<sup>(c)</sup> |  | 40 | 39411 |
| VoltaGrid LLC, 7.38%, 11/01/30<sup>(c)</sup> |  | 243 | 240751 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(c)</sup> |  | 82 | 87012 |
| Warnermedia Holdings, Inc. |  |  |  |
| 3.76%, 03/15/27 |  | 475 | 471804 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| Warnermedia Holdings, Inc. (continued) |  |  |  |
| 4.05%, 03/15/29 | USD | 100 | $96780 |
| Wayfair LLC, 7.25%, 10/31/29<sup>(c)</sup> |  | 54 | 56358 |
| Weekley Homes LLC/Weekley Finance Corp., 4.88%, <br> 09/15/28<sup>(c)</sup><br>|  | 4 | 3945 |
| Wells Fargo & Co. |  |  |  |
| 1.00%, 02/02/27<sup>(b)</sup> | EUR | 5705 | 6602579 |
| 1.50%, 05/24/27<sup>(b)</sup> |  | 977 | 1132255 |
| (1-day SOFR + 2.13%), 4.61%, 04/25/53<sup>(a)</sup> | USD | 542 | 466393 |
| (3-mo. CME Term SOFR + 4.50%), 5.01%, <br> 04/04/51<sup>(a)</sup><br>|  | 495 | 452361 |
| WESCO Distribution, Inc., 6.38%, 03/15/33<sup>(c)</sup> |  | 96 | 100232 |
| Westbay, 11.00%, 02/06/30<sup>(d)</sup> |  | 1688 | 1707074 |
| Williams Scotsman, Inc., 4.63%, 08/15/28<sup>(c)</sup> |  | 27 | 26917 |
| Windstream Services LLC, 7.50%, 10/15/33<sup>(c)</sup> |  | 22 | 22552 |
| WR Grace Holdings LLC, 4.88%, 06/15/27<sup>(c)</sup> |  | 66 | 65796 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital <br> Corp., 5.13%, 10/01/29<sup>(c)</sup><br>|  | 15 | 15089 |
| Xerox Corp.<sup>(c)</sup> <br>|  |  |  |
| 10.25%, 10/15/30 |  | 247 | 236317 |
| 13.50%, 04/15/31 |  | 127 | 103426 |
| XHR LP, 4.88%, 06/01/29<sup>(c)</sup> |  | 25 | 24649 |
| Yum! Brands, Inc., 4.63%, 01/31/32 |  | 100 | 97999 |
| Zayo Group Holdings, Inc., (5.75% Cash and 0.50% <br> PIK), 9.25%, 03/09/30<sup>(c)(j)</sup><br>|  | 26 | 24777 |
|  |  |  | 128026577 |
| **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** |
| Navoi Mining & Metallurgical Combinat |  |  |  |
| 6.70%, 10/17/28<sup>(b)</sup> |  | 200 | 207000 |
| 6.75%, 05/14/30<sup>(b)</sup> |  | 200 | 209386 |
| 6.95%, 10/17/31<sup>(c)</sup> |  | 200 | 213125 |
|  |  |  | 629511 |
| **Venezuela**<sup>(b)(e)(i)</sup> **— 0.0%** | **Venezuela**<sup>(b)(e)(i)</sup> **— 0.0%** | **Venezuela**<sup>(b)(e)(i)</sup> **— 0.0%** | **Venezuela**<sup>(b)(e)(i)</sup> **— 0.0%** |
| Petroleos de Venezuela SA |  |  |  |
| 6.00%, 11/15/26 |  | 185 | 43036 |
| 9.75%, 05/17/35 |  | 214 | 55374 |
|  |  |  | 98410 |
| **Vietnam — 0.1%** | **Vietnam — 0.1%** | **Vietnam — 0.1%** | **Vietnam — 0.1%** |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 579 | 574132 |
| **Total Corporate Bonds — 28.8%** <br>**(Cost: $257,411,658)** | **Total Corporate Bonds — 28.8%** <br>**(Cost: $257,411,658)** | **Total Corporate Bonds — 28.8%** <br>**(Cost: $257,411,658)** | 260695031 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** |
| Usavflow II Ltd., Term Loan B, (1-mo. CME Term <br> SOFR @ 0.00% floor + 6.50%), 10.27%, <br> 09/10/29<sup>(d)</sup><br>|  | 318 | 319815 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **France — 0.3%** | **France — 0.3%** | **France — 0.3%** | **France — 0.3%** |
| Financiere Pax SAS, 2025 EUR Repriced Term Loan <br> B, 12/31/29<sup>(o)</sup><br>| EUR | 1133 | $1333932 |
| Vivalto Sante Investissement SA, 2025 EUR Term <br> Loan B, (3-mo. EURIBOR at 0.00% Floor + 3.50%), <br> 5.52%, 07/21/31<br>|  | 1000 | 1176340 |
|  |  |  | 2510272 |
| **Luxembourg**<sup>(d)</sup> **— 0.0%** | **Luxembourg**<sup>(d)</sup> **— 0.0%** | **Luxembourg**<sup>(d)</sup> **— 0.0%** | **Luxembourg**<sup>(d)</sup> **— 0.0%** |
| Al Mansart (Luxembourg) Bidco SCS |  |  |  |
| 1st Lien Term Loan A, (6-mo. CME Term SOFR at <br> 0.00% Floor + 5.25%), 9.12%, 09/01/28<br>| USD | 181 | 179962 |
| Term Loan, (6-mo. CME Term SOFR + 5.25%), <br> 9.12%, 09/01/28<br>|  | 119 | 118755 |
|  |  |  | 298717 |
| **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| Nobian Finance BV, 2025 EUR Term Loan B, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.53%, <br> 07/01/30<br>| EUR | 1000 | 1121434 |
| Qsrp Finco SARL, EUR Term Loan B, 06/19/31<sup>(o)</sup> |  | 1000 | 1168960 |
|  |  |  | 2290394 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Quimper AB, 2024 EUR Term Loan B, (6-mo. <br> EURIBOR at 0.00% Floor + 3.75%), 5.86%, <br> 03/29/30<br>|  | 1000 | 1187763 |
| **United Kingdom — 0.7%** | **United Kingdom — 0.7%** | **United Kingdom — 0.7%** | **United Kingdom — 0.7%** |
| Boots Group Bidco Ltd., EUR Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.50%), 5.58%, <br> 08/30/32<br>|  | 1400 | 1662243 |
| CD&R Firefly Bidco PLC, 2025 EUR Term Loan, (3-mo. <br> EURIBOR at 0.00% Floor + 3.25%), 5.32%, <br> 04/30/29<br>|  | 1000 | 1187140 |
| Froneri Lux Finco SARL, 2025 EUR Term Loan, (6-mo. <br> EURIBOR at 0.00% Floor + 2.75%), 4.87%, <br> 09/30/32<br>|  | 2035 | 2396083 |
| Rubix Group Finco Ltd., 2024 EUR Term Loan, <br> 09/30/28<sup>(o)</sup><br>|  | 1000 | 1185612 |
|  |  |  | 6431078 |
| **United States — 0.9%** | **United States — 0.9%** | **United States — 0.9%** | **United States — 0.9%** |
| Cirkul, Inc., 2nd Lien PIK Term Loan, (3-mo. CME Term <br> SOFR at 4.00% Floor + 7.60% and 3.50% PIK), <br> 15.09%, 04/23/28<sup>(d)(j)</sup><br>| USD | 377 | 292872 |
| ConnectWise LLC, 2021 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 7.43%, <br> 09/29/28<br>|  | 235 | 230293 |
| Coreweave Compute Acquisition Co. II LLC, Delayed <br> Draw Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 9.62%), 13.56%, 07/31/28<sup>(d)</sup><br>|  | 914 | 902526 |
| Coreweave Compute Acquisition Co. IV LLC<sup>(d)</sup> <br>|  |  |  |
| 2024 Delayed Draw Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 6.00%), 9.86%, 05/16/29<br>|  | 1005 | 997287 |
| 2025 5th Amendment Delayed Draw Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.25%), 8.01%, 09/30/30<br>|  | 547 | 522164 |
| CPV Fairview LLC, 2025 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.17%, 08/14/31<br>|  | 243 | 244227 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br> 1.50%), 8.25%, 04/15/27<br>| USD | 89 | $78039 |
| CVR CHC LP, Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 7.67%, 12/30/27<br>|  | 150 | 150122 |
| Digital Room Holdings, Inc., 2021 Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 5.35%), 9.07%, <br> 12/21/28<br>|  | 132 | 129225 |
| Directv Financing LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.50%), 9.34%, <br> 02/17/31<br>|  | 317 | 315900 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.26%), 9.10%, 08/02/27<br>|  | 9 | 9002 |
| ECL Entertainment LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br> 08/30/30<br>|  | 458 | 456503 |
| EIS Group, Inc.<sup>(d)</sup> <br>|  |  |  |
| Revolver, (1-mo. CME Term SOFR at 0.75% Floor + <br> 7.00%), 10.72%, 07/10/28<br>|  | 53 | 50987 |
| Term Loan, (1-mo. CME Term SOFR at 0.75% Floor <br> + 7.00%), 10.72%, 07/10/28<br>|  | 532 | 509866 |
| Flexsys Holdings, Inc., 2025 Second Out Refinancing <br> Term Loan, (1-mo. CME Term SOFR at 0.75% Floor <br> + 5.36%), 9.08%, 08/01/29<br>|  | 87 | 4762 |
| Hydrofarm Holdings LLC, 2021 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 5.76%), 9.60%, <br> 10/25/28<sup>(d)</sup><br>|  | 91 | 75042 |
| ITG Communications LLC, Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 4.75%), 8.95%, <br> 07/09/31<br>|  | 457 | 441005 |
| Jack Ohio Finance LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 4.00%), 7.72%, <br> 02/02/32<br>|  | 64 | 63155 |
| Kestrel Acquisition LLC, 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br> 11/06/31<br>|  | 203 | 203490 |
| Maverick Gaming LLC, 2024 Second Out Term Loan, <br> 0.00%, 04/01/28<sup>(e)(i)</sup><br>|  | 119 | 65323 |
| Medical Solutions Holdings, Inc., 2021 2nd Lien Term <br> Loan, (3-mo. CME Term SOFR at 0.50% Floor + <br> 7.10%), 10.94%, 11/01/29<br>|  | 74 | 15022 |
| Montage Hotels & Resorts LLC<sup>(d)(j)</sup> <br>|  |  |  |
| PIK Revolver, (3-mo. SOFR + 6.00%), 9.66%, <br> 02/16/29<br>|  | 52 | 50483 |
| PIK Term Loan, (3-mo. SOFR + 6.00%), 9.69%, <br> 02/16/29<br>|  | 260 | 250607 |
| Ohio Power Partners LLC, Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br> 11/12/32<sup>(d)</sup><br>|  | 194 | 194026 |
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.01%), 7.83%, 10/28/27<br>|  | 232 | 201888 |
| Peninsula Pacific Entertainment LLC, 2025 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + <br> 4.75%), 8.42%, 10/01/32<sup>(d)</sup><br>|  | 337 | 337699 |
| RunItOneTime LLC<sup>(d)</sup> <br>|  |  |  |
| 2nd Amendment Final New Money DIP Term Loan, <br> (1-mo. CME Term SOFR at 2.00% Floor + <br> 12.50%), 16.22%, 04/16/26<br>|  | 42 | 41573 |
| 2nd Amendment Roll Up Term Loan, (1-mo. CME <br> Term SOFR at 2.00% Floor + 1.00% and 11.50% <br> PIK), 16.22%, 04/16/26<sup>(j)</sup><br>|  | 70 | 68428 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| RunItOneTime LLC<sup>(d)</sup> (continued) |  |  |  |
| Roll-Up DIP Term Loan, (1-mo. CME Term SOFR at <br> 2.00% Floor + 1.00% and 11.50% PIK), 16.22%, <br> 04/16/26<sup>(j)</sup><br>| USD | 3 | $3342 |
| Sabre GLBL, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 9.82%, 11/15/29<br>|  | 52 | 46140 |
| 2025 11th Amendment Term Loan B2, (1-mo. CME <br> Term SOFR at 0.50% Floor + 6.35%), 10.07%, <br> 07/30/29<sup>(d)</sup><br>|  | 37 | 32636 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.35%), 10.07%, 07/30/29<sup>(d)</sup><br>|  | 119 | 105517 |
| Stakeholder Midstream LLC, Term Loan, (6-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.04%, <br> 01/02/31<br>|  | 459 | 460286 |
| Vaco Holdings LLC, 2022 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 5.15%), 8.82%, <br> 01/22/29<br>|  | 155 | 126329 |
| West Deptford Energy Holdings LLC, 2025 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 7.72%, 12/30/31<br>|  | 181 | 179544 |
| Xerox Corp., 2023 Term Loan B, 11/19/29<sup>(o)</sup> |  | 98 | 83545 |
|  |  |  | 7938855 |
| **Total Floating Rate Loan Interests — 2.3%** <br>**(Cost: $21,283,833)** | **Total Floating Rate Loan Interests — 2.3%** <br>**(Cost: $21,283,833)** | **Total Floating Rate Loan Interests — 2.3%** <br>**(Cost: $21,283,833)** | 20976894 |
| **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>(b)</sup><br>|  | 200 | 200887 |
| **Argentina — 0.1%** | **Argentina — 0.1%** | **Argentina — 0.1%** |  |
| Argentine Republic Government International Bonds |  |  |  |
| 1.75%, 07/09/27<sup>(l)</sup> |  | 48 | 40896 |
| 1.00%, 07/09/29 |  | 33 | 29698 |
| 4.75%, 07/09/35<sup>(l)</sup> |  | 226 | 168183 |
| 3.50%, 07/09/41<sup>(l)</sup> |  | 217 | 149839 |
| Bonos Para La Reconstruccion De Una Argentina <br> Libre, 3.00%, 10/31/28<br>|  | 116 | 96974 |
|  |  |  | 485590 |
| **Australia**<sup>(b)</sup> **— 0.0%** | **Australia**<sup>(b)</sup> **— 0.0%** | **Australia**<sup>(b)</sup> **— 0.0%** |  |
| Australia Government Bonds |  |  |  |
| 3.75%, 04/21/37 | AUD | 80 | 48411 |
| Series 136, 4.75%, 04/21/27 |  | 220 | 148174 |
| Series 149, 2.25%, 05/21/28 |  | 90 | 57569 |
|  |  |  | 254154 |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |  |
| Barbados Government International Bonds, 8.00%, <br> 06/26/35<sup>(c)</sup><br>| USD | 181 | 190785 |
| **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** |  |
| Kingdom of Belgium Government Bonds, Series 85, <br> 0.80%, 06/22/28<sup>(b)(c)</sup><br>| EUR | 5 | 5670 |
| **Benin — 0.0%** | **Benin — 0.0%** | **Benin — 0.0%** |  |
| Benin Government International Bonds, 4.95%, <br> 01/22/35<sup>(b)</sup><br>|  | 100 | 108742 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Brazil — 1.2%** | **Brazil — 1.2%** | **Brazil — 1.2%** |  |
| Brazil Notas do Tesouro Nacional |  |  |  |
| 10.00%, 01/01/27 | BRL | 23 | $4040202 |
| 10.00%, 01/01/29 |  |  | 10311 |
| Brazil Notas do Tesouro Nacional Serie B, 6.00%, <br> 08/15/30<br>|  | 4 | 3467642 |
| Brazilian Government International Bonds, 3.75%, <br> 09/12/31<br>| USD | 3900 | 3597750 |
|  |  |  | 11115905 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |  |
| Bulgaria Government International Bonds, Series 13Y, <br> 5.00%, 03/05/37<sup>(b)</sup><br>|  | 22 | 21846 |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |  |
| Canadian Government Bonds |  |  |  |
| 2.75%, 03/01/30 | CAD | 76 | 55035 |
| 3.50%, 12/01/45 |  | 140 | 98558 |
| 2.75%, 12/01/48 |  | 210 | 128456 |
|  |  |  | 282049 |
| **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** |  |
| Kyrgyz Republic International Bonds, 7.75%, <br> 06/03/30<sup>(b)</sup><br>| USD | 200 | 205750 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |  |
| Chile Government International Bonds, 2.75%, <br> 01/31/27<br>|  | 200 | 196700 |
| **China — 6.1%** | **China — 6.1%** | **China — 6.1%** |  |
| China Government Bonds |  |  |  |
| 1.67%, 06/15/26 | CNY | 127370 | 18279379 |
| 2.05%, 04/15/29 |  | 74580 | 10883376 |
| 2.68%, 05/21/30 |  | 12080 | 1812035 |
| 3.02%, 05/27/31 |  | 105780 | 16286206 |
| 2.88%, 02/25/33 |  | 15000 | 2318682 |
| 2.11%, 08/25/34 |  | 8230 | 1203814 |
| 1.92%, 07/15/45 |  | 4890 | 656085 |
| 3.19%, 04/15/53 |  | 21580 | 3606455 |
| 3.25%, 11/22/28 |  | 100 | 15126 |
|  |  |  | 55061158 |
| **Colombia — 0.8%** | **Colombia — 0.8%** | **Colombia — 0.8%** |  |
| Colombia Government International Bonds, 8.00%, <br> 04/20/33<br>| USD | 200 | 215000 |
| Colombian TES |  |  |  |
| Series B, 5.75%, 11/03/27 | COP | 14261700 | 3410760 |
| Series B, 7.75%, 09/18/30 |  | 14833500 | 3216195 |
|  |  |  | 6841955 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |  |
| Costa Rica Government International Bonds, 7.30%, <br> 11/13/54<sup>(b)</sup><br>| USD | 351 | 393296 |
| **Czech Republic — 0.3%** | **Czech Republic — 0.3%** | **Czech Republic — 0.3%** |  |
| Czech Republic Government Bonds |  |  |  |
| Series 105, 2.75%, 07/23/29 | CZK | 18230 | 853200 |
| Series 154, 4.50%, 11/11/32 |  | 35290 | 1733931 |
| Series 49, 4.20%, 12/04/36<sup>(b)</sup> |  | 5530 | 259598 |
|  |  |  | 2846729 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |  |
| Denmark Government Bonds, Series 31Y, 4.50%, <br> 11/15/39<br>| DKK | 450 | 83293 |
| **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** |  |
| Dominican Republic International Bonds |  |  |  |
| 5.95%, 01/25/27<sup>(b)</sup> | USD | 136 | 137360 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Dominican Republic (continued)** | **Dominican Republic (continued)** | **Dominican Republic (continued)** |  |
| Dominican Republic International Bonds (continued) |  |  |  |
| 4.50%, 01/30/30<sup>(c)</sup> | USD | 150 | $146714 |
| 10.75%, 06/01/36<sup>(c)</sup> | DOP | 61550 | 1060373 |
| 10.75%, 06/01/36<sup>(b)</sup> |  | 8000 | 137823 |
|  |  |  | 1482270 |
| **Ecuador**<sup>(l)</sup> **— 0.1%** | **Ecuador**<sup>(l)</sup> **— 0.1%** | **Ecuador**<sup>(l)</sup> **— 0.1%** |  |
| Ecuador Government International Bonds |  |  |  |
| 6.90%, 07/31/30<sup>(b)</sup> | USD | 239 | 236523 |
| 6.90%, 07/31/30<sup>(c)</sup> |  | 18 | 18136 |
| 6.90%, 07/31/35<sup>(b)</sup> |  | 160 | 140783 |
| 5.00%, 07/31/40<sup>(b)</sup> |  | 224 | 174060 |
|  |  |  | 569502 |
| **Egypt — 0.3%** | **Egypt — 0.3%** | **Egypt — 0.3%** |  |
| Egypt Government Bonds |  |  |  |
| 23.44%, 07/01/28 | EGP | 23537 | 500736 |
| Series 3Y, 25.32%, 08/13/27 |  | 582 | 12465 |
| Series 3Y, 24.46%, 10/01/27 |  | 15812 | 336031 |
| Series 3Y, 24.14%, 12/03/27 |  | 3229 | 68756 |
| Series 3Y, 21.38%, 02/04/28 |  | 18123 | 380471 |
| Series 3Y, 21.95%, 03/04/28 |  | 1177 | 24934 |
| Egypt Government International Bonds |  |  |  |
| 7.50%, 01/31/27<sup>(b)</sup> | USD | 200 | 205058 |
| 5.63%, 04/16/30<sup>(b)</sup> | EUR | 281 | 329405 |
| 7.90%, 02/21/48<sup>(b)</sup> | USD | 200 | 185620 |
| 7.50%, 02/16/61<sup>(c)</sup> |  | 428 | 373130 |
| 7.50%, 02/16/61<sup>(b)</sup> |  | 200 | 174360 |
|  |  |  | 2590966 |
| **El Salvador — 0.0%** | **El Salvador — 0.0%** | **El Salvador — 0.0%** |  |
| El Salvador Government International Bonds, 8.63%, <br> 02/28/29<sup>(b)</sup><br>|  | 80 | 85103 |
| **Ethiopia — 0.0%** | **Ethiopia — 0.0%** | **Ethiopia — 0.0%** |  |
| Ethiopia International Bonds, 6.63%, 12/11/24<sup>(b)(e)(i)</sup> |  | 200 | 214276 |
| **France — 0.0%** | **France — 0.0%** | **France — 0.0%** |  |
| French Republic Government Bond OAT, 3.20%, <br> 05/25/35<sup>(b)(c)</sup><br>| EUR | 2 | 2296 |
| **Gabon — 0.0%** | **Gabon — 0.0%** | **Gabon — 0.0%** |  |
| Gabon Government International Bonds, Series 4Y, <br> 9.50%, 02/18/29<sup>(b)</sup><br>| USD | 400 | 346252 |
| **Ghana**<sup>(l)</sup> **— 0.1%** | **Ghana**<sup>(l)</sup> **— 0.1%** | **Ghana**<sup>(l)</sup> **— 0.1%** |  |
| Ghana Government International Bonds |  |  |  |
| 5.00%, 07/03/29<sup>(b)</sup> |  | 348 | 342451 |
| 5.00%, 07/03/35<sup>(c)</sup> |  | 176 | 160504 |
| 5.00%, 07/03/35<sup>(b)</sup> |  | 103 | 94011 |
|  |  |  | 596966 |
| **Greece**<sup>(b)(c)</sup> **— 0.2%** | **Greece**<sup>(b)(c)</sup> **— 0.2%** | **Greece**<sup>(b)(c)</sup> **— 0.2%** |  |
| Hellenic Republic Government Bonds |  |  |  |
| 2.00%, 04/22/27 | EUR | 92 | 108333 |
| 1.50%, 06/18/30 |  | 1740 | 1949320 |
|  |  |  | 2057653 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** | **Guatemala — 0.0%** |  |
| Guatemala Government Bonds, 6.60%, 06/13/36<sup>(c)</sup> | USD | 205 | 220123 |
| **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |  |
| Hungary Government Bonds, 7.00%, 10/24/35 | HUF | 383860 | 1189176 |
| Hungary Government International Bonds<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 06/16/34 | USD | 200 | 202800 |
| Series 4Y, 5.00%, 02/22/27 | EUR | 186 | 224847 |
| Series 6Y, 4.00%, 07/25/29 |  | 131 | 157567 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hungary (continued)** | **Hungary (continued)** | **Hungary (continued)** |  |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29<sup>(b)</sup> | EUR | 200 | $251606 |
| MFB Magyar Fejlesztesi Bank Zrt, 6.50%, 06/29/28<sup>(b)</sup> | USD | 200 | 208250 |
|  |  |  | 2234246 |
| **India — 0.3%** | **India — 0.3%** | **India — 0.3%** |  |
| India Government Bonds |  |  |  |
| 6.79%, 10/07/34 | INR | 147610 | 1657069 |
| 7.30%, 06/19/53 |  | 14700 | 163695 |
| 7.09%, 08/05/54 |  | 111160 | 1202757 |
|  |  |  | 3023521 |
| **Indonesia — 0.6%** | **Indonesia — 0.6%** | **Indonesia — 0.6%** |  |
| Indonesia Treasury Bonds |  |  |  |
| 6.38%, 04/15/32 | IDR | 3145000 | 193094 |
| 8.25%, 06/15/32 |  | 1634000 | 109985 |
| 7.00%, 02/15/33 |  | 15841000 | 1002709 |
| 6.63%, 05/15/33 |  | 9080000 | 561507 |
| 7.13%, 06/15/38 |  | 20746000 | 1328922 |
| Series 103, 6.75%, 07/15/35 |  | 2806000 | 176616 |
| Series FR59, 7.00%, 05/15/27 |  | 36123000 | 2225242 |
|  |  |  | 5598075 |
| **Ireland**<sup>(b)</sup> **— 1.0%** | **Ireland**<sup>(b)</sup> **— 1.0%** | **Ireland**<sup>(b)</sup> **— 1.0%** |  |
| Ireland Government Bonds |  |  |  |
| 2.60%, 10/18/34 | EUR | 6134 | 6982645 |
| 3.15%, 10/18/55 |  | 2325 | 2433988 |
|  |  |  | 9416633 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |  |
| Italy Buoni Poliennali Del Tesoro, Series 30Y, 3.85%, <br> 09/01/49<sup>(b)(c)</sup><br>|  | 700 | 782742 |
| **Ivory Coast**<sup>(b)</sup> **— 0.0%** | **Ivory Coast**<sup>(b)</sup> **— 0.0%** | **Ivory Coast**<sup>(b)</sup> **— 0.0%** |  |
| Ivory Coast Government International Bonds |  |  |  |
| 6.38%, 03/03/28 | USD | 200 | 202737 |
| 5.88%, 10/17/31 | EUR | 100 | 118401 |
|  |  |  | 321138 |
| **Japan — 1.0%** | **Japan — 1.0%** | **Japan — 1.0%** |  |
| Japan Government Forty Year Bonds, Series 15, <br> 1.00%, 03/20/62<br>| JPY | 1882200 | 6087230 |
| Japan Government Thirty Year Bonds |  |  |  |
| 3.20%, 09/20/55 |  | 157100 | 972728 |
| Series 76, 1.40%, 09/20/52 |  | 51000 | 212719 |
| Series 86, 2.40%, 03/20/55 |  | 246700 | 1293553 |
|  |  |  | 8566230 |
| **Jordan — 0.0%** | **Jordan — 0.0%** | **Jordan — 0.0%** |  |
| Jordan Government International Bonds, 7.50%, <br> 01/13/29<sup>(b)</sup><br>| USD | 200 | 210436 |
| **Kenya — 0.1%** | **Kenya — 0.1%** | **Kenya — 0.1%** |  |
| Republic of Kenya Government International Bonds |  |  |  |
| 9.75%, 02/16/31<sup>(b)</sup> |  | 200 | 218500 |
| 8.80%, 10/09/38<sup>(c)</sup> |  | 200 | 202199 |
|  |  |  | 420699 |
| **Lebanon**<sup>(b)(e)(i)</sup> **— 0.0%** | **Lebanon**<sup>(b)(e)(i)</sup> **— 0.0%** | **Lebanon**<sup>(b)(e)(i)</sup> **— 0.0%** |  |
| Lebanon Government International Bonds |  |  |  |
| 6.65%, 04/22/24 |  | 162 | 37260 |
| 6.20%, 02/26/25 |  | 162 | 37260 |
| 6.65%, 11/03/28 |  | 336 | 77280 |
| Series 10Y, 6.85%, 03/23/27 |  | 182 | 41860 |
| Series 15YR, 7.00%, 03/23/32 |  | 50 | 11550 |
|  |  |  | 205210 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mexico — 2.5%** | **Mexico — 2.5%** | **Mexico — 2.5%** |  |
| Eagle Funding Luxco SARL, 5.50%, 08/17/30<sup>(c)</sup> | USD | 1772 | $1802124 |
| Mexican Bonos |  |  |  |
| Series M, 7.00%, 09/03/26 | MXN | 831 | 4608749 |
| Series M, 8.50%, 03/01/29 |  | 391 | 2191986 |
| Series M, 8.50%, 05/31/29 |  | 11 | 58966 |
| Series M, 7.75%, 05/29/31 |  | 713 | 3813419 |
| Series M, 7.50%, 05/26/33 |  | 435 | 2250347 |
| Series M, 8.00%, 02/21/36 |  | 76 | 390947 |
| Mexico Government International Bonds |  |  |  |
| 5.40%, 02/09/28 | USD | 200 | 204700 |
| 6.00%, 05/13/30 |  | 4065 | 4258087 |
| 5.38%, 03/22/33 |  | 271 | 268488 |
| 4.50%, 03/19/34 | EUR | 408 | 478882 |
| 5.63%, 09/22/35 | USD | 321 | 317068 |
| 5.13%, 03/19/38 | EUR | 100 | 116969 |
| 6.05%, 01/11/40 | USD | 182 | 181163 |
| 7.38%, 05/13/55 |  | 1158 | 1246008 |
|  |  |  | 22187903 |
| **Mongolia — 0.0%** | **Mongolia — 0.0%** | **Mongolia — 0.0%** |  |
| City of Ulaanbaatar Mongolia, 7.75%, 08/21/27<sup>(b)</sup> |  | 300 | 308250 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |  |
| Morocco Government International Bonds, 4.75%, <br> 04/02/35<sup>(c)</sup><br>| EUR | 100 | 119827 |
| **Nigeria — 0.1%** | **Nigeria — 0.1%** | **Nigeria — 0.1%** |  |
| Nigeria Government International Bonds |  |  |  |
| 6.13%, 09/28/28<sup>(b)</sup> | USD | 200 | 200846 |
| 8.38%, 03/24/29<sup>(b)</sup> |  | 200 | 213020 |
| 8.63%, 01/13/36<sup>(c)</sup> |  | 200 | 215163 |
| 9.13%, 01/13/46<sup>(c)</sup> |  | 200 | 214750 |
|  |  |  | 843779 |
| **Pakistan**<sup>(b)</sup> **— 0.1%** | **Pakistan**<sup>(b)</sup> **— 0.1%** | **Pakistan**<sup>(b)</sup> **— 0.1%** |  |
| Pakistan Global Sukuk Programme Co. Ltd., 7.95%, <br> 01/31/29<br>|  | 200 | 204577 |
| Pakistan Government International Bonds |  |  |  |
| 6.88%, 12/05/27 |  | 200 | 201625 |
| 7.38%, 04/08/31 |  | 200 | 199250 |
|  |  |  | 605452 |
| **Panama — 0.0%** | **Panama — 0.0%** | **Panama — 0.0%** |  |
| Panama Government International Bonds, 7.13%, <br> 01/29/26<br>|  | 100 | 100100 |
| **Peru — 0.3%** | **Peru — 0.3%** | **Peru — 0.3%** |  |
| Corp. Financiera de Desarrollo SA, 2.40%, 09/28/27<sup>(b)</sup> |  | 200 | 193312 |
| Fondo Mivivienda SA, 4.63%, 04/12/27 |  | 150 | 150414 |
| Peru Government International Bonds |  |  |  |
| 2.78%, 01/23/31 |  | 11 | 10181 |
| 1.86%, 12/01/32 |  | 18 | 14872 |
| 7.60%, 08/12/39<sup>(b)</sup> | PEN | 491 | 159194 |
| Peruvian Government International Bonds<sup>(c)</sup> <br>|  |  |  |
| 6.85%, 08/12/35 |  | 4699 | 1505792 |
| 7.60%, 08/12/39 |  | 1246 | 403983 |
|  |  |  | 2437748 |
| **Philippines — 1.2%** | **Philippines — 1.2%** | **Philippines — 1.2%** |  |
| Philippines Government Bonds |  |  |  |
| 6.25%, 02/28/29 | PHP | 66765 | 1156663 |
| 6.38%, 07/27/30 |  | 103020 | 1789835 |
| 6.00%, 08/20/30 |  | 245495 | 4197908 |
| 6.38%, 04/28/35 |  | 195070 | 3392438 |
|  |  |  | 10536844 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Poland — 1.0%** | **Poland — 1.0%** | **Poland — 1.0%** |  |
| Republic of Poland Government Bonds |  |  |  |
| 5.00%, 10/25/35 | PLN | 7209 | $1983504 |
| 2.00%, 08/25/36 |  | 2243 | 567560 |
| Series 0130, 5.00%, 01/25/30 |  | 2394 | 682468 |
| Series 0429, 5.75%, 04/25/29 |  | 9248 | 2701395 |
| Series 0729, 4.75%, 07/25/29 |  | 5165 | 1463781 |
| Series 1034, 5.00%, 10/25/34 |  | 5975 | 1658021 |
| Republic of Poland Government International Bonds |  |  |  |
| Series 10Y, 4.88%, 10/04/33 | USD | 5 | 5070 |
| Series 30Y, 5.50%, 04/04/53 |  | 23 | 21948 |
| Series 5Y, 4.88%, 02/12/30 |  | 110 | 113630 |
|  |  |  | 9197377 |
| **Qatar — 0.0%** | **Qatar — 0.0%** | **Qatar — 0.0%** |  |
| Qatar Government International Bonds, 3.25%, <br> 06/02/26<sup>(b)</sup><br>|  | 200 | 199330 |
| **Romania — 0.2%** | **Romania — 0.2%** | **Romania — 0.2%** |  |
| Romanian Government International Bonds |  |  |  |
| 5.25%, 11/25/27<sup>(b)</sup> |  | 118 | 119881 |
| 5.25%, 11/25/27<sup>(c)</sup> |  | 16 | 16255 |
| 6.63%, 02/17/28<sup>(b)</sup> |  | 16 | 16673 |
| 5.88%, 01/30/29<sup>(b)</sup> |  | 570 | 589380 |
| 5.25%, 03/10/30<sup>(b)</sup> | EUR | 95 | 116528 |
| 5.75%, 09/16/30<sup>(c)</sup> | USD | 30 | 30902 |
| 2.12%, 07/16/31<sup>(b)</sup> | EUR | 31 | 31957 |
| 3.63%, 03/27/32<sup>(b)</sup> | USD | 48 | 43845 |
| 5.25%, 05/30/32<sup>(b)</sup> | EUR | 154 | 184929 |
| 5.38%, 06/07/33<sup>(c)</sup> |  | 38 | 45104 |
| 6.25%, 09/10/34<sup>(c)</sup> |  | 25 | 30867 |
| 6.13%, 10/07/37<sup>(c)</sup> |  | 38 | 44895 |
| 6.75%, 07/11/39<sup>(c)</sup> |  | 11 | 13448 |
| 2.75%, 04/14/41<sup>(b)</sup> |  | 32 | 24853 |
| 6.50%, 10/07/45<sup>(c)</sup> |  | 49 | 57205 |
|  |  |  | 1366722 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |  |
| Saudi Government International Bonds |  |  |  |
| 5.13%, 01/13/28<sup>(c)</sup> | USD | 200 | 204250 |
| 4.75%, 01/18/28<sup>(b)</sup> |  | 200 | 202325 |
| 3.45%, 02/02/61<sup>(b)</sup> |  | 303 | 193049 |
|  |  |  | 599624 |
| **Senegal — 0.0%** | **Senegal — 0.0%** | **Senegal — 0.0%** |  |
| Senegal Government International Bonds, 4.75%, <br> 03/13/28<sup>(b)</sup><br>| EUR | 132 | 108007 |
| **South Africa — 1.7%** | **South Africa — 1.7%** | **South Africa — 1.7%** |  |
| Republic of South Africa Government Bonds |  |  |  |
| 8.88%, 02/28/35 | ZAR | 364 | 22913 |
| Series 2030, 8.00%, 01/31/30 |  | 88066 | 5436158 |
| Series 2037, 8.50%, 01/31/37 |  | 58724 | 3522781 |
| Series R213, 7.00%, 02/28/31 |  | 103897 | 6133988 |
| Republic of South Africa Government International <br> Bonds, 7.10%, 11/19/36<sup>(b)</sup><br>| USD | 400 | 429176 |
|  |  |  | 15545016 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |  |
| Korea Treasury Bonds, 2.63%, 09/10/55 | KRW | 3664860 | 2238765 |
| **Spain — 3.6%** | **Spain — 3.6%** | **Spain — 3.6%** |  |
| Spain Government Bonds |  |  |  |
| 2.70%, 01/31/30 | EUR | 3 | 3546 |
| 1.25%, 10/31/30<sup>(b)(c)</sup> |  | 1 | 1103 |
| 3.15%, 04/30/35<sup>(b)(c)</sup> |  | 25377 | 29622222 |
| 3.20%, 10/31/35<sup>(b)(c)</sup> |  | 740 | 863961 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |  |
| Spain Government Bonds (continued) |  |  |  |
| 3.90%, 07/30/39<sup>(b)(c)</sup> | EUR | 462 | $559629 |
| 2.90%, 10/31/46<sup>(b)(c)</sup> |  | 866 | 876877 |
| 3.45%, 07/30/66<sup>(b)(c)</sup> |  | 688 | 690312 |
|  |  |  | 32617650 |
| **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** |  |
| Sri Lanka Government International Bonds |  |  |  |
| 4.00%, 04/15/28<sup>(b)</sup> | USD | 112 | 106987 |
| 4.00%, 04/15/28<sup>(c)</sup> |  | 30 | 28668 |
| 3.10%, 01/15/30<sup>(c)(l)</sup> |  | 32 | 30566 |
| 3.10%, 01/15/30<sup>(b)(l)</sup> |  | 4 | 3785 |
| 3.35%, 03/15/33<sup>(c)(l)</sup> |  | 64 | 54874 |
| 3.60%, 06/15/35<sup>(b)(l)</sup> |  | 134 | 101645 |
| 3.60%, 06/15/35<sup>(c)(l)</sup> |  | 43 | 32215 |
| 3.60%, 05/15/36<sup>(c)(l)</sup> |  | 30 | 27420 |
| 3.60%, 02/15/38<sup>(c)(l)</sup> |  | 59 | 53643 |
|  |  |  | 439803 |
| **Sweden**<sup>(b)</sup> **— 0.0%** | **Sweden**<sup>(b)</sup> **— 0.0%** | **Sweden**<sup>(b)</sup> **— 0.0%** |  |
| Sweden Government Bonds |  |  |  |
| Series 1053, 3.50%, 03/30/39 | SEK | 250 | 28843 |
| Series 1059, 1.00%, 11/12/26 |  | 960 | 103399 |
|  |  |  | 132242 |
| **Thailand — 0.8%** | **Thailand — 0.8%** | **Thailand — 0.8%** |  |
| Thailand Government Bonds |  |  |  |
| 2.50%, 11/17/29 | THB | 168624 | 5595287 |
| 2.41%, 03/17/35 |  | 48251 | 1634837 |
| 2.98%, 06/17/45 |  | 8400 | 295480 |
| 4.00%, 06/17/55 |  | 1236 | 51846 |
|  |  |  | 7577450 |
| **Trinidad And Tobago**<sup>(b)</sup> **— 0.0%** | **Trinidad And Tobago**<sup>(b)</sup> **— 0.0%** | **Trinidad And Tobago**<sup>(b)</sup> **— 0.0%** |  |
| Trinidad & Tobago Government International Bonds |  |  |  |
| 4.50%, 08/04/26 | USD | 200 | 198200 |
| 6.40%, 06/26/34 |  | 200 | 201400 |
|  |  |  | 399600 |
| **Tunisia — 0.0%** | **Tunisia — 0.0%** | **Tunisia — 0.0%** |  |
| Tunisian Republic, 6.38%, 07/15/26<sup>(b)</sup> | EUR | 216 | 253249 |
| **Turkey — 0.1%** | **Turkey — 0.1%** | **Turkey — 0.1%** |  |
| Turkiye Government Bonds |  |  |  |
| Series 10Y, 26.20%, 10/05/33 | TRY | 11364 | 255724 |
| Series 5Y, 31.08%, 11/08/28 |  | 13265 | 305837 |
| Series 5Y, 30.00%, 09/12/29 |  | 11542 | 262085 |
| Turkiye Government International Bonds, 9.13%, <br> 07/13/30<br>| USD | 200 | 228557 |
|  |  |  | 1052203 |
| **Ukraine**<sup>(l)</sup> **— 0.1%** | **Ukraine**<sup>(l)</sup> **— 0.1%** | **Ukraine**<sup>(l)</sup> **— 0.1%** |  |
| Ukraine Government International Bonds |  |  |  |
| 4.50%, 02/01/29<sup>(c)</sup> |  | 164 | 122823 |
| 4.50%, 02/01/29<sup>(b)</sup> |  | 158 | 118105 |
| 3.00%, 02/01/30<sup>(c)</sup> |  | 7 | 3951 |
| 4.00%, 02/01/32<sup>(b)</sup> |  | 204 | 151742 |
| 3.00%, 02/01/34<sup>(b)</sup> |  | 40 | 18900 |
| 4.50%, 02/01/34<sup>(b)</sup> |  | 27 | 16402 |
| 3.00%, 02/01/35<sup>(b)</sup> |  | 245 | 138279 |
| 3.00%, 02/01/35<sup>(c)</sup> |  | 21 | 11957 |
| 4.50%, 02/01/35<sup>(c)</sup> |  | 37 | 21899 |
| 4.50%, 02/01/35<sup>(b)</sup> |  | 22 | 13090 |
| 3.00%, 02/01/36<sup>(b)</sup> |  | 318 | 179063 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Ukraine (continued)** | **Ukraine (continued)** | **Ukraine (continued)** |  |
| Ukraine Government International Bonds (continued) |  |  |  |
| 4.50%, 02/01/36<sup>(b)</sup> | USD | 156 | $91307 |
| 4.50%, 02/01/36<sup>(c)</sup> |  | 24 | 14356 |
|  |  |  | 901874 |
| **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>(b)</sup><br>|  | 200 | 206028 |
| **United Kingdom**<sup>(b)</sup> **— 0.5%** | **United Kingdom**<sup>(b)</sup> **— 0.5%** | **United Kingdom**<sup>(b)</sup> **— 0.5%** |  |
| U.K. Gilts |  |  |  |
| 1.75%, 09/07/37 | GBP | 60 | 59759 |
| 4.75%, 12/07/38 |  | 30 | 40378 |
| 3.25%, 01/22/44 |  | 165 | 174253 |
| 3.50%, 01/22/45 |  | 700 | 759568 |
| 1.50%, 07/22/47 |  | 1040 | 740581 |
| 3.75%, 10/22/53 |  | 804 | 850908 |
| 0.50%, 10/22/61 |  | 4373 | 1540175 |
|  |  |  | 4165622 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |  |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 | USD | 22 | 20549 |
| Uruguay Government International Bonds |  |  |  |
| 9.75%, 07/20/33 | UYU | 10734 | 308755 |
| 8.00%, 10/29/35 |  | 24944 | 658137 |
|  |  |  | 987441 |
| **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** |  |
| Republic of Uzbekistan International Bonds |  |  |  |
| 5.38%, 05/29/27<sup>(b)</sup> | EUR | 151 | 181311 |
| 5.38%, 05/29/27<sup>(c)</sup> |  | 138 | 165702 |
| 7.85%, 10/12/28<sup>(b)</sup> | USD | 200 | 213996 |
|  |  |  | 561009 |
| **Venezuela — 0.0%** | **Venezuela — 0.0%** | **Venezuela — 0.0%** |  |
| Venezuela Government International Bonds, 11.95%, <br> 08/05/31<sup>(b)(e)(i)</sup><br>|  | 247 | 78546 |
| **Zambia — 0.0%** | **Zambia — 0.0%** | **Zambia — 0.0%** |  |
| Zambia Government International Bonds, 5.75%, <br> 06/30/33<sup>(b)(l)</sup><br>|  | 66 | 65047 |
| **Total Foreign Agency Obligations — 25.7%** <br>**(Cost: $230,141,174)** | **Total Foreign Agency Obligations — 25.7%** <br>**(Cost: $230,141,174)** | **Total Foreign Agency Obligations — 25.7%** <br>**(Cost: $230,141,174)** | 233071354 |

---

&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 ETF<sup>(e)(g)(h)</sup> | 38295 | 1901347 |
| **Total Grantor Trust — 0.2%** <br>**(Cost: $1,678,856)** | **Total Grantor Trust — 0.2%** <br>**(Cost: $1,678,856)** | 1901347 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **United States — 2.9%** | **United States — 2.9%** |  |
| iShares China Large-Cap ETF<sup>(g)</sup> | 9138 | 349894 |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(g)</sup> | 148750 | 11993712 |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<sup>(g)</sup><br>| 107700 | 11867463 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| iShares JP Morgan USD Emerging Markets Bond <br> ETF<sup>(g)</sup><br>| 17814 | $1715132 |
| iShares MSCI Brazil ETF<sup>(g)</sup> | 4886 | 155228 |
| State Street SPDR S&P Regional Banking ETF | 3159 | 204735 |
| VanEck Semiconductor ETF | 842 | 303229 |
| **Total Investment Companies — 2.9%** <br>**(Cost: $26,261,733)** | **Total Investment Companies — 2.9%** <br>**(Cost: $26,261,733)** | 26589393 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **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>(c)</sup><br>| USD | 170 | 178335 |
| **California — 0.0%** | **California — 0.0%** | **California — 0.0%** |  |
| California Pollution Control Financing Authority, RB, <br> AMT, 5.00%, 11/21/45<sup>(c)</sup><br>|  | 180 | 180073 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |  |
| Commonwealth of Puerto Rico, RB, 0.00%, <br> 11/01/51<sup>(a)(e)(i)</sup><br>|  | 1721 | 1006721 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |  |
| Port of Beaumont Navigation District, Refunding ARB, <br> Series B, 10.00%, 07/01/26<sup>(c)</sup><br>|  | 210 | 210818 |
| **Total Municipal Bonds — 0.2%** <br>**(Cost: $1,320,323)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $1,320,323)** | **Total Municipal Bonds — 0.2%** <br>**(Cost: $1,320,323)** | 1575947 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Australia**<sup>(a)</sup> **— 0.3%** | **Australia**<sup>(a)</sup> **— 0.3%** | **Australia**<sup>(a)</sup> **— 0.3%** | **Australia**<sup>(a)</sup> **— 0.3%** |
| La Trobe Financial Capital Markets Trust, <br> Series 2025-1, Class A1L, (1-Month BBSW + <br> 1.05%), 4.60%, 05/15/57<br>| AUD | 479 | 319872 |
| Pepper Prime Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2025-1, Class A1A, (1-Month BBSW + <br> 0.95%), 4.53%, 04/12/67<br>|  | 500 | 333295 |
| Series 2025-1, Class A2, (1-Month BBSW + 1.10%), <br> 4.68%, 04/12/67<br>|  | 500 | 333098 |
| SAPPHIRE XXXII Trust |  |  |  |
| Series 2025-1, Class A1L, (1-Month BBSW + <br> 1.10%), 4.65%, 06/14/66<br>|  | 969 | 648029 |
| Series 2025-2, Class A1L, (1-Month BBSW + <br> 1.00%), 4.55%, 02/12/67<sup>(b)</sup><br>|  | 1540 | 1026640 |
| Series 2025-2, Class A2, (1-Month BBSW + 1.10%), <br> 4.65%, 02/12/67<sup>(b)</sup><br>|  | 500 | 333325 |
|  |  |  | 2994259 |
| **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** |
| AREIT Ltd., Series 2024-CRE9, Class A, (1-mo. Term <br> SOFR + 1.69%), 5.44%, 05/17/41<sup>(a)(c)</sup><br>| USD | 440 | 318060 |
| **Ireland**<sup>(a)(b)</sup> **— 0.3%** | **Ireland**<sup>(a)(b)</sup> **— 0.3%** | **Ireland**<sup>(a)(b)</sup> **— 0.3%** | **Ireland**<sup>(a)(b)</sup> **— 0.3%** |
| Lagarino European Loan Conduit No 40 DAC, <br> Series 40X, Class A, (3-mo. EURIBOR + 1.50%), <br> 3.50%, 06/22/37<br>| EUR | 389 | 459372 |
| Last Mile Securities PE DAC, Series 2021-1X, <br> Class A1, (3-mo. EURIBOR + 0.90%), 2.96%, <br> 08/17/31<br>|  | 300 | 352551 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| Taurus, Series 2025-UK2X, Class A, (1-day SONIA <br> GBP 1.50%), 5.46%, 02/18/35<br>| GBP | 281 | $379205 |
| Thunder Logistics DAC, Series 2024-1X, Class A, (3-<br> mo. EURIBOR + 1.50%), 3.56%, 11/17/36<br>| EUR | 128 | 150081 |
| UK Logistics DAC, Series 2025-2X, Class A, (1-day <br> SONIA GBP 1.33%), 5.29%, 08/17/35<br>| GBP | 1000 | 1348476 |
|  |  |  | 2689685 |
| **Luxembourg**<sup>(a)(b)</sup> **— 0.1%** | **Luxembourg**<sup>(a)(b)</sup> **— 0.1%** | **Luxembourg**<sup>(a)(b)</sup> **— 0.1%** | **Luxembourg**<sup>(a)(b)</sup> **— 0.1%** |
| SV Vanir Logistics Finance Sarl |  |  |  |
| Series 1X, Class A, (3-mo. EURIBOR + 1.30%), <br> 3.38%, 07/23/37<br>| EUR | 266 | 312609 |
| Series 1X, Class B, (3-mo. EURIBOR + 1.60%), <br> 3.68%, 07/23/37<br>|  | 106 | 124573 |
| Series 1X, Class C, (3-mo. EURIBOR + 1.90%), <br> 3.98%, 07/23/37<br>|  | 100 | 117522 |
|  |  |  | 554704 |
| **Netherlands**<sup>(a)(b)</sup> **— 0.1%** | **Netherlands**<sup>(a)(b)</sup> **— 0.1%** | **Netherlands**<sup>(a)(b)</sup> **— 0.1%** | **Netherlands**<sup>(a)(b)</sup> **— 0.1%** |
| Domi BV, Series 2021-1, Class A, (3-mo. EURIBOR + <br> 0.63%), 2.73%, 06/15/53<br>|  | 85 | 99514 |
| Fairbridge BV |  |  |  |
| Class A, (3-mo. EURIBOR + 0.95%), 2.97%, <br> 02/24/62<br>|  | 573 | 672724 |
| Class B, (3-mo. EURIBOR + 1.25%), 3.27%, <br> 02/24/62<br>|  | 100 | 117059 |
|  |  |  | 889297 |
| **Spain**<sup>(a)(b)</sup> **— 0.1%** | **Spain**<sup>(a)(b)</sup> **— 0.1%** | **Spain**<sup>(a)(b)</sup> **— 0.1%** | **Spain**<sup>(a)(b)</sup> **— 0.1%** |
| Santander Residential |  |  |  |
| Series 1, Class A, (3-mo. EURIBOR + 0.85%), <br> 2.95%, 10/18/68<br>|  | 200 | 234812 |
| Series 1, Class B, (3-mo. EURIBOR + 1.10%), <br> 3.20%, 10/18/68<br>|  | 100 | 117213 |
|  |  |  | 352025 |
| **United Kingdom**<sup>(a)</sup> **— 1.3%** | **United Kingdom**<sup>(a)</sup> **— 1.3%** | **United Kingdom**<sup>(a)</sup> **— 1.3%** | **United Kingdom**<sup>(a)</sup> **— 1.3%** |
| Atlas Funding PLC |  |  |  |
| Series 2024-1, Class A, (1-day SONIA GBP 0.85%), <br> 4.74%, 09/20/61<br>| GBP | 203 | 274234 |
| Series 2025-2, Class B, (1-day SONIA GBP 1.10%), <br> 5.06%, 07/20/67<sup>(b)</sup><br>|  | 100 | 134783 |
| Series 2025-2, Class E, (1-day SONIA GBP 3.07%), <br> 7.03%, 07/20/67<sup>(b)</sup><br>|  | 100 | 134604 |
| Braccan Mortgage Funding |  |  |  |
| Series 2024-1, Class A, (1-day SONIA GBP 0.84%), <br> 4.80%, 02/15/67<sup>(b)</sup><br>|  | 360 | 485479 |
| Series 2025-1X, Class A, (1-day SONIA GBP <br> 0.84%), 4.80%, 05/17/67<br>|  | 269 | 363009 |
| Braccan Mortgage Funding PLC<sup>(b)</sup> <br>|  |  |  |
| Series 2025-2X, Class A, (1-day SONIA GBP <br> 0.86%), 4.81%, 01/17/68<br>|  | 1000 | 1348221 |
| Series 2025-2X, Class B, (1-day SONIA GBP <br> 1.10%), 5.05%, 01/17/68<br>|  | 136 | 183288 |
| Castell PLC, Series 2025-1, Class A, (1-day SONIA <br> GBP 0.97%), 4.69%, 01/27/62<sup>(b)</sup><br>|  | 202 | 273471 |
| Citadel PLC, Series 2024-1, Class A, (1-day SONIA <br> GBP 1.02%), 4.74%, 04/28/60<br>|  | 257 | 346774 |
| East One PLC<sup>(b)</sup> <br>|  |  |  |
| Series 2025-1, Class A, (1-day SONIA GBP 0.97%), <br> 4.69%, 02/25/58<br>|  | 733 | 989083 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| East One PLC<sup>(b)</sup> (continued) |  |  |  |
| Series 2025-1, Class C, (1-day SONIA GBP 1.90%), <br> 5.62%, 02/25/58<br>| GBP | 100 | $134911 |
| Exmoor Funding PLC<sup>(b)</sup> <br>|  |  |  |
| Series 2024-1, Class A, (1-day SONIA GBP 0.88%), <br> 4.60%, 03/25/94<br>|  | 204 | 275779 |
| Series 2024-1, Class B, (1-day SONIA GBP 1.50%), <br> 5.22%, 03/25/94<br>|  | 100 | 135743 |
| Meridian Funding PLC<sup>(b)</sup> <br>|  |  |  |
| Series 2025-1, Class A, (1-day SONIA GBP 0.85%), <br> 4.74%, 02/20/68<br>|  | 993 | 1338602 |
| Series 2025-1, Class B, (1-day SONIA GBP 1.30%), <br> 5.19%, 02/20/68<br>|  | 200 | 269621 |
| Mortimer BTL PLC, Series 2021-1, Class B, (1-day <br> SONIA GBP 1.10%), 4.99%, 06/23/53<sup>(b)</sup><br>|  | 100 | 134773 |
| Mortimer PLC<sup>(b)</sup> <br>|  |  |  |
| Series 2025-1, Class A, (1-day SONIA GBP 0.81%), <br> 4.78%, 09/22/70<br>|  | 900 | 1212610 |
| Series 2025-1, Class B, (1-day SONIA GBP 1.25%), <br> 5.22%, 09/22/70<br>|  | 138 | 186161 |
| PMF PLC, Series 2024-1, Class A, (1-day SONIA GBP <br> 0.98%), 4.90%, 07/16/60<br>|  | 211 | 284543 |
| Polaris PLC<sup>(b)</sup> <br>|  |  |  |
| Series 2025-2, Class B, (1-day SONIA GBP 1.05%), <br> 4.77%, 08/25/68<br>|  | 100 | 134930 |
| Series 2025-3X, Class A, (1-day SONIA GBP <br> 0.82%), 4.54%, 10/27/69<br>|  | 874 | 1179034 |
| Series 2025-3X, Class B, (1-day SONIA GBP <br> 1.10%), 4.82%, 10/27/69<br>|  | 100 | 134970 |
| Stratton Mortgage Funding, Series 2024-3, Class A, <br> (1-day SONIA GBP 0.98%), 4.70%, 06/25/49<sup>(b)</sup><br>|  | 144 | 196052 |
| Together Asset Backed Securitisation PLC<sup>(b)</sup> <br>|  |  |  |
| Series 2023-1, Class A, (1-day SONIA GBP 1.23%), <br> 5.12%, 04/20/65<br>|  | 192 | 260420 |
| Series 2024-1ST2X, Class A, (1-day SONIA GBP <br> 0.96%), 4.89%, 10/12/65<br>|  | 259 | 350580 |
| Series 2025-2ND1X, Class A, (1-day SONIA GBP <br> 0.93%), 4.86%, 09/12/56<br>|  | 120 | 162068 |
| Series 2025-CRE1, Class A, (1-day SONIA GBP <br> 1.20%), 5.12%, 01/15/57<br>|  | 440 | 595851 |
| U.K. Logistics DAC, Series 2024-2X, Class A, (1-day <br> SONIA GBP 1.35%), 5.31%, 02/17/35<sup>(b)</sup><br>|  | 235 | 315499 |
|  |  |  | 11835093 |
| **United States — 11.3%** | **United States — 11.3%** | **United States — 11.3%** | **United States — 11.3%** |
| 1345 Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2025-AOA, Class A, (1-mo. Term SOFR + <br> 1.60%), 5.35%, 06/15/42<br>| USD | 600 | 601867 |
| Series 2025-AOA, Class B, (1-mo. Term SOFR + <br> 2.00%), 5.75%, 06/15/42<br>|  | 330 | 330786 |
| 245 Park Avenue Trust, Series 2017-245P, Class E, <br> 3.66%, 06/05/37<sup>(a)(c)</sup><br>|  | 250 | 239261 |
| Angel Oak Mortgage Trust, Series 2025-7, Class A1, <br> 5.51%, 06/25/70<sup>(c)</sup><br>|  | 1884 | 1902126 |
| Arbor Multifamily Mortgage Securities Trust<sup>(c)</sup> <br>|  |  |  |
| Series 2020-MF1, Class E, 1.75%, 05/15/53 |  | 1326 | 1092970 |
| Series 2020-MF1, Class XA, 0.92%, 05/15/53<sup>(a)</sup> |  | 14384 | 462185 |
| ARES, Series 2024-IND2, Class A, (1-mo. Term SOFR <br> + 1.44%), 5.19%, 10/15/34<sup>(a)(c)</sup><br>|  | 590 | 590364 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| ARES Commercial Mortgage Trust, Series 2024-IND, <br> Class A, (1-mo. Term SOFR + 1.69%), 5.44%, <br> 07/15/41<sup>(a)(c)</sup><br>| USD | 340 | $340420 |
| Atrium Hotel Portfolio Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2017-ATRM, Class D, (1-mo. Term SOFR + <br> 2.25%), 6.00%, 12/15/36<br>|  | 200 | 190000 |
| Series 2024-ATRM, Class A, 5.41%, 11/10/29 |  | 170 | 173407 |
| Series 2024-ATRM, Class E, 9.21%, 11/10/29 |  | 420 | 427577 |
| BAHA Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2024-MAR, Class A, 5.97%, 12/10/41 |  | 1140 | 1179933 |
| Series 2024-MAR, Class C, 7.52%, 12/10/41 |  | 360 | 377102 |
| BAMLL Trust, Series 2024-BHP, Class A, (1-mo. Term <br> SOFR + 2.35%), 6.10%, 08/15/39<sup>(a)(c)</sup><br>|  | 250 | 250413 |
| Bank, Series 2024-5YR6, Class A3, 6.23%, 05/15/57 |  | 940 | 990478 |
| Barclays Mortgage Loan Trust, Series 2025-NQM3, <br> Class A1, 5.64%, 05/25/65<sup>(a)(c)</sup><br>|  | 790 | 795326 |
| BBCMS Mortgage Trust |  |  |  |
| Series 2017-C1, Class AS, 3.90%, 02/15/50 |  | 1200 | 1173326 |
| Series 2018-TALL, Class A, (1-mo. Term SOFR + <br> 0.92%), 4.67%, 03/15/37<sup>(a)(c)</sup><br>|  | 625 | 591622 |
| Series 2025-C35, Class D, 4.50%, 07/15/58<sup>(c)</sup> |  | 357 | 295415 |
| Benchmark Mortgage Trust, Series 2020-B21, <br> Class XA, 1.41%, 12/17/53<sup>(a)</sup><br>|  | 4796 | 257616 |
| BFLD Commercial Mortgage Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2024-UNIV, Class A, (1-mo. Term SOFR + <br> 1.49%), 5.24%, 11/15/41<br>|  | 710 | 710443 |
| Series 2024-UNIV, Class D, (1-mo. Term SOFR + <br> 2.69%), 6.44%, 11/15/41<br>|  | 360 | 361338 |
| Series 2025-5MW, Class D, 6.37%, 10/10/42 |  | 501 | 510063 |
| Series 2025-660F, Class A, (1-mo. Term SOFR + <br> 1.50%), 5.25%, 11/15/42<br>|  | 331 | 331931 |
| Series 2025-660F, Class D, (1-mo. Term SOFR + <br> 2.75%), 6.50%, 11/15/42<br>|  | 467 | 469334 |
| BFLD Mortgage Trust, Series 2024-VICT, Class A, <br> (1-mo. Term SOFR + 1.89%), 5.64%, 07/15/41<sup>(a)(c)</sup><br>|  | 240 | 241040 |
| BFLD Trust, Series 2025-FPM, Class B, 5.59%, <br> 10/10/40<sup>(a)(c)</sup><br>|  | 665 | 673504 |
| BHMS Commercial Mortgage Trust, Series 2025-ATLS, <br> Class A, (1-mo. Term SOFR + 1.85%), 5.60%, <br> 08/15/42<sup>(a)(c)</sup><br>|  | 615 | 617312 |
| BMP, Series 2024-MF23, Class E, (1-mo. Term SOFR <br> + 3.39%), 7.14%, 06/15/41<sup>(a)(c)</sup><br>|  | 310 | 310387 |
| BPR Commercial Mortgage Trust, Series 2025-STAR, <br> Class B, 5.38%, 11/05/42<sup>(a)(c)</sup><br>|  | 470 | 471712 |
| BSTN Commercial Mortgage Trust, Series 2025-HUB, <br> Class A, 4.90%, 04/13/41<sup>(a)(c)</sup><br>|  | 230 | 230910 |
| BX Commercial Mortgage Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2022-CSMO, Class B, (1-mo. Term SOFR + <br> 3.14%), 6.89%, 06/15/27<br>|  | 1429 | 1431648 |
| Series 2023-XL3, Class A, (1-mo. Term SOFR + <br> 1.76%), 5.51%, 12/09/40<br>|  | 2148 | 2150017 |
| Series 2023-XL3, Class D, (1-mo. Term SOFR + <br> 3.59%), 7.34%, 12/09/40<br>|  | 544 | 545345 |
| Series 2024-AIR2, Class A, (1-mo. Term SOFR + <br> 1.49%), 5.24%, 10/15/41<br>|  | 144 | 144056 |
| Series 2024-AIRC, Class A, (1-mo. Term SOFR + <br> 1.69%), 5.44%, 08/15/41<br>|  | 281 | 281382 |
| Series 2024-BRBK, Class A, (1-mo. Term SOFR + <br> 2.88%), 6.61%, 10/15/41<br>|  | 560 | 562773 |
| Series 2024-BRBK, Class B, (1-mo. Term SOFR + <br> 3.93%), 7.66%, 10/15/41<br>|  | 250 | 251548 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| BX Commercial Mortgage Trust<sup>(a)(c)</sup> (continued) |  |  |  |
| Series 2024-MDHS, Class A, (1-mo. Term SOFR + <br> 1.64%), 5.39%, 05/15/41<br>| USD | 373 | $373193 |
| Series 2024-MF, Class E, (1-mo. Term SOFR + <br> 3.74%), 7.49%, 02/15/39<br>|  | 664 | 665417 |
| Series 2024-XL4, Class D, (1-mo. Term SOFR + <br> 3.14%), 6.89%, 02/15/39<br>|  | 603 | 604900 |
| BX Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2021-LBA, Class GJV, (1-mo. Term SOFR + <br> 3.11%), 6.87%, 02/15/36<br>|  | 134 | 133585 |
| Series 2021-LBA, Class GV, (1-mo. Term SOFR + <br> 3.11%), 6.87%, 02/15/36<br>|  | 712 | 710855 |
| Series 2021-VIEW, Class F, (1-mo. Term SOFR + <br> 4.04%), 7.79%, 06/15/36<br>|  | 790 | 786524 |
| Series 2024-BIO, Class A, (1-mo. Term SOFR + <br> 1.64%), 5.39%, 02/15/41<br>|  | 435 | 434056 |
| Series 2024-CNYN, Class E, (1-mo. Term SOFR + <br> 3.69%), 7.44%, 04/15/41<br>|  | 541 | 540282 |
| Series 2024-PALM, Class A, (1-mo. Term SOFR + <br> 1.54%), 5.29%, 06/15/37<br>|  | 519 | 519555 |
| Series 2024-PAT, Class C, (1-mo. Term SOFR + <br> 4.44%), 8.19%, 03/15/41<br>|  | 1100 | 1103941 |
| Series 2024-PAT, Class D, (1-mo. Term SOFR + <br> 5.39%), 9.14%, 03/15/41<br>|  | 350 | 352229 |
| Series 2024-VLT4, Class A, (1-mo. Term SOFR + <br> 1.49%), 5.24%, 06/15/41<br>|  | 647 | 646797 |
| Series 2024-VLT4, Class F, (1-mo. Term SOFR + <br> 3.94%), 7.69%, 06/15/41<br>|  | 375 | 375435 |
| Series 2025-TAIL, Class A, (1-mo. Term SOFR + <br> 1.40%), 5.15%, 06/15/35<br>|  | 840 | 840000 |
| Series 2025-VOLT, Class A, (1-mo. Term SOFR + <br> 1.70%), 5.45%, 12/15/44<br>|  | 1435 | 1435893 |
| BXP Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2017-CC, Class D, 3.55%, 08/13/37 |  | 110 | 89453 |
| Series 2017-CC, Class E, 3.55%, 08/13/37 |  | 220 | 173478 |
| Cali, Series 2024-SUN, Class A, (1-mo. Term SOFR + <br> 1.89%), 5.67%, 07/15/41<sup>(a)(c)</sup><br>|  | 140 | 140173 |
| CFCRE Commercial Mortgage Trust, Series 2016-C4, <br> Class AM, 3.69%, 05/10/58<br>|  | 1700 | 1691007 |
| CFSP Mortgage Trust, Series 2024-AHP1, Class A, <br> 6.50%, 04/15/37<br>|  | 317 | 307997 |
| Citigroup Commercial Mortgage Trust |  |  |  |
| Series 2016-C2, Class B, 3.18%, 08/10/49 |  | 750 | 737479 |
| Series 2020-420K, Class D, 3.31%, 11/10/42<sup>(a)(c)</sup> |  | 360 | 324703 |
| Series 2020-420K, Class X, 0.80%, 11/10/42<sup>(a)(c)</sup> |  | 20000 | 679173 |
| COLT Mortgage Loan Trust, Series 2025-5, Class A1, <br> 5.54%, 05/25/70<sup>(c)</sup><br>|  | 1694 | 1709643 |
| Commercial Mortgage Trust |  |  |  |
| Series 2016-DC2, Class B, 4.66%, 02/10/49<sup>(a)</sup> |  | 100 | 99503 |
| Series 2016-DC2, Class C, 4.66%, 02/10/49<sup>(a)</sup> |  | 100 | 99088 |
| Series 2025-167G, Class B, 5.93%, 08/10/40<sup>(c)</sup> |  | 324 | 324873 |
| Series 2025-SBX, Class B, 5.55%, 08/10/41<sup>(a)(c)</sup> |  | 823 | 826244 |
| CONE Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2024-DFW1, Class A, (1-mo. Term SOFR + <br> 1.64%), 5.39%, 08/15/41<br>|  | 130 | 129797 |
| Series 2024-DFW1, Class E, (1-mo. Term SOFR + <br> 3.89%), 7.64%, 08/15/41<br>|  | 160 | 159933 |
| CSAIL Commercial Mortgage Trust, Series 2018-<br> CX12, Class C, 4.72%, 08/15/51<sup>(a)</sup><br>|  | 750 | 697968 |
| CSMC, Series 2021-BHAR, Class A, (1-mo. Term <br> SOFR + 1.26%), 5.02%, 11/15/38<sup>(a)(c)</sup><br>|  | 1850 | 1837313 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| CSTL Commercial Mortgage Trust, Series 2024-GATE, <br> Class A, 4.76%, 11/10/41<sup>(a)(c)</sup><br>| USD | 460 | $462926 |
| DBC Mortgage Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2025-DBC, Class C, (1-mo. Term SOFR + <br> 2.05%), 5.80%, 11/15/42<br>|  | 1253 | 1252998 |
| Series 2025-DBC, Class D, (1-mo. Term SOFR + <br> 2.60%), 6.35%, 11/15/42<br>|  | 405 | 406805 |
| DBGS, Series 2024-SBL, Class A, (1-mo. Term SOFR <br> + 1.88%), 5.63%, 08/15/34<sup>(a)(c)</sup><br>|  | 190 | 190000 |
| DBSG Mortgage Trust, Series 2024-ALTA, Class A, <br> 5.95%, 06/10/37<sup>(a)(c)</sup><br>|  | 312 | 316790 |
| DC Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2024-HLTN, Class F, 10.31%, 04/13/40 |  | 750 | 748233 |
| Series 2025-LXP, Class B, (1-mo. Term SOFR + <br> 1.84%), 5.58%, 08/15/37<br>|  | 268 | 268498 |
| Series 2025-LXP, Class C, (1-mo. Term SOFR + <br> 2.24%), 5.98%, 08/15/37<br>|  | 287 | 287623 |
| DK Trust, Series 2024-SPBX, Class E, (1-mo. Term <br> SOFR + 4.00%), 7.75%, 03/15/34<sup>(a)(c)</sup><br>|  | 1100 | 1102389 |
| Durst Commercial Mortgage Trust, Series 2025-151, <br> Class A, 5.15%, 08/10/42<sup>(a)(c)</sup><br>|  | 647 | 659968 |
| ELM Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2024-ELM, Class A10, 5.80%, 06/10/39 |  | 330 | 331733 |
| Series 2024-ELM, Class A15, 5.80%, 06/10/39 |  | 330 | 331733 |
| Series 2024-ELM, Class E10, 7.79%, 06/10/39 |  | 350 | 350995 |
| EQT Trust, Series 2024-EXTR, Class A, 5.33%, <br> 07/05/41<sup>(a)(c)</sup><br>|  | 1200 | 1227986 |
| Fontainebleau Miami Beach Mortgage Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2024-FBLU, Class A, (1-mo. Term SOFR + <br> 1.45%), 5.20%, 12/15/39<br>|  | 410 | 410897 |
| Series 2024-FBLU, Class F, (1-mo. Term SOFR + <br> 4.25%), 8.00%, 12/15/39<br>|  | 410 | 412287 |
| Great Wolf Trust, Series 2024-WOLF, Class A, (1-mo. <br> Term SOFR + 1.54%), 5.29%, 03/15/39<sup>(a)(c)</sup><br>|  | 1100 | 1101698 |
| GS Mortgage Securities Corp. Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2021-ROSS, Class A, (1-mo. Term SOFR + <br> 1.41%), 5.17%, 05/15/26<br>|  | 100 | 95006 |
| Series 2023-FUN, Class B, (1-mo. Term SOFR + <br> 2.79%), 6.54%, 03/15/28<br>|  | 1500 | 1507421 |
| Series 2023-SHIP, Class C, 5.51%, 09/10/38 |  | 1370 | 1372874 |
| Series 2023-SHIP, Class E, 7.43%, 09/10/38 |  | 420 | 421664 |
| Series 2024-RVR, Class E, 7.47%, 08/10/41 |  | 250 | 249755 |
| GS Mortgage Securities Trust, Series 2020-GSA2, <br> Class XA, 1.66%, 12/12/53<sup>(a)(c)</sup><br>|  | 3406 | 208401 |
| GS Mortgage-Backed Securities Trust, Series 2025-<br> NQM4, Class A1, 5.01%, 10/25/65<sup>(c)</sup><br>|  | 410 | 410867 |
| GWT, Series 2024-WLF2, Class A, (1-mo. Term SOFR <br> + 1.69%), 5.44%, 05/15/41<sup>(a)(c)</sup><br>|  | 1100 | 1103063 |
| HIH Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2024-2061P, Class A, (1-mo. Term SOFR + <br> 1.84%), 5.59%, 10/15/41<br>|  | 108 | 108648 |
| Series 2024-2061P, Class D, (1-mo. Term SOFR + <br> 3.64%), 7.39%, 10/15/41<br>|  | 414 | 415479 |
| HILT Commercial Mortgage Trust, Series 2024-ORL, <br> Class D, (1-mo. Term SOFR + 3.19%), 6.94%, <br> 05/15/37<sup>(a)(c)</sup><br>|  | 750 | 753712 |
| Homes Trust<sup>(c)</sup> <br>|  |  |  |
| Series 2023-NQM1, Class A1, 6.18%, 01/25/68 |  | 1784 | 1779928 |
| Series 2023-NQM1, Class A2, 6.74%, 01/25/68 |  | 591 | 590281 |
| Series 2025-NQM3, Class A1, 5.63%, 02/25/70<sup>(a)</sup> |  | 2074 | 2093574 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Hono Lulu Mortgage Trust, Series 2021-LULU, <br> Class A, (1-mo. Term SOFR + 1.26%), 5.02%, <br> 10/15/36<sup>(a)(c)</sup><br>| USD | 695 | $686341 |
| HTL Commercial Mortgage Trust, Series 2024-T53, <br> Class E, 10.26%, 05/10/39<sup>(a)(c)</sup><br>|  | 750 | 773780 |
| INV Mortgage Trust, Series 2024-IND, Class A, (1-mo. <br> Term SOFR + 1.74%), 5.49%, 11/15/41<sup>(a)(c)</sup><br>|  | 940 | 932967 |
| JP Morgan Chase Commercial Mortgage Securities <br> Trust<sup>(c)</sup> <br>|  |  |  |
| Series 2016-NINE, Class B, 2.85%, 09/06/38<sup>(a)</sup> |  | 450 | 443820 |
| Series 2018-AON, Class A, 4.13%, 07/05/31 |  | 600 | 524994 |
| Series 2021-MHC, Class E, (1-mo. Term SOFR + <br> 2.81%), 6.57%, 04/15/38<sup>(a)</sup><br>|  | 745 | 744996 |
| Series 2024-IGLG, Class D, 6.48%, 11/09/39<sup>(a)</sup> |  | 370 | 371003 |
| Series 2024-OMNI, Class A, 5.80%, 10/05/39<sup>(a)</sup> |  | 250 | 254900 |
| JP Morgan Mortgage Trust, Series 2025-VIS3, <br> Class A1, 5.06%, 02/25/66<sup>(a)(c)</sup><br>|  | 1303 | 1307560 |
| JP Morgan Seasoned Mortgage Trust, Series 2014-1, <br> Class B4, 4.81%, 05/25/33<sup>(a)(c)</sup><br>|  | 1415 | 1357399 |
| JW Commercial Mortgage Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2024-MRCO, Class A, (1-mo. Term SOFR + <br> 1.62%), 5.37%, 06/15/39<br>|  | 814 | 815258 |
| Series 2024-MRCO, Class D, (1-mo. Term SOFR + <br> 3.19%), 6.94%, 06/15/39<br>|  | 375 | 375936 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, <br> Class A, (1-mo. Term SOFR + 1.54%), 5.29%, <br> 12/15/39<sup>(a)(c)</sup><br>|  | 155 | 155297 |
| MCM Trust<sup>(d)</sup> <br>|  |  |  |
| 0.00%, 09/25/31<sup>(c)</sup> |  | 803 | 647239 |
| 2.50%, 09/25/31 |  | 1037 | 994137 |
| MCR Mortgage Trust<sup>(c)</sup> <br>|  |  |  |
| Series 2024-HF1, Class A, (1-mo. Term SOFR + <br> 1.79%), 5.54%, 12/15/41<sup>(a)</sup><br>|  | 542 | 543356 |
| Series 2024-HTL, Class E, (1-mo. Term SOFR + <br> 4.65%), 8.41%, 02/15/37<sup>(a)</sup><br>|  | 604 | 601128 |
| Series 2024-TWA, Class A, 5.92%, 06/12/39 |  | 160 | 162132 |
| Series 2024-TWA, Class E, 8.73%, 06/12/39 |  | 235 | 238228 |
| MFA Trust, Series 2025-NQM2, Class A1, 5.68%, <br> 05/27/70<sup>(c)</sup><br>|  | 1387 | 1398423 |
| MHP Trust, Series 2021-STOR, Class G, (1-mo. Term <br> SOFR + 2.86%), 6.62%, 07/15/38<sup>(a)(c)</sup><br>|  | 760 | 757671 |
| Morgan Stanley Capital I Trust |  |  |  |
| Series 2017-ASHF, Class F, (1-mo. Term SOFR + <br> 4.65%), 8.40%, 11/15/34<sup>(a)(c)</sup><br>|  | 260 | 247572 |
| Series 2018-MP, Class A, 4.28%, 07/11/40<sup>(a)(c)</sup> |  | 1000 | 929289 |
| Series 2021-L5, Class A2, 1.52%, 05/15/54 |  | 669 | 657847 |
| Morgan Stanley Residential Mortgage Loan Trust<sup>(c)</sup> <br>|  |  |  |
| Series 2025-DSC1, Class A1, 5.56%, 03/25/70 |  | 1524 | 1541678 |
| Series 2025-NQM4, Class A1, 5.59%, 06/25/70 |  | 1229 | 1238312 |
| NCMF Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2025-MFS, Class A, 4.88%, 06/10/33 |  | 910 | 913277 |
| Series 2025-MFS, Class B, 5.51%, 06/10/33 |  | 593 | 598946 |
| NYC Commercial Mortgage Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2025-11X, Class A, (1-mo. Term SOFR + <br> 1.74%), 5.49%, 10/15/40<br>|  | 540 | 541680 |
| Series 2025-3BP, Class A, (1-mo. Term SOFR + <br> 1.21%), 4.96%, 02/15/42<br>|  | 604 | 599104 |
| NYCT Trust, Series 2024-3ELV, Class A, (1-mo. Term <br> SOFR + 1.99%), 5.74%, 08/15/29<sup>(a)(c)</sup><br>|  | 140 | 140407 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |
| Olympic Tower Mortgage Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2017-OT, Class D, 3.95%, 05/10/39 | USD | 130 | $118508 |
| Series 2017-OT, Class E, 3.95%, 05/10/39 |  | 160 | 140499 |
| One Market Plaza Trust, Series 2017-1MKT, Class D, <br> 4.15%, 02/10/32<sup>(c)</sup><br>|  | 850 | 783314 |
| One New York Plaza Trust, Series 2020-1NYP, <br> Class D, (1-mo. Term SOFR + 2.86%), 6.62%, <br> 01/15/36<sup>(a)(c)</sup><br>|  | 270 | 252037 |
| ORL Trust, Series 2024-GLKS, Class A, (1-mo. Term <br> SOFR + 1.49%), 5.24%, 12/15/39<sup>(a)(c)</sup><br>|  | 220 | 220341 |
| Park Avenue Mortgage Trust, Series 2017-280P, <br> Class E, (1-mo. Term SOFR + 2.42%), 6.20%, <br> 09/15/34<sup>(a)(c)</sup><br>|  | 634 | 626982 |
| PENN Commercial Mortgage Trust, Series 2025-P11, <br> Class A, 5.34%, 08/10/42<sup>(c)</sup><br>|  | 279 | 285793 |
| PGA Trust, Series 2024-RSR2, Class A, (1-mo. Term <br> SOFR + 1.89%), 5.64%, 06/15/39<sup>(a)(c)</sup><br>|  | 750 | 750232 |
| PRKCM Trust<sup>(c)</sup> <br>|  |  |  |
| Series 2023-AFC1, Class A2, 7.00%, 02/25/58 |  | 372 | 371351 |
| Series 2023-AFC2, Class A1, 6.48%, 06/25/58 |  | 430 | 430692 |
| RCKT Mortgage Trust, Series 2023-CES1, Class M2, <br> 7.98%, 06/25/43<sup>(a)(c)</sup><br>|  | 740 | 745515 |
| ROCK Trust<sup>(c)</sup> <br>|  |  |  |
| Series 2024-CNTR, Class A, 5.39%, 11/13/41 |  | 346 | 355473 |
| Series 2024-CNTR, Class E, 8.82%, 11/13/41 |  | 150 | 159612 |
| Santander Mortgage Asset Receivable Trust, <br> Series 2025-NQM5, Class A1, 5.07%, 08/25/65<sup>(a)(c)</sup><br>|  | 1143 | 1144884 |
| SELF Commercial Mortgage Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2024-STRG, Class A, (1-mo. Term SOFR + <br> 1.54%), 5.29%, 11/15/34<br>|  | 630 | 630393 |
| Series 2024-STRG, Class E, (1-mo. Term SOFR + <br> 4.19%), 7.94%, 11/15/34<br>|  | 410 | 411024 |
| SHR Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2024-LXRY, Class A, (1-mo. Term SOFR + <br> 1.95%), 5.70%, 10/15/41<br>|  | 420 | 420874 |
| Series 2024-LXRY, Class E, (1-mo. Term SOFR + <br> 4.45%), 8.20%, 10/15/41<br>|  | 420 | 423019 |
| TVC DSCR<sup>(d)</sup> <br>|  |  |  |
| Series 2021-1, 0.00%, 03/25/28<sup>(c)</sup> |  | 314 | 265193 |
| Series 2021-1, Class A, 2.38%, 03/25/28 |  | 554 | 523740 |
| UBS Commercial Mortgage Trust, Series 2017-C4, <br> Class AS, 3.84%, 10/15/50<sup>(a)</sup><br>|  | 1700 | 1653546 |
| VEGAS, Series 2024-GCS, Class C, 6.22%, <br> 07/10/36<sup>(a)(c)</sup><br>|  | 600 | 603804 |
| VEGAS Trust, Series 2024-TI, Class A, 5.52%, <br> 11/10/39<sup>(c)</sup><br>|  | 206 | 208787 |
| Velocity Commercial Capital Loan Trust<sup>(a)(c)</sup> <br>|  |  |  |
| Series 2020-1, Class M3, 3.19%, 02/25/50 |  | 46 | 36656 |
| Series 2025-3, Class A, 5.87%, 06/25/55 |  | 2120 | 2139435 |
| Verus Securitization Trust, Series 2023-3, Class A1, <br> 5.93%, 03/25/68<sup>(c)</sup><br>|  | 1248 | 1247780 |
| VRTX Trust, Series 2025-HQ, Class B, 5.49%, <br> 08/05/42<sup>(a)(c)</sup><br>|  | 710 | 717587 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| Series 2016-NXS5, Class B, 4.87%, 01/15/59<sup>(a)</sup> |  | 1400 | 1353326 |
| Series 2019-C50, Class XA, 1.40%, 05/15/52<sup>(a)</sup> |  | 12081 | 418926 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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 2021-C59, Class XA, 1.48%, 04/15/54<sup>(a)</sup> | USD | 973 | $54589 |
| Series 2024-1CHI, Class A, 5.31%, 07/15/35<sup>(a)(c)</sup> |  | 106 | 106918 |
| Series 2024-BPRC, Class C, 6.43%, 07/15/43<sup>(c)</sup> |  | 400 | 403930 |
| WHARF Commercial Mortgage Trust, Series 2025-DC, <br> Class B, 5.54%, 07/15/40<sup>(a)(c)</sup><br>|  | 108 | 110526 |
|  |  |  | 102691619 |
| **Total Non-Agency Mortgage-Backed Securities — 13.5%** <br>**(Cost: $121,550,561)** | **Total Non-Agency Mortgage-Backed Securities — 13.5%** <br>**(Cost: $121,550,561)** | **Total Non-Agency Mortgage-Backed Securities — 13.5%** <br>**(Cost: $121,550,561)** | 122324742 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 1.2%**<sup>(a)</sup> | **Capital Trusts — 1.2%**<sup>(a)</sup> | **Capital Trusts — 1.2%**<sup>(a)</sup> | **Capital Trusts — 1.2%**<sup>(a)</sup> |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |  |
| Bell Telephone Co. of Canada or Bell Canada, 6.88%, <br> 09/15/55<br>|  | 105 | 108332 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |  |
| Orsted A/S, 2.50%, 12/31/99<sup>(b)</sup> | GBP | 200 | 206741 |
| **France**<sup>(b)(m)</sup> **— 0.2%** | **France**<sup>(b)(m)</sup> **— 0.2%** | **France**<sup>(b)(m)</sup> **— 0.2%** |  |
| Electricite de France SA |  |  |  |
| 3.38% | EUR | 200 | 224453 |
| 5.13% |  | 200 | 241368 |
| 5.63% |  | 200 | 244681 |
| 7.38% | GBP | 100 | 138150 |
| RCI Banque SA, 6.13% | EUR | 200 | 236277 |
| Unibail-Rodamco-Westfield SE, 4.75% |  | 100 | 119641 |
| Veolia Environnement SA, 4.32% |  | 100 | 116943 |
|  |  |  | 1321513 |
| **Germany**<sup>(b)</sup> **— 0.1%** | **Germany**<sup>(b)</sup> **— 0.1%** | **Germany**<sup>(b)</sup> **— 0.1%** |  |
| Bayer AG |  |  |  |
| 4.50%, 03/25/82 |  | 100 | 118908 |
| Series NC5, 6.63%, 09/25/83 |  | 100 | 124728 |
| Series NC8, 7.00%, 09/25/83 |  | 200 | 258250 |
| Commerzbank AG, 6.50%<sup>(m)</sup> |  | 200 | 249730 |
| Volkswagen International Finance NV, 5.99%<sup>(m)</sup> |  | 200 | 243218 |
|  |  |  | 994834 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |  |
| MTR Corp. CI Ltd., 5.63%<sup>(b)(m)</sup> | USD | 400 | 421600 |
| **India — 0.1%** | **India — 0.1%** | **India — 0.1%** |  |
| Axis Bank Ltd., 4.10%<sup>(b)(m)</sup> |  | 1000 | 987500 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |  |
| Bank Negara Indonesia Persero Tbk PT, 4.30%<sup>(b)(m)</sup> |  | 1000 | 977813 |
| **Italy**<sup>(b)(m)</sup> **— 0.0%** | **Italy**<sup>(b)(m)</sup> **— 0.0%** | **Italy**<sup>(b)(m)</sup> **— 0.0%** |  |
| Eni SpA, 4.50% | EUR | 100 | 119341 |
| Prysmian SpA, 5.25% |  | 175 | 214058 |
|  |  |  | 333399 |
| **Japan**<sup>(m)</sup> **— 0.2%** | **Japan**<sup>(m)</sup> **— 0.2%** | **Japan**<sup>(m)</sup> **— 0.2%** |  |
| Mitsubishi UFJ Financial Group, Inc., 6.35% | USD | 1000 | 1019344 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |  |
| Rakuten Group, Inc. |  |  |  |
| 4.25%<sup>(b)</sup> | EUR | 200 | $227983 |
| 8.13%<sup>(c)</sup> | USD | 200 | 205994 |
|  |  |  | 1453321 |
| **Norway — 0.0%** | **Norway — 0.0%** | **Norway — 0.0%** |  |
| Var Energi ASA, 7.86%, 11/15/83<sup>(b)</sup> | EUR | 250 | 322574 |
| **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** |  |
| Lendlease Asia Treasury Pte. Ltd., 3.90%<sup>(b)(m)</sup> | SGD | 250 | 194881 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |  |
| Shinhan Financial Group Co. Ltd., 2.88%<sup>(b)(m)</sup> | USD | 414 | 409086 |
| **Thailand — 0.0%** | **Thailand — 0.0%** | **Thailand — 0.0%** |  |
| GC Treasury Center Co. Ltd., 6.50%<sup>(b)(m)</sup> |  | 250 | 252266 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| British Telecommunications PLC, 8.38%, 12/20/83<sup>(b)</sup> | GBP | 100 | 144699 |
| Centrica PLC, 6.50%, 05/21/55<sup>(b)</sup> |  | 100 | 138840 |
| NatWest Group PLC, 7.50%<sup>(m)</sup> |  | 200 | 279679 |
|  |  |  | 563218 |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |  |
| CVS Health Corp., 7.00%, 03/10/55 | USD | 105 | 110150 |
| Dentsply Sirona, Inc., 8.38%, 09/12/55 |  | 100 | 93613 |
| Edison International, 8.13%, 06/15/53 |  | 121 | 125903 |
| FMC Corp., 8.45%, 11/01/55 |  | 100 | 79151 |
| PG&E Corp., 7.38%, 03/15/55 |  | 27 | 28120 |
| Southern Co., 1.88%, 09/15/81 | EUR | 1048 | 1197704 |
| Sunoco LP, 7.88%<sup>(c)(m)</sup> | USD | 135 | 138682 |
| Venture Global LNG, Inc., 9.00%<sup>(c)(m)</sup> |  | 149 | 117670 |
|  |  |  | 1890993 |
|  |  |  | 10438071 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 0.8%**<sup>(e)</sup> | **Preferred Stocks — 0.8%**<sup>(e)</sup> | **Preferred Stocks — 0.8%**<sup>(e)</sup> |
| **United States — 0.8%** | **United States — 0.8%** |  |
| Anthropic PBC, Series F, (Acquired 08/18/25, Cost: <br> $378,216)<sup>(d)(f)</sup><br>| 2683 | 653042 |
| Boeing Co., 6.00%<sup>(k)</sup> | 1700 | 117402 |
| Cap Hill Brands, Series B-2<sup>(d)</sup> | 265896 | 3 |
| CoreWeave, Inc., Series C, 03/25/49<sup>(d)</sup> | 418000 | 413820 |
| Davidson Homes, Inc., 12.00%<sup>(d)</sup> | 1474 | 1657100 |
| Dream Finders Homes, Inc., Series A<sup>(d)(m)</sup> | 1320 | 1308450 |
| Insight M, Inc., Series D<sup>(d)</sup> | 270943 | 87623 |
| Lessen Holdings, Inc., Series CX<sup>(d)</sup> | 10022 |  |
| Verger Capital Fund LLC<sup>(d)</sup> | 34837 | 5226 |
| Veritas Newco<sup>(d)</sup> <br>|  |  |
| Series G | 1131 | 26579 |
| Series G-1 | 780 | 17940 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| Versa Networks, Inc., Series E, (Acquired 10/14/22, <br> Cost: $491,084), 10/07/32<sup>(d)(f)</sup><br>| 168283 | $1026526 |
| X.Ai Holdings Corp., Series C<sup>(d)</sup> | 28169 | 1881689 |
|  |  | 7195400 |
| **Total Preferred Securities — 2.0%** <br>**(Cost: $15,091,180)** | **Total Preferred Securities — 2.0%** <br>**(Cost: $15,091,180)** | 17633471 |

---

&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 | 667832 |
| **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 2.3%** | **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 2.3%** | **Collateralized Mortgage Obligations**<sup>(a)</sup> **— 2.3%** |  |
| Fannie Mae REMICS |  |  |  |
| Series 2023-35, Class FC, (30-day Avg SOFR + <br> 1.10%), 4.97%, 08/25/53<br>|  | 436 | 437407 |
| Series 2023-68, Class FB, (30-day Avg SOFR + <br> 1.05%), 4.92%, 01/25/54<br>|  | 460 | 460865 |
| Series 2024-30, Class FC, (30-day Avg SOFR + <br> 1.05%), 4.92%, 06/25/54<br>|  | 980 | 982584 |
| Series 2024-38, Class FE, (30-day Avg SOFR + <br> 1.05%), 4.92%, 06/25/54<br>|  | 942 | 944232 |
| Series 2024-5469, Class F, (30-day Avg SOFR + <br> 1.10%), 4.97%, 09/25/54<br>|  | 411 | 412196 |
| Series 2024-63, Class FH, (30-day Avg SOFR + <br> 1.10%), 4.97%, 09/25/54<br>|  | 333 | 333788 |
| Series 2024-75, Class FC, (30-day Avg SOFR + <br> 0.95%), 4.82%, 10/25/54<br>|  | 1135 | 1136216 |
| Series 2024-88, Class FC, (30-day Avg SOFR + <br> 1.40%), 5.27%, 12/25/54<br>|  | 272 | 274243 |
| Series 2024-96, Class FA, (30-day Avg SOFR + <br> 1.40%), 5.27%, 12/25/54<br>|  | 477 | 480940 |
| Series 2025-1, Class FX, (30-day Avg SOFR + <br> 1.35%), 5.22%, 02/25/55<br>|  | 286 | 288169 |
| Series 2025-13, Class FB, (30-day Avg SOFR + <br> 1.30%), 5.17%, 03/25/55<br>|  | 326 | 327971 |
| Series 2025-31, Class FA, (30-day Avg SOFR + <br> 1.30%), 5.17%, 06/25/54<br>|  | 2011 | 2022983 |
| Series 2025-32, Class FA, (30-day Avg SOFR + <br> 1.25%), 5.12%, 05/25/55<br>|  | 1527 | 1534047 |
| Series 2025-63, Class DF, (30-day Avg SOFR + <br> 1.40%), 5.27%, 08/25/55<br>|  | 213 | 215329 |
| Series 2025-9, Class FG, (30-day Avg SOFR + <br> 1.35%), 5.22%, 03/25/55<br>|  | 178 | 179623 |
| Series 5458, Class DF, (30-day Avg SOFR + <br> 1.10%), 4.97%, 10/25/54<br>|  | 202 | 202085 |
| Series 5458, Class FB, (30-day Avg SOFR + <br> 1.15%), 5.02%, 10/25/54<br>|  | 1667 | 1671797 |
| Series 5467, Class FC, (30-day Avg SOFR + <br> 1.06%), 4.93%, 10/25/54<br>|  | 1752 | 1754778 |
| Series 5470, Class AF, (30-day Avg SOFR + <br> 1.10%), 4.97%, 11/25/54<br>|  | 576 | 576545 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

**(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 REMICS |  |  |  |
| Series 5386, Class FD, (30-day Avg SOFR + <br> 1.25%), 5.12%, 03/25/54<br>| USD | 362 | $363787 |
| Series 5424, Class FA, (30-day Avg SOFR + <br> 1.20%), 5.07%, 06/25/54<br>|  | 808 | 810451 |
| Series 5468, Class WF, (30-day Avg SOFR + <br> 1.10%), 4.97%, 11/25/54<br>|  | 335 | 335773 |
| Series 5478, Class FD, (30-day Avg SOFR + <br> 1.40%), 5.27%, 02/25/54<br>|  | 238 | 240221 |
| Series 5482, Class FB, (30-day Avg SOFR + <br> 1.50%), 5.37%, 12/25/54<br>|  | 380 | 384105 |
| Series 5500, Class DF, (30-day Avg SOFR + <br> 1.35%), 5.22%, 10/25/54<br>|  | 293 | 295097 |
| Series 5502, Class EF, (30-day Avg SOFR + <br> 1.40%), 5.27%, 02/25/55<br>|  | 234 | 236279 |
| Series 5503, Class FB, (30-day Avg SOFR + <br> 1.35%), 5.22%, 02/25/55<br>|  | 285 | 287141 |
| Series 5508, Class FE, (30-day Avg SOFR + <br> 1.60%), 5.47%, 02/25/55<br>|  | 323 | 326452 |
| Series 5543, Class FH, (30-day Avg SOFR + <br> 1.50%), 5.37%, 06/25/55<br>|  | 318 | 320695 |
| Series 5563, Class FA, (30-day Avg SOFR + <br> 1.35%), 5.22%, 08/25/55<br>|  | 588 | 592828 |
| Series 5574, Class FB, (30-day Avg SOFR + <br> 1.35%), 5.22%, 09/25/55<br>|  | 261 | 263382 |
| Freddie Mac Strips, Series 413, Class F26, (30-day <br> Avg SOFR + 1.20%), 5.07%, 05/25/54<br>|  | 739 | 741494 |
| Ginnie Mae |  |  |  |
| Series 2024-51, Class TF, (30-day Avg SOFR + <br> 1.00%), 4.92%, 03/20/54<br>|  | 344 | 344596 |
| Series 2024-96, Class FL, (30-day Avg SOFR + <br> 1.15%), 5.07%, 06/20/54<br>|  | 540 | 541410 |
| Series 2025-9, Class FE, (30-day Avg SOFR + <br> 1.25%), 5.17%, 01/20/55<br>|  | 277 | 277868 |
|  |  |  | 20597377 |
| **Commercial Mortgage-Backed Securities**<sup>(a)</sup> **— 0.1%** | **Commercial Mortgage-Backed Securities**<sup>(a)</sup> **— 0.1%** | **Commercial Mortgage-Backed Securities**<sup>(a)</sup> **— 0.1%** |  |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates<br>|  |  |  |
| Series K121, Class X1, 1.01%, 10/25/30 |  | 3965 | 154496 |
| Series KW09, Class X1, 0.78%, 05/25/29 |  | 13032 | 257049 |
| FREMF Mortgage Trust, Series 2020-K104, Class B, <br> 3.53%, 02/25/52<sup>(c)</sup><br>|  | 750 | 723484 |
|  |  |  | 1135029 |
| **Mortgage-Backed Securities — 29.7%** | **Mortgage-Backed Securities — 29.7%** | **Mortgage-Backed Securities — 29.7%** |  |
| Fannie Mae Mortgage-Backed Securities |  |  |  |
| 6.50%, 11/01/38 |  | 4 | 3966 |
| 6.00%, 07/01/39 |  | 17 | 17924 |
| 4.00%, 01/01/41 |  | 1 | 874 |
| 3.00%, 02/01/44 |  | 29 | 26472 |
| Freddie Mac Mortgage-Backed Securities |  |  |  |
| 2.50%, 01/01/29 - 04/01/31 |  | 34 | 32733 |
| 3.50%, 04/01/31 - 01/01/48 |  | 107 | 103112 |
| 3.00%, 10/01/32 - 12/01/46 |  | 111 | 104206 |
| 5.00%, 05/01/38 - 11/01/48 |  | 39 | 39774 |
| 5.50%, 01/01/39 |  | 11 | 11737 |
| 4.00%, 08/01/40 - 12/01/45 |  | 10 | 9377 |
| 4.50%, 09/01/40 - 08/01/48 |  | 106 | 105900 |
| Ginnie Mae Mortgage-Backed Securities<sup>(p)</sup> <br>|  |  |  |
| 4.00%, 10/20/40 - 01/15/55 |  | 1497 | 1421687 |
| 3.50%, 01/15/42 - 01/15/55 |  | 2047 | 1877266 |
| 5.00%, 10/20/44 - 01/15/55 |  | 2433 | 2427625 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
| Ginnie Mae Mortgage-Backed Securities<sup>(p)</sup> (continued) |  |  |  |
| 3.00%, 02/15/45 - 01/15/55 | USD | 2627 | $2361107 |
| 4.50%, 03/15/47 - 01/22/56 |  | 1757 | 1713884 |
| 2.00%, 08/20/50 - 01/15/55 |  | 3644 | 3018113 |
| 2.50%, 04/20/51 - 01/15/55 |  | 3650 | 3149472 |
| 5.50%, 01/15/55 |  | 2768 | 2794840 |
| 6.00%, 01/15/55 |  | 1705 | 1737435 |
| 6.50%, 01/15/55 - 02/15/55 |  | 1476 | 1524882 |
| Uniform Mortgage-Backed Securities<sup>(p)</sup> <br>|  |  |  |
| 2.50%, 09/01/27 - 01/15/55 |  | 12533 | 10808974 |
| 3.00%, 07/01/29 - 01/14/56 |  | 6726 | 6048344 |
| 3.50%, 07/01/29 - 02/15/56 |  | 185637 | 171358715 |
| 2.00%, 10/01/31 - 01/15/55 |  | 18825 | 15620117 |
| 4.00%, 09/01/33 - 01/14/56 |  | 4309 | 4125640 |
| 5.00%, 09/01/35 - 01/15/55 |  | 4164 | 4171370 |
| 5.50%, 12/01/38 - 01/15/55 |  | 15032 | 15258601 |
| 1.50%, 01/15/40 - 11/01/51 |  | 4350 | 3650829 |
| 4.50%, 01/15/40 - 01/15/55 |  | 7612 | 7463867 |
| 6.00%, 11/01/52 - 08/01/55 |  | 5723 | 5896260 |
| 6.50%, 06/01/54 - 01/15/55 |  | 2869 | 2983411 |
|  |  |  | 269868514 |
| **Total U.S. Government Sponsored Agency Securities — 32.2%** <br>**(Cost: $293,487,457)** | **Total U.S. Government Sponsored Agency Securities — 32.2%** <br>**(Cost: $293,487,457)** | **Total U.S. Government Sponsored Agency Securities — 32.2%** <br>**(Cost: $293,487,457)** | 292268752 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Warrants** | **Warrants** | **Warrants** |
| **United States**<sup>(e)</sup> **— 0.0%** | **United States**<sup>(e)</sup> **— 0.0%** |  |
| Cirkul, Inc., (Expires 04/25/35, Strike Price USD <br> 35.41)<sup>(d)</sup><br>| 1021 |  |
| Cirkul, Inc., (Expires 04/25/35, Strike Price USD <br> 0.01)<sup>(d)</sup><br>| 995 |  |
| Davidson Homes, Inc., Class A, (Issued 05/16/24, <br> Expires 05/16/34, Strike Price USD 8.47)<sup>(d)</sup><br>| 10230 | 23120 |
| Flagstar Financial, Inc., (Acquired 03/11/24, Cost: $0), <br> (Issued/Exercisable 03/11/24, 1,000 Shares for <br> 1 Warrant, Expires 03/11/31, Strike Price USD <br> 2.50)<sup>(d)(f)</sup><br>| 74 | 175663 |
| Insight M, Inc., (Issued 01/31/24, Expires 12/31/49, <br> Strike Price USD 0.34)<sup>(d)</sup><br>| 280744 | 3 |
| Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for <br> 1 Warrant, Expires 06/04/26, Strike Price USD <br> 11.50)<sup>(d)</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 | 119 |
| 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 | 1748 |
| Sonder Holdings, Inc., (Expires 04/11/30, Strike Price <br> USD 1.00)<sup>(d)</sup><br>| 22714 |  |
| Sonder Holdings, Inc., (Expires 12/30/29, Strike Price <br> USD 0.01)<sup>(d)</sup><br>| 2277 |  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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)** |  |
| Versa Networks, Inc., Series E, (Acquired , Cost: $0), <br> (Exercisable 10/14/22, 1 Share for 1 Warrant, <br> Expires 10/07/32, Strike Price USD 0.01)<sup>(d)(f)</sup><br>| 20741 | $99764 |
| Volato Group, Inc., (Acquired 12/03/23, Cost: $6,834), <br> (Issued 12/04/23, Expires 12/03/28, Strike Price <br> USD 11.50)<sup>(f)</sup><br>| 6834 | 62 |
|  |  | 300480 |
| **Venezuela — 0.0%** | **Venezuela — 0.0%** |  |
| Venezuela Government International Bonds<sup>(e)(m)</sup> | 3000 | 4500 |
| **Total Warrants — 0.0%** <br>**(Cost: $84,981)** | **Total Warrants — 0.0%** <br>**(Cost: $84,981)** | 304980 |
| **Total Long-Term Investments — 118.3%** <br>**(Cost: $1,060,640,454)** | **Total Long-Term Investments — 118.3%** <br>**(Cost: $1,060,640,454)** | 1072676188 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Foreign Agency Obligations — 0.9%** | **Foreign Agency Obligations — 0.9%** | **Foreign Agency Obligations — 0.9%** |  |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |  |
| Bahrain Government International Bonds, 7.00%, <br> 01/26/26<sup>(b)</sup><br>| USD | 200 | 200350 |
| **Brazil**<sup>(n)(q)</sup> **— 0.8%** | **Brazil**<sup>(n)(q)</sup> **— 0.8%** | **Brazil**<sup>(n)(q)</sup> **— 0.8%** |  |
| Brazil Letras do Tesouro Nacional |  |  |  |
| 14.73%, 04/01/26 | BRL | 31 | 5385939 |
| 14.47%, 07/01/26 |  | 7 | 1231431 |
|  |  |  | 6617370 |
| **Egypt**<sup>(q)</sup> **— 0.1%** | **Egypt**<sup>(q)</sup> **— 0.1%** | **Egypt**<sup>(q)</sup> **— 0.1%** |  |
| Egypt Treasury Bills |  |  |  |
| 25.79%, 06/02/26<sup>(n)</sup> | EGP | 1025 | 19463 |
| 25.95%, 06/23/26<sup>(n)</sup> |  | 58975 | 1105596 |
| 26.09%, 07/21/26 |  | 600 | 11060 |
| 25.40%, 11/17/26<sup>(n)</sup> |  | 1800 | 30911 |
|  |  |  | 1167030 |
|  |  |  | 7984750 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |  |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.65%<sup>(g)(r)</sup><br>| 4278715 | 4278715 |
| **Total Short-Term Securities — 1.3%** <br>**(Cost: $12,364,403)** | **Total Short-Term Securities — 1.3%** <br>**(Cost: $12,364,403)** | 12263465 |
| **Options Purchased — 0.0%** <br>**(Cost: $1,058,765)** | **Options Purchased — 0.0%** <br>**(Cost: $1,058,765)** | 575032 |
| **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 119.6%** <br>**(Cost: $1,074,063,622)** | **Total Investments Before TBA Sale Commitments and** <br>**Options Written — 119.6%** <br>**(Cost: $1,074,063,622)** | 1085514685 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **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 — (9.5)%** | **United States — (9.5)%** | **United States — (9.5)%** |  |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| 6.00%, 01/15/55 | USD | (57)<br>| $(58084)<br>|
| 6.50%, 01/15/55 |  | (754)<br>| (779389)<br>|
| Uniform Mortgage-Backed Securities |  |  |  |
| 2.00%, 01/15/40 - 01/15/55 |  | (559)<br>| (452797)<br>|
| 2.50%, 01/20/41 - 01/15/55 |  | (51)<br>| (44515)<br>|
| 3.00%, 01/20/41 - 01/14/56 |  | (34)<br>| (30921)<br>|
| 3.50%, 01/15/40 - 01/14/56 |  | (91803)<br>| (84864687)<br>|
| **Total TBA Sale Commitments — (9.5)%** <br>**(Proceeds: $(85454694))** | **Total TBA Sale Commitments — (9.5)%** <br>**(Proceeds: $(85454694))** | **Total TBA Sale Commitments — (9.5)%** <br>**(Proceeds: $(85454694))** | (86230393)<br>|
| **Options Written — (0.1)%** <br>**(Premiums Received: $(2294997))** | **Options Written — (0.1)%** <br>**(Premiums Received: $(2294997))** | **Options Written — (0.1)%** <br>**(Premiums Received: $(2294997))** | (1735295)<br>|
| **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 110.0%** <br>**(Cost: $986,313,931)** | **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 110.0%** <br>**(Cost: $986,313,931)** | **Total Investments, Net of TBA Sale Commitments and** <br>**Options Written — 110.0%** <br>**(Cost: $986,313,931)** | 997548997 |
| **Liabilities in Excess of Other Assets — (10.0)%** | **Liabilities in Excess of Other Assets — (10.0)%** | **Liabilities in Excess of Other Assets — (10.0)%** | (90913851)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $906635146 |

---

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

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

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

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

<sup>(f)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $3,789,606, representing 0.4% of its net assets as of period end, and an original cost of $2,280,445. 

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

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

<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> Convertible security.

<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> Perpetual security with no stated maturity date.

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

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

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

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

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

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 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>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| &nbsp;&nbsp; $27049345 | $— | $(22770630 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $4278715 | 4278715 | $623303 | $— |
| 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 ETF | &nbsp;&nbsp; 1576646 | 1599068 | (875812)<br>| &nbsp;&nbsp; (51633)<br>| (346922)<br>| 1901347 | 38295 |  |  |
| iShares Broad USD High Yield Corporate Bond <br> ETF<sup>(b)</sup><br>| &nbsp;&nbsp; 3412787 | 2044900 | (5444953)<br>| &nbsp;&nbsp; (38460)<br>| 25726 |  |  | 50949 |  |
| iShares China Large-Cap ETF | &nbsp;&nbsp; — | 1280269 | (968033)<br>| &nbsp;&nbsp; 34590 | 3068 | 349894 | 9138 | 3802 |  |
| iShares Ethereum Trust ETF | &nbsp;&nbsp; — | 522116 |  | &nbsp;&nbsp; — | (154264)<br>| 367852 | 16400 |  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 1218131 | 30974723 | (20357722)<br>| &nbsp;&nbsp; 140126 | 18454 | 11993712 | 148750 | 304474 |  |
| iShares iBoxx $ Investment Grade Corporate Bond <br> ETF<br>| &nbsp;&nbsp; — | 11937258 |  | &nbsp;&nbsp; — | (69795)<br>| 11867463 | 107700 | 47007 |  |
| iShares JP Morgan USD Emerging Markets Bond <br> ETF<br>| &nbsp;&nbsp; 1586159 |  |  | &nbsp;&nbsp; — | 128973 | 1715132 | 17814 | 85367 |  |
| 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; — | 45244 | 155228 | 4886 | 8053 |  |
| iShares MSCI Emerging Markets ETF<sup>(b)</sup> | &nbsp;&nbsp; 549849 |  | (588779)<br>| &nbsp;&nbsp; 24225 | 14705 |  |  |  |  |
| iShares Russell 2000 ETF<sup>(b)</sup> | &nbsp;&nbsp; 105177 |  | (115623)<br>| &nbsp;&nbsp; 43712 | (33266)<br>|  |  | 815 |  |
| iShares Russell Mid-Cap Growth ETF<sup>(b)</sup> | &nbsp;&nbsp; 130933 |  | (124277)<br>| &nbsp;&nbsp; 25799 | (32455)<br>|  |  | 102 |  |
|  |  |  |  | &nbsp;&nbsp; $157237 | $(345652)<br>| $32629343 |  | $1134278 | $— |

---

&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.

**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; 202 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; $28530 | &nbsp;&nbsp;&nbsp;&nbsp; $(43019)<br>|
| Euro OAT | &nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 38122 | &nbsp;&nbsp;&nbsp;&nbsp; (79679)<br>|
| Short Term Euro BTP | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp;&nbsp; (1172)<br>|
| 10-Year Japanese Government Treasury Bonds | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 03/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 41420 | &nbsp;&nbsp;&nbsp;&nbsp; (279605)<br>|
| 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 6357 | &nbsp;&nbsp;&nbsp;&nbsp; (6395)<br>|
| 3-Year Australian Treasury Bonds | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8969 | &nbsp;&nbsp;&nbsp;&nbsp; (5569)<br>|
| 10-Year Canadian Bond | &nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 21318 | &nbsp;&nbsp;&nbsp;&nbsp; (275447)<br>|
| Euro Stoxx 50 Index | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp;&nbsp; 7377 |
| Euro Stoxx Banks Index | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 579 | &nbsp;&nbsp;&nbsp;&nbsp; 13509 |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 2091 |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 9164 | &nbsp;&nbsp;&nbsp;&nbsp; 43872 |
| Long Gilt | &nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 14040 | &nbsp;&nbsp;&nbsp;&nbsp; 85769 |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 36538 | &nbsp;&nbsp;&nbsp;&nbsp; 1959 |
| 30-Day Federal Funds | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 07/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1612 | &nbsp;&nbsp;&nbsp;&nbsp; 911 |
| 3-Month SOFR | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 09/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8219 | &nbsp;&nbsp;&nbsp;&nbsp; 4628 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (530770)<br>|
| Short Contracts  |  |  |  |  |
| 30-Year Euro Buxl Bond | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp;&nbsp; 14384 |
| Euro BOBL | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 26893 | &nbsp;&nbsp;&nbsp;&nbsp; 105468 |
| Euro Bund | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 10794 | &nbsp;&nbsp;&nbsp;&nbsp; 69599 |
| Euro-Schatz | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 13428 | &nbsp;&nbsp;&nbsp;&nbsp; 7858 |
| Nikkei 225 Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp; 4265 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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>|
| Short Contracts (continued) |  |  |  |  |
| 3-Month SOFR | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; $43821 | &nbsp;&nbsp;&nbsp;&nbsp; $(105081)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 778 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 87476 | &nbsp;&nbsp;&nbsp;&nbsp; 180531 |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 8971 | &nbsp;&nbsp;&nbsp;&nbsp; 8178 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1499 | &nbsp;&nbsp;&nbsp;&nbsp; 40282 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 16887 | &nbsp;&nbsp;&nbsp;&nbsp; 2596 |
| U.S. Long Bond | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 809 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 11918 | &nbsp;&nbsp;&nbsp;&nbsp; 21951 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 1127 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 123186 | &nbsp;&nbsp;&nbsp;&nbsp; 29030 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 379870 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(150900)<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>|
| AUD | 3880000 | USD | 2566360 | JPMorgan Chase Bank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22958 |
| AUD | 1820000 | USD | 1208182 | Westpac Banking Corp. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6396 |
| BRL | 122419 | USD | 22248 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| BRL | 495240 | USD | 90004 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
| BRL | 2896489 | USD | 526405 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2176 |
| BRL | 3611116 | USD | 648956 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10037 |
| BRL | 28600095 | USD | 5197749 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21484 |
| BRL | 38796103 | USD | 7050760 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29144 |
| BRL | 44013394 | USD | 7884173 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147835 |
| BRL | 3611116 | USD | 656280 | Deutsche Bank AG | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2713 |
| BRL | 15413299 | USD | 2801196 | Deutsche Bank AG | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11578 |
| BRL | 975371 | USD | 177263 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733 |
| BRL | 4920447 | USD | 894237 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3696 |
| CAD | 120000 | USD | 87231 | Bank of America N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 |
| CAD | 750000 | USD | 538409 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8096 |
| CAD | 1963000 | USD | 1402978 | Natwest Markets PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27408 |
| CNH | 3600000 | USD | 511038 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5032 |
| CNH | 219719600 | USD | 31486888 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10517 |
| CZK | 14200000 | USD | 679970 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10781 |
| EGP | 8716440 | USD | 182581 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 |
| EGP | 8716440 | USD | 182497 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 |
| EGP | 11999996 | USD | 251361 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 |
| EGP | 11999996 | USD | 251245 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 |
| EUR | 150000 | JPY | 27043317 | Commonwealth Bank of Australia | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3634 |
| EUR | 70219261 | USD | 81398926 | Bank of America N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1122749 |
| EUR | 1130000 | USD | 1321651 | JPMorgan Chase Bank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6325 |
| EUR | 190000 | USD | 222974 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 |
| EUR | 2000000 | USD | 2337375 | Standard Chartered Bank | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13025 |
| EUR | 4070000 | USD | 4745843 | The Bank of New York Mellon | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37221 |
| EUR | 500000 | USD | 584426 | Toronto-Dominion Bank | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3174 |
| GBP | 780000 | USD | 1043584 | Bank of America N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7817 |
| GBP | 70000 | USD | 93570 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 |
| GBP | 4586784 | USD | 6172389 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10368 |
| GBP | 100000 | USD | 133916 | Wells Fargo Bank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879 |
| HKD | 1453000 | USD | 186655 | Societe Generale | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| HUF | 200000000 | USD | 611205 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| MXN | 6900000 | USD | 376457 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6716 |
| MXN | 258070000 | USD | 14025168 | Societe Generale | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306083 |
| NZD | 140000 | USD | 80072 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 |
| PLN | 984000 | USD | 268339 | Canadian Imperial Bank of Commerce | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5755 |
| PLN | 1800000 | USD | 496350 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5043 |
| SEK | 4156000 | USD | 439116 | Goldman Sachs International | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12304 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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>|
| THB | 98740000 | USD | 3119205 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14901 |
| THB | 101989995 | USD | 3170000 | Societe Generale | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67264 |
| TRY | 47470000 | USD | 1087205 | Goldman Sachs International | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18755 |
| USD | 5280648 | BRL | 28600095 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61414 |
| USD | 676188 | BRL | 3611116 | Deutsche Bank AG | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17195 |
| USD | 2886169 | BRL | 15413299 | Deutsche Bank AG | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73395 |
| USD | 179000 | BRL | 975371 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004 |
| USD | 903000 | BRL | 4920447 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5067 |
| USD | 1798178 | CAD | 2463000 | Toronto-Dominion Bank | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3455 |
| USD | 82024714 | EUR | 69789261 | JPMorgan Chase Bank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8375 |
| USD | 105878 | EUR | 90000 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| USD | 141105 | EUR | 120000 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| USD | 752330 | EUR | 640000 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| USD | 3026201 | EUR | 2570000 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5937 |
| USD | 3549449 | EUR | 3020000 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 |
| USD | 176354 | EUR | 150000 | Toronto-Dominion Bank | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| USD | 59151 | HKD | 460000 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| USD | 127707 | HKD | 993000 | Natwest Markets PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| USD | 6232643 | JPY | 971560000 | Bank of America N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30141 |
| USD | 405045 | JPY | 62950000 | Canadian Imperial Bank of Commerce | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3168 |
| USD | 12080693 | JPY | 1874903000 | Societe Generale | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111190 |
| USD | 48405 | MXN | 870000 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| USD | 13858590 | MXN | 249090000 | UBS AG | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26020 |
| USD | 80820 | NZD | 140000 | Deutsche Bank AG | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 |
| USD | 775591 | PLN | 2784000 | Goldman Sachs International | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| USD | 452013 | SEK | 4156000 | Goldman Sachs International | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 |
| ZAR | 8500000 | USD | 497403 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15883 |
| USD | 662562 | BRL | 3573641 | Goldman Sachs International | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11931 |
| USD | 929111 | INR | 82730831 | Nomura International PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9550 |
| AUD | 136518 | NZD | 156007 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258 |
| AUD | 819000 | USD | 541052 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5547 |
| AUD | 2953000 | USD | 1950827 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20002 |
| AUD | 273000 | USD | 179214 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2986 |
| AUD | 285734 | USD | 187665 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3034 |
| CHF | 6349 | USD | 8000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| CHF | 142571 | USD | 179000 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1167 |
| CHF | 539222 | USD | 677000 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4415 |
| CHF | 211371 | USD | 265000 | UBS AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2110 |
| CHF | 389201 | USD | 487967 | UBS AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3867 |
| CLP | 165041600 | USD | 178000 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5292 |
| CLP | 622151200 | USD | 671000 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19950 |
| CLP | 165515080 | USD | 178000 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5818 |
| CLP | 1373217248 | USD | 1476800 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48270 |
| CLP | 124355000 | USD | 133000 | Standard Chartered Bank | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5106 |
| CLP | 247242000 | USD | 267000 | UBS AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7583 |
| CLP | 833400000 | USD | 900000 | UBS AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25559 |
| CNH | 7496846 | USD | 1057420 | Canadian Imperial Bank of Commerce | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17890 |
| CNH | 49534559 | USD | 6987275 | Canadian Imperial Bank of Commerce | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117714 |
| CZK | 16969607 | USD | 814070 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11535 |
| CZK | 106861694 | USD | 5126390 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72647 |
| EUR | 548000 | HUF | 210648022 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608 |
| EUR | 610000 | USD | 717154 | JPMorgan Chase Bank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| EUR | 1813000 | USD | 2131475 | JPMorgan Chase Bank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 |
| EUR | 186962 | USD | 216869 | State Street Bank and Trust Co. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2953 |
| GBP | 254110 | USD | 333226 | Commonwealth Bank of Australia | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9298 |
| HUF | 110643573 | USD | 333770 | State Street Bank and Trust Co. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4339 |
| HUF | 1027484241 | USD | 3099346 | State Street Bank and Trust Co. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40482 |
| IDR | 10993393359 | USD | 655930 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2567 |
| IDR | 138393721094 | USD | 8257377 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32309 |
| KRW | 260301933 | USD | 178000 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2332 |
| KRW | 1231315885 | USD | 842000 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11029 |
| MXN | 26023873 | USD | 1412179 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31643 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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>|
| MXN | 159121700 | USD | 8635259 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $192918 |
| MXN | 4854552 | USD | 268000 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1334 |
| MXN | 12245064 | USD | 676000 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3364 |
| MYR | 3060949 | USD | 738450 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16524 |
| MYR | 36189356 | USD | 8730635 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195366 |
| PEN | 748695 | USD | 222000 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658 |
| PEN | 3023446 | USD | 896500 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2657 |
| PHP | 10514958 | USD | 178000 | Societe Generale | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386 |
| PHP | 49680225 | USD | 841000 | Societe Generale | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1822 |
| PLN | 585418 | USD | 160170 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2891 |
| PLN | 15861811 | USD | 4339687 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78435 |
| PLN | 645652 | USD | 177000 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2839 |
| PLN | 3272032 | USD | 897000 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14386 |
| RON | 5674787 | USD | 1286120 | Goldman Sachs International | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22639 |
| THB | 5693990 | USD | 179000 | Nomura International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1835 |
| THB | 21535370 | USD | 677000 | Nomura International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6941 |
| THB | 26954990 | USD | 833230 | Standard Chartered Bank | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22833 |
| THB | 288067755 | USD | 8904722 | Standard Chartered Bank | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244013 |
| USD | 178000 | COP | 674264000 | Societe Generale | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
| USD | 67559 | EUR | 57250 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247 |
| USD | 282330 | EUR | 239250 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| USD | 269000 | JPY | 41861876 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1530 |
| USD | 1128000 | JPY | 175539766 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6417 |
| USD | 267000 | JPY | 41529527 | Natwest Markets PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1654 |
| USD | 1138000 | THB | 35807170 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801 |
| ZAR | 3058671 | USD | 179000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5585 |
| ZAR | 11568271 | USD | 677000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21122 |
| ZAR | 23443549 | USD | 1359540 | UBS AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55232 |
| ZAR | 117786722 | USD | 6830732 | UBS AG | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277465 |
| EUR | 15846 | USD | 18554 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| EUR | 20071 | USD | 23502 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| EUR | 107266 | USD | 124770 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1354 |
| EUR | 110839 | USD | 128926 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400 |
| EUR | 126770 | USD | 147457 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1601 |
| EUR | 227021 | USD | 264067 | Natwest Markets PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2867 |
| EUR | 2997 | USD | 3483 | The Bank of New York Mellon | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| EUR | 33967 | USD | 39468 | The Bank of New York Mellon | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 |
| EUR | 99727 | USD | 115880 | The Bank of New York Mellon | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1381 |
| EUR | 108427 | USD | 125989 | The Bank of New York Mellon | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1501 |
| EUR | 57970 | USD | 67288 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874 |
| EGP | 7580267 | USD | 156470 | Citibank N.A. | 01/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1667 |
| EGP | 27134373 | USD | 560101 | Citibank N.A. | 01/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5969 |
| JPY | 11499966 | USD | 73370 | Morgan Stanley & Co. International PLC | 01/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 |
| USD | 61277 | HKD | 476403 | Morgan Stanley & Co. International PLC | 01/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| USD | 3989 | HKD | 31006 | UBS AG | 01/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| USD | 74327 | JPY | 11499966 | Morgan Stanley & Co. International PLC | 01/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811 |
| USD | 218474 | JPY | 33847468 | UBS AG | 01/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2097 |
| AUD | 39793 | USD | 26456 | BNP Paribas SA | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| AUD | 30000 | USD | 19637 | Natwest Markets PLC | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 |
| CLP | 38745300 | USD | 41662 | Morgan Stanley & Co. International PLC | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1384 |
| MXN | 579000 | USD | 31398 | JPMorgan Chase Bank N.A. | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703 |
| PEN | 83100 | USD | 24611 | Goldman Sachs International | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| USD | 29063 | COP | 110275967 | Goldman Sachs International | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 |
| USD | 5922 | TWD | 179700 | State Street Bank and Trust Co. | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 |
| ZAR | 290995 | USD | 17193 | Natwest Markets PLC | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| ARS | 43177500 | USD | 28500 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407 |
| ARS | 49418370 | USD | 31986 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1099 |
| ARS | 87210000 | USD | 57000 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1386 |
| ARS | 23666500 | USD | 14300 | Goldman Sachs International | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1544 |
| MXN | 27375265 | USD | 1515608 | Goldman Sachs International | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1554 |
| PEN | 4048034 | USD | 1198849 | Goldman Sachs International | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4556 |
| PLN | 15306818 | USD | 4224892 | Deutsche Bank AG | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38283 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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 | 14604115 | USD | 333040 | Barclays Bank PLC | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1777 |
| MYR | 972227 | USD | 234526 | Barclays Bank PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5419 |
| MYR | 24751 | USD | 6019 | Morgan Stanley & Co. International PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| MYR | 161651 | USD | 39413 | Morgan Stanley & Co. International PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483 |
| MYR | 339875 | USD | 82866 | Morgan Stanley & Co. International PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| MYR | 354374 | USD | 86327 | Morgan Stanley & Co. International PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1132 |
| MYR | 745077 | USD | 181505 | Morgan Stanley & Co. International PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2380 |
| USD | 5743219 | COP | 21534200875 | Citibank N.A. | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109220 |
| USD | 1107392 | INR | 98311931 | UBS AG | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15894 |
| NGN | 144331791 | USD | 97182 | Morgan Stanley & Co. International PLC | 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2668 |
| NGN | 499695843 | USD | 336457 | Morgan Stanley & Co. International PLC | 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9238 |
| BRL | 123321 | USD | 22000 | Barclays Bank PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 |
| BRL | 498889 | USD | 89000 | Barclays Bank PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356 |
| BRL | 2917831 | USD | 520530 | Barclays Bank PLC | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7931 |
| BRL | 39082426 | USD | 6949593 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128799 |
| CZK | 14200000 | USD | 689878 | Toronto-Dominion Bank | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206 |
| EUR | 150000 | JPY | 27571062 | HSBC Bank PLC | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| HUF | 172690000 | USD | 526363 | HSBC Bank PLC | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 |
| THB | 100313065 | USD | 3170000 | Deutsche Bank AG | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19723 |
| TRY | 47470000 | USD | 1077128 | HSBC Bank PLC | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3713 |
| USD | 180904 | AUD | 270000 | Societe Generale | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689 |
| USD | 7678313 | AUD | 11477071 | State Street Bank and Trust Co. | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17795 |
| USD | 88588 | EUR | 75000 | HSBC Bank PLC | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 |
| USD | 54033 | GBP | 40000 | State Street Bank and Trust Co. | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 |
| USD | 67184 | JPY | 10440000 | Deutsche Bank AG | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| USD | 181299 | JPY | 28185000 | Deutsche Bank AG | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 898 |
| USD | 15873770 | JPY | 2479413000 | HSBC Bank PLC | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4065 |
| USD | 189936 | NOK | 1910000 | Canadian Imperial Bank of Commerce | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434 |
| USD | 163746 | SGD | 210000 | HSBC Bank PLC | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| USD | 66360 | ZAR | 1100000 | State Street Bank and Trust Co. | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| MXN | 2225826 | USD | 122874 | Goldman Sachs International | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| USD | 270583 | EUR | 229497 | Deutsche Bank AG | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| USD | 603586 | IDR | 10083380574 | Morgan Stanley & Co. International PLC | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459 |
| TRY | 267000 | USD | 5841 | Goldman Sachs International | 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| AUD | 25302810 | USD | 16845852 | Natwest Markets PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41380 |
| BRL | 605035 | USD | 108470 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| BRL | 24000000 | USD | 4302695 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3814 |
| CAD | 1931383 | USD | 1406034 | Wells Fargo Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5699 |
| CAD | 6131197 | USD | 4463470 | Wells Fargo Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18090 |
| CAD | 23654050 | USD | 17220000 | Wells Fargo Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69780 |
| CHF | 473073 | USD | 600000 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1785 |
| CNH | 10643 | AUD | 2278 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| CNH | 24295 | JPY | 534673 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| CNH | 128435000 | USD | 18304073 | Canadian Imperial Bank of Commerce | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185926 |
| CNH | 35661852 | USD | 5082313 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51705 |
| CNH | 113990000 | USD | 16245172 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165269 |
| CNH | 138863549 | USD | 19790000 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201333 |
| COP | 3000000000 | USD | 764682 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10271 |
| CZK | 10949917 | USD | 530000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3242 |
| DKK | 2536228 | USD | 400000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729 |
| DKK | 7306228 | USD | 1152293 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2106 |
| EUR | 3605000 | USD | 4242134 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8747 |
| GBP | 5559710 | EUR | 6322998 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36997 |
| INR | 58281545 | USD | 640541 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3682 |
| INR | 463550000 | USD | 5094628 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29285 |
| INR | 137439546 | USD | 1516621 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2586 |
| KRW | 879174000 | USD | 600000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10420 |
| KRW | 2045905000 | USD | 1396246 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24247 |
| MXN | 24760317 | USD | 1343756 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21516 |
| MXN | 168691717 | USD | 9188364 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113220 |
| NOK | 19201994 | USD | 1900000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4506 |
| PLN | 6395016 | USD | 1770000 | Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10643 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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>|
| SEK | 33533764 | USD | 3646000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10215 |
| SGD | 2313175 | USD | 1800000 | Canadian Imperial Bank of Commerce | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8076 |
| TRY | 1008345 | USD | 22000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 |
| USD | 525260 | EUR | 444616 | The Bank of New York Mellon | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 |
| USD | 57974 | HKD | 450000 | Natwest Markets PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| USD | 4340000 | JPY | 670380704 | Natwest Markets PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33671 |
| USD | 17994216 | JPY | 2779206843 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141406 |
| USD | 1017920 | PHP | 60224195 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 |
| USD | 552542 | PHP | 32600000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1787 |
| ZAR | 23043044 | USD | 1343756 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40675 |
| ZAR | 133953089 | USD | 7857311 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190621 |
| IDR | 2131768098 | USD | 126726 | Royal Bank of Canada | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667 |
| IDR | 16000000000 | USD | 953780 | Royal Bank of Canada | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2371 |
| USD | 434976 | IDR | 7277148480 | JPMorgan Chase Bank N.A. | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| USD | 968137 | IDR | 16196930000 | JPMorgan Chase Bank N.A. | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| USD | 1578511 | IDR | 26408489030 | JPMorgan Chase Bank N.A. | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354 |
| USD | 3280319 | BRL | 18336000 | Deutsche Bank AG | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2910 |
| USD | 2199993 | BRL | 12217000 | JPMorgan Chase Bank N.A. | 04/02/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16304 |
| MXN | 102662000 | USD | 5451873 | Morgan Stanley & Co. International PLC | 08/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117636 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6063934 |
| AUD | 11477071 | USD | 7676898 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17674)<br>|
| BRL | 119781 | USD | 22000 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (141)<br>|
| BRL | 2337175 | USD | 431530 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5019)<br>|
| BRL | 33983321 | USD | 6274593 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72974)<br>|
| BRL | 483377 | USD | 89000 | BNP Paribas SA | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (789)<br>|
| BRL | 1461672 | USD | 268000 | BNP Paribas SA | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1259)<br>|
| BRL | 3686904 | USD | 676000 | BNP Paribas SA | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3177)<br>|
| BRL | 4823986 | USD | 902000 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21670)<br>|
| EUR | 6800000 | USD | 8007816 | BNP Paribas SA | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16456)<br>|
| EUR | 330000 | USD | 387965 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (149)<br>|
| JPY | 27607560 | EUR | 150000 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
| JPY | 2479413000 | USD | 15830268 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1533)<br>|
| JPY | 430000000 | USD | 2775082 | Toronto-Dominion Bank | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29933)<br>|
| NOK | 1910000 | USD | 189914 | Canadian Imperial Bank of Commerce | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (430)<br>|
| SGD | 210000 | USD | 163418 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45)<br>|
| USD | 53188 | AUD | 80000 | Bank of America N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200)<br>|
| USD | 2459049 | AUD | 3720000 | Bank of America N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23493)<br>|
| USD | 8655067 | AUD | 13257071 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (192040)<br>|
| USD | 78345 | AUD | 120000 | UBS AG | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1737)<br>|
| USD | 21769 | BRL | 119781 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90)<br>|
| USD | 22000 | BRL | 122419 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (340)<br>|
| USD | 89000 | BRL | 495241 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1376)<br>|
| USD | 424756 | BRL | 2337175 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1756)<br>|
| USD | 520530 | BRL | 2896489 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8051)<br>|
| USD | 656280 | BRL | 3611116 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2713)<br>|
| USD | 6176091 | BRL | 33983321 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25528)<br>|
| USD | 87848 | BRL | 483377 | BNP Paribas SA | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (363)<br>|
| USD | 265643 | BRL | 1461672 | BNP Paribas SA | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1098)<br>|
| USD | 670054 | BRL | 3686904 | BNP Paribas SA | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2770)<br>|
| USD | 6949593 | BRL | 38796103 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130311)<br>|
| USD | 7998945 | BRL | 44013394 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33063)<br>|
| USD | 876706 | BRL | 4823986 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3624)<br>|
| USD | 268282 | CAD | 370000 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1327)<br>|
| USD | 31660821 | CNH | 223319600 | Barclays Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (352654)<br>|
| USD | 689541 | CZK | 14200000 | Toronto-Dominion Bank | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1209)<br>|
| USD | 173669 | EGP | 8716440 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9066)<br>|
| USD | 182497 | EGP | 8716440 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (238)<br>|
| USD | 239091 | EGP | 11999996 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12481)<br>|
| USD | 251245 | EGP | 11999996 | Citibank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (327)<br>|
| USD | 81688 | EUR | 70000 | Bank of America N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (576)<br>|
| USD | 256374 | EUR | 220000 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2170)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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 | 93816 | EUR | 80000 | Natwest Markets PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(200)<br>|
| USD | 164121 | EUR | 140000 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (407)<br>|
| USD | 256532 | EUR | 220000 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2012)<br>|
| USD | 7839611 | EUR | 6680000 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10725)<br>|
| USD | 547782 | EUR | 470000 | Wells Fargo Bank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4562)<br>|
| USD | 1143444 | EUR | 980000 | Wells Fargo Bank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8252)<br>|
| USD | 52800 | GBP | 40000 | Morgan Stanley & Co. International PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1118)<br>|
| USD | 120538 | GBP | 90000 | Royal Bank of Canada | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (777)<br>|
| USD | 120497 | GBP | 90000 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (819)<br>|
| USD | 7026306 | GBP | 5316784 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (140456)<br>|
| USD | 527479 | HUF | 172690000 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (578)<br>|
| USD | 82707 | HUF | 27310000 | Natwest Markets PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (803)<br>|
| USD | 44803 | MXN | 820000 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (733)<br>|
| USD | 111402 | MXN | 2030000 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1329)<br>|
| USD | 674635 | MXN | 12160000 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (639)<br>|
| USD | 187798 | NOK | 1910000 | JPMorgan Chase Bank N.A. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1686)<br>|
| USD | 162250 | SGD | 210000 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1123)<br>|
| USD | 3170000 | THB | 100297215 | Deutsche Bank AG | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13533)<br>|
| USD | 3070589 | THB | 98740000 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63517)<br>|
| USD | 1102433 | TRY | 47470000 | HSBC Bank PLC | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3527)<br>|
| USD | 383292 | ZAR | 6450000 | Deutsche Bank AG | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6201)<br>|
| USD | 183588 | ZAR | 3150000 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6629)<br>|
| ZAR | 1100000 | USD | 66500 | State Street Bank and Trust Co. | 01/05/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75)<br>|
| USD | 167545 | CLP | 157423607 | Morgan Stanley & Co. International PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7278)<br>|
| USD | 936726 | CNH | 6646577 | Goldman Sachs International | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16568)<br>|
| USD | 335089 | COP | 1271957633 | Goldman Sachs International | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (258)<br>|
| USD | 472171 | CZK | 9916838 | Citibank N.A. | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10295)<br>|
| USD | 213238 | HUF | 71067875 | Barclays Bank PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3949)<br>|
| USD | 936726 | IDR | 15680793240 | Morgan Stanley & Co. International PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2574)<br>|
| USD | 936726 | MXN | 17346105 | BNP Paribas SA | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25742)<br>|
| USD | 936726 | MYR | 3889286 | Barclays Bank PLC | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22506)<br>|
| USD | 167545 | PEN | 565916 | BNP Paribas SA | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (761)<br>|
| USD | 677793 | PLN | 2487756 | Citibank N.A. | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15147)<br>|
| USD | 837723 | THB | 27015360 | Citibank N.A. | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20205)<br>|
| USD | 662562 | ZAR | 11430668 | Goldman Sachs International | 01/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27307)<br>|
| COP | 1228138717 | GBP | 250100 | BNP Paribas SA | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13517)<br>|
| COP | 338311876 | USD | 90160 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1018)<br>|
| COP | 11885487349 | USD | 3167478 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35772)<br>|
| EUR | 774000 | USD | 910183 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147)<br>|
| EUR | 540000 | USD | 635082 | Standard Chartered Bank | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (173)<br>|
| HUF | 221351920 | USD | 677000 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (584)<br>|
| INR | 70517623 | USD | 794520 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10779)<br>|
| INR | 806942247 | USD | 9091795 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123343)<br>|
| JPY | 13864481 | NZD | 156000 | BNP Paribas SA | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1265)<br>|
| JPY | 41815889 | USD | 268000 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (824)<br>|
| JPY | 89224655 | USD | 571845 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1759)<br>|
| JPY | 86501173 | USD | 556155 | State Street Bank and Trust Co. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3470)<br>|
| NZD | 156917 | AUD | 136518 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (734)<br>|
| NZD | 156000 | JPY | 14141382 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (505)<br>|
| PLN | 959570 | USD | 267838 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (561)<br>|
| PLN | 961828 | USD | 268000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94)<br>|
| PLN | 3224385 | USD | 900000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1885)<br>|
| PLN | 4044702 | USD | 1127000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (396)<br>|
| USD | 269383 | AUD | 406000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1581)<br>|
| USD | 680093 | AUD | 1025000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3991)<br>|
| USD | 185416 | AUD | 285734 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5282)<br>|
| USD | 179000 | CHF | 142112 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (587)<br>|
| USD | 685000 | CHF | 543838 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2248)<br>|
| USD | 265000 | CHF | 211980 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2879)<br>|
| USD | 487967 | CHF | 390336 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5300)<br>|
| USD | 179000 | COP | 695594000 | Societe Generale | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4282)<br>|
| USD | 676000 | COP | 2626936000 | Societe Generale | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16171)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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 | 102655 | EUR | 88292 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1155)<br>|
| USD | 268260 | EUR | 229000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (988)<br>|
| USD | 164750 | EUR | 141708 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1864)<br>|
| USD | 1840293 | EUR | 1586465 | Morgan Stanley & Co. International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25004)<br>|
| USD | 135396 | GBP | 101206 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1024)<br>|
| USD | 227085 | GBP | 169794 | JPMorgan Chase Bank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1787)<br>|
| USD | 267838 | HUF | 87944607 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (907)<br>|
| USD | 900000 | HUF | 295515000 | Barclays Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3047)<br>|
| USD | 444000 | PEN | 1499210 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1857)<br>|
| USD | 1793000 | PEN | 6054244 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7501)<br>|
| USD | 59333 | PHP | 3516074 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (317)<br>|
| USD | 280333 | PHP | 16612534 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1497)<br>|
| USD | 266000 | SGD | 345624 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3070)<br>|
| USD | 840000 | SGD | 1091436 | HSBC Bank PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9689)<br>|
| USD | 145800 | TRY | 6460762 | Nomura International PLC | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3582)<br>|
| USD | 178000 | ZAR | 3107871 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9554)<br>|
| USD | 671000 | ZAR | 11715626 | Bank of America N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36015)<br>|
| USD | 179000 | ZAR | 3060077 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5670)<br>|
| USD | 903000 | ZAR | 15437146 | Citibank N.A. | 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28601)<br>|
| USD | 101795 | EUR | 87095 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (613)<br>|
| USD | 116739 | EUR | 99881 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (703)<br>|
| USD | 117524 | EUR | 100554 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (709)<br>|
| USD | 124833 | EUR | 106796 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (739)<br>|
| USD | 125222 | EUR | 107142 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (757)<br>|
| USD | 128715 | EUR | 110128 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (775)<br>|
| USD | 199938 | EUR | 171067 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1204)<br>|
| USD | 65572 | EUR | 56098 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (389)<br>|
| USD | 103605 | EUR | 88652 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (633)<br>|
| USD | 340298 | EUR | 291184 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2080)<br>|
| USD | 5575489 | MXN | 102662000 | Morgan Stanley & Co. International PLC | 01/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117476)<br>|
| JPY | 13408438 | USD | 86325 | Morgan Stanley & Co. International PLC | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (601)<br>|
| JPY | 1987000 | USD | 12951 | Natwest Markets PLC | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (247)<br>|
| USD | 68400 | CNH | 481300 | Goldman Sachs International | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (665)<br>|
| USD | 216464 | EUR | 184056 | Wells Fargo Bank N.A. | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>|
| USD | 891 | GBP | 667 | Wells Fargo Bank N.A. | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| USD | 11229 | HUF | 3691000 | Toronto-Dominion Bank | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44)<br>|
| USD | 18836 | MXN | 341400 | HSBC Bank PLC | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92)<br>|
| USD | 24613 | PEN | 83100 | Morgan Stanley & Co. International PLC | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95)<br>|
| ARS | 76617046 | USD | 51979 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (685)<br>|
| ARS | 388366572 | USD | 263478 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3473)<br>|
| ARS | 4855629 | USD | 3261 | JPMorgan Chase Bank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| ARS | 24616148 | USD | 16532 | JPMorgan Chase Bank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52)<br>|
| ARS | 47290640 | USD | 31760 | JPMorgan Chase Bank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100)<br>|
| ARS | 239714110 | USD | 160990 | JPMorgan Chase Bank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (506)<br>|
| USD | 87000 | ARS | 143898000 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9337)<br>|
| USD | 125456 | ARS | 195711360 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5569)<br>|
| USD | 153787 | ARS | 239907720 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6827)<br>|
| USD | 413645 | PEN | 1392329 | Citibank N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (268)<br>|
| USD | 733462 | PHP | 43459822 | Bank of America N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2818)<br>|
| USD | 734097 | PHP | 43468100 | Bank of America N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2323)<br>|
| USD | 1326629 | PHP | 78633305 | Bank of America N.A. | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5546)<br>|
| USD | 82018 | TRY | 3596571 | Barclays Bank PLC | 01/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (438)<br>|
| USD | 1871092 | CNH | 13255514 | HSBC Bank PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31604)<br>|
| USD | 1944188 | CZK | 40538692 | Deutsche Bank AG | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28487)<br>|
| USD | 1205847 | HUF | 399712280 | Natwest Markets PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14612)<br>|
| USD | 4526074 | IDR | 75849763862 | Citibank N.A. | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15437)<br>|
| USD | 1664397 | INR | 150952315 | Barclays Bank PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11535)<br>|
| USD | 13808650 | MXN | 256320300 | Citibank N.A. | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (395462)<br>|
| USD | 130449 | MYR | 540776 | Barclays Bank PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3014)<br>|
| USD | 499922 | MYR | 2057179 | Morgan Stanley & Co. International PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7788)<br>|
| USD | 2199155 | PEN | 7446777 | UBS AG | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14557)<br>|
| USD | 5645185 | PHP | 333675881 | Societe Generale | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7117)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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 | 11812051 | PLN | 43216871 | Morgan Stanley & Co. International PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(224392)<br>|
| USD | 2682106 | THB | 86790267 | JPMorgan Chase Bank N.A. | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (76278)<br>|
| USD | 4360564 | THB | 141103490 | JPMorgan Chase Bank N.A. | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (124013)<br>|
| USD | 26430 | TRY | 1180058 | HSBC Bank PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (603)<br>|
| USD | 290700 | UYU | 11655611 | Goldman Sachs International | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7818)<br>|
| USD | 11557218 | ZAR | 200626946 | Morgan Stanley & Co. International PLC | 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (539469)<br>|
| COP | 1015720000 | USD | 268000 | Citibank N.A. | 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2725)<br>|
| COP | 1735820000 | USD | 458000 | Citibank N.A. | 01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4657)<br>|
| USD | 7826412 | BRL | 44013394 | Citibank N.A. | 02/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145049)<br>|
| CAD | 2463000 | USD | 1800597 | Toronto-Dominion Bank | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3458)<br>|
| EUR | 69789261 | USD | 82142735 | JPMorgan Chase Bank N.A. | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9762)<br>|
| MXN | 249090000 | USD | 13818546 | UBS AG | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25907)<br>|
| NZD | 140000 | USD | 80914 | Deutsche Bank AG | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (217)<br>|
| PLN | 2784000 | USD | 775431 | Goldman Sachs International | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100)<br>|
| SEK | 4156000 | USD | 452728 | Goldman Sachs International | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (589)<br>|
| USD | 31545204 | CNH | 219719600 | HSBC Bank PLC | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8743)<br>|
| USD | 6172188 | GBP | 4586784 | State Street Bank and Trust Co. | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10331)<br>|
| USD | 186868 | HKD | 1453000 | Societe Generale | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33)<br>|
| USD | 3118082 | THB | 98740000 | Citibank N.A. | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21621)<br>|
| USD | 283217 | TRY | 12990496 | Barclays Bank PLC | 02/04/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12562)<br>|
| USD | 1640733 | COP | 6374494081 | Citibank N.A. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12938)<br>|
| USD | 1116639 | CZK | 23211923 | Goldman Sachs International | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13415)<br>|
| USD | 93050 | EUR | 79532 | Standard Chartered Bank | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (645)<br>|
| USD | 109257 | EUR | 93384 | Standard Chartered Bank | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (757)<br>|
| USD | 309314 | EUR | 264377 | Wells Fargo Bank N.A. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2144)<br>|
| USD | 347032 | EUR | 296616 | Wells Fargo Bank N.A. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2406)<br>|
| USD | 508854 | EUR | 434928 | Wells Fargo Bank N.A. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3527)<br>|
| USD | 171290 | INR | 15496573 | Goldman Sachs International | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (341)<br>|
| USD | 767625 | MXN | 13905550 | Toronto-Dominion Bank | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (665)<br>|
| USD | 281648 | PEN | 949917 | Barclays Bank PLC | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (440)<br>|
| USD | 162694 | PEN | 548360 | Citibank N.A. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147)<br>|
| USD | 1285859 | PLN | 4664952 | Deutsche Bank AG | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13163)<br>|
| USD | 1963214 | ZAR | 33539668 | State Street Bank and Trust Co. | 02/26/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54720)<br>|
| USD | 640133 | BRL | 3611116 | Barclays Bank PLC | 03/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10283)<br>|
| BRL | 9958130 | USD | 1791675 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4809)<br>|
| EUR | 1843672 | AUD | 3258535 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (775)<br>|
| JPY | 513069268 | AUD | 4988467 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33523)<br>|
| JPY | 3847554477 | EUR | 21166501 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243187)<br>|
| JPY | 8166750536 | USD | 52875952 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (415142)<br>|
| JPY | 1509457275 | USD | 9771664 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75353)<br>|
| NOK | 13643248 | CAD | 1854366 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2263)<br>|
| NZD | 283189 | USD | 165165 | Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1678)<br>|
| USD | 2171346 | AUD | 3261246 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5227)<br>|
| USD | 2790000 | AUD | 4190305 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6632)<br>|
| USD | 2390921 | BRL | 13336318 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2120)<br>|
| USD | 4386059 | BRL | 24465000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3888)<br>|
| USD | 8026 | CHF | 6328 | Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| USD | 1678830 | CNH | 11779696 | Natwest Markets PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17020)<br>|
| USD | 1967956 | CZK | 40654956 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11870)<br>|
| USD | 204480 | EUR | 173698 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (338)<br>|
| USD | 2708635 | EUR | 2301737 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5487)<br>|
| USD | 4650000 | EUR | 3951465 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9420)<br>|
| USD | 43246617 | EUR | 36750000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87612)<br>|
| USD | 57905368 | EUR | 49207625 | Natwest Markets PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118428)<br>|
| USD | 2198950 | GBP | 1642976 | Wells Fargo Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15295)<br>|
| USD | 4277464 | GBP | 3195991 | Wells Fargo Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29784)<br>|
| USD | 815852 | HUF | 269785000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5138)<br>|
| USD | 4175715 | INR | 379940000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24003)<br>|
| USD | 4298880 | INR | 391146493 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24711)<br>|
| USD | 1668823 | INR | 151594178 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6844)<br>|
| USD | 2104771 | KRW | 3084100000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36551)<br>|
| USD | 434976 | MXN | 7985909 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5363)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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 | 3350565 | MXN | 61509010 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(41013)<br>|
| USD | 21596941 | MXN | 396477505 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264646)<br>|
| USD | 3870343 | NOK | 39109662 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8659)<br>|
| USD | 588884 | PHP | 35112204 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4314)<br>|
| USD | 396627 | PLN | 1432744 | Natwest Markets PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2310)<br>|
| USD | 180816 | SEK | 1662911 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (492)<br>|
| USD | 302592 | THB | 9600000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3692)<br>|
| USD | 1532 | TRY | 70221 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18)<br>|
| USD | 434976 | ZAR | 7415297 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10537)<br>|
| USD | 2049530 | ZAR | 34938391 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49576)<br>|
| USD | 10330946 | ZAR | 176105830 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (249532)<br>|
| IDR | 26928247495 | USD | 1609578 | JPMorgan Chase Bank N.A. | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (361)<br>|
| USD | 574297 | IDR | 9619766485 | Bank of America N.A. | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (575)<br>|
| USD | 177199 | EGP | 8716440 | Citibank N.A. | 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (504)<br>|
| USD | 243952 | EGP | 11999996 | Citibank N.A. | 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (693)<br>|
| USD | 3365979 | HKD | 26000000 | Citibank N.A. | 12/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (412)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5643594)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $420340 |

---

**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  |  |  |  |  |  |  |  |
| InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 01/02/26 | USD | 609.00 | USD | 4914 | &nbsp;&nbsp;&nbsp; $47403 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 01/02/26 | USD | 690.00 | USD | 6887 | &nbsp;&nbsp;&nbsp; 253 |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 01/09/26 | USD | 693.00 | USD | 13638 | &nbsp;&nbsp;&nbsp; 15542 |
| Apple, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 280.00 | USD | 299 | &nbsp;&nbsp;&nbsp; 1309 |
| Boeing Co. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 235.00 | USD | 87 | &nbsp;&nbsp;&nbsp; 120 |
| Carrier Global Corp. | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 65.00 | USD | 232 | &nbsp;&nbsp;&nbsp; 330 |
| Euro Stoxx Banks | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 01/16/26 | EUR | 260.00 | EUR | 790 | &nbsp;&nbsp;&nbsp; 26971 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 870.00 | USD | 176 | &nbsp;&nbsp;&nbsp; 5630 |
| iShares Russell 2000 ETF | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 250.00 | USD | 1231 | &nbsp;&nbsp;&nbsp; 10356 |
| Netflix, Inc. | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 122.00 | USD | 169 | &nbsp;&nbsp;&nbsp; 45 |
| Vistra Corp. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 210.00 | USD | 226 | &nbsp;&nbsp;&nbsp; 84 |
| Walt Disney Co. | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 110.00 | USD | 102 | &nbsp;&nbsp;&nbsp; 4095 |
| Amazon.com, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 255.00 | USD | 323 | &nbsp;&nbsp;&nbsp; 5320 |
| Fifth Third Bancorp | &nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 50.00 | USD | 356 | &nbsp;&nbsp;&nbsp; 4560 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 865.00 | USD | 176 | &nbsp;&nbsp;&nbsp; 9205 |
| Rockwell Automation, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 410.00 | USD | 272 | &nbsp;&nbsp;&nbsp; 7630 |
| Tesla, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 480.00 | USD | 450 | &nbsp;&nbsp;&nbsp; 21125 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 200.00 | USD | 211 | &nbsp;&nbsp;&nbsp; 4323 |
| Citigroup, Inc. | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 03/20/26 | USD | 110.00 | USD | 222 | &nbsp;&nbsp;&nbsp; 20092 |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 03/20/26 | USD | 75.00 | USD | 97 | &nbsp;&nbsp;&nbsp; 4186 |
| United Airlines Holdings, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 03/20/26 | USD | 120.00 | USD | 112 | &nbsp;&nbsp;&nbsp; 6375 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $194954 |

---

**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* |
| Put  |  |  |  |  |  |  |  |  |  |  |
| USD Currency | Up-and-in | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 01/21/26 | JPY | 158.00 | JPY | 160.25 | USD | 1725 | &nbsp;&nbsp; $461 |
| USD Currency | One Touch | Bank of America N.A. | 01/22/26 | INR | 87.00 | INR | 87.00 | USD | 8 | &nbsp;&nbsp; 44 |
| USD Currency | One Touch | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 01/27/26 | CAD | 1.36 | CAD | 1.36 | USD | 151 | &nbsp;&nbsp; 36320 |
| USD Currency | One Touch | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 01/28/26 | INR | 87.00 | INR | 87.00 | USD | 5 | &nbsp;&nbsp; 38 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

**OTC Barrier Options Purchased (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of Option* | *Counterparty* | &nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp; *Exercise* <br> *Price* | &nbsp;&nbsp; *Exercise* <br> *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* |
| Put (continued) |  |  |  |  |  |  |  |  |  |  |
| EUR Currency | One Touch | Bank of America N.A. | 02/05/26 | CZK | 23.85 | CZK | 23.85 | EUR | 108 | &nbsp;&nbsp; $8069 |
| USD Currency | One Touch | Bank of America N.A. | 02/05/26 | CZK | 20.00 | CZK | 20.00 | USD | 95 | &nbsp;&nbsp; 8242 |
| CNH Currency | One Touch | Standard Chartered Bank | 02/10/26 | INR | 11.90 | INR | 11.90 | CNH | 252 | &nbsp;&nbsp; 16 |
| USD Currency | One Touch | Bank of America N.A. | 02/27/26 | INR | 88.15 | INR | 88.15 | USD | 176 | &nbsp;&nbsp; 11570 |
|  |  |  |  |  |  |  |  |  |  | &nbsp;&nbsp; $64760 |

---

**OTC Options Purchased** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |
| AUD Currency | Deutsche Bank AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 01/08/26 | &nbsp;&nbsp; USD | 0.67 | &nbsp;&nbsp; AUD | 2511 | &nbsp;&nbsp; $2721 |
| EUR Currency | Societe Generale | &nbsp;&nbsp; — | &nbsp;&nbsp; 01/08/26 | &nbsp;&nbsp; HUF | 388.00 | &nbsp;&nbsp; EUR | 539 | &nbsp;&nbsp; 878 |
| EUR Currency | Deutsche Bank AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 01/16/26 | &nbsp;&nbsp; USD | 1.18 | &nbsp;&nbsp; EUR | 1186 | &nbsp;&nbsp; 4269 |
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; — | &nbsp;&nbsp; 02/06/26 | &nbsp;&nbsp; BRL | 5.55 | &nbsp;&nbsp; USD | 1893 | &nbsp;&nbsp; 28702 |
| GBP Currency | JPMorgan Chase Bank N.A. | &nbsp;&nbsp; — | &nbsp;&nbsp; 02/13/26 | &nbsp;&nbsp; USD | 1.34 | &nbsp;&nbsp; GBP | 271 | &nbsp;&nbsp; 3457 |
| USD Currency | UBS AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 05/27/26 | &nbsp;&nbsp; COP | 3920.00 | &nbsp;&nbsp; USD | 1972 | &nbsp;&nbsp; 72510 |
| KOSPI 200 Index | BNP Paribas SA | &nbsp;&nbsp; 230000 | &nbsp;&nbsp; 06/11/26 | &nbsp;&nbsp; KRW | 647.10 | &nbsp;&nbsp; KRW | 139375 | &nbsp;&nbsp; 3927 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; 116464 |
| Put  |  |  |  |  |  |  |  |  |
| USD Currency | Goldman Sachs International | &nbsp;&nbsp; — | &nbsp;&nbsp; 01/09/26 | &nbsp;&nbsp; MXN | 18.30 | &nbsp;&nbsp; USD | 533 | &nbsp;&nbsp; 8574 |
| EUR Currency | BNP Paribas SA | &nbsp;&nbsp; — | &nbsp;&nbsp; 01/12/26 | &nbsp;&nbsp; USD | 1.13 | &nbsp;&nbsp; EUR | 4991 | &nbsp;&nbsp; 53 |
| EUR Currency | Morgan Stanley & Co. International PLC | &nbsp;&nbsp; — | &nbsp;&nbsp; 01/14/26 | &nbsp;&nbsp; USD | 1.17 | &nbsp;&nbsp; EUR | 765 | &nbsp;&nbsp; 1562 |
| USD Currency | UBS AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 01/23/26 | &nbsp;&nbsp; TRY | 44.00 | &nbsp;&nbsp; USD | 266 | &nbsp;&nbsp; 3346 |
| USD Currency | Barclays Bank PLC | &nbsp;&nbsp; — | &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; BRL | 5.25 | &nbsp;&nbsp; USD | 7171 | &nbsp;&nbsp; 16788 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; 30323 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $146787 |

---

**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, 12/20/30<br>| 5.00% | iTraxx.XO.44.V1 | Quarterly | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| 01/21/26 |  | EUR 2.88 | EUR | 1100 | $682 |

---

&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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

**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, <br> 02/07/36<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.57% | Annual | Deutsche Bank AG | 02/05/26 | 3.57<br> % <br>| USD | 7512 | $8913 |
| 30-Year Interest Rate Swap, <br> 02/07/56<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.77% | Annual | Deutsche Bank AG | 02/05/26 | 3.77 | USD | 5002 | 2893 |
| 10-Year Interest Rate Swap, <br> 02/08/36<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.45% | Annual | JPMorgan Chase <br> Bank N.A.<br>| 02/06/26 | 3.45 | USD | 5469 | 2638 |
| 5-Year Interest Rate Swap, 02/08/31 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.15% | Annual | JPMorgan Chase <br> Bank N.A.<br>| 02/06/26 | 3.15 | USD | 8709 | 4614 |
| 30-Year Interest Rate Swap, <br> 05/02/56<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.55% | Annual | Bank of America N.A. | 04/30/26 | 3.55 | USD | 19093 | 43014 |
| 1-Year Interest Rate Swap, 06/10/27 | &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.00% | Annual | Goldman Sachs <br> International<br>| 06/08/26 | 3.00 | USD | 95289 | 99416 |
| 1-Year Interest Rate Swap, 12/17/27 | &nbsp;&nbsp; 3-mo. KRW <br> CDC, 2.81%<br>| Quarterly | 2.85% | Quarterly | Citibank N.A. | 12/15/26 | 2.85 | KRW | 5932300 | 6361 |
|  |  |  |  |  |  |  |  |  |  | $167849 |

---

**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  |  |  |  |  |  |  |  |
| InvesCo QQQ Trust, Series 1 | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 01/02/26 | USD | 621.00 | USD | 4914 | &nbsp;&nbsp;&nbsp; $(1691)<br>|
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 01/02/26 | USD | 698.00 | USD | 6887 | &nbsp;&nbsp;&nbsp; — |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 01/09/26 | USD | 701.00 | USD | 13638 | &nbsp;&nbsp;&nbsp; (1293)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 81.00 | USD | 6515 | &nbsp;&nbsp;&nbsp; (6218)<br>|
| iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 112.00 | USD | 5928 | &nbsp;&nbsp;&nbsp; (2438)<br>|
| iShares Russell 2000 ETF | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 270.00 | USD | 1231 | &nbsp;&nbsp;&nbsp; (163)<br>|
| Vistra Corp. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 250.00 | USD | 226 | &nbsp;&nbsp;&nbsp; (70)<br>|
| Alphabet, Inc., Class C | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 345.00 | USD | 314 | &nbsp;&nbsp;&nbsp; (5625)<br>|
| Delta Air Lines, Inc. | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 80.00 | USD | 278 | &nbsp;&nbsp;&nbsp; (3640)<br>|
| Euro Stoxx Banks | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 02/20/26 | EUR | 270.00 | EUR | 527 | &nbsp;&nbsp;&nbsp; (15160)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 2001 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 82.00 | USD | 16134 | &nbsp;&nbsp;&nbsp; (3714)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 81.00 | USD | 7773 | &nbsp;&nbsp;&nbsp; (25741)<br>|
| iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 539 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 112.00 | USD | 5939 | &nbsp;&nbsp;&nbsp; (12730)<br>|
| Tesla, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 560.00 | USD | 450 | &nbsp;&nbsp;&nbsp; (6350)<br>|
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 250.00 | USD | 211 | &nbsp;&nbsp;&nbsp; (1216)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (86049)<br>|
| Put  |  |  |  |  |  |  |  |
| Boeing Co. | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 185.00 | USD | 87 | &nbsp;&nbsp;&nbsp; (64)<br>|
| Carrier Global Corp. | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 50.00 | USD | 232 | &nbsp;&nbsp;&nbsp; (1210)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 1109 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 79.00 | USD | 8942 | &nbsp;&nbsp;&nbsp; (3272)<br>|
| Vistra Corp. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 150.00 | USD | 226 | &nbsp;&nbsp;&nbsp; (2198)<br>|
| Walt Disney Co. | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 01/16/26 | USD | 100.00 | USD | 102 | &nbsp;&nbsp;&nbsp; (23)<br>|
| Amazon.com, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 215.00 | USD | 323 | &nbsp;&nbsp;&nbsp; (7070)<br>|
| Fifth Third Bancorp | &nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 43.00 | USD | 356 | &nbsp;&nbsp;&nbsp; (4180)<br>|
| Goldman Sachs Group, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 770.00 | USD | 176 | &nbsp;&nbsp;&nbsp; (1135)<br>|
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 539 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 78.00 | USD | 4346 | &nbsp;&nbsp;&nbsp; (7432)<br>|
| Rockwell Automation, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 330.00 | USD | 272 | &nbsp;&nbsp;&nbsp; (1225)<br>|
| Tesla, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 360.00 | USD | 450 | &nbsp;&nbsp;&nbsp; (4525)<br>|
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 02/20/26 | USD | 140.00 | USD | 211 | &nbsp;&nbsp;&nbsp; (6500)<br>|
| Citigroup, Inc. | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 03/20/26 | USD | 95.00 | USD | 222 | &nbsp;&nbsp;&nbsp; (1719)<br>|
| Delta Air Lines, Inc. | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 03/20/26 | USD | 60.00 | USD | 97 | &nbsp;&nbsp;&nbsp; (2219)<br>|
| United Airlines Holdings, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 03/20/26 | USD | 85.00 | USD | 112 | &nbsp;&nbsp;&nbsp; (1325)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; (44097)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(130146)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

**OTC Options Written** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |
| EUR Currency | Societe Generale |  | 01/08/26 | HUF | 395.00 | &nbsp;&nbsp; EUR | 769 | &nbsp;&nbsp; $(197)<br>|
| USD Currency | Citibank N.A. |  | 01/16/26 | CLP | 940.00 | &nbsp;&nbsp; USD | 449 | &nbsp;&nbsp; (284)<br>|
| USD Currency | Citibank N.A. |  | 01/16/26 | CLP | 940.00 | &nbsp;&nbsp; USD | 178 | &nbsp;&nbsp; (112)<br>|
| USD Currency | UBS AG |  | 01/23/26 | TRY | 46.00 | &nbsp;&nbsp; USD | 133 | &nbsp;&nbsp; (486)<br>|
| USD Currency | Barclays Bank PLC |  | 02/06/26 | BRL | 5.75 | &nbsp;&nbsp; USD | 2838 | &nbsp;&nbsp; (17383)<br>|
| USD Currency | UBS AG |  | 05/27/26 | COP | 4200.00 | &nbsp;&nbsp; USD | 2024 | &nbsp;&nbsp; (31260)<br>|
| USD Currency | UBS AG |  | 05/27/26 | COP | 4200.00 | &nbsp;&nbsp; USD | 890 | &nbsp;&nbsp; (13746)<br>|
| KOSPI 200 Index | BNP Paribas SA | 230000 | 06/11/26 | KRW | 735.34 | &nbsp;&nbsp; KRW | 139375 | &nbsp;&nbsp; (1167)<br>|
| KOSPI 200 Index | BNP Paribas SA | 230000 | 06/11/26 | KRW | 823.58 | &nbsp;&nbsp; KRW | 139375 | &nbsp;&nbsp; (332)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; (64967)<br>|
| Put  |  |  |  |  |  |  |  |  |
| EUR Currency | Bank of America N.A. |  | 01/12/26 | USD | 1.13 | &nbsp;&nbsp; EUR | 4991 | &nbsp;&nbsp; (53)<br>|
| USD Currency | Citibank N.A. |  | 01/16/26 | CLP | 920.00 | &nbsp;&nbsp; USD | 449 | &nbsp;&nbsp; (10918)<br>|
| USD Currency | Citibank N.A. |  | 01/16/26 | CLP | 920.00 | &nbsp;&nbsp; USD | 178 | &nbsp;&nbsp; (4328)<br>|
| GBP Currency | JPMorgan Chase Bank N.A. |  | 02/13/26 | USD | 1.31 | &nbsp;&nbsp; GBP | 271 | &nbsp;&nbsp; (608)<br>|
| USD Currency | Standard Chartered Bank |  | 02/25/26 | IDR | 16250.00 | &nbsp;&nbsp; USD | 7157 | &nbsp;&nbsp; (6362)<br>|
| USD Currency | Bank of America N.A. |  | 02/26/26 | MXN | 17.95 | &nbsp;&nbsp; USD | 7171 | &nbsp;&nbsp; (53497)<br>|
| USD Currency | Bank of America N.A. |  | 02/26/26 | ZAR | 16.70 | &nbsp;&nbsp; USD | 7157 | &nbsp;&nbsp; (115864)<br>|
| USD Currency | Morgan Stanley & Co. International PLC |  | 02/26/26 | BRL | 5.25 | &nbsp;&nbsp; USD | 7171 | &nbsp;&nbsp; (16788)<br>|
| USD Currency | Bank of America N.A. |  | 03/12/26 | ZAR | 16.35 | &nbsp;&nbsp; USD | 2378 | &nbsp;&nbsp; (17961)<br>|
| USD Currency | Bank of America N.A. |  | 03/12/26 | MXN | 17.65 | &nbsp;&nbsp; USD | 2373 | &nbsp;&nbsp; (7725)<br>|
| USD Currency | Bank of America N.A. |  | 03/12/26 | BRL | 5.25 | &nbsp;&nbsp; USD | 2372 | &nbsp;&nbsp; (7430)<br>|
| USD Currency | Bank of America N.A. |  | 03/12/26 | IDR | 16325.00 | &nbsp;&nbsp; USD | 2372 | &nbsp;&nbsp; (4387)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; (245921)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(310888)<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* |
| Put |  |  |  |  |  |  |  |  |  |  |
| Sold Protection on 5-Year Credit Default <br> Swap, 12/20/30<br>| iTraxx.XO.44.V1 | 5.00% | Quarterly | Morgan Stanley <br> & Co. <br> International <br> PLC<br>| 01/21/26 | NR | EUR 3.25 | EUR | 1571 | $(437)<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  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, <br> 02/19/36<br>| 3.60% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | JPMorgan Chase <br> Bank N.A.<br>| 02/17/26 | 3.60<br> % <br>| USD | 9992 | $(22415)<br>|
| 10-Year Interest Rate Swap, <br> 02/20/36<br>| 3.40% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Citibank N.A. | 02/18/26 | 3.40 | USD | 15077 | (9484)<br>|
| 10-Year Interest Rate Swap, <br> 02/27/36<br>| 3.25% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Goldman Sachs <br> International<br>| 02/25/26 | 3.25 | USD | 4792 | (1621)<br>|
| 5-Year Interest Rate Swap, <br> 02/27/31<br>| 2.90% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Goldman Sachs <br> International<br>| 02/25/26 | 2.90 | USD | 8922 | (2629)<br>|
| 30-Year Interest Rate Swap, <br> 03/06/56<br>| 4.20% | Annual | 1-day SONIA, <br> 3.73%<br>| Annual | Goldman Sachs <br> International<br>| 03/04/26 | 4.20 | GBP | 6090 | (52545)<br>|
| 10-Year Interest Rate Swap, <br> 03/13/36<br>| 3.50% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Citibank N.A. | 03/11/26 | 3.50 | USD | 15003 | (31645)<br>|
| 10-Year Interest Rate Swap, <br> 04/30/36<br>| 3.27% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Bank of America N.A. | 04/28/26 | 3.27 | USD | 14262 | (24415)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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) |  |  |  |  |  |  |  |  |  |  |
| 30-Year Interest Rate Swap, <br> 05/02/56<br>| 3.25% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Bank of America N.A. | 04/30/26 | 3.25<br> % <br>| USD | 19093 | $(12810)<br>|
| 1-Year Interest Rate Swap, <br> 06/10/27<br>| 2.50% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Goldman Sachs <br> International<br>| 06/08/26 | 2.50 | USD | 95289 | (31259)<br>|
| 1-Year Interest Rate Swap, <br> 12/17/27<br>| 2.45% | Quarterly | 3-mo. KRW <br> CDC, 2.81%<br>| Quarterly | Citibank N.A. | 12/15/26 | 2.45 | KRW | 5932300 | (2627)<br>|
| 10-Year Interest Rate Swap, <br> 12/18/36<br>| 3.20% | Annual | 1-day SOFR, <br> 3.87%<br>| Annual | Citibank N.A. | 12/16/26 | 3.20 | USD | 7515 | (44731)<br>|
|  |  |  |  |  |  |  |  |  |  | (236181)<br>|
| Put  |  |  |  |  |  |  |  |  |  |  |
| 10-Year Interest Rate Swap, <br> 02/04/36<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.96% | Annual | Bank of America N.A. | 02/02/26 | 3.96 | USD | 13584 | (25751)<br>|
| 30-Year Interest Rate Swap, <br> 02/04/56<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.30% | Annual | Goldman Sachs <br> International<br>| 02/02/26 | 4.30 | USD | 6007 | (26559)<br>|
| 10-Year Interest Rate Swap, <br> 02/19/36<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.00% | Annual | JPMorgan Chase <br> Bank N.A.<br>| 02/17/26 | 4.00 | USD | 9992 | (23511)<br>|
| 2-Year Interest Rate Swap, <br> 02/22/28<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.58% | Annual | Bank of America N.A. | 02/20/26 | 3.58 | USD | 34518 | (6881)<br>|
| 10-Year Interest Rate Swap, <br> 04/25/36<br>| &nbsp;&nbsp; 6-mo. <br> EURIBOR, <br> 2.11%<br>| Semi-Annual | 2.94% | Annual | JPMorgan Chase <br> Bank N.A.<br>| 04/23/26 | 2.94 | EUR | 7505 | (113612)<br>|
| 10-Year Interest Rate Swap, <br> 04/25/36<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.00% | Annual | JPMorgan Chase <br> Bank N.A.<br>| 04/23/26 | 4.00 | USD | 17679 | (123132)<br>|
| 1-Year Interest Rate Swap, <br> 06/10/27<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 3.50% | Annual | Goldman Sachs <br> International<br>| 06/08/26 | 3.50 | USD | 95289 | (61391)<br>|
| 10-Year Interest Rate Swap, <br> 12/18/36<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.60% | Annual | Citibank N.A. | 12/16/26 | 4.60 | USD | 7515 | (55532)<br>|
| 2-Year Interest Rate Swap, <br> 09/22/29<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.30% | Annual | Goldman Sachs <br> International<br>| 09/20/27 | 4.30 | USD | 100304 | (271573)<br>|
| 2-Year Interest Rate Swap, <br> 12/10/29<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.00% | Annual | Deutsche Bank AG | 12/08/27 | 4.00 | USD | 40122 | (187732)<br>|
| 2-Year Interest Rate Swap, <br> 12/18/29<br>| &nbsp;&nbsp; 1-day SOFR, <br> 3.87%<br>| Annual | 4.50% | Annual | Deutsche Bank AG | 12/16/27 | 4.50 | USD | 60622 | (161969)<br>|
|  |  |  |  |  |  |  |  |  |  | (1057643)<br>|
|  |  |  |  |  |  |  |  |  |  | $(1293824)<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.44.V1 | 5.00<br> % <br>| &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 6725 | &nbsp;&nbsp;&nbsp; $(543951)<br>| &nbsp;&nbsp;&nbsp; $(441105)<br>| &nbsp;&nbsp;&nbsp; $(102846)<br>|
| CDX.EM.44.V1 | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | USD | 380 | &nbsp;&nbsp;&nbsp; 3980 | &nbsp;&nbsp;&nbsp; 7947 | &nbsp;&nbsp;&nbsp; (3967)<br>|
| CDX.NA.HY.45.V1 | 5.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | USD | 4591 | &nbsp;&nbsp;&nbsp; (357259)<br>| &nbsp;&nbsp;&nbsp; (326959)<br>| &nbsp;&nbsp;&nbsp; (30300)<br>|
| Federative Republic of Brazil | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | USD | 1867 | &nbsp;&nbsp;&nbsp; (32288)<br>| &nbsp;&nbsp;&nbsp; 41744 | &nbsp;&nbsp;&nbsp; (74032)<br>|
| iTraxx.Asia.XJ.IG.44.V1 | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | USD | 165 | &nbsp;&nbsp;&nbsp; (2676)<br>| &nbsp;&nbsp;&nbsp; (2483)<br>| &nbsp;&nbsp;&nbsp; (193)<br>|
| iTraxx.EUR.44.V1 | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | EUR | 721 | &nbsp;&nbsp;&nbsp; (19786)<br>| &nbsp;&nbsp;&nbsp; (17617)<br>| &nbsp;&nbsp;&nbsp; (2169)<br>|
| iTraxx.FINSR.44.V1 | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | EUR | 2265 | &nbsp;&nbsp;&nbsp; (57547)<br>| &nbsp;&nbsp;&nbsp; (50379)<br>| &nbsp;&nbsp;&nbsp; (7168)<br>|
| iTraxx.XO.44.V1 | 5.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | EUR | 263 | &nbsp;&nbsp;&nbsp; (34608)<br>| &nbsp;&nbsp;&nbsp; (30595)<br>| &nbsp;&nbsp;&nbsp; (4013)<br>|
| Kingdom of Saudi Arabia | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | USD | 192 | &nbsp;&nbsp;&nbsp; 2785 | &nbsp;&nbsp;&nbsp; (2552)<br>| &nbsp;&nbsp;&nbsp; 5337 |
| Republic of Colombia | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | USD | 192 | &nbsp;&nbsp;&nbsp; (9165)<br>| &nbsp;&nbsp;&nbsp; 8304 | &nbsp;&nbsp;&nbsp; (17469)<br>|
| Republic of Korea | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | USD | 350 | &nbsp;&nbsp;&nbsp; 12431 | &nbsp;&nbsp;&nbsp; (12828)<br>| &nbsp;&nbsp;&nbsp; 25259 |
| Republic of Turkey | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | USD | 261 | &nbsp;&nbsp;&nbsp; (11932)<br>| &nbsp;&nbsp;&nbsp; 20970 | &nbsp;&nbsp;&nbsp; (32902)<br>|
| United Mexican States | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/30 | USD | 1052 | &nbsp;&nbsp;&nbsp; 4499 | &nbsp;&nbsp;&nbsp; 2565 | &nbsp;&nbsp;&nbsp; 1934 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(1045517)<br>| &nbsp;&nbsp;&nbsp; $(802988)<br>| &nbsp;&nbsp;&nbsp; $(242529)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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; $60974 | &nbsp;&nbsp;&nbsp; $32122 | &nbsp;&nbsp;&nbsp; $28852 |
| CDX.NA.IG.43.V1 | 1.00 | Quarterly | 12/20/29 | BBB | USD | 1750 | &nbsp;&nbsp;&nbsp; 39613 | &nbsp;&nbsp;&nbsp; 30457 | &nbsp;&nbsp;&nbsp; 9156 |
| iTraxx.EUR.43.V1 | 1.00 | Quarterly | 06/20/30 | BB | EUR | 2922 | &nbsp;&nbsp;&nbsp; 81812 | &nbsp;&nbsp;&nbsp; 56738 | &nbsp;&nbsp;&nbsp; 25074 |
| Republic of Chile | 1.00 | Quarterly | 12/20/30 | A | USD | 204 | &nbsp;&nbsp;&nbsp; (5282)<br>| &nbsp;&nbsp;&nbsp; 4567 | &nbsp;&nbsp;&nbsp; (9849)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $177117 | &nbsp;&nbsp;&nbsp; $123884 | &nbsp;&nbsp;&nbsp; $53233 |

---

&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; $24594 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $24583 |

---

**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)* |
| 7.84% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 01/09/26 | MXN | 6126 | $(174)<br>| $— | $(174)<br>|
| 9.31% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 01/09/26 | MXN | 48461 | (4342)<br>| 1 | (4343)<br>|
| 3.68% | At Termination | 1-day FEDL, 3.64% | At Termination | N/A | 01/28/26 | USD | 69525 | (3226)<br>| 42 | (3268)<br>|
| 3.79% | At Termination | 1-day FEDL, 3.64% | At Termination | N/A | 01/28/26 | USD | 139351 | (27530)<br>| 85 | (27615)<br>|
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.79% | Monthly | N/A | 02/25/26 | MXN | 10935 | 724 | 1 | 723 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 8.47% | Monthly | N/A | 02/25/26 | MXN | 112439 | 14227 | 1 | 14226 |
| 0.28% | Annual | Tokyo Overnight Average <br> Rate, 0.73%<br>| Annual | N/A | 03/09/26 | JPY | 1 |  |  |  |
| 1-day FEDL, 3.64% | At Termination | 3.59% | At Termination | 01/28/26 <br><sup>(a)</sup><br>| 03/18/26 | USD | 140889 | (807)<br>| 162 | (969)<br>|
| 1-day FEDL, 3.64% | At Termination | 3.59% | At Termination | 01/28/26 <br><sup>(a)</sup><br>| 03/18/26 | USD | 138406 | (513)<br>| 159 | (672)<br>|
| 1-day FEDL, 3.64% | At Termination | 3.62% | At Termination | 01/28/26 <br><sup>(a)</sup><br>| 03/18/26 | USD | 80230 | 2412 | 92 | 2320 |
| 8.02% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 03/26/26 | ZAR | 33027 | (6050)<br>|  | (6050)<br>|
| 1-day SOFR, 3.87% | Annual | 4.40% | Annual | N/A | 04/08/26 | USD | 65486 | 172868 | 40 | 172828 |
| 1-day SOFR, 3.87% | Annual | 4.45% | Annual | N/A | 04/09/26 | USD | 16493 | 52260 | 10 | 52250 |
| 1-day SOFR, 3.87% | Annual | 4.05% | Annual | N/A | 04/18/26 | USD | 25833 | (16986)<br>| 17 | (17003)<br>|
| 1-day SOFR, 3.87% | Annual | 4.30% | Annual | N/A | 04/24/26 | USD | 30734 | 61290 | 22 | 61268 |
| 8.15% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 05/07/26 | ZAR | 68580 | (26970)<br>| 3 | (26973)<br>|
| 1-day SOFR, 3.87% | Annual | 4.50% | Annual | N/A | 05/08/26 | USD | 26398 | 114570 | 21 | 114549 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.73% | Monthly | N/A | 05/11/26 | MXN | 29665 | 4536 |  | 4536 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.73% | Monthly | N/A | 05/11/26 | MXN | 4291 | 660 |  | 660 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.66% | Monthly | N/A | 06/01/26 | MXN | 13638 | 2246 | 1 | 2245 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.72% | Monthly | N/A | 06/01/26 | MXN | 1973 | 353 |  | 353 |
| 7.97% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 06/06/26 | ZAR | 16986 | (6416)<br>| 1 | (6417)<br>|
| 7.73% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 06/19/26 | MXN | 100648 | (21168)<br>| 4 | (21172)<br>|
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.69% | Monthly | N/A | 06/26/26 | MXN | 1266 | 252 |  | 252 |
| 1-day SOFR, 3.87% | Annual | 4.35% | Annual | N/A | 07/22/26 | USD | 11440 | 54187 | 14 | 54173 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.49% | Monthly | N/A | 08/04/26 | MXN | 2683 | 459 |  | 459 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.33% | Monthly | N/A | 08/21/26 | MXN | 4513 | 578 |  | 578 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.31% | Monthly | N/A | 08/26/26 | MXN | 2676 | 330 |  | 330 |
| 4.02% | At Termination | 1-day SONIA, 3.73% | At Termination | N/A | 09/16/26 | GBP | 35000 | (133216)<br>| (56131)<br>| (77085)<br>|
| 4.19% | Quarterly | 3-mo. WIBOR, 3.99% | Quarterly | N/A | 09/17/26 | PLN | 1048 | (3735)<br>| 1 | (3736)<br>|
| 4.21% | Annual | 3-mo. WIBOR, 3.99% | Quarterly | N/A | 09/17/26 | PLN | 3816 | (13803)<br>| 2 | (13805)<br>|
| 4.21% | Annual | 3-mo. WIBOR, 3.99% | Quarterly | N/A | 09/17/26 | PLN | 1768 | (6419)<br>| 77 | (6496)<br>|
| 4.22% | Annual | 3-mo. WIBOR, 3.99% | Quarterly | N/A | 09/17/26 | PLN | 1051 | (3845)<br>| 1 | (3846)<br>|
| 4.31% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 09/17/26 | PLN | 1754 | (641)<br>| 1 | (642)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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)* |
| 4.43% | Annual | 3-mo. WIBOR, 3.99% | Quarterly | N/A | 09/17/26 | PLN | 496 | $(2090)<br>| $— | $(2090)<br>|
| 4.46% | Annual | 3-mo. WIBOR, 3.99% | Semi-Annual | N/A | 09/17/26 | PLN | 1770 | (7334)<br>| 1 | (7335)<br>|
| 6.81% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/26 | ZAR | 20630 | (1892)<br>| 3 | (1895)<br>|
| 6.81% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/26 | ZAR | 12233 | (1133)<br>| 1 | (1134)<br>|
| 6.86% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/26 | ZAR | 12266 | (1397)<br>| 1 | (1398)<br>|
| 6.94% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/26 | ZAR | 44524 | (6731)<br>| 6 | (6737)<br>|
| 6.94% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/26 | ZAR | 5786 | (871)<br>| 116 | (987)<br>|
| 7.03% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/26 | ZAR | 20653 | (3909)<br>| 3 | (3912)<br>|
| 7.06% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/26 | ZAR | 20469 | (4113)<br>| 3 | (4116)<br>|
| 5.16% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 09/19/26 | PLN | 4577 | (12521)<br>| 2 | (12523)<br>|
| 5.24% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 09/19/26 | PLN | 6665 | (19646)<br>| 3 | (19649)<br>|
| 1-day SOFR, 3.87% | At Termination | 4.17% | At Termination | N/A | 10/23/26 | USD | 8267 | 46850 | 12 | 46838 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.62% | Monthly | N/A | 11/18/26 | MXN | 2687 | 876 | 1 | 875 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 9.26% | Monthly | N/A | 11/18/26 | MXN | 18572 | 21327 | 1 | 21326 |
| 13.88% | At Termination | 1-day BZDIOVER, 0.06% | At Termination | N/A | 01/04/27 | BRL | 21569 | 1730 | 18 | 1712 |
| 5.13% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 03/19/27 | PLN | 6048 | (71908)<br>| 3 | (71911)<br>|
| 5.14% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 03/19/27 | PLN | 10081 | (120553)<br>| 6 | (120559)<br>|
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.04% | Annual | N/A | 03/19/27 | HUF | 27331 | (197)<br>|  | (197)<br>|
| 1-day MIBOR, 5.67% | Semi-Annual | 6.15% | Semi-Annual | N/A | 03/19/27 | INR | 514125 | 58605 | 28 | 58577 |
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.50% | Annual | N/A | 03/19/27 | HUF | 188929 | 19891 | 1 | 19890 |
| 7.25% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 03/19/27 | ZAR | 16416 | (9268)<br>| 2 | (9270)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.63% | Quarterly | 06/17/26 <br><sup>(a)</sup><br>| 06/17/27 | KRW | 1519809 | (2353)<br>| 3 | (2356)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.64% | Quarterly | 06/17/26 <br><sup>(a)</sup><br>| 06/17/27 | KRW | 1537514 | (2254)<br>| 3 | (2257)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.71% | Quarterly | 06/17/26 <br><sup>(a)</sup><br>| 06/17/27 | KRW | 3587077 | (3580)<br>| 8 | (3588)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.81% | Quarterly | 06/17/26 <br><sup>(a)</sup><br>| 06/17/27 | KRW | 1195226 | (350)<br>| 3 | (353)<br>|
| 3-mo. PRIBOR, 3.52% | Quarterly | 3.62% | Annual | 09/16/26 <br><sup>(a)</sup><br>| 09/16/27 | CZK | 3374 | 196 |  | 196 |
| 3.97% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 09/17/27 | PLN | 5167 | (4990)<br>| 6 | (4996)<br>|
| 3.99% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 09/17/27 | PLN | 1420 | (1523)<br>| 2 | (1525)<br>|
| 3.99% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 09/17/27 | PLN | 2394 | (3783)<br>|  | (3783)<br>|
| 4.03% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 09/17/27 | PLN | 1423 | (1831)<br>| 2 | (1833)<br>|
| 4.05% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 09/17/27 | PLN | 2376 | (3275)<br>| 2 | (3277)<br>|
| 4.18% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 09/17/27 | PLN | 671 | (1401)<br>| 1 | (1402)<br>|
| 4.27% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 09/17/27 | PLN | 2397 | (6154)<br>| 2 | (6156)<br>|
| 6-mo. BUBOR, 6.39% | Semi-Annual | 5.68% | Annual | N/A | 09/17/27 | HUF | 357768 | (7994)<br>| 4 | (7998)<br>|
| 6-mo. BUBOR, 6.39% | Semi-Annual | 5.76% | Annual | N/A | 09/17/27 | HUF | 436000 | (7747)<br>| 5 | (7752)<br>|
| 6-mo. BUBOR, 6.39% | Semi-Annual | 5.94% | Annual | N/A | 09/17/27 | HUF | 164477 | (1139)<br>| 2 | (1141)<br>|
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.02% | Annual | N/A | 09/17/27 | HUF | 138623 | (362)<br>| 2 | (364)<br>|
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.09% | Annual | N/A | 09/17/27 | HUF | 165772 | 250 | 2 | 248 |
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.10% | Annual | N/A | 09/17/27 | HUF | 46490 | 91 | 1 | 90 |
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.11% | Annual | N/A | 09/17/27 | HUF | 98299 | 220 | 1 | 219 |
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.20% | Annual | N/A | 09/17/27 | HUF | 98559 | 757 | 1 | 756 |
| 6.72% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/27 | ZAR | 4355 | (1473)<br>| 1 | (1474)<br>|
| 6.72% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/27 | ZAR | 2582 | (865)<br>| 1 | (866)<br>|
| 6.79% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/27 | ZAR | 2589 | (1053)<br>| 1 | (1054)<br>|
| 6.93% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/27 | ZAR | 1221 | (670)<br>| 37 | (707)<br>|
| 6.99% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/27 | ZAR | 9398 | (5724)<br>| 2 | (5726)<br>|
| 7.02% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/27 | ZAR | 4359 | (2768)<br>| 1 | (2769)<br>|
| 7.08% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/27 | ZAR | 4321 | (3024)<br>| 1 | (3025)<br>|
| 1-day SOFR, 3.87% | Annual | 3.92% | Annual | N/A | 11/03/27 | USD | 2064 | 21987 | 9 | 21978 |
| 1-day SOFR, 3.87% | Annual | 3.95% | Annual | N/A | 11/03/27 | USD | 2064 | 23191 | 9 | 23182 |
| 1-day SOFR, 3.87% | Annual | 3.99% | Annual | N/A | 11/03/27 | USD | 4128 | 49191 | 17 | 49174 |
| 1-day SOFR, 3.87% | Annual | 4.07% | Annual | N/A | 11/03/27 | USD | 20964 | 284525 | 87 | 284438 |
| 1-day SOFR, 3.87% | Annual | 3.95% | Annual | N/A | 11/06/27 | USD | 63560 | 717583 | 267 | 717316 |
| 1-day SOFR, 3.87% | Annual | 3.86% | Annual | N/A | 11/10/27 | USD | 8552 | 82700 | 36 | 82664 |
| 3-mo. KRW CDC, 2.81% | Semi-Annual | 2.86% | Semi-Annual | 11/25/26 <br><sup>(a)</sup><br>| 11/25/27 | KRW | 138282470 | (155150)<br>| 307 | (155457)<br>|
| 1-day SOFR, 3.87% | At Termination | 3.23% | At Termination | 12/11/26 <br><sup>(a)</sup><br>| 12/11/27 | USD | 47229 | 19385 | 85 | 19300 |
| 1-day MIBOR, 5.67% | At Termination | 5.59% | At Termination | 12/16/26 <br><sup>(a)</sup><br>| 12/16/27 | INR | 317972 | (2923)<br>| 12 | (2935)<br>|
| 1-day MIBOR, 5.67% | At Termination | 5.60% | At Termination | 12/16/26 <br><sup>(a)</sup><br>| 12/16/27 | INR | 159092 | (2528)<br>| 6 | (2534)<br>|
| 4.02% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 12/17/27 | PLN | 1381 | (3370)<br>| 2 | (3372)<br>|
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.15% | Annual | N/A | 12/17/27 | HUF | 95611 | 1084 | 1 | 1083 |
| 1-day SOFR, 3.87% | Annual | 3.48% | Annual | 01/23/26 <br><sup>(a)</sup><br>| 01/23/28 | USD | 11120 | 38486 | 48 | 38438 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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)* |
| 3.45% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 01/26/28 | USD | 10280 | $(28974)<br>| $44 | $(29018)<br>|
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 01/26/28 | USD | 10280 | 137780 | 44 | 137736 |
| 3.27% | Annual | 1-day SOFR, 3.87% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 10488 | 4742 | 45 | 4697 |
| 1-day SOFR, 3.87% | Annual | 3.87% | Annual | 02/05/26 <br><sup>(a)</sup><br>| 02/05/28 | USD | 10488 | 116559 | 46 | 116513 |
| China Fixing Repo Rates <br> 7-day, 2.20%<br>| Quarterly | 1.58% | Quarterly | N/A | 03/19/28 | CNY | 7240 | 1838 | 7 | 1831 |
| 1-day SONIA, 3.73% | Annual | 4.86% | Annual | N/A | 06/20/28 | GBP | 2670 | 128133 | (4)<br>| 128137 |
| 1-day SOFR, 3.87% | Annual | 3.50% | Annual | N/A | 08/20/28 | USD | 30150 | 57235 | 204 | 57031 |
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.36% | Quarterly | N/A | 09/17/28 | KRW | 682494 | (8081)<br>| 3 | (8084)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.37% | Quarterly | N/A | 09/17/28 | KRW | 608530 | (7126)<br>| 3 | (7129)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.39% | Quarterly | N/A | 09/17/28 | KRW | 1216549 | (13842)<br>| 6 | (13848)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.40% | Quarterly | N/A | 09/17/28 | KRW | 3517922 | (39213)<br>| 17 | (39230)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.40% | Quarterly | N/A | 09/17/28 | KRW | 5207973 | (57715)<br>| 25 | (57740)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.41% | Quarterly | N/A | 09/17/28 | KRW | 2061697 | (22581)<br>| 10 | (22591)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.41% | Quarterly | N/A | 09/17/28 | KRW | 135634 | (1493)<br>|  | (1493)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.44% | Quarterly | N/A | 09/17/28 | KRW | 542826 | (5614)<br>| 3 | (5617)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.48% | Quarterly | 09/17/27 <br><sup>(a)</sup><br>| 09/17/28 | KRW | 3293135 | (16193)<br>| 8 | (16201)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.50% | Quarterly | 09/17/27 <br><sup>(a)</sup><br>| 09/17/28 | KRW | 3007617 | (14433)<br>| 11 | (14444)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.51% | Quarterly | 09/17/27 <br><sup>(a)</sup><br>| 09/17/28 | KRW | 3364453 | (15879)<br>| 12 | (15891)<br>|
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.53% | Quarterly | 09/17/27 <br><sup>(a)</sup><br>| 09/17/28 | KRW | 3293135 | (15195)<br>| 12 | (15207)<br>|
| 1-day SOFR, 3.87% | Annual | 4.40% | Annual | N/A | 10/31/28 | USD | 13462 | 397159 | 75 | 397084 |
| 1-day SOFR, 3.87% | Annual | 3.25% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/28 | USD | 9063 | (5707)<br>| 41 | (5748)<br>|
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.96% | Monthly | 12/17/27 <br><sup>(a)</sup><br>| 12/15/28 | MXN | 10323 | 285 | 1 | 284 |
| China Fixing Repo Rates <br> 7-day, 2.20%<br>| Quarterly | 1.59% | Quarterly | N/A | 12/17/28 | CNY | 24797 | 6144 | 23 | 6121 |
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.57% | Quarterly | N/A | 12/17/28 | KRW | 612415 | (5557)<br>| 3 | (5560)<br>|
| 1-day BZDIOVER, 0.06% | At Termination | 12.86% | At Termination | N/A | 01/02/29 | BRL | 549 | (785)<br>|  | (785)<br>|
| 1-day BZDIOVER, 0.06% | At Termination | 13.01% | At Termination | N/A | 01/02/29 | BRL | 10552 | (14269)<br>| 18 | (14287)<br>|
| 1-day BZDIOVER, 0.06% | At Termination | 13.11% | At Termination | N/A | 01/02/29 | BRL | 864 | (942)<br>| 1 | (943)<br>|
| 1-day BZDIOVER, 0.06% | At Termination | 13.14% | At Termination | N/A | 01/02/29 | BRL | 5332 | (4123)<br>| 9 | (4132)<br>|
| 1-day BZDIOVER, 0.06% | At Termination | 13.24% | At Termination | N/A | 01/02/29 | BRL | 1457 | (495)<br>| 2 | (497)<br>|
| 1-day BZDIOVER, 0.06% | At Termination | 13.39% | At Termination | N/A | 01/02/29 | BRL | 1722 | 1537 | 3 | 1534 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 3.00% | Annual | N/A | 03/05/29 | EUR | 6374 | 267325 | 45 | 267280 |
| 1-day SOFR, 3.87% | Annual | 3.79% | Annual | N/A | 03/29/29 | USD | 36848 | 348313 | 223 | 348090 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 04/08/29 | USD | 28993 | 513744 | 183 | 513561 |
| 1-day SOFR, 3.87% | Annual | 4.05% | Annual | N/A | 04/09/29 | USD | 16493 | 324114 | 104 | 324010 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 04/18/29 | USD | 25833 | 463101 | 164 | 462937 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 04/24/29 | USD | 12806 | 231511 | 81 | 231430 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.90% | Annual | N/A | 04/30/29 | EUR | 7120 | 259728 | 51 | 259677 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 05/06/29 | USD | 25628 | 470724 | 165 | 470559 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.87% | Annual | N/A | 06/11/29 | EUR | 5166 | 175077 | 40 | 175037 |
| 3.81% | Annual | 1-day SONIA, 3.73% | Annual | N/A | 10/25/29 | GBP | 12500 | (129412)<br>| (269)<br>| (129143)<br>|
| 7.90% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 10/31/29 | ZAR | 35000 | (106271)<br>| 9 | (106280)<br>|
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.77% | Monthly | N/A | 11/14/29 | MXN | 1222 | 468 | 1 | 467 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 9.04% | Monthly | N/A | 11/14/29 | MXN | 111543 | 312096 | 41 | 312055 |
| 7.78% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 12/14/29 | MXN | 1261 | (478)<br>| 1 | (479)<br>|
| 8.97% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 12/14/29 | MXN | 15180 | (40728)<br>| 7 | (40735)<br>|
| 1-day SONIA, 3.73% | Annual | 4.00% | Annual | N/A | 01/16/30 | GBP | 6330 | 106262 | 181 | 106081 |
| 1-day SONIA, 3.73% | Annual | 4.00% | Annual | N/A | 01/20/30 | GBP | 5129 | 86751 | 149 | 86602 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.18% | Annual | N/A | 01/31/30 | EUR | 153 | (1479)<br>| 10 | (1489)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.21% | Annual | N/A | 01/31/30 | EUR | 269 | (2453)<br>| 45 | (2498)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.21% | Annual | N/A | 01/31/30 | EUR | 75 | (756)<br>| (38)<br>| (718)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.29% | Annual | N/A | 01/31/30 | EUR | 160 | (1284)<br>| (14)<br>| (1270)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.42% | Annual | N/A | 01/31/30 | EUR | 337 | 3909 | 79 | 3830 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.63% | Annual | N/A | 01/31/30 | EUR | 580 | 8853 | 11372 | (2519)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.18% | Annual | N/A | 02/03/30 | EUR | 113 | (1067)<br>|  | (1067)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.29% | Annual | N/A | 02/03/30 | EUR | 269 | (2246)<br>| 15 | (2261)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.33% | Annual | N/A | 02/03/30 | EUR | 159 | (1041)<br>| 152 | (1193)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.33% | Annual | N/A | 02/03/30 | EUR | 155 | (1010)<br>| (85)<br>| (925)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.43% | Annual | N/A | 02/03/30 | EUR | 676 | 8429 | 1386 | 7043 |
| 7.80% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 02/07/30 | MXN | 1387 | (526)<br>| 1 | (527)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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)* |
| 8.65% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 02/07/30 | MXN | 9589 | $(20028)<br>| $5 | $(20033)<br>|
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.46% | Annual | N/A | 03/19/30 | CZK | 17731 | 3772 | 8 | 3764 |
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.60% | Annual | N/A | 03/19/30 | CZK | 2565 | (765)<br>| 1 | (766)<br>|
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.15% | Annual | N/A | 03/19/30 | HUF | 10937 | 140 |  | 140 |
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.55% | Annual | N/A | 03/19/30 | HUF | 75604 | 11655 | 2 | 11653 |
| 7.94% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 03/19/30 | ZAR | 50774 | (162824)<br>| 24 | (162848)<br>|
| 1-day MIBOR, 5.67% | Semi-Annual | 6.00% | Semi-Annual | N/A | 03/19/30 | INR | 84433 | 6907 | 11 | 6896 |
| 7.73% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 05/06/30 | MXN | 5490 | (1004)<br>| 3 | (1007)<br>|
| 7.82% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 05/06/30 | MXN | 794 | (296)<br>|  | (296)<br>|
| 7.77% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 05/27/30 | MXN | 2569 | (694)<br>| 1 | (695)<br>|
| 7.82% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 05/27/30 | MXN | 372 | (140)<br>|  | (140)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.20% | Annual | N/A | 06/04/30 | EUR | 1614 | (4902)<br>| 16 | (4918)<br>|
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.82% | Monthly | N/A | 06/07/30 | MXN | 11784 | 4306 | 6 | 4300 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.82% | Monthly | N/A | 06/07/30 | MXN | 1705 | 613 | 1 | 612 |
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.56% | Annual | N/A | 06/18/30 | CZK | 4762 | 1844 | 2 | 1842 |
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.62% | Annual | N/A | 06/18/30 | CZK | 1723 | 155 | 1 | 154 |
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.66% | Annual | N/A | 06/18/30 | CZK | 7149 | 4402 | 758 | 3644 |
| 7.77% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 06/21/30 | MXN | 238 | (61)<br>|  | (61)<br>|
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.72% | Monthly | N/A | 06/24/30 | MXN | 7855 | 1148 | 4 | 1144 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.67% | Monthly | N/A | 07/30/30 | MXN | 3829 | 31 | 2 | 29 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.69% | Monthly | N/A | 07/30/30 | MXN | 64624 | 3338 | 30 | 3308 |
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.54% | Monthly | N/A | 08/16/30 | MXN | 6440 | (1842)<br>| 3 | (1845)<br>|
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.51% | Monthly | N/A | 08/21/30 | MXN | 3819 | (1366)<br>| 2 | (1368)<br>|
| China Fixing Repo Rates <br> 7-day, 2.20%<br>| Quarterly | 1.45% | Quarterly | N/A | 09/17/30 | CNY | 23016 | (20167)<br>| 36 | (20203)<br>|
| China Fixing Repo Rates <br> 7-day, 2.20%<br>| Quarterly | 1.56% | Quarterly | N/A | 09/17/30 | CNY | 1070 | (149)<br>| 2 | (151)<br>|
| China Fixing Repo Rates <br> 7-day, 2.20%<br>| Quarterly | 1.62% | Quarterly | N/A | 09/17/30 | CNY | 1200 | 310 | 2 | 308 |
| China Fixing Repo Rates <br> 7-day, 2.20%<br>| Quarterly | 1.63% | Quarterly | N/A | 09/17/30 | CNY | 2139 | 677 | 3 | 674 |
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.39% | Annual | N/A | 09/17/30 | CZK | 7802 | (6864)<br>| 4 | (6868)<br>|
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.41% | Annual | N/A | 09/17/30 | CZK | 16970 | (14488)<br>| 9 | (14497)<br>|
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.55% | Annual | N/A | 09/17/30 | CZK | 31903 | (16811)<br>| 15 | (16826)<br>|
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.62% | Annual | N/A | 09/17/30 | CZK | 3162 | (1200)<br>| 2 | (1202)<br>|
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.64% | Annual | N/A | 09/17/30 | CZK | 7000 | (2306)<br>| 4 | (2310)<br>|
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.68% | Annual | N/A | 09/17/30 | CZK | 20054 | (4877)<br>| 9 | (4886)<br>|
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.70% | Annual | N/A | 09/17/30 | CZK | 11276 | (2205)<br>| 5 | (2210)<br>|
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.70% | Annual | N/A | 09/17/30 | CZK | 6686 | (1285)<br>| 3 | (1288)<br>|
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.81% | Annual | N/A | 09/17/30 | CZK | 6704 | 394 | 4 | 390 |
| 6-mo. WIBOR, 3.87% | Semi-Annual | 4.04% | Annual | N/A | 09/17/30 | PLN | 2858 | 8055 | 8 | 8047 |
| 6-mo. WIBOR, 3.87% | Semi-Annual | 4.05% | Annual | N/A | 09/17/30 | PLN | 539 | 1648 | 2 | 1646 |
| 6-mo. WIBOR, 3.87% | Semi-Annual | 4.05% | Annual | N/A | 09/17/30 | PLN | 909 | 2988 |  | 2988 |
| 6-mo. WIBOR, 3.87% | Semi-Annual | 4.14% | Annual | N/A | 09/17/30 | PLN | 1059 | 4450 | 3 | 4447 |
| 6-mo. WIBOR, 3.87% | Semi-Annual | 4.14% | Annual | N/A | 09/17/30 | PLN | 540 | 2204 | 2 | 2202 |
| 6-mo. BUBOR, 6.39% | Semi-Annual | 5.96% | Annual | N/A | 09/17/30 | HUF | 43283 | (773)<br>| 1 | (774)<br>|
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.16% | Annual | N/A | 09/17/30 | HUF | 19899 | 154 | 1 | 153 |
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.17% | Annual | N/A | 09/17/30 | HUF | 20055 | 181 | 1 | 180 |
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.21% | Annual | N/A | 09/17/30 | HUF | 17517 | 262 | 1 | 261 |
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.22% | Annual | N/A | 09/17/30 | HUF | 9140 | 142 |  | 142 |
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.27% | Annual | N/A | 09/17/30 | HUF | 11924 | 271 |  | 271 |
| 7.11% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/30 | ZAR | 9334 | (12392)<br>| 6 | (12398)<br>|
| 7.11% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/30 | ZAR | 5535 | (7330)<br>| 4 | (7334)<br>|
| 7.22% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/30 | ZAR | 6827 | (10859)<br>| 4 | (10863)<br>|
| 7.37% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/30 | ZAR | 3220 | (6323)<br>| 333 | (6656)<br>|
| 7.49% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/30 | ZAR | 11495 | (26161)<br>| 7 | (26168)<br>|
| 7.60% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/30 | ZAR | 17902 | (45336)<br>| 10 | (45346)<br>|
| 7.63% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 09/17/30 | ZAR | 11393 | (29749)<br>| 7 | (29756)<br>|
| 1-day TIIEFONDEO, 7.30% | Monthly | 7.29% | Monthly | N/A | 10/03/30 | MXN | 3714 | (3311)<br>| 2 | (3313)<br>|
| China Fixing Repo Rates <br> 7-day, 2.20%<br>| Quarterly | 1.58% | Quarterly | N/A | 12/17/30 | CNY | 198450 | (15969)<br>| 312 | (16281)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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)* |
| China Fixing Repo Rates <br> 7-day, 2.20%<br>| Quarterly | 1.65% | Quarterly | N/A | 12/17/30 | CNY | 1077 | $411 | $2 | $409 |
| 3-mo. KRW CDC, 2.81% | Quarterly | 2.91% | Quarterly | N/A | 12/17/30 | KRW | 3540807 | (26633)<br>| 27 | (26660)<br>|
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.90% | Annual | N/A | 12/17/30 | CZK | 10045 | 1850 | 5 | 1845 |
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.91% | Annual | N/A | 12/17/30 | CZK | 84854 | 16969 | 45 | 16924 |
| 4.08% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 12/17/30 | PLN | 3877 | (16118)<br>| 12 | (16130)<br>|
| 4.08% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 12/17/30 | PLN | 3936 | (16461)<br>| 12 | (16473)<br>|
| 4.10% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual | N/A | 12/17/30 | PLN | 3936 | (17198)<br>| 12 | (17210)<br>|
| 6-mo. BUBOR, 6.39% | Semi-Annual | 6.23% | Annual | N/A | 12/17/30 | HUF | 11567 | 212 |  | 212 |
| 7.04% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly | N/A | 12/17/30 | ZAR | 5384 | (5963)<br>| 4 | (5967)<br>|
| 6-mo. PRIBOR, 3.54% | Semi-Annual | 3.75% | Annual | N/A | 12/19/30 | CZK | 20575 | (3335)<br>| 6 | (3341)<br>|
| 1.62% | Quarterly | China Fixing Repo Rates <br> 7-day, 2.20%<br>| Quarterly | 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CNY | 9410 | (1797)<br>| 15 | (1812)<br>|
| 0.02% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual | N/A | 08/26/31 | EUR | 8789 | 1486818 | 111 | 1486707 |
| 1-day ESTR, 2,502.55% | Annual | 2.34% | Annual | 01/19/28 <br><sup>(a)</sup><br>| 01/19/33 | EUR | 2870 | (53651)<br>| 40 | (53691)<br>|
| 1-day SOFR, 3.87% | Annual | 3.14% | Annual | 05/12/28 <br><sup>(a)</sup><br>| 05/12/33 | USD | 5752 | (163596)<br>| 53 | (163649)<br>|
| 3.24% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 08/09/33 | USD | 5937 | 186788 | 85 | 186703 |
| 1-day SOFR, 3.87% | Annual | 3.75% | Annual | N/A | 08/09/33 | USD | 8716 | 39285 | 113 | 39172 |
| 1-day SOFR, 3.87% | Annual | 3.93% | Annual | N/A | 10/04/33 | USD | 12560 | 220366 | 169 | 220197 |
| 1-day SOFR, 3.87% | Annual | 3.50% | Annual | N/A | 10/17/33 | USD | 17463 | (219836)<br>| 236 | (220072)<br>|
| 4.40% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 11/01/33 | USD | 5329 | (269064)<br>| 72 | (269136)<br>|
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 01/12/34 | USD | 4076 | 76500 | 54 | 76446 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 01/17/34 | USD | 2938 | 55180 | 39 | 55141 |
| 3.62% | Annual | 1-day SOFR, 3.87% | Annual | 10/09/29 <br><sup>(a)</sup><br>| 10/09/34 | USD | 10760 | 180104 | 101 | 180003 |
| 1-day SOFR, 3.87% | Annual | 3.66% | Annual | N/A | 10/10/34 | USD | 1 | (5)<br>|  | (5)<br>|
| 9.11% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly | N/A | 11/08/34 | MXN | 9670 | (34983)<br>| 8 | (34991)<br>|
| 1-day SOFR, 3.87% | Annual | 3.75% | Annual | N/A | 07/09/35 | USD | 7031 | (28403)<br>| 109 | (28512)<br>|
| 1-day TIIEFONDEO, 7.30% | Monthly | 8.12% | Monthly | N/A | 09/05/35 | MXN | 80000 | (10625)<br>| 67 | (10692)<br>|
| 1.35% | Quarterly | 1-day THOR, 1.25% | Quarterly | N/A | 09/17/35 | THB | 3217 | 2193 | 2301 | (108)<br>|
| 1-day THOR, 1.25% | Quarterly | 1.38% | Quarterly | N/A | 09/17/35 | THB | 2953 | (1796)<br>| 2 | (1798)<br>|
| 1-day THOR, 1.25% | Quarterly | 1.43% | Quarterly | N/A | 09/17/35 | THB | 169 | (74)<br>|  | (74)<br>|
| 1-day THOR, 1.25% | Quarterly | 1.44% | Quarterly | N/A | 09/17/35 | THB | 95 | (39)<br>|  | (39)<br>|
| 1-day TIIEFONDEO, 7.30% | Monthly | 8.27% | Monthly | N/A | 12/05/35 | MXN | 15706 | 5691 | 14 | 5677 |
| 6-mo. BBSW, 4.12% | Semi-Annual | 4.97% | Semi-Annual | 12/18/30 <br><sup>(a)</sup><br>| 12/18/35 | AUD | 1880 | (7646)<br>| 17 | (7663)<br>|
| 3.46% | Annual | 1-day SOFR, 3.87% | Annual | 12/15/26 <br><sup>(a)</sup><br>| 12/15/36 | USD | 2071 | 76013 | 34 | 75979 |
| 3.65% | Annual | 1-day SOFR, 3.87% | Annual | N/A | 11/03/53 | USD | 5310 | 478187 | 165 | 478022 |
| 1-day SOFR, 3.87% | Annual | 4.00% | Annual | N/A | 11/03/53 | USD | 5310 | (167124)<br>| 165 | (167289)<br>|
| Tokyo Overnight Average <br> Rate, 0.73%<br>| Annual | 1.45% | Annual | N/A | 03/06/54 | JPY | 234530 | (395167)<br>| 53 | (395220)<br>|
| Tokyo Overnight Average <br> Rate, 0.73%<br>| Annual | 1.45% | Annual | N/A | 03/11/54 | JPY | 234530 | (394946)<br>| 54 | (395000)<br>|
| 1-day SONIA, 3.73% | Annual | 4.45% | Annual | N/A | 12/04/55 | GBP | 6090 | (6281)<br>| 184 | (6465)<br>|
|  |  |  |  |  |  |  |  | $5591434 | $(33343)<br>| $5624777 |

---

&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>|
| Republic of Argentina | 1.00<br> % <br>| Quarterly | Bank of America N.A. | 12/20/27 | USD | 35 | $2919 | $5971 | $(3052)<br>|
| Deutsche Bank AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 300 | (5344)<br>| 12710 | (18054)<br>|
| Deutsche Bank AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 176 | (3134)<br>| 4889 | (8023)<br>|
| Deutsche Bank AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 59 | (1051)<br>| 1639 | (2690)<br>|
| Deutsche Bank AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 65 | (1158)<br>| 1898 | (3056)<br>|
| UBS Group AG | 1.00 | Quarterly | BNP Paribas SA | 06/20/28 | EUR | 100 | (2147)<br>| 2292 | (4439)<br>|
| UBS Group AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 63 | (1352)<br>| 1707 | (3059)<br>|
| UBS Group AG | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | EUR | 600 | (12881)<br>| 10797 | (23678)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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>|
| Boeing, Co. | 1.00<br> % <br>| Quarterly | Deutsche Bank AG | 12/20/28 | USD | 300 | $(4685)<br>| $(907)<br>| $(3778)<br>|
| Boeing, Co. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/29 | USD | 300 | (4989)<br>| 2585 | (7574)<br>|
|  |  |  |  |  |  |  | $(33822)<br>| $43581 | $(77403)<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>|
| Altice France SA | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | CCC+ | EUR | 151 | $5634 | $3652 | $1982 |
| CMA CGM SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB+ | EUR | 66 | 4705 | 2208 | 2497 |
| iTraxx.XO.42 10-20% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 387 | 23313 | 31385 | (8072)<br>|
| iTraxx.XO.44 20-35% | 5.00 | Quarterly | Goldman Sachs International | 12/20/30 | B | EUR | 387 | 63543 | 62463 | 1080 |
| CMBX.NA.9 | 2.00 | Monthly | Goldman Sachs International | 09/17/58 | N/R | USD | 53 | (6732)<br>| (907)<br>| (5825)<br>|
| CMBX.NA.9 | 2.00 | Monthly | Goldman Sachs International | 09/17/58 | N/R | USD | 60 | (7673)<br>| (920)<br>| (6753)<br>|
|  |  |  |  |  |  |  |  | $82790 | $97881 | $(15091)<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 | 10.12% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/04/27 | BRL | 39 | $(791)<br>| $— | $(791)<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 | (1465)<br>|  | (1465)<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 | (18)<br>|  | (18)<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 | 92723 |  | 92723 |
| 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 | 30763 |  | 30763 |
| 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 | (1390)<br>|  | (1390)<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 | (5057)<br>|  | (5057)<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 | (913)<br>|  | (913)<br>|
| 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 | 3326 |  | 3326 |
| 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 | 568 |  | 568 |
| 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 | (20509)<br>|  | (20509)<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 | 6671 | (125023)<br>|  | (125023)<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 | (41)<br>|  | (41)<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 | (47)<br>|  | (47)<br>|
| 4.44% | At Termination | 1-day CLP <br> Interbank Rate, <br> 26,035.82%<br>| At Termination | JPMorgan Chase Bank N.A. | N/A | &nbsp;&nbsp; 12/16/27 | CLP | 286106 | (61)<br>|  | (61)<br>|

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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>|
| 4.44% | Semi-Annual | 1-day CLP <br> Interbank Rate, <br> 26,035.82%<br>| Semi-Annual | Bank of America N.A. | N/A | &nbsp;&nbsp; 12/17/27 | CLP | 1315876 | $(252)<br>| $— | $(252)<br>|
| 4.44% | Semi-Annual | 1-day CLP <br> Interbank Rate, <br> 26,035.82%<br>| Semi-Annual | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 12/17/27 | CLP | 3343692 | (641)<br>|  | (641)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.31% | Quarterly | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 12/17/27 | COP | 1436069 | (10519)<br>|  | (10519)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.31% | Quarterly | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 12/17/27 | COP | 3338822 | (24456)<br>|  | (24456)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.37% | Quarterly | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 12/17/27 | COP | 1425554 | (10037)<br>|  | (10037)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.37% | Quarterly | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 12/17/27 | COP | 3314370 | (23336)<br>|  | (23336)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.54% | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 12/17/27 | COP | 6580248 | (41039)<br>|  | (41039)<br>|
| 1-day COOIS, <br> 8.75%<br>| Quarterly | 9.54% | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 12/17/27 | COP | 2830252 | (17651)<br>|  | (17651)<br>|
| 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 | (81009)<br>|  | (81009)<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 | (8819)<br>|  | (8819)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.00% | At Termination | BNP Paribas SA | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 30000 | (68496)<br>|  | (68496)<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 | (13730)<br>|  | (13730)<br>|
| 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 | (8925)<br>|  | (8925)<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 | (24581)<br>|  | (24581)<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 | (3618)<br>|  | (3618)<br>|
| 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 | (154)<br>|  | (154)<br>|
| 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 | (702)<br>|  | (702)<br>|
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.34% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/29 | BRL | 867 | 67 |  | 67 |
| 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 | (1486)<br>|  | (1486)<br>|
| 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 | (444)<br>|  | (444)<br>|
| 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 | 386 |  | 386 |
| 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 | 104 |  | 104 |
| 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 | 10651 |  | 10651 |
| 9.36% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 12/17/29 | COP | 797285 | 9798 |  | 9798 |
| 9.36% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 12/17/29 | COP | 1851953 | 22760 |  | 22760 |
| 9.42% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 12/17/29 | COP | 794948 | 9364 |  | 9364 |
| 9.42% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Goldman Sachs <br> International<br>| N/A | &nbsp;&nbsp; 12/17/29 | COP | 1846522 | 21751 |  | 21751 |
| 9.54% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 12/17/29 | COP | 3621182 | 38960 |  | 38960 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 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>|
| 9.54% | Quarterly | 1-day COOIS, <br> 8.75%<br>| Quarterly | Morgan Stanley & Co. <br> International PLC<br>| N/A | &nbsp;&nbsp; 12/17/29 | COP | 1558958 | $16773 | $— | $16773 |
| 1-day BZDIOVER, <br> 0.06%<br>| At Termination | 13.04% | At Termination | Barclays Bank PLC | N/A | &nbsp;&nbsp; 01/02/31 | BRL | 2735 | (10298)<br>|  | (10298)<br>|
| 1-day CLP <br> Interbank Rate, <br> 26,035.82%<br>| Quarterly | 5.64% | Quarterly | JPMorgan Chase Bank N.A. | N/A | &nbsp;&nbsp; 12/18/35 | CLP | 79300 | (101)<br>|  | (101)<br>|
|  |  |  |  |  |  |  |  |  | $(247615)<br>| $— | $(247615)<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; $228623 | &nbsp;&nbsp;&nbsp; $(941059)<br>| &nbsp;&nbsp;&nbsp; $9292504 | &nbsp;&nbsp;&nbsp; $(3832440)<br>| &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; 144196 | &nbsp;&nbsp;&nbsp; (2734)<br>| &nbsp;&nbsp;&nbsp; 263553 | &nbsp;&nbsp;&nbsp; (603662)<br>| &nbsp;&nbsp;&nbsp; — |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; (2294997)<br>| &nbsp;&nbsp;&nbsp; 789086 | &nbsp;&nbsp;&nbsp; (229384)<br>| &nbsp;&nbsp;&nbsp; (1735295)<br>|

---

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

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day's variation margin is reported within the 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; $113992 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $531075 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $645067 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6063934 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6063934 |
| Options purchased <br>Investments at value — unaffiliated<sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 198881 | &nbsp;&nbsp; 207620 | &nbsp;&nbsp; 167849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 575032 |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 95612 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9172309 | &nbsp;&nbsp; 24583 | &nbsp;&nbsp; 9292504 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 149755 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 257994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 407749 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $246049 | &nbsp;&nbsp; $312873 | &nbsp;&nbsp; $6271554 | &nbsp;&nbsp; $10129227 | &nbsp;&nbsp; $24583 | &nbsp;&nbsp; $16984286 |
| **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; $795967 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $795967 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5643594 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5643594 |
| Options written <br>Options written at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 131645 | &nbsp;&nbsp; 309389 | &nbsp;&nbsp; 1293824 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1735295 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 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* |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $284908 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3547532 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3832440 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 100787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 505609 | &nbsp;&nbsp; — | &nbsp;&nbsp; 606396 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $386132 | &nbsp;&nbsp; $131645 | &nbsp;&nbsp; $5952983 | &nbsp;&nbsp; $6142932 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12613692 |

---

&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 Consolidated 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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the period ended December 31, 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; $917837 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10803476)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9885639)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (16959951)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (16959951)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (105810)<br>| &nbsp;&nbsp; (1614763)<br>| &nbsp;&nbsp; (2171373)<br>| &nbsp;&nbsp; (1711855)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5603801)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 42888 | &nbsp;&nbsp; 1060073 | &nbsp;&nbsp; 1239221 | &nbsp;&nbsp; 3948752 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6290934 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (143562)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7862061)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8005623)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(206484)<br>| &nbsp;&nbsp; $363147 | &nbsp;&nbsp; $(17892103)<br>| &nbsp;&nbsp; $(16428640)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(34164080)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $191872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5357973)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5166101)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 901792 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 901792 |
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (5737)<br>| &nbsp;&nbsp; 77012 | &nbsp;&nbsp; (22134)<br>| &nbsp;&nbsp; 103643 | &nbsp;&nbsp; — | &nbsp;&nbsp; 152784 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; 4725 | &nbsp;&nbsp; 205206 | &nbsp;&nbsp; (43505)<br>| &nbsp;&nbsp; 443658 | &nbsp;&nbsp; — | &nbsp;&nbsp; 610084 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (183938)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18100271 | &nbsp;&nbsp; 3423 | &nbsp;&nbsp; 17919756 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(184950)<br>| &nbsp;&nbsp; $474090 | &nbsp;&nbsp; $836153 | &nbsp;&nbsp; $13289599 | &nbsp;&nbsp; $3423 | &nbsp;&nbsp; $14418315 |

---

&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; $241053162 |
| Average notional value of contracts — short | &nbsp;&nbsp; 527236663 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 588855070 |
| Average amounts sold — in USD | &nbsp;&nbsp; 603121780 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; 596190 |
| Average value of option contracts written | &nbsp;&nbsp; 508215 |
| Average notional value of swaption contracts purchased | &nbsp;&nbsp; 103102053 |
| Average notional value of swaption contracts written | &nbsp;&nbsp; 513275294 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 15593582 |
| Average notional value — sell protection | &nbsp;&nbsp; 9654119 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 278327239 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 1191510353 |
| Inflation swaps: |  |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 616387 |

---

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

**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; $523804 | &nbsp;&nbsp;&nbsp;&nbsp; $110342 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 6063934 | &nbsp;&nbsp;&nbsp;&nbsp; 5643594 |
| Options | &nbsp;&nbsp; 575032 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1735295 |
| Swaps — centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 392388 |
| Swaps — OTC<sup>(b)</sup> | &nbsp;&nbsp; 407749 | &nbsp;&nbsp;&nbsp;&nbsp; 606396 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 7570519 | &nbsp;&nbsp;&nbsp;&nbsp; 8488015 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (718758)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (632876)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $6851761 | &nbsp;&nbsp;&nbsp;&nbsp; $7855139 |

---

&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 Consolidated 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; $1602720 | &nbsp;&nbsp; $(414830)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1187890 |
| Barclays Bank PLC | &nbsp;&nbsp; 546763 | &nbsp;&nbsp; (546763)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 71109 | &nbsp;&nbsp; (71109)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 338963 | &nbsp;&nbsp; (430)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 338533 |
| Citibank N.A. | &nbsp;&nbsp; 574082 | &nbsp;&nbsp; (574082)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 12932 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12932 |
| Deutsche Bank AG | &nbsp;&nbsp; 188072 | &nbsp;&nbsp; (188072)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 401536 | &nbsp;&nbsp; (401536)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 101618 | &nbsp;&nbsp; (101618)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 184500 | &nbsp;&nbsp; (184500)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 309793 | &nbsp;&nbsp; (309793)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Natwest Markets PLC | &nbsp;&nbsp; 112391 | &nbsp;&nbsp; (112391)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura International PLC | &nbsp;&nbsp; 18326 | &nbsp;&nbsp; (3582)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14744 |
| Royal Bank of Canada | &nbsp;&nbsp; 3038 | &nbsp;&nbsp; (777)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2261 |
| Societe Generale | &nbsp;&nbsp; 1048467 | &nbsp;&nbsp; (27800)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1020667 |
| Standard Chartered Bank | &nbsp;&nbsp; 398213 | &nbsp;&nbsp; (19807)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 378406 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 285684 | &nbsp;&nbsp; (285684)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| The Bank of New York Mellon | &nbsp;&nbsp; 41599 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41599 |
| Toronto-Dominion Bank | &nbsp;&nbsp; 18552 | &nbsp;&nbsp; (18552)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 491685 | &nbsp;&nbsp; (177205)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 314480 |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 95322 | &nbsp;&nbsp; (69093)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26229 |
| Westpac Banking Corp. | &nbsp;&nbsp; 6396 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6396 |
|  | &nbsp;&nbsp; $6851761 | &nbsp;&nbsp; $(3507624)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3344137 |

---

&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; $414830 | &nbsp;&nbsp; $(414830)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 651825 | &nbsp;&nbsp; (546763)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 105062 |
| BNP Paribas SA | &nbsp;&nbsp; 279209 | &nbsp;&nbsp; (71109)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 208100 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 430 | &nbsp;&nbsp; (430)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 1261348 | &nbsp;&nbsp; (574082)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (256000)<br>| &nbsp;&nbsp; 431266 |
| Deutsche Bank AG | &nbsp;&nbsp; 416325 | &nbsp;&nbsp; (188072)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 228253 |
| Goldman Sachs International | &nbsp;&nbsp; 927518 | &nbsp;&nbsp; (401536)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (422000)<br>| &nbsp;&nbsp; 103982 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *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>|
| HSBC Bank PLC | &nbsp;&nbsp; $128080 | &nbsp;&nbsp; $(101618)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26462 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1034239 | &nbsp;&nbsp; (184500)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (299000)<br>| &nbsp;&nbsp; 550739 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1507423 | &nbsp;&nbsp; (309793)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1197630 |
| Natwest Markets PLC | &nbsp;&nbsp; 153620 | &nbsp;&nbsp; (112391)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 41229 |
| Nomura International PLC | &nbsp;&nbsp; 3582 | &nbsp;&nbsp; (3582)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Royal Bank of Canada | &nbsp;&nbsp; 777 | &nbsp;&nbsp; (777)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 27800 | &nbsp;&nbsp; (27800)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 19807 | &nbsp;&nbsp; (19807)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 745017 | &nbsp;&nbsp; (285684)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 459333 |
| Toronto-Dominion Bank | &nbsp;&nbsp; 37011 | &nbsp;&nbsp; (18552)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18459 |
| UBS AG | &nbsp;&nbsp; 177205 | &nbsp;&nbsp; (177205)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 69093 | &nbsp;&nbsp; (69093)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $7855139 | &nbsp;&nbsp; $(3507624)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(977000)<br>| &nbsp;&nbsp; $3370515 |

---

&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 Consolidated 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; $84060552 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $84060552 |
| Common Stocks  |  |  |  |  |
| Canada | &nbsp;&nbsp; 107797 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107797 |
| Chile | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23667 | &nbsp;&nbsp;&nbsp;&nbsp; 23667 |
| China | &nbsp;&nbsp; 154789 | &nbsp;&nbsp;&nbsp;&nbsp; 225621 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 380410 |
| France | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9105 |
| Italy | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 360155 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 360155 |
| Spain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207416 |
| United Kingdom | &nbsp;&nbsp; 178491 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178491 |
| United States | &nbsp;&nbsp; 8236295 | &nbsp;&nbsp;&nbsp;&nbsp; 2667 | &nbsp;&nbsp;&nbsp;&nbsp; 1767722 | &nbsp;&nbsp;&nbsp;&nbsp; 10006684 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 246144737 | &nbsp;&nbsp;&nbsp;&nbsp; 14550294 | &nbsp;&nbsp;&nbsp;&nbsp; 260695031 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15923307 | &nbsp;&nbsp;&nbsp;&nbsp; 5053587 | &nbsp;&nbsp;&nbsp;&nbsp; 20976894 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233071354 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233071354 |
| Grantor Trust | &nbsp;&nbsp; 1901347 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1901347 |
| Investment Companies | &nbsp;&nbsp; 26589393 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26589393 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1575947 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1575947 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 119894433 | &nbsp;&nbsp;&nbsp;&nbsp; 2430309 | &nbsp;&nbsp;&nbsp;&nbsp; 122324742 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10438071 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10438071 |
| Preferred Stocks | &nbsp;&nbsp; 117402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7077998 | &nbsp;&nbsp;&nbsp;&nbsp; 7195400 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 292268752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 292268752 |
| Warrants  |  |  |  |  |
| United States | &nbsp;&nbsp; 1867 | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 298551 | &nbsp;&nbsp;&nbsp;&nbsp; 300480 |
| Venezuela | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4500 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Foreign Agency Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7984750 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7984750 |
| Money Market Funds | &nbsp;&nbsp; 4278715 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4278715 |
| Options Purchased  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 682 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 682 |
| Equity Contracts | &nbsp;&nbsp; 194954 | &nbsp;&nbsp;&nbsp;&nbsp; 3927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198881 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207620 |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167849 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167849 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 987 | &nbsp;&nbsp;&nbsp;&nbsp; 987 |
| Liabilities |  |  |  |  |
| Investments  |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (86230393)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (86230393)<br>|
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3960)<br>|
|  | &nbsp;&nbsp; $41761050 | &nbsp;&nbsp;&nbsp;&nbsp; $926321114 | &nbsp;&nbsp;&nbsp;&nbsp; $31199155 | &nbsp;&nbsp;&nbsp;&nbsp; $999281319 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $101171 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $101171 |
| Equity Contracts | &nbsp;&nbsp; 109727 | &nbsp;&nbsp;&nbsp;&nbsp; 4265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113992 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6063934 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6063934 |
| Interest Rate Contracts | &nbsp;&nbsp; 531075 | &nbsp;&nbsp;&nbsp;&nbsp; 9430303 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9961378 |
| Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24583 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24583 |
| Liabilities |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (383398)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (383398)<br>|
| Equity Contracts | &nbsp;&nbsp; (130146)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1499)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (131645)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5952983)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5952983)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (795967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5346965)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6142932)<br>|
|  | &nbsp;&nbsp; $(285311)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3939411 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3654100 |

---

&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 year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; *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>| *Unfunded* <br>*FloatingRate* <br>*Loan* <br>*Interests*<br>|
| **Assets/Liabilities** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $1358458 | $9398057 | $623814 | $4929660 | $1861345 | $5274813 | $(6427)<br>|
| Transfers into Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; — |  |  |  |  |  |  |
| Transfers out of Level 3<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; — |  |  | (314110)<br>|  |  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — | 37614 | 349 | 10849 | 40865 |  |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; — | (120456)<br>| (422)<br>| (52756)<br>|  |  |  |
| Net change in unrealized appreciation (depreciation)<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; 253911 | (971326)<br>| (24669)<br>| (126219)<br>| 45779 | 1981611 | 3454 |
| Purchases | &nbsp;&nbsp;&nbsp; 399886 | 9142675 | 2931 | 2634172 | 673008 | 1180519 |  |
| Sales | &nbsp;&nbsp;&nbsp; (220866)<br>| (2936270)<br>| (602003)<br>| (2028009)<br>| (190688)<br>| (1358945)<br>|  |
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp; $1791389 | $14550294 | $— | $5053587 | $2430309 | $7077998 | $(2973)<br>|
| Net change in unrealized appreciation (depreciation) on investments still held at <br> December 31, 2025<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; $253911 | $(851222)<br>| $(2174)<br>| $(105499)<br>| $45779 | $1975009 | $(2164)<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | *Warrants* | *Total*  |
| **Assets** |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $196655 | $23636375 |
| Transfers into Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 129056 | 129056 |
| Transfers out of Level 3<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; — | (314110)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — | 89677 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; — | (173634)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(a)(d)</sup> | &nbsp;&nbsp;&nbsp; (27160)<br>| 1135381 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (continued)

December 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | *Warrants* | *Total*  |
| Purchases | &nbsp;&nbsp;&nbsp; $— | $14033191 |
| Sales | &nbsp;&nbsp;&nbsp; — | (7336781)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp; $298551 | $31199155 |
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $(27150)<br>| $1286490 |

---

&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> As of December 31, 2025, the Fund used observable inputs in determining the value of certain investments. As of December 31, 2025, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. 

<sup>(c)</sup> As of December 31, 2025, the Fund used significant unobservable inputs in determining the value of certain investments. As of December 31, 2025, the Fund used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. 

<sup>(d)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 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 $6,328,570.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *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 Stocks | &nbsp;&nbsp; $1767722 | Market | EBITDA Multiple | 10.00x - 42.67x | 30.82x |
|  |  |  | Revenue Multiple | 16.50x |  |
|  |  | Income | Discount Rate | 15% |  |
| Corporate Bonds | &nbsp;&nbsp; 11462174 | Income | Discount Rate | 7%- 16% | 12% |
|  |  | Market | Direct Profit Multiple | 2.00x |  |
| Floating Rate Loan Interests | &nbsp;&nbsp; 4308666 | Income | Discount Rate | 9%- 21% | 12% |
|  |  | Market | Revenue Multiple | 0.63x |  |
| Preferred Stocks | &nbsp;&nbsp; 7033477 | Market | Revenue Multiple | 5.40x - 52.50x | 33.56x |
|  |  |  | Time to Exit | 1.0 - 3.0 years | 2.9 years |
|  |  |  | Volatility | 48% - 75% | 50% |
|  |  |  | Market Adjustment Multiple | 0.20x |  |
|  |  | Income | Discount Rate | 10% - 15% | 13% |
| Warrants | &nbsp;&nbsp; 298547 | Market | Revenue Multiple | 8.75x - 10.50x | 10.17x |
|  |  |  | Volatility | 55% |  |
|  |  |  | Time to Exit | 5.2 years |  |
|  | &nbsp;&nbsp; $24870585 |  |  |  |  |

---

&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.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**(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** |
| Affirm Asset Securitization Trust<sup>(a)</sup> <br>|  |  |
| Series 2024-A, Class 1C, 6.16%, 02/15/29 | 5230 | $5236389 |
| Series 2024-A, Class 1D, 6.89%, 02/15/29 | 4170 | 4178845 |
| Series 2024-A, Class B, 5.93%, 02/15/29 | 3640 | 3645741 |
| Series 2024-B, Class C, 5.06%, 09/15/29 | 4500 | 4505671 |
| Series 2024-B, Class D, 5.50%, 09/15/29 | 5500 | 5516178 |
| Series 2024-X1, Class C, 6.57%, 05/15/29 | 2004 | 2005386 |
| Series 2024-X1, Class D, 7.29%, 05/15/29 | 6900 | 6904203 |
| Series 2024-X2, Class D, 6.08%, 12/17/29 | 3125 | 3151754 |
| Series 2025-X1, Class B, 5.19%, 04/15/30 | 8600 | 8624062 |
| Series 2025-X1, Class C, 5.34%, 04/15/30 | 4775 | 4791022 |
| Series 2025-X1, Class D, 6.11%, 04/15/30 | 8000 | 8071282 |
| Affirm Master Trust<sup>(a)</sup> <br>|  |  |
| Series 2025-1A, Class B, 5.13%, 02/15/33 | 2500 | 2519002 |
| Series 2025-1A, Class C, 5.28%, 02/15/33 | 3410 | 3434293 |
| Series 2025-2A, Class C, 5.26%, 07/15/33 | 8100 | 8155308 |
| Series 2025-2A, Class D, 5.60%, 07/15/33 | 3750 | 3775884 |
| Series 2025-3A, Class D, 5.09%, 10/16/34 | 7500 | 7490730 |
| Avant Loans Funding Trust<sup>(a)</sup> <br>|  |  |
| Series 2024-REV1, Class A, 5.92%, 10/15/33 | 4850 | 4893325 |
| Series 2025-REV1, Class C, 6.06%, 05/15/34 | 2110 | 2125440 |
| Carvana Auto Receivables Trust, Series 2021-N2, <br> Class B, 0.75%, 03/10/28<br>| 192 | 188145 |
| NetCredit Combined Receivables LLC<sup>(a)</sup> <br>|  |  |
| Series 2023-A, Class A, 7.78%, 12/20/27 | 2621 | 2623808 |
| Series 2024-A, Class A, 7.43%, 10/21/30 | 87 | 86788 |
| Series 2024-A, Class B, 8.31%, 10/21/30 | 6000 | 6067741 |
| Series 2025-A, Class A, 7.29%, 10/20/31 | 6749 | 6888837 |
| OneMain Financial Issuance Trust, Series 2019-2A, <br> Class A, 3.14%, 10/14/36<sup>(a)</sup><br>| 500 | 492926 |
| Sunbit Asset Securitization Trust, Series 2025-1, <br> Class A, 5.36%, 07/15/30<sup>(a)</sup><br>| 8000 | 8052914 |
| **Total Asset-Backed Securities — 1.4%** <br>**(Cost: $112,831,540)** | **Total Asset-Backed Securities — 1.4%** <br>**(Cost: $112,831,540)** | 113425674 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |  |
| Axon Enterprise, Inc.<sup>(b)</sup> | 723 | 410613 |
| BWX Technologies, Inc. | 1524 | 263408 |
| Carpenter Technology Corp. | 844 | 265725 |
| Curtiss-Wright Corp. | 518 | 285558 |
| General Dynamics Corp. | 1814 | 610701 |
| General Electric Co. | 5474 | 1686156 |
| HEICO Corp. | 1174 | 379895 |
| Howmet Aerospace, Inc. | 2795 | 573031 |
| Huntington Ingalls Industries, Inc. | 810 | 275457 |
| Kratos Defense & Security Solutions, Inc.<sup>(b)</sup> | 3403 | 258322 |
| L3Harris Technologies, Inc. | 25816 | 7578803 |
| Loar Holdings, Inc.<sup>(b)</sup> | 3327 | 226236 |
| Lockheed Martin Corp. | 19209 | 9290817 |
| Northrop Grumman Corp. | 1010 | 575912 |
| RTX Corp. | 7308 | 1340287 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |  |
| TransDigm Group, Inc. | 406 | $539919 |
| Woodward, Inc. | 941 | 284483 |
|  |  | 24845323 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |  |
| CH Robinson Worldwide, Inc. | 1750 | 281330 |
| Expeditors International of Washington, Inc. | 1963 | 292507 |
|  |  | 573837 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |  |
| Gentex Corp. | 9503 | 221135 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** |  |
| Tesla, Inc.<sup>(b)</sup> | 12064 | 5425422 |
| **Beverages — 0.1%** | **Beverages — 0.1%** |  |
| Coca-Cola Co. | 22441 | 1568850 |
| Constellation Brands, Inc., Class A | 2264 | 312342 |
| Keurig Dr. Pepper, Inc. | 13541 | 379283 |
| Monster Beverage Corp.<sup>(b)</sup> | 6958 | 533470 |
| PepsiCo, Inc. | 61017 | 8757160 |
|  |  | 11551105 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |  |
| AbbVie, Inc. | 34337 | 7845661 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 11653 | 212550 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 1044 | 415146 |
| Amgen, Inc. | 22888 | 7491471 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 4433 | 263453 |
| Exelixis, Inc.<sup>(b)</sup> | 5612 | 245974 |
| Gilead Sciences, Inc. | 70397 | 8640528 |
| Incyte Corp.<sup>(b)</sup> | 2775 | 274087 |
| Insmed, Inc.<sup>(b)</sup> | 1897 | 330154 |
| Natera, Inc.<sup>(b)</sup> | 1459 | 334242 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 1807 | 256287 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 2546 | 222368 |
| Regeneron Pharmaceuticals, Inc. | 726 | 560377 |
| Roivant Sciences Ltd.<sup>(b)</sup> | 11951 | 259337 |
| United Therapeutics Corp.<sup>(b)</sup> | 595 | 289914 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 1601 | 725829 |
|  |  | 28367378 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |  |
| Amazon.com, Inc.<sup>(b)</sup> | 23143 | 5341867 |
| **Building Products — 0.0%** | **Building Products — 0.0%** |  |
| Allegion PLC | 1605 | 255548 |
| Armstrong World Industries, Inc. | 1222 | 233524 |
| CSW Industrials, Inc. | 810 | 237759 |
| Lennox International, Inc. | 561 | 272410 |
| Masco Corp. | 3995 | 253523 |
| Simpson Manufacturing Co., Inc. | 1351 | 218146 |
| Trane Technologies PLC | 1468 | 571346 |
| Zurn Elkay Water Solutions Corp. | 4848 | 225384 |
|  |  | 2267640 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |
| FactSet Research Systems, Inc. | 876 | 254206 |
| LPL Financial Holdings, Inc. | 930 | 332168 |
| Moody's Corp. | 1197 | 611488 |
| MSCI, Inc., Class A | 690 | 395874 |
| S&P Global, Inc. | 1798 | 939617 |
|  |  | 2533353 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** |  |
| Corteva, Inc. | 6105 | $409218 |
| Ecolab, Inc. | 2000 | 525040 |
| Linde PLC | 2562 | 1092411 |
| NewMarket Corp. | 309 | 212363 |
| RPM International, Inc. | 2407 | 250328 |
| Sensient Technologies Corp. | 2206 | 207254 |
| Sherwin-Williams Co. | 1690 | 547611 |
|  |  | 3244225 |
| **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** |  |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup> | 2328 | 228004 |
| Cintas Corp. | 2896 | 544651 |
| Clean Harbors, Inc.<sup>(b)</sup> | 1108 | 259804 |
| Copart, Inc.<sup>(b)</sup> | 9325 | 365074 |
| GFL Environmental, Inc. | 5966 | 256240 |
| Republic Services, Inc. | 2306 | 488710 |
| Rollins, Inc. | 5419 | 325248 |
| Veralto Corp. | 3082 | 307522 |
| Waste Connections, Inc. | 2262 | 396664 |
| Waste Management, Inc. | 2721 | 597831 |
|  |  | 3769748 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |  |
| Arista Networks, Inc.<sup>(b)</sup> | 7319 | 959009 |
| Cisco Systems, Inc. | 122413 | 9429473 |
| Motorola Solutions, Inc. | 1288 | 493716 |
|  |  | 10882198 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| API Group Corp.<sup>(b)</sup> | 6908 | 264300 |
| Comfort Systems USA, Inc. | 362 | 337851 |
| Dycom Industries, Inc.<sup>(b)</sup> | 692 | 233827 |
| EMCOR Group, Inc. | 524 | 320578 |
| Ferrovial SE | 6290 | 406397 |
| Quanta Services, Inc. | 1096 | 462578 |
| Stantec, Inc. | 2526 | 238353 |
| Valmont Industries, Inc. | 570 | 229322 |
|  |  | 2493206 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |  |
| CRH PLC | 4672 | 583066 |
| Eagle Materials, Inc. | 1035 | 213914 |
| Martin Marietta Materials, Inc. | 591 | 367992 |
| Vulcan Materials Co. | 1283 | 365937 |
|  |  | 1530909 |
| **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** |  |
| Albertsons Cos., Inc., Class A | 17898 | 307309 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 2676 | 240920 |
| Casey's General Stores, Inc. | 505 | 279119 |
| Costco Wholesale Corp. | 2221 | 1915257 |
| Dollar General Corp. | 15405 | 2045322 |
| Kroger Co. | 125395 | 7834680 |
| Performance Food Group Co.<sup>(b)</sup> | 2761 | 248269 |
| Sysco Corp. | 80831 | 5956436 |
| U.S. Foods Holding Corp.<sup>(b)</sup> | 3482 | 262264 |
| Walmart, Inc. | 38636 | 4304437 |
|  |  | 23394013 |
| **Containers & Packaging — 0.0%** | **Containers & Packaging — 0.0%** |  |
| AptarGroup, Inc. | 1874 | 228553 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |  |
| Avery Dennison Corp. | 1500 | $272820 |
| Packaging Corp. of America | 1384 | 285422 |
|  |  | 786795 |
| **Distributors — 0.1%** | **Distributors — 0.1%** |  |
| Genuine Parts Co. | 34293 | 4216667 |
| LKQ Corp. | 18508 | 558942 |
|  |  | 4775609 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |  |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 1349 | 224352 |
| H&R Block, Inc. | 142054 | 6190714 |
|  |  | 6415066 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |  |
| WP Carey, Inc. | 118723 | 7641012 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |  |
| AT&T, Inc. | 352350 | 8752374 |
| TELUS Corp. | 22786 | 300092 |
| Verizon Communications, Inc. | 23891 | 973080 |
|  |  | 10025546 |
| **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** |  |
| Alliant Energy Corp. | 4019 | 261275 |
| American Electric Power Co., Inc. | 68976 | 7953623 |
| Duke Energy Corp. | 71800 | 8415678 |
| Emera, Inc. | 5374 | 264616 |
| Entergy Corp. | 4101 | 379055 |
| Evergy, Inc. | 36884 | 2673721 |
| Exelon Corp. | 168518 | 7345700 |
| FirstEnergy Corp. | 174791 | 7825393 |
| Fortis, Inc./Canada | 6058 | 314653 |
| IDACORP, Inc. | 11277 | 1427217 |
| NextEra Energy, Inc. | 11786 | 946180 |
| OGE Energy Corp. | 75902 | 3241015 |
| Pinnacle West Capital Corp. | 17992 | 1595890 |
| PPL Corp. | 8831 | 309262 |
| Southern Co. | 97052 | 8462934 |
| Xcel Energy, Inc. | 14610 | 1079095 |
|  |  | 52495307 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |  |
| AMETEK, Inc. | 2060 | 422939 |
| Eaton Corp. PLC | 2365 | 753276 |
| Hubbell, Inc. | 711 | 315762 |
| nVent Electric PLC | 2577 | 262777 |
| Rockwell Automation, Inc. | 1007 | 391793 |
|  |  | 2146547 |
| **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |  |
| Amphenol Corp., Class A | 7046 | 952196 |
| Badger Meter, Inc. | 1239 | 216094 |
| Corning, Inc. | 6360 | 556882 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 615 | 314099 |
|  |  | 2039271 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** |  |
| Madison Square Garden Sports Corp., Class A<sup>(b)</sup> | 988 | 255546 |
| Netflix, Inc.<sup>(b)</sup> | 20978 | 1966897 |
| Spotify Technology SA<sup>(b)</sup> | 1274 | 739825 |
| TKO Group Holdings, Inc., Class A | 1872 | 391248 |
| Walt Disney Co. | 9970 | 1134287 |
|  |  | 4487803 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Financial Services — 0.2%** | **Financial Services — 0.2%** |  |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 10288 | $5171263 |
| Jack Henry & Associates, Inc. | 1465 | 267333 |
| Mastercard, Inc., Class A | 4463 | 2547838 |
| Visa, Inc., Class A | 9459 | 3317366 |
| YEOMAN CAP SA<sup>(b)(c)</sup> | 195536 | 1694730 |
|  |  | 12998530 |
| **Food Products — 0.5%** | **Food Products — 0.5%** |  |
| General Mills, Inc. | 177693 | 8262724 |
| Hershey Co. | 30388 | 5530008 |
| Hormel Foods Corp. | 350136 | 8298223 |
| Ingredion, Inc. | 2119 | 233641 |
| Kraft Heinz Co. | 13074 | 317045 |
| McCormick & Co., Inc. | 4136 | 281703 |
| Mondelez International, Inc., Class A | 150417 | 8096947 |
| Post Holdings, Inc.<sup>(b)</sup> | 2143 | 212264 |
| The Campbell's Co. | 114872 | 3201483 |
| Tyson Foods, Inc., Class A | 50742 | 2974496 |
|  |  | 37408534 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |  |
| Atmos Energy Corp. | 6128 | 1027237 |
| National Fuel Gas Co. | 2853 | 228411 |
| ONE Gas, Inc. | 887 | 68521 |
|  |  | 1324169 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |  |
| Canadian National Railway Co. | 5029 | 497117 |
| Canadian Pacific Kansas City Ltd. | 6896 | 507752 |
| CSX Corp. | 14139 | 512539 |
| Old Dominion Freight Line, Inc. | 2409 | 377731 |
| Uber Technologies, Inc.<sup>(b)</sup> | 11974 | 978396 |
| Union Pacific Corp. | 8326 | 1925970 |
|  |  | 4799505 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |  |
| Abbott Laboratories | 72586 | 9094300 |
| Alcon AG | 4739 | 373481 |
| Becton Dickinson & Co. | 3981 | 772593 |
| Boston Scientific Corp.<sup>(b)</sup> | 8578 | 817912 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 4757 | 405534 |
| Glaukos Corp.<sup>(b)</sup> | 2084 | 235304 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 2880 | 251453 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 624 | 422155 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 1951 | 1104968 |
| Medtronic PLC | 85246 | 8188731 |
| Merit Medical Systems, Inc.<sup>(b)</sup> | 2496 | 219997 |
| Penumbra, Inc.<sup>(b)</sup> | 840 | 261164 |
| ResMed, Inc. | 1461 | 351911 |
| STERIS PLC | 1180 | 299154 |
| Stryker Corp. | 2264 | 795728 |
|  |  | 23594385 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |  |
| Chemed Corp. | 509 | 217781 |
| Cigna Group | 14247 | 3921202 |
| Encompass Health Corp. | 2132 | 226290 |
| Ensign Group, Inc. | 1321 | 230118 |
| HCA Healthcare, Inc. | 1418 | 662008 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |  |
| Labcorp Holdings, Inc. | 1127 | $282742 |
| Quest Diagnostics, Inc. | 44874 | 7786985 |
|  |  | 13327126 |
| **Health Care Technology**<sup>(b)</sup> **— 0.0%** | **Health Care Technology**<sup>(b)</sup> **— 0.0%** |  |
| Doximity, Inc., Class A | 4795 | 212323 |
| Veeva Systems, Inc., Class A | 1559 | 348015 |
|  |  | 560338 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |  |
| Booking Holdings, Inc. | 186 | 996092 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 11888 | 439856 |
| Darden Restaurants, Inc. | 34616 | 6370036 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 2950 | 668116 |
| Hilton Worldwide Holdings, Inc. | 1729 | 496655 |
| Marriott International, Inc., Class A | 1866 | 578908 |
| McDonald's Corp. | 3899 | 1191651 |
| Restaurant Brands International, Inc. | 4808 | 328050 |
| Texas Roadhouse, Inc. | 1444 | 239704 |
| Viking Holdings Ltd.<sup>(b)</sup> | 5005 | 357407 |
| Yum! Brands, Inc. | 2578 | 390000 |
|  |  | 12056475 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** |  |
| D.R. Horton, Inc. | 2606 | 375342 |
| Garmin Ltd. | 1884 | 382169 |
| NVR, Inc.<sup>(b)</sup> | 39 | 284418 |
| PulteGroup, Inc. | 2452 | 287522 |
|  |  | 1329451 |
| **Household Products — 0.3%** | **Household Products — 0.3%** |  |
| Church & Dwight Co., Inc. | 3426 | 287270 |
| Clorox Co. | 2415 | 243504 |
| Colgate-Palmolive Co. | 83448 | 6594061 |
| Kimberly-Clark Corp. | 67820 | 6842360 |
| Procter & Gamble Co. | 65703 | 9415897 |
|  |  | 23383092 |
| **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |  |
| Ormat Technologies, Inc. | 2058 | 227347 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |  |
| Honeywell International, Inc. | 3904 | 761631 |
| **Insurance — 0.1%** | **Insurance — 0.1%** |  |
| Old Republic International Corp. | 141656 | 6465180 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |  |
| Alphabet, Inc., Class A | 16678 | 5220214 |
| Meta Platforms, Inc., Class A | 8255 | 5449043 |
| Reddit, Inc., Class A<sup>(b)</sup> | 1789 | 411237 |
|  |  | 11080494 |
| **IT Services — 0.2%** | **IT Services — 0.2%** |  |
| Amdocs Ltd. | 107096 | 8622299 |
| CGI, Inc., Class A | 3215 | 296745 |
| Cognizant Technology Solutions Corp., Class A | 6556 | 544148 |
| International Business Machines Corp. | 29483 | 8733159 |
| Shopify, Inc., Class A<sup>(b)</sup> | 6954 | 1119385 |
| VeriSign, Inc. | 1190 | 289111 |
|  |  | 19604847 |
| **Life Sciences Tools & Services — 0.0%** | **Life Sciences Tools & Services — 0.0%** |  |
| Agilent Technologies, Inc. | 2562 | 348611 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |  |
| Bio-Techne Corp. | 3816 | $224419 |
| Danaher Corp. | 4079 | 933765 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 227 | 316481 |
| Qiagen NV | 5098 | 229257 |
| Thermo Fisher Scientific, Inc. | 2035 | 1179181 |
| Waters Corp.<sup>(b)</sup> | 761 | 289051 |
| West Pharmaceutical Services, Inc. | 1052 | 289447 |
|  |  | 3810212 |
| **Machinery — 0.1%** | **Machinery — 0.1%** |  |
| Allison Transmission Holdings, Inc. | 2583 | 252876 |
| Cummins, Inc. | 1022 | 521680 |
| Donaldson Co., Inc. | 2744 | 243283 |
| Dover Corp. | 1712 | 334251 |
| Enpro, Inc. | 986 | 211132 |
| Federal Signal Corp. | 1994 | 216529 |
| Graco, Inc. | 3196 | 261976 |
| IDEX Corp. | 1478 | 262995 |
| Illinois Tool Works, Inc. | 2161 | 532254 |
| Ingersoll Rand, Inc. | 4351 | 344686 |
| ITT, Inc. | 1410 | 244649 |
| Lincoln Electric Holdings, Inc. | 1073 | 257134 |
| Mueller Industries, Inc. | 2297 | 263696 |
| Nordson Corp. | 1083 | 260386 |
| Otis Worldwide Corp. | 4000 | 349400 |
| Parker-Hannifin Corp. | 803 | 705805 |
| Pentair PLC | 2595 | 270243 |
| RBC Bearings, Inc.<sup>(b)</sup> | 600 | 269058 |
| Snap-on, Inc. | 818 | 281883 |
| SPX Technologies, Inc.<sup>(b)</sup> | 1138 | 227668 |
| Watts Water Technologies, Inc., Class A | 863 | 238205 |
| Westinghouse Air Brake Technologies Corp. | 1729 | 369055 |
| Xylem, Inc. | 2493 | 339497 |
|  |  | 7258341 |
| **Marine Transportation — 0.0%** | **Marine Transportation — 0.0%** |  |
| Kirby Corp.<sup>(b)</sup> | 2004 | 220801 |
| **Media — 0.1%** | **Media — 0.1%** |  |
| Comcast Corp., Class A | 231418 | 6917084 |
| Fox Corp., Class A | 4968 | 363012 |
| New York Times Co., Class A | 3752 | 260464 |
| News Corp., Class A | 10393 | 271465 |
| Omnicom Group, Inc. | 49596 | 4004877 |
|  |  | 11816902 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |  |
| Agnico Eagle Mines Ltd. | 3458 | 586235 |
| Alamos Gold, Inc., Class A | 7306 | 281865 |
| Barrick Mining Corp. | 12612 | 549253 |
| Franco-Nevada Corp. | 1854 | 384297 |
| Hecla Mining Co. | 15311 | 293818 |
| OR Royalties, Inc. | 6401 | 226531 |
| Reliance, Inc. | 925 | 267205 |
| Royal Gold, Inc. | 1347 | 299425 |
|  |  | 2888629 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |  |
| Ameren Corp. | 5759 | 575094 |
| CenterPoint Energy, Inc. | 7879 | 302081 |
| CMS Energy Corp. | 95395 | 6670972 |
| Consolidated Edison, Inc. | 85571 | 8498912 |
| Dominion Energy, Inc. | 6419 | 376089 |
| DTE Energy Co. | 2394 | 308778 |
| NiSource, Inc. | 6711 | 280252 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Multi-Utilities (continued)** | **Multi-Utilities (continued)** |  |
| Public Service Enterprise Group, Inc. | 4684 | $376125 |
| Sempra | 5131 | 453016 |
| WEC Energy Group, Inc. | 76918 | 8111772 |
|  |  | 25953091 |
| **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** |  |
| Antero Midstream Corp. | 297303 | 5289020 |
| Cameco Corp. | 4299 | 393316 |
| Cheniere Energy, Inc. | 1929 | 374978 |
| Chevron Corp. | 62833 | 9576378 |
| DT Midstream, Inc.<sup>(b)</sup> | 22445 | 2686218 |
| Enbridge, Inc. | 14345 | 686121 |
| EOG Resources, Inc. | 4501 | 472650 |
| Expand Energy Corp. | 2853 | 314857 |
| Exxon Mobil Corp. | 88532 | 10653941 |
| Kinder Morgan, Inc. | 308653 | 8484871 |
| Pembina Pipeline Corp. | 8274 | 314908 |
| TC Energy Corp. | 8538 | 469675 |
| Uranium Energy Corp.<sup>(b)</sup> | 18857 | 220250 |
| Williams Cos., Inc. | 137495 | 8264825 |
|  |  | 48202008 |
| **Paper & Forest Products — 0.0%** | **Paper & Forest Products — 0.0%** |  |
| West Fraser Timber Co. Ltd. | 3540 | 216329 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |  |
| Bristol-Myers Squibb Co. | 155137 | 8368090 |
| Corcept Therapeutics, Inc.<sup>(b)</sup> | 3152 | 109690 |
| Eli Lilly & Co. | 4349 | 4673783 |
| Johnson & Johnson | 50520 | 10455114 |
| Merck & Co., Inc. | 64016 | 6738324 |
| Zoetis, Inc., Class A | 3461 | 435463 |
|  |  | 30780464 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** |  |
| Automatic Data Processing, Inc. | 29557 | 7602947 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 5604 | 237834 |
| Jacobs Solutions, Inc. | 2002 | 265185 |
| Leidos Holdings, Inc. | 1645 | 296758 |
| Thomson Reuters Corp. | 3472 | 457922 |
| Verisk Analytics, Inc. | 1513 | 338443 |
|  |  | 9199089 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| CoStar Group, Inc.<sup>(b)</sup> | 4836 | 325173 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |  |
| American Homes 4 Rent, Class A | 7957 | 255420 |
| Mid-America Apartment Communities, Inc. | 38288 | 5318586 |
|  |  | 5574006 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |  |
| Regency Centers Corp. | 113045 | 7803496 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |  |
| Applied Materials, Inc. | 4440 | 1141036 |
| Broadcom, Inc. | 13283 | 4597246 |
| Lam Research Corp. | 6998 | 1197918 |
| MACOM Technology Solutions Holdings, Inc., <br> Class H<sup>(b)</sup><br>| 1515 | 259489 |
| NVIDIA Corp. | 29189 | 5443748 |
| Teradyne, Inc. | 1830 | 354215 |
|  |  | 12993652 |
| **Software — 0.2%** | **Software — 0.2%** |  |
| Appfolio, Inc., Class A<sup>(b)</sup> | 993 | 231021 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 1880 | 587650 |
| Descartes Systems Group, Inc.<sup>(b)</sup> | 2734 | 239662 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Software (continued)** | **Software (continued)** |  |
| Fortinet, Inc.<sup>(b)</sup> | 5736 | $455496 |
| Guidewire Software, Inc.<sup>(b)</sup> | 1309 | 263122 |
| Intuit, Inc. | 1538 | 1018802 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 1342 | 232582 |
| Microsoft Corp. | 10889 | 5266138 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 11778 | 2093540 |
| PTC, Inc.<sup>(b)</sup> | 1684 | 293370 |
| Roper Technologies, Inc. | 923 | 410855 |
| ServiceNow, Inc.<sup>(b)</sup> | 5820 | 891566 |
| Trimble, Inc.<sup>(b)</sup> | 3471 | 271953 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 612 | 277817 |
|  |  | 12533574 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |  |
| CubeSmart | 49143 | 1771605 |
| Public Storage | 26631 | 6910744 |
| VICI Properties, Inc. | 279357 | 7855519 |
|  |  | 16537868 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |  |
| AutoZone, Inc.<sup>(b)</sup> | 127 | 430721 |
| Home Depot, Inc. | 5141 | 1769018 |
| Lowe's Cos., Inc. | 3374 | 813674 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 5873 | 535676 |
| Ross Stores, Inc. | 2588 | 466202 |
| TJX Cos., Inc. | 6310 | 969279 |
| Tractor Supply Co. | 6006 | 300360 |
|  |  | 5284930 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |  |
| Apple, Inc. | 19075 | 5185730 |
| **Tobacco — 0.0%** | **Tobacco — 0.0%** |  |
| Altria Group, Inc. | 10887 | 627744 |
| Philip Morris International, Inc. | 8320 | 1334528 |
|  |  | 1962272 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
| Applied Industrial Technologies, Inc. | 938 | 240850 |
| Fastenal Co. | 10099 | 405273 |
| Ferguson Enterprises, Inc. | 1661 | 369788 |
| MSC Industrial Direct Co., Inc., Class A | 2445 | 205625 |
| Watsco, Inc. | 757 | 255071 |
| WW Grainger, Inc. | 425 | 428846 |
|  |  | 1905453 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |  |
| American Water Works Co., Inc. | 57063 | 7446722 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |
| Rogers Communications, Inc., Class B | 7478 | 282145 |
| T-Mobile U.S., Inc. | 5977 | 1213570 |
|  |  | 1495715 |
| **Total Common Stocks — 7.5%** <br>**(Cost: $577,792,966)** | **Total Common Stocks — 7.5%** <br>**(Cost: $577,792,966)** | 605569876 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies**<sup>(a)</sup> **— 0.1%** | **Advertising Agencies**<sup>(a)</sup> **— 0.1%** | **Advertising Agencies**<sup>(a)</sup> **— 0.1%** |
| Clear Channel Outdoor Holdings, Inc., 7.50%, <br> 06/01/29<br>| $7670 | $7615936 |
| Omnicom Group, Inc., 2.40%, 03/01/31 | 430 | 386040 |
|  |  | 8001976 |
| **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
| General Dynamics Corp. |  |  |
| 3.50%, 04/01/27 | 3532 | 3524096 |
| 3.75%, 05/15/28 | 1243 | 1245037 |
| Lockheed Martin Corp., 4.75%, 02/15/34 | 28270 | 28663017 |
| Moog, Inc., 4.25%, 12/15/27<sup>(a)</sup> | 145 | 143610 |
| RTX Corp. |  |  |
| 5.75%, 01/15/29 | 785 | 821055 |
| 6.00%, 03/15/31 | 1530 | 1648042 |
| 6.10%, 03/15/34 | 350 | 382933 |
| TransDigm, Inc.<sup>(a)</sup> <br>|  |  |
| 6.75%, 08/15/28 | 2730 | 2778092 |
| 6.38%, 03/01/29 | 4700 | 4846964 |
| 6.88%, 12/15/30 | 4500 | 4709280 |
| 6.38%, 05/31/33 | 2495 | 2560187 |
| 6.25%, 01/31/34 | 160 | 166029 |
| 6.75%, 01/31/34 | 445 | 463549 |
|  |  | 51951891 |
| **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 | 6984110 |
| IHO Verwaltungs GmbH, (7.75% PIK), 7.75%, <br> 11/15/30<sup>(d)</sup><br>| 3194 | 3355854 |
| Phinia, Inc. |  |  |
| 6.75%, 04/15/29 | 1631 | 1688056 |
| 6.63%, 10/15/32 | 3594 | 3721389 |
|  |  | 15749409 |
| **Automobiles — 1.0%** | **Automobiles — 1.0%** | **Automobiles — 1.0%** |
| Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(a)</sup><br>| 6599 | 6141994 |
| Ford Motor Credit Co. LLC, 5.87%, 10/31/35 | 3380 | 3338024 |
| General Motors Financial Co., Inc. |  |  |
| 2.35%, 02/26/27 | 14390 | 14100707 |
| 4.20%, 10/27/28 | 5760 | 5768194 |
| Honda Motor Co. Ltd. |  |  |
| 2.53%, 03/10/27 | 4480 | 4405406 |
| 4.69%, 07/08/30 | 9080 | 9193332 |
| 5.34%, 07/08/35 | 10460 | 10687819 |
| Jaguar Land Rover Automotive PLC, 4.50%, <br> 10/01/27<sup>(a)</sup><br>| 1457 | 1439874 |
| New Flyer Holdings, Inc., 9.25%, 07/01/30<sup>(a)</sup> | 3014 | 3239513 |
| Nissan Motor Acceptance Co. LLC<sup>(a)</sup> <br>|  |  |
| 6.95%, 09/15/26 | 692 | 699616 |
| 5.63%, 09/29/28 | 565 | 566592 |
| 6.13%, 09/30/30 | 1840 | 1840257 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> <br>|  |  |
| 7.50%, 07/17/30 | 1966 | 2062994 |
| 7.75%, 07/17/32 | 4533 | 4814999 |
| 8.13%, 07/17/35 | 7142 | 7589249 |
| Toyota Motor Credit Corp., 4.95%, 01/09/30 | 5661 | 5828933 |
|  |  | 81717503 |
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
| Banco Bilbao Vizcaya Argentaria SA, (5-year CMT + <br> 3.25%), 7.75%<sup>(e)(f)</sup><br>| 5600 | 5995410 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 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)** |
| Bank of Montreal |  |  |
| 1.25%, 09/15/26 | 2260 | $2218928 |
| 5.72%, 09/25/28 | 3110 | 3242493 |
| Deutsche Bank AG, (1-day SOFR + 1.10%), 4.47%, <br> 12/10/31<sup>(f)</sup><br>| 4655 | 4639150 |
| Fifth Third Bancorp<sup>(f)</sup> <br>|  |  |
| (1-day SOFR + 1.84%), 5.63%, 01/29/32 | 390 | 409339 |
| (1-day SOFR + 2.34%), 6.34%, 07/27/29 | 2325 | 2448508 |
| HSBC Holdings PLC, (1-day SOFR + 1.43%), 5.13%, <br> 11/06/36<sup>(f)</sup><br>| 5550 | 5565179 |
| JPMorgan Chase & Co., (1-day SOFR + 1.64%), <br> 5.58%, 07/23/36<sup>(f)</sup><br>| 10225 | 10577240 |
| M&T Bank Corp., (1-day SOFR + 2.80%), 7.41%, <br> 10/30/29<sup>(f)</sup><br>| 21874 | 23731418 |
| PNC Financial Services Group, Inc.<sup>(f)</sup> <br>|  |  |
| (1-day SOFR + 1.26%), 4.81%, 10/21/32 | 12580 | 12802352 |
| (1-day SOFR + 1.42%), 5.37%, 07/21/36 | 2910 | 2992891 |
| (1-day SOFR + 1.60%), 5.40%, 07/23/35 | 1197 | 1238120 |
| Royal Bank of Canada |  |  |
| 1.20%, 04/27/26 | 1495 | 1482380 |
| 2.05%, 01/21/27 | 8000 | 7854709 |
| 5.20%, 08/01/28 | 1220 | 1257740 |
| 4.95%, 02/01/29 | 1840 | 1888722 |
| 5.00%, 02/01/33 | 1880 | 1935347 |
| (1-day SOFR + 0.83%), 4.97%, 01/24/29<sup>(f)</sup> | 6940 | 7068563 |
| Santander Holdings USA, Inc., (1-day SOFR + 2.14%), <br> 6.34%, 05/31/35<sup>(f)</sup><br>| 5259 | 5639201 |
| Toronto-Dominion Bank, 4.69%, 09/15/27 | 6755 | 6842933 |
| Truist Financial Corp.<sup>(f)</sup> <br>|  |  |
| (1-day SOFR + 0.86%), 1.89%, 06/07/29 | 199 | 189060 |
| (1-day SOFR + 1.62%), 5.44%, 01/24/30 | 4635 | 4798765 |
| U.S. Bancorp<sup>(f)</sup> <br>|  |  |
| (1-day SOFR + 1.41%), 5.42%, 02/12/36 | 12910 | 13417752 |
| (1-day SOFR + 1.86%), 5.68%, 01/23/35 | 1445 | 1525780 |
| Wells Fargo & Co.<sup>(f)</sup> <br>|  |  |
| (1-day SOFR + 1.11%), 5.24%, 01/24/31 | 2631 | 2724453 |
| (1-day SOFR + 1.50%), 3.35%, 03/02/33 | 1875 | 1750007 |
| (1-day SOFR + 1.98%), 4.81%, 07/25/28 | 5564 | 5626302 |
| (1-day SOFR + 2.10%), 2.39%, 06/02/28 | 3 | 2931 |
| (3-mo. CME Term SOFR + 1.26%), 2.57%, 02/11/31 | 18075 | 16881771 |
| (3-mo. CME Term SOFR + 1.43%), 2.88%, <br> 10/30/30<br>| 13455 | 12799647 |
| (3-mo. CME Term SOFR + 1.57%), 3.58%, <br> 05/22/28<br>| 31 | 30796 |
| (3-mo. CME Term SOFR + 4.03%), 4.48%, <br> 04/04/31<br>| 5840 | 5878591 |
|  |  | 175456478 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Coca-Cola Co., 5.00%, 05/13/34 | 3770 | 3926850 |
| Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30 | 8207 | 7760785 |
| Constellation Brands, Inc. |  |  |
| 4.35%, 05/09/27 | 5582 | 5602643 |
| 2.88%, 05/01/30 | 310 | 291653 |
| Diageo Capital PLC |  |  |
| 2.38%, 10/24/29 | 405 | 380677 |
| 2.00%, 04/29/30 | 2710 | 2477182 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| Diageo Capital PLC (continued) |  |  |
| 5.50%, 01/24/33 | 18405 | $19380806 |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc., <br> 4.38%, 04/30/29<sup>(a)</sup><br>| 2171 | 2112131 |
|  |  | 41932727 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| Amgen, Inc. |  |  |
| 4.05%, 08/18/29 | 1225 | 1223996 |
| 3.35%, 02/22/32 | 3035 | 2858090 |
| Biocon Biologics Global PLC, 6.67%, 10/09/29<sup>(a)</sup> | 6743 | 6776715 |
| Genmab AS<sup>(a)</sup> <br>|  |  |
| 6.25%, 12/15/32 | 1010 | 1035095 |
| 7.25%, 12/15/33 | 3140 | 3298293 |
| Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30 | 20690 | 18457905 |
|  |  | 33650094 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| Builders FirstSource, Inc.<sup>(a)</sup> <br>|  |  |
| 6.38%, 06/15/32 | 2298 | 2381039 |
| 6.75%, 05/15/35 | 3835 | 4009548 |
| Carlisle Cos., Inc., 5.25%, 09/15/35 | 1865 | 1903521 |
| CRH America Finance, Inc., 5.50%, 01/09/35 | 16350 | 17016182 |
| Eagle Materials, Inc., 2.50%, 07/01/31 | 3285 | 2983145 |
| Martin Marietta Materials, Inc., 5.15%, 12/01/34 | 2055 | 2096726 |
| Masco Corp., 3.50%, 11/15/27 | 2925 | 2895074 |
| Sisecam U.K. PLC<sup>(a)</sup> <br>|  |  |
| 8.25%, 05/02/29 | 2277 | 2345310 |
| 8.63%, 05/02/32 | 5929 | 6151337 |
| Trane Technologies Financing Ltd., 3.50%, 03/21/26 | 1555 | 1552944 |
|  |  | 43334826 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Home Depot, Inc., 2.50%, 04/15/27 | 150 | 147586 |
| Lowe's Cos., Inc. |  |  |
| 3.10%, 05/03/27 | 9171 | 9069373 |
| 2.63%, 04/01/31 | 1155 | 1059630 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(a)</sup> | 5629 | 5879033 |
|  |  | 16155622 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| Ameriprise Financial, Inc. |  |  |
| 5.70%, 12/15/28 | 7590 | 7955765 |
| 5.15%, 05/15/33 | 7000 | 7269942 |
| Ares Capital Corp. |  |  |
| 2.15%, 07/15/26 | 3936 | 3885467 |
| 2.88%, 06/15/27 | 6210 | 6077200 |
| 2.88%, 06/15/28 | 7695 | 7354095 |
| ARES Capital Corp., 5.10%, 01/15/31 | 1750 | 1728490 |
| Bank of New York Mellon Corp. |  |  |
| 3.00%, 10/30/28 | 332 | 323348 |
| (1-day SOFR + 1.15%), 3.99%, 06/13/28<sup>(f)</sup> | 73 | 73027 |
| (1-day SOFR + 1.17%), 4.54%, 02/01/29<sup>(f)</sup> | 4130 | 4180149 |
| (1-day SOFR Index + 1.80%), 5.80%, 10/25/28<sup>(f)</sup> | 427 | 441301 |
| Blue Owl Finance LLC, 6.25%, 04/18/34 | 6150 | 6341849 |
| Brookfield Finance, Inc. |  |  |
| 3.90%, 01/25/28 | 55 | 54806 |
| 5.33%, 01/15/36 | 6230 | 6238876 |
| Charles Schwab Corp. |  |  |
| 1.15%, 05/13/26 | 2135 | 2113924 |
| 5.88%, 08/24/26 | 6560 | 6631802 |
| 2.45%, 03/03/27 | 1495 | 1471413 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Charles Schwab Corp. (continued) |  |  |
| 3.20%, 01/25/28 | 129 | $127232 |
| 2.00%, 03/20/28 | 13 | 12501 |
| 1.65%, 03/11/31 | 84 | 73674 |
| 2.30%, 05/13/31 | 394 | 356679 |
| 1.95%, 12/01/31 | 3118 | 2730381 |
| 2.90%, 03/03/32 | 148 | 135535 |
| (1-day SOFR + 1.88%), 6.20%, 11/17/29<sup>(f)</sup> | 6824 | 7217356 |
| (1-day SOFR + 2.21%), 5.64%, 05/19/29<sup>(f)</sup> | 2734 | 2838151 |
| (1-day SOFR + 2.50%), 5.85%, 05/19/34<sup>(f)</sup> | 2347 | 2514094 |
| FS KKR Capital Corp. |  |  |
| 2.63%, 01/15/27 | 5275 | 5129402 |
| 3.25%, 07/15/27 | 2810 | 2712316 |
| 3.13%, 10/12/28 | 4080 | 3764858 |
| 6.13%, 01/15/30 | 3617 | 3560297 |
| Golub Capital BDC, Inc., 2.50%, 08/24/26 | 620 | 610565 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| 9.75%, 01/15/29 | 3721 | 3709614 |
| 10.00%, 11/15/29<sup>(a)</sup> | 6121 | 6116683 |
| Jane Street Group/JSG Finance, Inc., 6.75%, <br> 05/01/33<sup>(a)</sup><br>| 1660 | 1732702 |
| LPL Holdings, Inc., 5.65%, 03/15/35 | 6855 | 7026380 |
| Osaic Holdings, Inc.<sup>(a)</sup> <br>|  |  |
| 6.75%, 08/01/32 | 280 | 292494 |
| 8.00%, 08/01/33 | 120 | 124764 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/32<sup>(a)</sup> | 2960 | 3070207 |
| StoneX Group, Inc., 7.88%, 03/01/31<sup>(a)</sup> | 5447 | 5787002 |
| VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, <br> 06/15/31<sup>(a)</sup><br>| 6513 | 6822250 |
|  |  | 128606591 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Air Products and Chemicals, Inc., 2.05%, 05/15/30 | 1125 | 1034766 |
| Celanese U.S. Holdings LLC |  |  |
| 7.00%, 02/15/31 | 2265 | 2319051 |
| 7.20%, 11/15/33 | 2472 | 2611461 |
| CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, <br> 06/15/28<sup>(a)</sup><br>| 6009 | 6025320 |
| Ecolab, Inc., 2.13%, 02/01/32 | 1920 | 1694641 |
| LYB International Finance II BV, 3.50%, 03/02/27 | 2480 | 2467032 |
| Perimeter Holdings LLC, 01/15/34<sup>(a)(g)</sup> | 765 | 759973 |
| PPG Industries, Inc., 1.20%, 03/15/26 | 8910 | 8858428 |
| Rain Carbon, Inc., 12.25%, 09/01/29<sup>(a)</sup> | 3261 | 3395795 |
| Sherwin-Williams Co., 4.80%, 09/01/31 | 4335 | 4436874 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<sup>(a)</sup> | 6407 | 6344190 |
|  |  | 39947531 |
| **Commercial Services & Supplies**<sup>(a)</sup> **— 0.5%** | **Commercial Services & Supplies**<sup>(a)</sup> **— 0.5%** | **Commercial Services & Supplies**<sup>(a)</sup> **— 0.5%** |
| ADT Security Corp. |  |  |
| 4.13%, 08/01/29 | 3000 | 2925951 |
| 4.88%, 07/15/32 | 3150 | 3051017 |
| 5.88%, 10/15/33 | 1585 | 1604644 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| 8.25%, 01/15/30 | 2131 | 2205237 |
| 8.00%, 02/15/31 | 2702 | 2776879 |
| 8.38%, 06/15/32 | 3496 | 3609957 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29 | 2074 | 2117948 |
| Deluxe Corp. |  |  |
| 8.00%, 06/01/29 | 4390 | 4471465 |
| 8.13%, 09/15/29 | 3992 | 4205487 |
| FTAI Aviation Investors LLC, 7.88%, 12/01/30 | 900 | 957064 |
| NESCO Holdings II, Inc., 5.50%, 04/15/29 | 2530 | 2492194 |
| PROG Holdings, Inc., 6.00%, 11/15/29 | 2262 | 2235014 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| S&P Global, Inc., 4.80%, 12/04/35 | 2775 | $2766445 |
| United Rentals North America, Inc., 5.38%, 11/15/33 | 3290 | 3287671 |
| Upbound Group, Inc., 6.38%, 02/15/29 | 3666 | 3611040 |
|  |  | 42318013 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| CommScope LLC<sup>(a)</sup> <br>|  |  |
| 8.25%, 03/01/27 | 7409 | 7466500 |
| 7.13%, 07/01/28 | 4010 | 4025747 |
| 9.50%, 12/15/31 | 1873 | 1891805 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29 | 650 | 657802 |
| 2.30%, 11/15/30 | 200 | 181642 |
| 2.75%, 05/24/31 | 3485 | 3188447 |
| 5.60%, 06/01/32 | 11250 | 11830758 |
| 5.40%, 04/15/34 | 5765 | 5953169 |
| 5.55%, 08/15/35 | 4950 | 5144045 |
| Viasat, Inc.<sup>(a)</sup> <br>|  |  |
| 6.50%, 07/15/28 | 1629 | 1583790 |
| 7.50%, 05/30/31 | 5189 | 4933681 |
|  |  | 46857386 |
| **Construction & Engineering**<sup>(a)</sup> **— 0.1%** | **Construction & Engineering**<sup>(a)</sup> **— 0.1%** | **Construction & Engineering**<sup>(a)</sup> **— 0.1%** |
| Dycom Industries, Inc., 4.50%, 04/15/29 | 1476 | 1457992 |
| IHS Holding Ltd. |  |  |
| 7.88%, 05/29/30 | 4130 | 4246466 |
| 8.25%, 11/29/31 | 2338 | 2439048 |
| Tutor Perini Corp., 11.88%, 04/30/29 | 1988 | 2206988 |
|  |  | 10350494 |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |
| Automatic Data Processing, Inc., 4.75%, 05/08/32 | 3805 | 3897076 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/30 | 4900 | 4586224 |
| 2.35%, 01/15/32 | 5895 | 5191678 |
| RELX Capital, Inc., 5.25%, 03/27/35 | 1090 | 1124988 |
| Williams Scotsman, Inc.<sup>(a)</sup> <br>|  |  |
| 6.63%, 06/15/29 | 560 | 578409 |
| 6.63%, 04/15/30 | 492 | 508526 |
| 7.38%, 10/01/31 | 1528 | 1596290 |
|  |  | 17483191 |
| **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** |
| American Express Co. |  |  |
| 4.05%, 05/03/29 | 3650 | 3661246 |
| (1-day SOFR + 1.22%), 4.92%, 07/20/33<sup>(f)</sup> | 5130 | 5220783 |
| (1-day SOFR + 1.93%), 5.63%, 07/28/34<sup>(f)</sup> | 1440 | 1503910 |
| (1-day SOFR Index + 1.32%), 5.44%, 01/30/36<sup>(f)</sup> | 7670 | 7966597 |
| Capital One Financial Corp.<sup>(f)</sup> <br>|  |  |
| (1-day SOFR + 1.56%), 5.46%, 07/26/30 | 10255 | 10627444 |
| (1-day SOFR + 1.79%), 3.27%, 03/01/30 | 69 | 66954 |
| (1-day SOFR + 2.04%), 6.18%, 01/30/36 | 2250 | 2348736 |
| (1-day SOFR + 2.26%), 6.05%, 02/01/35 | 12755 | 13577568 |
| (1-day SOFR + 2.37%), 5.27%, 05/10/33 | 3079 | 3157952 |
| (1-day SOFR + 2.60%), 5.25%, 07/26/30 | 595 | 613716 |
| (1-day SOFR + 2.64%), 6.31%, 06/08/29 | 2746 | 2881791 |
| Enova International, Inc.<sup>(a)</sup> <br>|  |  |
| 11.25%, 12/15/28 | 4007 | 4237511 |
| 9.13%, 08/01/29 | 1464 | 1558375 |
| Equifax, Inc., 4.80%, 09/15/29 | 5130 | 5213226 |
| EZCORP, Inc., 7.38%, 04/01/32<sup>(a)</sup> | 1021 | 1083238 |
| Mastercard, Inc. |  |  |
| 2.95%, 06/01/29 | 260 | 251848 |
| 1.90%, 03/15/31 | 167 | 149825 |
| 4.95%, 03/15/32 | 8000 | 8285216 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| Mastercard, Inc. (continued) |  |  |
| 4.55%, 01/15/35 | 4385 | $4384259 |
| OneMain Finance Corp. |  |  |
| 7.88%, 03/15/30 | 5379 | 5687281 |
| 7.50%, 05/15/31 | 5851 | 6156126 |
| 7.13%, 11/15/31 | 1143 | 1193107 |
| S&P Global, Inc. |  |  |
| 2.45%, 03/01/27 | 11965 | 11774690 |
| 2.50%, 12/01/29 | 115 | 108380 |
| 1.25%, 08/15/30 | 1905 | 1674566 |
| 2.90%, 03/01/32 | 11640 | 10728203 |
| SLM Corp., 6.50%, 01/31/30 | 2516 | 2604206 |
| Synchrony Financial, 7.25%, 02/02/33 | 6319 | 6787941 |
|  |  | 123504695 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Arko Corp., 5.13%, 11/15/29<sup>(a)</sup> | 1092 | 935419 |
| Costco Wholesale Corp., 1.60%, 04/20/30 | 1375 | 1245459 |
| Kroger Co. |  |  |
| 2.20%, 05/01/30 | 40 | 36800 |
| 5.00%, 09/15/34 | 4110 | 4132705 |
|  |  | 6350383 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, 09/01/29<sup>(a)</sup><br>| 5252 | 4944158 |
| Klabin Austria GmbH<sup>(a)</sup> <br>|  |  |
| 3.20%, 01/12/31 | 3084 | 2769586 |
| 7.00%, 04/03/49 | 3987 | 4134838 |
| Owens-Brockway Glass Container, Inc., 7.25%, <br> 05/15/31<sup>(a)</sup><br>| 3972 | 4054526 |
| Packaging Corp. of America, 5.70%, 12/01/33 | 10640 | 11224246 |
|  |  | 27127354 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| RB Global Holdings, Inc., 6.75%, 03/15/28<sup>(a)</sup> | 1848 | 1889861 |
| WW Grainger, Inc., 4.45%, 09/15/34 | 8340 | 8265349 |
|  |  | 10155210 |
| **Diversified REITs — 0.8%** | **Diversified REITs — 0.8%** | **Diversified REITs — 0.8%** |
| American Tower Corp. |  |  |
| 5.80%, 11/15/28 | 3975 | 4149619 |
| 5.00%, 01/31/30 | 1215 | 1244102 |
| 5.40%, 01/31/35 | 730 | 751432 |
| Crown Castle, Inc. |  |  |
| 3.65%, 09/01/27 | 7183 | 7125842 |
| 3.80%, 02/15/28 | 1116 | 1107122 |
| 2.10%, 04/01/31 | 6112 | 5394108 |
| Equinix, Inc., 1.45%, 05/15/26 | 3465 | 3433308 |
| ERP Operating LP, 4.65%, 09/15/34 | 3185 | 3151478 |
| GLP Capital LP/GLP Financing II, Inc., 5.25%, <br> 02/15/33<br>| 11500 | 11541653 |
| Iron Mountain, Inc., 5.25%, 03/15/28<sup>(a)</sup> | 1508 | 1511400 |
| Mid-America Apartments LP, 1.10%, 09/15/26 | 260 | 254830 |
| Millrose Properties, Inc.<sup>(a)</sup> <br>|  |  |
| 6.38%, 08/01/30 | 3213 | 3287619 |
| 6.25%, 09/15/32 | 2394 | 2415506 |
| Prologis LP |  |  |
| 4.88%, 06/15/28 | 1245 | 1274410 |
| 4.75%, 06/15/33 | 3435 | 3463988 |
| Rithm Capital Corp.<sup>(a)</sup> <br>|  |  |
| 8.00%, 04/01/29 | 5857 | 6013387 |
| 8.00%, 07/15/30 | 1015 | 1038003 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| VICI Properties LP, 5.63%, 04/01/35 | 6575 | $6714317 |
| VICI Properties LP/VICI Note Co., Inc.<sup>(a)</sup> <br>|  |  |
| 5.75%, 02/01/27 | 160 | 161796 |
| 3.75%, 02/15/27 | 615 | 610932 |
| 3.88%, 02/15/29 | 620 | 607948 |
| 4.63%, 12/01/29 | 100 | 99805 |
| 4.13%, 08/15/30 | 300 | 290906 |
|  |  | 65643511 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| AT&T, Inc. |  |  |
| 1.70%, 03/25/26 | 19033 | 18936725 |
| 2.30%, 06/01/27 | 1125 | 1099286 |
| 4.35%, 03/01/29 | 162 | 162844 |
| 2.75%, 06/01/31 | 10350 | 9505360 |
| 4.55%, 11/01/32 | 11500 | 11425215 |
| Cisco Systems, Inc. |  |  |
| 4.95%, 02/24/32 | 5450 | 5624663 |
| 5.05%, 02/26/34 | 3320 | 3416442 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(a)</sup><br>| 3168 | 3360422 |
| EchoStar Corp., 10.75%, 11/30/29 | 5255 | 5810985 |
| GCI LLC, 4.75%, 10/15/28<sup>(a)</sup> | 5112 | 4985573 |
| Level 3 Financing, Inc.<sup>(a)</sup> <br>|  |  |
| 4.25%, 07/01/28 | 2500 | 2387500 |
| 6.88%, 06/30/33 | 3470 | 3550775 |
| 7.00%, 03/31/34 | 1475 | 1520094 |
| Lumen Technologies, Inc., 10.00%, 10/15/32<sup>(a)</sup> | 597 | 599985 |
| Sprint Capital Corp., 8.75%, 03/15/32 | 2510 | 3035484 |
| Verizon Communications, Inc. |  |  |
| 1.68%, 10/30/30 | 2273 | 2015552 |
| 5.25%, 04/02/35 | 7765 | 7892252 |
| Windstream Services LLC/Windstream Escrow <br> Finance Corp., 8.25%, 10/01/31<sup>(a)</sup><br>| 6123 | 6427739 |
|  |  | 91756896 |
| **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** |
| AEP Texas, Inc. |  |  |
| 3.95%, 06/01/28 | 50 | 49776 |
| 5.40%, 06/01/33 | 125 | 129049 |
| AEP Transmission Co. LLC, 5.15%, 04/01/34 | 565 | 576011 |
| AES Corp. |  |  |
| 1.38%, 01/15/26 | 3584 | 3579847 |
| (5-year CMT + 2.89%), 6.95%, 07/15/55<sup>(f)</sup> | 8952 | 8838480 |
| Alabama Power Co., 3.05%, 03/15/32 | 1465 | 1359455 |
| Ameren Corp., 3.50%, 01/15/31 | 140 | 134636 |
| Ameren Illinois Co. |  |  |
| 3.85%, 09/01/32 | 2750 | 2640758 |
| 4.95%, 06/01/33 | 470 | 480146 |
| Appalachian Power Co. |  |  |
| Series AA, 2.70%, 04/01/31 | 800 | 731972 |
| Series BB, 4.50%, 08/01/32 | 2120 | 2097808 |
| Arizona Public Service Co., 2.20%, 12/15/31 | 2310 | 2027724 |
| Atlantic City Electric Co., 4.00%, 10/15/28 | 50 | 50072 |
| Avangrid, Inc., 3.80%, 06/01/29 | 100 | 98691 |
| Berkshire Hathaway Energy Co. |  |  |
| 3.25%, 04/15/28 | 100 | 98565 |
| 3.70%, 07/15/30 | 5170 | 5083079 |
| 1.65%, 05/15/31 | 245 | 213246 |
| Black Hills Corp., 3.15%, 01/15/27 | 1960 | 1940588 |
| CenterPoint Energy Houston Electric LLC |  |  |
| Series AG, 3.00%, 03/01/32 | 635 | 582867 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 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)** |
| CenterPoint Energy Houston Electric LLC (continued) |  |  |
| Series AI, 4.45%, 10/01/32 | $1850 | $1842578 |
| Series AQ, 4.95%, 08/15/35 | 575 | 579096 |
| Commonwealth Edison Co. |  |  |
| 2.20%, 03/01/30 | 170 | 157416 |
| 4.90%, 02/01/33 | 665 | 680444 |
| 5.30%, 06/01/34 | 3570 | 3718247 |
| Connecticut Light and Power Co., 4.95%, 01/15/30 | 1780 | 1826087 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 5.38%, 05/15/34 | 3845 | 3987503 |
| Series 20A, 3.35%, 04/01/30 | 330 | 319571 |
| Dominion Energy, Inc. |  |  |
| 4.25%, 06/01/28 | 165 | 165551 |
| Series A, 1.45%, 04/15/26 | 621 | 616374 |
| Series B, 3.60%, 03/15/27 | 1300 | 1293618 |
| Series C, 3.38%, 04/01/30 | 916 | 883791 |
| Series C, 2.25%, 08/15/31 | 1375 | 1223992 |
| DTE Electric Co., Series C, 2.63%, 03/01/31 | 390 | 360186 |
| DTE Energy Co. |  |  |
| 2.85%, 10/01/26 | 5000 | 4956619 |
| 5.85%, 06/01/34 | 610 | 650448 |
| Series C, 3.40%, 06/15/29 | 122 | 118627 |
| Duke Energy Carolinas LLC, 4.95%, 01/15/33 | 4050 | 4171400 |
| Duke Energy Corp. |  |  |
| 2.65%, 09/01/26 | 4283 | 4246482 |
| 3.40%, 06/15/29 | 255 | 248910 |
| 2.55%, 06/15/31 | 3870 | 3524015 |
| 5.75%, 09/15/33 | 640 | 677714 |
| Duke Energy Florida LLC, 1.75%, 06/15/30 | 115 | 103742 |
| Duke Energy Progress LLC |  |  |
| 5.25%, 03/15/33 | 755 | 785127 |
| 5.05%, 03/15/35 | 980 | 996450 |
| Entergy Arkansas LLC, 5.30%, 09/15/33 | 720 | 749840 |
| Entergy Louisiana LLC, 1.60%, 12/15/30 | 2520 | 2226403 |
| Entergy Mississippi LLC, 5.00%, 09/01/33 | 920 | 935031 |
| Entergy Texas, Inc., 4.00%, 03/30/29 | 50 | 49928 |
| Evergy Kansas Central, Inc., 5.90%, 11/15/33 | 860 | 921776 |
| Evergy, Inc., 2.90%, 09/15/29 | 100 | 95290 |
| Eversource Energy |  |  |
| 5.13%, 05/15/33 | 3070 | 3100582 |
| Series M, 3.30%, 01/15/28 | 1000 | 982185 |
| Exelon Corp., 5.15%, 03/15/28 | 2050 | 2094378 |
| FirstEnergy Corp., Series C, 3.40%, 03/01/50 | 2590 | 1786379 |
| Florida Power & Light Co. |  |  |
| 2.45%, 02/03/32 | 190 | 171456 |
| 4.70%, 02/15/36 | 1340 | 1327262 |
| Georgia Power Co. |  |  |
| 3.25%, 03/30/27 | 50 | 49686 |
| 4.65%, 05/16/28 | 3000 | 3046959 |
| 4.70%, 05/15/32 | 900 | 912247 |
| 5.50%, 10/01/55 | 900 | 874762 |
| Series B, 2.65%, 09/15/29 | 700 | 666027 |
| Interstate Power and Light Co. |  |  |
| 2.30%, 06/01/30 | 310 | 284586 |
| 4.95%, 09/30/34 | 900 | 896006 |
| ITC Holdings Corp., 3.35%, 11/15/27 | 5420 | 5360762 |
| MidAmerican Energy Co., 3.65%, 04/15/29 | 310 | 306323 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 1.00%, 06/15/26 | 6475 | 6387060 |
| 5.05%, 09/15/28 | 790 | 810529 |
| 3.70%, 03/15/29 | 100 | 98754 |
| 2.40%, 03/15/30 | 1105 | 1031596 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| National Rural Utilities Cooperative Finance <br> Corp. (continued)<br>|  |  |
| 5.80%, 01/15/33 | $2350 | $2519773 |
| Nevada Power Co., Series DD, 2.40%, 05/01/30 | 700 | 646794 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 1.90%, 06/15/28 | 1335 | 1272145 |
| 3.50%, 04/01/29 | 150 | 147017 |
| 2.75%, 11/01/29 | 1005 | 957194 |
| 5.30%, 03/15/32 | 1405 | 1463307 |
| 5.05%, 02/28/33 | 7450 | 7624694 |
| Ohio Power Co. |  |  |
| 5.00%, 06/01/33 | 500 | 506604 |
| 5.65%, 06/01/34 | 1295 | 1350363 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.30%, 05/15/28 | 1405 | 1416124 |
| 4.15%, 06/01/32 | 555 | 543072 |
| 4.55%, 09/15/32 | 385 | 384686 |
| 5.65%, 11/15/33 | 355 | 377077 |
| Pacific Gas and Electric Co. |  |  |
| 3.15%, 01/01/26 | 2350 | 2350000 |
| 3.00%, 06/15/28 | 1265 | 1226595 |
| 4.55%, 07/01/30 | 35 | 34850 |
| 2.50%, 02/01/31 | 1265 | 1138450 |
| 3.25%, 06/01/31 | 1750 | 1628354 |
| 6.40%, 06/15/33 | 3358 | 3621254 |
| PacifiCorp, 5.30%, 02/15/31 | 725 | 745785 |
| PECO Energy Co., 4.90%, 06/15/33 | 1510 | 1542610 |
| PG&E Corp. |  |  |
| 5.00%, 07/01/28 | 603 | 601330 |
| 5.25%, 07/01/30 | 9009 | 8945192 |
| PPL Capital Funding, Inc., 3.10%, 05/15/26 | 1070 | 1066468 |
| PPL Electric Utilities Corp. |  |  |
| 5.00%, 05/15/33 | 500 | 511874 |
| 4.85%, 02/15/34 | 2265 | 2288947 |
| Public Service Co. of Colorado |  |  |
| 5.35%, 05/15/34 | 2085 | 2142321 |
| Series 38, 4.10%, 06/01/32 | 1370 | 1342054 |
| Public Service Co. of New Hampshire, Series V, <br> 2.20%, 06/15/31<br>| 380 | 341055 |
| Public Service Co. of Oklahoma, 5.20%, 01/15/35 | 1900 | 1920544 |
| Public Service Electric and Gas Co. |  |  |
| 2.45%, 01/15/30 | 1350 | 1269448 |
| 4.65%, 03/15/33 | 1575 | 1583964 |
| 5.20%, 08/01/33 | 740 | 767676 |
| 4.85%, 08/01/34 | 270 | 272187 |
| Series Q, 5.05%, 03/01/35 | 4490 | 4587112 |
| Public Service Enterprise Group, Inc. |  |  |
| 1.60%, 08/15/30 | 110 | 97493 |
| 5.45%, 04/01/34 | 300 | 309918 |
| Puget Energy, Inc., 2.38%, 06/15/28 | 170 | 162672 |
| Puget Sound Energy, Inc., 5.69%, 06/15/54 | 240 | 237662 |
| San Diego Gas & Electric Co., 4.95%, 08/15/28 | 3365 | 3448642 |
| Sempra |  |  |
| 3.40%, 02/01/28 | 50 | 49238 |
| 3.70%, 04/01/29 | 350 | 344474 |
| 5.50%, 08/01/33 | 640 | 668337 |
| Southern Co., 5.20%, 06/15/33 | 1320 | 1356205 |
| Southwestern Electric Power Co., 5.30%, 04/01/33 | 920 | 945253 |
| System Energy Resources, Inc., 5.30%, 12/15/34 | 10440 | 10552499 |
| Talen Energy Supply LLC<sup>(a)</sup> <br>|  |  |
| 8.63%, 06/01/30 | 1862 | 1971400 |
| 6.25%, 02/01/34 | 2075 | 2116321 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 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)** |
| Talen Energy Supply LLC<sup>(a)</sup> (continued) |  |  |
| 6.50%, 02/01/36 | 2275 | $2352554 |
| Tampa Electric Co., 5.15%, 03/01/35 | 7765 | 7874013 |
| Tucson Electric Power Co., 1.50%, 08/01/30 | 30 | 26674 |
| Union Electric Co. |  |  |
| 3.50%, 03/15/29 | 50 | 49128 |
| 2.95%, 03/15/30 | 240 | 228742 |
| Virginia Electric and Power Co. |  |  |
| 2.30%, 11/15/31 | 5135 | 4564605 |
| 5.30%, 08/15/33 | 310 | 321816 |
| 5.15%, 03/15/35 | 1670 | 1699161 |
| WEC Energy Group, Inc., 5.60%, 09/12/26 | 516 | 521162 |
| Wisconsin Electric Power Co., 1.70%, 06/15/28 | 175 | 166208 |
| Wisconsin Power and Light Co., 3.95%, 09/01/32 | 1155 | 1112804 |
| Xcel Energy, Inc. |  |  |
| 4.60%, 06/01/32 | 860 | 855289 |
| 5.45%, 08/15/33 | 260 | 268374 |
| 5.50%, 03/15/34 | 350 | 360892 |
|  |  | 205811021 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| Amphenol Corp. |  |  |
| 4.75%, 03/30/26 | 785 | 786471 |
| 2.80%, 02/15/30 | 1000 | 949364 |
| 4.13%, 11/15/30 | 8050 | 8007782 |
| CDW LLC/CDW Finance Corp. |  |  |
| 3.28%, 12/01/28 | 1763 | 1712905 |
| 3.25%, 02/15/29 | 9100 | 8760963 |
| Honeywell International, Inc., 4.50%, 01/15/34 | 7150 | 7086537 |
| Jabil, Inc. |  |  |
| 1.70%, 04/15/26 | 2580 | 2562058 |
| 4.25%, 05/15/27 | 4140 | 4145754 |
| 5.45%, 02/01/29 | 3345 | 3453048 |
| Keysight Technologies, Inc., 4.95%, 10/15/34 | 2055 | 2069817 |
| WESCO Distribution, Inc., 6.38%, 03/15/33<sup>(a)</sup> | 1195 | 1247681 |
|  |  | 40782380 |
| **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 | 472581 |
| Enerflex, Inc., 6.88%, 01/15/31 | 1050 | 1073564 |
| Tidewater, Inc., 9.13%, 07/15/30 | 2813 | 3018178 |
| USA Compression Partners LP/USA Compression <br> Finance Corp.<br>|  |  |
| 7.13%, 03/15/29 | 3184 | 3295794 |
| 6.25%, 10/01/33 | 715 | 723573 |
| Viridien, 10.00%, 10/15/30 | 882 | 930053 |
|  |  | 9513743 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Brightstar Lottery PLC/ Brightstar Global Solutions <br> Corp., 5.75%, 01/15/33<sup>(a)</sup><br>| 2575 | 2556550 |
| **Environmental, Maintenance & Security Service — 0.4%** | **Environmental, Maintenance & Security Service — 0.4%** | **Environmental, Maintenance & Security Service — 0.4%** |
| Republic Services, Inc. |  |  |
| 3.95%, 05/15/28 | 2485 | 2489182 |
| 4.75%, 07/15/30 | 9280 | 9492692 |
| Waste Connections, Inc. |  |  |
| 4.25%, 12/01/28 | 4000 | 4027802 |
| 2.60%, 02/01/30 | 110 | 103733 |
| 3.20%, 06/01/32 | 1390 | 1293596 |
| Waste Management, Inc., 4.95%, 07/03/31 | 9985 | 10335623 |
|  |  | 27742628 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services — 6.5%** | **Financial Services — 6.5%** | **Financial Services — 6.5%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust, 4.95%, 09/10/34<br>| $13416 | $13389741 |
| American Express Co., (1-day SOFR + 1.24%), 4.80%, <br> 10/24/36<sup>(f)</sup><br>| 9750 | 9627524 |
| Banco Santander SA, (1-year CMT + 0.90%), 1.72%, <br> 09/14/27<sup>(f)</sup><br>| 2800 | 2752498 |
| Bank of America Corp.<sup>(f)</sup> <br>|  |  |
| (1-day SOFR + 0.96%), 1.73%, 07/22/27 | 14345 | 14162002 |
| (1-day SOFR + 1.05%), 2.55%, 02/04/28 | 1625 | 1598419 |
| (1-day SOFR + 1.21%), 2.57%, 10/20/32 | 655 | 590747 |
| (1-day SOFR + 1.32%), 2.69%, 04/22/32 | 290 | 266120 |
| (1-day SOFR + 1.33%), 2.97%, 02/04/33 | 3252 | 2973968 |
| (1-day SOFR + 1.83%), 4.57%, 04/27/33 | 1625 | 1621018 |
| (1-day SOFR + 1.91%), 5.29%, 04/25/34 | 11570 | 11911852 |
| (1-day SOFR + 1.99%), 6.20%, 11/10/28 | 8160 | 8479151 |
| (1-day SOFR + 2.04%), 4.95%, 07/22/28 | 5610 | 5689433 |
| (3-mo. CME Term SOFR + 1.25%), 2.50%, <br> 02/13/31<br>| 28465 | 26513301 |
| (3-mo. CME Term SOFR + 1.30%), 3.42%, <br> 12/20/28<br>| 3765 | 3717644 |
| (3-mo. CME Term SOFR + 1.32%), 3.56%, <br> 04/23/27<br>| 1500 | 1497257 |
| Bank of Nova Scotia |  |  |
| 1.05%, 03/02/26 | 3798 | 3780740 |
| 1.35%, 06/24/26 | 14962 | 14784224 |
| Burford Capital Global Finance LLC<sup>(a)</sup> <br>|  |  |
| 6.25%, 04/15/28 | 1217 | 1210404 |
| 6.88%, 04/15/30 | 2595 | 2530520 |
| 9.25%, 07/01/31 | 4612 | 4748547 |
| 7.50%, 07/15/33 | 970 | 925633 |
| Charles Schwab Corp., (1-day SOFR + 0.94%), 4.34%, <br> 11/14/31<sup>(f)</sup><br>| 5880 | 5871219 |
| Citigroup, Inc. |  |  |
| 4.45%, 09/29/27 | 240 | 241544 |
| (1-day SOFR + 1.14%), 4.64%, 05/07/28<sup>(f)</sup> | 7590 | 7651612 |
| (1-day SOFR + 1.35%), 3.06%, 01/25/33<sup>(f)</sup> | 18490 | 16938030 |
| (1-day SOFR + 2.11%), 2.57%, 06/03/31<sup>(f)</sup> | 23540 | 21810561 |
| Coinbase Global, Inc.<sup>(a)</sup> <br>|  |  |
| 3.38%, 10/01/28 | 8250 | 7859311 |
| 3.63%, 10/01/31 | 881 | 785474 |
| Credit Acceptance Corp.<sup>(a)</sup> <br>|  |  |
| 9.25%, 12/15/28 | 3414 | 3568172 |
| 6.63%, 03/15/30 | 2356 | 2360647 |
| Goldman Sachs Group, Inc. |  |  |
| 2.60%, 02/07/30 | 3090 | 2903581 |
| (1-day SOFR + 0.80%), 1.43%, 03/09/27<sup>(f)</sup> | 14815 | 14739293 |
| (1-day SOFR + 1.25%), 2.38%, 07/21/32<sup>(f)</sup> | 8880 | 7953031 |
| (1-day SOFR + 1.28%), 2.62%, 04/22/32<sup>(f)</sup> | 1545 | 1408751 |
| (1-day SOFR + 1.51%), 4.39%, 06/15/27<sup>(f)</sup> | 5985 | 5994314 |
| (3-mo. CME Term SOFR + 1.42%), 3.81%, <br> 04/23/29<sup>(f)</sup><br>| 3015 | 2997317 |
| HSBC Holdings PLC<sup>(f)</sup> <br>|  |  |
| (1-day SOFR + 1.29%), 5.29%, 11/19/30 | 23435 | 24179754 |
| (1-day SOFR + 1.56%), 5.45%, 03/03/36 | 11560 | 11926492 |
| (1-day SOFR + 2.61%), 5.21%, 08/11/28 | 15205 | 15461580 |
| (1-day SOFR + 2.98%), 6.55%, 06/20/34 | 1900 | 2053967 |
| Intercontinental Exchange, Inc., 1.85%, 09/15/32 | 10687 | 9093151 |
| JPMorgan Chase & Co.<sup>(f)</sup> <br>|  |  |
| (1-day SOFR + 0.77%), 1.47%, 09/22/27 | 22140 | 21735964 |
| (1-day SOFR + 0.80%), 4.92%, 01/24/29 | 852 | 867839 |
| (1-day SOFR + 1.04%), 4.60%, 10/22/30 | 1300 | 1318253 |
| (1-day SOFR + 1.26%), 2.96%, 01/25/33 | 3385 | 3106348 |
| (1-day SOFR + 1.34%), 4.95%, 10/22/35 | 2650 | 2676124 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| JPMorgan Chase & Co.<sup>(f)</sup> (continued) |  |  |
| (1-day SOFR + 1.46%), 5.29%, 07/22/35 | 3389 | $3496370 |
| (1-day SOFR + 1.85%), 5.35%, 06/01/34 | 8025 | 8338051 |
| (1-day SOFR + 1.99%), 4.85%, 07/25/28 | 14675 | 14863669 |
| (1-day SOFR + 2.08%), 4.91%, 07/25/33 | 5300 | 5399157 |
| (3-mo. CME Term SOFR + 1.11%), 1.76%, 11/19/31 | 5525 | 4908327 |
| (3-mo. CME Term SOFR + 1.25%), 2.58%, <br> 04/22/32<br>| 428 | 391214 |
| (3-mo. CME Term SOFR + 1.52%), 4.20%, <br> 07/23/29<br>| 35 | 35113 |
| LD Holdings Group LLC, 6.13%, 04/01/28<sup>(a)</sup> | 5050 | 4698008 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(f)</sup> <br>|  |  |
| (1-year CMT + 0.67%), 1.64%, 10/13/27 | 4770 | 4681804 |
| (1-year CMT + 0.83%), 2.34%, 01/19/28 | 485 | 476519 |
| (1-year CMT + 1.97%), 5.41%, 04/19/34 | 780 | 815183 |
| Mizuho Financial Group, Inc., (1-year CMT + 0.92%), <br> 4.71%, 07/08/31<sup>(f)</sup><br>| 8120 | 8224840 |
| Morgan Stanley |  |  |
| 3.95%, 04/23/27 | 509 | 508639 |
| 3.59%, 07/22/28<sup>(f)</sup> | 325 | 322776 |
| (1-day SOFR + 1.00%), 2.48%, 01/21/28<sup>(f)</sup> | 13 | 12786 |
| (1-day SOFR + 1.03%), 1.79%, 02/13/32<sup>(f)</sup> | 19064 | 16742971 |
| (1-day SOFR + 1.14%), 2.70%, 01/22/31<sup>(f)</sup> | 14427 | 13532477 |
| (1-day SOFR + 1.18%), 2.24%, 07/21/32<sup>(f)</sup> | 3212 | 2854145 |
| (1-day SOFR + 1.20%), 2.51%, 10/20/32<sup>(f)</sup> | 19787 | 17746148 |
| (1-day SOFR + 1.42%), 5.59%, 01/18/36<sup>(f)</sup> | 2595 | 2711737 |
| (1-day SOFR + 1.45%), 5.17%, 01/16/30<sup>(f)</sup> | 2005 | 2058266 |
| (1-day SOFR + 1.58%), 5.83%, 04/19/35<sup>(f)</sup> | 4540 | 4824461 |
| (1-day SOFR + 1.73%), 5.47%, 01/18/35<sup>(f)</sup> | 1115 | 1159015 |
| (1-day SOFR + 1.87%), 5.25%, 04/21/34<sup>(f)</sup> | 10910 | 11232514 |
| OneMain Finance Corp., 6.75%, 09/15/33 | 1770 | 1792353 |
| PennyMac Financial Services, Inc.<sup>(a)</sup> <br>|  |  |
| 7.13%, 11/15/30 | 2861 | 3007566 |
| 5.75%, 09/15/31 | 4416 | 4437316 |
| 6.88%, 05/15/32 | 3551 | 3717524 |
| 6.88%, 02/15/33 | 1619 | 1690159 |
| 6.75%, 02/15/34 | 385 | 397985 |
| Rocket Cos., Inc.<sup>(a)</sup> <br>|  |  |
| 6.50%, 08/01/29 | 2890 | 2980711 |
| 6.13%, 08/01/30 | 1125 | 1162889 |
| 6.38%, 08/01/33 | 1295 | 1350192 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br> Inc., 3.88%, 03/01/31<sup>(a)</sup><br>| 4046 | 3842061 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.46%, 01/13/26 | 5130 | 5132201 |
| 1.40%, 09/17/26 | 7800 | 7662960 |
| 2.17%, 01/14/27 | 2735 | 2685366 |
| 5.52%, 01/13/28 | 5590 | 5757430 |
| United Wholesale Mortgage LLC, 5.50%, 04/15/29<sup>(a)</sup> | 5278 | 5240175 |
| UWM Holdings LLC<sup>(a)</sup> <br>|  |  |
| 6.63%, 02/01/30 | 6033 | 6108889 |
| 6.25%, 03/15/31 | 1075 | 1073286 |
|  |  | 516346325 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Hershey Co., 4.50%, 05/04/33 | 7530 | 7554247 |
| Mondelez International, Inc., 2.63%, 03/17/27 | 2070 | 2037036 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| Post Holdings, Inc.<sup>(a)</sup> <br>|  |  |
| 6.38%, 03/01/33 | 3131 | $3162310 |
| 6.25%, 10/15/34 | 1053 | 1058845 |
|  |  | 13812438 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Canadian National Railway Co., 3.85%, 08/05/32 | 1400 | 1358744 |
| Danaos Corp., 6.88%, 10/15/32<sup>(a)</sup> | 3080 | 3182139 |
|  |  | 4540883 |
| **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 | 6928484 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/27 | 12420 | 12522723 |
| 5.35%, 12/01/28 | 2700 | 2791402 |
|  |  | 27360115 |
| **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** | **Health Care Providers & Services — 1.0%** |
| Charles River Laboratories International, Inc., 4.25%, <br> 05/01/28<sup>(a)</sup><br>| 2391 | 2369491 |
| DaVita, Inc.<sup>(a)</sup> <br>|  |  |
| 4.63%, 06/01/30 | 5360 | 5212010 |
| 6.88%, 09/01/32 | 3488 | 3630889 |
| 6.75%, 07/15/33 | 985 | 1021340 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<sup>(a)</sup> | 4269 | 4363370 |
| HCA, Inc. |  |  |
| 3.50%, 09/01/30 | 3740 | 3596602 |
| 5.45%, 04/01/31 | 7947 | 8294276 |
| 3.63%, 03/15/32 | 9030 | 8529108 |
| 4.60%, 11/15/32 | 1925 | 1907567 |
| 5.60%, 04/01/34 | 13781 | 14372477 |
| MPH Acquisition Holdings LLC, 5.75%, 12/31/30<sup>(a)</sup> | 3228 | 2832570 |
| Tenet Healthcare Corp. |  |  |
| 4.63%, 06/15/28 | 1717 | 1720189 |
| 4.38%, 01/15/30 | 2103 | 2063409 |
| UnitedHealth Group, Inc. |  |  |
| 2.00%, 05/15/30 | 3585 | 3269636 |
| 4.90%, 04/15/31 | 10340 | 10616900 |
| Universal Health Services, Inc. |  |  |
| 2.65%, 10/15/30 | 1918 | 1749099 |
| 2.65%, 01/15/32 | 5782 | 5105379 |
|  |  | 80654312 |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| Diversified Healthcare Trust |  |  |
| 7.25%, 10/15/30<sup>(a)</sup> | 245 | 250510 |
| 4.38%, 03/01/31 | 4099 | 3607231 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 5.00%, 10/15/27 | 1997 | 1927867 |
| 4.63%, 08/01/29 | 8988 | 7530054 |
| 8.50%, 02/15/32<sup>(a)</sup> | 475 | 507268 |
| Omega Healthcare Investors, Inc., 5.20%, 07/01/30 | 11600 | 11805123 |
| Ventas Realty LP, 5.10%, 07/15/32 | 6700 | 6886933 |
| Welltower OP LLC |  |  |
| 4.50%, 07/01/30 | 5730 | 5793869 |
| 3.85%, 06/15/32 | 6180 | 5963375 |
| 5.13%, 07/01/35 | 6840 | 6980787 |
|  |  | 51253017 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **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 | $2176272 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(a)</sup> | 3032 | 2875803 |
|  |  | 5052075 |
| **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
| Darden Restaurants, Inc. |  |  |
| 3.85%, 05/01/27 | 10 | 9974 |
| 4.35%, 10/15/27 | 1055 | 1059917 |
| 4.55%, 10/15/29 | 1755 | 1771150 |
| 6.30%, 10/10/33 | 2820 | 3060637 |
| Genting New York LLC/GENNY Capital, Inc., 7.25%, <br> 10/01/29<sup>(a)</sup><br>| 4000 | 4102245 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<sup>(a)</sup> <br>|  |  |
| 5.00%, 06/01/29 | 1889 | 1834838 |
| 4.88%, 07/01/31 | 3757 | 3507237 |
| 6.63%, 01/15/32 | 434 | 444844 |
| Hyatt Hotels Corp. |  |  |
| 5.75%, 01/30/27 | 2180 | 2213479 |
| 5.38%, 12/15/31 | 4855 | 5000658 |
| Las Vegas Sands Corp., 6.00%, 08/15/29 | 2260 | 2358912 |
| Light & Wonder International, Inc., 6.25%, 10/01/33<sup>(a)</sup> | 715 | 723864 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<sup>(a)</sup> | 2410 | 2514064 |
| Marriott International, Inc. |  |  |
| 5.00%, 10/15/27 | 2480 | 2521926 |
| 5.55%, 10/15/28 | 2120 | 2201517 |
| 4.90%, 04/15/29 | 605 | 618500 |
| 5.10%, 04/15/32 | 2495 | 2569411 |
| 5.30%, 05/15/34 | 2620 | 2702180 |
| 5.25%, 10/15/35 | 4400 | 4459398 |
| Series AA, 4.65%, 12/01/28 | 193 | 196371 |
| Series FF, 4.63%, 06/15/30 | 170 | 172537 |
| Series HH, 2.85%, 04/15/31 | 8145 | 7551101 |
| McDonald's Corp., 4.60%, 09/09/32 | 12453 | 12679477 |
| Premier Entertainment Sub LLC/Premier Entertainment <br> Finance Corp., 5.88%, 09/01/31<sup>(a)</sup><br>| 3960 | 2623500 |
| Royal Caribbean Cruises Ltd., 5.38%, 01/15/36 | 2755 | 2766537 |
| Starbucks Corp., 3.55%, 08/15/29 | 40 | 39282 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/32 | 4975 | 4367155 |
| 5.05%, 03/15/42 | 8745 | 6154294 |
|  |  | 80225005 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC<sup>(a)</sup> <br>|  |  |
| 6.25%, 09/15/27 | 285 | 285163 |
| 4.88%, 02/15/30 | 3618 | 3370000 |
| Century Communities, Inc., 6.63%, 09/15/33<sup>(a)</sup> | 690 | 697727 |
| Forestar Group, Inc., 6.50%, 03/15/33<sup>(a)</sup> | 1428 | 1456339 |
| NVR, Inc., 3.00%, 05/15/30 | 10320 | 9767782 |
| Somnigroup International, Inc.<sup>(a)</sup> <br>|  |  |
| 4.00%, 04/15/29 | 2697 | 2627643 |
| 3.88%, 10/15/31 | 1713 | 1601125 |
| Toll Brothers Finance Corp. |  |  |
| 4.35%, 02/15/28 | 5010 | 5026313 |
| 3.80%, 11/01/29 | 2750 | 2704775 |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/30 | 1115 | 1113645 |
| 6.50%, 06/15/33 | 2320 | 2249718 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Whirlpool Corp. (continued) |  |  |
| 4.50%, 06/01/46 | 4267 | $3203957 |
| 4.60%, 05/15/50 | 3489 | 2564946 |
|  |  | 36669133 |
| **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 | 7815100 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| Eaton Corp. |  |  |
| 4.35%, 05/18/28 | 1820 | 1840020 |
| 4.15%, 03/15/33 | 1715 | 1687576 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(a)</sup> | 435 | 448875 |
| LSB Industries, Inc., 6.25%, 10/15/28<sup>(a)</sup> | 3406 | 3400564 |
| Pentair Finance SARL, 4.50%, 07/01/29 | 4300 | 4318404 |
| Teledyne Technologies, Inc., 2.75%, 04/01/31 | 3000 | 2776135 |
|  |  | 14471574 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, <br> 07/01/32<sup>(a)</sup><br>| 510 | 525355 |
| Aflac, Inc., 1.13%, 03/15/26 | 2360 | 2347414 |
| Allstate Corp., 5.05%, 06/24/29 | 5130 | 5298837 |
| American International Group, Inc., 4.85%, 05/07/30 | 5385 | 5518885 |
| Aon Corp., 2.80%, 05/15/30 | 405 | 382396 |
| Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27 | 495 | 487503 |
| Arthur J Gallagher & Co. |  |  |
| 2.40%, 11/09/31 | 1450 | 1293675 |
| 5.50%, 03/02/33 | 3360 | 3494671 |
| 6.50%, 02/15/34 | 8190 | 9016965 |
| 5.45%, 07/15/34 | 1400 | 1451197 |
| Assurant, Inc. |  |  |
| 4.90%, 03/27/28 | 4810 | 4867773 |
| 3.70%, 02/22/30 | 3500 | 3396673 |
| Assured Guaranty U.S. Holdings, Inc., 6.13%, <br> 09/15/28<br>| 4188 | 4399479 |
| Athene Holding Ltd., 3.50%, 01/15/31 | 1665 | 1573093 |
| Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(a)</sup><br>| 4082 | 4229349 |
| Brown & Brown, Inc. |  |  |
| 4.50%, 03/15/29 | 4320 | 4335496 |
| 4.20%, 03/17/32 | 7940 | 7683033 |
| CNA Financial Corp., 5.20%, 08/15/35 | 4800 | 4822910 |
| Fairfax Financial Holdings Ltd. |  |  |
| 3.38%, 03/03/31 | 1005 | 948657 |
| 5.63%, 08/16/32 | 6370 | 6645240 |
| 6.00%, 12/07/33 | 14566 | 15445599 |
| Marsh & McLennan Cos., Inc. |  |  |
| 2.25%, 11/15/30 | 4215 | 3848658 |
| 2.38%, 12/15/31 | 2381 | 2135382 |
| 5.75%, 11/01/32 | 21330 | 22850831 |
| 5.40%, 09/15/33 | 9993 | 10496127 |
| MGIC Investment Corp., 5.25%, 08/15/28 | 597 | 597013 |
| Principal Financial Group, Inc., 5.38%, 03/15/33 | 2650 | 2767732 |
| Progressive Corp., 3.20%, 03/26/30 | 4830 | 4671809 |
| RenaissanceRe Holdings Ltd., 5.75%, 06/05/33 | 6590 | 6890479 |
| Unum Group, 4.00%, 06/15/29 | 4996 | 4941815 |
| Willis North America, Inc., 5.35%, 05/15/33 | 12160 | 12540081 |
|  |  | 159904127 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Alphabet, Inc., 4.50%, 05/15/35 | 2250 | 2238015 |
| Baidu, Inc., 1.72%, 04/09/26 | 2170 | 2155331 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
| Meta Platforms, Inc. |  |  |
| 4.80%, 05/15/30 | 2890 | $2975935 |
| 4.60%, 11/15/32 | 2740 | 2762027 |
| 4.75%, 08/15/34 | 170 | 171393 |
|  |  | 10302701 |
| **Internet Software & Services — 0.6%** | **Internet Software & Services — 0.6%** | **Internet Software & Services — 0.6%** |
| Getty Images, Inc.<sup>(a)</sup> <br>|  |  |
| 11.25%, 02/21/30 | 1010 | 947052 |
| 10.50%, 11/15/30 | 3025 | 3049996 |
| Match Group Holdings II LLC, 4.13%, 08/01/30<sup>(a)</sup> | 1626 | 1539027 |
| Rakuten Group, Inc.<sup>(a)</sup> <br>|  |  |
| 11.25%, 02/15/27 | 1151 | 1230650 |
| 9.75%, 04/15/29 | 9927 | 11102956 |
| Uber Technologies, Inc., 4.80%, 09/15/34 | 4000 | 3998842 |
| VeriSign, Inc. |  |  |
| 2.70%, 06/15/31 | 14505 | 13205092 |
| 5.25%, 06/01/32 | 2345 | 2410320 |
| Wayfair LLC<sup>(a)</sup> <br>|  |  |
| 7.25%, 10/31/29 | 6696 | 6988414 |
| 7.75%, 09/15/30 | 4025 | 4288480 |
|  |  | 48760829 |
| **IT Services — 1.2%** | **IT Services — 1.2%** | **IT Services — 1.2%** |
| Accenture Capital, Inc., 4.50%, 10/04/34 | 605 | 596388 |
| ASGN, Inc., 4.63%, 05/15/28<sup>(a)</sup> | 1611 | 1582977 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(a)</sup> | 1012 | 1047095 |
| CGI, Inc., 4.95%, 03/14/30<sup>(a)</sup> | 8740 | 8857117 |
| Fair Isaac Corp., 6.00%, 05/15/33<sup>(a)</sup> | 1375 | 1412327 |
| Fiserv, Inc. |  |  |
| 5.45%, 03/02/28 | 950 | 972789 |
| 5.38%, 08/21/28 | 7660 | 7855611 |
| 5.60%, 03/02/33 | 9930 | 10249527 |
| 5.45%, 03/15/34 | 2800 | 2838971 |
| Fortinet, Inc., 2.20%, 03/15/31 | 750 | 671626 |
| IBM International Capital Pte. Ltd., 4.75%, 02/05/31 | 16600 | 16898013 |
| International Business Machines Corp. |  |  |
| 2.20%, 02/09/27 | 5120 | 5026443 |
| 4.15%, 07/27/27 | 19620 | 19723370 |
| Leidos, Inc., 2.30%, 02/15/31 | 5070 | 4561693 |
| Oracle Corp. |  |  |
| 4.45%, 09/26/30 | 4305 | 4211737 |
| 4.80%, 09/26/32 | 3995 | 3856861 |
| 5.20%, 09/26/35 | 4040 | 3870646 |
|  |  | 94233191 |
| **Leisure Products**<sup>(a)</sup> **— 0.1%** | **Leisure Products**<sup>(a)</sup> **— 0.1%** | **Leisure Products**<sup>(a)</sup> **— 0.1%** |
| Amer Sports Co., 6.75%, 02/16/31 | 1898 | 1985175 |
| Life Time, Inc., 6.00%, 11/15/31 | 1770 | 1813385 |
| Patrick Industries, Inc., 6.38%, 11/01/32 | 2920 | 2995771 |
|  |  | 6794331 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| IDEX Corp., 2.63%, 06/15/31 | 4980 | 4548211 |
| Otis Worldwide Corp., 2.29%, 04/05/27 | 65 | 63673 |
| Westinghouse Air Brake Technologies Corp., 5.61%, <br> 03/11/34<br>| 4940 | 5187342 |
|  |  | 9799226 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(a)</sup> | 4905 | 4811316 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(a)</sup> <br>|  |  |
| 6.38%, 09/01/29 | 1061 | 1075584 |
| 7.38%, 03/01/31 | 17056 | 17405436 |
| 4.50%, 06/01/33 | 6501 | 5690706 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(a)</sup> | 7580 | $7720100 |
| CSC Holdings LLC<sup>(a)</sup> <br>|  |  |
| 5.50%, 04/15/27 | 2524 | 2164126 |
| 11.25%, 05/15/28 | 2852 | 2269237 |
| Discovery Communications LLC |  |  |
| 5.00%, 09/20/37 | 5545 | 4436665 |
| 6.35%, 06/01/40 | 3005 | 2488912 |
| DISH DBS Corp. |  |  |
| 5.25%, 12/01/26<sup>(a)</sup> | 2333 | 2262421 |
| 7.38%, 07/01/28 | 847 | 818989 |
| 5.13%, 06/01/29 | 1272 | 1128905 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(a)</sup> | 3747 | 3899803 |
| EW Scripps Co., 9.88%, 08/15/30<sup>(a)</sup> | 2290 | 2286996 |
| FactSet Research Systems, Inc. |  |  |
| 2.90%, 03/01/27 | 9015 | 8878872 |
| 3.45%, 03/01/32 | 5934 | 5513915 |
| Flash Compute LLC, 7.25%, 12/31/30<sup>(a)</sup> | 1415 | 1401929 |
| Live Nation Entertainment, Inc., 3.75%, 01/15/28<sup>(a)</sup> | 1447 | 1422544 |
| McGraw-Hill Education, Inc., 7.38%, 09/01/31<sup>(a)</sup> | 2436 | 2570119 |
| Nexstar Media, Inc.<sup>(a)</sup> <br>|  |  |
| 5.63%, 07/15/27 | 1077 | 1079898 |
| 4.75%, 11/01/28 | 6984 | 6933330 |
| Sinclair Television Group, Inc.<sup>(a)</sup> <br>|  |  |
| 5.50%, 03/01/30 | 2675 | 2423764 |
| 4.38%, 12/31/32 | 1578 | 1242438 |
| 9.75%, 02/15/33 | 2150 | 2370375 |
| Sirius XM Radio LLC, 4.13%, 07/01/30<sup>(a)</sup> | 3810 | 3623567 |
| Versant Media Group, Inc., 7.25%, 01/30/31<sup>(a)</sup> | 275 | 283715 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(a)</sup> | 5846 | 6022832 |
|  |  | 102226494 |
| **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** |
| Aris Mining Corp., 8.00%, 10/31/29<sup>(a)</sup> | 2824 | 2946646 |
| BHP Billiton Finance USA Ltd., 4.75%, 02/28/28 | 23560 | 23927179 |
| Champion Iron Canada, Inc., 7.88%, 07/15/32<sup>(a)</sup> | 3595 | 3816632 |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> <br>|  |  |
| 7.50%, 09/15/31 | 3740 | 3945102 |
| 7.38%, 05/01/33 | 4346 | 4519982 |
| 7.63%, 01/15/34 | 6082 | 6355818 |
| Eldorado Gold Corp., 6.25%, 09/01/29<sup>(a)</sup> | 1863 | 1872166 |
| Endeavour Mining PLC, 7.00%, 05/28/30<sup>(a)</sup> | 3280 | 3388666 |
| First Quantum Minerals Ltd.<sup>(a)</sup> <br>|  |  |
| 9.38%, 03/01/29 | 3874 | 4079322 |
| 8.63%, 06/01/31 | 5448 | 5728912 |
| 8.00%, 03/01/33 | 2665 | 2839637 |
| 7.25%, 02/15/34 | 1035 | 1087733 |
| Fortescue Treasury Pty. Ltd.<sup>(a)</sup> <br>|  |  |
| 4.38%, 04/01/31 | 993 | 960354 |
| 6.13%, 04/15/32 | 3864 | 4032021 |
| Freeport-McMoRan, Inc. |  |  |
| 4.13%, 03/01/28 | 975 | 972001 |
| 4.38%, 08/01/28 | 240 | 240074 |
| 4.25%, 03/01/30 | 750 | 743624 |
| Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(a)</sup> | 4602 | 4740060 |
| Mineral Resources Ltd., 7.00%, 04/01/31<sup>(a)</sup> | 2380 | 2481874 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(a)</sup> | 340 | 360822 |
| Nickel Industries Ltd., 9.00%, 09/30/30<sup>(a)</sup> | 3890 | 4026150 |
| Novelis Corp.<sup>(a)</sup> <br>|  |  |
| 4.75%, 01/30/30 | 5925 | 5715611 |
| 6.88%, 01/30/30 | 5105 | 5300782 |
| 6.38%, 08/15/33 | 1260 | 1277352 |
| Park-Ohio Industries, Inc., 8.50%, 08/01/30<sup>(a)</sup> | 970 | 996015 |
| Reliance, Inc., 2.15%, 08/15/30 | 2000 | 1810198 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Rio Tinto Finance USA Ltd., 7.13%, 07/15/28 | 699 | $752184 |
| Rio Tinto Finance USA PLC, 5.25%, 03/14/35 | 8315 | 8568062 |
| Stillwater Mining Co.<sup>(a)</sup> <br>|  |  |
| 4.00%, 11/16/26 | 3801 | 3767741 |
| 4.50%, 11/16/29 | 4969 | 4683283 |
| SunCoke Energy, Inc., 4.88%, 06/30/29<sup>(a)</sup> | 4245 | 3941569 |
| Taseko Mines Ltd., 8.25%, 05/01/30<sup>(a)</sup> | 4255 | 4519806 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(a)</sup> | 1608 | 1707346 |
|  |  | 126104724 |
| **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 | 2585231 |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29 | 2991 | 3191149 |
| Starwood Property Trust, Inc. |  |  |
| 7.25%, 04/01/29 | 3691 | 3898072 |
| 6.00%, 04/15/30 | 955 | 980214 |
| 6.50%, 10/15/30 | 1523 | 1587871 |
|  |  | 12242537 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| 5.75%, 05/20/27 | 3628 | 3648872 |
| 9.38%, 06/01/28<sup>(a)</sup> | 3617 | 3749930 |
| 9.50%, 06/01/30<sup>(a)</sup> | 1370 | 1459449 |
| Atmos Energy Corp. |  |  |
| 5.90%, 11/15/33 | 690 | 745887 |
| 5.20%, 08/15/35 | 80 | 82453 |
| CenterPoint Energy Resources Corp., 5.25%, <br> 03/01/28<br>| 885 | 906941 |
| National Fuel Gas Co., 5.95%, 03/15/35 | 4450 | 4651431 |
| ONE Gas, Inc., 4.25%, 09/01/32 | 1625 | 1600319 |
| Piedmont Natural Gas Co., Inc. |  |  |
| 3.50%, 06/01/29 | 50 | 48875 |
| 5.40%, 06/15/33 | 1255 | 1304042 |
| Southern California Gas Co., 5.20%, 06/01/33 | 2630 | 2715625 |
| Southern Co. Gas Capital Corp. |  |  |
| 5.75%, 09/15/33 | 380 | 402663 |
| 4.95%, 09/15/34 | 1220 | 1223391 |
| Southwest Gas Corp. |  |  |
| 2.20%, 06/15/30 | 25 | 22718 |
| 4.05%, 03/15/32 | 2995 | 2889144 |
|  |  | 25451740 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** | **Office REITs — 0.0%** |
| HNI Corp., 5.13%, 01/18/29<sup>(a)</sup> | 1838 | 1801240 |
| **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** |
| BKV Upstream Midstream LLC, 7.50%, 10/15/30<sup>(a)</sup> | 2894 | 2932403 |
| Borr IHC Ltd./Borr Finance LLC, 10.38%, 11/15/30<sup>(a)</sup> | 2424 | 2421290 |
| California Resources Corp.<sup>(a)</sup> <br>|  |  |
| 8.25%, 06/15/29 | 7923 | 8287305 |
| 7.00%, 01/15/34 | 565 | 556552 |
| Cheniere Corpus Christi Holdings LLC, 5.13%, <br> 06/30/27<br>| 3417 | 3450044 |
| Cheniere Energy Partners LP, 5.55%, 10/30/35<sup>(a)</sup> | 2455 | 2509938 |
| Cheniere Energy, Inc. |  |  |
| 4.63%, 10/15/28 | 3590 | 3583917 |
| 5.65%, 04/15/34 | 3200 | 3319616 |
| Chevron Corp., 2.24%, 05/11/30 | 170 | 157650 |
| Chevron USA, Inc., 4.98%, 04/15/35 | 16530 | 16934077 |
| Chord Energy Corp.<sup>(a)</sup> <br>|  |  |
| 6.00%, 10/01/30 | 835 | 845240 |
| 6.75%, 03/15/33 | 3406 | 3522202 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(a)</sup> | $489 | $474060 |
| CNX Resources Corp.<sup>(a)</sup> <br>|  |  |
| 6.00%, 01/15/29 | 193 | 194300 |
| 7.38%, 01/15/31 | 1370 | 1418664 |
| 7.25%, 03/01/32 | 2055 | 2145214 |
| Comstock Resources, Inc., 6.75%, 03/01/29<sup>(a)</sup> | 9410 | 9421638 |
| CVR Energy, Inc., 8.50%, 01/15/29<sup>(a)</sup> | 4672 | 4802103 |
| DCP Midstream Operating LP |  |  |
| 5.13%, 05/15/29 | 2440 | 2495851 |
| 8.13%, 08/16/30 | 240 | 277423 |
| Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<sup>(a)</sup> <br>|  |  |
| 8.63%, 03/15/29 | 9388 | 9840164 |
| 7.38%, 06/30/33 | 655 | 668394 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(a)</sup><br>| 4467 | 4732085 |
| Diamondback Energy, Inc. |  |  |
| 6.25%, 03/15/33 | 545 | 587214 |
| 5.40%, 04/18/34 | 8065 | 8257950 |
| Enbridge, Inc. |  |  |
| 4.25%, 12/01/26 | 1690 | 1693225 |
| 5.63%, 04/05/34 | 2615 | 2729861 |
| Energy Transfer LP |  |  |
| 5.63%, 05/01/27<sup>(a)</sup> | 4250 | 4249592 |
| 5.75%, 02/15/33 | 5945 | 6238885 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 8.25%, 01/15/29 | 1809 | 1888383 |
| 8.88%, 04/15/30 | 1150 | 1210169 |
| 7.88%, 05/15/32 | 3639 | 3793330 |
| 8.00%, 05/15/33 | 1431 | 1485524 |
| Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(a)</sup><br>| 3522 | 3709638 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(a)</sup> | 5190 | 5359615 |
| Hess Corp., 4.30%, 04/01/27 | 1255 | 1260309 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(a)</sup> | 7410 | 7654849 |
| Karoon USA Finance, Inc., 10.50%, 05/14/29<sup>(a)</sup> | 1669 | 1713946 |
| Kinder Morgan, Inc. |  |  |
| 1.75%, 11/15/26 | 3850 | 3779126 |
| 5.10%, 08/01/29 | 9430 | 9696805 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br> Finance Corp., 6.88%, 12/01/32<sup>(a)</sup><br>| 997 | 1024690 |
| Matador Resources Co., 6.88%, 04/15/28<sup>(a)</sup> | 1182 | 1207869 |
| MPLX LP |  |  |
| 1.75%, 03/01/26 | 8000 | 7968450 |
| 4.25%, 12/01/27 | 12830 | 12863884 |
| 5.00%, 03/01/33 | 20410 | 20505911 |
| NGL Energy Operating LLC/NGL Energy Finance <br> Corp., 8.13%, 02/15/29<sup>(a)</sup><br>| 6730 | 6985499 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | 7188 | 7467712 |
| Northern Oil & Gas, Inc.<sup>(a)</sup> <br>|  |  |
| 8.75%, 06/15/31 | 2750 | 2776386 |
| 7.88%, 10/15/33 | 925 | 900630 |
| ONEOK, Inc., 6.35%, 01/15/31 | 2330 | 2500704 |
| Ovintiv, Inc., 5.38%, 01/01/26 | 605 | 605000 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 | 5320 | 5540423 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 3.55%, 12/15/29 | 3162 | 3071827 |
| 5.70%, 09/15/34 | 1485 | 1531372 |
| Sunoco LP<sup>(a)</sup> <br>|  |  |
| 7.00%, 05/01/29 | 2528 | 2636593 |
| 6.63%, 08/15/32 | 3326 | 3418518 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 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)** |
| Talos Production, Inc.<sup>(a)</sup> <br>|  |  |
| 9.00%, 02/01/29 | 5108 | $5305358 |
| 9.38%, 02/01/31 | 3636 | 3792373 |
| Targa Resources Corp. |  |  |
| 5.20%, 07/01/27 | 4680 | 4755887 |
| 5.55%, 08/15/35 | 9930 | 10163459 |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 5.00%, 01/15/28 | 4159 | 4160034 |
| 4.88%, 02/01/31 | 5230 | 5261975 |
| Venture Global LNG, Inc.<sup>(a)</sup> <br>|  |  |
| 9.50%, 02/01/29 | 998 | 1034404 |
| 8.38%, 06/01/31 | 6109 | 6074948 |
| 9.88%, 02/01/32 | 5901 | 6096160 |
| Venture Global Plaquemines LNG LLC<sup>(a)</sup> <br>|  |  |
| 7.75%, 05/01/35 | 3462 | 3790729 |
| 6.75%, 01/15/36 | 2035 | 2084431 |
| Western Midstream Operating LP |  |  |
| 6.35%, 01/15/29 | 860 | 905012 |
| 6.15%, 04/01/33 | 2560 | 2710694 |
| Williams Cos., Inc., 2.60%, 03/15/31 | 11280 | 10297756 |
|  |  | 297737239 |
| **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 | 7118279 |
| 8.50%, 05/15/29 | 1761 | 1841816 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<br>| 6971 | 7023012 |
|  |  | 15983107 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| AbbVie, Inc. |  |  |
| 2.95%, 11/21/26 | 3818 | 3788259 |
| 5.05%, 03/15/34 | 7360 | 7563773 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(a)</sup> | 700 | 739417 |
| Cardinal Health, Inc. |  |  |
| 4.70%, 11/15/26 | 5700 | 5736406 |
| 5.35%, 11/15/34 | 4420 | 4556279 |
| 5.15%, 09/15/35 | 1700 | 1727635 |
| Cencora, Inc. |  |  |
| 3.45%, 12/15/27 | 849 | 841476 |
| 2.70%, 03/15/31 | 7190 | 6624286 |
| 5.15%, 02/15/35 | 560 | 572351 |
| CVS Health Corp., 5.45%, 09/15/35 | 7200 | 7369995 |
| Eli Lilly & Co., 4.70%, 02/27/33 | 1010 | 1031126 |
| Grifols SA, 4.75%, 10/15/28<sup>(a)</sup> | 3828 | 3780513 |
| Jazz Securities DAC, 4.38%, 01/15/29<sup>(a)</sup> | 3715 | 3664148 |
| Merck & Co., Inc. |  |  |
| 2.15%, 12/10/31 | 1500 | 1335426 |
| 4.50%, 05/17/33 | 3805 | 3838602 |
| Novartis Capital Corp., 2.20%, 08/14/30 | 180 | 166474 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.65%, 05/19/30 | 2600 | 2651351 |
| 4.75%, 05/19/33 | 3885 | 3926195 |
| Zoetis, Inc. |  |  |
| 3.00%, 09/12/27 | 11280 | 11118229 |
| 3.90%, 08/20/28 | 250 | 249847 |
| 2.00%, 05/15/30 | 2215 | 2026444 |
|  |  | 73308232 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br> Corp., 7.00%, 04/15/30<sup>(a)</sup><br>| $4800 | $4779330 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp., 9.75%, 04/15/30<sup>(a)</sup><br>| 4040 | 4384499 |
| CBRE Services, Inc., 4.90%, 01/15/33 | 6470 | 6501085 |
| Howard Hughes Corp.<sup>(a)</sup> <br>|  |  |
| 4.13%, 02/01/29 | 2466 | 2396363 |
| 4.38%, 02/01/31 | 2973 | 2830572 |
|  |  | 20891849 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Realty Income Corp., 4.75%, 02/15/29 | 7390 | 7523520 |
| **Retail REITs — 0.2%** | **Retail REITs — 0.2%** | **Retail REITs — 0.2%** |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br> Nimbus LLC/GGSI Sellco LLC, 5.75%, 05/15/26<sup>(a)</sup><br>| 1499 | 1490269 |
| Simon Property Group LP |  |  |
| 1.38%, 01/15/27 | 2920 | 2844690 |
| 5.50%, 03/08/33 | 2760 | 2906516 |
| 4.75%, 09/26/34 | 4320 | 4296471 |
|  |  | 11537946 |
| **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 | 1616627 |
| Analog Devices, Inc. |  |  |
| 1.70%, 10/01/28 | 1770 | 1670711 |
| 2.10%, 10/01/31 | 1335 | 1185867 |
| Broadcom, Inc. |  |  |
| 1.95%, 02/15/28 | 2460 | 2361098 |
| 5.05%, 04/15/30 | 6951 | 7171512 |
| Kioxia Holdings Corp. |  |  |
| 6.25%, 07/24/30 | 7410 | 7623672 |
| 6.63%, 07/24/33 | 1050 | 1091869 |
| NVIDIA Corp., 2.85%, 04/01/30 | 25 | 23882 |
| Texas Instruments, Inc. |  |  |
| 1.75%, 05/04/30 | 145 | 131995 |
| 1.90%, 09/15/31 | 2445 | 2169436 |
| 4.90%, 03/14/33 | 12480 | 12874931 |
|  |  | 37921600 |
| **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
| Autodesk, Inc., 5.30%, 06/15/35 | 4170 | 4276002 |
| CoreWeave, Inc.<sup>(a)</sup> <br>|  |  |
| 9.25%, 06/01/30 | 7398 | 6878458 |
| 9.00%, 02/01/31 | 3154 | 2890704 |
| Electronic Arts, Inc., 1.85%, 02/15/31 | 2000 | 1922345 |
| Intuit, Inc. |  |  |
| 1.65%, 07/15/30 | 438 | 393447 |
| 5.20%, 09/15/33 | 7585 | 7929791 |
| Microsoft Corp., 1.35%, 09/15/30 | 250 | 224046 |
| Oracle Corp. |  |  |
| 1.65%, 03/25/26 | 4960 | 4928728 |
| 2.88%, 03/25/31 | 21445 | 19270300 |
| 5.25%, 02/03/32 | 4810 | 4809344 |
| 4.90%, 02/06/33 | 7650 | 7362309 |
| 5.50%, 08/03/35 | 8060 | 7897852 |
| Pagaya U.S. Holdings Co. LLC, 8.88%, 08/01/30<sup>(a)</sup> | 3942 | 3432033 |
| Roper Technologies, Inc. |  |  |
| 4.50%, 10/15/29 | 5950 | 6006159 |
| 2.00%, 06/30/30 | 75 | 67849 |
| 5.10%, 09/15/35 | 1400 | 1410645 |
| ServiceNow, Inc., 1.40%, 09/01/30 | 1000 | 881023 |
|  |  | 80581035 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** |
| Advance Auto Parts, Inc.<sup>(a)</sup> <br>|  |  |
| 7.00%, 08/01/30 | $7025 | $7062197 |
| 7.38%, 08/01/33 | 2620 | 2630401 |
| AutoZone, Inc. |  |  |
| 5.05%, 07/15/26 | 8785 | 8834680 |
| 4.50%, 02/01/28 | 3325 | 3355334 |
| 5.40%, 07/15/34 | 1455 | 1506240 |
| FirstCash, Inc.<sup>(a)</sup> <br>|  |  |
| 5.63%, 01/01/30 | 965 | 968587 |
| 6.88%, 03/01/32 | 2712 | 2821027 |
| Gap, Inc., 3.88%, 10/01/31<sup>(a)</sup> | 3493 | 3228589 |
| Kohl's Corp. |  |  |
| 10.00%, 06/01/30<sup>(a)</sup> | 2060 | 2268600 |
| 5.13%, 05/01/31 | 5329 | 4687526 |
| Macy's Retail Holdings LLC<sup>(a)</sup> <br>|  |  |
| 6.13%, 03/15/32 | 2415 | 2444282 |
| 7.38%, 08/01/33 | 2400 | 2543897 |
|  |  | 42351360 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Adobe, Inc., 2.30%, 02/01/30 | 2130 | 1994316 |
| Apple, Inc., 3.35%, 08/08/32 | 2195 | 2101695 |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(a)</sup> | 4556 | 4848339 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | 3806 | 4130941 |
| NetApp, Inc., 5.70%, 03/17/35 | 3777 | 3952800 |
|  |  | 17028091 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Ralph Lauren Corp., 5.00%, 06/15/32 | 13000 | 13357919 |
| Tapestry, Inc., 5.10%, 03/11/30 | 9216 | 9461196 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(a)</sup> | 473 | 473459 |
| VF Corp., 2.95%, 04/23/30 | 4610 | 4173196 |
|  |  | 27465770 |
| **Tobacco — 1.5%** | **Tobacco — 1.5%** | **Tobacco — 1.5%** |
| Altria Group, Inc. |  |  |
| 4.80%, 02/14/29 | 70 | 71196 |
| 3.40%, 05/06/30 | 265 | 255123 |
| 2.45%, 02/04/32 | 22040 | 19489568 |
| 6.88%, 11/01/33 | 8120 | 9171723 |
| 5.63%, 02/06/35 | 1125 | 1169649 |
| 5.25%, 08/06/35 | 3420 | 3462509 |
| BAT Capital Corp. |  |  |
| 6.34%, 08/02/30 | 7307 | 7903027 |
| 4.63%, 03/22/33 | 9630 | 9575061 |
| 6.00%, 02/20/34 | 780 | 835154 |
| 5.63%, 08/15/35 | 6630 | 6905998 |
| BAT International Finance PLC, 1.67%, 03/25/26 | 5000 | 4972393 |
| Philip Morris International, Inc. |  |  |
| 0.88%, 05/01/26 | 7476 | 7400657 |
| 3.13%, 08/17/27 | 50 | 49465 |
| 3.38%, 08/15/29 | 4436 | 4327531 |
| 5.63%, 11/17/29 | 19819 | 20835285 |
| 2.10%, 05/01/30 | 790 | 723652 |
| 5.50%, 09/07/30 | 13 | 13669 |
| 5.75%, 11/17/32 | 7800 | 8336123 |
| 5.38%, 02/15/33 | 2340 | 2446910 |
| 5.63%, 09/07/33 | 4590 | 4868565 |
| 4.90%, 11/01/34 | 8240 | 8305943 |
| Turning Point Brands, Inc., 7.63%, 03/15/32<sup>(a)</sup> | 1088 | 1157972 |
|  |  | 122277173 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| United Parcel Service, Inc., 4.45%, 04/01/30 | $1200 | $1221435 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Capital Corp. |  |  |
| 4.45%, 06/01/32 | 2055 | 2056117 |
| 5.15%, 03/01/34 | 505 | 519950 |
| Essential Utilities, Inc. |  |  |
| 3.57%, 05/01/29 | 55 | 53876 |
| 2.70%, 04/15/30 | 220 | 206573 |
| 5.38%, 01/15/34 | 645 | 665753 |
|  |  | 3502269 |
| **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** | **Wireless Telecommunication Services — 0.7%** |
| Level 3 Financing, Inc., 8.50%, 01/15/36<sup>(a)</sup> | 1650 | 1689571 |
| Millicom International Cellular SA<sup>(a)</sup> <br>|  |  |
| 4.50%, 04/27/31 | 4997 | 4640364 |
| 7.38%, 04/02/32 | 7629 | 7931795 |
| T-Mobile USA, Inc. |  |  |
| 2.05%, 02/15/28 | 6900 | 6623657 |
| 2.88%, 02/15/31 | 4975 | 4617647 |
| 5.15%, 04/15/34 | 3045 | 3112675 |
| 4.70%, 01/15/35 | 9750 | 9579239 |
| 5.30%, 05/15/35 | 7870 | 8069224 |
| Verizon Communications, Inc., 4.75%, 01/15/33 | 3090 | 3087580 |
| Zegona Finance PLC, 8.63%, 07/15/29<sup>(a)</sup> | 6287 | 6668508 |
|  |  | 56020260 |
| **Total Corporate Bonds — 45.2%** <br>**(Cost: $3,540,392,604)** | **Total Corporate Bonds — 45.2%** <br>**(Cost: $3,540,392,604)** | 3615630106 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 25.2%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 25.2%** | **Collateralized Mortgage Obligations**<sup>(f)</sup> **— 25.2%** |
| Connecticut Avenue Securities Trust<sup>(a)</sup> <br>|  |  |
| Series 2019-R04, Class 2B1, (30-day Avg SOFR + <br> 5.36%), 9.24%, 06/25/39<br>| 12234 | 12449245 |
| Series 2019-R06, Class 2B1, (30-day Avg SOFR + <br> 3.86%), 7.74%, 09/25/39<br>| 19598 | 19919919 |
| Series 2020-R02, Class 2B1, (30-day Avg SOFR + <br> 3.11%), 6.99%, 01/25/40<br>| 15000 | 15251522 |
| Series 2020-SBT1, Class 1B1, (30-day Avg SOFR + <br> 6.86%), 10.74%, 02/25/40<br>| 5419 | 5704320 |
| Series 2020-SBT1, Class 1M2, (30-day Avg SOFR + <br> 3.76%), 7.64%, 02/25/40<br>| 74984 | 77277264 |
| Series 2021-R01, Class 1B1, (30-day Avg SOFR + <br> 3.10%), 6.97%, 10/25/41<br>| 68368 | 69467229 |
| Series 2021-R02, Class 2B1, (30-day Avg SOFR + <br> 3.30%), 7.17%, 11/25/41<br>| 64165 | 65405104 |
| Series 2021-R03, Class 1B1, (30-day Avg SOFR + <br> 2.75%), 6.62%, 12/25/41<br>| 39240 | 39822118 |
| Series 2022-R01, Class 1B1, (30-day Avg SOFR + <br> 3.15%), 7.02%, 12/25/41<br>| 76317 | 77752673 |
| Series 2022-R02, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.37%, 01/25/42<br>| 66102 | 68309666 |
| Series 2022-R02, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 6.87%, 01/25/42<br>| 70803 | 72079373 |
| Series 2022-R03, Class 1B1, (30-day Avg SOFR + <br> 6.25%), 10.12%, 03/25/42<br>| 46113 | 48897948 |
| Series 2022-R04, Class 1B1, (30-day Avg SOFR + <br> 5.25%), 9.12%, 03/25/42<br>| 48092 | 50424849 |
| Series 2022-R04, Class 1M2, (30-day Avg SOFR + <br> 3.10%), 6.97%, 03/25/42<br>| 2000 | 2048441 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 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)** |
| Connecticut Avenue Securities Trust<sup>(a)</sup> (continued) |  |  |
| Series 2022-R05, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.37%, 04/25/42<br>| $20011 | $20840754 |
| Series 2022-R05, Class 2B2, (30-day Avg SOFR + <br> 7.00%), 10.87%, 04/25/42<br>| 7000 | 7457099 |
| Series 2022-R05, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 6.87%, 04/25/42<br>| 2330 | 2381453 |
| Series 2022-R07 1B-1, Class B1, (30-day Avg <br> SOFR + 6.80%), 10.67%, 06/25/42<br>| 8455 | 9142399 |
| Series 2022-R08, Class 1B1, (30-day Avg SOFR + <br> 5.60%), 9.47%, 07/25/42<br>| 30082 | 32044973 |
| Series 2022-R09, Class 2M2, (30-day Avg SOFR + <br> 4.75%), 8.62%, 09/25/42<br>| 3750 | 3976275 |
| Series 2023-R02, Class 1B1, (30-day Avg SOFR + <br> 5.55%), 9.42%, 01/25/43<br>| 11265 | 12127235 |
| Series 2023-R05, Class 1B1, (30-day Avg SOFR + <br> 4.75%), 8.62%, 06/25/43<br>| 5000 | 5349729 |
| Series 2024-R01, Class 1B1, (30-day Avg SOFR + <br> 2.70%), 6.57%, 01/25/44<br>| 63264 | 64745807 |
| Series 2024-R02, Class 1B1, (30-day Avg SOFR + <br> 2.50%), 6.37%, 02/25/44<br>| 15516 | 15797328 |
| Series 2024-R02, Class 1M2, (30-day Avg SOFR + <br> 1.80%), 5.67%, 02/25/44<br>| 2250 | 2261928 |
| Series 2024-R05, Class 2B1, (30-day Avg SOFR + <br> 2.00%), 5.87%, 07/25/44<br>| 11450 | 11478180 |
| Series 2024-R05, Class 2M2, (30-day Avg SOFR + <br> 1.70%), 5.57%, 07/25/44<br>| 4852 | 4868691 |
| Series 2024-R06, Class 1B1, (30-day Avg SOFR + <br> 2.05%), 5.92%, 09/25/44<br>| 6297 | 6320340 |
| Series 2025-R02, Class 1B1, (30-day Avg SOFR + <br> 1.95%), 5.82%, 02/25/45<br>| 2750 | 2761282 |
| Series 2025-R02, Class 1M2, (30-day Avg SOFR + <br> 1.60%), 5.47%, 02/25/45<br>| 6925 | 6927147 |
| Fannie Mae Connecticut Avenue Securities |  |  |
| Series 2017-C03, Class 1M2C, (30-day Avg SOFR + <br> 3.11%), 6.99%, 10/25/29<br>| 1762 | 1801762 |
| Series 2017-C06, Class 1M2C, (30-day Avg SOFR + <br> 2.76%), 6.64%, 02/25/30<br>| 4739 | 4826632 |
| Series 2018-C01, Class 1M2C, (30-day Avg SOFR + <br> 2.36%), 6.24%, 07/25/30<br>| 3450 | 3479627 |
| Series 2018-C02, Class 2M2, (30-day Avg SOFR + <br> 2.31%), 6.19%, 08/25/30<br>| 933 | 945850 |
| Series 2018-C04, Class 2M2, (30-day Avg SOFR + <br> 2.66%), 6.54%, 12/25/30<br>| 1599 | 1641463 |
| Freddie Mac STACR REMIC Trust<sup>(a)</sup> <br>|  |  |
| Series 2020-DNA6, Class B2, (30-day Avg SOFR + <br> 5.65%), 9.52%, 12/25/50<br>| 3000 | 3453844 |
| Series 2020-HQA5, Class B1, (30-day Avg SOFR + <br> 4.00%), 7.87%, 11/25/50<br>| 38232 | 41998256 |
| Series 2021-DNA1, Class B1, (30-day Avg SOFR + <br> 2.65%), 6.52%, 01/25/51<br>| 51948 | 54388386 |
| Series 2021-DNA1, Class B2, (30-day Avg SOFR + <br> 4.75%), 8.62%, 01/25/51<br>| 30167 | 33438674 |
| Series 2021-DNA2, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.27%, 08/25/33<br>| 56875 | 62711257 |
| Series 2021-DNA2, Class B2, (30-day Avg SOFR + <br> 6.00%), 9.87%, 08/25/33<br>| 21766 | 26821839 |
| Series 2021-DNA3, Class B1, (30-day Avg SOFR + <br> 3.50%), 7.37%, 10/25/33<br>| 43269 | 48428157 |
| Series 2021-DNA3, Class B2, (30-day Avg SOFR + <br> 6.25%), 10.12%, 10/25/33<br>| 17644 | 21988860 |

---

---

| | | |
|:---|:---|:---|
| *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-DNA5, Class B1, (30-day Avg SOFR + <br> 3.05%), 6.92%, 01/25/34<br>| $54372 | $57752063 |
| Series 2021-DNA5, Class B2, (30-day Avg SOFR + <br> 5.50%), 9.37%, 01/25/34<br>| 36545 | 43671275 |
| Series 2021-DNA6, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.27%, 10/25/41<br>| 69408 | 70628815 |
| Series 2021-DNA7, Class B1, (30-day Avg SOFR + <br> 3.65%), 7.52%, 11/25/41<br>| 78692 | 80481455 |
| Series 2021-HQA1, Class B1, (30-day Avg SOFR + <br> 3.00%), 6.87%, 08/25/33<br>| 77265 | 83946806 |
| Series 2021-HQA1, Class B2, (30-day Avg SOFR + <br> 5.00%), 8.87%, 08/25/33<br>| 14160 | 16476474 |
| Series 2021-HQA2, Class B1, (30-day Avg SOFR + <br> 3.15%), 7.02%, 12/25/33<br>| 7450 | 8220289 |
| Series 2021-HQA2, Class B2, (30-day Avg SOFR + <br> 5.45%), 9.32%, 12/25/33<br>| 14800 | 17502618 |
| Series 2021-HQA3, Class B1, (30-day Avg SOFR + <br> 3.35%), 7.22%, 09/25/41<br>| 63977 | 64891516 |
| Series 2021-HQA3, Class M2, (30-day Avg SOFR + <br> 2.10%), 5.97%, 09/25/41<br>| 30450 | 30693192 |
| Series 2021-HQA4, Class B1, (30-day Avg SOFR + <br> 3.75%), 7.62%, 12/25/41<br>| 57744 | 58982851 |
| Series 2021-HQA4, Class M2, (30-day Avg SOFR + <br> 2.35%), 6.22%, 12/25/41<br>| 4010 | 4044251 |
| Series 2022-DNA1, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.27%, 01/25/42<br>| 42320 | 43299632 |
| Series 2022-DNA2, Class B1, (30-day Avg SOFR + <br> 4.75%), 8.62%, 02/25/42<br>| 23354 | 24273272 |
| Series 2022-DNA3, Class B1, (30-day Avg SOFR + <br> 5.65%), 9.52%, 04/25/42<br>| 1620 | 1711606 |
| Series 2022-DNA3, Class M2, (30-day Avg SOFR + <br> 4.35%), 8.22%, 04/25/42<br>| 18341 | 19103865 |
| Series 2022-DNA4, Class M2, (30-day Avg SOFR + <br> 5.25%), 9.12%, 05/25/42<br>| 38750 | 40913982 |
| Series 2022-DNA5, Class M2, (30-day Avg SOFR + <br> 6.75%), 10.62%, 06/25/42<br>| 7500 | 8100105 |
| Series 2022-DNA6, Class M2, (30-day Avg SOFR + <br> 5.75%), 9.62%, 09/25/42<br>| 8000 | 8618809 |
| Series 2022-DNA7, Class M2, (30-day Avg SOFR + <br> 7.00%), 10.87%, 03/25/52<br>| 33705 | 36979579 |
| Series 2022-HQA1, Class B1, (30-day Avg SOFR + <br> 7.00%), 10.87%, 03/25/42<br>| 22439 | 23924475 |
| Series 2022-HQA1, Class M2, (30-day Avg SOFR + <br> 5.25%), 9.12%, 03/25/42<br>| 80033 | 83949695 |
| Series 2022-HQA2, Class M2, (30-day Avg SOFR + <br> 6.00%), 9.87%, 07/25/42<br>| 26030 | 27840590 |
| Series 2023-HQA3, Class M2, (30-day Avg SOFR + <br> 3.35%), 7.22%, 11/25/43<br>| 3724 | 3896511 |
| Series 2024-HQA1, Class M2, (30-day Avg SOFR + <br> 2.00%), 5.87%, 03/25/44<br>| 3805 | 3828445 |
| Series 2025-HQA1, Class M2, (30-day Avg SOFR + <br> 1.65%), 5.52%, 02/25/45<br>| 5200 | 5206326 |
| Freddie Mac STACR Securitized Participation Interests <br> Trust<sup>(a)</sup> <br>|  |  |
| Series 2018-SPI1, Class M2, 3.78%, 02/25/48 | 45 | 43791 |
| Series 2018-SPI2, Class M2, 3.85%, 05/25/48 | 63 | 60842 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 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 Trust, Series 2018-DNA3, <br> Class B2, (30-day Avg SOFR + 7.86%), 11.74%, <br> 09/25/48<sup>(a)</sup><br>| 2000 | $2287939 |
| Residential Mortgage Loan Trust, Series 2020-2, <br> Class B2, 5.40%, 05/25/60<sup>(a)</sup><br>| 4000 | 3899711 |
|  |  | 2014445678 |
| **Commercial Mortgage-Backed Securities**<sup>(a)(f)</sup> **— 0.3%** | **Commercial Mortgage-Backed Securities**<sup>(a)(f)</sup> **— 0.3%** | **Commercial Mortgage-Backed Securities**<sup>(a)(f)</sup> **— 0.3%** |
| Multifamily Connecticut Avenue Securities Trust |  |  |
| Series 2019-01, Class M10, (30-day Avg SOFR + <br> 3.36%), 7.24%, 10/25/49<br>| 19356 | 19667126 |
| Series 2024-01, Class M7, (30-day Avg SOFR + <br> 2.75%), 6.62%, 07/25/54<br>| 5119 | 5182350 |
|  |  | 24849476 |
| **Total Non-Agency Mortgage-Backed Securities — 25.5%** <br>**(Cost: $2,026,783,724)** | **Total Non-Agency Mortgage-Backed Securities — 25.5%** <br>**(Cost: $2,026,783,724)** | 2039295154 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trust — 0.1%** | **Capital Trust — 0.1%** | **Capital Trust — 0.1%** |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** |  |
| FMC Corp., 8.45%, 11/01/55<sup>(f)</sup> | 9790 | 7748841 |
| **Total Preferred Securities — 0.1%** <br>**(Cost: $8,142,541)** | **Total Preferred Securities — 0.1%** <br>**(Cost: $8,142,541)** | 7748841 |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Collateralized Mortgage Obligations — 0.2%** | **Collateralized Mortgage Obligations — 0.2%** |  |
| Freddie Mac STACR REMIC Trust, Series 2020-DNA6, <br> Class B1, (30-day Avg SOFR + 3.00%), 6.87%, <br> 12/25/50<sup>(a)(f)</sup><br>| 17025 | 18177381 |
| **Mortgage-Backed Securities — 11.1%** | **Mortgage-Backed Securities — 11.1%** |  |
| Fannie Mae Mortgage-Backed Securities, 4.00%, <br> 02/01/47 - 02/01/57<br>| 53 | 50728 |
| Freddie Mac Mortgage-Backed Securities |  |  |
| 4.50%, 05/01/42 - 01/01/49 | 67 | 66522 |
| 3.50%, 10/01/44 - 06/01/49 | 242 | 227514 |
| 3.00%, 08/01/46 - 02/01/47 | 11 | 10286 |
| 4.00%, 10/01/46 - 01/01/49 | 34 | 32773 |
| Ginnie Mae Mortgage-Backed Securities<sup>(h)</sup> <br>|  |  |
| 3.50%, 06/20/42 - 09/20/55 | 26503 | 24199758 |
| 3.00%, 05/20/45 - 01/15/55 | 34567 | 31111009 |
| 4.00%, 11/20/47 - 02/20/55 | 15365 | 14560427 |
| 4.50%, 10/20/48 - 01/22/56 | 20316 | 19804532 |
| 5.00%, 12/20/48 - 02/20/55 | 14795 | 14771670 |
| 2.50%, 08/20/50 - 01/15/55 | 41463 | 35690639 |
| 5.50%, 12/20/52 - 01/15/55 | 20351 | 20552217 |
| 2.00%, 01/15/55 | 73475 | 60834712 |
| 6.00%, 01/15/55 | 16850 | 17170545 |
| 6.50%, 01/15/55 | 9825 | 10155826 |
| Uniform Mortgage-Backed Securities<sup>(h)</sup> <br>|  |  |
| 3.00%, 03/01/30 - 01/14/56 | 90343 | 81640582 |
| 2.50%, 04/01/32 - 01/15/55 | 129644 | 110892394 |
| 1.50%, 01/15/40 - 01/14/56 | 23100 | 18126044 |
| 2.00%, 01/15/40 - 01/15/55 | 164822 | 137659447 |
| 3.50%, 01/15/40 - 01/14/56 | 48494 | 45076698 |
| 4.00%, 01/15/40 - 01/14/56 | 47859 | 45698004 |
| 5.00%, 02/01/41 - 01/15/55 | 43458 | 43510545 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
| Uniform Mortgage-Backed Securities<sup>(h)</sup> (continued) |  |  |
| 4.50%, 06/01/44 - 01/15/55 | 30125 | $29482616 |
| 5.50%, 11/01/52 - 10/01/55 | 50463 | 51665789 |
| 6.00%, 06/01/54 - 09/01/55 | 43743 | 45201682 |
| 6.50%, 01/15/55 | 25550 | 26552597 |
|  |  | 884745556 |
| **Total U.S. Government Sponsored Agency Securities — 11.3%** <br>**(Cost: $906,538,641)** | **Total U.S. Government Sponsored Agency Securities — 11.3%** <br>**(Cost: $906,538,641)** | 902922937 |
| **Total Long-Term Investments — 91.0%** <br>**(Cost: $7,172,482,016)** | **Total Long-Term Investments — 91.0%** <br>**(Cost: $7,172,482,016)** | 7284592588 |

---

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

---

| | |
|:---|:---|
|  | <br>*Shares*<br>|
| **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.7%** | **Money Market Funds — 0.7%** |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.65%<sup>(i)(j)</sup><br>| 54139966 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 15.5%** | **U.S. Treasury Obligations — 15.5%** |  |
| U.S. Treasury Bills<sup>(k)</sup> <br>|  |  |
| 3.67%, 01/06/26 | $31100 | 31088061 |
| 3.64%, 01/22/26<sup>(l)</sup> | 422100 | 421266745 |
| 3.63%, 02/05/26 | 507500 | 505802626 |
| 3.62%, 02/10/26 | 16500 | 16436747 |
| 3.64%, 04/21/26<sup>(l)</sup> | 170600 | 168776081 |
| 3.64%, 04/28/26 | 97300 | 96193869 |
|  |  | 1239564129 |
| **Total Short-Term Securities — 16.2%** <br>**(Cost: $1,293,553,916)** | **Total Short-Term Securities — 16.2%** <br>**(Cost: $1,293,553,916)** | 1293704095 |
| **Total Investments — 107.2%** <br>**(Cost: $8,466,035,932)** | **Total Investments — 107.2%** <br>**(Cost: $8,466,035,932)** | 8578296683 |
| **Liabilities in Excess of Other Assets — (7.2)%** | **Liabilities in Excess of Other Assets — (7.2)%** | (574729764)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $8003566919 |

---

&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> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<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> Perpetual security with no stated maturity date.

<sup>(f)</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>(g)</sup> When-issued security.

<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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 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>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $9202298<br> $44937668 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $54139966 | 54139966 | $7527597 | $— |

---

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

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

**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; 913 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; $66708 | &nbsp;&nbsp;&nbsp;&nbsp; $402893 |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 5667 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 651794 | &nbsp;&nbsp;&nbsp;&nbsp; (3938362)<br>|
| Long Gilt | &nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 84982 | &nbsp;&nbsp;&nbsp;&nbsp; (97091)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 15568 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3250428 | &nbsp;&nbsp;&nbsp;&nbsp; (1788078)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 5318 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 581282 | &nbsp;&nbsp;&nbsp;&nbsp; (2134185)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (7554823)<br>|
| Short Contracts  |  |  |  |  |
| Euro Bund | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 4648 | &nbsp;&nbsp;&nbsp;&nbsp; 36426 |
| 10-Year Canadian Bond | &nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 29775 | &nbsp;&nbsp;&nbsp;&nbsp; 386069 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 8756 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 984503 | &nbsp;&nbsp;&nbsp;&nbsp; 7300546 |
| U.S. Long Bond | &nbsp;&nbsp; 1272 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 147035 | &nbsp;&nbsp;&nbsp;&nbsp; 2226265 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 50504 | &nbsp;&nbsp;&nbsp;&nbsp; 1245587 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11194893 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3640070 |

---

**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>|
| AUD | 9350000 | USD | 6211431 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $28809 |
| BRL | 9157000 | USD | 1622569 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20544 |
| BRL | 28808000 | USD | 5144975 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24272 |
| CAD | 15149000 | USD | 11054748 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18319 |
| CAD | 8390900 | USD | 6088839 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44437 |
| CLP | 2179693000 | USD | 2412980 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 |
| CLP | 2201423000 | USD | 2405138 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42267 |
| CLP | 5104348000 | USD | 5528374 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146323 |
| CLP | 32067671300 | USD | 34692882 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957967 |
| COP | 31827085400 | USD | 8135238 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86264 |
| CZK | 613421580 | EUR | 25223327 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130167 |
| EUR | 2252896 | CHF | 2087000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1706 |
| EUR | 4461827 | CHF | 4130000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7542 |
| EUR | 3453725 | NOK | 40973500 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8640 |
| EUR | 3240312 | NOK | 38463000 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5991 |
| EUR | 6702288 | SEK | 72462000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2494 |
| EUR | 10978070 | SEK | 118713552 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1490 |
| EUR | 52398170 | USD | 61286655 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499312 |
| EUR | 3223000 | USD | 3769747 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30695 |
| GBP | 20427000 | USD | 27325607 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203934 |
| GBP | 5820000 | USD | 7843591 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 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>|
| GBP | 2265000 | USD | 3030774 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21775 |
| GBP | 6408000 | USD | 8538706 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97378 |
| GBP | 12383000 | USD | 16529856 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158757 |
| HUF | 1564531000 | EUR | 4022096 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18365 |
| HUF | 2151750000 | EUR | 5548035 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6018 |
| INR | 217820000 | USD | 2393774 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13929 |
| INR | 260795000 | USD | 2879037 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3696 |
| INR | 440199500 | USD | 4828602 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37203 |
| INR | 627489000 | USD | 6861028 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75007 |
| INR | 740653000 | USD | 8134043 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52865 |
| INR | 2225893150 | USD | 24556702 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47511 |
| JPY | 250078000 | USD | 1601316 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5112 |
| KRW | 16200677795 | USD | 11068002 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180296 |
| MXN | 31218000 | USD | 1721265 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| MXN | 57587000 | USD | 3135329 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39991 |
| MXN | 27795000 | USD | 1531507 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1096 |
| MXN | 59223500 | USD | 3261363 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4194 |
| MXN | 96439000 | USD | 5253802 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63800 |
| MXN | 67880000 | USD | 3735943 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6928 |
| MXN | 79419000 | USD | 4377391 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1736 |
| MXN | 96915000 | USD | 5340258 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3591 |
| NOK | 24480000 | EUR | 2036314 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26847 |
| PHP | 143022000 | USD | 2415586 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677 |
| PHP | 192637000 | USD | 3249886 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4590 |
| PLN | 8628000 | EUR | 2035667 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017 |
| SEK | 469410700 | EUR | 43260044 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169620 |
| SEK | 22241000 | EUR | 2033412 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27232 |
| SGD | 3582000 | USD | 2791035 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8809 |
| SGD | 3096000 | USD | 2408768 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11197 |
| SGD | 25714200 | USD | 19972753 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126563 |
| THB | 696896780 | USD | 21982669 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251547 |
| THB | 91015000 | USD | 2903190 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608 |
| TWD | 100628000 | USD | 3189275 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9270 |
| TWD | 75255000 | USD | 2382015 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10028 |
| USD | 421224 | AUD | 630000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758 |
| USD | 2427669 | COP | 9387359000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2747 |
| USD | 2833222 | COP | 10939636000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7319 |
| USD | 21931309 | EUR | 18592000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8316 |
| USD | 9038092 | EUR | 7656000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10422 |
| USD | 26379563 | EUR | 22332000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46502 |
| USD | 2393517 | JPY | 370002000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16732 |
| USD | 6332062 | JPY | 983546750 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14046 |
| USD | 3136421 | MXN | 56754000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7031 |
| USD | 20419569 | NZD | 35178350 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110855 |
| USD | 2565537 | SGD | 3279000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2531 |
| USD | 2492768 | THB | 77467000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21214 |
| USD | 5944554 | THB | 186124000 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6342 |
| ZAR | 114136000 | USD | 6775749 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81567 |
| ZAR | 161723000 | USD | 9563308 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153046 |
| ZAR | 40209000 | USD | 2383151 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32615 |
| ZAR | 57347000 | USD | 3395578 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49843 |
| ZAR | 845805500 | USD | 49415871 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1400313 |
| ZAR | 41395000 | USD | 2415582 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71439 |
| IDR | 99505150000 | USD | 5926100 | Deutsche Bank AG | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20275 |
| IDR | 88562336000 | USD | 5265738 | HSBC Bank PLC | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26700 |
| USD | 2402205 | IDR | 40193695000 | BNP Paribas SA | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| USD | 2957428 | IDR | 49414330000 | HSBC Bank PLC | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4454 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5855136 |
| AUD | 2801000 | USD | 1872984 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3581)<br>|
| BRL | 173537450 | USD | 31211042 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71850)<br>|
| CAD | 18204130 | USD | 13333770 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27576)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 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>|
| CAD | 40518870 | USD | 29696663 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(79649)<br>|
| CAD | 15372000 | USD | 11246815 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10747)<br>|
| COP | 31378369000 | USD | 8165071 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59481)<br>|
| EUR | 3846693 | CHF | 3570000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5439)<br>|
| EUR | 6683658 | CHF | 6215000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24839)<br>|
| EUR | 16719056 | CHF | 15573500 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96205)<br>|
| EUR | 5900435 | CHF | 5485000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19770)<br>|
| EUR | 6205696 | CHF | 5756000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4551)<br>|
| EUR | 7140856 | CHF | 6628000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11096)<br>|
| EUR | 4045614 | CZK | 98769000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39443)<br>|
| EUR | 4271717 | CZK | 103772000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16469)<br>|
| EUR | 5443083 | CZK | 132532000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35799)<br>|
| EUR | 2064779 | CZK | 50220000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10917)<br>|
| EUR | 4692574 | CZK | 114054000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20925)<br>|
| EUR | 2950519 | CZK | 71851000 | Royal Bank of Canada | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19878)<br>|
| EUR | 3614668 | CZK | 87848000 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15764)<br>|
| EUR | 11114019 | HUF | 4326670000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61380)<br>|
| EUR | 3271342 | HUF | 1268705000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3389)<br>|
| EUR | 3739003 | HUF | 1472100000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70898)<br>|
| EUR | 2689609 | HUF | 1043359130 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3591)<br>|
| EUR | 2030420 | HUF | 792886000 | Royal Bank of Canada | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18659)<br>|
| EUR | 3483347 | HUF | 1360861000 | Royal Bank of Canada | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33844)<br>|
| EUR | 64560406 | PLN | 274339750 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (260568)<br>|
| EUR | 2882660 | SEK | 31358000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19865)<br>|
| EUR | 1473070 | SEK | 15945448 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1557)<br>|
| EUR | 3991039 | SEK | 43539000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41010)<br>|
| EUR | 7608659 | SEK | 82400000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12296)<br>|
| EUR | 8702896 | SEK | 94536000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45210)<br>|
| EUR | 3630711 | SEK | 39566000 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32716)<br>|
| GBP | 7753000 | USD | 10459364 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10619)<br>|
| INR | 159584000 | USD | 1764439 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (456)<br>|
| INR | 301507000 | USD | 3333186 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (437)<br>|
| JPY | 349866000 | USD | 2261660 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14223)<br>|
| JPY | 658225000 | USD | 4279732 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51488)<br>|
| KRW | 3418599000 | USD | 2376437 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2868)<br>|
| MXN | 198245000 | USD | 10932786 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1648)<br>|
| MXN | 64965000 | USD | 3595743 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13602)<br>|
| NOK | 24462000 | EUR | 2058155 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (692)<br>|
| NZD | 6806000 | USD | 3973092 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43939)<br>|
| NZD | 14454000 | USD | 8363663 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19264)<br>|
| NZD | 19418000 | USD | 11324675 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (114524)<br>|
| NZD | 21354000 | USD | 12382758 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54940)<br>|
| NZD | 2458736 | USD | 1428744 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9298)<br>|
| NZD | 13227000 | USD | 7691831 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (55789)<br>|
| NZD | 15048264 | USD | 8739279 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51808)<br>|
| PHP | 135909000 | USD | 2307571 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11477)<br>|
| PHP | 495213000 | USD | 8423422 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57123)<br>|
| PHP | 226113000 | USD | 3830074 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10043)<br>|
| PHP | 367383000 | USD | 6224720 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18026)<br>|
| PHP | 284704000 | USD | 4841905 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32017)<br>|
| SGD | 3646000 | USD | 2850513 | Royal Bank of Canada | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (644)<br>|
| TWD | 74835000 | USD | 2399019 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20327)<br>|
| TWD | 390720250 | USD | 12537551 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118184)<br>|
| TWD | 86929000 | USD | 2786279 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23169)<br>|
| USD | 17839255 | AUD | 26741500 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8167)<br>|
| USD | 2098517 | AUD | 3176000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21163)<br>|
| USD | 560592 | AUD | 840000 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| USD | 10182531 | AUD | 15384000 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84833)<br>|
| USD | 108305338 | AUD | 162960250 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (455212)<br>|
| USD | 4398643 | BRL | 24639000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22527)<br>|
| USD | 3371802 | BRL | 18982000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34287)<br>|
| USD | 5142113 | BRL | 28721000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11523)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 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 | 4327328 | CAD | 5947000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(19595)<br>|
| USD | 5303920 | CAD | 7277000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15157)<br>|
| USD | 11131984 | CAD | 15347000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85809)<br>|
| USD | 9062648 | CAD | 12453000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39794)<br>|
| USD | 12865646 | CAD | 17659000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42089)<br>|
| USD | 21046842 | CAD | 28891000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70854)<br>|
| USD | 1979718 | CLP | 1806493000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28629)<br>|
| USD | 2403358 | CLP | 2196597000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38682)<br>|
| USD | 2445531 | CLP | 2243139000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48252)<br>|
| USD | 6392847 | COP | 25015212000 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69027)<br>|
| USD | 2402865 | COP | 9397664000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24719)<br>|
| USD | 4786067 | COP | 18722737000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50349)<br>|
| USD | 10126692 | EUR | 8607000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22361)<br>|
| USD | 24810844 | EUR | 21073000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37651)<br>|
| USD | 14753225 | EUR | 12517000 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6355)<br>|
| USD | 8316431 | GBP | 6217000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62242)<br>|
| USD | 921143 | GBP | 690000 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8772)<br>|
| USD | 32721224 | GBP | 24558090 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (375801)<br>|
| USD | 2397483 | INR | 218550000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18289)<br>|
| USD | 6062191 | INR | 548594000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1767)<br>|
| USD | 4727819 | KRW | 6967860000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (110038)<br>|
| USD | 2389399 | KRW | 3517124000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52576)<br>|
| USD | 3156586 | KRW | 4650914000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72592)<br>|
| USD | 5383049 | KRW | 7955339000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (140425)<br>|
| USD | 2551416 | KRW | 3752988000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54322)<br>|
| USD | 27122071 | MXN | 498085500 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (342134)<br>|
| USD | 15434062 | PHP | 918866870 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89591)<br>|
| USD | 8846656 | SGD | 11333000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11700)<br>|
| USD | 2399676 | SGD | 3082000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9347)<br>|
| USD | 2488212 | THB | 78732000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23702)<br>|
| USD | 3402796 | THB | 107103000 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14283)<br>|
| USD | 18795922 | THB | 589910000 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24924)<br>|
| USD | 3377738 | IDR | 56568322587 | Goldman Sachs International | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2755)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4567891)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1287245 |

---

**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.45.V1 | 5.00<br> % <br>| Quarterly | 12/20/30 | B- | USD | 145209 | &nbsp;&nbsp;&nbsp; $11279595 | &nbsp;&nbsp;&nbsp; $10119312 | &nbsp;&nbsp;&nbsp; $1160283 |

---

&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)* |
| 2.59% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/03/35 | USD | 780 | &nbsp;&nbsp; $(10951)<br>| &nbsp;&nbsp; $756 | &nbsp;&nbsp; $(11707)<br>|
| 2.55% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/18/35 | USD | 5460 | &nbsp;&nbsp; (55823)<br>| &nbsp;&nbsp; 114 | &nbsp;&nbsp; (55937)<br>|
| 2.54% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/19/35 | USD | 14960 | &nbsp;&nbsp; (140683)<br>| &nbsp;&nbsp; 311 | &nbsp;&nbsp; (140994)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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)* |
| 2.56% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/22/35 | USD | 37570 | &nbsp;&nbsp; $(424565)<br>| &nbsp;&nbsp; $53934 | &nbsp;&nbsp; $(478499)<br>|
| 2.55% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 10/10/35 | USD | 8190 | &nbsp;&nbsp; (83852)<br>| &nbsp;&nbsp; 170 | &nbsp;&nbsp; (84022)<br>|
| 2.47% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 11/18/35 | USD | 24370 | &nbsp;&nbsp; (117479)<br>| &nbsp;&nbsp; 507 | &nbsp;&nbsp; (117986)<br>|
| 1.97% | At Termination | &nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 12/15/35 | EUR | 9105 | &nbsp;&nbsp; (56854)<br>| &nbsp;&nbsp; (679)<br>| &nbsp;&nbsp; (56175)<br>|
| 1.97% | At Termination | &nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 12/15/35 | EUR | 9105 | &nbsp;&nbsp; (55492)<br>| &nbsp;&nbsp; 222 | &nbsp;&nbsp; (55714)<br>|
| 1.97% | At Termination | &nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 12/15/35 | EUR | 9000 | &nbsp;&nbsp; (52590)<br>| &nbsp;&nbsp; 2154 | &nbsp;&nbsp; (54744)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(998289)<br>| &nbsp;&nbsp; $57489 | &nbsp;&nbsp; $(1055778)<br>|

---

**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)* |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.22% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/28 | EUR | 70450 | $(129796)<br>| $17715 | $(147511)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.35% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/28 | EUR | 138790 | 131981 | (23351)<br>| 155332 |
| 3.22% | Annual | 1-day SOFR, 3.87% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/28 | USD | 542132 | 585012 | (337216)<br>| 922228 |
| 3.47% | Annual | 1-day SONIA, 3.73% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/28 | GBP | 217993 | (18143)<br>| (52559)<br>| 34416 |
| Tokyo Overnight Average <br> Rate, 0.73%<br>| Annual | 1.11% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/28 | JPY | 5791216 | (93789)<br>| 177 | (93966)<br>|
| Tokyo Overnight Average <br> Rate, 0.73%<br>| Annual | 1.13% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/28 | JPY | 25666000 | (338061)<br>| 782 | (338843)<br>|
| 7.57% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/12/31 | MXN | 165000 | 77995 | 85 | 77910 |
| 7.73% | Monthly | 1-day TIIEFONDEO, 7.30% | Monthly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/12/31 | MXN | 210320 | 26326 | 108 | 26218 |
| 1-day THOR, 1.25% | Quarterly | 1.31% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | THB | 78990 | 8490 | 27 | 8463 |
| 2.02% | Semi-Annual | 1-day SORA, 0.89% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | SGD | 21920 | (34085)<br>| 189 | (34274)<br>|
| 2.03% | Semi-Annual | 1-day SORA, 0.89% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | SGD | 19707 | (41255)<br>| 169 | (41424)<br>|
| 2.49% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | EUR | 29320 | 191866 | (20854)<br>| 212720 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.62% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | EUR | 120 | 47 | (127)<br>| 174 |
| 2.83% | Quarterly | 3-mo. KRW CDC, 2.81% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | KRW | 8276530 | 92871 | 64 | 92807 |
| 2.86% | Quarterly | 3-mo. KRW CDC, 2.81% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | KRW | 8264300 | 84730 | 64 | 84666 |
| 2.91% | Quarterly | 3-mo. HIBOR, 2.93% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | HKD | 136560 | (100244)<br>| 196 | (100440)<br>|
| 2.95% | Quarterly | 3-mo. HIBOR, 2.93% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | HKD | 130770 | (125852)<br>| 187 | (126039)<br>|
| 3.00% | Quarterly | 3-mo. KRW CDC, 2.81% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | KRW | 40008820 | 230671 | 304 | 230367 |
| 3.26% | Quarterly | 3-mo. KRW CDC, 2.81% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | KRW | 22442330 | (59693)<br>| 170 | (59863)<br>|
| 3.29% | Quarterly | 3-mo. KLIBOR, 3.28% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | MYR | 44900 | 40275 | 121 | 40154 |
| 3.32% | Semi-Annual | 3-mo. KLIBOR, 3.28% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | MYR | 19540 | 12166 | 53 | 12113 |
| 3.34% | Quarterly | 3-mo. KLIBOR, 3.28% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | MYR | 22160 | 8222 | 60 | 8162 |
| 1-day SOFR, 3.87% | Annual | 3.35% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | USD | 179703 | (1012282)<br>| (561802)<br>| (450480)<br>|
| 3.36% | Quarterly | 3-mo. KLIBOR, 3.28% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | MYR | 32510 | 4070 | 88 | 3982 |
| 3.36% | Quarterly | 3-mo. KLIBOR, 3.28% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | MYR | 32240 | 3851 | 87 | 3764 |
| 3.41% | Quarterly | 3-mo. KLIBOR, 3.28% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | MYR | 69330 | (29767)<br>| 188 | (29955)<br>|
| 3.42% | Quarterly | 3-mo. KLIBOR, 3.28% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | MYR | 73180 | (40205)<br>| 199 | (40404)<br>|
| 3.49% | Annual | 1-day SOFR, 3.87% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | USD | 20370 | (17037)<br>| 8783 | (25820)<br>|
| 3.54% | Annual | 1-day SHIR, 4.25% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ILS | 15530 | 19171 | (2136)<br>| 21307 |
| 3.54% | Annual | 1-day SHIR, 4.25% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ILS | 19110 | 23295 | 65 | 23230 |
| 3.56% | Annual | 1-day SHIR, 4.25% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ILS | 7090 | 6305 | 24 | 6281 |
| 3.58% | Annual | 1-day SHIR, 4.25% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ILS | 60910 | 39215 | 208 | 39007 |
| 1-day SONIA, 3.73% | Annual | 3.65% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | GBP | 38889 | (20849)<br>| 53150 | (73999)<br>|
| 3.68% | Annual | 1-day SHIR, 4.25% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ILS | 24960 | (21398)<br>| 86 | (21484)<br>|
| 3.72% | Annual | 1-day SONIA, 3.73% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | GBP | 26570 | (97246)<br>| 65967 | (163213)<br>|
| 3.73% | Annual | 1-day SHIR, 4.25% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ILS | 45050 | (69273)<br>| 156 | (69429)<br>|
| 3.89% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | PLN | 59460 | (98770)<br>| 180 | (98950)<br>|
| 3.92% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | PLN | 53510 | (111695)<br>| 164 | (111859)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 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)* |
| 3.94% | Annual | 6-mo. PRIBOR, 3.54% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CZK | 49930 | $(10555)<br>| $(1533)<br>| $(9022)<br>|
| 3.99% | Annual | 6-mo. WIBOR, 3.87% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | PLN | 17520 | (50965)<br>| 53 | (51018)<br>|
| 4.04% | Annual | 6-mo. PRIBOR, 3.54% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CZK | 197870 | (84221)<br>| 106 | (84327)<br>|
| 4.07% | Annual | 6-mo. PRIBOR, 3.54% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CZK | 401590 | (194246)<br>| 213 | (194459)<br>|
| 4.11% | Annual | 6-mo. PRIBOR, 3.54% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | CZK | 98500 | (57980)<br>| 53 | (58033)<br>|
| 1-day MIBOR, 5.67% | Semi-Annual | 5.71% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | INR | 495420 | (51943)<br>| 62 | (52005)<br>|
| 1-day MIBOR, 5.67% | Semi-Annual | 5.73% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | INR | 247570 | (24405)<br>| 31 | (24436)<br>|
| 6.10% | Annual | 6-mo. BUBOR, 6.39% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | HUF | 843530 | (2049)<br>| 28 | (2077)<br>|
| 6.44% | Annual | 6-mo. BUBOR, 6.39% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | HUF | 2875060 | (131527)<br>| 96 | (131623)<br>|
| 6.72% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ZAR | 158310 | (30566)<br>| 103 | (30669)<br>|
| 6.74% | Quarterly | 3-mo. JIBAR, 6.75% | Quarterly<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/31 | ZAR | 90100 | (21981)<br>| 58 | (22039)<br>|
| 1.80% | Annual | Tokyo Overnight Average <br> Rate, 0.73%<br>| Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/36 | JPY | 1251525 | 86502 | 146 | 86356 |
| 1.80% | Annual | Tokyo Overnight Average <br> Rate, 0.73%<br>| Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/36 | JPY | 5478000 | 380221 | 636 | 379585 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.82% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/36 | EUR | 16030 | (232230)<br>| (27572)<br>| (204658)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.83% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/36 | EUR | 34427 | (458320)<br>| 14367 | (472687)<br>|
| 2.92% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/36 | EUR | 31280 | 122673 | 117786 | 4887 |
| 1-day SOFR, 3.87% | Annual | 3.68% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/36 | USD | 95442 | (1060387)<br>| 56685 | (1117072)<br>|
| 1-day SOFR, 3.87% | Annual | 3.79% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/36 | USD | 11960 | (23892)<br>| (1463)<br>| (22429)<br>|
| 1-day SONIA, 3.73% | Annual | 4.02% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/36 | GBP | 154610 | 47303 | 526755 | (479452)<br>|
| 1-day SONIA, 3.73% | Annual | 4.05% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/36 | GBP | 14810 | 61709 | (58684)<br>| 120393 |
| 3.13% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/56 | EUR | 15205 | 438233 | (57139)<br>| 495372 |
| 3.13% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/56 | EUR | 7450 | 223358 | 19652 | 203706 |
| 4.02% | Annual | 1-day SOFR, 3.87% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/56 | USD | 33330 | 831633 | 12735 | 818898 |
| 4.49% | Annual | 1-day SONIA, 3.73% | Annual<br> 03/18/26 <br><sup>(a)</sup><br>| 03/18/56 | GBP | 62790 | (389202)<br>| (497290)<br>| 108088 |
|  |  |  |  |  |  |  | $(1505718)<br>| $(742345)<br>| $(763373)<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>|
| 4.75% | Semi-Annual | 1-day CLP <br> Interbank Rate, <br> 26,035.82%<br>| Semi-Annual | HSBC Bank PLC | N/A | &nbsp;&nbsp; 03/18/31 | CLP | 9248880 | $29481 | $— | $29481 |
| 4.77% | Semi-Annual | 1-day CLP <br> Interbank Rate, <br> 26,035.82%<br>| Semi-Annual | Bank of America N.A. | N/A | &nbsp;&nbsp; 03/18/31 | CLP | 5702370 | 12485 |  | 12485 |
|  |  |  |  |  |  |  |  |  | $41966 | $— | $41966 |

---

**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> |
| 3M Co. | Barclays Bank PLC | $12514080 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $7821 |
| ADT, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 30057740 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (221828)<br>|
| Advanced Micro Devices, Inc. | Goldman Sachs Bank USA | 30035173 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 995969 |
| Albertsons Cos, Inc., Class A | Barclays Bank PLC | 10634920 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (170646)<br>|
| Albertsons Cos, Inc., Class A | Goldman Sachs Bank USA | 942093 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (8698)<br>|
| Albertsons Cos, Inc., Class A | SG Americas Securities LLC | 143286 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 84 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 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) |
| Alcoa Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $26823578 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $(289607)<br>|
| Alcon AG | BNP Paribas SA | 24673149 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (118396)<br>|
| Alexandria Real Estate Equities, Inc. | HSBC Bank PLC | 17790125 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 752556 |
| Allegion plc | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 33244664 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (320515)<br>|
| Allstate Corp. | Barclays Bank PLC | 6671417 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4164)<br>|
| Allstate Corp. | HSBC Bank PLC | 22760580 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 824897 |
| Allstate Corp. | HSBC Bank PLC | 26938877 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 976328 |
| Ally Financial, Inc. | BNP Paribas SA | 4695391 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 46064 |
| Altria Group, Inc. | Bank of America N.A. | 34131743 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (826001)<br>|
| Altria Group, Inc. | Barclays Bank PLC | 30354940 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (492018)<br>|
| American Airlines Group, Inc. | BNP Paribas SA | 3206283 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (34690)<br>|
| American Electric Power Co., Inc. | Barclays Bank PLC | 28514476 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 171654 |
| American Express Co. | SG Americas Securities LLC | 3514350 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 68246 |
| American Homes 4 Rent, Class A | Goldman Sachs Bank USA | 6752930 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 148345 |
| American International Group, Inc. | Bank of America N.A. | 33072749 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (287422)<br>|
| American Tower Corp. | HSBC Bank PLC | 34698446 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1445137)<br>|
| American Water Works Co., Inc. | Bank of America N.A. | 169272 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4581)<br>|
| APA Corp. | Barclays Bank PLC | 27776237 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 56895 |
| Aptiv PLC | BNP Paribas SA | 33625669 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (547748)<br>|
| Aramark | Bank of America N.A. | 29947401 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (604998)<br>|
| Archer-Daniels-Midland Co. | Bank of America N.A. | 11420812 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (452065)<br>|
| ATI, Inc. | Bank of America N.A. | 32625132 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1812507 |
| AutoZone, Inc. | Barclays Bank PLC | 29375835 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (191978)<br>|
| AutoZone, Inc. | BNP Paribas SA | 9037345 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (138049)<br>|
| Ball Corp. | BNP Paribas SA | 30506939 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 822114 |
| Ball Corp. | HSBC Bank PLC | 31474192 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3470011 |
| Barrick Mining Corp. | BNP Paribas SA | 29608458 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 143465 |
| Bath & Body Works, Inc. | Bank of America N.A. | 6627576 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 120990 |
| Bath & Body Works, Inc. | BNP Paribas SA | 23983641 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 437835 |
| Best Buy Co., Inc. | HSBC Bank PLC | 30985642 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2178300)<br>|
| Best Buy Co., Inc. | HSBC Bank PLC | 34372682 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2247554)<br>|
| Block, Inc., Class A | BNP Paribas SA | 17844753 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 286327 |
| BorgWarner, Inc. | Barclays Bank PLC | 4286866 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (34914)<br>|
| BorgWarner, Inc. | HSBC Bank PLC | 28939953 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2182584 |
| Boyd Gaming Corp. | Barclays Bank PLC | 24894951 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (419223)<br>|
| Boyd Gaming Corp. | Goldman Sachs Bank USA | 4651262 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 7105 |
| Bristol-Myers Squibb Co. | Barclays Bank PLC | 27473756 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (361894)<br>|
| Bristol-Myers Squibb Co. | Barclays Bank PLC | 25724308 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (338849)<br>|
| Broadridge Financial Solutions, Inc. | Barclays Bank PLC | 33829963 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (748582)<br>|
| Builders FirstSource, Inc. | Citibank N.A. | 15117227 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (109795)<br>|
| Camden Property Trust | BNP Paribas SA | 33046482 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1714691 |
| Canadian Pacific Kansas City Ltd. | BNP Paribas SA | 23190742 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (242112)<br>|
| Cardinal Health, Inc. | Bank of America N.A. | 4650070 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 128833 |
| Carlisle Cos, Inc. | Goldman Sachs Bank USA | 10930814 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (393986)<br>|
| Carnival Corp. | Barclays Bank PLC | 34280539 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1767258)<br>|
| Carnival Corp. | Goldman Sachs Bank USA | 27499805 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1547125 |
| Carrier Global Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 23319317 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (157643)<br>|
| Caterpillar, Inc. | BNP Paribas SA | 27113709 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (116637)<br>|
| CF Industries Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 33141201 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (38521)<br>|
| Charles River Laboratories <br> International, Inc.<br>| Bank of America N.A. | 10028173 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 67310 |
| Cheniere Energy, Inc. | Barclays Bank PLC | 32567853 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 863340 |
| Chord Energy Corp. | Barclays Bank PLC | 22599980 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 469990 |
| Church & Dwight Co., Inc. | Bank of America N.A. | 16790016 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (224945)<br>|
| Cigna Group | Goldman Sachs Bank USA | 33972493 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (235350)<br>|
| Cigna Group | SG Americas Securities LLC | 29515953 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1309257 |
| Cleveland-Cliffs, Inc. | Barclays Bank PLC | 23148767 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (774995)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 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) |
| Clorox Co. | HSBC Bank PLC | $18353205 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $85981 |
| Colgate-Palmolive Co. | Barclays Bank PLC | 33627805 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8509)<br>|
| Comcast Corp., Class A | HSBC Bank PLC | 27375680 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3328225 |
| ConocoPhillips | BNP Paribas SA | 30360613 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (241315)<br>|
| Consolidated Edison, Inc. | Bank of America N.A. | 29723176 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (20934)<br>|
| Corteva, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 31352700 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (28039)<br>|
| Crocs, Inc. | Barclays Bank PLC | 33698078 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1281209)<br>|
| Crown Castle, Inc. | Goldman Sachs Bank USA | 33826899 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (211022)<br>|
| Crown Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 34361032 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (73257)<br>|
| CubeSmart | HSBC Bank PLC | 16369833 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 27221 |
| CVS Health Corp. | Barclays Bank PLC | 30509231 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 389347 |
| CVS Health Corp. | HSBC Bank PLC | 8673096 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 278235 |
| Darden Restaurants, Inc. | HSBC Bank PLC | 29048098 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 666900 |
| Darden Restaurants, Inc. | SG Americas Securities LLC | 32398009 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 743809 |
| DaVita, Inc. | Barclays Bank PLC | 21266998 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (382754)<br>|
| DaVita, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 33413306 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (819846)<br>|
| Devon Energy Corp. | HSBC Bank PLC | 12252667 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (306561)<br>|
| Dollar General Corp. | SG Americas Securities LLC | 31153992 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2130916 |
| Dollar Tree, Inc. | Goldman Sachs Bank USA | 20496755 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1275090)<br>|
| Dominion Energy, Inc. | Barclays Bank PLC | 28776625 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 688989 |
| Eastman Chemical Co. | Barclays Bank PLC | 7348115 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 65038 |
| Eastman Chemical Co. | BNP Paribas SA | 1628870 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3057)<br>|
| Eaton Corp PLC | BNP Paribas SA | 7632889 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (13811)<br>|
| eBay, Inc. | Bank of America N.A. | 32694077 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1785329 |
| Encompass Health Corp. | HSBC Bank PLC | 12447426 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (491605)<br>|
| EQT Corp. | BNP Paribas SA | 13378799 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (351211)<br>|
| Equifax, Inc. | BNP Paribas SA | 3286985 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (606)<br>|
| Equity Residential | Barclays Bank PLC | 172170 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2073 |
| Equity Residential | BNP Paribas SA | 29708653 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 943286 |
| Essex Property Trust, Inc. | Citibank N.A. | 33864075 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 109055 |
| Eversource Energy | HSBC Bank PLC | 32926080 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 276699 |
| Exelon Corp. | Barclays Bank PLC | 23896800 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 21949 |
| Exelon Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2223794 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2043 |
| Extra Space Storage, Inc. | HSBC Bank PLC | 2373022 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4534 |
| Fair Isaac Corp. | Barclays Bank PLC | 32881918 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (978228)<br>|
| FedEx Corp. | Bank of America N.A. | 9135463 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (108877)<br>|
| FedEx Corp. | BNP Paribas SA | 2740695 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (21944)<br>|
| Fidelity National Information Services, <br> Inc.<br>| BNP Paribas SA | 6442852 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (14509)<br>|
| Fiserv, Inc. | BNP Paribas SA | 1102426 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4129)<br>|
| Fiserv, Inc. | Citibank N.A. | 31353439 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (662525)<br>|
| Gap, Inc. | Bank of America N.A. | 19047160 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (793105)<br>|
| Gap, Inc. | Barclays Bank PLC | 29257817 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1670336)<br>|
| Gen Digital, Inc. | Citibank N.A. | 6313064 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (120704)<br>|
| General Electric Co. | Goldman Sachs Bank USA | 29784981 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 697668 |
| General Electric Co. | Goldman Sachs Bank USA | 13169681 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 308480 |
| General Mills, Inc. | Goldman Sachs Bank USA | 24099785 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (336890)<br>|
| Gilead Sciences, Inc. | Barclays Bank PLC | 197042 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2254)<br>|
| H&R Block, Inc. | Barclays Bank PLC | 27853385 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 426243 |
| H&R Block, Inc. | BNP Paribas SA | 30701274 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 35265 |
| Hasbro, Inc. | BNP Paribas SA | 33550989 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 372329 |
| HCA Healthcare, Inc. | Bank of America N.A. | 10711117 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (147009)<br>|
| HCA Healthcare, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3632386 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (42233)<br>|
| HEICO Corp. | Barclays Bank PLC | 2014506 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (66171)<br>|
| Hershey Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 15915361 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (375725)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 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) |
| HF Sinclair Corp. | SG Americas Securities LLC | $11267029 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(432515)<br>|
| Home Depot, Inc. | Barclays Bank PLC | 29317064 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (193816)<br>|
| Honeywell International, Inc. | Bank of America N.A. | 1442965 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (17247)<br>|
| Honeywell International, Inc. | HSBC Bank PLC | 2723108 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 43854 |
| Host Hotels & Resorts, Inc. | BNP Paribas SA | 20313853 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (991717)<br>|
| Howmet Aerospace, Inc. | Goldman Sachs Bank USA | 28954043 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1142073 |
| Illumina, Inc. | Bank of America N.A. | 10263424 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (218535)<br>|
| Invitation Homes, Inc. | BNP Paribas SA | 33577414 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1110926 |
| Jabil, Inc. | Barclays Bank PLC | 33957118 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (260095)<br>|
| JB Hunt Transport Services, Inc. | Barclays Bank PLC | 672385 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (17654)<br>|
| Johnson Controls International PLC | Citibank N.A. | 30668494 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (53688)<br>|
| Kimberly-Clark Corp. | Bank of America N.A. | 33531563 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (602581)<br>|
| Kinder Morgan, Inc. | HSBC Bank PLC | 30836909 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 225994 |
| Kinder Morgan, Inc. | HSBC Bank PLC | 18975556 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 139066 |
| Kohl's Corp. | Barclays Bank PLC | 1055789 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (69129)<br>|
| Kohl's Corp. | HSBC Bank PLC | 23740309 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1801355)<br>|
| Kraft Heinz Co. | BNP Paribas SA | 29342719 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (299415)<br>|
| Kroger Co. | Barclays Bank PLC | 26793109 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 81726 |
| Kroger Co. | Barclays Bank PLC | 16821539 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51310 |
| L3Harris Technologies, Inc. | HSBC Bank PLC | 5639369 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 234380 |
| Labcorp Holdings, Inc. | Goldman Sachs Bank USA | 33990319 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1572609)<br>|
| Lamb Weston Holdings, Inc. | Barclays Bank PLC | 29782311 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (520428)<br>|
| Lamb Weston Holdings, Inc. | SG Americas Securities LLC | 38450455 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5849605)<br>|
| Las Vegas Sands Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8293670 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (60761)<br>|
| Leidos Holdings, Inc. | SG Americas Securities LLC | 3974177 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (78078)<br>|
| Linde PLC | Citibank N.A. | 34740525 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 236246 |
| Lumen Technologies, Inc. | Barclays Bank PLC | 25630378 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (815)<br>|
| Lumen Technologies, Inc. | Barclays Bank PLC | 30054105 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4282)<br>|
| Macy's, Inc. | Goldman Sachs Bank USA | 31519961 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (2366641)<br>|
| Marathon Petroleum Corp. | Barclays Bank PLC | 29412368 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (386490)<br>|
| Marathon Petroleum Corp. | BNP Paribas SA | 13925595 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (152460)<br>|
| Marsh & McLennan Cos., Inc. | BNP Paribas SA | 30972303 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (294344)<br>|
| Martin Marietta Materials, Inc. | Goldman Sachs Bank USA | 15922680 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (276480)<br>|
| Masco Corp. | Barclays Bank PLC | 34512118 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (429656)<br>|
| Match Group, Inc. | Bank of America N.A. | 31742298 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (319284)<br>|
| Mattel, Inc. | BNP Paribas SA | 425067 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (12276)<br>|
| McDonald's Corp. | Barclays Bank PLC | 30900070 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1034823)<br>|
| MetLife, Inc. | BNP Paribas SA | 23138731 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1027952)<br>|
| Micron Technology, Inc. | BNP Paribas SA | 25764230 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 534589 |
| Mid-America Apartment Communities, <br> Inc.<br>| Bank of America N.A. | 32944102 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1541695 |
| Mohawk Industries, Inc. | BNP Paribas SA | 9389234 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (100920)<br>|
| Mondelez International, Inc., Class A | Bank of America N.A. | 5172602 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (66934)<br>|
| Mosaic Co. | Goldman Sachs Bank USA | 34460705 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1016896)<br>|
| Motorola Solutions, Inc. | BNP Paribas SA | 32578753 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1650190 |
| Motorola Solutions, Inc. | Goldman Sachs Bank USA | 29287059 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1476288 |
| MSCI, Inc., Class A | HSBC Bank PLC | 21221676 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1452707 |
| Murphy USA, Inc. | Barclays Bank PLC | 179389 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3050)<br>|
| Netflix, Inc. | Bank of America N.A. | 28074525 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (79758)<br>|
| Newmont Corp. | BNP Paribas SA | 29604341 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 47514 |
| Newmont Corp. | Citibank N.A. | 34737724 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1666006)<br>|
| Northrop Grumman Corp. | HSBC Bank PLC | 18544754 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 545876 |
| NRG Energy, Inc. | HSBC Bank PLC | 24535651 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (615096)<br>|
| Nutrien Ltd. | Bank of America N.A. | 34190000 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (71863)<br>|
| Occidental Petroleum Corp. | Barclays Bank PLC | 757157 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15982 |
| Otis Worldwide Corp. | Citibank N.A. | 32804944 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 41363 |
| Ovintiv, Inc. | Barclays Bank PLC | 16913603 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 580303 |
| Owens Corning | BNP Paribas SA | 6172012 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (166362)<br>|
| Packaging Corp. of America | Goldman Sachs Bank USA | 30485310 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 260902 |
| PayPal Holdings, Inc. | BNP Paribas SA | 1062178 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18986)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 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) |
| Pfizer, Inc. | Bank of America N.A. | $31043647 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(1797078)<br>|
| Pilgrim's Pride Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 34604492 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (377472)<br>|
| Procter & Gamble Co. | HSBC Bank PLC | 31684028 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 356649 |
| Public Storage | HSBC Bank PLC | 33052734 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (468098)<br>|
| PulteGroup, Inc. | BNP Paribas SA | 1806953 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (17214)<br>|
| Quest Diagnostics, Inc. | Barclays Bank PLC | 22659169 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (321346)<br>|
| Quest Diagnostics, Inc. | Citibank N.A. | 29230471 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (465791)<br>|
| Regal Rexnord Corp. | Barclays Bank PLC | 31924415 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (637686)<br>|
| Regency Centers Corp. | Barclays Bank PLC | 2606967 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3018)<br>|
| Reinsurance Group of America, Inc. | SG Americas Securities LLC | 24605636 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1933076 |
| Reliance, Inc. | Barclays Bank PLC | 13073214 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (294183)<br>|
| Rocket Cos, Inc., Class A | Bank of America N.A. | 25652232 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1606125 |
| RTX Corp. | Goldman Sachs Bank USA | 28673220 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 203111 |
| Ryder System, Inc. | BNP Paribas SA | 28736883 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 113054 |
| Seagate Technology Holdings PLC | Barclays Bank PLC | 33169820 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (874834)<br>|
| Sempra | Bank of America N.A. | 28090158 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2196)<br>|
| Service Corp. International | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5626361 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (54313)<br>|
| Sherwin-Williams Co. | BNP Paribas SA | 32835803 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (441876)<br>|
| Sherwin-Williams Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 29470735 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 17291 |
| Sirius XM Holdings, Inc. | Goldman Sachs Bank USA | 34096517 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (2026177)<br>|
| Sirius XM Holdings, Inc. | HSBC Bank PLC | 31281993 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2407574)<br>|
| Skyworks Solutions, Inc. | SG Americas Securities LLC | 127701 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5700)<br>|
| Smurfit WestRock PLC | HSBC Bank PLC | 32434852 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2347614 |
| Snap, Inc., Class A | BNP Paribas SA | 31251260 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3482803 |
| Southern Co. | BNP Paribas SA | 1013111 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19598 |
| Southern Copper Corp. | SG Americas Securities LLC | 16722368 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 273662 |
| Stanley Black & Decker, Inc. | Bank of America N.A. | 32497512 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 62458 |
| Sun Communities, Inc. | HSBC Bank PLC | 33850545 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (436851)<br>|
| Synchrony Financial | Barclays Bank PLC | 162600 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4583)<br>|
| Tapestry, Inc. | Barclays Bank PLC | 33861202 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (315061)<br>|
| TC Energy Corp. | Barclays Bank PLC | 34135505 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 87096 |
| TC Energy Corp. | Goldman Sachs Bank USA | 22636632 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 111653 |
| Teledyne Technologies, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3377237 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (48298)<br>|
| TELUS Corp. | Goldman Sachs Bank USA | 20940640 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 622193 |
| Tenet Healthcare Corp. | Citibank N.A. | 33369696 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (192001)<br>|
| Tenet Healthcare Corp. | HSBC Bank PLC | 30797518 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1044563)<br>|
| T-Mobile US, Inc. | BNP Paribas SA | 29268249 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1026537 |
| T-Mobile US, Inc. | BNP Paribas SA | 595118 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 22124 |
| TopBuild Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13315593 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (361426)<br>|
| TransDigm Group, Inc. | Barclays Bank PLC | 30128628 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 649421 |
| Transocean Ltd. | Barclays Bank PLC | 29199664 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 873125 |
| Transocean Ltd. | BNP Paribas SA | 7176749 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 87950 |
| Twilio, Inc., Class A | Bank of America N.A. | 29730547 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1837630 |
| Tyson Foods, Inc., Class A | Barclays Bank PLC | 20431317 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4064)<br>|
| U.S. Foods Holding Corp. | HSBC Bank PLC | 709673 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4361 |
| Uber Technologies, Inc. | Barclays Bank PLC | 33432233 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 185140 |
| UDR, Inc. | Goldman Sachs Bank USA | 34133603 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 848810 |
| Union Pacific Corp. | Citibank N.A. | 1254460 | 02/24/28 | 0.11% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (17592)<br>|
| United Airlines Holdings, Inc. | SG Americas Securities LLC | 24933524 | 08/12/27 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1385102 |
| United Parcel Service, Inc., Class B | HSBC Bank PLC | 29153261 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1110600 |
| United Rentals, Inc. | BNP Paribas SA | 11587752 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10613 |
| United Rentals, Inc. | HSBC Bank PLC | 19975107 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 580003 |
| Universal Health Services, Inc., <br> Class B<br>| SG Americas Securities LLC | 29623815 | 08/12/27 | 0.19% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1057527)<br>|
| Valero Energy Corp. | Bank of America N.A. | 30080914 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (887295)<br>|
| VeriSign, Inc. | BNP Paribas SA | 33223911 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 146972 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 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) |
| Verisk Analytics, Inc., Class A | Barclays Bank PLC | $33946437 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $500481 |
| VICI Properties, Inc. | BNP Paribas SA | 33619531 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (557610)<br>|
| Vistra Corp. | Barclays Bank PLC | 29491049 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (43807)<br>|
| Walt Disney Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 21766320 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 269222 |
| WEC Energy Group, Inc. | BNP Paribas SA | 11651545 | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 22139 |
| Weyerhaeuser Co. | Barclays Bank PLC | 10650627 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8984)<br>|
| Weyerhaeuser Co. | Citibank N.A. | 31119351 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (26250)<br>|
| Williams Cos, Inc. | Bank of America N.A. | 100938 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1069 |
| Workday, Inc., Class A | HSBC Bank PLC | 6544360 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (90651)<br>|
| WP Carey, Inc. | Barclays Bank PLC | 9042378 | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8422)<br>|
| Wynn Resorts Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 18092875 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (795077)<br>|
| Yum! Brands, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 35254364 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (905937)<br>|
| Yum! Brands, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 28605082 | 10/03/28 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (735070)<br>|
| Zimmer Biomet Holdings, Inc. | HSBC Bank PLC | 818704 | 02/09/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24980)<br>|
| Zoetis, Inc., Class A | Bank of America N.A. | 33489442 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1339799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps |  |  |  |  | &nbsp;&nbsp; (1941349)<br>|
| 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> |
| AbbVie, Inc. | HSBC Bank PLC | (7013624) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (152279)<br>|
| Advance Auto Parts, Inc. | Barclays Bank PLC | (33622309) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1203032 |
| AES Corp. | HSBC Bank PLC | (14856437) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (514509)<br>|
| AES Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (372806) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (12911)<br>|
| Aflac, Inc. | Goldman Sachs Bank USA | (34075181) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 375897 |
| AGCO Corp. | Barclays Bank PLC | (14675482) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 201186 |
| Agilent Technologies, Inc. | Barclays Bank PLC | (3558717) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 62943 |
| Albemarle Corp. | Goldman Sachs Bank USA | (5808798) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (400277)<br>|
| Alliant Energy Corp. | Goldman Sachs Bank USA | (6465069) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 60154 |
| Allison Transmission Holdings, Inc. | HSBC Bank PLC | (17366304) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 135023 |
| Ally Financial, Inc. | Bank of America N.A. | (27968236) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (274382)<br>|
| Ally Financial, Inc. | Barclays Bank PLC | (2603230) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 62823 |
| Amazon.com, Inc. | Citibank N.A. | (33432330) | 02/24/28 | 0.24% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (349793)<br>|
| Amazon.com, Inc. | Citibank N.A. | (26751894) | 02/24/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (279898)<br>|
| Amazon.com, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3963717) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (41471)<br>|
| Amcor PLC | BNP Paribas SA | (2233943) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24370)<br>|
| American Express Co. | Bank of America N.A. | (7661729) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 252741 |
| American International Group, Inc. | HSBC Bank PLC | (7237238) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (808140)<br>|
| Americold Realty Trust, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11572619) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (109431)<br>|
| Amgen, Inc. | Barclays Bank PLC | (30829874) | 01/23/26 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 379571 |
| Amgen, Inc. | HSBC Bank PLC | (6730411) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (127388)<br>|
| Amkor Technology, Inc. | SG Americas Securities LLC | (32040761) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3506354 |
| APA Corp. | Barclays Bank PLC | (31462879) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (64447)<br>|
| Apollo Global Management, Inc. | HSBC Bank PLC | (32012562) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1719702)<br>|
| Arrow Electronics, Inc. | BNP Paribas SA | (25157145) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 727265 |
| Arthur J Gallagher & Co. | Bank of America N.A. | (3105535) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (31517)<br>|
| Arthur J Gallagher & Co. | BNP Paribas SA | (16357221) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (170661)<br>|
| AT&T, Inc. | Barclays Bank PLC | (15201205) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (337805)<br>|
| AT&T, Inc. | BNP Paribas SA | (14018266) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (290593)<br>|
| AutoNation, Inc. | HSBC Bank PLC | (14621974) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 568326 |
| Avis Budget Group, Inc. | BNP Paribas SA | (7573843) | 06/16/26 | 0.10% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17078 |
| Avis Budget Group, Inc. | Goldman Sachs Bank USA | (8800139) | 08/18/26 | (0.78)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 19843 |
| Baker Hughes Co., Class A | Goldman Sachs Bank USA | (32227685) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 927860 |
| Baxter International, Inc. | Goldman Sachs Bank USA | (3676544) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 41994 |
| Baxter International, Inc. | SG Americas Securities LLC | (28788971) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (197650)<br>|
| Becton Dickinson & Co. | BNP Paribas SA | (732235) | 06/16/26 | (0.10)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10876 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 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) |
| Biogen, Inc. | BNP Paribas SA | $(34033808) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(48415)<br>|
| Bio-Rad Laboratories, Inc., Class A | Barclays Bank PLC | (8326368) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 50802 |
| Boeing Co. | Goldman Sachs Bank USA | (29222306) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1652376)<br>|
| Boeing Co. | SG Americas Securities LLC | (16012399) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (39283)<br>|
| Booz Allen Hamilton Holding Corp., <br> Class A<br>| Barclays Bank PLC | (14559467) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 358558 |
| Boston Scientific Corp. | Barclays Bank PLC | (23458997) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 208758 |
| Broadcom, Inc. | Goldman Sachs Bank USA | (18113186) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (85444)<br>|
| Brookfield Corp., Class A | Bank of America N.A. | (3186245) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (40786)<br>|
| Brookfield Corp., Class A | Goldman Sachs Bank USA | (30006865) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (384109)<br>|
| Brown & Brown, Inc. | Goldman Sachs Bank USA | (32518374) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1038787 |
| Brown-Forman Corp., Cass B | Goldman Sachs Bank USA | (4009046) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 490946 |
| Brown-Forman Corp., Class B | Bank of America N.A. | (30968775) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4394976 |
| Caesars Entertainment, Inc. | Barclays Bank PLC | (23616428) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1538560 |
| Caesars Entertainment, Inc. | HSBC Bank PLC | (29577113) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 460586 |
| Campbell Co. | Goldman Sachs Bank USA | (29213594) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 427925 |
| Campbell Co. | HSBC Bank PLC | (6011958) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 444479 |
| Canadian Natural Resources Ltd. | Bank of America N.A. | (22062231) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (973134)<br>|
| Canadian Natural Resources Ltd. | BNP Paribas SA | (7702950) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (352538)<br>|
| Capital One Financial Corp. | BNP Paribas SA | (7920684) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (84224)<br>|
| Capital One Financial Corp. | BNP Paribas SA | (3048843) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 26856 |
| Capital One Financial Corp. | HSBC Bank PLC | (21487299) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1096776)<br>|
| Cardinal Health, Inc. | Goldman Sachs Bank USA | (182164) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (5047)<br>|
| CDW Corp. | BNP Paribas SA | (1291171) | 06/16/26 | (0.10)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 77356 |
| Celanese Corp., Class A | Bank of America N.A. | (14695931) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 72632 |
| Celanese Corp., Class A | Goldman Sachs Bank USA | (11504125) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 56857 |
| Cenovus Energy, Inc. | Bank of America N.A. | (4655161) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 190007 |
| Cenovus Energy, Inc. | BNP Paribas SA | (11195392) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 385864 |
| Centene Corp. | Barclays Bank PLC | (33672057) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1011426)<br>|
| Charter Communications, Inc., <br> Class A<br>| Goldman Sachs Bank USA | (34124732) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 125411 |
| Charter Communications, Inc., <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (30084071) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (398648)<br>|
| Chevron Corp. | SG Americas Securities LLC | (27440145) | 08/12/27 | (0.12)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (692912)<br>|
| Chubb Ltd. | Bank of America N.A. | (29149573) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3372)<br>|
| Cisco Systems, Inc. | Barclays Bank PLC | (30230835) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 417991 |
| Cisco Systems, Inc. | Barclays Bank PLC | (33722430) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 466268 |
| Cleveland-Cliffs, Inc. | BNP Paribas SA | (18926470) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (786747)<br>|
| Coca-Cola Co. | Barclays Bank PLC | (33429719) | 01/23/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 142842 |
| Coca-Cola Consolidated, Inc. | HSBC Bank PLC | (678281) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 44999 |
| Coca-Cola Consolidated, Inc. | SG Americas Securities LLC | (2709477) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 187539 |
| Comcast Corp., Class A | SG Americas Securities LLC | (6159718) | 08/12/27 | (0.08)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 40248 |
| Conagra Brands, Inc. | Barclays Bank PLC | (1981458) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1384 |
| Conagra Brands, Inc. | BNP Paribas SA | (30792366) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1025882 |
| ConocoPhillips | BNP Paribas SA | (20321021) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 127659 |
| Constellation Brands, Inc., Class A | BNP Paribas SA | (8920601) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 312311 |
| Corning, Inc. | BNP Paribas SA | (3054333) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19066 |
| Coterra Energy, Inc. | Bank of America N.A. | (983838) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1873)<br>|
| Coterra Energy, Inc. | Barclays Bank PLC | (5703516) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (178794)<br>|
| CSX Corp. | BNP Paribas SA | (34823160) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 871047 |
| Cummins, Inc. | Barclays Bank PLC | (21108213) | 01/23/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 358931 |
| D.R. Horton, Inc. | BNP Paribas SA | (10855889) | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 863087 |
| D.R. Horton, Inc. | BNP Paribas SA | (31461673) | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2351626 |
| Danaher Corp. | Barclays Bank PLC | (29703547) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (118548)<br>|
| Danaher Corp. | Barclays Bank PLC | (33263695) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (132757)<br>|
| Deere & Co. | HSBC Bank PLC | (29420087) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51000 |
| Dell Technologies, Inc., Class C | BNP Paribas SA | (20542405) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 728767 |
| Dell Technologies, Inc., Class C | HSBC Bank PLC | (6750070) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 698515 |
| Delta Air Lines, Inc. | BNP Paribas SA | (30870030) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 809976 |
| Devon Energy Corp. | HSBC Bank PLC | (19775120) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 494773 |
| Dick's Sporting Goods, Inc. | HSBC Bank PLC | (23256383) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2261071 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 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) |
| Dick's Sporting Goods, Inc. | SG Americas Securities LLC | $(12070499) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $667823 |
| Dow, Inc. | Barclays Bank PLC | (27584427) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 47113 |
| Dow, Inc. | BNP Paribas SA | (33432593) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 93368 |
| DuPont de Nemours, Inc. | SG Americas Securities LLC | (4860578) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 87471 |
| Eagle Materials, Inc. | BNP Paribas SA | (565401) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 41261 |
| Edison International | HSBC Bank PLC | (11019420) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (784713)<br>|
| Elevance Health, Inc. | BNP Paribas SA | (11318907) | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 317596 |
| Enbridge, Inc. | Bank of America N.A. | (17929063) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (56404)<br>|
| Enbridge, Inc. | Barclays Bank PLC | (11693498) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (249701)<br>|
| EQT Corp. | Goldman Sachs Bank USA | (12219217) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 347728 |
| Estee Lauder Cos, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (17950067) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 649275 |
| Estee Lauder Cos, Inc., Class A | SG Americas Securities LLC | (16301422) | 08/12/27 | 0.02% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (307694)<br>|
| Expedia Group, Inc. | BNP Paribas SA | (29087102) | 06/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 220363 |
| Expedia Group, Inc. | Goldman Sachs Bank USA | (12286635) | 08/18/26 | 0.00% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 14495 |
| FactSet Research Systems, Inc. | SG Americas Securities LLC | (5677223) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (31685)<br>|
| Fidelity National Financial, Inc., <br> Class A<br>| Barclays Bank PLC | (5358325) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51522 |
| FirstEnergy Corp. | BNP Paribas SA | (29399264) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (156637)<br>|
| Flex Ltd. | SG Americas Securities LLC | (2649366) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 182478 |
| FMC Corp. | Barclays Bank PLC | (32770238) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1715589)<br>|
| Ford Motor Co. | BNP Paribas SA | (16886879) | 06/16/26 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 655681 |
| Ford Motor Co. | BNP Paribas SA | (21881735) | 06/16/26 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 817392 |
| Fox Corp., Class A | Barclays Bank PLC | (399679) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (14)<br>|
| Freeport-McMoRan, Inc. | Barclays Bank PLC | (29736416) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (88082)<br>|
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (276928) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 6014 |
| FTAI Aviation Ltd. | HSBC Bank PLC | (16563604) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1811360)<br>|
| Gartner, Inc. | Barclays Bank PLC | (32123952) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (143669)<br>|
| General Motors Co. | BNP Paribas SA | (30056491) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 241977 |
| Genuine Parts Co. | Barclays Bank PLC | (32764610) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 584379 |
| Global Payments, Inc. | Barclays Bank PLC | (11642110) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 557114 |
| Globe Life, Inc. | BNP Paribas SA | (3789423) | 06/16/26 | (0.10)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12224 |
| Goodyear Tire & Rubber Co. | Barclays Bank PLC | (27697457) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 94531 |
| Goodyear Tire & Rubber Co. | HSBC Bank PLC | (13214190) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (340412)<br>|
| Graphic Packaging Holding Co. | BNP Paribas SA | (18224377) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 403157 |
| Halliburton Co. | Barclays Bank PLC | (1346552) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3344)<br>|
| Halliburton Co. | HSBC Bank PLC | (30116053) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (193052)<br>|
| Hartford Insurance Group, Inc. | Barclays Bank PLC | (31481503) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 394788 |
| Hewlett Packard Enterprise Co. | BNP Paribas SA | (33074811) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 41258 |
| Hilton Worldwide Holdings, Inc. | Bank of America N.A. | (27839217) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (136347)<br>|
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2606035) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 47212 |
| HP, Inc. | BNP Paribas SA | (8128158) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 733492 |
| Humana, Inc. | Goldman Sachs Bank USA | (32941483) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 924977 |
| Huntington Ingalls Industries, Inc. | BNP Paribas SA | (17971807) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (595675)<br>|
| Hyatt Hotels Corp., Class A | Barclays Bank PLC | (25133128) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 852664 |
| Hyatt Hotels Corp., Class A | BNP Paribas SA | (9540378) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 348591 |
| Intel Corp. | HSBC Bank PLC | (18097922) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1434067 |
| International Business Machines <br> Corp.<br>| BNP Paribas SA | (10133616) | 06/16/26 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 408746 |
| International Business Machines <br> Corp.<br>| Goldman Sachs Bank USA | (34669309) | 08/18/26 | 0.30% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1398409 |
| International Flavors & Fragrances, <br> Inc.<br>| HSBC Bank PLC | (15799913) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (506647)<br>|
| International Paper Co. | Bank of America N.A. | (6944140) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (142121)<br>|
| IQVIA Holdings, Inc. | Goldman Sachs Bank USA | (17578436) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (139917)<br>|
| Iron Mountain, Inc. | Barclays Bank PLC | (23284905) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (554676)<br>|
| Iron Mountain, Inc. | BNP Paribas SA | (6776853) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (96965)<br>|
| J M Smucker Co. | BNP Paribas SA | (1479546) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 56312 |
| KB Home | Bank of America N.A. | (23521875) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3108506 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 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) |
| KB Home | BNP Paribas SA | $(1538225) | 06/16/26 | (0.10)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $203282 |
| KB Home | Goldman Sachs Bank USA | (2504385) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 330964 |
| KKR & Co., Inc., Class A | Bank of America N.A. | (25047833) | 02/15/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1361921 |
| KKR & Co., Inc., Class A | Goldman Sachs Bank USA | (8843076) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 455147 |
| Lennar Corp., Class A | Barclays Bank PLC | (27680548) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1059460 |
| Lennar Corp., Class A | BNP Paribas SA | (36271551) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4786790 |
| Lennar Corp., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (742154) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 20910 |
| Lincoln National Corp. | Barclays Bank PLC | (18171032) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 613165 |
| LKQ Corp. | HSBC Bank PLC | (14758084) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (679884)<br>|
| Lowe's Cos., Inc. | Barclays Bank PLC | (29397465) | 01/23/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 110512 |
| Lowe's Cos., Inc. | SG Americas Securities LLC | (3572922) | 08/12/27 | (0.03)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 89125 |
| LyondellBasell Industries NV, Class A | SG Americas Securities LLC | (32306532) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (757564)<br>|
| Macy's, Inc. | Bank of America N.A. | (619491) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 24229 |
| Marriott International, Inc., Class A | Barclays Bank PLC | (34737772) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 388620 |
| Marriott International, Inc., Class A | BNP Paribas SA | (30486524) | 06/16/26 | 0.07% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (172944)<br>|
| Marvell Technology, Inc. | Goldman Sachs Bank USA | (19093046) | 08/18/26 | 0.30% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (145151)<br>|
| Matador Resources Co. | Barclays Bank PLC | (2356718) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (28665)<br>|
| McCormick & Co., Inc. | Barclays Bank PLC | (250285) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1343 |
| McKesson Corp. | SG Americas Securities LLC | (8189954) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (229503)<br>|
| Merck & Co., Inc. | HSBC Bank PLC | (32176119) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2069064)<br>|
| Meritage Homes Corp. | Goldman Sachs Bank USA | (26974283) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1943041 |
| MetLife, Inc. | Barclays Bank PLC | (10842409) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 321207 |
| MetLife, Inc. | BNP Paribas SA | (20269190) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 900471 |
| MGM Resorts International | BNP Paribas SA | (3777432) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 88184 |
| Millrose Properties, Inc., Class A | Barclays Bank PLC | (2651135) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (69215)<br>|
| Molina Healthcare, Inc. | HSBC Bank PLC | (31650639) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3669610)<br>|
| Moody's Corp. | Barclays Bank PLC | (221256) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2101 |
| Murphy Oil Corp. | Barclays Bank PLC | (29819873) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 423311 |
| NextEra Energy, Inc. | Goldman Sachs Bank USA | (26171111) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 439123 |
| NextEra Energy, Inc. | Goldman Sachs Bank USA | (29935013) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 502278 |
| NiSource, Inc. | HSBC Bank PLC | (222343) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2368)<br>|
| Norwegian Cruise Line Holdings Ltd. | BNP Paribas SA | (32098891) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (332270)<br>|
| NRG Energy, Inc. | Barclays Bank PLC | (14908266) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (11726)<br>|
| Nucor Corp. | SG Americas Securities LLC | (33595892) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (803518)<br>|
| Occidental Petroleum Corp. | HSBC Bank PLC | (31018080) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 168581 |
| Omega Healthcare Investors, Inc. | Goldman Sachs Bank USA | (1794205) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 8057 |
| Omega Healthcare Investors, Inc. | HSBC Bank PLC | (992292) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 27631 |
| Omnicom Group, Inc. | Bank of America N.A. | (3292293) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (69249)<br>|
| Omnicom Group, Inc. | Barclays Bank PLC | (32955473) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (460653)<br>|
| OneMain Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (31381557) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 730542 |
| ONEOK, Inc. | BNP Paribas SA | (1432315) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (28204)<br>|
| Open Text Corp. | Bank of America N.A. | (2139351) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 50647 |
| Open Text Corp. | Citibank N.A. | (3031067) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 110270 |
| Open Text Corp. | Goldman Sachs Bank USA | (5256910) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 124452 |
| Oracle Corp. | BNP Paribas SA | (29020100) | 06/16/26 | 0.09% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1580770)<br>|
| Oracle Corp. | BNP Paribas SA | (32367410) | 06/16/26 | 0.09% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1762696)<br>|
| Ovintiv, Inc. | Bank of America N.A. | (12260017) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (205460)<br>|
| PepsiCo, Inc. | Goldman Sachs Bank USA | (30455022) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1288457 |
| Performance Food Group Co. | HSBC Bank PLC | (3871504) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 102687 |
| PG&E Corp. | HSBC Bank PLC | (28942323) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2184271)<br>|
| Philip Morris International, Inc., CDI | Barclays Bank PLC | (587055) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9)<br>|
| Post Holdings, Inc. | BNP Paribas SA | (30053160) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (72996)<br>|
| Principal Financial Group, Inc. | SG Americas Securities LLC | (694612) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 7368 |
| Prologis, Inc. | BNP Paribas SA | (33129758) | 06/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 760671 |
| Prudential Financial, Inc. | Barclays Bank PLC | (18329957) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 312841 |
| Prudential Financial, Inc. | Citibank N.A. | (3685790) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 62906 |
| Prudential Financial, Inc. | HSBC Bank PLC | (8278499) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (115258)<br>|
| PulteGroup, Inc. | Barclays Bank PLC | (19621229) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 304754 |
| Quanta Services, Inc. | HSBC Bank PLC | (34158445) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3026455 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 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) |
| Raymond James Financial, Inc. | Goldman Sachs Bank USA | $(33197292) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $456684 |
| Rogers Communications, Inc., Cass <br> B<br>| Goldman Sachs Bank USA | (2643430) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (76412)<br>|
| Rogers Communications, Inc., <br> Class B<br>| BNP Paribas SA | (30370021) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (877890)<br>|
| Royal Caribbean Cruises Ltd. | SG Americas Securities LLC | (26161437) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2725470)<br>|
| Royalty Pharma PLC, Class A | Bank of America N.A. | (206521) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (590)<br>|
| S&P Global, Inc. | SG Americas Securities LLC | (15999760) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (275261)<br>|
| Sempra | Bank of America N.A. | (33233013) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 106428 |
| Simon Property Group, Inc. | Barclays Bank PLC | (17060164) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 141665 |
| SLB Ltd. | Barclays Bank PLC | (33192707) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (43299)<br>|
| SLM Corp. | HSBC Bank PLC | (10383068) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 197684 |
| Somnigroup International, Inc. | Bank of America N.A. | (30424878) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1204427 |
| Southern Co. | Barclays Bank PLC | (29768584) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (513970)<br>|
| Southwest Airlines Co. | BNP Paribas SA | (1637736) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1935 |
| Southwest Airlines Co. | HSBC Bank PLC | (2823082) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (246952)<br>|
| Southwest Airlines Co. | SG Americas Securities LLC | (3624431) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (69768)<br>|
| Starbucks Corp. | Barclays Bank PLC | (33277734) | 01/23/26 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 756927 |
| Steel Dynamics, Inc. | HSBC Bank PLC | (6765256) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (23589)<br>|
| Stellantis NV | Barclays Bank PLC | (3768563) | 01/23/26 | (0.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 64623 |
| Stellantis NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3275924) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 56176 |
| Synopsys, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (14089572) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 79704 |
| Take-Two Interactive Software, Inc. | BNP Paribas SA | (3784411) | 06/16/26 | (0.10)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1056 |
| Targa Resources Corp. | Bank of America N.A. | (5888978) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (70741)<br>|
| Targa Resources Corp. | Goldman Sachs Bank USA | (24680763) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (296478)<br>|
| Targa Resources Corp. | HSBC Bank PLC | (22539188) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (440841)<br>|
| Target Corp. | BNP Paribas SA | (34364339) | 06/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (66925)<br>|
| Target Corp. | Goldman Sachs Bank USA | (30817058) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (60017)<br>|
| TD SYNNEX Corp. | HSBC Bank PLC | (22989315) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 602041 |
| Tesla, Inc. | Citibank N.A. | (8777102) | 02/24/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 700581 |
| Tesla, Inc. | SG Americas Securities LLC | (20996719) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 176482 |
| Thermo Fisher Scientific, Inc. | HSBC Bank PLC | (33017547) | 02/09/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (653134)<br>|
| Toll Brothers, Inc. | BNP Paribas SA | (32583068) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1215544 |
| Toll Brothers, Inc. | Goldman Sachs Bank USA | (2475748) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 92360 |
| Union Pacific Corp. | HSBC Bank PLC | (32801550) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 627483 |
| United Parcel Service, Inc., Class B | Barclays Bank PLC | (34278117) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 524057 |
| UnitedHealth Group, Inc. | HSBC Bank PLC | (15965150) | 02/09/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (261407)<br>|
| UnitedHealth Group, Inc. | HSBC Bank PLC | (29321829) | 02/09/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (530349)<br>|
| Ventas, Inc. | HSBC Bank PLC | (14830433) | 02/09/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 462359 |
| Verizon Communications, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11144945) | 10/03/28 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (209072)<br>|
| VF Corp. | Barclays Bank PLC | (12491416) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 381775 |
| Viatris, Inc. | Barclays Bank PLC | (33266043) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1218739)<br>|
| Walmart, Inc. | HSBC Bank PLC | (29889873) | 02/09/28 | 0.28% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 556623 |
| Walmart, Inc. | SG Americas Securities LLC | (2017688) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 28908 |
| Welltower, Inc. | Barclays Bank PLC | (31162707) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 137067 |
| WESCO International, Inc. | Barclays Bank PLC | (9070736) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 351767 |
| Western Union Co. | SG Americas Securities LLC | (32294044) | 08/12/27 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (964534)<br>|
| Westinghouse Air Brake Technologies <br> Corp.<br>| BNP Paribas SA | (1038993) | 06/16/26 | (0.10)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9310 |
| Westlake Corp. | BNP Paribas SA | (33084286) | 06/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (135256)<br>|
| Whirlpool Corp. | Bank of America N.A. | (3863) | 02/15/28 | (1.13)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 256 |
| Whirlpool Corp. | Barclays Bank PLC | (4302487) | 01/23/26 | (0.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17227 |
| Whirlpool Corp. | BNP Paribas SA | (4019142) | 06/16/26 | (0.84)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 266348 |
| Whirlpool Corp. | BNP Paribas SA | (1465468) | 06/16/26 | (0.84)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 97116 |
| Whirlpool Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (22335405) | 10/03/28 | (0.79)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 87862 |
| Whirlpool Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (23762234) | 10/03/28 | (0.79)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 93388 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 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) |
| Whirlpool Corp. | SG Americas Securities LLC | $(1109642) | 08/12/27 | (0.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(1458)<br>|
| Whirlpool Corp. | SG Americas Securities LLC | (5991992) | 08/12/27 | (0.67)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 188185 |
| Williams Cos, Inc. | Bank of America N.A. | (6046270) | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (70163)<br>|
| Williams Cos, Inc. | Goldman Sachs Bank USA | (23581381) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (249769)<br>|
| Xcel Energy, Inc. | Barclays Bank PLC | (13220775) | 01/23/26 | (4.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1790)<br>|
| Xylem, Inc. | Barclays Bank PLC | (15906116) | 01/23/26 | (0.20)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 335022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 30605806 |
| 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; 28664457 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (4607309)<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; $24057148 |

---

&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. 

**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; $11076861 | &nbsp;&nbsp;&nbsp; $(1642405)<br>| &nbsp;&nbsp;&nbsp; $5380869 | &nbsp;&nbsp;&nbsp; $(6039737)<br>|
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 144604253 | &nbsp;&nbsp;&nbsp; (120505139)<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; $11597786 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11597786 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5855136 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5855136 |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1160283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4220586 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5380869 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 144562287 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41966 | &nbsp;&nbsp; — | &nbsp;&nbsp; 144604253 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1160283 | &nbsp;&nbsp; $144562287 | &nbsp;&nbsp; $5855136 | &nbsp;&nbsp; $15860338 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $167438044 |
| **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; $7957716 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7957716 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4567891 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4567891 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

**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* |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4983959 | &nbsp;&nbsp; $1055778 | &nbsp;&nbsp; $6039737 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums <br> received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 120505139 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 120505139 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $120505139 | &nbsp;&nbsp; $4567891 | &nbsp;&nbsp; $12941675 | &nbsp;&nbsp; $1055778 | &nbsp;&nbsp; $139070483 |

---

&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 December 31, 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; $1845692 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32575753)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(30730061)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12126807)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (12126807)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (13510525)<br>| &nbsp;&nbsp; (62437755)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 885296 | &nbsp;&nbsp; (4278050)<br>| &nbsp;&nbsp; (79341034)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(13510525)<br>| &nbsp;&nbsp; $(60592063)<br>| &nbsp;&nbsp; $(12126807)<br>| &nbsp;&nbsp; $(31690457)<br>| &nbsp;&nbsp; $(4278050)<br>| &nbsp;&nbsp; $(122197902)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119367 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $119367 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1061231 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1061231 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 3108004 | &nbsp;&nbsp; 44777927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64487 | &nbsp;&nbsp; (1062829)<br>| &nbsp;&nbsp; 46887589 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3108004 | &nbsp;&nbsp; $44777927 | &nbsp;&nbsp; $1061231 | &nbsp;&nbsp; $183854 | &nbsp;&nbsp; $(1062829)<br>| &nbsp;&nbsp; $48068187 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3830610276 |
| Average notional value of contracts — short | &nbsp;&nbsp; 1418309605 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 994861764 |
| Average amounts sold — in USD | &nbsp;&nbsp; 1076701517 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 15155286 |
| Average notional value — sell protection | &nbsp;&nbsp; 112242886 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 2768312198 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 2432901676 |
| Inflation swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 214201536 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 26494666 |
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; 5074118572 |
| Average notional value — short | &nbsp;&nbsp; 4401107721 |

---

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; $2319367 | &nbsp;&nbsp;&nbsp;&nbsp; $2807899 |

---

Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $5855136 | &nbsp;&nbsp;&nbsp;&nbsp; $4567891 |
| Swaps — centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 386550 |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 144604253 | &nbsp;&nbsp;&nbsp;&nbsp; 120505139 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 152778756 | &nbsp;&nbsp;&nbsp;&nbsp; 128267479 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (2319367)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3194449)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $150459389 | &nbsp;&nbsp;&nbsp;&nbsp; $125073030 |

---

&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; $21480976 | &nbsp;&nbsp; $(9987308)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11493668 |
| Barclays Bank PLC | &nbsp;&nbsp; 20762737 | &nbsp;&nbsp; (20762737)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 34171859 | &nbsp;&nbsp; (13655413)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (870000)<br>| &nbsp;&nbsp; 19646446 |
| Citibank N.A. | &nbsp;&nbsp; 3423165 | &nbsp;&nbsp; (3423165)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 109624 | &nbsp;&nbsp; (109624)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 20261568 | &nbsp;&nbsp; (13214836)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6650000)<br>| &nbsp;&nbsp; 396732 |
| Goldman Sachs International | &nbsp;&nbsp; 574171 | &nbsp;&nbsp; (574171)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 32449841 | &nbsp;&nbsp; (32449841)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 571734 | &nbsp;&nbsp; (276329)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 295405 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 3345718 | &nbsp;&nbsp; (3345718)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 13006133 | &nbsp;&nbsp; (13006133)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Societe Generale | &nbsp;&nbsp; 6607 | &nbsp;&nbsp; (6355)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 252 |
| Standard Chartered Bank | &nbsp;&nbsp; 52511 | &nbsp;&nbsp; (52511)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 116182 | &nbsp;&nbsp; (116182)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 126563 | &nbsp;&nbsp; (126563)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $150459389 | &nbsp;&nbsp; $(111106886)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7520000)<br>| &nbsp;&nbsp; $31832503 |

---

&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; $9987308 | &nbsp;&nbsp; $(9987308)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 22368436 | &nbsp;&nbsp; (20762737)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1605699 |
| BNP Paribas SA | &nbsp;&nbsp; 13655413 | &nbsp;&nbsp; (13655413)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 4333085 | &nbsp;&nbsp; (3423165)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 909920 |
| Deutsche Bank AG | &nbsp;&nbsp; 178679 | &nbsp;&nbsp; (109624)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 69055 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 13214836 | &nbsp;&nbsp; (13214836)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 767797 | &nbsp;&nbsp; (574171)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 193626 |
| HSBC Bank PLC | &nbsp;&nbsp; 33082487 | &nbsp;&nbsp; (32449841)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (632646)<br>| &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 276329 | &nbsp;&nbsp; (276329)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 6578990 | &nbsp;&nbsp; (3345718)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3233272 |
| Royal Bank of Canada | &nbsp;&nbsp; 73025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73025 |
| SG Americas Securities LLC | &nbsp;&nbsp; 14519725 | &nbsp;&nbsp; (13006133)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1513592 |
| Societe Generale | &nbsp;&nbsp; 6355 | &nbsp;&nbsp; (6355)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Standard Chartered Bank | &nbsp;&nbsp; 446074 | &nbsp;&nbsp; (52511)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 393563 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 123000 | &nbsp;&nbsp; (116182)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6818 |
| UBS AG | &nbsp;&nbsp; 854182 | &nbsp;&nbsp; (126563)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 727619 |
|  | &nbsp;&nbsp; $120465721 | &nbsp;&nbsp; $(111106886)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(632646)<br>| &nbsp;&nbsp; $8726189 |

---

&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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**BlackRock Systematic Multi-Strategy Fund** 

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

<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; $113425674 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $113425674 |
| Common Stocks | &nbsp;&nbsp; 603875146 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1694730 | &nbsp;&nbsp;&nbsp;&nbsp; 605569876 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3615630106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3615630106 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2039295154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2039295154 |
| Preferred Securities |  |  |  |  |
| Capital Trust | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7748841 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7748841 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 902922937 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 902922937 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 54139966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54139966 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1239564129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1239564129 |
|  | &nbsp;&nbsp; $658015112 | &nbsp;&nbsp;&nbsp;&nbsp; $7918586841 | &nbsp;&nbsp;&nbsp;&nbsp; $1694730 | &nbsp;&nbsp;&nbsp;&nbsp; $8578296683 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1160283 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1160283 |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144562287 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144562287 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5855136 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5855136 |
| Interest Rate Contracts | &nbsp;&nbsp; 11597786 | &nbsp;&nbsp;&nbsp;&nbsp; 4262552 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15860338 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (120505139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (120505139)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4567891)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4567891)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (7957716)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4983959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12941675)<br>|
| Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1055778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1055778)<br>|
|  | &nbsp;&nbsp; $3640070 | &nbsp;&nbsp;&nbsp;&nbsp; $24727491 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $28367561 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities

December 31, 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> | $1052885342 | $8524156717 |
| Investments, at value — affiliated<sup>(c)</sup> | 32629343 | 54139966 |
| Cash pledged: |  |  |
| Collateral — exchange-traded options written | 22640000 |  |
| Collateral — OTC derivatives | 977000 | 23860000 |
| Futures contracts | 6863792 | 34655000 |
| Centrally cleared swaps | 11855230 | 32398000 |
| Foreign currency, at value<sup>(d)</sup> | 4305641 | 29116781 |
| Receivables: |  |  |
| Investments sold | 3222351 |  |
| Swaps | 3499 | 463389763 |
| TBA sale commitments | 85454694 |  |
| Capital shares sold | 4948551 | 16478994 |
| Dividends — unaffiliated | 3414 | 1029376 |
| Dividends — affiliated | 2502 | 256210 |
| Interest — unaffiliated | 9375260 | 53448059 |
| From custodian |  | 22154642 |
| Principal paydowns | 19465 |  |
| Variation margin on futures contracts | 523804 | 2319367 |
| Swap premiums paid | 144196 |  |
| Unrealized appreciation on: |  |  |
| Forward foreign currency exchange contracts | 6063934 | 5855136 |
| OTC swaps | 263553 | 144604253 |
| Unfunded floating rate loan interests | 987 |  |
| Prepaid expenses | 48832 | 171050 |
| Total assets | 1242231390 | 9408033314 |
| **LIABILITIES** |  |  |
| Bank overdraft | 85228 | 477160 |
| Due to custodian | 94903 |  |
| Cash received: |  |  |
| Collateral — OTC derivatives |  | 48090000 |
| Collateral — TBA commitments | 50000 | 2184000 |
| Options written, at value<sup>(e)</sup> | 1735295 |  |
| TBA sale commitments, at value<sup>(f)</sup> | 86230393 |  |
| Payables: |  |  |
| Investments purchased | 237437196 | 735647650 |
| Swaps |  | 462880730 |
| Accounting services fees | 46224 | 240923 |
| Administration fees |  | 370212 |
| Capital shares redeemed | 1930248 | 17987938 |
| Custodian fees | 155101 | 102282 |
| Deferred foreign capital gain tax | 7537 |  |
| Foreign taxes | 65 |  |
| Income dividend distributions | 588929 |  |
| Investment advisory fees | 212410 | 4964943 |
| Directors' and Officer's fees | 239 | 46347 |
| Options written | 2000 |  |
| Other accrued expenses | 45265 | 51333 |
| Professional fees | 97702 | 52398 |
| Service and distribution fees | 20407 | 96511 |
| Transfer agent fees | 100422 | 3006489 |
| Variation margin on futures contracts | 110342 | 2807899 |
| Variation margin on centrally cleared swaps | 392388 | 386550 |
| Swap premiums received | 2734 |  |
| Unrealized depreciation on: |  |  |
| Forward foreign currency exchange contracts | 5643594 | 4567891 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | BlackRock<br> Strategic Global<br> Bond Fund, Inc.<sup>(a)</sup><br>| BlackRock Systematic<br> Multi-Strategy Fund<br>|
| OTC swaps | $603662 | $120505139 |
| Unfunded floating rate loan interests | 3960 |  |
| Total liabilities | 335596244 | 1404466395 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $906635146 | $8003566919 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $978732672 | $8108487004 |
| Accumulated loss | (72097526) | (104920085) |
| NET ASSETS | $906635146 | $8003566919 |
| <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 | $1041636994 | $8411895966 |
| <sup>(c)</sup> Investments, at cost—affiliated | $32426628 | $54139966 |
| <sup>(d)</sup> Foreign currency, at cost | $4375720 | $28760866 |
| <sup>(e)</sup> Premiums received | $2294997 | $— |
| <sup>(f)</sup> Proceeds from TBA sale commitments | $85454694 | $— |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

December 31, 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>|
| **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| Net assets | $584894967 | $7391051084 |
| Shares outstanding | 108474789 | 712858708 |
| Net asset value | $5.39 | $10.37 |
| Shares authorized | 1 billion | Unlimited |
| Par value | $0.10 | $0.001 |
| **Investor A** |  |  |
| Net assets | $86206850 | $372293634 |
| Shares outstanding | 15998286 | 35954026 |
| Net asset value | $5.39 | $10.35 |
| Shares authorized | 1 billion | Unlimited |
| Par value | $0.10 | $0.001 |
| **Investor C** |  |  |
| Net assets | $3056387 | $15384922 |
| Shares outstanding | 567717 | 1498229 |
| Net asset value | $5.38 | $10.27 |
| Shares authorized | 1 billion | Unlimited |
| Par value | $0.10 | $0.001 |
| **Class K** |  |  |
| Net assets | $232476942 | $224837279 |
| Shares outstanding | 43150072 | 21702732 |
| Net asset value | $5.39 | $10.36 |
| Shares authorized | 1 billion | Unlimited |
| Par value | $0.10 | $0.001 |
| <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. |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended December 31, 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; $111978 | &nbsp;&nbsp;&nbsp; $14669251 |
| Dividends — affiliated | &nbsp;&nbsp; 1134278 | &nbsp;&nbsp;&nbsp; 7527597 |
| Interest — unaffiliated | &nbsp;&nbsp; 42145641 | &nbsp;&nbsp;&nbsp; 406083112 |
| Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 364142 | &nbsp;&nbsp;&nbsp; 592435 |
| Other income — unaffiliated | &nbsp;&nbsp; 172804 | &nbsp;&nbsp;&nbsp; 6631 |
| Foreign taxes withheld | &nbsp;&nbsp; (276096)<br>| &nbsp;&nbsp;&nbsp; (4876)<br>|
| Total investment income | &nbsp;&nbsp; 43652747 | &nbsp;&nbsp;&nbsp; 428874150 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 4306681 | &nbsp;&nbsp;&nbsp; 56077577 |
| Transfer agent — class specific | &nbsp;&nbsp; 1044304 | &nbsp;&nbsp;&nbsp; 8621719 |
| Custodian | &nbsp;&nbsp; 411638 | &nbsp;&nbsp;&nbsp; 317634 |
| Service and distribution — class specific | &nbsp;&nbsp; 241575 | &nbsp;&nbsp;&nbsp; 1112115 |
| Professional | &nbsp;&nbsp; 173270 | &nbsp;&nbsp;&nbsp; 253159 |
| Accounting services | &nbsp;&nbsp; 139038 | &nbsp;&nbsp;&nbsp; 781161 |
| Registration | &nbsp;&nbsp; 87699 | &nbsp;&nbsp;&nbsp; 201965 |
| Printing and postage | &nbsp;&nbsp; 55980 | &nbsp;&nbsp;&nbsp; 28604 |
| Directors and Officer | &nbsp;&nbsp; 12845 | &nbsp;&nbsp;&nbsp; 105666 |
| Administration | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2679673 |
| Administration — class specific | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1533645 |
| Miscellaneous | &nbsp;&nbsp; 94538 | &nbsp;&nbsp;&nbsp; 232674 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 6567568 | &nbsp;&nbsp;&nbsp; 71945592 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 2124 | &nbsp;&nbsp;&nbsp; 793 |
| Total expenses | &nbsp;&nbsp; 6569692 | &nbsp;&nbsp;&nbsp; 71946385 |
| Less: |  |  |
| Administration fees waived by the Manager — class specific | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (26138)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (1164191)<br>| &nbsp;&nbsp;&nbsp; (136797)<br>|
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (723279)<br>| &nbsp;&nbsp;&nbsp; — |
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 4682222 | &nbsp;&nbsp;&nbsp; 71783450 |
| Net investment income | &nbsp;&nbsp; 38970525 | &nbsp;&nbsp;&nbsp; 357090700 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 8279945 | &nbsp;&nbsp;&nbsp; 37561419 |
| Investments — affiliated | &nbsp;&nbsp; 157237 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (16959951)<br>| &nbsp;&nbsp;&nbsp; (12126807)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 1811611 | &nbsp;&nbsp;&nbsp; 1476794 |
| Futures contracts | &nbsp;&nbsp; (9885639)<br>| &nbsp;&nbsp;&nbsp; (30730061)<br>|
| Options written | &nbsp;&nbsp; 6290934 | &nbsp;&nbsp;&nbsp; — |
| Payment by affiliate | &nbsp;&nbsp; 1902 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (8005623)<br>| &nbsp;&nbsp;&nbsp; (79341034)<br>|
|  | &nbsp;&nbsp; (18309584)<br>| &nbsp;&nbsp;&nbsp; (83159689)<br>|

---

Statements of Operations

------

Statements of Operations (continued)

Year Ended December 31, 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; $34146435 | &nbsp;&nbsp;&nbsp; $38475186 |
| Investments — affiliated | &nbsp;&nbsp; (345652)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 901792 | &nbsp;&nbsp;&nbsp; 1061231 |
| Foreign currency translations | &nbsp;&nbsp; 711981 | &nbsp;&nbsp;&nbsp; 1022584 |
| Futures contracts | &nbsp;&nbsp; (5166101)<br>| &nbsp;&nbsp;&nbsp; 119367 |
| Options written | &nbsp;&nbsp; 610084 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 17919756 | &nbsp;&nbsp;&nbsp; 46887589 |
| Unfunded floating rate loan interests | &nbsp;&nbsp; 3454 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 48781749 | &nbsp;&nbsp;&nbsp; 87565957 |
| Net realized and unrealized gain | &nbsp;&nbsp; 30472165 | &nbsp;&nbsp;&nbsp; 4406268 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $69442690 | &nbsp;&nbsp;&nbsp; $361496968 |
| <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; $(33981)<br>| &nbsp;&nbsp;&nbsp; $— |
| <sup>(c)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $3101 | &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

2025 BlackRock 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 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $38970525 | &nbsp;&nbsp;&nbsp; $36191962 | &nbsp;&nbsp;&nbsp; $357090700 | &nbsp;&nbsp;&nbsp; $322103202 |
| Net realized gain (loss) | &nbsp;&nbsp; (18309584)<br>| &nbsp;&nbsp;&nbsp; (23995814)<br>| &nbsp;&nbsp;&nbsp; (83159689)<br>| &nbsp;&nbsp;&nbsp; 56674546 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 48781749 | &nbsp;&nbsp;&nbsp; (7891051)<br>| &nbsp;&nbsp;&nbsp; 87565957 | &nbsp;&nbsp;&nbsp; 59343376 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 69442690 | &nbsp;&nbsp;&nbsp; 4305097 | &nbsp;&nbsp;&nbsp; 361496968 | &nbsp;&nbsp;&nbsp; 438121124 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| From net investment income |  |  |  |  |
| Institutional | &nbsp;&nbsp; (24250316)<br>| &nbsp;&nbsp;&nbsp; (9336371)<br>| &nbsp;&nbsp;&nbsp; (165445820)<br>| &nbsp;&nbsp;&nbsp; (250278628)<br>|
| Investor A | &nbsp;&nbsp; (3528735)<br>| &nbsp;&nbsp;&nbsp; (1208257)<br>| &nbsp;&nbsp;&nbsp; (7038944)<br>| &nbsp;&nbsp;&nbsp; (13371237)<br>|
| Investor C | &nbsp;&nbsp; (94270)<br>| &nbsp;&nbsp;&nbsp; (25539)<br>| &nbsp;&nbsp;&nbsp; (196530)<br>| &nbsp;&nbsp;&nbsp; (471935)<br>|
| Class K | &nbsp;&nbsp; (9713094)<br>| &nbsp;&nbsp;&nbsp; (3714527)<br>| &nbsp;&nbsp;&nbsp; (5319051)<br>| &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; (37586415)<br>| &nbsp;&nbsp;&nbsp; (23218835)<br>| &nbsp;&nbsp;&nbsp; (178000345)<br>| &nbsp;&nbsp;&nbsp; (272000539)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 60862488 | &nbsp;&nbsp;&nbsp; 73435767 | &nbsp;&nbsp;&nbsp; 951932499 | &nbsp;&nbsp;&nbsp; (1967425)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 92718763 | &nbsp;&nbsp;&nbsp; 54522029 | &nbsp;&nbsp;&nbsp; 1135429122 | &nbsp;&nbsp;&nbsp; 164153160 |
| Beginning of year | &nbsp;&nbsp; 813916383 | &nbsp;&nbsp;&nbsp; 759394354 | &nbsp;&nbsp;&nbsp; 6868137797 | &nbsp;&nbsp;&nbsp; 6703984637 |
| End of year | &nbsp;&nbsp; $906635146 | &nbsp;&nbsp;&nbsp; $813916383 | &nbsp;&nbsp;&nbsp; $8003566919 | &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. |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25<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>  |
|  | Year Ended <br>12/31/25<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>  |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.20 | &nbsp;&nbsp;&nbsp; $6.38 |
| Net investment income<sup>(b)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net increase (decrease) from investment operations | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &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>|
| 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>|
| Total distributions | &nbsp;&nbsp; (0.23)<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>|
| **Net asset value, end of year** | &nbsp;&nbsp; $5.39 | &nbsp;&nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.20 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 8.48 %<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>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| Net investment income | 4.54<br> %<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>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $584895 | &nbsp;&nbsp;&nbsp; $526430 | &nbsp;&nbsp;&nbsp; $489081 | &nbsp;&nbsp;&nbsp; $479103 | &nbsp;&nbsp;&nbsp; $717250 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 366<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;&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> Includes payment from an affiliate, which had no impact on the Fund's total return.

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

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

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

<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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25<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>  |
|  | Year Ended <br>12/31/25<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>  |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 223<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>|

---

*See notes to financial statements.*

2025 BlackRock 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) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25<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>  |
|  | Year Ended <br>12/31/25<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>  |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 | &nbsp;&nbsp;&nbsp; $6.38 |
| Net investment income<sup>(b)</sup> | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net increase (decrease) from investment operations | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<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>|
| Total distributions | &nbsp;&nbsp; (0.22)<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>|
| **Net asset value, end of year** | &nbsp;&nbsp; $5.39 | &nbsp;&nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 8.21 %<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>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>|
| Net investment income | 4.29<br> %<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>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $86207 | &nbsp;&nbsp;&nbsp; $79628 | &nbsp;&nbsp;&nbsp; $76849 | &nbsp;&nbsp;&nbsp; $83094 | &nbsp;&nbsp;&nbsp; $109613 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 366<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;&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> Includes payment from an affiliate, which had no impact on the Fund's total return.

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

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

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

<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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25<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>  |
|  | Year Ended <br>12/31/25<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>  |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 223<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>|

---

*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) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended <br>12/31/25<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>  |
|  | Year Ended <br>12/31/25<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>  |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $5.18 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 | &nbsp;&nbsp;&nbsp; $6.37 |
| Net investment income<sup>(b)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) | 0.19 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net increase (decrease) from investment operations | 0.38 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<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>|
| Total distributions | &nbsp;&nbsp; (0.18)<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>|
| **Net asset value, end of year** | &nbsp;&nbsp; $5.38 | &nbsp;&nbsp;&nbsp; $5.18 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 7.41 %<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>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>|
| Net investment income | 3.54<br> %<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>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $3056 | &nbsp;&nbsp;&nbsp; $2980 | &nbsp;&nbsp;&nbsp; $3624 | &nbsp;&nbsp;&nbsp; $4055 | &nbsp;&nbsp;&nbsp; $5555 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 366<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;&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> Includes payment from an affiliate, which had no impact on the Fund's total return.

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

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

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

<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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25<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>  |
|  | Year Ended <br>12/31/25<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>  |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 223<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>|

---

*See notes to financial statements.*

2025 BlackRock 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) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25<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>  |
|  | Year Ended <br>12/31/25<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>  |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 | &nbsp;&nbsp;&nbsp; $6.38 |
| Net investment income<sup>(b)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| 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>|
| Net increase (decrease) from investment operations | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — | &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>|
| 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>|
| Total distributions | &nbsp;&nbsp; (0.24)<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>|
| **Net asset value, end of year** | &nbsp;&nbsp; $5.39 | &nbsp;&nbsp;&nbsp; $5.19 | &nbsp;&nbsp;&nbsp; $5.32 | &nbsp;&nbsp;&nbsp; $5.12 | &nbsp;&nbsp;&nbsp; $6.19 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 8.53 %<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 )%<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58 %<sup>(h)</sup><br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 4.59<br> %<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>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $232477 | &nbsp;&nbsp;&nbsp; $204879 | &nbsp;&nbsp;&nbsp; $189840 | &nbsp;&nbsp;&nbsp; $136087 | &nbsp;&nbsp;&nbsp; $119076 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 366<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;&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> Includes payment from an affiliate, which had no impact on the Fund's total return.

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

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

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

<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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25<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>  |
|  | Year Ended <br>12/31/25<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>  |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 223<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>|

---

*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 |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $9.84 | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $10.10 |
| Net investment income<sup>(a)</sup> | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net increase (decrease) from investment operations | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.18)<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>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $9.84 | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp; $10.45 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 5.00<br> %<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>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %<sup>(f)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.92<br> %<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>|
| Net investment income | 4.67<br> %<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>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $7391051 | &nbsp;&nbsp;&nbsp; $6301630 | &nbsp;&nbsp;&nbsp; $6214876 | &nbsp;&nbsp;&nbsp; $8887596 | &nbsp;&nbsp;&nbsp; $7451022 |
| Portfolio turnover rate<sup>(g)(h)</sup> | &nbsp;&nbsp; 270<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;&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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 139<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 BlackRock 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) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.09 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp; $10.43 | &nbsp;&nbsp;&nbsp; $10.09 |
| Net investment income<sup>(a)</sup> | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Net realized and unrealized gain (loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Net increase (decrease) from investment operations | 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.16)<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>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $10.09 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp; $10.43 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 4.59<br> %<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>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.20<br> %<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>|
| Net investment income | 4.40<br> %<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>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $372294 | &nbsp;&nbsp;&nbsp; $359115 | &nbsp;&nbsp;&nbsp; $283451 | &nbsp;&nbsp;&nbsp; $453650 | &nbsp;&nbsp;&nbsp; $369323 |
| Portfolio turnover rate<sup>(g)(h)</sup> | &nbsp;&nbsp; 270<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;&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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 139<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(h)</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) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.01 | &nbsp;&nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp;&nbsp; $10.05 |
| Net investment income<sup>(a)</sup> | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Net increase (decrease) from investment operations | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.37)<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>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp;&nbsp; $10.01 | &nbsp;&nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $9.56 | &nbsp;&nbsp;&nbsp; $10.35 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 3.92<br> %<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>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95 %<sup>(f)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 1.90<br> %<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>|
| Net investment income | 3.71<br> %<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>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $15385 | &nbsp;&nbsp;&nbsp; $15508 | &nbsp;&nbsp;&nbsp; $16432 | &nbsp;&nbsp;&nbsp; $21457 | &nbsp;&nbsp;&nbsp; $17977 |
| Portfolio turnover rate<sup>(g)(h)</sup> | &nbsp;&nbsp; 270<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;&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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 139<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

2025 BlackRock 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) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp; $10.45 | &nbsp;&nbsp;&nbsp; $10.10 |
| Net investment income<sup>(a)</sup> | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net increase (decrease) from investment operations | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.19)<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>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp; $10.45 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 5.02<br> %<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>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>(f)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.81<br> %<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>|
| Net investment income | 4.80<br> %<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>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $224837 | &nbsp;&nbsp;&nbsp; $191884 | &nbsp;&nbsp;&nbsp; $189225 | &nbsp;&nbsp;&nbsp; $123188 | &nbsp;&nbsp;&nbsp; $37071 |
| Portfolio turnover rate<sup>(g)(h)</sup> | &nbsp;&nbsp; 270<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;&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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | &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 |
|  | Year Ended <br>12/31/25 | &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 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 139<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

*See notes to financial statements.*

Financial Highlights

------

Notes to Financial Statements

&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 $2,779,192, which is 0.3% 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.

The accompanying financial statements of Systematic Multi-Strategy include the account of BlackRock Cayman Systematic Multi-Strategy Fund, Inc. (the "Subsidiary") which is a newly organized wholly-owned subsidiary of Systematic Multi-Strategy and primarily invests in commodity-related instruments. The Subsidiary enables Systematic Multi-Strategy to hold these commodity-related instruments and satisfy regulated investment company tax requirements. Systematic Multi-Strategy may invest up to 25% of its total assets in the Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. During the year ended December 31, 2025, there were no transactions in the Subsidiary. The Subsidiary is subject to the same investment policies and restrictions that apply to Systematic Multi-Strategy, except that the 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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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.

**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 December 31, 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 each of the Cayman Subsidiary and the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Cayman Subsidiary or Subsidiary in any taxable year, the loss will generally not be available to offset each Fund's 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 its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

**Recent Accounting Standard:** The Funds adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Funds' adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Fund's financial position or results of operations.

Notes to Financial Statements

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Notes to Financial Statements (continued)

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

***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.

**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 (except ETF options, equity index options or those that are customized) 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 and certain derivative instruments 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 (except ETF options, equity index options or those that are customized) 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. Customized exchange-traded equity options, ETF options, equity index options and 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.

2025 BlackRock Annual Financial Statements and Additional Information

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Notes to Financial Statements (continued)

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

&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

Notes to Financial Statements

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Notes to Financial Statements (continued)

issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

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

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

**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

2025 BlackRock Annual Financial Statements and Additional Information

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Notes to Financial Statements (continued)

than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

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

In connection with floating rate loan interests, the 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; $51653 | $51332 | &nbsp;&nbsp; $49328 | $(2004) |
|  | Montage Hotels & Resorts LLC | &nbsp;&nbsp; 55892 | 55892 | &nbsp;&nbsp; 53936 | (1956) |
|  | Peninsula Pacific Entertainment LLC | &nbsp;&nbsp; 78951 | 78161 | &nbsp;&nbsp; 79148 | 987 |
|  |  |  |  |  | $(2973) |

---

**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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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.

**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 December 31, 2025, Strategic Global Bond had outstanding commitments of $594,573. These commitments are not included in the net assets of Strategic Global Bond as of December 31, 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 year ended December 31, 2025, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Average Amount* <br>*Outstanding*<br>| *Weighted Average* <br>*Interest Rate*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $427816 | 3.95<br> % <br>|

---

Reverse repurchase 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 reverse repurchase 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.

2025 BlackRock Annual Financial Statements and Additional Information

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Notes to Financial Statements (continued)

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).

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 Funds' 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 Funds.

**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.

Notes to Financial Statements

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Notes to Financial Statements (continued)

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 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 a 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

2025 BlackRock Annual Financial Statements and Additional Information

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Notes to Financial Statements (continued)

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 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, majority-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 and effective October 14, 2025, BlackRock Asset Management North Asia Limited ("BAMNA"), (collectively, the "Sub-Advisers"), each an affiliate of the Manager. The Manager pays BIL, BSL and BAMNA for services they provide for that portion of each Fund for which BIL or BSL or BAMNA, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 year ended December 31, 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; $213626 | &nbsp;&nbsp; $27949 | &nbsp;&nbsp; $241575 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 955385 | &nbsp;&nbsp; 156730 | &nbsp;&nbsp; 1112115 |

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Notes to Financial Statements

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Notes to Financial Statements (continued)

**Administration:** The Trust, on behalf of Systematic Multi-Strategy, entered into an Administration Agreement with the Manager, an indirect, majority-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 |

---

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 year ended December 31, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Systematic Multi-Strategy | &nbsp;&nbsp; $1413916 | &nbsp;&nbsp; $76431 | &nbsp;&nbsp; $3135 | &nbsp;&nbsp; $40163 | &nbsp;&nbsp; $1533645 |

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**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 year ended December 31, 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 year ended December 31, 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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Strategic Global Bond | &nbsp;&nbsp; $2532 | $2107 | $186 | $750 | $5575 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 6441 | 1451 | 224 | 399 | 8515 |

---

For the year ended December 31, 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; $865113 | $167042 | $3695 | $8454 | $1044304 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 8044717 | 563187 | 13416 | 399 | 8621719 |

---

**Other Fees:** For the year ended December 31, 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; $1453 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 2370 |

---

For the year ended December 31, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor C* |
| Strategic Global Bond | &nbsp;&nbsp; $15 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 1786 |

---

**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 year ended December 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $11323 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 136797 |

---

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

2025 BlackRock Annual Financial Statements and Additional Information

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Notes to Financial Statements (continued)

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 year ended December 31, 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; $58979 |

---

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 ("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 year ended December 31, 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; $1093889 |

---

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 year ended December 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Administration Fees Waived by the Manager —* <br> *Class Specific* | *Administration Fees Waived by the Manager —* <br> *Class Specific* | *Administration Fees Waived by the Manager —* <br> *Class Specific* |
| *Fund Name*  | *Institutional* | *Investor A* | *Total* |
| Systematic Multi-Strategy | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26138 | &nbsp;&nbsp; $26138 |

---

&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; $588209 | &nbsp;&nbsp;&nbsp; $124319 | &nbsp;&nbsp;&nbsp; $2298 | &nbsp;&nbsp;&nbsp; $8453 | &nbsp;&nbsp;&nbsp; $723279 |

---

**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:** During the year ended December 31, 2025, Strategic Global Bond received a reimbursement of $1,902 from an affiliate, which is included in Payment by affiliate in the Statements of Operations, related to an operating event.

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 year ended December 31, 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; $97810834 | &nbsp;&nbsp;&nbsp; $209468312 | &nbsp;&nbsp;&nbsp; $22810102 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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

***7.*** ***PURCHASES AND SALES*** 

For the year ended December 31, 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; $2243375894 | &nbsp;&nbsp; $2181806974 | &nbsp;&nbsp; $1223563954 | &nbsp;&nbsp; $1112845693 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 16847821384 | &nbsp;&nbsp; 16413861774 | &nbsp;&nbsp; 2458014520 | &nbsp;&nbsp; 3122192595 |

---

For the year ended December 31, 2025, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* |
| Strategic Global Bond | &nbsp;&nbsp; $1283436284 | &nbsp;&nbsp; $1283817218 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 9371353630 | &nbsp;&nbsp; 9372398978 |

---

***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 December 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to net losses derived from the Fund's wholly owned subsidiary were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $(139637)<br>| &nbsp;&nbsp; $139637 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*12/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*12/31/24*<br>|
| Strategic Global Bond |  |  |
| Ordinary income | &nbsp;&nbsp; $37586415 | &nbsp;&nbsp;&nbsp; $14284702 |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8934133 |
|  | &nbsp;&nbsp; $37586415 | &nbsp;&nbsp;&nbsp; $23218835 |
| Systematic Multi-Strategy |  |  |
| Ordinary income | &nbsp;&nbsp; $178000345 | &nbsp;&nbsp;&nbsp; $272000539 |

---

As of December 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Strategic Global Bond | &nbsp;&nbsp; $2081885 | &nbsp;&nbsp; $(77031862)<br>| &nbsp;&nbsp; $2852451 | &nbsp;&nbsp; $(72097526)<br>|
| Systematic Multi-Strategy | &nbsp;&nbsp; 99422991 | &nbsp;&nbsp; (296413765)<br>| &nbsp;&nbsp; 92070689 | &nbsp;&nbsp; (104920085)<br>|

---

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

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization methods for premiums and discounts on fixed income securities, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, the accrual of income on securities in default, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income, the accounting for swap agreements, classification of investments, the realization for tax purposes of unrealized gains on constructive sales and the deferral of compensation to Trustees. 

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

As of December 31, 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; $1074882514 | &nbsp;&nbsp; $44543877 | &nbsp;&nbsp; $(29241648)<br>| &nbsp;&nbsp; $15302229 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 8486328361 | &nbsp;&nbsp; 294167646 | &nbsp;&nbsp; (202414482)<br>| &nbsp;&nbsp; 91753164 |

---

***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 year ended December 31, 2025, the Funds did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests 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 or 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.

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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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.

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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | 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; 40904048 | &nbsp;&nbsp;&nbsp; $218413362 | &nbsp;&nbsp;&nbsp; 36322580 | &nbsp;&nbsp;&nbsp; $189863340 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 4137251 | &nbsp;&nbsp;&nbsp; 22092612 | &nbsp;&nbsp;&nbsp; 2636983 | &nbsp;&nbsp;&nbsp; 13827971 |
| Shares redeemed | &nbsp;&nbsp; (37946009) | &nbsp;&nbsp;&nbsp; (202472237) | &nbsp;&nbsp;&nbsp; (29442709) | &nbsp;&nbsp;&nbsp; (154252405) |
|  | &nbsp;&nbsp; 7095290 | &nbsp;&nbsp;&nbsp; $38033737 | &nbsp;&nbsp;&nbsp; 9516854 | &nbsp;&nbsp;&nbsp; $49438906 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5203557 | &nbsp;&nbsp;&nbsp; $27661672 | &nbsp;&nbsp;&nbsp; 4316471 | &nbsp;&nbsp;&nbsp; $22644526 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 631791 | &nbsp;&nbsp;&nbsp; 3372470 | &nbsp;&nbsp;&nbsp; 374615 | &nbsp;&nbsp;&nbsp; 1963763 |
| Shares redeemed | &nbsp;&nbsp; (5182326) | &nbsp;&nbsp;&nbsp; (27619790) | &nbsp;&nbsp;&nbsp; (3790410) | &nbsp;&nbsp;&nbsp; (19851597) |
|  | &nbsp;&nbsp; 653022 | &nbsp;&nbsp;&nbsp; $3414352 | &nbsp;&nbsp;&nbsp; 900676 | &nbsp;&nbsp;&nbsp; $4756692 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 203944 | &nbsp;&nbsp;&nbsp; $1093354 | &nbsp;&nbsp;&nbsp; 135864 | &nbsp;&nbsp;&nbsp; $713631 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 17670 | &nbsp;&nbsp;&nbsp; 94183 | &nbsp;&nbsp;&nbsp; 11898 | &nbsp;&nbsp;&nbsp; 62273 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (228637) | &nbsp;&nbsp;&nbsp; (1213709) | &nbsp;&nbsp;&nbsp; (254817) | &nbsp;&nbsp;&nbsp; (1329545) |
|  | &nbsp;&nbsp; (7023) | &nbsp;&nbsp;&nbsp; $(26172) | &nbsp;&nbsp;&nbsp; (107055) | &nbsp;&nbsp;&nbsp; $(553641) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 14912021 | &nbsp;&nbsp;&nbsp; $79299115 | &nbsp;&nbsp;&nbsp; 14331097 | &nbsp;&nbsp;&nbsp; $74981284 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1631712 | &nbsp;&nbsp;&nbsp; 8709568 | &nbsp;&nbsp;&nbsp; 1003064 | &nbsp;&nbsp;&nbsp; 5258266 |
| Shares redeemed | &nbsp;&nbsp; (12882333) | &nbsp;&nbsp;&nbsp; (68568112) | &nbsp;&nbsp;&nbsp; (11533721) | &nbsp;&nbsp;&nbsp; (60445740) |
|  | &nbsp;&nbsp; 3661400 | &nbsp;&nbsp;&nbsp; $19440571 | &nbsp;&nbsp;&nbsp; 3800440 | &nbsp;&nbsp;&nbsp; $19793810 |
|  | &nbsp;&nbsp; 11402689 | &nbsp;&nbsp;&nbsp; $60862488 | &nbsp;&nbsp;&nbsp; 14110915 | &nbsp;&nbsp;&nbsp; $73435767 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | 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; 274813451 | &nbsp;&nbsp;&nbsp; $2847046098 | &nbsp;&nbsp;&nbsp; 180306521 | &nbsp;&nbsp;&nbsp; $1861769508 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 15140904 | &nbsp;&nbsp;&nbsp; 157162579 | &nbsp;&nbsp;&nbsp; 23632658 | &nbsp;&nbsp;&nbsp; 238689843 |
| Shares redeemed | &nbsp;&nbsp; (200840031) | &nbsp;&nbsp;&nbsp; (2082508612) | &nbsp;&nbsp;&nbsp; (211633875) | &nbsp;&nbsp;&nbsp; (2168619063) |
|  | &nbsp;&nbsp; 89114324 | &nbsp;&nbsp;&nbsp; $921700065 | &nbsp;&nbsp;&nbsp; (7694696) | &nbsp;&nbsp;&nbsp; $(68159712) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 22921935 | &nbsp;&nbsp;&nbsp; $237599422 | &nbsp;&nbsp;&nbsp; 12861853 | &nbsp;&nbsp;&nbsp; $132936120 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 676834 | &nbsp;&nbsp;&nbsp; 7018776 | &nbsp;&nbsp;&nbsp; 1324102 | &nbsp;&nbsp;&nbsp; 13346952 |
| Shares redeemed | &nbsp;&nbsp; (23243420) | &nbsp;&nbsp;&nbsp; (242070397) | &nbsp;&nbsp;&nbsp; (7414474) | &nbsp;&nbsp;&nbsp; (75635851) |
|  | &nbsp;&nbsp; 355349 | &nbsp;&nbsp;&nbsp; $2547801 | &nbsp;&nbsp;&nbsp; 6771481 | &nbsp;&nbsp;&nbsp; $70647221 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 298522 | &nbsp;&nbsp;&nbsp; $3050550 | &nbsp;&nbsp;&nbsp; 196930 | &nbsp;&nbsp;&nbsp; $2031328 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 18532 | &nbsp;&nbsp;&nbsp; 190504 | &nbsp;&nbsp;&nbsp; 45857 | &nbsp;&nbsp;&nbsp; 458573 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (368548) | &nbsp;&nbsp;&nbsp; (3768150) | &nbsp;&nbsp;&nbsp; (377899) | &nbsp;&nbsp;&nbsp; (3821692) |
|  | &nbsp;&nbsp; (51494) | &nbsp;&nbsp;&nbsp; $(527096) | &nbsp;&nbsp;&nbsp; (135112) | &nbsp;&nbsp;&nbsp; $(1331791) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 8816806 | &nbsp;&nbsp;&nbsp; $91534712 | &nbsp;&nbsp;&nbsp; 5653206 | &nbsp;&nbsp;&nbsp; $58023354 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 270633 | &nbsp;&nbsp;&nbsp; 2806467 | &nbsp;&nbsp;&nbsp; 356843 | &nbsp;&nbsp;&nbsp; 3600544 |
| Shares redeemed | &nbsp;&nbsp; (6392423) | &nbsp;&nbsp;&nbsp; (66129450) | &nbsp;&nbsp;&nbsp; (6242348) | &nbsp;&nbsp;&nbsp; (64747041) |
|  | &nbsp;&nbsp; 2695016 | &nbsp;&nbsp;&nbsp; $28211729 | &nbsp;&nbsp;&nbsp; (232299) | &nbsp;&nbsp;&nbsp; $(3123143) |
|  | &nbsp;&nbsp; 92113195 | &nbsp;&nbsp;&nbsp; $951932499 | &nbsp;&nbsp;&nbsp; (1290626) | &nbsp;&nbsp;&nbsp; $(1967425) |

---

As of December 31, 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

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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

***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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of BlackRock Strategic Global Bond Fund, Inc. and the Shareholders of BlackRock Systematic Multi-Strategy Fund and the Board of Trustees of BlackRock Funds IV:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of BlackRock Strategic Global Bond Fund, Inc., and subsidiary and of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, (the "Funds"), including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). Such financial statements and financial highlights of BlackRock Strategic Global Bond Fund, Inc. are consolidated as of and for the two years in the period ended December 31, 2025.In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2026

We have served as the auditor of one or more BlackRock investment companies since 1992.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Dividend* <br>*Income*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $721683 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 10194044 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Business* <br>*Income*<br>|
| Systematic Multi-Strategy | &nbsp;&nbsp; $156380 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation* <br>*Interest*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $631843 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 36513789 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name*  | *Dividends-Received* <br>*Deduction*<br>|
| Strategic Global Bond | 0.50<br> % <br>|
| Systematic Multi-Strategy | 3.42 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2025:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $37789860 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 341351307 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>|
| Strategic Global Bond | &nbsp;&nbsp; $17872573 |
| Systematic Multi-Strategy | &nbsp;&nbsp; 307307028 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

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.

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 Asset Management North Asia Limited<sup>(a)</sup>

Hong Kong

BlackRock (Singapore) Limited<sup>(b)</sup>

079912 Singapore

<sup>(a)</sup> For Systematic Multi-Strategy Fund only

<sup>(b)</sup> For Strategic Global Bond Fund only

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**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

2025 BlackRock Annual Financial Statements and Additional Information

------

Disclosure of Investment Sub-Advisory Agreement

The Board of Trustees (the "Board," and the members of which are referred to as "Board Members") of BlackRock Funds IV (the "Trust") met on September 10, 2025 (the "September Meeting") to consider the initial approval of the proposed sub-advisory agreement (the "Sub-Advisory Agreement") between BlackRock Advisors, LLC (the "Manager"), the investment advisor to the BlackRock Systematic Multi-Strategies Fund, a series of the Trust (the "Fund"), and BlackRock Asset Management North Asia Limited (the "Sub-Advisor"), with respect to the Fund. The Sub-Advisory Agreement is substantially similar to the sub-advisory agreements previously approved with respect to certain other funds in the BlackRock Fixed-Income Complex.

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), at the September Meeting, the Board reviewed materials relating to its consideration of the proposed Sub-Advisory Agreement. The Board Members whom are not "interested persons" of the Fund, as defined in the 1940 Act, are considered independent Board members (the "Independent Board Members"). At a meeting on June 5-6, 2025 (the "June Meeting") the Board considered the approval of the continuation of the Fund's investment advisory agreement (the "Advisory Agreement") between the Fund and the Advisor. At the June Meeting, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement for a one-year term ending June 30, 2026. A discussion of the basis for the Board's approval of the Advisory Agreement at the June Meeting is included in the semi-annual shareholder report for the Fund for the period ended June 30, 2025. The factors considered by the Board at the Meeting in connection with the approval of the proposed Sub-Advisory Agreement were substantially the same as the factors considered at the June Meeting with respect to approval of the Advisory Agreement.

Following discussion, the Board, including all of the Independent Board Members, unanimously approved the Sub-Advisory Agreement between the Advisor and the Sub-Advisor, with respect to the Fund, for a two-year term beginning on the effective date of the Sub-Advisory Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, the Board, including the Independent Board Members, was satisfied that the terms of the Sub-Advisory Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

Disclosure of Investment Sub-Advisory Agreement

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| ARS | Argentine Peso |
| 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 |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ABS | Asset-Backed Security |
| ADR | American Depositary Receipt |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds  |
| 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 |
| CME | Chicago Mercantile Exchange  |
| CMT | Constant Maturity Treasury |
| COOIS | Columbia Overnight Interbank Reference Rate |
| CPI | Consumer Price Index |
| CVR | Contingent Value Right |
| DAC | Designated Activity Company  |
| DIP | Debtor-In-Possession |
| ESTR | Euro Short Term Rate |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FEDL | Fed Funds Effective Rate |
| FREMF | Freddie Mac Multifamily Securities |
| HIBOR | Hong Kong Interbank Offered Rate |
| JIBAR | Johannesburg Interbank Average Rate |
| JSC | Joint Stock Company  |
| KLIBOR | Kuala Lumpur Interbank Offered Rate |
| KOSPI | Korea Composite Stock Price Index |
| MIBOR | Mumbai Interbank Offered Rate |
| MSCI | Morgan Stanley Capital International |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind |
| PRIBOR | Prague Interbank Offer Rate |
| 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  |
| 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  |
| STACR | Structured Agency Credit Risk |
| TBA | To-Be-Announced |
| THOR | Thai Overnight Repurchase Rate |
| TIIEFONDEO | MXN - Overnight TIIE Funding Rate  |
| WIBOR | Warsaw Interbank Offered Rate |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

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------

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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.

![](g758511img2e92f0242.jpg)

![](g758511imga89e24de1.jpg)

------

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 – Not Applicable

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

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

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 (the "Exchange Act").

&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 – See Item 2](d758511dncsr.htm#item2)

(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](d758511dex99cert.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](d758511dex99906cert.htm)

------

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 Strategic Global Bond Fund, Inc.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Strategic Global Bond Fund, Inc. |

---

Date: February 24, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Strategic Global Bond Fund, Inc. |

---

Date: February 24, 2026

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Strategic Global Bond Fund, Inc. |

---

Date: February 24, 2026

## 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 Strategic Global Bond Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Strategic Global Bond Fund, Inc.;

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: February 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Strategic Global Bond Fund, Inc.

------

**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 Strategic Global Bond Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Strategic Global Bond Fund, Inc.;

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: February 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Strategic Global Bond Fund, Inc.

## 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 Strategic Global Bond Fund, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 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: February 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Strategic Global Bond Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Strategic Global Bond Fund, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 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: February 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Strategic Global Bond Fund, Inc.

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**.**