# EDGAR Filing Document

**Accession Number:** 0000835620
**File Stem:** 0001193125-23-061395
**Filing Date:** 2023-3
**Character Count:** 481359
**Document Hash:** 4ab5b28dda1b9d6a9ec1d88238ac0ac7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-061395.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001193125-23-061395

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Strategic Global Bond Fund, Inc.
- **CENTRAL INDEX KEY:** 0000835620
- **IRS NUMBER:** 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:** 23709058

**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       |  |

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: (800) 441-7762

Date of fiscal year end: 12/31/2022

Date of reporting period: 12/31/2022

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Item 1 – Report to Stockholders

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

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| | |
|:---|:---|
| ![LOGO](g441652g42l24.jpg)  | **DECEMBER 31, 2022** |

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**2022 Annual Report**

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

&nbsp;&nbsp;&nbsp;**Not FDIC Insured • May Lose Value • No Bank Guarantee**

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended December 31, 2022, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the year as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and heightened uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a level more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but this prospect has not yet been fully priced in by markets. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit **blackrock.com** for further insight about investing in today's markets.

Sincerely,

![LOGO](g441652sig_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

![LOGO](g441652photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of December 31, 2022** | **Total Returns as of December 31, 2022** | **Total Returns as of December 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | 2.31% | (18.11)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | 3.91 | (20.44) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | 6.36 | (14.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (2.99) | (20.09) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month<br>U.S. Treasury Bill Index) | 1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities (ICE BofA 10-Year<br>U.S. Treasury Index) | (5.58) | (16.28) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (2.97) | (13.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;(8.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 3.50 | (11.18) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

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2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

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| | |
|:---|:---|
| | **Page** |
|  [The Markets in Review](#tx441652_1) | 2 |
|  **Annual Report:** |  |
|  [Fund Summary](#tx441652_2) | 4 |
|  [About Fund Performance](#tx441652_3) | 7 |
|  [Disclosure of Expenses](#tx441652_4) | 7 |
|  [The Benefits and Risks of Leveraging](#tx441652_5) | 8 |
|  [Derivative Financial Instruments](#tx441652_6) | 8 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Investments](#tx441652_8) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#tx441652_9) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#tx441652_10) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx441652_11) | 52 |
|  [Financial Highlights](#tx441652_18) | 53 |
|  [Notes to Financial Statements](#tx441652_12) | 57 |
|  [Report of Independent Registered Public Accounting Firm](#tx441652_13) | 71 |
|  [Statement Regarding Liquidity Risk Management Program](#tx441652_14) | 72 |
|  [Director and Officer Information](#tx441652_15) | 73 |
|  [Additional Information](#tx441652_16) | 76 |
|  [Glossary of Terms Used in this Report](#tx441652_17) | 78 |

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![LOGO](g441652g63k41.jpg)

3.0 ------

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| | |
|:---|:---|
| Fund Summary as of December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

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**Investment Objective** 

**BlackRock Strategic Global Bond Fund, Inc.'s (the "Fund")** investment objective is to seek high current income by investing in a global portfolio of fixed income securities denominated in various currencies, including multi-national currency units.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the 12-month period ended December 31, 2022, the Fund outperformed its primary benchmark, the Bloomberg Global Aggregate Bond Index. For the same period, all the Fund's share classes outperformed its custom benchmark, comprised of 80% Bloomberg Global Aggregate ex EM Bond Index and 20% Bloomberg EM ex Korea Bond Index. The following discussion of relative performance pertains to the Fund's primary benchmark.

**What factors influenced performance?** 

The Fund's relatively short stance with respect to U.S. duration (and corresponding interest rate sensitivity) added to performance as Treasury yields rose over the period. Positioning with respect to both developed market and emerging market currencies contributed positively to the Fund's relative performance as the U.S. dollar strengthened over the period. In addition, positioning across developed market interest rates proved additive.

Positioning with respect to emerging market spread assets and interest rates detracted from the Fund's relative performance over the period, along with positioning in U.S. investment grade corporate credit.

The Fund's reported cash position largely reflects the use of short-term derivatives held for risk management purposes as well as to manage exposures. The use of derivatives detracted modestly from the Fund's performance as the Fund's duration and currency exposures were managed throughout the reporting period.

**Describe recent portfolio activity.** 

During the first quarter of 2022, the Fund maintained a defensive posture given the increased macro uncertainty, including the volatile geopolitical environment, elevated inflation and commodity complex backdrop, and global monetary policy tightening. Given these crosscurrents, the Fund held an elevated high-quality allocation across U.S. and non-U.S. investment grade corporate bonds, agency mortgage-backed securities, municipal bonds, and shorter-maturity securitized assets, while keeping the allocation to U.S. and non-U.S. high yield corporate credit towards the lower-end of the Fund's historical range.

Moving into the second quarter of 2022, the Fund maintained a defensive posture as yields rose and spreads widened on the back of concerns around high inflation, global monetary policy tightening and slowing global economic growth. The Fund's duration was actively managed, while favoring Treasury inflation-protected securities ("TIPS") as valuations there appeared attractive. Within spread assets, the Fund preferred high-quality paper, such as U.S. investment grade corporate bonds, municipal bonds and select securitized assets. In addition, the Fund opportunistically rotated out of bank loans and into U.S. high yield corporate credit given attractive spread levels while trimming the overweight to emerging market debt.

Entering the second half of 2022, market dislocations created opportunities to build an efficient fixed income portfolio with an attractive yield and more moderate risk as the Fed remained focused on fighting entrenched inflation regardless of the cost to growth. The Fund increased U.S. duration, particularly in the front-end of the yield curve, and remained overweight the U.S. dollar. Outside of the U.S., the Fund held a tactical short-dated U.K. sovereign position, while remaining less favorable towards European sovereigns. In addition, the Fund held a short position with respect to Japanese long-term government bonds in anticipation of potential policy tightening. Within spread assets, the Fund continued to focus on shorter-maturity, high-quality U.S. and non-U.S. investment grade corporate bonds, as well as high-quality securitized assets. The Fund tactically traded agency MBS as a sharp selloff pushed spreads wider. Finally, the Fund maintained a defensive posture relative to emerging market debt.

**Describe portfolio positioning at period end.** 

At period-end, the Fund's yield curve exposure was focused on shorter maturities. With respect to spread assets, the Fund was most constructive on higher quality sectors of the fixed income market, such as U.S. investment grade corporate bonds, agency MBS and select securitized assets.

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

4 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Fund Summary as of December 31, 2022 (continued) | **BlackRock Strategic Global Bond Fund, Inc.** |

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**TOTAL RETURN BASED ON A $10,000 INVESTMENT**![LOGO](g441652dsp005.jpg)

<sup>(a)</sup> Assuming maximum sales charges, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.

<sup>(b)</sup> The Fund mainly invests in bonds and other fixed income securities that periodically pay interest or dividends. The Fund's total returns prior to September 1, 2015 are the returns of the Fund when it followed different investment strategies under the name BlackRock World Income Fund, Inc. 

<sup>(c)</sup> An unmanaged index that is a measure of global investment grade debt from approximately twenty-four different local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. 

**Performance** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *Standardized<br>30-Day Yields* | *Unsubsidized<br>30-Day Yields* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | 3.31% | 3.11% | (14.85)% | N/A | (0.29)% | N/A | 0.87% | N/A |
|  Investor A | 2.92 | 2.69 | (14.92) | (18.33)% | (0.50) | (1.31)% | 0.63 | 0.22% |
|  Investor C | 2.28 | 2.12 | (15.56) | (16.39) | (1.25) | (1.25) | 0.01 | 0.01 |
|  Class K | 3.35 | 3.26 | (14.67) | N/A | (0.20) | N/A | 0.91 | N/A |
| **Bloomberg Global Aggregate Bond Index** |  |  | (16.25) | N/A | (1.66) | N/A | (0.44) | N/A |
|  **Custom Benchmark<sup>(c)</sup>** |  |  | (16.27) | N/A | (1.62) | N/A | N/A | N/A |

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<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> The Fund's total returns prior to September 1, 2015 are the returns of the Fund when it followed different investment strategies under the name BlackRock World Income Fund, Inc. 

<sup>(c)</sup> A customized performance benchmark comprised of 80% Bloomberg Global Aggregate ex EM Bond Index and 20% Bloomberg EM ex Korea Bond Index. The Bloomberg EM ex Korea Bond Index commenced in June 2013; therefore, it does not have a 10-year return. 

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

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.

**Expense Example** 

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | | |
|  | | | Expenses Paid During the<br>Period | Expenses Paid During the<br>Period | | Including Interest<br>Expense<br>and Fees | Including Interest<br>Expense<br>and Fees | Excluding Interest<br>Expense<br>and Fees | Excluding Interest<br>Expense<br>and Fees | Annualized Expense Ratio | Annualized Expense Ratio |
|  | *Beginning*<br> *Account*<br> *Value*<br> *(07/01/22)* | *Ending*<br> *Account*<br> *Value*<br> *(12/31/22)* | *Including* <br> *Interest* <br> *Expense* <br> *and Fees<sup>(a)</sup>* | *Excluding*<br> *Interest*<br> *Expense*<br> *and Fees* | *Beginning*<br> *Account*<br> *Value*<br> *(07/01/22)* | *Ending*<br> *Account*<br> *Value*<br> *(12/31/22)* | *Expenses* <br> *Paid* <br> *During* <br> *the* <br> *Period<sup>(a)</sup>* | *Ending*<br> *Account*<br> *Value*<br> *(12/31/22)* | *Expenses*<br> *Paid*<br> *During*<br> *the*<br> *Period* | *Including*<br> *Interest*<br> *Expense*<br> *and Fees* | *Excluding*<br> *Interest*<br> *Expense*<br> *and Fees* |
|  Institutional | $1000.00 | $971.00 | $2.88 | $2.68 | $1000.00 | $1022.28 | $2.96 | $1022.48 | $2.75 | 0.58% | 0.54% |
|  Investor A | 1000.00 | 971.50 | 4.12 | 3.93 | 1000.00 | 1021.02 | 4.23 | 1021.22 | 4.02 | 0.83 | 0.79 |
|  Investor C | 1000.00 | 967.80 | 7.84 | 7.64 | 1000.00 | 1017.24 | 8.03 | 1017.44 | 7.83 | 1.58 | 1.54 |
|  Class K | 1000.00 | 973.00 | 2.54 | 2.44 | 1000.00 | 1022.63 | 2.60 | 1022.74 | 2.50 | 0.51 | 0.49 |

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<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

F U N D S U M M A R Y 5

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|:---|:---|
| Fund Summary as of December 31, 2022 (continued) | **BlackRock Strategic Global Bond Fund, Inc.** |

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**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

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| | |
|:---|:---|
| *Asset Type<sup>(a)</sup>* | *Percent of*<br> *Total Investments* |
|  Corporate Bonds | 31.0% |
|  U.S. Government Sponsored Agency Securities | 27.1 |
|  Foreign Agency Obligations | 16.1 |
|  Non-Agency Mortgage-Backed Securities | 5.9 |
|  Asset-Backed Securities | 5.9 |
|  U.S. Treasury Obligations | 5.3 |
|  Investment Companies | 4.2 |
|  Municipal Bonds | 1.9 |
|  Floating Rate Loan Interests | 1.1 |
|  Common Stocks | 1 |
|  Other\* | 0.5 |

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**GEOGRAPHIC ALLOCATION** 

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| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of<br>Total Investments* |
|  United States | 69.9% |
|  China | 5.4 |
|  United Kingdom | 3.7 |
|  Cayman Islands | 3.1 |
|  Japan | 2.4 |
|  Mexico | 2.1 |
|  Netherlands | 1.6 |
|  Italy | 1.6 |
|  Brazil | 1.2 |
|  France | 1.1 |
|  Germany | 1 |
|  Other<sup>#</sup> | 6.9 |

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<sup>(a)</sup> Excludes short-term securities.

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| | |
|:---|:---|
| <sup>#</sup> | Includes holdings within countries/geographic regions that are less than 1.0% of total investments. Please refer to the Schedule of Investments for such countries/geographic regions.  |

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\* Includes one or more investment categories that individually represents less than 1.0% of the Fund's total investments. Please refer to the Schedule of Investments for details. 

6 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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|:---|:---|
| About Fund Performance<br>| **BlackRock Strategic Global Bond Fund, Inc.** |

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**Institutional and Class K Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance shown prior to the Class K Shares inception date of November 13, 2015 is that of Institutional Shares. The performance of the Fund's Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

**Investor A Shares** are subject to a maximum initial sales charge (front-end load) of 4.00% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge ("CDSC") where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

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

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to **blackrock.com** to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the "Manager"), the Fund's investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of the Fund's expenses. Without such waiver(s) and/or reimbursement(s), the Fund's performance would have been lower. With respect to the Fund's voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to the Fund's contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

Disclosure of Expenses

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

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled "Expenses Paid During the Period."

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

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

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 7

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|:---|:---|
| The Benefits and Risks of Leveraging<br>| **BlackRock Strategic Global Bond Fund, Inc.** |

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The Fund 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 the Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Fund (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Fund's shareholders benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is distributed to the Fund's shareholders, and the value of these portfolio holdings is reflected in the 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 the Fund's return on assets purchased with leverage proceeds, income to shareholders is lower than if the Fund had not used leverage.

Furthermore, the value of the 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 the Fund's NAV positively or negatively in addition to the impact on the Fund's performance from leverage. Changes in the direction of interest rates are difficult to predict accurately, and there is no assurance that the Fund's leveraging strategy will be successful.

The use of leverage also generally causes greater changes in the 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 the Fund's shares than if the Fund was not leveraged. In addition, the 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 the Fund's ability to invest in certain types of securities or use certain types of hedging strategies. The Fund incurs expenses in connection with the use of leverage, all of which are borne by the Fund's shareholders and may reduce income.

Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund 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 Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

8 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments <br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities** |  |  |  |
| **Cayman Islands<sup>(a)(b)</sup> — 2.7%** |  |  |  |
|  AGL CLO 3 Ltd., Series 2020-3A, Class A, (3 mo. LIBOR US + 1.30%), 5.38%, 01/15/33 | USD | 250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234946 |
|  Allegro CLO VI Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.13%), 5.21%, 01/17/31 |  | 400 | 392451 |
|  ALM Ltd., Series 2020-1A, Class A2, (3 mo. LIBOR US + 1.85%), 5.93%, 10/15/29 |  | 250 | 242968 |
|  Apidos CLO XXXVI, Series 2021-36A, Class B, (3 mo. LIBOR US + 1.60%), 5.84%, 07/20/34 |  | 250 | 238843 |
|  Ares XXXVII CLO Ltd., Series 2015-4A, Class A1R, (3 mo. LIBOR US + 1.17%), 5.25%, 10/15/30 |  | 400 | 395856 |
|  Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, (3 mo. LIBOR US + 0.97%), 5.21%, 07/20/30 |  | 590 | 583542 |
|  Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, (3 mo. LIBOR US + 1.10%), 5.34%, 01/20/31 |  | 500 | 492985 |
|  Carlyle Global Market Strategies CLO Ltd., Series 2014- 3RA, Class A1B, (3 mo. LIBOR US + 1.30%), 5.66%, 07/27/31 |  | 1000 | 969755 |
|  Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, (3 mo. LIBOR US + 1.65%), 5.73%, 07/17/34 |  | 250 | 238663 |
|  CBAM Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.25%), 5.49%, 07/20/30 |  | 399 | 394430 |
|  CIFC Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A, Class A1R2, (3 mo. LIBOR US + 1.20%), 5.52%, 10/22/31 |  | 1500 | 1480122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A, Class A1R2, (3 mo. LIBOR US + 1.20%), 5.28%, 10/17/31 |  | 2000 | 1975354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A2, (3 mo. LIBOR US + 1.60%), 5.84%, 04/20/31 |  | 250 | 243420 |
|  Dryden 37 Senior Loan Fund, Series 2015-37A, Class AR, (3 mo. LIBOR US + 1.10%), 5.18%, 01/15/31 |  | 750 | 740150 |
|  Dryden 49 Senior Loan Fund, Series 2017-49, Class AR, (3 mo. LIBOR US + 0.95%), 5.14%, 07/18/30 |  | 746 | 737372 |
|  Eaton Vance CLO Ltd., Series 2018-1A, Class A2, (3 mo. LIBOR US + 1.45%), 5.53%, 10/15/30 |  | 250 | 240451 |
|  Elmwood CLO IV Ltd., Series 2020-1A, Class A, (3 mo. LIBOR US + 1.24%), 5.32%, 04/15/33 |  | 500 | 492004 |
|  Gulf Stream Meridian 4 Ltd., Series 2021-4A, Class A2, (3 mo. LIBOR US + 1.85%), 5.93%, 07/15/34 |  | 250 | 240644 |
|  Jamestown CLO XV Ltd., Series 2020-15A, Class A, (3 mo. LIBOR US + 1.34%), 5.42%, 04/15/33 |  | 1000 | 974798 |
|  Madison Park Funding XI Ltd., Series 2013-11A, Class AR2, (3 mo. LIBOR US + 0.90%), 5.22%, 07/23/29 |  | 969 | 956216 |
|  Mariner CLO LLC, Series 2016-3A, Class CR, (3 mo. LIBOR US + 2.05%), 6.37%, 07/23/29 |  | 250 | 238861 |
|  Neuberger Berman Loan Advisers CLO 46 Ltd., Series 2021- 46A, Class B, (3 mo. LIBOR US + 1.65%), 5.89%, 01/20/36 |  | 250 | 237445 |
|  OCP CLO Ltd., Series 2013-4A, Class BRR, (3 mo. LIBOR US + 1.90%), 6.22%, 04/24/29 |  | 250 | 242013 |
|  Octagon Investment Partners 36 Ltd., Series 2018-1A, Class A1, (3 mo. LIBOR US + 0.97%), 5.05%, 04/15/31 |  | 750 | 738775 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Cayman Islands (continued)** |  |  |  |
|  OHA Credit Funding 3 Ltd., Series 2019-3A, Class BR, (3 mo. LIBOR US + 1.65%), 5.89%, 07/02/35 | USD | 1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956631 |
|  OHA Credit Funding 5 Ltd., Series 2020-5A, Class A2A, (3 mo. LIBOR US + 1.45%), 5.64%, 04/18/33 |  | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287867 |
|  Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class DR, (3 mo. LIBOR US + 6.81%), 11.46%, 02/14/34 |  | 250 | 213827 |
|  RR 3 Ltd., Series 2018, Class 3A, (3 mo. LIBOR US + 1.40%), 5.48%, 01/15/30 |  | 1125 | 1094653 |
|  Symphony CLO XIX Ltd., Series 2018-19A, Class A, (3 mo. LIBOR US + 0.96%), 5.04%, 04/16/31 |  | 500 | 492836 |
|  TICP CLO XII Ltd., Series 2018-12A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/34 |  | 325 | 310890 |
|  Trestles CLO Ltd., Series 2017-1A, Class A1R, (3 mo. LIBOR US + 0.99%), 5.35%, 04/25/32 |  | 250 | 244595 |
|  Trimaran CAVU Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class B, (3 mo. LIBOR US + 2.20%), 6.44%, 07/20/32 |  | 250 | 243519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class C1, (3 mo. LIBOR US + 3.15%), 7.39%, 07/20/32 |  | 500 | 479822 |
|  Venture 39 CLO Ltd., Series 2020-39A, Class A1, (3 mo. LIBOR US + 1.28%), 5.36%, 04/15/33 |  | 335 | 324785 |
|  Whitebox CLO I Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 3.05%), 7.37%, 07/24/32 |  | 500 | 464754 |
|  |  |  | 18836243 |
| **Denmark — 0.0%** |  |  |  |
|  Red & Black Auto Germany 8 UG, Series 8, Class B, (1 mo. EURIBOR + 0.75%), 2.44%, 09/15/30<sup>(a)(c)</sup> | EUR | 100 | 104814 |
| **Ireland<sup>(a)(c)</sup> — 0.1%** |  |  |  |
|  Avoca CLO XXII DAC, Series 22X, Class B1, (3 mo. EURIBOR + 1.30%), 2.68%, 04/15/35 |  | 100 | 99350 |
|  CVC Cordatus Loan Fund IV DAC, Series 4X, Class BR1, (3 mo. EURIBOR + 1.30%), 3.12%, 02/22/34 |  | 100 | 99130 |
|  Henley CLO IV DAC, Series 4X, Class B1, (3 mo. EURIBOR + 1.35%), 2.89%, 04/25/34 |  | 100 | 98086 |
|  |  |  | 296566 |
| **Spain — 0.0%** |  |  |  |
|  Autonoria Spain FT, Series 2021-SP, Class B, (1 mo. EURIBOR + 0.80%), 2.69%, 01/31/39<sup>(a)(c)</sup> |  | 166 | 173181 |
| **United States — 2.8%** |  |  |  |
|  AccessLex Institute, Series 2007-A, Class A3, (3 mo. LIBOR US + 0.30%), 5.06%, 05/25/36<sup>(a)</sup> | USD | 75 | 72334 |
|  Anchorage Capital CLO 3-R Ltd., Series 2014-3RA, Class A, (3 mo. LIBOR US + 1.05%), 5.42%, 01/28/31<sup>(a)(b)</sup> |  | 392 | 387795 |
|  Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, (3 mo. LIBOR US + 1.05%), 5.42%, 01/28/31<sup>(a)(b)</sup> |  | 392 | 387409 |
|  Apidos CLO XII, Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.08%), 5.16%,<br>04/15/31<sup>(a)(b)</sup> |  | 500 | 492394 |
|  Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/46<sup>(b)</sup> |  | 64 | 58607 |
|  BHG Securitization Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 1.42%, 11/17/33 |  | 97 | 90481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 2.79%, 11/17/33 |  | 100 | 83765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C, 3.08%, 02/20/35 |  | 200 | 166063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C, Class A, 5.32%, 10/17/35 |  | 186 | 184508 |

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S C H E D U L E O F I N V E S T M E N T S 9

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Chenango Park CLO Ltd., Series 2018-1A, Class A2, (3 mo. LIBOR US + 1.55%), 5.63%, 04/15/30<sup>(a)(b)</sup> | USD | 1018 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983083 |
|  CIFC Funding Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.75%), 5.83%, 07/16/30 |  | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, (3 mo. LIBOR US + 1.00%), 5.19%, 04/18/31 |  | 400 | 393805 |
|  Concord Music Royalties LLC, Series 2022-1A, Class A2, 6.50%, 01/20/73<sup>(b)</sup> |  | 339 | 331016 |
|  Dryden 53 CLO Ltd., Series 2017-53A, Class A, (3 mo. LIBOR US + 1.12%), 5.20%, 01/15/31<sup>(a)(b)</sup> |  | 600 | 592622 |
|  Foundation Finance Trust, Series 2021-2A, Class A, 2.19%, 01/15/42<sup>(b)</sup> |  | 204 | 186899 |
|  Generate CLO 2 Ltd., Series 2A, Class AR, (3 mo. LIBOR US + 1.15%), 5.47%,<br>01/22/31<sup>(a)(b)</sup> |  | 600 | 592608 |
|  Goldman Home Improvement Trust Issuer Trust, Series 2022-GRN2, Class A, 6.80%, 10/25/52<sup>(b)</sup> |  | 180 | 179996 |
|  GoodLeap Sustainable Home Solutions Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3CS, Class A, 2.10%, 05/20/48 |  | 417 | 296356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3CS, Class A, 4.95%, 07/20/49 |  | 219 | 202307 |
|  Gracie Point International Funding<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, (30 day SOFR + 2.75%), 6.80%, 07/01/24 |  | 286 | 286042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class B, (30 day SOFR + 3.35%), 7.40%, 07/01/24 |  | 154 | 154023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A, 7.30%, 11/01/24 |  | 228 | 228186 |
|  Hipgnosis Music Assets LP, Series 2022-1, Class A, 5.00%, 05/16/62<sup>(b)</sup> |  | 385 | 354219 |
|  Kapitus Asset Securitization LLC, Series 2022-1A, Class A, 3.38%, 07/10/28<sup>(b)</sup> |  | 334 | 309773 |
|  LCM 26 Ltd., Series 26A, Class A1, (3 mo. LIBOR US + 1.07%), 5.31%, 01/20/31<sup>(a)(b)</sup> |  | 600 | 592427 |
|  LendingPoint Pass-Through Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ST1, Class A, 2.50%, 03/15/28 |  | 59 | 55783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-ST2, Class A, 3.25%, 04/15/28 |  | 68 | 64752 |
|  Lendmark Funding Trust, Series 1A, Class A, 5.12%, 07/20/32<sup>(b)</sup> |  | 301 | 290848 |
|  Loanpal Solar Loan Ltd., Series 2020-2GF, Class A, 2.75%, 07/20/47<sup>(b)</sup> |  | 89 | 73396 |
|  Mariner Finance Issuance Trust, Series 2022-AA, Class A, 6.45%, 10/20/37<sup>(b)</sup> |  | 250 | 248232 |
|  Mercury Financial Credit Card Master Trust, Series 2022-1A, Class A, 2.50%, 09/21/26<sup>(b)</sup> |  | 935 | 888922 |
|  Mosaic Solar Loan Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 4.38%, 01/21/53 |  | 97 | 91472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A, 6.16%, 06/20/53 |  | 100 | 99722 |
|  Navient Private Education Refi Loan Trust,<br>Series 2021-DA, Class A, (Prime - 1.99%),<br> 5.01%, 04/15/60<sup>(a)(b)</sup> |  | 406 | 373451 |
|  Nelnet Student Loan Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B, 2.90%, 04/20/62 |  | 450 | 358550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class C, 3.50%, 04/20/62 |  | 100 | 77970 |
|  OneMain Financial Issuance Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A, 3.14%, 10/14/36 |  | 100 | 89238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 4.89%, 10/14/34 |  | 280 | 273329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class B, 5.24%, 10/14/34 |  | 380 | 368527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3A, Class A, 5.94%, 05/15/34 |  | 682 | 678975 |
|  Oportun Issuance Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A, 1.47%, 05/08/31 |  | 190 | 165951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class A, 2.18%, 10/08/31 |  | 680 | 594873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class B, 2.67%, 10/08/31 |  | 305 | 264741 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Regional Management Issuance Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 6.57%, 11/17/32 | USD | 325 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A, 3.07%, 03/15/32 |  | 182 | 166025 |
|  Republic Finance Issuance Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 2.30%, 12/22/31 |  | 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class B, 2.80%, 12/22/31 |  | 136 | 118837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class C, 3.53%, 12/22/31 |  | 100 | 86871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 5.23%, 12/22/31 |  | 800 | 654564 |
|  Rockford Tower CLO Ltd., Series 2017-3A, Class A, (3 mo. LIBOR US + 1.19%), 5.43%, 10/20/30<sup>(a)(b)</sup> |  | 400 | 394400 |
|  RR 3 Ltd., Series 2018-3A, Class A1R2, (3 mo. LIBOR US + 1.09%), 5.17%, 01/15/30<sup>(a)(b)</sup> |  | 400 | 395532 |
|  Service Experts Issuer LLC, Series 2021-1A, Class A, 2.67%, 02/02/32<sup>(b)</sup> |  | 302 | 274305 |
|  Shackleton CLO Ltd., Series 2013-3A, Class AR, (3 mo. LIBOR US + 1.12%), 5.20%, 07/15/30<sup>(a)(b)</sup> |  | 398 | 390096 |
|  Steele Creek CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.25%), 5.33%, 10/15/30<sup>(a)(b)</sup> |  | 400 | 393030 |
|  Tiaa CLO III Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.15%), 5.23%, 01/16/31<sup>(a)(b)</sup> |  | 400 | 391452 |
|  TICP CLO XV Ltd., Series 2020-15A, Class A, (3 mo. LIBOR US + 1.28%), 5.52%, 04/20/33<sup>(a)(b)</sup> |  | 1750 | 1725467 |
|  Voya CLO Ltd., Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.13%), 5.21%, 10/15/30<sup>(a)(b)</sup> |  | 400 | 395034 |
|  |  |  | 19888160 |
|  **Total Asset-Backed Securities — 5.6%<br>(Cost: $40,780,560)** |  |  | 39298964 |
|  |  | *Shares* |  |
|  **Common Stocks** |  |  |  |
|  **Australia — 0.0%** |  |  |  |
|  Glencore PLC |  | 4738 | 31596 |
| **Canada — 0.0%** |  |  |  |
|  Lululemon Athletica, Inc.<sup>(d)</sup> |  | 416 | 133278 |
| **France — 0.0%** |  |  |  |
|  LVMH Moet Hennessy Louis Vuitton SE |  | 179 | 130257 |
| **Germany — 0.1%** |  |  |  |
|  Commerzbank AG<sup>(d)</sup> |  | 2322 | 21710 |
|  Mercedes-Benz Group AG, Registered Shares |  | 2630 | 171988 |
|  |  |  | 193698 |
| **Netherlands — 0.0%** |  |  |  |
|  Shell PLC |  | 4312 | 122277 |
| **United Kingdom — 0.0%** |  |  |  |
|  BP PLC, ADR |  | 1636 | 57145 |
|  Genius Sports Ltd.<sup>(d)</sup> |  | 26450 | 94427 |
|  |  |  | 151572 |
| **United States — 0.9%** |  |  |  |
|  Abbott Laboratories |  | 464 | 50943 |
|  Adobe, Inc.<sup>(d)</sup> |  | 763 | 256772 |
|  Alcoa Corp. |  | 600 | 27282 |
|  Align Technology, Inc.<sup>(d)</sup> |  | 121 | 25519 |
|  Alphabet, Inc., Class C<sup>(d)</sup> |  | 680 | 60336 |
|  Archer-Daniels-Midland Co. |  | 1469 | 136397 |
|  Booking Holdings, Inc.<sup>(d)</sup> |  | 22 | 44336 |

---

10 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | | |
|:---|:---|:---|:---|
| *Security* | *<br>Shares* | *<br>Shares* | *Value* |
| **United States (continued)** |  |  |  |
|  Bunge Ltd. |  | 1295 | $129202 |
|  Cap Hill Brands<sup>(e)</sup> |  | 265896 | 420116 |
|  CF Industries Holdings, Inc. |  | 933 | 79492 |
|  Chesapeake Energy Corp. |  | 2645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249609 |
|  Chubb Ltd. |  | 383 | 84490 |
|  Coterra Energy, Inc. |  | 2100 | 51597 |
|  Crowdstrike Holdings, Inc., Class A<sup>(d)</sup> |  | 345 | 36325 |
|  CVS Health Corp. |  | 742 | 69147 |
|  Datadog, Inc., Class A<sup>(d)</sup> |  | 976 | 71736 |
|  Devon Energy Corp. |  | 1342 | 82546 |
|  Domino's Pizza, Inc. |  | 391 | 135442 |
|  Dynatrace, Inc.<sup>(d)</sup> |  | 3742 | 143319 |
|  Element Solutions, Inc. |  | 6664 | 121218 |
|  Eli Lilly & Co. |  | 329 | 120361 |
|  Energy Transfer LP |  | 8015 | 95138 |
|  EQT Corp. |  | 4922 | 166511 |
|  Exxon Mobil Corp. |  | 347 | 38274 |
|  Freeport-McMoRan, Inc. |  | 2101 | 79838 |
|  Halliburton Co. |  | 8523 | 335380 |
|  Health Care Select Sector SPDR Fund |  | 3733 | 507128 |
|  Humana, Inc. |  | 74 | 37902 |
|  Intuit, Inc. |  | 490 | 190718 |
|  KLA Corp. |  | 204 | 76914 |
|  Marathon Oil Corp. |  | 928 | 25121 |
|  Marathon Petroleum Corp. |  | 1806 | 210200 |
|  McDonald's Corp. |  | 267 | 70363 |
|  McKesson Corp. |  | 273 | 102408 |
|  Micron Technology, Inc. |  | 2575 | 128698 |
|  Microsoft Corp. |  | 300 | 71946 |
|  Mr. Cooper Group, Inc.<sup>(d)</sup> |  | 2113 | 84795 |
|  Northrop Grumman Corp. |  | 217 | 118397 |
|  Otis Worldwide Corp. |  | 436 | 34143 |
|  Ovintiv, Inc. |  | 605 | 30680 |
|  Phillips 66 |  | 1974 | 205454 |
|  Planet Labs PBC |  | 19680 | 85608 |
|  Proof Acquisition Corp.<sup>(e)</sup> |  | 4080 | 4610 |
|  Rockwell Automation, Inc. |  | 173 | 44560 |
|  RXO, Inc.<sup>(d)</sup> |  | 372 | 6398 |
|  Salesforce, Inc.<sup>(d)</sup> |  | 1379 | 182842 |
|  Sarcos Technology & Robotics Corp.<sup>(d)</sup> |  | 1832 | 1028 |
|  Schlumberger Ltd. |  | 1713 | 91577 |
|  ServiceNow, Inc.<sup>(d)</sup> |  | 106 | 41157 |
|  Tesla, Inc.<sup>(d)</sup> |  | 632 | 77850 |
|  United Rentals, Inc.<sup>(d)</sup> |  | 392 | 139325 |
|  Valero Energy Corp. |  | 419 | 53154 |
|  Walt Disney Co.<sup>(d)</sup> |  | 1297 | 112683 |
|  XPO Logistics, Inc.<sup>(d)</sup> |  | 372 | 12384 |
|  |  |  | 5859369 |
|  **Total Common Stocks — 1.0%<br>(Cost: $6,921,843)** |  |  | 6622047 |
|  |  | *Par<br>(000)* |  |
|  **Corporate Bonds** |  |  |  |
| **Argentina — 0.1%** |  |  |  |
|  Generacion Mediterranea SA/Central Termica Roca SA, 9.88%, 12/01/27<sup>(b)</sup> | USD | 342 | 212477 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Argentina (continued)** |  |  |  |
|  Genneia SA, 8.75%, 09/02/27<sup>(b)</sup> | USD | 66 | $63877 |
|  YPF SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 09/30/33<sup>(c)(f)</sup> |  | 14 | 9472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/47<sup>(b)</sup> |  | 167 | 99709 |
|  |  |  | 385535 |
| **Australia — 0.1%** |  |  |  |
|  AusNet Services Holdings Pty. Ltd., 1.50%, 02/26/27<sup>(c)</sup>  | EUR | 100 | 96300 |
|  FMG Resources August Pty. Ltd., 6.13%, 04/15/32<sup>(b)</sup> | USD | 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249937 |
|  |  |  | 346237 |
| **Austria — 0.4%** |  |  |  |
|  BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, 0.38%, 09/03/27<sup>(c)</sup> | EUR | 800 | 718436 |
|  Erste Group Bank AG<sup>(a)(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year EURIBOR ICE Swap Rate + 1.10%), 0.88%, 11/15/32 |  | 800 | 678629 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year EURIBOR ICE Swap Rate + 1.30%), 1.00%, 06/10/30 |  | 500 | 471356 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year EURIBOR ICE Swap Rate + 2.10%), 1.63%, 09/08/31 |  | 100 | 92497 |
|  Klabin Austria GmbH, 3.20%, 01/12/31<sup>(b)</sup> | USD | 200 | 161000 |
|  Suzano Austria GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/14/26<sup>(b)</sup> |  | 200 | 200538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/30 |  | 200 | 187100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/32 |  | 248 | 193130 |
|  |  |  | 2702686 |
| **Belgium<sup>(c)</sup> — 0.2%** |  |  |  |
|  Anheuser-Busch InBev SA, 4.00%, 09/24/25 | GBP | 100 | 118700 |
|  KBC Group NV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/25/24 | EUR | 400 | 419678 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year UK Government Bond + 0.92%), 1.25%, 09/21/27<sup>(a)</sup> | GBP | 100 | 102927 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year EUR Swap + 0.95%), 0.63%, 12/07/31<sup>(a)</sup> | EUR | 600 | 530772 |
|  |  |  | 1172077 |
| **Bermuda — 0.0%** |  |  |  |
|  Digicel Group Holdings Ltd., (8.00% Cash or 3.00% PIK), 8.00%, 04/01/25<sup>(b)(g)</sup> | USD | 144 | 36757 |
| **Brazil — 0.1%** |  |  |  |
|  BRF GmbH, 4.35%, 09/29/26<sup>(b)</sup> |  | 306 | 276605 |
|  Gol Finance SA, 7.00%, 01/31/25<sup>(b)</sup> |  | 120 | 52223 |
|  Odebrecht Offshore Drilling Finance Ltd., (7.72% PIK), 7.72%, 12/01/26<sup>(b)(g)</sup> |  | — <sup>(h)</sup> | 27 |
|  Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25<sup>(g)</sup> |  | 137 | 22930 |
|  |  |  | 351785 |
| **Canada — 0.5%** |  |  |  |
|  Alimentation Couche-Tard, Inc., 1.88%, 05/06/26<sup>(c)</sup> | EUR | 500 | 494673 |
|  Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29<sup>(b)</sup> | USD | 65 | 50789 |
|  Open Text Corp., 6.90%, 12/01/27<sup>(b)</sup> |  | 120 | 120000 |
|  Rogers Communications, Inc., 3.80%, 03/15/32<sup>(b)</sup> |  | 402 | 346907 |
|  Toronto-Dominion Bank<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/25/24 | EUR | 2065 | 2127369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/05/27 | GBP | 100 | 109681 |
|  |  |  | 3249419 |

---

S C H E D U L E O F I N V E S T M E N T S 11

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Cayman Islands — 0.3%** |  |  |  |
|  Agile Group Holdings Ltd., 5.75%, 01/02/25<sup>(c)</sup> | USD | 200 | $104966 |
|  Fantasia Holdings Group Co. Ltd., 11.88%, 06/01/23<sup>(c)(d)(i)</sup> |  | 200 | 15500 |
|  Gaci First Investment Co., 5.00%, 10/13/27<sup>(c)</sup> |  | 1110 | 1110155 |
|  IHS Holding Ltd., 5.63%, 11/29/26<sup>(b)</sup> |  | 224 | 185892 |
|  Melco Resorts Finance Ltd., 5.25%, 04/26/26<sup>(c)</sup> |  | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175500 |
|  Modern Land China Co. Ltd., 9.80%,<br>04/11/23<sup>(c)(d)(i)</sup> |  | 200 | 11500 |
|  Redsun Properties Group Ltd., 9.70%, 04/16/23<sup>(c)(d)(i)</sup> |  | 200 | 18500 |
|  Shelf Drilling North Sea Holdings Ltd., 10.25%, 10/31/25<sup>(b)</sup> |  | 177 | 174323 |
|  |  |  | 1796336 |
|  **Chile — 0.0%** |  |  |  |
|  Kenbourne Invest SA, 6.88%, 11/26/24<sup>(b)</sup> |  | 225 | 212527 |
| **China — 0.0%** |  |  |  |
|  China Evergrande Group, 9.50%,<br>04/11/22<sup>(c)(d)(i)</sup> |  | 200 | 13500 |
|  **Colombia — 0.2%** |  |  |  |
|  Ecopetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/18/23 |  | 70 | 69440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/16/25 |  | 349 | 331724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/29/30 |  | 663 | 600015 |
|  Grupo Aval Ltd., 4.38%, 02/04/30<sup>(b)</sup> |  | 200 | 161600 |
|  Oleoducto Central SA, 4.00%, 07/14/27<sup>(c)</sup> |  | 242 | 212476 |
|  |  |  | 1375255 |
|  **Denmark — 0.0%** |  |  |  |
|  Danske Bank A/S, (1 year EUR Swap + 0.85%), 1.38%, 02/17/27<sup>(a)(c)</sup> | EUR | 300 | 292037 |
|  **Finland — 0.2%** |  |  |  |
|  OP Corporate Bank PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/24/26 |  | 1150 | 1088047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 01/18/27 |  | 130 | 120692 |
|  |  |  | 1208739 |
|  **France — 0.7%** |  |  |  |
|  Banque Federative du Credit Mutuel SA, 0.75%, 06/08/26<sup>(c)</sup> |  | 100 | 96755 |
|  BNP Paribas SA<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/23/26 | GBP | 100 | 113490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/14/27 |  | 100 | 101251 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 0.70%), 0.25%, 04/13/27<sup>(a)</sup> | EUR | 600 | 560540 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 0.73%), 0.50%, 02/19/28<sup>(a)</sup> |  | 200 | 181966 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 0.83%), 0.50%, 01/19/30<sup>(a)</sup> |  | 300 | 252935 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year EUR Swap + 1.20%), 1.13%, 01/15/32<sup>(a)</sup> |  | 100 | 90110 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year EUR Swap + 1.85%), 2.38%, 11/20/30<sup>(a)</sup> |  | 1000 | 990382 |
|  BPCE SA<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/15/26 |  | 200 | 193373 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year EUR Swap + 1.75%), 2.25%, 03/02/32<sup>(a)</sup> |  | 400 | 378604 |
|  Credit Agricole Assurances SA, (5 year EURIBOR ICE Swap Rate + 2.65%), 2.63%, 01/29/48<sup>(a)(c)</sup> |  | 300 | 280528 |
|  Credit Agricole SA<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/14/26 |  | 100 | 99231 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 1.25%), 1.00%, 04/22/26<sup>(a)</sup> |  | 100 | 99764 |
|  Engie SA, 2.13%, 03/30/32<sup>(c)</sup> |  | 100 | 91037 |
|  PSA Banque France SA, 0.00%, 01/22/25<sup>(c)</sup> |  | 100 | 98610 |
|  Sabena Technics Sas, (Acquired 10/28/22, Cost: $335,087), 1.00%, 09/30/29<sup>(a)(e)(j)</sup> |  | 342 | 366094 |
|  Societe Generale SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/03/24<sup>(c)</sup> | GBP | 100 | 113980 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year EUR Swap + 1.55%), 1.00%, 11/24/30<sup>(a)</sup> | EUR | 800 | 750811 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **France (continued)** |  |  |  |
|  TotalEnergies Capital International SA<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/12/23 | EUR | 100 | $105658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66%, 07/22/26 | GBP | 100 | 108554 |
|  Veolia Environnement SA, (5 year EURIBOR ICE Swap Rate + 2.15%), 1.63%<sup>(a)(c)(k)</sup> | EUR | 100 | 92059 |
|  |  |  | 5165732 |
| **Germany<sup>(c)</sup> — 0.7%** |  |  |  |
|  Bayer AG, 1.38%, 07/06/32 |  | 500 | 420405 |
|  Commerzbank AG<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 1.30%), 0.75%, 03/24/26 |  | 100 | 97807 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year EUR Swap + 1.73%), 1.38%, 12/29/31 |  | 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778242 |
|  Covestro AG, 0.88%, 02/03/26 |  | 60 | 58668 |
|  Deutsche Bank AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/16/24 | GBP | 100 | 112253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/17/25 | EUR | 600 | 609895 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SONIA + 1.94%), 4.00%, 06/24/26<sup>(a)</sup> | GBP | 100 | 113166 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 1.38%), 1.88%, 02/23/28<sup>(a)</sup> | EUR | 200 | 187184 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 1.93%), 3.25%, 05/24/28<sup>(a)</sup> |  | 500 | 493927 |
|  E.ON SE, 0.38%, 09/29/27 |  | 75 | 70168 |
|  Fraport AG Frankfurt Airport Services Worldwide, 1.88%, 03/31/28 |  | 115 | 105609 |
|  LEG Immobilien SE, 0.88%, 11/28/27 |  | 100 | 88556 |
|  Merck Financial Services GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 12/15/23 |  | 200 | 208017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/16/25 |  | 100 | 99029 |
|  Merck KGaA, (5 year EURIBOR ICE Swap Rate + 1.95%), 1.63%, 06/25/79<sup>(a)</sup> |  | 200 | 201435 |
|  RWE AG, 2.50%, 08/24/25 |  | 200 | 208198 |
|  Schaeffler AG, 1.88%, 03/26/24 |  | 10 | 10433 |
|  Volkswagen Bank GmbH, 2.50%, 07/31/26 |  | 200 | 199636 |
|  Volkswagen Financial Services AG, 0.88%, 01/31/28 |  | 200 | 177477 |
|  Volkswagen Leasing GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/16/23 |  | 100 | 106769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/20/26 |  | 225 | 208443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/19/29 |  | 40 | 32947 |
|  Vonovia SE, 0.38%, 06/16/27 |  | 200 | 175554 |
|  |  |  | 4763818 |
| **Hong Kong — 0.0%** |  |  |  |
|  Yango Justice International Ltd., 7.50%, 04/15/24<sup>(c)(d)(i)</sup>  | USD | 200 | 3000 |
| **India — 0.0%** |  |  |  |
|  ReNew Power Pvt Ltd., 5.88%, 03/05/27<sup>(c)</sup> |  | 200 | 191100 |
| **Ireland<sup>(c)</sup> — 0.1%** |  |  |  |
|  Fresenius Finance Ireland PLC, 0.88%, 10/01/31 | EUR | 486 | 361113 |
|  Linde PLC, 1.00%, 09/30/51 |  | 200 | 118715 |
|  |  |  | 479828 |
| **Isle of Man — 0.0%** |  |  |  |
|  AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 | USD | 204 | 177008 |
| **Italy<sup>(c)</sup> — 0.5%** |  |  |  |
|  ASTM SpA, 1.00%, 11/25/26 | EUR | 1290 | 1181066 |
|  Enel Finance International NV, 0.00%, 06/17/24 |  | 300 | 305502 |
|  Eni SpA, 3.63%, 01/29/29 |  | 600 | 636142 |
|  FCA Bank SpA, 0.25%, 02/28/23 |  | 639 | 681729 |
|  Intesa Sanpaolo SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/04/24 |  | 100 | 101519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/24/31 |  | 600 | 476802 |
|  Snam SpA, 0.00%, 08/15/25 |  | 290 | 281531 |
|  |  |  | 3664291 |

---

12 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Japan — 0.4%** |  |  |  |
|  Asahi Group Holdings Ltd.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.01%, 04/19/24 | EUR | 930 | $949999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.16%, 10/23/24 |  | 200 | 200665 |
|  East Japan Railway Co.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 09/08/25 |  | 200 | 208070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 04/13/33 |  | 360 | 319796 |
|  Nissan Motor Co. Ltd.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/17/26 |  | 100 | 99218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/28 |  | 100 | 93715 |
|  Nomura Holdings, Inc., 5.10%, 07/03/25 | USD | 200 | 197799 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/28 |  | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/31/30 |  | 600 | 489750 |
|  |  |  | 2955600 |
|  **Jersey — 0.1%** |  |  |  |
|  Aptiv PLC, 3.10%, 12/01/51 |  | 45 | 26595 |
|  Heathrow Funding Ltd., 2.63%, 03/16/28<sup>(c)</sup> | GBP | 735 | 712659 |
|  |  |  | 739254 |
|  **Lithuania — 0.0%** |  |  |  |
|  ASG Finance Designated Activity Co., 7.88%, 12/03/24<sup>(b)</sup> | USD | 302 | 291430 |
|  **Luxembourg — 0.8%** |  |  |  |
|  Atento Luxco 1 SA, 8.00%, 02/10/26<sup>(c)</sup> |  | 53 | 28332 |
|  CSN Resources SA, 5.88%, 04/08/32<sup>(b)</sup> |  | 200 | 167000 |
|  EIG Pearl Holdings SARL, 4.39%, 11/30/46<sup>(b)</sup> |  | 632 | 483796 |
|  GOL Equity Finance SA, 3.75%, 07/15/24<sup>(b)(l)</sup> |  | 282 | 134373 |
|  Highland Holdings SARL, 0.32%, 12/15/26 | EUR | 420 | 393363 |
|  MC Brazil Downstream Trading SARL, 7.25%, 06/30/31<sup>(b)</sup> | USD | 321 | 263421 |
|  Prologis International Funding II SA, 2.38%, 11/14/30<sup>(c)</sup>  | EUR | 440 | 400087 |
|  Repsol Europe Finance SARL, 0.88%, 07/06/33<sup>(c)</sup> |  | 300 | 230945 |
|  SELP Finance SARL, 0.88%, 05/27/29<sup>(c)</sup> |  | 590 | 474490 |
|  SES SA, 2.00%, 07/02/28<sup>(c)</sup> |  | 408 | 371948 |
|  Simpar Europe SA, 5.20%, 01/26/31<sup>(b)</sup> | USD | 306 | 228444 |
|  Traton Finance Luxembourg SA<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/14/24 | EUR | 2000 | 2018067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/10/24 |  | 400 | 396379 |
|  |  |  | 5590645 |
|  **Malaysia — 0.0%** |  |  |  |
|  TNB Global Ventures Capital Bhd, 4.85%, 11/01/28<sup>(c)</sup> | USD | 200 | 192037 |
| **Mauritius — 0.1%** |  |  |  |
|  Greenko Mauritius Ltd., 6.25%, 02/21/23<sup>(c)</sup> |  | 200 | 198500 |
|  HTA Group Ltd., 7.00%, 12/18/25<sup>(b)</sup> |  | 205 | 188190 |
|  |  |  | 386690 |
|  **Mexico — 0.4%** |  |  |  |
|  Axtel SAB de CV, 6.38%, 11/14/24<sup>(b)</sup> |  | 239 | 194904 |
|  Banco Mercantil del Norte SA, (10 year CMT + 5.03%), 6.63%<sup>(a)(b)(k)</sup> |  | 200 | 164975 |
|  Braskem Idesa SAPI, 6.99%, 02/20/32<sup>(b)</sup> |  | 205 | 146062 |
|  Grupo Posadas SAB de CV, (4.00% Cash or 6.00% PIK), 4.00%, 12/30/27<sup>(c)(g)</sup> |  | 124 | 97408 |
|  Grupo Televisa SAB, 6.63%, 01/15/40 |  | 151 | 155228 |
|  Industrias Penoles SAB de CV, 5.65%, 09/12/49<sup>(c)</sup> |  | 225 | 210417 |
|  Mexico City Airport Trust, 4.25%, 10/31/26<sup>(c)</sup> |  | 200 | 189912 |
|  Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/18/24 |  | 175 | 171325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 10/16/25 |  | 140 | 136176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/04/26 |  | 105 | 99803 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Mexico (continued)** |  |  |  |
|  Petroleos Mexicanos (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/29 | USD | 641 | $599856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 |  | 301 | 235909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/27/44 |  | 99 | 57420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/21/47 |  | 135 | 85979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13-2, 7.19%, 09/12/24 | MXN | 4344 | 205838 |
|  |  |  | 2751212 |
|  **MultiNational — 0.3%** |  |  |  |
|  Digicel International Finance Ltd./Digicel international Holdings Ltd.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/25/24 | USD | 93 | 79326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/31/26 |  | 37 | 16312 |
| &nbsp;&nbsp;&nbsp;&nbsp; (6.00% Cash + 7.00% PIK), 13.00%, 12/31/25<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (6.00% Cash + 7.00% PIK), 13.00%, 12/31/25<sup>(g)</sup> | 56 | 29276 |
|  NXP BV/NXP Funding LLC, 4.88%, 03/01/24 |  | 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214083 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/18/29 |  | 1134 | 1050722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/33 |  | 125 | 117294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/51 |  | 44 | 27329 |
|  Promigas SA ESP/Gases del Pacifico SAC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/16/29<sup>(b)</sup> |  | 213 | 173329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/16/29<sup>(c)</sup> |  | 200 | 162750 |
|  |  |  | 1870421 |
|  **Netherlands — 1.4%** |  |  |  |
|  ABN AMRO Bank NV, 0.88%, 01/15/24<sup>(c)</sup> | EUR | 100 | 104930 |
|  Allianz Finance II BV, 0.00%, 01/14/25<sup>(c)</sup> |  | 100 | 100005 |
|  BP Capital Markets BV, 1.47%, 09/21/41<sup>(c)</sup> |  | 210 | 141710 |
|  Cooperatieve Rabobank UA<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/03/27 |  | 100 | 98949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/23/29 | GBP | 145 | 159855 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year UK Government Bond + 1.05%), 1.88%, 07/12/28<sup>(a)</sup> |  | 100 | 102434 |
|  Digital Dutch Finco BV, 0.63%, 07/15/25<sup>(c)</sup> | EUR | 200 | 191448 |
|  EnBW International Finance BV, 3.63%, 11/22/26<sup>(c)</sup> |  | 200 | 214309 |
|  Heimstaden Bostad Treasury BV, 0.25%, 10/13/24<sup>(c)</sup> |  | 540 | 510687 |
|  Imperial Brands Finance Netherlands BV, 1.75%, 03/18/33<sup>(c)</sup> |  | 270 | 203235 |
|  ING Groep NV<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/20/23 |  | 200 | 211007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/18/26 | GBP | 100 | 112450 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 0.60%), 0.10%, 09/03/25<sup>(a)</sup> | EUR | 200 | 200145 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 0.85%), 1.25%, 02/16/27<sup>(a)</sup> |  | 200 | 194291 |
|  JDE Peet's NV<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 01/16/26 |  | 200 | 190018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/09/28 |  | 430 | 385003 |
|  Louis Dreyfus Co. Finance BV, 2.38%, 11/27/25<sup>(c)</sup> |  | 200 | 203691 |
|  Mondelez International Holdings Netherlands BV, 1.25%, 09/09/41<sup>(c)</sup> |  | 120 | 81170 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 05/01/30 | USD | 1797 | 1544634 |
|  Siemens Financieringsmaatschappij NV, 0.00%, 02/20/26<sup>(c)</sup> | EUR | 100 | 96548 |
|  Telefonica Europe BV, (6 year EUR Swap + 4.11%), 4.38%<sup>(a)(c)(k)</sup> |  | 600 | 611708 |
|  TenneT Holding BV, 0.88%, 06/16/35<sup>(c)</sup> |  | 260 | 193299 |
|  Universal Music Group NV, 3.00%, 06/30/27<sup>(c)</sup> |  | 400 | 411249 |
|  Upjohn Finance BV, 1.02%, 06/23/24<sup>(c)</sup> |  | 390 | 398347 |
|  Viterra Finance BV, 0.38%, 09/24/25<sup>(c)</sup> |  | 1345 | 1280339 |
|  Volkswagen Financial Services NV<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/10/24 | GBP | 200 | 231454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 12/03/24 |  | 100 | 112807 |

---

S C H E D U L E O F I N V E S T M E N T S 13

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Netherlands (continued)** |  |  |  |
|  Volkswagen Financial Services NV<sup>(c)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/09/25 | GBP | 100 | $115865 |
|  Volkswagen International Finance NV, 4.13%, 11/16/38<sup>(c)</sup> | EUR | 300 | 293357 |
|  Wintershall Dea Finance BV<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%, 09/25/25 |  | 200 | 192633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.33%, 09/25/28 |  | 800 | 692671 |
|  Wolters Kluwer NV, 3.00%, 09/23/26<sup>(c)</sup> |  | 240 | 251389 |
|  |  |  | 9831637 |
| **Norway — 0.1%** |  |  |  |
|  Aker BP ASA, 1.13%, 05/12/29<sup>(c)</sup> |  | 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502096 |
| **Peru — 0.0%** |  |  |  |
|  InRetail Consumer, 3.25%, 03/22/28<sup>(b)</sup> | USD | 201 | 171604 |
| **Saudi Arabia — 0.0%** |  |  |  |
|  Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26<sup>(b)</sup> |  | 322 | 291571 |
| **Singapore — 0.1%** |  |  |  |
|  Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27<sup>(b)</sup> |  | 210 | 189478 |
|  LLPL Capital Pte. Ltd., 6.88%, 02/04/39<sup>(c)</sup> |  | 171 | 146750 |
|  Puma International Financing SA, 5.13%, 10/06/24<sup>(b)</sup> |  | 251 | 232175 |
|  United Overseas Bank Ltd., (5 year USD Swap + 1.79%), 3.88%<sup>(a)(c)(k)</sup> |  | 200 | 193788 |
|  |  |  | 762191 |
| **Spain<sup>(c)</sup> — 0.4%** |  |  |  |
|  Amadeus IT Group SA, 2.88%, 05/20/27 | EUR | 300 | 307747 |
|  Banco de Sabadell SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/22/25 |  | 100 | 97610 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year EUR Swap + 0.97%), 0.63%, 11/07/25<sup>(a)</sup> |  | 1100 | 1094340 |
|  Banco Santander SA, (1 year UK Government Bond + 1.80%), 3.13%, 10/06/26<sup>(a)</sup> | GBP | 200 | 223672 |
|  Cellnex Finance Co. SA, 2.25%, 04/12/26 | EUR | 600 | 591363 |
|  Telefonica Emisiones SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/02/26 | GBP | 200 | 240881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/22/27 | EUR | 100 | 98169 |
|  |  |  | 2653782 |
| **Sweden — 0.0%** |  |  |  |
|  Swedbank AB, (1 year UK Government Bond + 1.00%), 1.38%, 12/08/27<sup>(a)(c)</sup> | GBP | 100 | 102961 |
| **Switzerland<sup>(a)</sup> — 0.1%** |  |  |  |
|  UBS Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year CMT + 0.83%), 1.01%, 07/30/24<sup>(b)</sup> | USD | 675 | 656334 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year EUR Swap + 0.55%), 0.25%, 01/29/26<sup>(c)</sup> | EUR | 305 | 299395 |
|  |  |  | 955729 |
| **Taiwan — 0.0%** |  |  |  |
|  TSMC Global Ltd., 4.63%, 07/22/32<sup>(b)</sup> | USD | 200 | 196936 |
| **Thailand — 0.0%** |  |  |  |
|  Bangkok Bank PCL, (5 year CMT + 1.90%), 3.73%, 09/25/34<sup>(a)(c)</sup> |  | 200 | 166725 |
| **United Arab Emirates — 0.0%** |  |  |  |
|  Emirates NBD Bank PJSC, (6 year CMT + 3.66%), 6.13%<sup>(a)(c)(k)</sup> |  | 280 | 275415 |
| **United Kingdom — 1.6%** |  |  |  |
|  Anglo American Capital PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/11/26<sup>(c)</sup> | EUR | 100 | 99304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/11/27<sup>(b)</sup> | USD | 1243 | 1171048 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United Kingdom (continued)** |  |  |  |
|  Avianca Midco 2 PLC, 9.00%, 12/01/28<sup>(b)</sup> | USD | 561 | $409162 |
|  Barclays PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/17/24<sup>(c)</sup> | GBP | 1300 | 1535544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/08/26<sup>(c)</sup> |  | 100 | 109648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/27<sup>(c)</sup> |  | 100 | 108337 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year CMT + 1.30%), 2.89%, 11/24/32<sup>(a)</sup> | USD | 200 | 152317 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year CMT + 3.00%), 5.75%, 08/09/33<sup>(a)</sup> |  | 200 | 188932 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year CMT + 3.50%), 7.44%, 11/02/33<sup>(a)</sup> |  | 200 | 209560 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year UK Government Bond + 1.75%), 1.70%, 11/03/26<sup>(a)(c)</sup> | GBP | 200 | 214195 |
|  BAT International Finance PLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/25/25 | EUR | 100 | 104184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/13/27 |  | 730 | 692289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/16/30 |  | 315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273653 |
|  BG Energy Capital PLC, 5.13%, 12/01/25<sup>(c)</sup> | GBP | 200 | 242951 |
|  Chanel Ceres PLC, 0.50%, 07/31/26<sup>(c)</sup> | EUR | 170 | 163612 |
|  Fresnillo PLC, 4.25%, 10/02/50<sup>(c)</sup> | USD | 225 | 176737 |
|  HSBC Holdings PLC, (1 day SONIA + 1.31%), 1.75%, 07/24/27<sup>(a)</sup> | GBP | 100 | 103912 |
|  Informa PLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/06/25 | EUR | 1155 | 1173809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/05/26 | GBP | 100 | 109136 |
|  Liquid Telecommunications Financing PLC, 5.50%, 09/04/26<sup>(b)</sup> | USD | 264 | 189057 |
|  Lloyds Banking Group PLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/16/24 | GBP | 200 | 229381 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 1.72%), 4.50%, 03/18/30<sup>(a)</sup> | EUR | 986 | 1014469 |
|  National Grid Electricity Transmission PLC, 0.19%, 01/20/25<sup>(c)</sup> |  | 1462 | 1460606 |
|  NatWest Group PLC<sup>(a)(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year SONIA + 1.49%), 2.88%, 09/19/26 | GBP | 100 | 110939 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year SONIA + 2.01%), 3.13%, 03/28/27 |  | 100 | 110203 |
|  Royalty Pharma PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/02/50 | USD | 75 | 47929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/02/51 |  | 44 | 27124 |
|  Santander U.K. Group Holdings PLC, 3.63%, 01/14/26<sup>(c)</sup> | GBP | 100 | 112506 |
|  SCC Power PLC<sup>(b)(g)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (4.00% PIK), 4.00%, 05/17/32 | USD | 221 | 6640 |
| &nbsp;&nbsp;&nbsp;&nbsp; (8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28 |  | 419 | 142826 |
|  Thames Water Utilities Finance PLC, 0.88%, 01/31/28<sup>(c)</sup> | EUR | 100 | 91046 |
|  Vedanta Resources Ltd., 6.13%, 08/09/24<sup>(b)</sup> | USD | 338 | 213426 |
|  Vodafone Group PLC, 4.25%, 09/17/50 |  | 65 | 49567 |
|  |  |  | 11044049 |
| **United States — 19.6%** |  |  |  |
|  AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/14/28 |  | 814 | 785162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 |  | 287 | 258723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 |  | 33 | 27386 |
|  AES Corp., 2.45%, 01/15/31 |  | 400 | 318208 |
|  Affinity Gaming, 6.88%, 12/15/27<sup>(b)</sup> |  | 22 | 18652 |
|  Allegiant Travel Co., 7.25%, 08/15/27<sup>(b)</sup> |  | 88 | 83702 |
|  Altria Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/27 | EUR | 100 | 96150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/04/51 | USD | 90 | 56369 |
|  Amazon.com, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/03/50 |  | 564 | 355439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/51 |  | 165 | 117514 |

---

14 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Amazon.com, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/13/62 | USD | 181 | $149363 |
|  American Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2, Class AA, 3.60%, 03/22/29 |  | 9 | 8070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class B, 5.25%, 07/15/25 |  | 5 | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class B, 4.38%, 12/15/25<sup>(b)</sup> |  | 46 | 43945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Class B, 4.95%, 08/15/26 |  | 13 | 12118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.15%, 08/15/33 |  | 74 | 60806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class B, 3.85%, 08/15/29 |  | 72 | 60878 |
|  American Express Co., (1 day SOFR + 1.76%), 4.42%, 08/03/33<sup>(a)</sup> |  | 123 | 116188 |
|  American International Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/21/27 | EUR | 200 | 192955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/30/50 | USD | 122 | 103194 |
|  American Tower Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/22/26 | EUR | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/15/27 |  | 700 | 642004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 02/15/27 |  | 430 | 393098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/30 | USD | 162 | 125015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 |  | 117 | 95233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 |  | 616 | 549346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 |  | 150 | 94386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/51 |  | 80 | 49529 |
|  Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/07/26<sup>(c)</sup> | GBP | 100 | 123342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/22/29 | USD | 661 | 585316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/29 |  | 312 | 291571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 |  | 45 | 28721 |
|  Anheuser-Busch InBev Worldwide, Inc., 4.60%, 04/15/48 |  | 25 | 21724 |
|  Aon Corp./Aon Global Holdings PLC, 2.60%, 12/02/31 |  | 572 | 466871 |
|  Apple, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/08/31<sup>(m)</sup> |  | 899 | 723612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/32 |  | 520 | 472045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/50 |  | 42 | 27787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 |  | 78 | 51439 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28<sup>(b)</sup> |  | 200 | 169889 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 5.25%, 04/30/25<sup>(b)</sup> |  | 200 | 190348 |
|  Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 |  | 50 | 40037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/30 |  | 130 | 104339 |
|  Astrazeneca Finance LLC, 2.25%, 05/28/31 |  | 146 | 121443 |
|  AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/25/24 |  | 2972 | 2822269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 |  | 451 | 406440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/04/26 | GBP | 200 | 222838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/27<sup>(c)</sup> |  | 100 | 121734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/30 | USD | 325 | 306019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/33 |  | 1385 | 1064386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/51 |  | 800 | 563450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 |  | 496 | 334768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 |  | 89 | 59570 |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 |  | 2917 | 2880223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/19/24<sup>(c)</sup> | EUR | 100 | 105749 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.05%), 2.55%, 02/04/28<sup>(a)</sup> | USD | 453 | 402349 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.11%), 3.84%, 04/25/25<sup>(a)</sup> |  | 806 | 786917 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.22%), 2.30%, 07/21/32<sup>(a)</sup> |  | 1455 | 1120505 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.32%), 2.69%, 04/22/32<sup>(a)</sup> |  | 1147 | 918041 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Bank of America Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.33%), 2.97%, 02/04/33<sup>(a)</sup> | USD | 81 | $65255 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.56%), 2.97%, 07/21/52<sup>(a)</sup> |  | 91 | 56840 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.58%), 4.38%, 04/27/28<sup>(a)</sup> |  | 300 | 286897 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.83%), 4.57%, 04/27/33<sup>(a)</sup> |  | 1070 | 978732 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.16%), 5.02%, 07/22/33<sup>(a)</sup> |  | 1126 | 1069015 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 1.00%), 3.08%,<br>09/22/26<sup>(a)(c)</sup> | EUR | 200 | 210928 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 1.20%), 1.78%,<br>05/04/27<sup>(a)(c)</sup> |  | 200 | 197304 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.97%), 3.46%, 03/15/25<sup>(a)</sup> | USD | 1536 | 1495228 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.51%), 3.71%, 04/24/28<sup>(a)</sup> |  | 142 | 131406 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51<sup>(a)</sup> |  | 1241 | 971156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, (1 day SOFR + 1.22%), 2.65%, 03/11/32<sup>(a)</sup> . |  | 1149 | 919690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, (1 day SOFR + 1.65%), 3.48%, 03/13/52<sup>(a)</sup>. |  | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105428 |
|  BAT Capital Corp., 3.98%, 09/25/50 |  | 44 | 28792 |
|  Bausch Health Cos., Inc., 5.50%, 11/01/25<sup>(b)</sup> |  | 45 | 38228 |
|  Becton Dickinson and Co., 1.40%, 05/24/23 | EUR | 495 | 527483 |
|  Becton Dickinson Euro Finance Sarl, 0.63%, 06/04/23 |  | 200 | 212349 |
|  Biogen, Inc., 3.15%, 05/01/50 | USD | 44 | 28602 |
|  Boeing Co., 3.95%, 08/01/59 |  | 44 | 29547 |
|  Booking Holdings, Inc., 4.00%, 11/15/26 | EUR | 100 | 107952 |
|  BP Capital Markets America, Inc., 3.00%, 03/17/52 | USD | 46 | 30322 |
|  Bristol-Myers Squibb Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/50 |  | 117 | 73286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 |  | 126 | 98010 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 |  | 813 | 799064 |
|  Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 |  | 1823 | 1633685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31<sup>(b)</sup> |  | 328 | 258339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32<sup>(b)</sup> |  | 488 | 428395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 |  | 392 | 345486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/15/33<sup>(b)</sup> |  | 166 | 124599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/33<sup>(b)</sup> |  | 155 | 124265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34<sup>(b)</sup> |  | 860 | 686050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/51<sup>(b)</sup> |  | 178 | 122887 |
|  Burlington Northern Santa Fe LLC, 4.45%, 01/15/53 |  | 581 | 516084 |
|  California Resources Corp., 7.13%, 02/01/26<sup>(b)</sup> |  | 50 | 48052 |
|  Cameron LNG LLC, 3.30%, 01/15/35<sup>(b)</sup> |  | 831 | 669052 |
|  Capital One Financial Corp.<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.37%), 5.27%, 05/10/33 |  | 56 | 52020 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.60%), 5.25%, 07/26/30 |  | 107 | 101901 |
|  CDI Escrow Issuer, Inc., 5.75%, 04/01/30<sup>(b)</sup> |  | 119 | 106675 |
|  Charter Communications Operating LLC/Charter |  |  |  |
|  Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/24 |  | 1185 | 1171006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/23/25 |  | 1868 | 1830829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/33 |  | 190 | 162575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 |  | 75 | 48870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 |  | 61 | 37092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 |  | 3102 | 1947518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 |  | 252 | 145747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 |  | 300 | 191902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/62 |  | 179 | 105592 |
|  Cigna Corp., 3.40%, 03/15/51 |  | 39 | 27719 |
|  Citigroup, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/23/26 | GBP | 200 | 212745 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.69%), 2.01%, 01/25/26<sup>(a)</sup> | USD | 737 | 683027 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.15%), 2.67%, 01/29/31<sup>(a)</sup> |  | 200 | 164037 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.28%), 3.07%, 02/24/28<sup>(a)</sup> |  | 557 | 502152 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.42%), 2.98%, 11/05/30<sup>(a)</sup> |  | 1545 | 1299076 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.94%), 3.79%, 03/17/33<sup>(a)</sup> |  | 1553 | 1328268 |

---

S C H E D U L E O F I N V E S T M E N T S 15

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Citigroup, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.09%), 4.91%, 05/24/33<sup>(a)</sup> | USD | 135 | $126418 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 3.91%), 4.41%, 03/31/31<sup>(a)</sup> |  | 164 | 150601 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 4.55%), 5.32%, 03/26/41<sup>(a)</sup> |  | 76 | 72452 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.15%), 3.52%, 10/27/28<sup>(a)</sup> |  | 143 | 130473 |
|  Cloud Software Group Holdings, Inc., 6.50%, 03/31/29<sup>(b)</sup> |  | 457 | 384922 |
|  Colgate Energy Partners III LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/26 |  | 35 | 33951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/01/29 |  | 62 | 53249 |
|  Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/24 |  | 3415 | 3362945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/25 |  | 2048 | 2005632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/30 |  | 1250 | 1081398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/30 |  | 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/30 |  | 570 | 545291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/32 |  | 830 | 865435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 |  | 663 | 425808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 |  | 45 | 27829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 |  | 104 | 62884 |
|  Covanta Holding Corp., 4.88%, 12/01/29<sup>(b)</sup> |  | 137 | 112240 |
|  Cox Communications, Inc., 2.95%, 10/01/50<sup>(b)</sup> |  | 44 | 26380 |
|  Crown Castle, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/27 |  | 10 | 9096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 |  | 189 | 175550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/29 |  | 138 | 130319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/30 |  | 1004 | 878292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/51 |  | 41 | 26657 |
|  CSC Holdings LLC, 5.25%, 06/01/24 |  | 45 | 41896 |
|  CSX Corp., 4.10%, 11/15/32 |  | 313 | 293436 |
|  CVS Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/21/30 |  | 161 | 126883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 |  | 63 | 56545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 |  | 318 | 253101 |
|  Dana, Inc., 4.25%, 09/01/30 |  | 38 | 30614 |
|  Dell International LLC/EMC Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/29 |  | 130 | 127140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/46 |  | 18 | 20507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/51<sup>(b)</sup> |  | 135 | 82620 |
|  Dick's Sporting Goods, Inc., 4.10%, 01/15/52 |  | 44 | 28366 |
|  Discovery Communications LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/19/27 | EUR | 810 | 782377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/55 | USD | 89 | 53478 |
|  DraftKings Holdings, Inc., 0.00%, 03/15/28<sup>(l)(n)</sup> |  | 174 | 107619 |
|  Duke Energy Corp., 4.20%, 06/15/49 |  | 35 | 27621 |
|  Earthstone Energy Holdings LLC, 8.00%, 04/15/27<sup>(b)</sup> |  | 324 | 309955 |
|  Edison International, 4.13%, 03/15/28 |  | 495 | 459207 |
|  Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/50 |  | 59 | 40440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/52 |  | 335 | 357134 |
|  Eli Lilly & Co., 1.38%, 09/14/61 | EUR | 240 | 131586 |
|  Entergy Louisiana LLC, 2.35%, 06/15/32 | USD | 1157 | 919489 |
|  Equinix, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/18/29 |  | 147 | 127952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/30 |  | 269 | 214000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 |  | 142 | 114096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 |  | 468 | 415791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/51 |  | 81 | 50453 |
|  Exelon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WI, 2.75%, 03/15/27 |  | 1298 | 1190376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WI, 4.10%, 03/15/52 |  | 494 | 394737 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Expedia Group, Inc., 6.25%, 05/01/25<sup>(b)</sup> | USD | 268 | $270272 |
|  FedEx Corp., 0.45%, 05/04/29 | EUR | 490 | 415594 |
|  Fidelity National Information Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/21/23 |  | 230 | 244295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/21/39 |  | 350 | 297399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 07/15/24 |  | 110 | 113368 |
|  FirstEnergy Corp., Series C, 3.40%, 03/01/50 | USD | 44 | 29031 |
|  Fiserv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 07/01/30 | EUR | 470 | 416123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/49 | USD | 33 | 26773 |
|  Florida Power & Light Co., 2.88%, 12/04/51 |  | 1309 | 877873 |
|  Ford Motor Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/32 |  | 55 | 41247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/32 |  | 301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277931 |
|  Freed Corp., 10.00%, 12/02/23<sup>(e)</sup> |  | 612 | 605412 |
|  Freedom Mortgage Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 11/15/24 |  | 191 | 175720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/25 |  | 183 | 164604 |
|  FreeWire Technologies, Inc., 12.59%,<br>03/31/25<sup>(a)(e)</sup> |  | 318 | 292146 |
|  Full House Resorts, Inc., 8.25%, 02/15/28<sup>(b)</sup> |  | 67 | 59316 |
|  Gen Digital, Inc., 6.75%, 09/30/27<sup>(b)</sup> |  | 184 | 180320 |
|  General Motors Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/29 |  | 529 | 504823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/49 |  | 116 | 101096 |
|  General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/17/24 |  | 2739 | 2728174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/25 |  | 83 | 77696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 02/26/26<sup>(c)</sup> | EUR | 200 | 191508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 05/20/27<sup>(c)</sup> |  | 200 | 181139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/27 | USD | 151 | 131997 |
|  Gilead Sciences, Inc., 2.80%, 10/01/50 |  | 490 | 313274 |
|  Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/27 |  | 247 | 215471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/27 |  | 304 | 294881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/49 |  | 35 | 24903 |
|  Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 12/06/23 |  | 1472 | 1420942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/10/28 | GBP | 100 | 129748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/30 | USD | 787 | 707493 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.49%), 0.93%, 10/21/24<sup>(a)</sup> |  | 288 | 275904 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.73%), 1.76%, 01/24/25<sup>(a)</sup> |  | 1007 | 963853 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.80%), 1.43%, 03/09/27<sup>(a)</sup> |  | 157 | 137675 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.09%), 1.99%, 01/27/32<sup>(a)</sup> |  | 325 | 247590 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.25%), 2.38%, 07/21/32<sup>(a)</sup> |  | 206 | 159837 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.26%), 2.65%, 10/21/32<sup>(a)</sup> |  | 278 | 219500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.41%), 3.10%, 02/24/33<sup>(a)</sup> |  | 1086 | 881811 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.73%), 4.48%, 08/23/28<sup>(a)</sup> |  | 1080 | 1035088 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.85%), 3.62%, 03/15/28<sup>(a)</sup> |  | 371 | 345572 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.20%), 3.27%, 09/29/25<sup>(a)</sup> |  | 175 | 168635 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29<sup>(a)</sup> |  | 770 | 717346 |
|  GXO Logistics, Inc., 2.65%, 07/15/31 |  | 208 | 153577 |
|  HCA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25 |  | 210 | 209746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 |  | 111 | 95735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/32<sup>(b)</sup> |  | 829 | 701461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/49 |  | 32 | 27255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 |  | 135 | 86612 |
|  Home Depot, Inc., 2.95%, 06/15/29 |  | 230 | 208074 |
|  HP, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/32 |  | 217 | 186574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/15/41 |  | 30 | 28784 |

---

16 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Intel Corp., 5.05%, 08/05/62 | USD | 148 | $129835 |
|  Intercontinental Exchange, Inc., 3.00%, 09/15/60 |  | 44 | 27639 |
|  International Business Machines Corp., 4.25%, 05/15/49 |  | 100 | 82444 |
|  International Flavors & Fragrances, Inc., 3.47%, 12/01/50<sup>(b)</sup> |  | 39 | 26399 |
|  JPMorgan Chase & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/25/24<sup>(c)</sup> | EUR | 465 | 486282 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.98%), 3.85%, 06/14/25<sup>(a)</sup> | USD | 1596 | 1560443 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.02%), 2.07%, 06/01/29<sup>(a)</sup> |  | 58 | 48441 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.07%), 1.95%, 02/04/32<sup>(a)</sup> |  | 1046 | 800111 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.16%), 2.30%, 10/15/25<sup>(a)</sup> |  | 178 | 167739 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.18%), 2.55%, 11/08/32<sup>(a)</sup> |  | 361 | 285346 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.26%), 2.96%, 01/25/33<sup>(a)</sup> |  | 295 | 240101 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.56%), 4.32%, 04/26/28<sup>(a)</sup> |  | 549 | 524288 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.75%), 4.57%, 06/14/30<sup>(a)</sup> |  | 720 | 677422 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.80%), 4.59%, 04/26/33<sup>(a)</sup> |  | 1007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932243 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.89%), 2.18%, 06/01/28<sup>(a)</sup> |  | 206 | 180123 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.08%), 4.91%, 07/25/33<sup>(a)</sup> |  | 627 | 596983 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.44%), 3.11%, 04/22/51<sup>(a)</sup> |  | 101 | 66174 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SONIA + 0.68%), 0.99%,<br>04/28/26<sup>(a)(c)</sup> | GBP | 200 | 218376 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. EURIBOR + 0.84%), 1.64%, 05/18/28<sup>(a)(c)</sup> | EUR | 200 | 192386 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.73%), 3.56%, 04/23/24<sup>(a)</sup> | USD | 508 | 504654 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.00%), 4.02%, 12/05/24<sup>(a)</sup> |  | 278 | 273853 |
|  Keurig Dr. Pepper, Inc., 3.80%, 05/01/50 |  | 36 | 27032 |
|  Kinder Morgan, Inc., 3.60%, 02/15/51 |  | 178 | 122600 |
|  Kinetik Holdings LP, 5.88%, 06/15/30<sup>(b)</sup> |  | 25 | 23445 |
|  KLA Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/01/24 |  | 125 | 124621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/62 |  | 250 | 240068 |
|  Kraft Heinz Foods Co., 4.13%, 07/01/27<sup>(c)</sup> | GBP | 100 | 115351 |
|  Kroger Co., 3.95%, 01/15/50 | USD | 88 | 68312 |
|  Level 3 Financing, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 |  | 59 | 49117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 |  | 39 | 30720 |
|  Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/31 |  | 150 | 124284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/50 |  | 147 | 93512 |
|  LYB International Finance III LLC, 3.63%, 04/01/51 |  | 78 | 52188 |
|  Marsh & McLennan Cos., Inc., 2.90%, 12/15/51 |  | 68 | 43574 |
|  McDonald's Corp., 1.00%, 11/15/23<sup>(c)</sup> | EUR | 100 | 105636 |
|  MCM Trust, 1.00%, 01/01/59<sup>(a)(e)</sup> | USD | 829 | 799316 |
|  Medline Borrower LP, 3.88%, 04/01/29<sup>(b)</sup> |  | 508 | 409428 |
|  Medtronic Global Holdings SCA, 1.13%, 03/07/27 | EUR | 290 | 281762 |
|  Meta Platforms, Inc., 4.45%, 08/15/52 | USD | 190 | 150984 |
|  Metropolitan Life Global Funding I, 2.38%, 01/11/23<sup>(c)</sup> | EUR | 100 | 107081 |
|  MGM Resorts International, 5.50%, 04/15/27 | USD | 22 | 20465 |
|  Micron Technology, Inc., 3.48%, 11/01/51 |  | 44 | 27332 |
|  Microsoft Corp., 2.92%, 03/17/52 |  | 127 | 89853 |
|  Mondelez International, Inc., 2.63%, 09/04/50 |  | 44 | 27336 |
|  Moody's Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/52 |  | 131 | 99742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/61 |  | 169 | 106363 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/23/24 |  | 880 | 858896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 10/18/33<sup>(a)</sup> |  | 769 | 805762 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 0.47%), 4.60%, 11/10/23<sup>(a)</sup> |  | 1350 | 1346038 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.14%), 2.70%, 01/22/31<sup>(a)</sup> |  | 140 | 115689 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.16%), 3.62%, 04/17/25<sup>(a)</sup> |  | 1316 | 1284157 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.20%), 2.51%, 10/20/32<sup>(a)</sup> |  | 460 | 359978 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Morgan Stanley (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.29%), 2.94%, 01/21/33<sup>(a)</sup> | USD | 731 | $591363 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.43%), 2.80%, 01/25/52<sup>(a)</sup> |  | 86 | 52950 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.61%), 4.21%, 04/20/28<sup>(a)</sup> |  | 730 | 694298 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.08%), 4.89%, 07/20/33<sup>(a)</sup> |  | 845 | 793895 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.34%), 3.59%, 07/22/28<sup>(a)</sup> |  | 462 | 423770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 3.88%, 04/29/24 |  | 176 | 173266 |
|  Motorola Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 |  | 221 | 176699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/44 |  | 59 | 53123 |
|  MPLX LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 |  | 176 | 163699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/48 |  | 36 | 28409 |
|  National Grid North America, Inc., 0.41%, 01/20/26<sup>(c)</sup> | EUR | 100 | 96404 |
|  Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 | USD | 34 | 30430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 |  | 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/30 |  | 135 | 104266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 |  | 64 | 49760 |
|  New York Life Global Funding, 4.35%, 09/16/25<sup>(c)</sup> | GBP | 150 | 179470 |
|  Newmont Corp., 2.60%, 07/15/32 | USD | 154 | 122601 |
|  NextEra Energy Capital Holdings, Inc., 1.90%, 06/15/28 |  | 3292 | 2810559 |
|  Norfolk Southern Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/01/29 |  | 300 | 257164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 |  | 122 | 104160 |
|  NRG Energy, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/24 |  | 20 | 19263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/02/27 |  | 243 | 201339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/15/29 |  | 40 | 35374 |
|  NVIDIA Corp., 2.00%, 06/15/31 |  | 247 | 197828 |
|  Oncor Electric Delivery Co. LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/32 |  | 663 | 625528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/32 |  | 501 | 490488 |
|  ONE Gas, Inc., 2.00%, 05/15/30 |  | 35 | 28458 |
|  Oracle Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/08/24 |  | 1004 | 979495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/25 |  | 517 | 487467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/10/25 | EUR | 200 | 211125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/29 | USD | 161 | 167112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 |  | 1043 | 889264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 |  | 2806 | 2326531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/32 |  | 553 | 578781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 |  | 135 | 90891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 |  | 68 | 48446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 |  | 45 | 29900 |
|  Pacific Gas and Electric Co., 3.50%, 08/01/50 |  | 45 | 27950 |
|  Paramount Global |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/19/32 |  | 196 | 160420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/19/50 |  | 94 | 68377 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29<sup>(b)</sup> |  | 222 | 187923 |
|  PECO Energy Co., 2.85%, 09/15/51 |  | 343 | 225766 |
|  Permian Resources Operating LLC, 5.38%, 01/15/26<sup>(b)</sup>  |  | 25 | 22757 |
|  Philip Morris International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 08/03/26 | EUR | 260 | 242739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/03/33 |  | 165 | 147839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/09/36 |  | 100 | 71185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/06/37 |  | 300 | 202204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 08/01/39 |  | 125 | 76529 |

---

S C H E D U L E O F I N V E S T M E N T S 17

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  PPG Industries, Inc., 1.40%, 03/13/27 | EUR | 825 | $794508 |
|  Prologis Euro Finance LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/10/27 |  | 200 | 179185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/10/31 |  | 200 | 157414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/08/34 |  | 130 | 104043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/10/49 |  | 125 | 76342 |
|  Public Service Electric and Gas Co., 3.10%, 03/15/32 | USD | 232 | 202797 |
|  QUALCOMM, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/20/30 |  | 468 | 395948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/52 |  | 309 | 270611 |
|  Raytheon Technologies Corp., 2.15%, 05/18/30 | EUR | 500 | 462320 |
|  Republic Services, Inc., 2.38%, 03/15/33 | USD | 105 | 83738 |
|  S&P Global, Inc., 3.90%, 03/01/62<sup>(b)</sup> |  | 19 | 14669 |
|  Salesforce, Inc., 1.95%, 07/15/31 |  | 226 | 180182 |
|  Sasol Financing USA LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/27/24 |  | 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/18/26 |  | 400 | 353450 |
|  Service Properties Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/01/24 |  | 120 | 109089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/25 |  | 46 | 39677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 |  | 32 | 30494 |
|  Sitio Royalties Corp., 1.00%, 09/21/26<sup>(a)(e)</sup> |  | 1008 | 989150 |
|  Southern California Edison Co., 5.95%, 11/01/32 |  | 1854 | 1958934 |
|  Southern Power Co., 1.85%, 06/20/26 | EUR | 200 | 200490 |
|  SRS Distribution, Inc., 4.63%, 07/01/28<sup>(b)</sup> | USD | 36 | 31913 |
|  State Street Corp., (1 day SOFR + 1.73%), 4.16%, 08/04/33<sup>(a)</sup> |  | 123 | 113619 |
|  Steel Dynamics, Inc., 3.25%, 10/15/50 |  | 76 | 49273 |
|  Stem, Inc., 0.50%, 12/01/28<sup>(b)(l)</sup> |  | 27 | 16978 |
|  Sunoco LP/Sunoco Finance Corp., 4.50%, 04/30/30 |  | 167 | 144964 |
|  Talen Energy Supply LLC<sup>(b)(d)(i)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/27 |  | 267 | 276345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 |  | 292 | 298570 |
|  Tap Rock Resources LLC, 7.00%, 10/01/26<sup>(b)</sup> |  | 392 | 364599 |
|  Tenet Healthcare Corp., 4.38%, 01/15/30<sup>(b)</sup> |  | 210 | 181769 |
|  Texas Capital Bank NA, (3 mo. LIBOR US + 4.50%), 8.17%, 09/30/24<sup>(a)(b)</sup> |  | 1000 | 969240 |
|  Thermo Fisher Scientific, Inc., 1.75%, 10/15/28 |  | 247 | 209185 |
|  T-Mobile USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 |  | 343 | 302104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30<sup>(m)</sup> |  | 218 | 197468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/50 |  | 51 | 41929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/51 |  | 186 | 124126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/52 |  | 688 | 462301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/60 |  | 44 | 29052 |
|  Transcontinental Gas Pipe Line Co. LLC, 4.60%, 03/15/48 |  | 9 | 7480 |
|  Union Pacific Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/05/50 |  | 39 | 28102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/20/63 |  | 468 | 449587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/14/72 |  | 121 | 88965 |
|  United Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 16-2, Class B, 3.65%, 04/07/27 |  | 3 | 3024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1, Class AA, 3.45%, 06/01/29 |  | 1 | 610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 2.70%, 11/01/33 |  | 67 | 54241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class B, 3.50%, 11/01/29 |  | 46 | 39398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, Class AA, 2.88%, 04/07/30 |  | 6 | 5004 |
|  United Rentals North America, Inc., 6.00%, 12/15/29<sup>(b)</sup> |  | 203 | 201731 |
|  UnitedHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/29 |  | 320 | 285133 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  UnitedHealth Group, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/30 | USD | 215 | $221545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/50 |  | 60 | 40591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/60 |  | 73 | 49482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/63 |  | 156 | 169282 |
|  Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/22/24 |  | 3504 | 3324183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/20/26 |  | 2508 | 2251491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/03/28 | GBP | 100 | 96926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 | USD | 3316 | 2577971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/31 |  | 245 | 190080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/31 |  | 878 | 722031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 |  | 228 | 180736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/10/33 |  | 187 | 174973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/20/50 |  | 90 | 56426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 |  | 78 | 55564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56 |  | 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/22/61 |  | 595 | 415007 |
|  Viatris, Inc., 4.00%, 06/22/50 |  | 44 | 27110 |
|  VICI Properties LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 |  | 250 | 231487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/52 |  | 91 | 80496 |
|  VMware, Inc., 2.20%, 08/15/31 |  | 323 | 245113 |
|  Walt Disney Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/29 |  | 384 | 321908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/22/30 |  | 201 | 187336 |
|  Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/26/24<sup>(c)</sup> | EUR | 145 | 149393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/27/26<sup>(c)</sup> |  | 135 | 134562 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 2.10%), 4.90%, 07/25/33<sup>(a)</sup> | USD | 589 | 559275 |
|  Williams Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/15/31 |  | 1053 | 852143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/32 |  | 441 | 410529 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/25 |  | 148 | 140503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 |  | 22 | 19854 |
|  XHR LP, 4.88%, 06/01/29<sup>(b)</sup> |  | 34 | 27850 |
|  |  |  | 137839749 |
|  **Total Corporate Bonds — 29.5%<br>(Cost: $229,109,304)** |  |  | 207159401 |
|  **Floating Rate Loan Interests<sup>(a)</sup>** |  |  |  |
| **Canada — 0.0%** |  |  |  |
|  Great Canadian Gaming Corp., 2021 Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 11/01/26 |  | 34 | 33139 |
|  Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFRTE + 6.00%, 1.00% Floor), 10.51%, 12/22/26 |  | 72 | 69560 |
|  |  |  | 102699 |
| **Mexico — 0.0%** |  |  |  |
|  Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 6.73%, 02/17/23<sup>(e)</sup> |  | 60 | 1130 |
| **United Kingdom — 0.0%** |  |  |  |
|  GVC Holdings Ltd., 2021 USD Term Loan B4, (3 mo. LIBOR + 2.50%, 0.50% Floor), 7.23%, 03/29/27 |  | — <sup>(h)</sup> | 70 |

---

18 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States — 1.0%** |  |  |  |
|  American Auto Auction Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3 mo. SOFRTE + 8.75%, 0.75% Floor), 13.33%, 01/02/29 | USD | 225 | $&nbsp;&nbsp;&nbsp;&nbsp;168750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (3 mo. SOFRTE + 5.00%, 0.75% Floor), 9.73%, 12/30/27 |  | 419 | 322034 |
|  American Rock Salt Co. LLC, 2021 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 06/09/28 |  | 52 | 49188 |
|  Apex Tool Group LLC, 2022 Term Loan, (1 mo. SOFR CME + 5.25%, 0.50% Floor), 9.67%, 02/08/29 |  | 281 | 240181 |
|  Aruba Investments Holdings LLC, 2020 USD Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.14%, 11/24/27 |  | 109 | 105276 |
|  Bally's Corp., 2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.54%, 10/02/28 |  | 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295981 |
|  Conair Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 8.48%, 05/17/28 |  | 49 | 40566 |
|  ConnectWise LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 09/29/28 |  | 111 | 105093 |
|  Digital Room Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 5.25%, 0.50% Floor), 9.63%, 12/21/28 |  | 136 | 116427 |
|  DirecTV Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 9.38%, 08/02/27 |  | 203 | 197572 |
|  DS Parent, Inc., Term Loan, (3 mo. LIBOR + 5.75%, 0.75% Floor), 10.48%, 12/10/28 |  | 211 | 200444 |
|  EIS Buyer, Inc., Revolver, 09/01/27<sup>(e)(o)</sup> |  | 53 | 51715 |
|  EIS Group, Inc., Term Loan, (3 mo. SOFR CME), 4.39%, 05/01/28<sup>(e)</sup> |  | 532 | 517151 |
|  Emerald Electronics Manufacturing Services, Term Loan, (1 mo. SOFRTE + 6.25%, 1.00% Floor), 10.67%, 12/29/27 |  | 160 | 150347 |
|  Flexsys Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 5.25%, 0.75% Floor), 9.69%, 11/01/28 |  | 101 | 82254 |
|  Green Plains Operating Co. LLC, Term Loan, (3 mo. LIBOR + 8.00%), 10.51%, 07/20/26<sup>(e)</sup> |  | 540 | 532602 |
|  Hydrofarm Holdings LLC, 2021 Term Loan, (1 mo. LIBOR + 5.50%, (4.50)% Floor), 9.89%, 09/27/28<sup>(e)</sup> |  | 99 | 84150 |
|  Jack Ohio Finance LLC, Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 9.13%, 10/04/28<sup>(e)</sup> |  | 80 | 78364 |
|  LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27 |  | 266 | 230322 |
|  LSF11 A5 Holdco LLC, Term Loan, (1 mo. SOFRTE + 3.50%, 0.50% Floor), 8.05%, 10/15/28 |  | 201 | 193418 |
|  Maverick Gaming LLC, Term Loan B, (3 mo. LIBOR + 7.50%, 1.00% Floor), 12.23%, 09/03/26 |  | 122 | 97960 |
|  Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 11.38%, 11/01/29 |  | 74 | 68080 |
|  Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 10/23/28 |  | 512 | 486001 |
|  MIP V Waste Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 12/08/28 |  | 117 | 115309 |
|  Naked Juice LLC, 2nd Lien Term Loan, (3 mo. SOFRTE + 6.00%, 0.50% Floor), 10.68%, 01/24/30 |  | 20 | 15731 |
|  OVG Business Services LLC, Initial Term Loan, (1 mo. LIBOR + 6.25%, 1.00% Floor), 10.64%, 10/13/28<sup>(e)</sup> |  | 266 | 247371 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Profrac Services LLC, 2022 Term Loan, (3 mo. SOFRTE + 7.25%, 1.00% Floor), 11.10%, 03/04/25<sup>(e)</sup> | USD | 223 | $&nbsp;&nbsp;&nbsp;&nbsp;228648 |
|  Sonder Secured Notes, 01/19/27<sup>(e)(o)</sup> |  | 787 | 708940 |
|  Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 7.91%, 06/08/28 |  | 41 | 40233 |
|  SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 06/02/28 |  | 229 | 218738 |
|  Talen Energy Supply LLC, 2022 DIP Term Loan, (3 mo. SOFR CME + 4.75%, 0.75% Floor), 9.06%, 11/10/23. |  | 282 | 283588 |
|  Vaca Morada Partners LP, Revolver, (3 mo. LIBOR + 0.50%), 5.12%, 03/25/24<sup>(e)</sup> |  | 667 | 610406 |
|  Vaco Holdings LLC, 2022 Term Loan, (3 mo. SOFR CME + 5.00%), 9.73%, 01/21/29 |  | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154098 |
|  Valcour Packaging LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 3.75%, 0.50% Floor), 7.98%, 10/04/28<sup>(e)</sup> |  | 60 | 48831 |
|  |  |  | 7085769 |
|  **Floating Rate Loan Interests — 1.0%<br>(Cost: $7,729,639)** |  |  | 7189668 |
|  **Foreign Agency Obligations** |  |  |  |
| **Angola — 0.0%** |  |  |  |
|  Angolan Government International Bond, 8.75%, 04/14/32<sup>(b)</sup> |  | 271 | 234415 |
| **Australia<sup>(c)</sup> — 0.1%** |  |  |  |
|  Australia Government Bond<br>3.75%, 04/21/37 | AUD | 80 | 51408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 136, 4.75%, 04/21/27 |  | 220 | 156310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 137, 2.75%, 04/21/24 |  | 130 | 87847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 149, 2.25%, 05/21/28 |  | 90 | 56873 |
|  |  |  | 352438 |
| **Austria<sup>(b)</sup> — 0.1%** |  |  |  |
|  Republic of Austria Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/20/28 | EUR | 556 | 535058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/20/47 |  | 222 | 174857 |
|  |  |  | 709915 |
| **Belgium<sup>(b)</sup> — 0.2%** |  |  |  |
|  Kingdom of Belgium Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 78, 1.60%, 06/22/47 |  | 351 | 267794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 85, 0.80%, 06/22/28 |  | 855 | 825721 |
|  |  |  | 1093515 |
| **Brazil — 1.1%** |  |  |  |
|  Brazil Notas do Tesouro Nacional, Series F, 10.00%, 01/01/31 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26000 | 4296143 |
|  Brazilian Government International Bond, 3.75%, 09/12/31 | USD | 3900 | 3276000 |
|  |  |  | 7572143 |
| **Canada — 0.4%** |  |  |  |
|  Canadian Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/33 | CAD | 170 | 151846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/37 |  | 90 | 78791 |

---

S C H E D U L E O F I N V E S T M E N T S 19

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Canada (continued)** |  |  |  |
|  Canadian Government Bond (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/41 | CAD | 280 | $224422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/45 |  | 140 | 106001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/01/48 |  | 210 | 140084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/51 |  | 2650 | 1486819 |
|  Canadian Government Real Return Bond, 4.00%, 12/01/31 |  | 273 | 244477 |
|  |  |  | 2432440 |
| **China — 5.1%** |  |  |  |
|  China Development Bank, Series 1903, 3.30%, 02/01/24 | CNY | 1400 | 204496 |
|  China Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 05/21/30 |  | 12080 | 1726069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 11/19/30 |  | 10000 | 1495213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 05/27/31 |  | 105780 | &nbsp;&nbsp;&nbsp;&nbsp;15470986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1827, 3.25%, 11/22/28 |  | 100 | 14871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1904, 3.19%, 04/11/24 |  | 1400 | 204696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1906, 3.29%, 05/23/29 |  | 105600 | 15782811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1913, 2.94%, 10/17/24 |  | 8500 | 1241301 |
|  |  |  | 36140443 |
| **Colombia — 0.2%** |  |  |  |
|  Colombia Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/29 | USD | 286 | 246550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/22/42 |  | 200 | 124800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/51 |  | 200 | 119912 |
|  Colombian TES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.00%, 03/26/31 | COP | 767000 | 111743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.25%, 10/18/34 |  | 1336000 | 180632 |
|  Republic of Colombia Senior Unsecured, 8.00%, 04/20/33 | USD | 345 | 344310 |
|  |  |  | 1127947 |
| **Denmark — 0.0%** |  |  |  |
|  Denmark Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/23 | DKK | 200 | 28512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/25 |  | 500 | 70051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/39 |  | 450 | 80729 |
|  |  |  | 179292 |
| **Egypt<sup>(c)</sup> — 0.1%** |  |  |  |
|  Egypt Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/29/32 | USD | 200 | 147287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/16/61 |  | 400 | 244000 |
|  |  |  | 391287 |
| **France — 0.3%** |  |  |  |
|  French Republic Government Bond OAT |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/25/30<sup>(c)</sup> | EUR | 40 | 41876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/25/31<sup>(c)</sup> |  | 190 | 183059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/25/32<sup>(c)</sup> |  | 100 | 131440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/25/50<sup>(b)</sup> |  | 2536 | 1858449 |
|  |  |  | 2214824 |
| **Germany — 0.2%** |  |  |  |
|  Bundesrepublik Deutschland Bundesanleihe, 1.70%, 08/15/32<sup>(c)</sup> |  | 1530 | 1526746 |
| **Ghana — 0.0%** |  |  |  |
|  Ghana Government International Bond, 7.63%, 05/16/29<sup>(c)(d)(i)</sup> | USD | 381 | 137160 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Greece<sup>(b)</sup> — 0.3%** |  |  |  |
|  Hellenic Republic Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 02/12/26 | EUR | 246 | $232932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/22/27 |  | 92 | 92131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/18/30 |  | 1740 | 1508878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/18/32 |  | 200 | 168456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/24/52 |  | 344 | 211966 |
|  |  |  | 2214363 |
| **Hungary — 0.1%** |  |  |  |
|  Hungary Government International Bond, 5.00%, 02/22/27<sup>(c)</sup> |  | 390 | 413411 |
| **Italy — 0.9%** |  |  |  |
|  Italy Buoni Poliennali Del Tesoro |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 3.85%, 09/01/49<sup>(b)</sup> |  | 700 | 655480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 31Y, 4.75%, 09/01/44<sup>(b)</sup> |  | 232 | 247872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5Y, 0.95%, 03/01/23<sup>(c)</sup> |  | 5204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5560091 |
|  |  |  | 6463443 |
| **Ivory Coast — 0.0%** |  |  |  |
|  Ivory Coast Government International Bond, 6.63%, 03/22/48<sup>(c)</sup> |  | 239 | 179854 |
| **Japan — 1.9%** |  |  |  |
|  Japan Government Thirty Year Bond, Series 64, 0.40%, 09/20/49 | JPY | 2274950 | 13074549 |
| **Mexico — 1.6%** |  |  |  |
|  Mexican Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 5.75%, 03/05/26 | MXN | 13000 | 602917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 7.75%, 05/29/31 |  | 25500 | 1209430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M 20, 10.00%, 12/05/24 |  | 77500 | 3982084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M 30, 8.50%, 11/18/38 |  | 20100 | 977168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M20, 7.50%, 06/03/27 |  | 90900 | 4392905 |
|  |  |  | 11164504 |
| **Netherlands — 0.1%** |  |  |  |
|  Netherlands Government Bond, 2.75%, 01/15/47<sup>(b)</sup> | EUR | 311 | 336172 |
| **New Zealand — 0.0%** |  |  |  |
|  New Zealand Government Bond, Series 0425, 2.75%, 04/15/25<sup>(c)</sup> | NZD | 100 | 60534 |
| **Oman<sup>(c)</sup> — 0.1%** |  |  |  |
|  Oman Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/26 | USD | 299 | 287750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/28/27 |  | 289 | 298537 |
|  |  |  | 586287 |
| **Romania<sup>(c)</sup> — 0.0%** |  |  |  |
|  Romanian Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/07/28 | EUR | 206 | 183205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/26/28 |  | 118 | 109008 |
|  |  |  | 292213 |
| **Russia — 0.0%** |  |  |  |
|  Russian Federal Bond - OFZ, Series 6233, 6.10%, 07/18/35<sup>(d)(i)</sup> | RUB | 27309 | 99979 |
| **Saudi Arabia — 0.0%** |  |  |  |
|  Saudi Government International Bond, 3.45%, 02/02/61<sup>(c)</sup> | USD | 303 | 215566 |
| **South Africa — 0.7%** |  |  |  |
|  Republic of South Africa Government Bond, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2030, 8.00%, 01/31/30 | ZAR | 99396 | 5215003 |

---

20 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2021 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Spain<sup>(b)</sup> — 0.2%** |  |  |  |
|  Spain Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/31/30 | EUR | 431 | $396010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/30/66 |  | 688 | 656488 |
|  |  |  | 1052498 |
|  **Sri Lanka — 0.0%** |  |  |  |
|  Sri Lanka Government International Bond, 6.85%, 03/14/24<sup>(c)(d)(i)</sup> | USD | 200 | 58750 |
|  **Sweden<sup>(b)</sup> — 0.0%** |  |  |  |
|  Sweden Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1053, 3.50%, 03/30/39 | SEK | 250 | 27966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1059, 1.00%, 11/12/26 |  | 960 | 86517 |
|  |  |  | 114483 |
|  **Turkey — 0.0%** |  |  |  |
|  Turkey Government International Bond, 4.88%, 04/16/43 | USD | 454 | 294334 |
|  **Ukraine<sup>(b)(d)(i)</sup> — 0.0%** |  |  |  |
|  Ukraine Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/25/34 |  | 200 | 37038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/35 |  | 216 | 40270 |
|  |  |  | 77308 |
|  **United Kingdom<sup>(c)</sup> — 1.7%** |  |  |  |
|  U.K. Gilts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/22/23 | GBP | 1826 | 2177058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/22/26 |  | 6000 | 6740864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/07/37 |  | 60 | 54564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/38 |  | 30 | 39448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/22/44 |  | 165 | 176703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/22/45 |  | 700 | 777435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/22/47 |  | 1040 | 766681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/22/52 |  | 1000 | 1164414 |
|  |  |  | 11897167 |
|  **Total Foreign Agency Obligations — 15.4%<br>(Cost: $123,500,876)** | **Total Foreign Agency Obligations — 15.4%<br>(Cost: $123,500,876)** | **Total Foreign Agency Obligations — 15.4%<br>(Cost: $123,500,876)** | 107922983 |
|  |  | <br> *Shares* |  |
|  **Investment Companies** |  |  |  |
|  **United States — 4.0%** |  |  |  |
|  Industrial Select Sector SPDR Fund |  | 1485 | 145842 |
|  Invesco QQQ Trust, Series 1 |  | 38300 | 10198524 |
|  iShares 0-5 Year TIPS Bond ETF<sup>(p)</sup> |  | 7050 | 683568 |
|  iShares Biotechnology ETF<sup>(p)</sup> |  | 493 | 64726 |
|  iShares China Large-Cap ETF<sup>(p)</sup> |  | 13546 | 383353 |
|  iShares iBoxx $Investment Grade Corporate Bond ETF<sup>(m)(p)</sup> |  | 19978 | 2106281 |
|  iShares iBoxx High Yield Corporate Bond ETF<sup>(p)</sup> |  | 122210 | 8998322 |
|  iShares JP Morgan USD Emerging Markets Bond ETF<sup>(m)(p)</sup> |  | 47992 | 4059643 |
|  iShares Latin America 40 ETF<sup>(p)</sup> |  | 9782 | 223910 |
|  iShares MSCI Brazil ETF<sup>(p)</sup> |  | 9033 | 252653 |
|  iShares MSCI Emerging Markets ETF<sup>(p)</sup> |  | 13148 | 498309 |
|  iShares Russell 2000 ETF<sup>(p)</sup> |  | 476 | 82995 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | <br> *Shares* | *Value* |
| **United States (continued)** |  |  |  |
|  KraneShares CSI China Internet ETF<sup>(d)</sup> | KraneShares CSI China Internet ETF<sup>(d)</sup> | 7347 | $221880 |
|  VanEck Semiconductor ETF<sup>(d)</sup> |  | 628 | 127446 |
|  **Total Investment Companies — 4.0%<br>(Cost: $30,971,997)** | **Total Investment Companies — 4.0%<br>(Cost: $30,971,997)** | **Total Investment Companies — 4.0%<br>(Cost: $30,971,997)** | 28047452 |
|  |  | *Par*<br> *(000)* |  |
|  **Municipal Bonds** |  |  |  |
|  **California — 0.2%** |  |  |  |
|  California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45<sup>(b)</sup> | USD | 180 | 179140 |
|  Fresno Unified School District, GO, Series B, 4.00%, 08/01/46 |  | 115 | 111301 |
|  University of California, Refunding RB, Series BE, 4.00%, 05/15/50 |  | 1000 | 962258 |
|  |  |  | 1252699 |
|  **District of Columbia — 0.1%** |  |  |  |
|  District of Columbia Water & Sewer Authority, Refunding RB, Series C1, 5.00%, 10/01/35 |  | 495 | 567752 |
|  **Georgia — 0.1%** |  |  |  |
|  Georgia State Road & Tollway Authority, RB, Series A, (GTD), 4.00%, 07/15/38 |  | 75 | 77219 |
|  State of Georgia, GO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/40 |  | 145 | 149095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 07/01/41 |  | 145 | 148642 |
|  |  |  | 374956 |
|  **Indiana — 0.0%** |  |  |  |
|  Indiana Finance Authority, Refunding RB, Series A, 4.00%, 12/01/40 |  | 345 | 340001 |
|  **Louisiana — 0.0%** |  |  |  |
|  Louisiana Public Facilities Authority, Refunding RB, Class A, 3.00%, 05/15/47 |  | 155 | 108714 |
|  **Massachusetts — 0.1%** |  |  |  |
|  Commonwealth of Massachusetts, GO, Series C, 5.00%, 05/01/49 |  | 1000 | 1055524 |
|  **Missouri — 0.1%** |  |  |  |
|  Health & Educational Facilities Authority of the State of Missouri, RB, Series A, 4.00%, 01/01/45 |  | 650 | 595410 |
|  **New Hampshire — 0.2%** |  |  |  |
|  State of New Hampshire, GO, Series C, 5.00%, 12/01/28 |  | 1000 | 1132230 |
|  **New Jersey — 0.0%** |  |  |  |
|  New Jersey Health Care Facilities Financing Authority, RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/51 |  | 95 | 65448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/51 |  | 160 | 145582 |
|  |  |  | 211030 |
|  **New York — 0.1%** |  |  |  |
|  Triborough Bridge & Tunnel Authority, Refunding RB, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B-1, Senior Lien, 5.00%, 05/15/46 |  | 1005 | 1073157 |
|  **North Carolina — 0.0%** |  |  |  |
|  City of Charlotte North Carolina Airport Revenue, Refunding ARB, Series A, 3.00%, 07/01/46 |  | 235 | 172645 |

---

S C H E D U L E O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Pennsylvania — 0.1%** |  |  |  |
|  Allegheny County Airport Authority, ARB, Series A, AMT, 4.00%, 01/01/56 | USD | 1000 | $826430 |
|  **Puerto Rico<sup>(a)</sup> — 0.1%** |  |  |  |
|  Commonwealth of Puerto Rico, GO |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/43 |  | 166 | 72637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 11/01/51 |  | 1842 | 607854 |
|  Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51 |  | 780 | 252272 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932763 |
|  **Texas — 0.3%** |  |  |  |
|  Eagle Mountain & Saginaw Independent School District, GO, (PSF), 4.00%, 08/15/52 |  | 295 | 277852 |
|  Katy Independent School District, GO, (PSF), 4.00%, 02/15/47 |  | 1410 | 1363126 |
|  Lyford Consolidated Independent School District, GO, (PSF), 4.00%, 08/15/47 |  | 155 | 148267 |
|  |  |  | 1789245 |
|  **Wisconsin — 0.4%** |  |  |  |
|  State of Wisconsin, GO, Series B, 5.00%, 05/01/28 |  | 2000 | 2236966 |
|  Wisconsin Health & Educational Facilities Authority, Refunding RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/35 |  | 125 | 130516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/15/39 |  | 125 | 127891 |
|  |  |  | 2495373 |
|  **Total Municipal Bonds — 1.8%<br>(Cost: $13,842,880)** |  |  | 12927929 |
|  **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |  |
|  **Netherlands — 0.0%** |  |  |  |
|  Domi BV, Series 2021-1, Class A, (3 mo. EURIBOR + 0.63%), 2.68%, 06/15/53<sup>(a)(c)</sup> | EUR | 140 | 146461 |
|  **United Kingdom<sup>(a)(c)</sup> — 0.2%** |  |  |  |
|  Agora Securities U.K. DAC, Series 2021-1X, Class A, (1 day SONIA + 1.20%), 4.18%, 07/22/31 | GBP | 300 | 346460 |
|  Canada Square Funding PLC, Series 2021-2, Class B, (1 day SONIA + 1.20%), 4.62%, 06/17/58 |  | 112 | 129877 |
|  Finsbury Square, Series 2021-1GRX, Class AGRN, (1 day SONIA + 0.65%), 4.06%, 12/16/67 |  | 282 | 331622 |
|  London Wall Mortgage Capital PLC, Series 2021-FL1, Class A, (1 day SONIA + 0.75%), 3.99%, 05/15/51 |  | 121 | 143311 |
|  Mortimer BTL PLC, Series 2021-1, Class B, (1 day SONIA + 1.10%), 4.54%, 06/23/53 |  | 100 | 114605 |
|  |  |  | 1065875 |
|  **United States — 5.4%** |  |  |  |
|  245 Park Avenue Trust, Series 2017-245P, Class E, 3.66%, 06/05/37<sup>(a)(b)</sup> | USD | 250 | 179729 |
|  280 Park Avenue Mortgage Trust, Series 2017-280P, Class E, (1 mo. LIBOR US + 2.12%), 6.36%, 09/15/34<sup>(a)(b)(e)</sup> |  | 350 | 312998 |
|  Arbor Multifamily Mortgage Securities Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-MF1, Class XA, 0.96%, 05/15/53<sup>(a)</sup> |  | 14930 | 757015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, Class E, 1.75%, 05/15/53 |  | 1326 | 732199 |
|  Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class D, (1 mo. LIBOR US + 1.95%), 6.52%, 12/15/36<sup>(a)(b)</sup> |  | 200 | 182390 |
|  BAMLL Commercial Mortgage Securities Trust, Series 2017-SCH, Class DL, (1 mo. LIBOR US + 2.00%), 6.32%, 11/15/32<sup>(a)(b)</sup> |  | 150 | 127284 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Bank, Series 2021-BN35, Class A5, 2.29%, 06/15/64 | USD | 27 | $21723 |
|  BBCMS Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1, Class AS, 3.90%, 02/15/50 |  | 1200 | 1097725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DELC, Class E, (1 mo. LIBOR US + 2.63%), 6.94%, 08/15/36<sup>(a)(b)</sup> |  | 1400 | 1357653 |
|  Benchmark Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class XA, 1.45%, 12/17/53<sup>(a)</sup> |  | 5029 | 383121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B25, Class A5, 2.58%, 04/15/54 |  | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165983 |
|  BHMS Mortgage Trust, Series 2018-ATLS, Class A, (1 mo. LIBOR US + 1.25%), 5.57%, 07/15/35<sup>(a)(b)</sup> |  | 170 | 163212 |
|  BX Commercial Mortgage Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class F, (1 mo. SOFR CME + 2.11%), 6.45%, 10/15/36 |  | 850 | 817897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class G, (1 mo. SOFR CME + 2.41%), 6.75%, 10/15/36 |  | 935 | 894980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class J, (1 mo. SOFR CME + 2.76%), 7.10%, 10/15/36 |  | 680 | 646380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class G, (1 mo. LIBOR US + 3.90%), 8.22%, 01/15/34 |  | 760 | 692444 |
|  BX Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class GJV, (1 mo. LIBOR US + 3.00%), 7.32%, 02/15/36 |  | 469 | 406551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class GV, (1 mo. LIBOR US + 3.00%), 7.32%, 02/15/36 |  | 900 | 790964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1, Class F, (1 mo. LIBOR US + 3.00%), 7.32%, 01/15/34 |  | 390 | 358729 |
|  BXP Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CC, Class D, 3.55%, 08/13/37 |  | 110 | 86147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CC, Class E, 3.55%, 08/13/37<sup>(e)</sup> |  | 220 | 165789 |
|  CFCRE Commercial Mortgage Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TAN, Class A, 4.24%, 02/15/33 |  | 750 | 743199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-TAN, Class E, 6.45%, 02/15/33<sup>(a)</sup> |  | 500 | 478935 |
|  Citigroup Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-P1, Class A5, 3.72%, 09/15/48 |  | 375 | 356857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C2, Class B, 3.18%, 08/10/49 |  | 750 | 645935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC36, Class A5, 3.62%, 02/10/49 |  | 375 | 352398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-PRM, Class C, 3.90%, 05/10/36<sup>(b)</sup> |  | 1000 | 985968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K, Class D, 3.31%, 11/10/42<sup>(a)(b)</sup> |  | 360 | 264201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K, Class X, 0.80%, 11/10/42<sup>(a)(b)</sup> |  | 20000 | 1031561 |
|  Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 7.81%, 11/15/37<sup>(a)(b)</sup> |  | 983 | 936665 |
|  Commercial Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR21, Class A3, 3.53%, 12/10/47 |  | 329 | 316865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC19, Class A4, 3.18%, 02/10/48 |  | 500 | 476319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class B, 4.66%, 02/10/49<sup>(a)</sup> |  | 100 | 90674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class C, 4.66%, 02/10/49<sup>(a)</sup> |  | 100 | 89303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC44, Class 180B, 3.40%, 08/15/57<sup>(a)(b)</sup> |  | 1000 | 878648 |
|  Credit Suisse Mortgage Capital Certificates Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ICE4, Class C, (1 mo. LIBOR US + 1.43%), 5.75%, 05/15/36 |  | 100 | 97996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-ICE4, Class E, (1 mo. LIBOR US + 2.15%), 6.47%, 05/15/36 |  | 700 | 677035 |
|  CSAIL Commercial Mortgage Trust, Series 2018-CX12, Class C, 4.74%, 08/15/51<sup>(a)</sup> |  | 750 | 623206 |
|  DBGS Mortgage Trust, Series 2018-BIOD, Class D, (1 mo. LIBOR US + 1.30%), 5.54%, 05/15/35<sup>(a)(b)</sup> |  | 91 | 87929 |
|  DBJPM Mortgage Trust, Series 2016-C3, Class A5, 2.89%, 08/10/49 |  | 375 | 343085 |

---

22 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  DBUBS Mortgage Trust, Series 2017-BRBK, Class E, 3.53%, 10/10/34<sup>(a)(b)(e)</sup> | USD | 300 | $251407 |
|  Freddie Mac Multifamily Structured Pass Through Certificates, Series K121, Class X1, 1.02%, 10/25/30<sup>(a)</sup> |  | 4059 | 239338 |
|  GCT Commercial Mortgage Trust, Series 2021-GCT D, Class D, (1 mo. LIBOR US + 2.35%), 6.67%, 02/15/38<sup>(a)(b)</sup> |  | 340 | 258119 |
|  GS Mortgage Securities Corp. Trust, Series 2021- ROSS, Class A, (1 mo. LIBOR US + 1.15%), 5.47%, 05/15/26<sup>(a)(b)</sup> |  | 100 | 93472 |
|  GS Mortgage Securities Trust<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC34, Class B, 4.47%, 10/10/48 |  | 1100 | 989927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA2, Class XA, 1.73%, 12/12/53<sup>(b)</sup> |  | 3624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335299 |
|  Independence Plaza Trust, Series 2018-INDP, Class B, 3.91%, 07/10/35<sup>(b)</sup> |  | 1000 | 933602 |
|  JP Morgan Chase Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C16, Class B, 4.94%, 12/15/46<sup>(a)</sup> |  | 1000 | 976058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-AON, Class A, 4.13%, 07/05/31<sup>(b)</sup> |  | 1200 | 1124063 |
|  JPMDB Commercial Mortgage Securities Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C5, Class A5, 3.69%, 03/15/50 |  | 1200 | 1121181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C7, Class A5, 3.41%, 10/15/50 |  | 1113 | 1022487 |
|  KKR Industrial Portfolio Trust, Series 2021-KDIP, Class F, (1 mo. LIBOR US + 2.05%), 6.37%, 12/15/37<sup>(a)(b)</sup> |  | 682 | 629269 |
|  MAD Mortgage Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-330M, Class D, 3.98%, 08/15/34 |  | 110 | 98407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-330M, Class E, 4.03%, 08/15/34 |  | 130 | 114180 |
|  MCM Trust, 3.00%, 08/25/28<sup>(e)</sup> |  | 465 | 308443 |
|  MED Trust, Series 2021, Class G, (1 mo. LIBOR US + 5.25%), 9.57%, 11/15/38<sup>(a)(b)</sup> |  | 639 | 583933 |
|  Morgan Stanley Bank of America Merrill Lynch Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C16, Class A5, 3.89%, 06/15/47 |  | 375 | 363378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C25, Class A5, 3.64%, 10/15/48 |  | 400 | 379246 |
|  Morgan Stanley Capital I Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class C, 4.28%,<br>06/15/50<sup>(a)(e)</sup> |  | 340 | 299200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-MP, Class A, 4.28%,<br>07/11/40<sup>(a)(b)</sup> |  | 1000 | 871329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L2, Class A4, 4.07%, 03/15/52 |  | 589 | 543572 |
|  Natixis Commercial Mortgage Securities Trust, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SOX, Class E, 4.77%, 06/17/38<sup>(a)(b)</sup> |  | 382 | 317784 |
|  Olympic Tower Mortgage Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-OT, Class D, 3.95%, 05/10/39 |  | 130 | 98084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-OT, Class E, 3.95%, 05/10/39<sup>(e)</sup> |  | 160 | 109774 |
|  One New York Plaza Trust, Series 2020-1NYP, Class D, (1 mo. LIBOR US + 2.75%), 7.07%, 01/15/36<sup>(a)(b)</sup> |  | 270 | 236310 |
|  TVC DSCR, 2.37%, 02/01/51<sup>(e)</sup> |  | 1571 | 1517704 |
|  Velocity Commercial Capital Loan Trust, Series 2020-1, Class M3, 3.19%,<br>02/25/50<sup>(a)(b)</sup> |  | 78 | 63921 |
|  Wells Fargo Commercial Mortgage Trust<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS5, Class B, 4.95%, 01/15/59 |  | 1400 | 1247714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C50, Class XA, 1.41%, 05/15/52 |  | 12918 | 803457 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **United States (continued)** |  |  |  |
|  Wells Fargo Commercial Mortgage Trust<sup>(a)</sup> (continued)<br>Series 2021-C59, Class XA, 1.54%, 04/15/54 | USD | 999 | $82769 |
|  Western Alliance Bank, 10.22%, 12/30/24<sup>(b)</sup> |  | 2260 | 2258508 |
|  |  |  | 38089627 |
|  **Total Non-Agency Mortgage-Backed Securities — 5.6%<br>(Cost: $43,840,820)** | **Total Non-Agency Mortgage-Backed Securities — 5.6%<br>(Cost: $43,840,820)** | **Total Non-Agency Mortgage-Backed Securities — 5.6%<br>(Cost: $43,840,820)** | 39301963 |
|  **Preferred Securities** |  |  |  |
|  **Capital Trusts — 0.2%<sup>(a)(k)</sup>** |  |  |  |
|  **France — 0.0%** |  |  |  |
|  TotalEnergies SE, 1.75%<sup>(c)</sup> | EUR | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100849 |
|  **Italy — 0.1%** |  |  |  |
|  Eni SpA, Series NC-9, 2.75%<sup>(c)</sup> |  | 260 | 214062 |
|  **Mexico — 0.0%** |  |  |  |
|  Banco Mercantil del Norte SA, 5.88%<sup>(b)</sup> | USD | 202 | 179881 |
|  **United Kingdom<sup>(c)</sup> — 0.1%** |  |  |  |
|  British American Tobacco PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 5.25, 3.00% | EUR | 430 | 356409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NC8, 3.75% |  | 380 | 289490 |
|  |  |  | 645899 |
|  |  |  | 1140691 |
|  |  | *Shares* |  |
|  **Preferred Stocks — 0.3%** |  |  |  |
|  **United States — 0.3%** |  |  |  |
|  2020 Cash Mandatory Exchangeable Trust, 5.25%, 06/01/23<sup>(b)(l)</sup> |  | 290 | 331766 |
|  Dream Finders Homes, Inc.<sup>(e)</sup> |  | 1320 | 1202850 |
|  MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $138,642)<sup>(e)(j)</sup> |  | 6037 | 57955 |
|  Verge Genomics, Inc., Series B, (Acquired 11/05/21, Cost: $165,930)<sup>(e)(j)</sup> |  | 31150 | 147339 |
|  Versa Networks Inc., Series E, (Acquired 10/14/22, Cost: $491,084)<sup>(e)(j)</sup> |  | 168283 | 449316 |
|  |  |  | 2189226 |
|  **Total Preferred Securities — 0.5%<br>(Cost: $3,962,738)** |  |  | 3329917 |
|  |  | *Par<br>(000)* |  |
|  **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
|  **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** | **Commercial Mortgage-Backed Securities — 0.2%** |  |
|  FREMF Mortgage Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K104, Class B, 3.54%, 02/25/52 | USD | 750 | 643176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-K105, Class B, 3.53%, 03/25/53 |  | 726 | 617439 |
|  |  |  | 1260615 |

---

S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Mortgage-Backed Securities — 25.6%** |  |  |  |
|  Fannie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/38 | USD | 6 | $6567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/39 |  | 27 | 27410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/41 |  | 1 | 1241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/44 |  | 40 | 35893 |
|  Freddie Mac Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/29 - 04/01/31 |  | 84 | 78645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/31 - 01/01/48 |  | 189 | 182162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/32 - 12/01/46 |  | 165 | 150412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/38 - 11/01/48 |  | 57 | 56794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/39 |  | 19 | 19347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/40 - 12/01/45 |  | 14 | 13145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/40 - 07/01/52 |  | 281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273638 |
|  Freddie Mac Multifamily Structured Pass Through Certificates, Series KW09, Class X1, 0.80%, 05/25/29<sup>(a)</sup> |  | 14715 | 559307 |
|  Ginnie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/40 - 01/23/53<sup>(r)</sup> |  | 1712 | 1625186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/42 - 01/23/53<sup>(r)</sup> |  | 2724 | 2512335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/20/44 - 01/23/53 |  | 864 | 856371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/45 - 01/23/53<sup>(r)</sup> |  | 3661 | 3267192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/47 - 01/23/53<sup>(r)</sup> |  | 1178 | 1144576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/20/50 - 01/23/53 |  | 4850 | 4074853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/51 - 01/23/53<sup>(q)</sup> |  | 5016 | 4350908 |
|  Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/27 - 01/12/53<sup>(r)</sup> |  | 17056 | 14671558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 - 01/12/53<sup>(r)</sup> |  | 9585 | 8529612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/29 - 09/01/52<sup>(r)</sup> |  | 6453 | 5926579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/31 - 01/12/53<sup>(r)</sup> |  | 24519 | 20361343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/33 - 01/12/53<sup>(r)</sup> |  | 4792 | 4530794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/35 - 02/13/53<sup>(r)</sup> |  | 58442 | 57581825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/17/38 - 01/12/53 |  | 5548 | 4536422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/38 |  | 67 | 69621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/45 - 02/13/53<sup>(r)</sup> |  | 46502 | 44759474 |
|  |  |  | 180203210 |
|  **Total U.S. Government Sponsored Agency Securities — 25.8%<br>(Cost: $186,994,302)** | **Total U.S. Government Sponsored Agency Securities — 25.8%<br>(Cost: $186,994,302)** |  | 181463825 |
|  **U.S. Treasury Obligations** |  |  |  |
|  U.S. Treasury Inflation-Indexed Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/24 - 07/15/32<sup>(s)</sup> |  | 14365 | 13851019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/24<sup>(s)</sup> |  | 10165 | 9884714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/25 - 04/15/27 |  | 10251 | 9667554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/15/27 |  | 1851 | 1744956 |
|  **Total U.S. Treasury Obligations — 5.0%<br>(Cost: $36,259,228)** |  |  | 35148243 |
|  |  | *Shares* |  |
|  **Warrants** |  |  |  |
|  **United Kingdom — 0.0%** |  |  |  |
|  Genius Sports Ltd., (Issued/Exercisable 03/30/21, 1 Share for 1 Warrant, Expires 12/31/28, Strike Price USD 11.50)<sup>(d)</sup> |  | 5890 | 5301 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | <br> *Shares* | *Value* |
|  **United States<sup>(d)</sup> — 0.0%** |  |  |  |
|  Cano Health, Inc., (Issued 07/06/20, Exercisable 07/06/21, 1 Share for 1 Warrant, Expires 06/03/26, Strike Price USD 11.50) |  | 9002 | $1981 |
|  FreeWire Technologies, Inc., (Issued 04/27/22, 1 Share for 1 Warrant, Expires 04/26/27, Strike Price USD 3.35)<sup>(e)</sup> |  | 34768 | 27119 |
|  Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for 1 Warrant, Expires 06/04/26, Strike Price USD 11.50) |  | 12334 | 525 |
|  Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50) |  | 8529 | 192 |
|  Proof Acquisition Corp. I, (1 Share for 1 Warrant, Expires 12/23/28, Strike Price USD 11.50)<sup>(e)</sup> |  | 10200 | 204 |
|  Sarcos Technology & Robotics Corp., Class A, (Issued/Exercisable 12/21/20, 1 Share for 1 Warrant, Expires 09/24/26, Strike Price USD 11.50) |  | 28519 | 1072 |
|  Sonder Holdings, Inc., (Issued 11/19/20, Exercisable 01/19/21, 1 Share for 1 Warrant, Expires 11/19/26, Strike Price USD 12.50)<sup>(e)</sup> |  | 10965 | 110 |
|  Versa Networks, Inc., (Acquired 10/14/22, Cost: $0), (1 Share for 1 Warrant, Expires 10/07/32) <sup>(e)(j)</sup> |  | 20741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53512 |
|  |  |  | 84715 |
|  **Venezuela — 0.0%** |  |  |  |
|  Venezuela Government International Bonds <sup>(d)</sup> |  | 3000 | 9000 |
|  **Total Warrants — 0.0%<br>(Cost: $146,870)** |  |  | 99016 |
|  **Total Long-Term Investments — 95.2%<br>(Cost: $724,061,057)** |  |  | 668511408 |
|  **Short-Term Securities** |  |  |  |
|  |  | *Par*<br> *(000)* |  |
|  **Certificates of Deposit — 0.2%** |  |  |  |
|  **United States — 0.2%** |  |  |  |
|  Citibank N.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 08/01/23 | USD | 463 | 459685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/21/23 |  | 1120 | 1116007 |
|  |  |  | 1575692 |
|  **Foreign Agency Obligations — 22.3%** |  |  |  |
|  German Treasury Bills<sup>(t)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.48%), 03/22/23<sup>(c)</sup> | EUR | 38500 | 41065939 |
| &nbsp;&nbsp;&nbsp;&nbsp; (0.47%), 03/22/23<sup>(c)</sup> |  | 38500 | 41065940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%, 03/22/23<sup>(c)</sup> |  | 35313 | 37666533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 08/23/23 |  | 35000 | 36910314 |
|  |  |  | 156708726 |
|  |  | *Shares* |  |
|  **Money Market Funds — 1.0%** |  |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03%<sup>(p)(u)</sup> |  | 6558852 | 6558852 |

---

24 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **U.S. Government Sponsored Agency Securities — 0.0%** | **U.S. Government Sponsored Agency Securities — 0.0%** |  |  |
|  Uniform Mortgage-Backed Securities, 4.50%, 08/01/23 | USD | 11 | $11224 |
|  **Total Short-Term Securities — 23.5%<br>(Cost: $160,157,594)** |  |  | 164854494 |
|  **Options Purchased — 0.9%<br>(Cost: $4,243,925)** |  |  | 5924751 |
|  **Total Investments Before TBA Sale Commitments and Options<br>Written — 119.6%<br>(Cost: $888,462,576)** |  |  | 839290653 |
|  **TBA Sale Commitments<sup>(r)</sup>** |  |  |  |
|  **United States — (7.4)%** |  |  |  |
|  Ginnie Mae Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/23/53 |  | (298) | (249675) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/23/53 |  | (316) | (273769) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/23/53 |  | (233) | (207412) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/53 |  | (168) | (154327) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/23/53 |  | (28) | (26491) |
|  Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/17/38 - 01/12/53 |  | (353) | (287632) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/17/38 - 01/12/53 |  | (1497) | (1235025) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/18/37 - 01/12/53 |  | (1025) | (878957) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/17/38 - 01/12/53 |  | (536) | (475004) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/25/49 |  | (329) | (298832) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/12/53 |  | (182) | (170654) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/12/53 |  | (8118) | (7811597) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/12/53 |  | (40228) | (39633314) |
|  **Total TBA Sale Commitments — (7.4)%<br>(Proceeds: $(52089438))** | **Total TBA Sale Commitments — (7.4)%<br>(Proceeds: $(52089438))** | **Total TBA Sale Commitments — (7.4)%<br>(Proceeds: $(52089438))** | (51702689) |
|  **Options Written — (1.8)%<br>(Premiums Received: $(6003923))** | **Options Written — (1.8)%<br>(Premiums Received: $(6003923))** | **Options Written — (1.8)%<br>(Premiums Received: $(6003923))** | (12232721) |
|  **Total Investments, Net of TBA Sale Commitments and Options<br>Written — 110.4%<br>(Cost: $830,369,215)** | **Total Investments, Net of TBA Sale Commitments and Options<br>Written — 110.4%<br>(Cost: $830,369,215)** |  | 775355243 |
|  **Liabilities in Excess of Other Assets — (10.4)%** | **Liabilities in Excess of Other Assets — (10.4)%** | **Liabilities in Excess of Other Assets — (10.4)%** | (73017005) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $702338238 |

---

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

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

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

<sup>(f)</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>(g)</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>(h)</sup> Rounds to less than 1,000.

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

<sup>(j)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,074,216, representing 0.2% of its net assets as of period end, and an original cost of $1,130,743. 

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

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

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

<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> Affiliate of the Fund.

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

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

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

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

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

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>12/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>12/31/22* | *Shares<br>Held at<br>12/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $11170804 | $— | $(4611952)<sup>(a)</sup> | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;6558852 | 6558852 | $235016 | $— |
|  iShares 0-5 Year TIPS Bond ETF |  | 695447 |  |  | (11879) | 683568 | 7050 | 2883 |  |
|  iShares Aaa - A Rated Corporate Bond ETF<sup>(b)</sup> |  | 53120 | (51240) | (1880) |  |  |  |  |  |
|  iShares Biotechnology ETF | 75242 |  |  |  | (10516) | 64726 | 493 | 201 |  |
|  iShares China Large-Cap ETF | 112484 | 263917 |  |  | 6952 | 383353 | 13546 | 8483 |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF | 200210 | 15344107 | (5501185) | (587082) | (457728) | 8998322 | 122210 | 387250 |  |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF . | 137688 | 20005583 | (17440837) | (501483) | (94670) | 2106281 | 19978 | 88037 |  |
|  iShares JP Morgan USD Emerging Markets Bond ETF | 1903206 | 5457509 | (2521116) | (591821) | (188135) | 4059643 | 47992 | 152708 |  |
|  iShares Latin America 40 ETF | 229486 |  |  |  | (5576) | 223910 | 9782 | 28483 |  |
|  iShares MSCI Brazil ETF | 253556 |  |  |  | (903) | 252653 | 9033 | 31804 |  |
|  iShares MSCI Emerging Markets ETF | 642280 |  |  |  | (143971) | 498309 | 13148 | 12441 |  |

---

S C H E D U L E O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>12/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>12/31/22* | *Shares<br>Held at<br>12/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  iShares Russell 2000 ETF | $105886 | $2067412 | $(2170426) | $103014 | $(22891) | $82995 | 476 | $1230 | $— |
|  iShares S&P 500 Value ETF<sup>(b)</sup> | 439347 |  | (416681) | 67188 | (89854) |  |  |  |  |
|  |  |  |  | $(1512064) | $(1019171) | $23912612 |  | $948536 | $— |

---

<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* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro BTP | 45 | 03/08/23 | $5247 | $(419099) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Bund | 273 | 03/08/23 | 38846 | (2514476) |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro OAT | 87 | 03/08/23 | 11855 | (866484) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Australian Treasury Bonds | 113 | 03/15/23 | 8900 | (508589) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Year Australian Treasury Bonds | 16 | 03/15/23 | 1163 | (15426) |
| &nbsp;&nbsp;&nbsp;&nbsp; FTSE 100 Index | 1 | 03/17/23 | 90 | (409) |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index | 2 | 03/17/23 | 96 | (3054) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Korean Bond | 5 | 03/21/23 | 435 | (6789) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Year Korean Bond | 63 | 03/21/23 | 5154 | (35117) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Canadian Bond | 8 | 03/22/23 | 724 | (11707) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 128 | 03/22/23 | 15960 | (66214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | 363 | 03/22/23 | 48472 | (464780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Gilt | 81 | 03/29/23 | 9783 | (680687) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 1891 | 03/31/23 | 387655 | 271191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR | 7 | 06/20/23 | 1664 | (1588) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SONIA Index | 88 | 09/19/23 | 25360 | (6116) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SONIA Index | 31 | 12/19/23 | 8929 | 14076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SONIA Index | 8 | 03/19/24 | 2306 | 10296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SONIA Index | 8 | 03/18/25 | 2319 | 5309 |
|  |  |  |  | (5299663) |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 30-Year Euro Buxl Bond | 6 | 03/08/23 | 869 | 111193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro BOBL | 243 | 03/08/23 | 30109 | 949591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro-Schatz | 23 | 03/08/23 | 2595 | 28666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Euro BTP | 39 | 03/08/23 | 4388 | 74278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | 31 | 03/13/23 | 34359 | 589452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 50 Index | 61 | 03/17/23 | 2470 | 124089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx Bank | 85 | 03/17/23 | 438 | (14424) |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 35 | 03/17/23 | 7716 | 567672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 E-Mini Index | 19 | 03/17/23 | 1682 | 60139 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 27 | 03/17/23 | 5212 | 118810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 25 | 03/22/23 | 2804 | 7072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | 1754 | 03/22/23 | 206780 | 1967067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 15 | 03/31/23 | 1617 | 13729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-Month SOFR | 7 | 09/17/24 | 1683 | 780 |
|  |  |  |  | 4598114 |
|  |  |  |  | $(701549) |

---

26 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| AUD | 1095000 | CAD | 995516 | Natwest Markets PLC | 01/12/23 | $10502 |
| AUD | 304000 | USD | 204970 | JPMorgan Chase Bank N.A. | 01/12/23 | 2076 |
| AUD | 304000 | USD | 204970 | JPMorgan Chase Bank N.A. | 01/12/23 | 2076 |
| AUD | 335000 | USD | 225295 | Morgan Stanley & Co. International PLC | 01/12/23 | 2865 |
| AUD | 539000 | USD | 362489 | Morgan Stanley & Co. International PLC | 01/12/23 | 4609 |
| CAD | 342266 | USD | 252000 | Citibank N.A. | 01/12/23 | 793 |
| CAD | 190128 | USD | 139000 | JPMorgan Chase Bank N.A. | 01/12/23 | 1425 |
| CAD | 190128 | USD | 139000 | JPMorgan Chase Bank N.A. | 01/12/23 | 1425 |
| CAD | 282155 | USD | 208000 | JPMorgan Chase Bank N.A. | 01/12/23 | 395 |
| CAD | 282155 | USD | 208000 | JPMorgan Chase Bank N.A. | 01/12/23 | 395 |
| CLP | 311423750 | USD | 355000 | Citibank N.A. | 01/12/23 | 11851 |
| CZK | 7226794 | USD | 306000 | BNP Paribas SA | 01/12/23 | 13631 |
| CZK | 9163386 | USD | 388000 | BNP Paribas SA | 01/12/23 | 17283 |
| CZK | 4728938 | USD | 204000 | Citibank N.A. | 01/12/23 | 5154 |
| CZK | 4728938 | USD | 204000 | Citibank N.A. | 01/12/23 | 5154 |
| EUR | 329000 | USD | 349899 | HSBC Bank PLC | 01/12/23 | 2477 |
| EUR | 329000 | USD | 349899 | HSBC Bank PLC | 01/12/23 | 2477 |
| EUR | 784000 | USD | 815046 | HSBC Bank PLC | 01/12/23 | 24658 |
| EUR | 784000 | USD | 815046 | HSBC Bank PLC | 01/12/23 | 24658 |
| HUF | 109348989 | USD | 274000 | Barclays Bank PLC | 01/12/23 | 18377 |
| HUF | 109348989 | USD | 274000 | Barclays Bank PLC | 01/12/23 | 18377 |
| JPY | 31479800 | EUR | 220000 | Royal Bank of Canada | 01/12/23 | 4462 |
| JPY | 30582398 | USD | 222000 | Bank of America N.A. | 01/12/23 | 11248 |
| JPY | 18713838 | USD | 136000 | Citibank N.A. | 01/12/23 | 6728 |
| JPY | 18713838 | USD | 136000 | Citibank N.A. | 01/12/23 | 6728 |
| JPY | 19579824 | USD | 144000 | Deutsche Bank AG | 01/12/23 | 5333 |
| JPY | 19579824 | USD | 144000 | Deutsche Bank AG | 01/12/23 | 5333 |
| JPY | 18319680 | USD | 136000 | JPMorgan Chase Bank N.A. | 01/12/23 | 3722 |
| JPY | 18319680 | USD | 136000 | JPMorgan Chase Bank N.A. | 01/12/23 | 3722 |
| KRW | 274947200 | USD | 214000 | Bank of America N.A. | 01/12/23 | 4371 |
| KRW | 274947200 | USD | 214000 | Bank of America N.A. | 01/12/23 | 4371 |
| MXN | 2762085 | USD | 139000 | Citibank N.A. | 01/12/23 | 2542 |
| MXN | 2762085 | USD | 139000 | Citibank N.A. | 01/12/23 | 2542 |
| MXN | 4226568 | USD | 214000 | HSBC Bank PLC | 01/12/23 | 2589 |
| MXN | 4226568 | USD | 214000 | HSBC Bank PLC | 01/12/23 | 2589 |
| MXN | 8103070 | USD | 411000 | HSBC Bank PLC | 01/12/23 | 4240 |
| NOK | 2718298 | USD | 272000 | Deutsche Bank AG | 01/12/23 | 5563 |
| PLN | 622473 | USD | 139000 | JPMorgan Chase Bank N.A. | 01/12/23 | 2996 |
| PLN | 622473 | USD | 139000 | JPMorgan Chase Bank N.A. | 01/12/23 | 2996 |
| THB | 4831572 | USD | 138500 | Citibank N.A. | 01/12/23 | 1103 |
| THB | 4831572 | USD | 138500 | Citibank N.A. | 01/12/23 | 1103 |
| THB | 4761420 | USD | 136000 | JPMorgan Chase Bank N.A. | 01/12/23 | 1576 |
| THB | 4761420 | USD | 136000 | JPMorgan Chase Bank N.A. | 01/12/23 | 1576 |
| USD | 146512 | AUD | 213000 | Bank of America N.A. | 01/12/23 | 1444 |
| USD | 146512 | AUD | 213000 | Bank of America N.A. | 01/12/23 | 1444 |
| USD | 204000 | CAD | 275020 | JPMorgan Chase Bank N.A. | 01/12/23 | 874 |
| USD | 204000 | CAD | 275020 | JPMorgan Chase Bank N.A. | 01/12/23 | 874 |
| USD | 144927 | EUR | 135000 | Deutsche Bank AG | 01/12/23 | 335 |
| USD | 144927 | EUR | 135000 | Deutsche Bank AG | 01/12/23 | 335 |
| USD | 144457 | GBP | 117000 | JPMorgan Chase Bank N.A. | 01/12/23 | 2980 |
| USD | 138000 | INR | 11299164 | JPMorgan Chase Bank N.A. | 01/12/23 | 1462 |
| USD | 138000 | INR | 11299164 | JPMorgan Chase Bank N.A. | 01/12/23 | 1462 |
| USD | 411000 | MXN | 7971164 | Goldman Sachs International | 01/12/23 | 2520 |
| USD | 204000 | MXN | 3962394 | HSBC Bank PLC | 01/12/23 | 948 |
| USD | 204000 | MXN | 3962394 | HSBC Bank PLC | 01/12/23 | 948 |
| USD | 136000 | NOK | 1330591 | Deutsche Bank AG | 01/12/23 | 134 |
| USD | 143045 | NZD | 222000 | Bank of America N.A. | 01/12/23 | 2084 |
| USD | 143045 | NZD | 222000 | Bank of America N.A. | 01/12/23 | 2084 |
| ZAR | 3658565 | USD | 208000 | Citibank N.A. | 01/12/23 | 7178 |
| ZAR | 2436806 | USD | 137000 | Goldman Sachs International | 01/12/23 | 6320 |
| ZAR | 8477074 | USD | 497000 | Goldman Sachs International | 01/12/23 | 1577 |
| ZAR | 8835260 | USD | 518000 | Goldman Sachs International | 01/12/23 | 1644 |

---

S C H E D U L E O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| ZAR | 2537626 | USD | 144000 | JPMorgan Chase Bank N.A. | 01/12/23 | $5250 |
| ZAR | 2537626 | USD | 144000 | JPMorgan Chase Bank N.A. | 01/12/23 | 5250 |
| USD | 143000 | BRL | 748600 | BNP Paribas SA | 02/02/23 | 1986 |
| USD | 207000 | TWD | 6316605 | Citibank N.A. | 02/17/23 | 542 |
| USD | 207000 | TWD | 6316605 | Citibank N.A. | 02/17/23 | 542 |
| USD | 220553 | MXN | 4332455 | Citibank N.A. | 02/21/23 | 141 |
| USD | 1034159 | MXN | 20314597 | Citibank N.A. | 02/21/23 | 663 |
| USD | 610943 | MXN | 11866820 | Deutsche Bank AG | 02/21/23 | 7224 |
| BRL | 3754973 | USD | 690345 | Barclays Bank PLC | 03/15/23 | 11566 |
| CAD | 690121 | USD | 508896 | Bank of America N.A. | 03/15/23 | 1080 |
| CAD | 22705761 | USD | 16750000 | Morgan Stanley & Co. International PLC | 03/15/23 | 28791 |
| CAD | 460909 | USD | 340000 | Royal Bank of Canada | 03/15/23 | 596 |
| CAD | 1870071 | USD | 1378963 | Royal Bank of Canada | 03/15/23 | 2956 |
| CNH | 10833 | AUD | 2278 | Bank of America N.A. | 03/15/23 | 18 |
| CNH | 740000 | USD | 106946 | Bank of America N.A. | 03/15/23 | 562 |
| CNH | 20538196 | USD | 2972692 | BNP Paribas SA | 03/15/23 | 11116 |
| CNH | 20592880 | USD | 2980607 | BNP Paribas SA | 03/15/23 | 11145 |
| CNH | 29017556 | USD | 4200000 | BNP Paribas SA | 03/15/23 | 15697 |
| CNH | 86769663 | USD | 12559151 | BNP Paribas SA | 03/15/23 | 46824 |
| CNH | 750000 | USD | 108025 | HSBC Bank PLC | 03/15/23 | 936 |
| CNH | 750000 | USD | 108176 | Morgan Stanley & Co. International PLC | 03/15/23 | 785 |
| CNH | 750000 | USD | 108061 | UBS AG | 03/15/23 | 900 |
| CZK | 8762725 | USD | 382339 | Morgan Stanley & Co. International PLC | 03/15/23 | 3953 |
| CZK | 12141362 | USD | 530000 | Northern Trust Corp. | 03/15/23 | 5234 |
| DKK | 2775767 | USD | 400000 | Natwest Markets PLC | 03/15/23 | 1725 |
| DKK | 7311780 | USD | 1053369 | Natwest Markets PLC | 03/15/23 | 4834 |
| EUR | 1843672 | AUD | 2868901 | Royal Bank of Canada | 03/15/23 | 24218 |
| EUR | 100000 | USD | 107031 | Bank of America N.A. | 03/15/23 | 527 |
| EUR | 710000 | USD | 761181 | Bank of America N.A. | 03/15/23 | 2484 |
| EUR | 670000 | USD | 719727 | Citibank N.A. | 03/15/23 | 914 |
| EUR | 670000 | USD | 719104 | Citibank N.A. | 03/15/23 | 1537 |
| EUR | 850000 | USD | 910296 | Goldman Sachs International | 03/15/23 | 3950 |
| EUR | 2690000 | USD | 2881095 | Goldman Sachs International | 03/15/23 | 12225 |
| EUR | 100000 | USD | 107382 | HSBC Bank PLC | 03/15/23 | 177 |
| EUR | 100000 | USD | 107316 | HSBC Bank PLC | 03/15/23 | 242 |
| EUR | 95000 | USD | 101574 | JPMorgan Chase Bank N.A. | 03/15/23 | 607 |
| EUR | 97500 | USD | 104062 | JPMorgan Chase Bank N.A. | 03/15/23 | 808 |
| EUR | 97500 | USD | 103845 | JPMorgan Chase Bank N.A. | 03/15/23 | 1024 |
| EUR | 100000 | USD | 106733 | JPMorgan Chase Bank N.A. | 03/15/23 | 825 |
| EUR | 110000 | USD | 117354 | Morgan Stanley & Co. International PLC | 03/15/23 | 960 |
| EUR | 100000 | USD | 107120 | State Street Bank and Trust Co. | 03/15/23 | 438 |
| IDR | 2745000000 | USD | 175883 | BNP Paribas SA | 03/15/23 | 1293 |
| IDR | 26928247495 | USD | 1727576 | Citibank N.A. | 03/15/23 | 10500 |
| IDR | 2745000000 | USD | 176029 | JPMorgan Chase Bank N.A. | 03/15/23 | 1146 |
| IDR | 5360000000 | USD | 344031 | JPMorgan Chase Bank N.A. | 03/15/23 | 1929 |
| JPY | 265078949 | AUD | 2888467 | Royal Bank of Canada | 03/15/23 | 66575 |
| JPY | 367110000 | AUD | 4000000 | Royal Bank of Canada | 03/15/23 | 92378 |
| JPY | 3023174931 | EUR | 21166501 | Morgan Stanley & Co. International PLC | 03/15/23 | 485092 |
| JPY | 72000000 | USD | 549904 | BNP Paribas SA | 03/15/23 | 3853 |
| JPY | 7500000 | USD | 57401 | Deutsche Bank AG | 03/15/23 | 282 |
| JPY | 30250000 | USD | 231104 | HSBC Bank PLC | 03/15/23 | 1551 |
| JPY | 73000000 | USD | 557822 | HSBC Bank PLC | 03/15/23 | 3625 |
| JPY | 15430000 | USD | 118514 | JPMorgan Chase Bank N.A. | 03/15/23 | 159 |
| JPY | 15430000 | USD | 117825 | JPMorgan Chase Bank N.A. | 03/15/23 | 848 |
| JPY | 22200000 | USD | 169103 | JPMorgan Chase Bank N.A. | 03/15/23 | 1638 |
| JPY | 48000000 | USD | 358444 | JPMorgan Chase Bank N.A. | 03/15/23 | 10727 |
| JPY | 4881531557 | USD | 36610252 | Morgan Stanley & Co. International PLC | 03/15/23 | 933926 |
| JPY | 14820000 | USD | 113547 | State Street Bank and Trust Co. | 03/15/23 | 434 |
| JPY | 7500000 | USD | 57161 | UBS AG | 03/15/23 | 522 |
| JPY | 7500000 | USD | 57052 | UBS AG | 03/15/23 | 631 |
| JPY | 7500000 | USD | 55239 | UBS AG | 03/15/23 | 2444 |
| KRW | 776105082 | USD | 600000 | BNP Paribas SA | 03/15/23 | 17283 |

---

28 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| KRW | 2045905000 | USD | 1581719 | BNP Paribas SA | 03/15/23 | $45514 |
| MXN | 102550000 | USD | 5099174 | Barclays Bank PLC | 03/15/23 | 96631 |
| MXN | 21408053 | USD | 1071257 | Citibank N.A. | 03/15/23 | 13405 |
| MXN | 393608266 | USD | 19704522 | Morgan Stanley & Co. International PLC | 03/15/23 | 238061 |
| MYR | 2411640 | USD | 550000 | Barclays Bank PLC | 03/15/23 | 3096 |
| PLN | 119963 | USD | 27000 | Morgan Stanley & Co. International PLC | 03/15/23 | 219 |
| PLN | 7862548 | USD | 1770000 | Societe Generale | 03/15/23 | 13963 |
| SGD | 1240000 | USD | 913848 | Bank of America N.A. | 03/15/23 | 12977 |
| SGD | 1240000 | USD | 915440 | BNP Paribas SA | 03/15/23 | 11385 |
| SGD | 2423333 | USD | 1800000 | Royal Bank of Canada | 03/15/23 | 11294 |
| THB | 6000000 | USD | 170382 | Barclays Bank PLC | 03/15/23 | 4032 |
| THB | 6500000 | USD | 187563 | Barclays Bank PLC | 03/15/23 | 1386 |
| USD | 2790000 | AUD | 4053518 | Royal Bank of Canada | 03/15/23 | 22371 |
| USD | 6903 | CHF | 6328 | Citibank N.A. | 03/15/23 | 7 |
| USD | 70189 | GBP | 57487 | Royal Bank of Canada | 03/15/23 | 570 |
| USD | 8451115 | GBP | 6818140 | State Street Bank and Trust Co. | 03/15/23 | 193987 |
| USD | 57882 | HKD | 450000 | Societe Generale | 03/15/23 | 153 |
| USD | 287894 | NOK | 2796242 | Bank of America N.A. | 03/15/23 | 1610 |
| USD | 149848 | NOK | 1460000 | JPMorgan Chase Bank N.A. | 03/15/23 | 371 |
| USD | 33632 | SEK | 341550 | Bank of America N.A. | 03/15/23 | 769 |
| USD | 130114 | SEK | 1321361 | Bank of America N.A. | 03/15/23 | 2979 |
| USD | 1269966 | SEK | 12888349 | BNP Paribas SA | 03/15/23 | 29909 |
| USD | 3578 | TRY | 70221 | Societe Generale | 03/15/23 | 22 |
| USD | 146911 | TWD | 4400000 | Barclays Bank PLC | 03/15/23 | 2693 |
| USD | 171193 | TWD | 5200000 | Barclays Bank PLC | 03/15/23 | 754 |
| USD | 187778 | TWD | 5700000 | BNP Paribas SA | 03/15/23 | 950 |
| ZAR | 208253783 | USD | 12026103 | Morgan Stanley & Co. International PLC | 03/15/23 | 157498 |
|  |  |  |  |  |  | 3019432 |
| USD | 5164764 | MXN | 102550000 | Barclays Bank PLC | 01/04/23 | (97854) |
| EUR | 218000 | PLN | 1031216 | HSBC Bank PLC | 01/12/23 | (1749) |
| EUR | 218000 | PLN | 1031227 | UBS AG | 01/12/23 | (1751) |
| GBP | 2600432 | USD | 3197370 | Societe Generale | 01/12/23 | (52913) |
| MXN | 4064836 | GBP | 175000 | UBS AG | 01/12/23 | (3310) |
| MXN | 4065155 | GBP | 175000 | UBS AG | 01/12/23 | (3293) |
| USD | 144043 | AUD | 213000 | Morgan Stanley & Co. International PLC | 01/12/23 | (1025) |
| USD | 144043 | AUD | 213000 | Morgan Stanley & Co. International PLC | 01/12/23 | (1025) |
| USD | 139000 | CAD | 189655 | HSBC Bank PLC | 01/12/23 | (1076) |
| USD | 139000 | CAD | 189655 | HSBC Bank PLC | 01/12/23 | (1076) |
| USD | 204000 | CHF | 191372 | BNP Paribas SA | 01/12/23 | (3145) |
| USD | 204000 | CHF | 191372 | BNP Paribas SA | 01/12/23 | (3145) |
| USD | 139000 | CLP | 123793400 | Bank of America N.A. | 01/12/23 | (6826) |
| USD | 139000 | CLP | 123793400 | Bank of America N.A. | 01/12/23 | (6826) |
| USD | 215000 | CLP | 185583700 | Bank of America N.A. | 01/12/23 | (3614) |
| USD | 104000 | CLP | 90480000 | Citibank N.A. | 01/12/23 | (2584) |
| USD | 143000 | CLP | 123802250 | Citibank N.A. | 01/12/23 | (2837) |
| USD | 55000 | CLP | 50624200 | Deutsche Bank AG | 01/12/23 | (4634) |
| USD | 55000 | CLP | 50624200 | Deutsche Bank AG | 01/12/23 | (4634) |
| USD | 36000 | CLP | 31163918 | Goldman Sachs International | 01/12/23 | (711) |
| USD | 214963 | EUR | 203000 | Deutsche Bank AG | 01/12/23 | (2460) |
| USD | 214963 | EUR | 203000 | Deutsche Bank AG | 01/12/23 | (2460) |
| USD | 143148 | EUR | 134000 | JPMorgan Chase Bank N.A. | 01/12/23 | (373) |
| USD | 143148 | EUR | 134000 | JPMorgan Chase Bank N.A. | 01/12/23 | (373) |
| USD | 365329 | EUR | 344000 | State Street Bank and Trust Co. | 01/12/23 | (3113) |
| USD | 365329 | EUR | 344000 | State Street Bank and Trust Co. | 01/12/23 | (3113) |
| USD | 175544 | GBP | 146000 | Bank of America N.A. | 01/12/23 | (1000) |
| USD | 175547 | GBP | 146000 | Royal Bank of Canada | 01/12/23 | (997) |
| USD | 139000 | HUF | 55607127 | Goldman Sachs International | 01/12/23 | (9682) |
| USD | 139000 | HUF | 55607127 | Goldman Sachs International | 01/12/23 | (9682) |
| USD | 3043 | HUF | 1213410 | Northern Trust Corp. | 01/12/23 | (201) |
| USD | 287000 | NOK | 2860427 | Deutsche Bank AG | 01/12/23 | (5076) |
| USD | 136000 | NOK | 1335805 | Goldman Sachs International | 01/12/23 | (398) |

---

S C H E D U L E O F I N V E S T M E N T S 29

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| USD | 137101 | NZD | 217000 | Bank of America N.A. | 01/12/23 | $(685) |
| USD | 137101 | NZD | 217000 | Bank of America N.A. | 01/12/23 | (685) |
| USD | 44145 | PLN | 198820 | Northern Trust Corp. | 01/12/23 | (1209) |
| USD | 141000 | PLN | 642693 | UBS AG | 01/12/23 | (5609) |
| USD | 141000 | PLN | 642693 | UBS AG | 01/12/23 | (5609) |
| USD | 208000 | ZAR | 3577272 | BNP Paribas SA | 01/12/23 | (2396) |
| USD | 204000 | ZAR | 3495642 | Citibank N.A. | 01/12/23 | (1595) |
| USD | 204000 | ZAR | 3495642 | Citibank N.A. | 01/12/23 | (1595) |
| USD | 214000 | ZAR | 3681509 | Deutsche Bank AG | 01/12/23 | (2527) |
| USD | 137000 | ZAR | 2336739 | Goldman Sachs International | 01/12/23 | (435) |
| USD | 208000 | ZAR | 3638595 | HSBC Bank PLC | 01/12/23 | (6003) |
| USD | 208000 | ZAR | 3638595 | HSBC Bank PLC | 01/12/23 | (6003) |
| USD | 359152 | COP | 1794683800 | BNP Paribas SA | 02/16/23 | (8077) |
| USD | 246742 | EUR | 235619 | Deutsche Bank AG | 02/21/23 | (6291) |
| USD | 282963 | EUR | 263599 | Deutsche Bank AG | 02/21/23 | (119) |
| USD | 25666 | EUR | 24105 | Royal Bank of Canada | 02/21/23 | (220) |
| USD | 37601 | MXN | 740362 | Citibank N.A. | 02/21/23 | (64) |
| USD | 640266 | MXN | 12824843 | JPMorgan Chase Bank N.A. | 02/21/23 | (12192) |
| USD | 23341 | MXN | 461037 | Morgan Stanley & Co. International PLC | 02/21/23 | (114) |
| USD | 979286 | MXN | 19263325 | Morgan Stanley & Co. International PLC | 02/21/23 | (727) |
| USD | 73921 | MXN | 1472842 | Societe Generale | 02/21/23 | (1009) |
| USD | 278647 | ZAR | 4809029 | Bank of America N.A. | 02/21/23 | (3219) |
| USD | 358070 | ZAR | 6197157 | Deutsche Bank AG | 02/21/23 | (5156) |
| USD | 254819 | ZAR | 4448560 | Northern Trust Corp. | 02/21/23 | (5919) |
| USD | 410035 | EUR | 385219 | Bank of America N.A. | 03/14/23 | (4270) |
| AUD | 1900000 | JPY | 174372310 | Bank of America N.A. | 03/15/23 | (43842) |
| AUD | 593638 | USD | 408588 | Morgan Stanley & Co. International PLC | 03/15/23 | (3269) |
| AUD | 21613433 | USD | 14875672 | Morgan Stanley & Co. International PLC | 03/15/23 | (118622) |
| BRL | 5726940 | USD | 1071257 | Bank of America N.A. | 03/15/23 | (730) |
| CHF | 549818 | USD | 600000 | Bank of America N.A. | 03/15/23 | (834) |
| CNH | 27697 | JPY | 534673 | Natwest Markets PLC | 03/15/23 | (88) |
| EUR | 510000 | USD | 549484 | Deutsche Bank AG | 03/15/23 | (936) |
| EUR | 100000 | USD | 107708 | HSBC Bank PLC | 03/15/23 | (149) |
| GBP | 5464463 | EUR | 6322998 | Morgan Stanley & Co. International PLC | 03/15/23 | (183160) |
| INR | 125105000 | USD | 1507780 | Barclays Bank PLC | 03/15/23 | (2514) |
| INR | 148475130 | USD | 1790000 | Goldman Sachs International | 03/15/23 | (3544) |
| JPY | 15120000 | USD | 116300 | JPMorgan Chase Bank N.A. | 03/15/23 | (11) |
| JPY | 15130000 | USD | 116655 | JPMorgan Chase Bank N.A. | 03/15/23 | (289) |
| NOK | 13281865 | CAD | 1854366 | Bank of America N.A. | 03/15/23 | (10495) |
| NOK | 3800000 | EUR | 365285 | Natwest Markets PLC | 03/15/23 | (3845) |
| NOK | 3750566 | USD | 386174 | Bank of America N.A. | 03/15/23 | (2185) |
| NOK | 12250188 | USD | 1262950 | Bank of America N.A. | 03/15/23 | (8756) |
| NOK | 18448025 | USD | 1900000 | Bank of America N.A. | 03/15/23 | (11261) |
| NZD | 283189 | USD | 182575 | Morgan Stanley & Co. International PLC | 03/15/23 | (2635) |
| SEK | 1270000 | USD | 122427 | Deutsche Bank AG | 03/15/23 | (234) |
| SEK | 1260000 | USD | 121615 | JPMorgan Chase Bank N.A. | 03/15/23 | (383) |
| SEK | 1270000 | USD | 122917 | JPMorgan Chase Bank N.A. | 03/15/23 | (724) |
| SEK | 1520000 | USD | 147011 | JPMorgan Chase Bank N.A. | 03/15/23 | (764) |
| SEK | 17670368 | USD | 1740000 | Natwest Markets PLC | 03/15/23 | (39839) |
| TRY | 430732 | USD | 22000 | Citibank N.A. | 03/15/23 | (187) |
| TWD | 1100000 | USD | 36352 | Barclays Bank PLC | 03/15/23 | (297) |
| TWD | 1100000 | USD | 36184 | Barclays Bank PLC | 03/15/23 | (130) |
| TWD | 1100000 | USD | 36391 | JPMorgan Chase Bank N.A. | 03/15/23 | (337) |
| TWD | 1100000 | USD | 36232 | JPMorgan Chase Bank N.A. | 03/15/23 | (177) |
| USD | 410187 | BRL | 2230000 | UBS AG | 03/15/23 | (6663) |
| USD | 2538 | CAD | 3450 | Morgan Stanley & Co. International PLC | 03/15/23 | (12) |
| USD | 1921 | CAD | 2610 | Royal Bank of Canada | 03/15/23 | (7) |
| USD | 428895 | CAD | 583131 | Royal Bank of Canada | 03/15/23 | (2019) |
| USD | 431763 | CNH | 2990000 | Morgan Stanley & Co. International PLC | 03/15/23 | (2627) |
| USD | 18397723 | CNH | 127119917 | Morgan Stanley & Co. International PLC | 03/15/23 | (70373) |
| USD | 495304 | CZK | 11349606 | Societe Generale | 03/15/23 | (5027) |
| USD | 800 | DKK | 5552 | Bank of America N.A. | 03/15/23 | (4) |

---

30 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| USD | 427014 | EUR | 400000 | Bank of America N.A. | 03/15/23 | $(3220) |
| USD | 428048 | EUR | 400000 | Bank of America N.A. | 03/15/23 | (2186) |
| USD | 770191 | EUR | 720000 | Bank of America N.A. | 03/15/23 | (4229) |
| USD | 917314 | EUR | 855260 | Bank of America N.A. | 03/15/23 | (2590) |
| USD | 96304 | EUR | 90000 | BNP Paribas SA | 03/15/23 | (499) |
| USD | 428500 | EUR | 400000 | BNP Paribas SA | 03/15/23 | (1733) |
| USD | 781702 | EUR | 730000 | BNP Paribas SA | 03/15/23 | (3474) |
| USD | 792052 | EUR | 740000 | BNP Paribas SA | 03/15/23 | (3880) |
| USD | 536712 | EUR | 500000 | Citibank N.A. | 03/15/23 | (1079) |
| USD | 495318 | EUR | 463118 | Commonwealth Bank of Australia | 03/15/23 | (2804) |
| USD | 225368 | EUR | 210000 | Deutsche Bank AG | 03/15/23 | (505) |
| USD | 1969850 | EUR | 1834740 | Deutsche Bank AG | 03/15/23 | (3566) |
| USD | 267790 | EUR | 250000 | HSBC Bank PLC | 03/15/23 | (1106) |
| USD | 4650000 | EUR | 4339872 | Morgan Stanley & Co. International PLC | 03/15/23 | (17896) |
| USD | 5537797 | EUR | 5170000 | Morgan Stanley & Co. International PLC | 03/15/23 | (22971) |
| USD | 24577487 | EUR | 22945187 | Morgan Stanley & Co. International PLC | 03/15/23 | (101982) |
| USD | 58927000 | EUR | 55000000 | Morgan Stanley & Co. International PLC | 03/15/23 | (230104) |
| USD | 136315 | EUR | 127633 | State Street Bank and Trust Co. | 03/15/23 | (965) |
| USD | 199935 | EUR | 187327 | State Street Bank and Trust Co. | 03/15/23 | (1551) |
| USD | 346654 | EUR | 324848 | State Street Bank and Trust Co. | 03/15/23 | (2747) |
| USD | 412489 | EUR | 390000 | UBS AG | 03/15/23 | (6989) |
| USD | 157696 | GBP | 130320 | Commonwealth Bank of Australia | 03/15/23 | (128) |
| USD | 761000 | IDR | 11857978100 | Barclays Bank PLC | 03/15/23 | (4370) |
| USD | 18048605 | JPY | 2406666466 | Bank of America N.A. | 03/15/23 | (461224) |
| USD | 3216260 | JPY | 422182146 | Morgan Stanley & Co. International PLC | 03/15/23 | (30770) |
| USD | 222763 | JPY | 30000000 | UBS AG | 03/15/23 | (7969) |
| USD | 358575 | KRW | 465000000 | Bank of America N.A. | 03/15/23 | (11268) |
| USD | 22724 | MXN | 455761 | Bank of Montreal | 03/15/23 | (368) |
| USD | 4326000 | MXN | 86587209 | Morgan Stanley & Co. International PLC | 03/15/23 | (61033) |
| USD | 10581110 | MXN | 211216954 | Royal Bank of Canada | 03/15/23 | (120422) |
| USD | 119231 | NOK | 1170000 | Deutsche Bank AG | 03/15/23 | (555) |
| USD | 118517 | NOK | 1160000 | JPMorgan Chase Bank N.A. | 03/15/23 | (245) |
| USD | 118987 | NOK | 1170000 | JPMorgan Chase Bank N.A. | 03/15/23 | (799) |
| USD | 281169 | PLN | 1249338 | Morgan Stanley & Co. International PLC | 03/15/23 | (2298) |
| USD | 458580 | SGD | 620000 | Barclays Bank PLC | 03/15/23 | (4833) |
| USD | 459429 | SGD | 620000 | Barclays Bank PLC | 03/15/23 | (3983) |
| USD | 457328 | SGD | 620000 | UBS AG | 03/15/23 | (6084) |
| USD | 457700 | SGD | 620000 | UBS AG | 03/15/23 | (5713) |
| USD | 4568457 | ZAR | 79652680 | Morgan Stanley & Co. International PLC | 03/15/23 | (91514) |
| USD | 8468000 | ZAR | 146616038 | Societe Generale | 03/15/23 | *(109570)* |
|  |  |  |  |  |  | (2190875) |
|  |  |  |  |  |  | $828557 |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
|  Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust, Series 1 | 94 | 01/06/23 | USD | 292.00 | USD | 2503 | $188 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 16 | 01/06/23 | USD | 4090.00 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 42 | 01/13/23 | USD | 410.00 | USD | 1606 | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 7 | 01/20/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105.00 | USD | 77 | 3938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. | 1 | 01/20/23 | USD | 480.00 | USD | 34 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. | 2 | 01/20/23 | USD | 240.00 | USD | 42 | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 20 | 01/20/23 | USD | 125.00 | USD | 177 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 18 | 01/20/23 | USD | 105.00 | USD | 168 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 7 | 01/20/23 | USD | 45.00 | USD | 27 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2 | 01/20/23 | USD | 340.00 | USD | 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 23 | 01/20/23 | USD | 95.00 | USD | 201 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 12 | 01/20/23 | USD | 120.00 | USD | 132 | 384 |

---

S C H E D U L E O F I N V E S T M E N T S 31

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC | 7 | 01/20/23 | GBP | 5.68 | GBP | 40 | $828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 1 | 01/20/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500.00 | USD | 51 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 1 | 01/20/23 | USD | 450.00 | USD | 39 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $High Yield Corporate Bond ETF | 211 | 01/20/23 | USD | 75.00 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 | 7279 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 2 | 01/20/23 | USD | 400.00 | USD | 75 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. | 4 | 01/20/23 | USD | 360.00 | USD | 128 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. | 39 | 01/20/23 | USD | 32.00 | USD | 106 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 4 | 01/20/23 | USD | 400.00 | USD | 150 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 2 | 01/20/23 | USD | 560.00 | USD | 109 | 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 8 | 01/20/23 | USD | 85.00 | USD | 63 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 12 | 01/20/23 | USD | 60.00 | USD | 61 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 6 | 01/20/23 | USD | 280.00 | USD | 155 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 4 | 01/20/23 | USD | 200.00 | USD | 53 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 4 | 01/20/23 | USD | 210.00 | USD | 53 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. | 1 | 01/20/23 | USD | 550.00 | USD | 39 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 122 | 01/20/23 | USD | 415.00 | USD | 4666 | 2623 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO Logistics, Inc. | 5 | 01/20/23 | USD | 57.50 | USD | 17 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note Future | 31 | 01/27/23 | USD | 114.50 | USD | 3476 | 6297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 37 | 02/17/23 | USD | 100.00 | USD | 311 | 5106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 6 | 02/17/23 | USD | 380.00 | USD | 220 | 5970 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 347 | 02/17/23 | USD | 30.00 | USD | 982 | 33832 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 346 | 02/17/23 | USD | 31.00 | USD | 979 | 23009 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 275 | 03/17/23 | USD | 32.00 | USD | 778 | 20075 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 21 | 04/21/23 | USD | 158.50 | USD | 272 | 6195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 4 | 04/21/23 | USD | 290.00 | USD | 103 | 2820 |
|  |  |  |  |  |  |  | 134685 |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note Future | 454 | 01/06/23 | USD | 113.50 | USD | 50912 | 595875 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Regional Banking ETF | 158 | 01/20/23 | USD | 56.00 | USD | 928 | 9006 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond Future | 3 | 01/27/23 | USD | 129.00 | USD | 374 | 12703 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617584 |
|  |  |  |  |  |  |  | $752269 |

---

**OTC Barrier Options Purchased** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Type of Option* | *Counterparty* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Barrier<br>Price/Range* | *Barrier<br>Price/Range* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Put |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Down-and-out | Bank of America N.A. |  | 02/07/23 | MXN | 19.55 | MXN | 19.10 | USD | 866 | $2336 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One Touch | Bank of America N.A. |  | 03/23/23 | BRL | 4.65 | BRL | 4.65 | USD | 86 | 4044 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One Touch | Bank of America N.A. |  | 03/28/23 | JPY | 105.00 | JPY | 105.00 | USD | 170 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One Touch | Bank of America N.A. |  | 03/28/23 | JPY | 105.00 | JPY | 105.00 | USD | 170 | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | One Touch | Bank of America N.A. |  | 04/19/23 | JPY | 110.00 | JPY | 110.00 | USD | 120 | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Currency | One Touch | JPMorgan Chase Bank N.A. |  | 05/11/23 | USD | 1.00 | USD | 1.00 | GBP | 153 | 5663 |
|  |  |  |  |  |  |  |  |  |  |  | $17443 |

---

**OTC Options Purchased** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Call |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Bank of America N.A. |  | 01/13/23 | USD | 1.06 | EUR | 3360 | $50670 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. |  | 01/13/23 | CLP | 920.00 | USD | 688 | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. |  | 01/19/23 | JPY | 145.00 | USD | 4120 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | Goldman Sachs International | 326 | 01/20/23 | USD | 4050.00 | USD | 1252 | 7689 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Morgan Stanley & Co. International PLC |  | 02/07/23 | USD | 1.06 | EUR | 9199 | 182144 |

---

32 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

**OTC Options Purchased (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Call (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. |  | 03/10/23 | JPY | 137.00 | USD | 1002 | $4989 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Deutsche Bank AG |  | 03/14/23 | USD | 1.10 | EUR | 6760 | 49011 |
|  |  |  |  |  |  |  |  | 295591 |
| Put |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. |  | 01/05/23 | JPY | 141.00 | USD | 2595 | 228508 |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Currency | JPMorgan Chase Bank N.A. |  | 01/17/23 | USD | 1.21 | GBP | 586 | 7135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Select Sector SPDR Fund | Goldman Sachs International | 40600 | 01/20/23 | USD | 35.00 | USD | 1389 | 43455 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC |  | 01/31/23 | MXN | 19.35 | USD | 680 | 4688 |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Currency | Morgan Stanley & Co. International PLC |  | 02/02/23 | USD | 1.21 | GBP | 558 | 8975 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Morgan Stanley & Co. International PLC |  | 02/07/23 | USD | 0.97 | EUR | 9199 | 709 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | HSBC Bank USA N.A. |  | 02/16/23 | BRL | 5.30 | USD | 550 | 13455 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Deutsche Bank AG |  | 03/07/23 | MXN | 19.50 | USD | 4241 | 55756 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. |  | 06/06/23 | JPY | 123.25 | USD | 14520 | 232044 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. |  | 06/16/23 | JPY | 126.70 | USD | 9530 | 248523 |
|  |  |  |  |  |  |  |  | 843248 |
|  |  |  |  |  |  |  |  | $1138839 |

---

**OTC Dual Binary Options Purchased** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Description<sup>(a)</sup>* | *Counterparty* | *Units* | *Expiration*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dual Binary Option payout at expiry if USD JPY>137.06 and AUD USD > 0.697<sup>(b)</sup> | Bank of America N.A. |  | 03/07/23 | USD | 232 | $8623 |
|  |  |  |  |  |  | 8623 |
| Put |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dual Binary Option payout at expiry if S&P 500 <= 3687.14 and 10 year swap <= 3.357<sup>(b)</sup> | Citibank N.A. | 151128 | 03/17/23 | USD | 557230 | 14385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dual Binary Option payout at expiry if S&P 500 <= 3687.14 and 10 year swap <= 3.342<sup>(b)</sup> | Citibank N.A. | 151128 | 04/21/23 | USD | 557230 | 16561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dual Binary Option payout at expiry if S&P 500 <= 3687.14 and 10 year swap <= 3.330<sup>(b)</sup> | Citibank N.A. | 151128 | 05/19/23 | USD | 557230 | 17337 |
|  |  |  |  |  |  | 48283 |
|  |  |  |  |  |  | $56906 |

---

<sup>(a)</sup> Option only pays if both terms are met on the expiration date.

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

**OTC Interest Rate Swaptions Purchased** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* | *Notional*<br> *Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* | *Notional*<br> *Amount (000)* | *Value* |
|  Call | Call | Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 02/17/33 | 1-Day SOFR,<br> 4.32% | Quarterly | 2.97% | Semi-Annual | JPMorgan Chase Bank N.A. | 02/15/23 | 2.97% | USD 8,598 | $14123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 03/18/24 | 1-Day SOFR,<br>4.32% | Quarterly | 0.80% | Semi-Annual | Morgan Stanley & Co. International PLC | 03/16/23 | 0.80 | USD 123,605 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 10/26/33 | 1-Day SOFR,<br>4.32% | Quarterly | 3.05% | Semi-Annual | Citibank N.A. | 10/24/23 | 3.05 | USD 10,739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 11/01/33 | 1-Day SOFR,<br>4.32% | Quarterly | 2.90% | Semi-Annual | JPMorgan Chase Bank N.A. | 10/30/23 | 2.90 | USD 10,739 | 202225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 11/09/33 | 1-Day SOFR,<br>4.32% | Quarterly | 2.82% | Semi-Annual | Goldman Sachs International | 11/07/23 | 2.82 | USD 4,401 | 75980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30-Year Interest Rate Swap, 11/16/53 | 1-Day SOFR,<br>4.32% | Quarterly | 2.85% | Semi-Annual | Citibank N.A. | 11/14/23 | 2.85 | USD 3,286 | 162701 |
|  |  |  |  |  |  |  |  |  | 698535 |

---

S C H E D U L E O F I N V E S T M E N T S 33

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* | *Notional*<br> *Amount (000)* |  |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* | *Notional*<br> *Amount (000)* | *Value* |
|  Put | Put | Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/25/33 | 3.11% | Annual | 6-Month<br>EURIBOR,<br> 2.69% | Semi-Annual | Barclays Bank PLC | 01/23/23 | 3.11% | EUR 1,680 | $25570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 02/11/24 | 3.75% | Semi-Annual | 1-Day SOFR,<br>4.32% | Quarterly | Goldman Sachs International | 02/09/23 | 3.75 | USD 89,182 | 1014445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 04/03/24 | 2.47% | Annual | 1-Day SONIA,<br> 3.43% | Annual | Goldman Sachs International | 04/03/23 | 2.47 | GBP 46,501 | 1181211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/04/24 | 1.00% | Annual | 6-Month<br>EURIBOR,<br>2.69% | Semi-Annual | Goldman Sachs International | 05/02/23 | 1.00 | EUR 27,030 | 744473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 10/26/33 | 4.55% | Semi-Annual | 1-Day SOFR,<br>4.32% | Quarterly | Citibank N.A. | 10/24/23 | 4.55 | USD 10,739 | 117236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 11/01/33 | 4.40% | Semi-Annual | 1-Day SOFR,<br>4.32% | Quarterly | JPMorgan Chase Bank N.A. | 10/30/23 | 4.40 | USD 10,739 | 140612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 11/09/33 | 4.82% | Semi-Annual | 1-Day SOFR,<br>4.32% | Quarterly | Goldman Sachs International | 11/07/23 | 4.82 | USD 4,401 | 37212 |
|  |  |  |  |  |  |  |  |  | 3260759 |
|  |  |  |  |  |  |  |  |  | $3959294 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Exercise*<br> *Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust, Series 1 | 94 | 01/06/23 | USD | 312.00 | USD | 2503 | $(94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2 | 01/20/23 | USD | 430.00 | USD | 73 | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 12 | 01/20/23 | USD | 130.00 | USD | 132 | (30) |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 1 | 01/20/23 | USD | 640.00 | USD | 51 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $High Yield Corporate Bond ETF | 422 | 01/20/23 | USD | 78.00 | USD | 3107 | (1266) |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 12 | 01/20/23 | USD | 60.00 | USD | 64 | (444) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 61 | 01/20/23 | USD | 435.00 | USD | 2333 | (214) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 13 | 01/20/23 | USD | 105.00 | USD | 113 | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note Future | 37 | 01/27/23 | USD | 116.50 | USD | 4149 | (1734) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note Future | 10 | 01/27/23 | USD | 108.25 | USD | 1078 | (4844) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 347 | 02/17/23 | USD | 34.00 | USD | 982 | (7287) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 346 | 02/17/23 | USD | 35.00 | USD | 979 | (4844) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 16 | 02/17/23 | USD | 4350.00 | USD | 6143 | (5600) |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 275 | 03/17/23 | USD | 37.00 | USD | 778 | (4125) |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 21 | 04/21/23 | USD | 178.50 | USD | 272 | (2100) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 14 | 12/15/23 | USD | 420.00 | USD | 535 | (30611) |
|  |  |  |  |  |  |  | (63451) |
| Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note Future | 681 | 01/06/23 | USD | 112.00 | USD | 76368 | (234094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 7 | 01/20/23 | USD | 90.00 | USD | 77 | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc. | 2 | 01/20/23 | USD | 180.00 | USD | 42 | (330) |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 20 | 01/20/23 | USD | 100.00 | USD | 177 | (22600) |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 18 | 01/20/23 | USD | 95.00 | USD | 168 | (5895) |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc. | 7 | 01/20/23 | USD | 35.00 | USD | 27 | (350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Select Sector SPDR Fund | 23 | 01/20/23 | USD | 80.00 | USD | 201 | (1150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 3 | 01/20/23 | USD | 100.00 | USD | 33 | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Glencore PLC | 7 | 01/20/23 | GBP | 4.41 | GBP | 40 | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 1 | 01/20/23 | USD | 370.00 | USD | 39 | (770) |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco QQQ Trust, Series 1 | 97 | 01/20/23 | USD | 265.00 | USD | 2583 | (56405) |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 2 | 01/20/23 | USD | 330.00 | USD | 75 | (430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. | 39 | 01/20/23 | USD | 25.00 | USD | 106 | (1541) |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 4 | 01/20/23 | USD | 360.00 | USD | 150 | (1410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 35 | 01/20/23 | USD | 47.50 | USD | 175 | (3657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 2 | 01/20/23 | USD | 480.00 | USD | 109 | (535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 8 | 01/20/23 | USD | 65.00 | USD | 63 | (80) |

---

34 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise<br>Price* | *Exercise<br>Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Put (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 12 | 01/20/23 | USD | 45.00 | USD | 61 | $(840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 6 | 01/20/23 | USD | 240.00 | USD | 155 | (1005) |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc. | 1 | 01/20/23 | USD | 450.00 | USD | 39 | (6205) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P Regional Banking ETF | 158 | 01/20/23 | USD | 52.00 | USD | 928 | (1659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co. | 13 | 01/20/23 | USD | 85.00 | USD | 113 | (2769) |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO Logistics, Inc. | 5 | 01/20/23 | USD | 45.00 | USD | 17 | (2350) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond Future | 3 | 01/27/23 | USD | 126.00 | USD | 374 | (6703) |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | 37 | 02/17/23 | USD | 75.00 | USD | 311 | (9712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 6 | 02/17/23 | USD | 310.00 | USD | 220 | (1287) |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 21 | 04/21/23 | USD | 113.50 | USD | 272 | (11025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 4 | 04/21/23 | USD | 220.00 | USD | 103 | (2360) |
|  |  |  |  |  |  |  | (375423) |
|  |  |  |  |  |  |  | $(438874) |

---

**OTC Options Written** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise*<br> *Price* | *Exercise*<br> *Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
| Call |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. |  | 01/13/23 | CLP | 960.00 | CLP | 962 | $(343) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. |  | 01/19/23 | JPY | 150.00 | JPY | 4120 | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | Goldman Sachs International | 326 | 01/20/23 | USD | 4250.00 | USD | 1252 | (733) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Barclays Bank PLC |  | 01/31/23 | MXN | 20.00 | MXN | 680 | (4086) |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Currency | Morgan Stanley & Co. International PLC |  | 02/02/23 | USD | 1.28 | USD | 558 | (343) |
| &nbsp;&nbsp;&nbsp;&nbsp; EUR Currency | Morgan Stanley & Co. International PLC |  | 02/07/23 | USD | 1.09 | USD | 9199 | (49125) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Deutsche Bank AG |  | 03/07/23 | MXN | 21.00 | MXN | 4241 | (19133) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. |  | 03/10/23 | JPY | 142.00 | JPY | 1002 | (1411) |
|  |  |  |  |  |  |  |  | (75195) |
| Put |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Citibank N.A. |  | 01/05/23 | MXN | 19.75 | MXN | 278 | (3963) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. |  | 01/13/23 | CLP | 860.00 | CLP | 412 | (9874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Select Sector SPDR Fund | Goldman Sachs International | 40600 | 01/20/23 | USD | 31.00 | USD | 1389 | (2832) |
| &nbsp;&nbsp;&nbsp;&nbsp; GBP Currency | Morgan Stanley & Co. International PLC |  | 02/02/23 | USD | 1.16 | USD | 558 | (2045) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | HSBC Bank USA N.A. |  | 02/16/23 | BRL | 4.90 | BRL | 824 | (2786) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. |  | 02/17/23 | HUF | 390.00 | HUF | 414 | (19662) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Deutsche Bank AG |  | 03/07/23 | MXN | 18.75 | MXN | 4241 | (10493) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. |  | 06/06/23 | JPY | 121.31 | JPY | 14520 | (180208) |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Currency | Bank of America N.A. |  | 06/16/23 | JPY | 124.70 | JPY | 9530 | (194288) |
|  |  |  |  |  |  |  |  | (426151) |
|  |  |  |  |  |  |  |  | $(501346) |

---

**OTC Interest Rate Swaptions Written** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
|  Call |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 02/17/33 | 2.67% | Quarterly | 1-Day SOFR,<br>4.32% | Semi-Annual | JPMorgan Chase Bank N.A. | 02/15/23 | 2.67% | USD | 8598 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 02/17/25 | 1.40% | Quarterly | 1-Day SOFR,<br>4.32% | Semi-Annual | Morgan Stanley & Co. International PLC | 02/15/23 | 1.40 | USD | 49553 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 03/18/24 | 0.40% | Quarterly | 3-Month<br>LIBOR, 4.77% | Semi-Annual | Morgan Stanley & Co. International PLC | 03/16/23 | 0.40 | USD | 123605 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 03/18/24 | 0.60% | Quarterly | 3-Month<br>LIBOR, 4.77% | Semi-Annual | Morgan Stanley & Co. International PLC | 03/16/23 | 0.60 | USD | 123605 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 06/01/25 | 3.30% | Quarterly | 1-Day SOFR,<br>4.32% | Semi-Annual | Morgan Stanley & Co. International PLC | 05/30/23 | 3.30 | USD | 42312 | (77777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 06/01/25 | 3.30% | Quarterly | 1-Day SOFR,<br>4.32% | Semi-Annual | Goldman Sachs International | 05/30/23 | 3.30 | USD | 42312 | (77771) |

---

S C H E D U L E O F I N V E S T M E N T S 35

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
|  Call (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-Year Interest Rate Swap, 06/01/28 | 2.80% | Quarterly | 1-Day SOFR, 4.32% | Semi-Annual | JPMorgan Chase Bank N.A. | 05/30/23 | 2.80% | USD | 17141 | $(67821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-Year Interest Rate Swap, 06/01/28 | 2.80% | Quarterly | 1-Day SOFR, 4.32% | Semi-Annual | Goldman Sachs International | 05/30/23 | 2.80 | USD | 17141 | (67821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-Year Interest Rate Swap, 06/10/28 | 2.50% | Quarterly | 1-Day SOFR, 4.32% | Semi-Annual | JPMorgan Chase Bank N.A. | 06/08/23 | 2.50 | USD | 9027 | (23191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-Year Interest Rate Swap, 06/16/28 | 2.50% | Quarterly | 1-Day SOFR, 4.32% | Semi-Annual | Goldman Sachs International | 06/14/23 | 2.50 | USD | 8516 | (23221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 10/26/25 | 3.09% | Quarterly | 1-Day SOFR, 4.32% | Semi-Annual | Citibank N.A. | 10/24/23 | 3.09 | USD | 42956 | (200448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 11/01/25 | 2.95% | Quarterly | 1-Day SOFR, 4.32% | Semi-Annual | JPMorgan Chase Bank N.A. | 10/30/23 | 2.95 | USD | 42956 | (178768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 11/09/25 | 3.26% | Quarterly | 1-Day SOFR, 4.32% | Semi-Annual | Goldman Sachs International | 11/07/23 | 3.26 | USD | 17604 | (105153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 11/16/25 | 2.75% | Quarterly | 1-Day SOFR, 4.32% | Semi-Annual | Citibank N.A. | 11/14/23 | 2.75 | USD | 32857 | (119776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 12/16/33 | 2.40% | Quarterly | 1-Day SOFR, 4.32% | Semi-Annual | Morgan Stanley & Co. International PLC | 12/14/23 | 2.40 | USD | 2349 | (25173) |
|  |  |  |  |  |  |  |  |  |  | (970683) |
|  Put |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 01/25/33 | 6-Month<br>EURIBOR,<br>2.69% | Semi-Annual | 3.41% | Annual | Barclays Bank PLC | 01/23/23 | 3.41 | EUR | 1680 | (6567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 02/11/24 | 1-Day SOFR,<br>4.32% | Quarterly | 4.40% | Semi-Annual | Goldman Sachs International | 02/09/23 | 4.40 | USD | 178365 | (940735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 02/17/25 | 1-Day SOFR,<br>4.32% | Quarterly | 2.60% | Semi-Annual | Morgan Stanley & Co. International PLC | 02/15/23 | 2.60 | USD | 49553 | (1684338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 02/17/25 | 1-Day SOFR,<br>4.32% | Quarterly | 2.70% | Semi-Annual | Morgan Stanley & Co. International PLC | 02/15/23 | 2.70 | USD | 49553 | (1591301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Year Interest Rate Swap, 02/17/26 | 6-Month<br>EURIBOR,<br> 2.69% | Semi-Annual | 3.36% | Annual | JPMorgan Chase Bank N.A. | 02/15/23 | 3.36 | EUR | 25882 | (124515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 03/09/24 | 1-Day SOFR,<br>4.32% | Quarterly | 4.50% | Semi-Annual | Morgan Stanley & Co. International PLC | 03/07/23 | 4.50 | USD | 86999 | (405339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 03/25/33 | 1-Day SOFR,<br>4.32% | Quarterly | 3.27% | Semi-Annual | Goldman Sachs International | 03/23/23 | 3.27 | USD | 17659 | (593672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 04/03/24 | 1-Day<br>SONIA,<br>3.43% | Annual | 3.22% | Annual | Goldman Sachs International | 04/03/23 | 3.22 | GBP | 93003 | (1565289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 04/08/33 | 1-Day SOFR,<br>4.32% | Quarterly | 3.40% | Semi-Annual | Morgan Stanley & Co. International PLC | 04/06/23 | 3.40 | USD | 11751 | (332476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 04/20/33 | 1-Day SOFR,<br>4.32% | Quarterly | 3.45% | Semi-Annual | Morgan Stanley & Co. International PLC | 04/18/23 | 3.45 | USD | 5856 | (158562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 04/20/33 | 1-Day SOFR,<br>4.32% | Quarterly | 3.45% | Semi-Annual | Bank of America N.A. | 04/18/23 | 3.45 | USD | 5850 | (158397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-Year Interest Rate Swap, 05/04/24 | 6-Month<br>EURIBOR,<br>2.69% | Semi-Annual | 1.75% | Annual | Goldman Sachs International | 05/02/23 | 1.75 | EUR | 54060 | (1071609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 05/07/33 | 1-Day SOFR,<br>4.32% | Quarterly | 3.75% | Semi-Annual | Citibank N.A. | 05/05/23 | 3.75 | USD | 11428 | (199735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 06/01/25 | 1-Day SOFR,<br>4.32% | Quarterly | 4.80% | Semi-Annual | Morgan Stanley & Co. International PLC | 05/30/23 | 4.80 | USD | 42312 | (110772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 06/01/25 | 1-Day SOFR,<br>4.32% | Quarterly | 4.80% | Semi-Annual | Goldman Sachs International | 05/30/23 | 4.80 | USD | 42312 | (110772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-Year Interest Rate Swap, 06/01/28 | 1-Day SOFR,<br>4.32% | Quarterly | 4.30% | Semi-Annual | JPMorgan Chase Bank N.A. | 05/30/23 | 4.30 | USD | 17141 | (98583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-Year Interest Rate Swap, 06/01/28 | 1-Day SOFR,<br>4.32% | Quarterly | 4.30% | Semi-Annual | Goldman Sachs International | 05/30/23 | 4.30 | USD | 17141 | (98583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-Year Interest Rate Swap, 06/10/28 | 1-Day SOFR,<br>4.32% | Quarterly | 4.00% | Semi-Annual | JPMorgan Chase Bank N.A. | 06/08/23 | 4.00 | USD | 18055 | (171697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 06/14/25 | 1-Day SOFR,<br>4.32% | Annual | 4.70% | Annual | Citibank N.A. | 06/14/23 | 4.70 | GBP | 828 | (6007) |

---

36 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| *Description* | *Rate* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Expiration*<br> *Date* | *Exercise*<br> *Rate* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
|  Put (continued) |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 06/14/25 | 1-Day SOFR,<br> 4.32% | Annual | 4.70% | Annual | Citibank N.A. | 06/14/23 | 4.70% | GBP | 657 | $(4770) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-Year Interest Rate Swap, 06/16/28 | 1-Day SOFR,<br>4.32% | Quarterly | 3.90% | Semi-Annual | Goldman Sachs International | 06/14/23 | 3.90 | USD | 8516 | (95783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 10/26/25 | 1-Day SOFR,<br>4.32% | Quarterly | 5.09% | Semi-Annual | Citibank N.A. | 10/24/23 | 5.09 | USD | 42956 | (103158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 11/01/25 | 1-Day SOFR,<br>4.32% | Quarterly | 4.95% | Semi-Annual | JPMorgan Chase Bank N.A. | 10/30/23 | 4.95 | USD | 42956 | (122726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 11/09/25 | 1-Day SOFR,<br>4.32% | Quarterly | 5.26% | Semi-Annual | Goldman Sachs International | 11/07/23 | 5.26 | USD | 17604 | (35542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 11/16/25 | 1-Day SOFR,<br>4.32% | Quarterly | 4.75% | Semi-Annual | Citibank N.A. | 11/14/23 | 4.75 | USD | 32857 | (119958) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2-Year Interest Rate Swap, 12/03/25 | 1-Day SOFR,<br>4.32% | Quarterly | 3.90% | Semi-Annual | Citibank N.A. | 12/01/23 | 3.90 | USD | 38000 | (334053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10-Year Interest Rate Swap, 12/16/33 | 1-Day SOFR,<br>4.32% | Quarterly | 3.60% | Semi-Annual | Morgan Stanley & Co. International PLC | 12/14/23 | 3.60 | USD | 2349 | (76879) |
|  |  |  |  |  |  |  |  |  |  | (10321818) |
|  |  |  |  |  |  |  |  |  |  | $(11292501) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate Paid*<br> *by the Fund* | *Payment*<br> *Frequency* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  iTraxx.EUR.38.V1 | 1.00% | Quarterly | 12/20/27 | EUR 381 | $(1908) | $(1117) | $(791) |
|  iTraxx.FINSR.38.V1 | 1.00 | Quarterly | 12/20/27 | EUR 2,265 | (1740) | 31075 | (32815) |
|  iTraxx.XO.38.V1 | 5.00 | Quarterly | 12/20/27 | EUR 1,187 | (15131) | (18691) | 3560 |
|  |  |  |  |  | $(18779) | $11267 | $(30046) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing<br>Rate Received<br>by the Fund* | *Payment<br>Frequency* | *Termination<br>Date* | *Credit<br>Rating<sup>(a)</sup>* | *Notional<br>Amount (000)<sup>(b)</sup>* | *Value* | | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | <br>|
|  CDX.NA.HY.39.V1 | 5.00% | Quarterly | 12/20/27 | B+ | USD 6,037 | $46895 |  | $(246713) | $293608 |  |
|  CDX.NA.IG.39.V1 | 1.00 | Quarterly | 12/20/27 | BBB+ | USD 1,750 | 14629 |  | 2717 | 11912 |  |
|  |  |  |  |  |  | $61524 |  | $(243996) | $305520 |  |
|  <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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 | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
| 2.56% | Monthly | Eurostat Eurozone HICP Ex Tobacco Unrevised | Monthly | 10/15/27 | EUR | 730 | $16146 | $8 | $16138 |
| 2.72% | Monthly | Eurostat Eurozone HICP Ex Tobacco Unrevised | Monthly | 10/15/27 | EUR | 700 | 9536 | 8 | 9528 |
| 2.73% | Monthly | Eurostat Eurozone HICP Ex Tobacco Unrevised | Monthly | 10/15/27 | EUR | 1890 | 24770 | 22 | 24748 |
| 3.00% | Monthly | Eurostat Eurozone HICP Ex Tobacco Unrevised | Monthly | 11/15/27 | EUR | 890 | (3290) | 12 | (3302) |

---

S C H E D U L E O F I N V E S T M E N T S 37

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

**Centrally Cleared Inflation Swaps (continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
| 3.05% | Monthly | Eurostat Eurozone HICP Ex Tobacco Unrevised | Monthly | 11/15/27 | EUR | 900 | $(5521) | $13 | $(5534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70% | Monthly | Eurostat Eurozone HICP Ex Tobacco Unrevised | Monthly | 12/15/27 | EUR | 1225 | 2206 | 15 | 2191 |
| Eurostat Eurozone HICP Ex<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Unrevised | Monthly | 2.69% | Monthly | 08/15/32 | EUR | 535 | (4884) | 11 | (4895) |
| Eurostat Eurozone HICP Ex<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Unrevised | Monthly | 2.42% | Monthly | 10/15/32 | EUR | 755 | (19816) | 15 | (19831) |
| Eurostat Eurozone HICP Ex<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Unrevised | Monthly | 2.55% | Monthly | 10/15/32 | EUR | 715 | (9283) | 15 | (9298) |
| Eurostat Eurozone HICP Ex<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Unrevised | Monthly | 2.55% | Monthly | 10/15/32 | EUR | 1890 | (25014) | 39 | (25053) |
| Eurostat Eurozone HICP Ex<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Unrevised | Monthly | 2.68% | Monthly | 11/15/32 | EUR | 890 | 2288 | 19 | 2269 |
| Eurostat Eurozone HICP Ex<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Unrevised | Monthly | 2.71% | Monthly | 11/15/32 | EUR | 900 | 5041 | 19 | 5022 |
| Eurostat Eurozone HICP Ex<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tobacco Unrevised | Monthly | 2.50% | Monthly | 12/15/32 | EUR | 1150 | (5200) | 25 | (5225) |
|  |  |  |  |  |  |  | $(13021) | $221 | $(13242) |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | *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* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
|  1-Month MXIBOR, 10.77% | Monthly | 4.42% | Monthly | N/A | 02/28/23 | MXN | 34384 | $(26622) | $1 | $(26623) |
|  1-Month MXIBOR, 10.77% | Monthly | 4.50% | Monthly | N/A | 03/03/23 | MXN | 34373 | (26325) | 1 | (26326) |
|  1-Month MXIBOR, 10.77% | Monthly | 10.17% | Monthly | N/A | 09/14/23 | MXN | 36299 | (11470) | 2 | (11472) |
|  1-Month MXIBOR, 10.77% | Monthly | 10.30% | Monthly | N/A | 09/18/23 | MXN | 28852 | (7701) | 1 | (7702) |
|  |  | China Fixing Repo Rates |  |  |  |  |  |  |  |  |
|  2.06% | Quarterly | 7-Day, 3.00% | Quarterly | N/A | 12/21/23 | CNY | 80861 | 20814 | 36 | 20778 |
|  1-Month MXIBOR, 10.77% | Monthly | 4.68% | Monthly | N/A | 02/27/24 | MXN | 24395 | (89096) | 3 | (89099) |
|  1-Month MXIBOR, 10.77% | Monthly | 4.86% | Monthly | N/A | 03/01/24 | MXN | 24395 | (86350) | 3 | (86353) |
|  1-Day SOFR, 4.32% | Annual | 1.13% | Annual | N/A | 03/07/24 | USD | 53146 | (2658024) | 138 | (2658162) |
|  0.40% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 03/08/24 | USD | 92780 | 5174688 | 161 | 5174527 |
|  1-Day SOFR, 4.32% | Annual | 1.13% | Annual | N/A | 03/08/24 | USD | 78484 | (3934529) | 205 | (3934734) |
|  0.44% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 03/11/24 | USD | 100000 | 5495481 | 176 | 5495305 |
|  3-Month KRW CDC, 3.98% | Quarterly | 3.84% | Quarterly | N/A | 03/15/24 | KRW | 4858590 | (4008) | 18 | (4026) |
|  1-Day SOFR, 4.32% | Annual | 1.08% | Annual | N/A | 03/18/24 | USD | 107840 | (5637375) | 289 | (5637664) |
|  0.45% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 03/19/24 | USD | 23502 | 1290439 | 42 | 1290397 |
|  0.44% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 03/22/24 | USD | 52000 | 2860195 | 162 | 2860033 |
|  6.15% | Quarterly | 3-Month WIBOR, 7.02% | Quarterly | N/A | 04/11/24 | PLN | 5303 | 11330 | 2 | 11328 |
|  1-Day SONIA, 3.43% | Monthly | 4.56% | Monthly | N/A | 05/30/24 | GBP | 5880 | (10236) | 33 | (10269) |
|  0.51% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 07/13/24 | USD | 15789 | 1131828 | 62 | 1131766 |
|  0.55% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 07/16/24 | USD | 23714 | 1683111 | 93 | 1683018 |
|  0.55% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 07/20/24 | USD | 15854 | 1133800 | 63 | 1133737 |
|  0.55% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 07/20/24 | USD | 7927 | 566669 | 31 | 566638 |
|  0.49% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 07/23/24 | USD | 15880 | 1150823 | 63 | 1150760 |
|  0.49% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 07/23/24 | USD | 15880 | 1151741 | 63 | 1151678 |
|  0.56% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 08/12/24 | USD | 23993 | 1713794 | 98 | 1713696 |
|  0.57% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 08/13/24 | USD | 15662 | 1117160 | 64 | 1117096 |
|  0.57% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 08/27/24 | USD | 8168 | 581853 | 34 | 581819 |
|  0.57% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 08/27/24 | USD | 8168 | 581462 | 34 | 581428 |
|  0.57% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 08/27/24 | USD | 8086 | 575415 | 34 | 575381 |
|  0.57% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 08/27/24 | USD | 8209 | 583865 | 35 | 583830 |
|  0.57% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 08/27/24 | USD | 8209 | 583567 | 35 | 583532 |
|  1-Day SONIA, 3.43% | Annual | 3.94% | Annual | N/A | 09/01/24 | GBP | 880 | (4856) | (281) | (4575) |
|  1-Day SONIA, 3.43% | Monthly | 4.26% | Monthly | N/A | 09/06/24 | GBP | 9663 | (41835) | 53 | (41888) |
|  2.22% | Annual | 6-Month EURIBOR, 2.69% | Semi-Annual | N/A | 09/12/24 | EUR | 1448 | 23179 | 399 | 22780 |

---

38 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **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* | *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* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
|  1-Day SONIA, 3.43% | Annual | 3.96% | Annual | N/A | 09/13/24 | GBP | 855 | $(5229) | $(49) | $(5180) |
|  3.90% | Quarterly | 3-Month BBSW, 3.26% | Quarterly | N/A | 11/11/24 | AUD | 2765 | 945 | 8 | 937 |
|  1-Day SOFR, 4.32% | Annual | 4.66% | Annual | N/A | 11/15/24 | USD | 1780 | 5490 | 7 | 5483 |
|  4.35% | Annual | 1-Day SOFR, 4.32% | Annual | N/A | 12/07/24 | USD | 1650 | 4221 | 31 | 4190 |
|  4.41% | Annual | 1-Day SOFR, 4.32% | Annual | N/A | 12/07/24 | USD | 1620 | 2281 | 7 | 2274 |
|  1-Day SONIA, 3.43% | Monthly | 4.41% | Monthly | N/A | 12/20/24 | GBP | 9430 | (8332) | 2153 | (10485) |
|  2.46% | Quarterly | China Fixing Repo Rates 7-Day, 3.00% | Quarterly | N/A | 12/21/24 | CNY | 12520 | (1194) | 9 | (1203) |
|  2.46% | Quarterly | China Fixing Repo Rates 7-Day, 3.00% | Quarterly | N/A | 12/21/24 | CNY | 12740 | (1482) | 9 | (1491) |
|  2.53% | Quarterly | China Fixing Repo Rates 7-Day, 3.00% | Quarterly | N/A | 12/21/24 | CNY | 12520 | (3887) | 9 | (3896) |
|  2.00% | Annual | 1-Day SOFR, 4.32% | Annual | N/A | 02/17/25 | USD | 13940 | 628600 | 62 | 628538 |
|  3.91% | Monthly | 1-Day SONIA, 3.43% | Monthly | N/A | 05/31/25 | GBP | 6170 | 22795 | 24 | 22771 |
|  3-Month LIBOR, 4.77% | Quarterly | 0.46% | Semi-Annual | N/A | 11/23/25 | USD | 8405 | (926258) | 90 | (926348) |
|  3.47% | Semi-Annual | 1-Day SOFR, 4.32% | Annual | N/A | 12/01/25 | USD | 1690 | 8285 | 7 | 8278 |
|  3.31% | Annual | 1-Day SOFR, 4.32% | Annual | N/A | 12/07/25 | USD | 830 | 5909 | 4 | 5905 |
|  3.34% | Annual | 1-Day SOFR, 4.32% | Annual | N/A | 12/07/25 | USD | 830 | 5490 | 4 | 5486 |
|  1-Day SOFR, 4.32% | Annual | 3.75% | Annual | N/A | 12/15/25 | USD | 11532 | (112843) | 50 | (112893) |
|  3-Month LIBOR, 4.77% | Quarterly | 0.39% | Semi-Annual | N/A | 02/10/26 | USD | 20840 | (2465390) | 120 | (2465510) |
|  0.68% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 02/19/26 | USD | 12034 | 1301324 | 70 | 1301254 |
|  0.70% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 02/22/26 | USD | 3289 | 354176 | 19 | 354157 |
|  3-Month LIBOR, 4.77% | Quarterly | 0.83% | Semi-Annual | N/A | 03/08/26 | USD | 22775 | (2336407) | 134 | (2336541) |
|  0.60% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 04/08/26 | USD | 54466 | 6447351 | 334 | 6447017 |
|  0.62% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 04/08/26 | USD | 22427 | 2640232 | 137 | 2640095 |
|  3-Month LIBOR, 4.77% | Quarterly | 0.85% | Semi-Annual | N/A | 04/08/26 | USD | 54466 | (6005346) | 334 | (6005680) |
|  3-Month LIBOR, 4.77% | Quarterly | 0.87% | Semi-Annual | N/A | 04/08/26 | USD | 22427 | (2458229) | 137 | (2458366) |
|  0.63% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 05/26/26 | USD | 55869 | 6551412 | 356 | 6551056 |
|  0.64% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 05/27/26 | USD | 84240 | 9855624 | 538 | 9855086 |
|  0.85% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 05/27/26 | USD | 28080 | 3094478 | 179 | 3094299 |
|  3-Month LIBOR, 4.77% | Quarterly | 0.87% | Semi-Annual | N/A | 07/13/26 | USD | 9304 | (1051662) | 60 | (1051722) |
|  0.94% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 10/14/26 | USD | 5483 | 650103 | 38 | 650065 |
|  1.17% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 10/14/26 | USD | 9208 | 1015501 | 65 | 1015436 |
|  1.15% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 11/10/26 | USD | 22414 | 2491709 | 161 | 2491548 |
|  3-Month LIBOR, 4.77% | Quarterly | 1.39% | Semi-Annual | N/A | 01/07/27 | USD | 40270 | (4138978) | 300 | (4139278) |
|  3-Month LIBOR, 4.77% | Quarterly | 1.42% | Semi-Annual | N/A | 01/10/27 | USD | 16315 | (1660509) | 122 | (1660631) |
|  3-Month LIBOR, 4.77% | Quarterly | 1.47% | Semi-Annual | N/A | 01/14/27 | USD | 5755 | (574182) | 43 | (574225) |
|  3-Month LIBOR, 4.77% | Quarterly | 1.63% | Semi-Annual | N/A | 02/09/27 | USD | 54116 | (5060141) | 411 | (5060552) |
|  1-Day SOFR, 4.32% | Annual | 1.56% | Annual | N/A | 03/07/27 | USD | 26573 | (2426999) | 206 | (2427205) |
|  6.87% | Annual | 6-Month WIBOR, 7.14% | Semi-Annual | N/A | 09/29/27 | PLN | 870 | (4940) | 2 | (4942) |
|  6.99% | Annual | 6-Month WIBOR, 7.14% | Semi-Annual | N/A | 09/30/27 | PLN | 1259 | (8605) | 2 | (8607) |
|  1-Day SOFR, 4.32% | Annual | 2.91% | Annual | N/A | 10/06/27 | USD | 23492 | (920736) | 206 | (920942) |
|  China Fixing Repo Rates |  |  |  |  |  |  |  |  |  |  |
|  7-Day, 3.00% | Quarterly | 2.54% | Quarterly | N/A | 12/21/27 | CNY | 5019 | (7733) | 8 | (7741) |
|  China Fixing Repo Rates |  |  |  |  |  |  |  |  |  |  |
|  7-Day, 3.00% | Quarterly | 2.55% | Quarterly | N/A | 12/21/27 | CNY | 12078 | (17977) | 19 | (17996) |
|  5.67% | Annual | 6-Month WIBOR, 7.14% | Semi-Annual | N/A | 03/15/28 | PLN | 1144 | 4516 | 3 | 4513 |
|  5.92% | Annual | 6-Month WIBOR, 7.14% | Semi-Annual | N/A | 03/15/28 | PLN | 3426 | 5683 | 9 | 5674 |
|  5.99% | Annual | 6-Month WIBOR, 7.14% | Semi-Annual | N/A | 03/15/28 | PLN | 1111 | 1131 | 3 | 1128 |
|  3-Month LIBOR, 4.77% | Quarterly | 0.66% | Semi-Annual | N/A | 09/25/30 | USD | 1243 | (265184) | 20 | (265204) |
|  0.71% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 09/25/30 | USD | 1243 | 260933 | 20 | 260913 |
|  5.81% | Monthly | 1-Month MXIBOR, 10.77% | Monthly | N/A | 10/17/30 | MXN | 60000 | 508786 | 45 | 508741 |
|  5.89% | Monthly | 1-Month MXIBOR, 10.77% | Monthly | N/A | 10/22/30 | MXN | 100000 | 822422 | 77 | 822345 |
|  0.81% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 11/23/30 | USD | 5481 | 1163155 | 93 | 1163062 |
|  1.17% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 02/04/31 | USD | 9608 | 1819148 | 127 | 1819021 |
|  1.20% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 02/05/31 | USD | 2857 | 535558 | 38 | 535520 |
|  5.52% | Monthly | 1-Month MXIBOR, 10.77% | Monthly | N/A | 02/27/31 | MXN | 120000 | 1154271 | 6367 | 1147904 |
|  3-Month LIBOR, 4.77% | Quarterly | 1.40% | Semi-Annual | N/A | 04/07/31 | USD | 41944 | (7531250) | 575 | (7531825) |
|  3-Month LIBOR, 4.77% | Quarterly | 1.42% | Semi-Annual | N/A | 04/08/31 | USD | 12190 | (2172424) | 167 | (2172591) |
|  1.57% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 05/27/31 | USD | 7833 | 1309231 | 109 | 1309122 |
|  1.54% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 05/28/31 | USD | 1391 | 235557 | 19 | 235538 |

---

S C H E D U L E O F I N V E S T M E N T S 39

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **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* | *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* | *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-Month EURIBOR, 2.69% | Semi-Annual | 1.57% | Annual | N/A | 08/15/31 | EUR | 790 | $(101098) | $(522) | $(100576) |
|  6-Month EURIBOR, 2.69% | Semi-Annual | 1.93% | Annual | N/A | 08/15/31 | EUR | 630 | (61726) | 9 | (61735) |
|  0.02% | Annual | 6-Month EURIBOR, 2.69% | Semi-Annual | N/A | 08/26/31 | EUR | 8789 | 2255522 | 157 | 2255365 |
|  1.38% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 10/14/31 | USD | 4274 | 809347 | 61 | 809286 |
|  1.38% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 10/14/31 | USD | 6215 | 1178132 | 88 | 1178044 |
|  1.40% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 10/12/31 | USD | 7023 | 1320523 | 100 | 1320423 |
|  3-Month LIBOR, 4.77% | Quarterly | 1.59% | Semi-Annual | N/A | 10/14/31 | USD | 16740 | (2904967) | 241 | (2905208) |
|  3-Month LIBOR, 4.77% | Quarterly | 1.62% | Semi-Annual | N/A | 11/19/31 | USD | 22175 | (3795363) | 323 | (3795686) |
|  1.44% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 11/26/31 | USD | 3889 | 717342 | 56 | 717286 |
|  1.41% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 11/30/31 | USD | 2702 | 504362 | 39 | 504323 |
|  3-Month LIBOR, 4.77% | Quarterly | 1.76% | Semi-Annual | N/A | 01/28/32 | USD | 33147 | (5302951) | 490 | (5303441) |
|  1-Month MXIBOR, 10.77% | Monthly | 7.61% | Monthly | N/A | 01/28/32 | MXN | 50000 | (180932) | 36 | (180968) |
|  1-Month MXIBOR, 10.77% | Monthly | 7.68% | Monthly | N/A | 01/30/32 | MXN | 29564 | (100653) | 20 | (100673) |
|  2.38% | Annual | 1-Day SOFR, 4.32% | Annual | N/A | 04/08/32 | USD | 2064 | 189162 | 31 | 189131 |
|  2.60% | Annual | 1-Day SOFR, 4.32% | Annual | N/A | 05/26/32 | USD | 2477 | 189322 | 37 | 189285 |
|  6-Month EURIBOR, 2.69% | Semi-Annual | 2.44% | Annual | N/A | 07/14/32 | EUR | 772 | (23480) | 10 | (23490) |
|  9.25% | Monthly | 1-Month MXIBOR, 10.77% | Monthly | N/A | 09/17/32 | MXN | 17125 | (28910) | 13 | (28923) |
|  1-Day SOFR, 4.32% | Annual | 3.47% | Annual | N/A | 10/04/32 | USD | 10373 | (84075) | 158 | (84233) |
|  1-Day SOFR, 4.32% | Annual | 3.42% | Annual | N/A | 10/05/32 | USD | 4851 | (60579) | 76 | (60655) |
|  1-Day SOFR, 4.32% | Annual | 3.05% | Annual | N/A | 10/28/32 | USD | 11502 | (501448) | 182 | (501630) |
|  1-Day SOFR, 4.32% | Annual | 2.88% | Annual | N/A | 11/02/32 | USD | 11629 | (673185) | 184 | (673369) |
|  1-Day SOFR, 4.32% | Annual | 2.92% | Annual | N/A | 11/04/32 | USD | 11608 | (632892) | 184 | (633076) |
|  1-Day SOFR, 4.32% | Annual | 2.90% | Annual | N/A | 11/15/32 | USD | 18194 | (1019377) | 289 | (1019666) |
|  1-Day SOFR, 4.32% | Annual | 3.20% | Annual | N/A | 11/28/32 | USD | 11066 | (340038) | 176 | (340214) |
|  1.70% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 11/26/41 | USD | 2087 | 595106 | 48 | 595058 |
|  1.30% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 11/19/50 | USD | 5222 | 2109504 | 142 | 2109362 |
|  1.22% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 11/27/50 | USD | 6800 | 2841510 | 184 | 2841326 |
|  1.45% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 12/11/50 | USD | 1791 | 672695 | 49 | 672646 |
|  3-Month LIBOR, 4.77% | Quarterly | 1.20% | Semi-Annual | N/A | 12/22/50 | USD | 7691 | (3226167) | 209 | (3226376) |
|  1.27% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 12/30/50 | USD | 6800 | 2761686 | 185 | 2761501 |
|  1.45% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 01/07/51 | USD | 6212 | 2340296 | 183 | 2340113 |
|  1.52% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 01/08/51 | USD | 2120 | 769237 | 63 | 769174 |
|  1.63% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 01/25/51 | USD | 4697 | 1615163 | 139 | 1615024 |
|  1.48% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 01/28/51 | USD | 7179 | 2658163 | 212 | 2657951 |
|  1.58% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 02/01/51 | USD | 4957 | 1748357 | 147 | 1748210 |
|  1.66% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 02/04/51 | USD | 5469 | 1843913 | 162 | 1843751 |
|  1.68% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 02/05/51 | USD | 2857 | 952013 | 85 | 951928 |
|  0.89% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 02/10/51 | USD | 3789 | 1811519 | 112 | 1811407 |
|  3-Month LIBOR, 4.77% | Quarterly | 1.24% | Semi-Annual | N/A | 02/10/51 | USD | 5684 | (2353588) | 169 | (2353757) |
|  1.91% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 02/22/51 | USD | 1118 | 324441 | 33 | 324408 |
|  1.97% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 05/28/51 | USD | 668 | 189658 | 20 | 189638 |
|  2.01% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 05/27/51 | USD | 4051 | 1123822 | 123 | 1123699 |
|  2.04% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 06/07/51 | USD | 1266 | 344487 | 39 | 344448 |
|  3-Month LIBOR, 4.77% | Quarterly | 1.83% | Semi-Annual | N/A | 06/22/51 | USD | 4593 | (1418637) | 140 | (1418777) |
|  1.63% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 08/23/51 | USD | 1028 | 353512 | 31 | 353481 |
|  1.85% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 10/15/51 | USD | 1508 | 466058 | 46 | 466012 |
|  1.82% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 10/18/51 | USD | 2342 | 737321 | 71 | 737250 |
|  3-Month LIBOR, 4.77% | Quarterly | 1.84% | Semi-Annual | N/A | 11/08/51 | USD | 2545 | (792450) | 78 | (792528) |
|  1.71% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 11/30/51 | USD | 989 | 330442 | 30 | 330412 |
|  1.96% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 01/21/52 | USD | 9852 | 2804252 | 301 | 2803951 |
|  |  |  |  |  |  |  |  | $30587538 | $21690 | $30565848 |

---

**OTC Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing<br>Rate Paid<br>by the Fund* | *Payment<br>Frequency* | *Counterparty* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  Federal Republic of Brazil | 1.00% | Quarterly | Barclays Bank PLC | 12/20/24 | USD | 73 | $209 | $728 | $(519) |
|  Federal Republic of Brazil | 1.00 | Quarterly | Barclays Bank PLC | 12/20/24 | USD | 838 | 2390 | 8189 | (5799) |

---

40 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligations/Index* | *Financing<br>Rate Paid<br>by the Fund* | *Payment<br>Frequency* | *Counterparty* | *Termination<br>Date* | *Notional Amount<br>(000)* | *Notional Amount<br>(000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  Federal Republic of Brazil | 1.00% | Quarterly | Barclays Bank PLC | 12/20/24 | USD | 509 | $1452 | $4974 | $(3522) |
|  Federal Republic of Brazil | 1.00 | Quarterly | Barclays Bank PLC | 12/20/27 | USD | 1168 | 74932 | 77066 | (2134) |
|  Federal Republic of Brazil | 1.00 | Quarterly | Barclays Bank PLC | 12/20/27 | USD | 3196 | 205061 | 210902 | (5841) |
|  Federal Republic of Brazil | 1.00 | Quarterly | Barclays Bank PLC | 12/20/27 | USD | 161 | 10330 | 9797 | 533 |
|  iTraxx.JPN.38.V1 | 1.00 | Quarterly | Barclays Bank PLC | 12/20/27 | JPY | 57035 | (2857) | (2089) | (768) |
|  iTraxx.JPN.38.V1 | 1.00 | Quarterly | JPMorgan Chase<br>Bank N.A. | 12/20/27 | JPY | 22814 | (1144) | (836) | (308) |
|  iTraxx.JPN.38.V1 | 1.00 | Quarterly | JPMorgan Chase<br>Bank N.A. | 12/20/27 | JPY | 34221 | (1714) | (1245) | (469) |
|  Republic of Chile | 1.00 | Quarterly | Barclays Bank PLC | 12/20/27 | USD | 185 | 656 | 2527 | (1871) |
|  Republic of Colombia | 1.00 | Quarterly | Barclays Bank PLC | 12/20/27 | USD | 695 | 50370 | 57326 | (6956) |
|  Republic of Colombia | 1.00 | Quarterly | Citibank N.A. | 12/20/27 | USD | 372 | 26959 | 24993 | 1966 |
|  Republic of Indonesia | 1.00 | Quarterly | Goldman Sachs<br>International | 12/20/27 | USD | 969 | (425) | 7104 | (7529) |
|  Republic of Philippines | 1.00 | Quarterly | Goldman Sachs<br>International | 12/20/27 | USD | 1451 | (2486) | 802 | (3288) |
|  Republic of Turkey | 1.00 | Quarterly | Goldman Sachs<br>International | 12/20/27 | USD | 580 | 92296 | 124804 | (32508) |
|  United Mexican States | 1.00 | Quarterly | Bank of America<br>N.A. | 12/20/27 | USD | 322 | 4210 | 3676 | 534 |
|  United Mexican States | 1.00 | Quarterly | Barclays Bank PLC | 12/20/27 | USD | 356 | 4654 | 8240 | (3586) |
|  United Mexican States | 1.00 | Quarterly | Deutsche Bank AG | 12/20/27 | USD | 484 | 6328 | 8526 | (2198) |
|  United Mexican States | 1.00 | Quarterly | Goldman Sachs<br>International | 12/20/27 | USD | 287 | 3752 | 6159 | (2407) |
|  United Mexican States | 1.00 | Quarterly | Goldman Sachs<br>International | 12/20/27 | USD | 287 | 3752 | 6522 | (2770) |
|  United Mexican States | 1.00 | Quarterly | Morgan Stanley &<br>Co. International<br>PLC | 12/20/27 | USD | 317 | 4144 | 7246 | (3102) |
|  United Mexican States | 1.00 | Quarterly | Morgan Stanley &<br>Co. International<br>PLC | 12/20/27 | USD | 285 | 3726 | 4469 | (743) |
|  |  |  |  |  |  |  | $486595 | $569880 | $(83285) |

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing<br>Rate Received<br>by the Fund* | *Payment Frequency* | *Counterparty* | *Termination<br>Date* | *Credit*<br> *Rating<sup>(a)</sup>* | <br>| *Notional*<br> *Amount (000)<sup>(b)</sup>* | *Notional*<br> *Amount (000)<sup>(b)</sup>* | <br>| *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  Petroleos Mexicanos | 1.00% | Quarterly | Goldman Sachs International | 12/20/24 | BBB |  | USD | 175 |  | $(9681) | $(14622) | $4941 |
|  CMBX.NA.9 | 2.00 | Monthly | Goldman Sachs International | 09/17/58 | N/R |  | USD | 94 |  | (4895) | (1717) | (3178) |
|  CMBX.NA.9 | 2.00 | Monthly | Goldman Sachs International | 09/17/58 | N/R |  | USD | 88 |  | (4627) | (1622) | (3005) |
|  CMBX.NA.9 | 2.00 | Monthly | Goldman Sachs International | 09/17/58 | N/R |  | USD | 94 |  | (4895) | (1523) | (3372) |
|  CMBX.NA.9 | 2.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | N/R |  | USD | 187 |  | (9791) | (3293) | (6498) |
|  CMBX.NA.9 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | N/R |  | USD | 529 |  | (99372) | (58223) | (41149) |
|  |  |  |  |  |  |  |  |  |  | $(133261) | $(81000) | $(52261) |
|  <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. | <br> <sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.<br> <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. |

---

S C H E D U L E O F I N V E S T M E N T S 41

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

**OTC Interest Rate Swaps** 

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | Counterparty |  | *Effective*<br> *Date* |  | *Termination*<br> *Date* |  |  |  | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received* | <br>*)*  | *Unrealized*<br> *Appreciation*<br> *(Depreciation* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | Counterparty |  | *Effective*<br> *Date* |  | *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* |
|  1.42% | Semi-Annual | 1-Day CLP Interbank Rate, 20,914.79% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America N.A. |  | N/A |  | 04/03/23 |  | CLP | 1315531 | $77193 | $— |  | $77193 |
|  1-Day CLP Interbank Rate, 20,914.79% | Semi-Annual | 1.65% | Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America N.A. |  | N/A |  | 05/30/23 |  | CLP | 1315531 | (73243) |  |  | (73243) |
|  1-Day BZDIOVER, 0.05% | Monthly | 13.97% | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank N.A. |  | N/A |  | 01/02/24 |  | BRL | 3725 | 3497 |  |  | 3497 |
|  1-Day BZDIOVER, 0.05% | Monthly | 13.98% | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank N.A. |  | N/A |  | 01/02/24 |  | BRL | 3439 | 3243 |  |  | 3243 |
|  1-Day BZDIOVER, 0.05% | Monthly | 14.49% | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs International |  | N/A |  | 01/02/24 |  | BRL | 3773 | 7198 |  |  | 7198 |
|  1-Day BZDIOVER, 0.05% | Monthly | 11.65% | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A. |  | N/A |  | 01/02/25 |  | BRL | 1826 | (9084) |  |  | (9084) |
|  1-Day BZDIOVER, 0.05% | Monthly | 11.69% | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citibank N.A. |  | N/A |  | 01/02/25 |  | BRL | 2558 | (12251) |  |  | (12251) |
|  1-Day BZDIOVER, 0.05% | Monthly | 13.78% | Monthly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA |  | N/A |  | 01/02/25 |  | BRL | 20918 | 81636 |  |  | 81636 |
|  |  |  |  |  |  |  |  |  |  |  |  | $78189 | $— |  | $78189 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums*<br> *Paid* | *Swap*<br> *Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* | *Value* |
|  Centrally Cleared Swaps<sup>(a)</sup> | $56555 | $(267373) | $107249752 | $(76421672) | $— |
|  OTC Swaps | 574050 | (85170) | 180741 | (238098) |  |
|  Options Written | N/A | N/A | 1387189 | (7615987) | (12232721) |
|  <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 Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. | <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 Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. | <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 Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. | <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 Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. | <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 Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. | <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 Statement 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 Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*  | *Credit*<br> *Contracts* | *Equity*<br> *Contracts*  | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*  | *Interest<br>Rate*<br> *Contracts*  | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** | **Assets — Derivative Financial Instruments** | **Assets — Derivative Financial Instruments** |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $870710 | $— | $4042700 | $— | $4913410 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts |  |  |  | 3019432 |  |  | 3019432 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 188538 | 1113761 | 4574169 | 48283 | 5924751 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> |  | 309080 |  |  | 106880776 | 59896 | 107249752 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid |  | 582024 |  |  | 172767 |  | 754791 |
|  | $— | $891104 | $1059248 | $4133193 | $115670412 | $108179 | $121862136 |

---

42 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $17887 | $— | $5597072 | $— | $5614959 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 2190875 |  |  | 2190875 |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written at value |  |  | 195064 | 497781 | 11539876 |  | 12232721 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> |  | 33606 |  |  | 76314928 | 73138 | 76421672 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received |  | 228690 |  |  | 94578 |  | 323268 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $262296 | $212951 | $2688656 | $93546454 | $73138 | $96783495 |
|  <br> <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 Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <br> <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 Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <br> <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 Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <br> <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 Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <br> <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 Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <br> <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 Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <br> <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 Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <br> <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 Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
|  <sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments. | <sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments. | <sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments. | <sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments. | <sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments. | <sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments. | <sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments. | <sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments. |

---

For the period ended December 31, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $1298969 | $— | $(12328029) | $— | $(11029060) |
|  Forward foreign currency exchange contracts |  |  |  | (7565039) |  |  | (7565039) |
|  Options purchased<sup>(a)</sup> |  |  | (1439790) | (1016489) | (1161163) |  | (3617442) |
|  Options written |  | 13135 | 1180288 | 1939000 | (55841) |  | 3076582 |
|  Swaps |  | (1543273) |  |  | 1839770 | (628021) | (331524) |
|  | $— | $(1530138) | $1039467 | $(6642528) | $(11705263) | $(628021) | $(19466483) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $991337 | $— | $(3596418) | $— | $(2605081) |
|  Forward foreign currency exchange contracts |  |  |  | 2213913 |  |  | 2213913 |
|  Options purchased<sup>(b)</sup> |  |  | (355391) | 945298 | 2513521 | (10204) | 3093224 |
|  Options written |  |  | (63459) | 271712 | (7623805) |  | (7415552) |
|  Swaps |  | 110202 |  |  | 16932874 | 427265 | 17470341 |
|  | $— | $110202 | $572487 | $3430923 | $8226172 | $417061 | $12756845 |
|  <br> <sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. | <br> <sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. | <br> <sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. | <br> <sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. | <br> <sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. | <br> <sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. | <br> <sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. | <br> <sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. |
|  <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. | <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. | <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. | <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. | <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. | <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. | <sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. | <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: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $555912557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $501012695 |
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $231974254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | $178235497 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $2221215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | $1237590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | $270949532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | $938755676 |

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S C H E D U L E O F I N V E S T M E N T S 43

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | |
|:---|:---|
|  Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — buy protection | $35370796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $17572324 |
|  Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $990522893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | $810826079 |
|  Inflation swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $3294385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | $3361941 |

---

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** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $1057574 | $1503224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 3019432 | 2190875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options | 5924751 <sup>(a)</sup> | 12232721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — centrally cleared | 573097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(b)</sup> | 754791 | 323268 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | 11329645 | 16250088 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (2382940) | (1942098) |
|  Total derivative assets and liabilities subject to an MNA | $8946705 | $14307990 |
|  <sup>(a)</sup> Includes options purchased at value which is included in Investments at value — unaffiliated in the Statement of Assets and Liabilities and reported in the Schedule of Investments. | <sup>(a)</sup> Includes options purchased at value which is included in Investments at value — unaffiliated in the Statement of Assets and Liabilities and reported in the Schedule of Investments. | <sup>(a)</sup> Includes options purchased at value which is included in Investments at value — unaffiliated in the Statement of Assets and Liabilities and reported in the Schedule of Investments. |
|  <sup>(b)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities. | <sup>(b)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities. | <sup>(b)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement 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* | *Derivatives<br>Available<br>for Offset <br><sup>(a)</sup>* |  | *Cash<br>Collateral<br>Received <br><sup>(b)</sup>* | *Net Amount<br>of Derivative<br>Assets* | *<br><sup>(c)(d)</sup>* |
|  Bank of America N.A. | $684183 | $(684183) | $– | $— | $— |  |
|  Barclays Bank PLC | 567452 | (157719) | – | (409733) |  |  |
|  BNP Paribas SA | 309505 | (26349) | – |  | 283156 |  |
|  Citibank N.A. | 918033 | (918033) | – |  |  |  |
|  Deutsche Bank AG | 137832 | (70977) | – |  | 66855 |  |
|  Goldman Sachs International | 3290231 | (3290231) | – |  |  |  |
|  HSBC Bank PLC | 72115 | (17162) | – |  | 54953 |  |
|  HSBC Bank USA N.A. | 13455 | (2786) | – |  | 10669 |  |
|  JPMorgan Chase Bank N.A. | 432372 | (432372) | – |  |  |  |
|  Morgan Stanley & Co. International PLC | 2060318 | (2060318) | – |  |  |  |
|  Natwest Markets PLC | 17061 | (17061) | – |  |  |  |
|  Northern Trust Corp. | 5234 | (5234) | – |  |  |  |
|  Royal Bank of Canada | 225420 | (123665) | – |  | 101755 |  |
|  Societe Generale | 14138 | (14138) | – |  |  |  |
|  State Street Bank and Trust Co. | 194859 | (11489) | – |  | 183370 |  |
|  UBS AG | 4497 | (4497) | – |  |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8946705 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7836214) | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409733) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700758 |  |

---

44 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty* | *Derivatives<br>Available<br>for Offset <br><sup>(a)</sup>* | *Non-Cash<br>Collateral<br>Pledged<sup>(b)</sup>* | *Cash<br>Collateral<br>Pledged* | *Net Amount<br>of Derivative<br>Liabilities* | *<br><sup>(c)(e)</sup>* |
|  Bank of America N.A. | $1225985 | $(684183) | $— | $— | $541802 |  |
|  Bank of Montreal | 368 |  |  |  | 368 |  |
|  Barclays Bank PLC | 157719 | (157719) |  |  |  |  |
|  BNP Paribas SA | 26349 | (26349) |  |  |  |  |
|  Citibank N.A. | 1115471 | (918033) | (197438) |  |  |  |
|  Commonwealth Bank of Australia | 2932 |  |  |  | 2932 |  |
|  Deutsche Bank AG | 70977 | (70977) |  |  |  |  |
|  Goldman Sachs International | 4891509 | (3290231) | (928060) |  | 673218 |  |
|  HSBC Bank PLC | 17162 | (17162) |  |  |  |  |
|  HSBC Bank USA N.A. | 2786 | (2786) |  |  |  |  |
|  JPMorgan Chase Bank N.A. | 819644 | (432372) | (377375) |  | 9897 |  |
|  Morgan Stanley & Co. International PLC | 5569324 | (2060318) | (3509006) |  |  |  |
|  Natwest Markets PLC | 43772 | (17061) |  |  | 26711 |  |
|  Northern Trust Corp. | 7329 | (5234) |  |  | 2095 |  |
|  Royal Bank of Canada | 123665 | (123665) |  |  |  |  |
|  Societe Generale | 168519 | (14138) |  |  | 154381 |  |
|  State Street Bank and Trust Co. | 11489 | (11489) |  |  |  |  |
|  UBS AG | 52990 | (4497) |  |  | 48493 |  |
|  | $14307990 | $(7836214) | $(5011879) | $— | $1459897 |  |
|  <br> <sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. <br> <sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.<br> <sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. <br> <sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.<br> <sup>(e)</sup> Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statement of Assets and Liabilities. | <br> <sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. <br> <sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.<br> <sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. <br> <sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.<br> <sup>(e)</sup> Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statement of Assets and Liabilities. | <br> <sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. <br> <sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.<br> <sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. <br> <sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.<br> <sup>(e)</sup> Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statement of Assets and Liabilities. | <br> <sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. <br> <sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.<br> <sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. <br> <sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.<br> <sup>(e)</sup> Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statement of Assets and Liabilities. | <br> <sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. <br> <sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.<br> <sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. <br> <sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.<br> <sup>(e)</sup> Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statement of Assets and Liabilities. | <br> <sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. <br> <sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.<br> <sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. <br> <sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.<br> <sup>(e)</sup> Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statement of Assets and Liabilities. | <br>|

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $39298964 | $— | $39298964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia |  | 31596 |  | 31596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 133278 |  |  | 133278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 130257 |  | 130257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 193698 |  | 193698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands |  | 122277 |  | 122277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 151572 |  |  | 151572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 5349035 | 85608 | 424726 | 5859369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 204107283 | 3052118 | 207159401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 4080360 | 3109308 | 7189668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations |  | 107922983 |  | 107922983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 28047452 |  |  | 28047452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 12927929 |  | 12927929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities |  | 36336648 | 2965315 | 39301963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts |  | 1140691 |  | 1140691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 331766 |  | 1857460 | 2189226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 181463825 |  | 181463825 |

---

S C H E D U L E O F I N V E S T M E N T S 45

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | $— | $35148243 | $— | $35148243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | 18071 |  | 80945 | 99016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 1575692 |  | 1575692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations |  | 156708726 |  | 156708726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 6558852 |  |  | 6558852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 11224 |  | 11224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 137394 | 51144 |  | 188538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 1105138 | 8623 | 1113761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 614875 | 3959294 |  | 4574169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts |  |  | 48283 | 48283 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments |  | (51702689) |  | (51702689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> |  |  | (135) | (135) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41342295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734698891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11546643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787587829 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | $— | $317054 | $— | $317054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 746621 | 124089 |  | 870710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 3019432 |  | 3019432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 4042700 | 107053543 |  | 111096243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts |  | 59896 |  | 59896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | (177126) |  | (177126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (194553) | (18398) |  | (212951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (2688656) |  | (2688656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | (5844447) | (87702007) |  | (93546454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Contracts |  | (73138) |  | (73138) |
|  | $(1249679) | $19914689 | $— | $18665010 |
|  <br> <sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. | <br> <sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. | <br> <sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. | <br> <sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. | <br> <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. | <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. | <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. | <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. | <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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Common*<br> *Stocks* | *Corporate*<br> *Bonds* | *Floating*<br> *Rate Loan*<br> *Interests* | *Non-Agency*<br> *Mortgage-Backed*<br> *Securities* | *Options*<br> *Purchased* | *Preferred*<br> *Stocks* | *Unfunded*<br> *Floating Rate<br>Loan*<br> *Interests* |
|  **Assets/Liabilities** |  |  |  |  |  |  |  |
|  Opening balance, as of December 31, 2021 | $20 | $1072155 | $2916874 | $1773045 | $— | $1611188 | $(132) |
|  Transfers into Level 3 |  |  | 289095 | 2260203 |  |  |  |
|  Transfers out of Level 3 |  |  | (318150) |  |  |  |  |
|  Accrued discounts/premiums |  | 9851 | 7063 | 16719 |  |  |  |
|  Net realized gain (loss) |  |  | 9688 | (109246) |  |  |  |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | (60435) | (47024) | (157267) | (388518) | (17589) | (244812) | (3) |
|  Purchases | 485141 | 2298319 | 2308809 | 176432 | 74495 | 491084 |  |
|  Sales |  | (281183) | (1946804) | (763320) |  |  |  |
|  Closing balance, as of December 31, 2022 | $424726 | $3052118 | $3109308 | $2965315 | $56906 | $1857460 | $(135) |
|  Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022<sup>(b)</sup> | $(60435) | $(47024) | $(146638) | $(388518) | $(17589) | $(244812) | $(135) |

---

46 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Strategic Global Bond Fund, Inc.** |

---

---

| | | |
|:---|:---|:---|
|  | *Warrants* | *Total* |
|  **Assets** |  |  |
|  Opening balance, as of December 31, 2021 | $10200 | $7383350 |
|  Transfers into Level 3 |  | 2549298 |
|  Transfers out of Level 3 |  | (318150) |
|  Accrued discounts/premiums |  | 33633 |
|  Net realized gain (loss) |  | (99558) |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | 70745 | (844903) |
|  Purchases |  | 5834280 |
|  Sales |  | (2991307) |
|  Closing balance, as of December 31, 2022 | $80945 | $11546643 |
|  Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022<sup>(b)</sup> | $70745 | $(834406) |
|  <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.<br> <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end. | <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.<br> <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end. | <sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.<br> <sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end. |

---

The Fund's financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.

S C H E D U L E O F I N V E S T M E N T S 47

------

Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| | BlackRock<br> Strategic Global<br> Bond Fund, Inc. |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)</sup> | $815378041 |
|  Investments, at value — affiliated<sup>(b)</sup> | 23912612 |
|  Cash pledged: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — exchange-traded options written | 1995000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 7904798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swaps | 3805230 |
|  Foreign currency, at value<sup>(c)</sup> | 3074223 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 447418 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sale commitments | 52089438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 1698171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 6345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 71843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 4270751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal paydowns | 15631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1057574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 573097 |
|  Swap premiums paid | 574050 |
|  Unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 3019432 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 180741 |
|  Prepaid expenses | 58288 |
|  Total assets | 920132683 |
|  **LIABILITIES** |  |
|  Bank overdraft | 87032 |
|  Cash received: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 461000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — TBA commitments | 70000 |
|  Options written, at value<sup>(d)</sup> | 12232721 |
|  TBA sale commitments, at value<sup>(e)</sup> | 51702689 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 145939102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 42962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 2018132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 90466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income dividend distributions | 555692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 1740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 251101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' and Officer's fees | 1263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 116009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 138963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 20892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 47179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1503224 |
|  Swap premiums received | 85170 |
|  Unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 2190875 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 238098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | 135 |
|  Total liabilities | 217794445 |
|  NET ASSETS | $702338238 |

---

48 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statement of Assets and Liabilities (continued)

December 31, 2022

---

| | |
|:---|:---|
| | BlackRock<br> Strategic Global<br> Bond Fund, Inc. |
|  **NET ASSETS CONSIST OF** |  |
|  Paid-in capital | $832687088 |
|  Accumulated loss | (130348850) |
|  NET ASSETS | $702338238 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $863707047 |
|  <sup>(b)</sup> Investments, at cost — affiliated | $24755529 |
|  <sup>(c)</sup> Foreign currency, at cost | $3361854 |
|  <sup>(d)</sup> Premiums received | $6003923 |
|  <sup>(e)</sup> Proceeds from TBA sale commitments | $52089438 |

---

F I N A N C I A L S T A T E M E N T S 49

------

Statement of Assets and Liabilities (continued)

December 31, 2022

---

| | |
|:---|:---|
| | BlackRock<br> Strategic Global<br> Bond Fund, Inc. |
|  **NET ASSET VALUE** |  |
| **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $479102730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 93486613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $5.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 1 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $83094081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 16227005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $5.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 1 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Investor C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4054811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 792657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $5.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 1 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |
| **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $136086616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 26576644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $5.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | 1 billion |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.10 |

---

*See notes to financial statements.* 

50 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| | BlackRock<br>Strategic Global<br>Bond Fund, Inc. |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $274360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 948536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 22273473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | 51023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (12353) |
|  Total investment income | 23535039 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 3945534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 999093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 300671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 280767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 170858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 136817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 133227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 55289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors and Officer | 12024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 424444 |
|  Total expenses excluding interest expense | 6458724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 147259 |
|  Total expenses | 6605983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (1077166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (665721) |
|  Total expenses after fees waived and/or reimbursed | 4863096 |
|  Net investment income | 18671943 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(a)</sup> | (96919731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (1512064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowed bonds | 345460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (7565039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (956960) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (11029060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | 3076582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (331524) |
|  | (114892336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(b)</sup> | (46683326) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (1019171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowed bonds | (87473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 2213913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (648549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2605081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (7415552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 17470341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | (3) |
|  | (38774901) |
|  Net realized and unrealized loss | (153667237) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(134995294) |
|  <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | $39831 |
|  <sup>(b)</sup> Net of reduction in deferred foreign capital gain tax of | $3325 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 51

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | BlackRock Strategic Global<br>Bond Fund, Inc. | BlackRock Strategic Global<br>Bond Fund, Inc. |
| | Year Ended<br> 12/31/22 | Year Ended<br> 12/31/21<sup>(a)</sup> |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $18671943 | $17524981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (114892336) | (6391493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (38774901) | (22638275) |
|  Net decrease in net assets resulting from operations | (134995294) | (11504787) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income and net realized gain |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional |  | (12326096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A |  | (1538076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C |  | (30571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K |  | (1639078) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (16889603) | (747970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A | (2568767) | (108667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C | (94796) | (4420) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (3845543) | (94821) |
|  Decrease in net assets resulting from distributions to shareholders | (23398709) | (16489699) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (90760732) | 157929804 |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | (249154735) | 129935318 |
|  Beginning of year | 951492973 | 821557655 |
|  End of year | $702338238 | $951492973 |

---

<sup>(a)</sup> Consolidated Statement of Changes in Net Assets.

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

*See notes to financial statements.* 

52 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>12/31/22  | Year Ended <br>12/31/21<sup>(a)</sup>  | Year Ended <br>12/31/20<sup>(a)</sup>  | Year Ended <br> 12/31/19<sup>(a)</sup>  | Year Ended <br>12/31/18<sup>(a)</sup>  |
|  **Net asset value, beginning of year** | $6.20 | $6.38 | $6.13 | $5.81 | $6.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.13 | 0.12 | 0.12 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.05) | (0.19) | 0.43 | 0.30 | (0.22) |
|  Net increase (decrease) from investment operations | (0.92) | (0.07) | 0.55 | 0.47 | (0.05) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.09) | (0.10) | (0.13) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.01) | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.16) | (0.01) |  | (0.02) | (0.03) |
|  Total distributions | (0.16) | (0.11) | (0.30) | (0.15) | (0.15) |
|  **Net asset value, end of year** | $5.12 | $6.20 | $6.38 | $6.13 | $5.81 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (14.85)% | (1.08)% | 9.04% | 8.20 %<sup>(e)</sup> | (0.81)% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.82 %<sup>(g)</sup> | 0.81 %<sup>(h)</sup> | 0.80% | 0.98% | 1.08% |
|  Total expenses after fees waived and/or reimbursed | 0.59 %<sup>(g)</sup> | 0.61 %<sup>(h)</sup> | 0.54% | 0.63% | 0.72% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.57 %<sup>(g)</sup> | 0.61 %<sup>(h)</sup> | 0.53% | 0.53% | 0.53% |
|  Net investment income | 2.40% | 1.88% | 1.93% | 2.84% | 2.88% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $479103 | $717250 | $671817 | $171313 | $160252 |
|  Portfolio turnover rate<sup>(i)</sup> | 288% | 354% | 330% | 373% | 344% |

---

<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, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 0.78%, 0.55 and 0.53%, respectively. 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br> 12/31/22 | Year Ended <br> 12/31/21<sup>(a)</sup> | Year Ended <br> 12/31/20<sup>(a)</sup> | Year Ended <br> 12/31/19<sup>(a)</sup> | Year Ended <br> 12/31/18<sup>(a)</sup> |
|  Portfolio turnover rate (excluding MDRs) | <u>195</u>% | <u>228</u>% | <u>234</u>% | <u>257</u>% | <u>269</u>% |

---

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 53

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>12/31/22  | Year Ended <br>12/31/21<sup>(a)</sup>  | Year Ended <br>12/31/20<sup>(a)</sup>  | Year Ended <br> 12/31/19<sup>(a)</sup>  | Year Ended <br>12/31/18<sup>(a)</sup>  |
|  **Net asset value, beginning of year** | $6.19 | $6.38 | $6.12 | $5.80 | $6.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.12 | 0.10 | 0.11 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.04) | (0.19) | 0.44 | 0.30 | (0.22) |
|  Net increase (decrease) from investment operations | (0.92) | (0.09) | 0.55 | 0.46 | (0.06) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.08) | (0.09) | (0.12) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.01) | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.15) | (0.01) |  | (0.02) | (0.02) |
|  Total distributions | (0.15) | (0.10) | (0.29) | (0.14) | (0.14) |
|  **Net asset value, end of year** | $5.12 | $6.19 | $6.38 | $6.12 | $5.80 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (14.92)% | (1.49)% | 8.95% | 7.95 %<sup>(e)</sup> | (1.07)% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 1.12 %<sup>(g)</sup> | 1.08 %<sup>(h)</sup> | 1.10% | 1.30% | 1.42% |
|  Total expenses after fees waived and/or reimbursed | 0.84 %<sup>(g)</sup> | 0.86 %<sup>(h)</sup> | 0.80% | 0.88% | 0.97% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.82 %<sup>(g)</sup> | 0.86 %<sup>(h)</sup> | 0.78% | 0.78% | 0.78% |
|  Net investment income | 2.15% | 1.65% | 1.74% | 2.60% | 2.66% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $83094 | $109613 | $91388 | $74323 | $61723 |
|  Portfolio turnover rate<sup>(i)</sup> | 288% | 354% | 330% | 373% | 344% |

---

<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, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 1.08%, 0.80 and 0.78%, respectively. 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/22 | Year Ended <br>12/31/21<sup>(a)</sup> | Year Ended <br>12/31/20<sup>(a)</sup> | Year Ended <br>12/31/19<sup>(a)</sup> | Year Ended <br>12/31/18<sup>(a)</sup> |
|  Portfolio turnover rate (excluding MDRs) | <u>195</u>% | <u>228</u>% | <u>234</u>% | <u>257</u>% | <u>269</u>% |

---

*See notes to financial statements.* 

54 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>12/31/22  | Year Ended <br>12/31/21<sup>(a)</sup>  | Year Ended <br>12/31/20<sup>(a)</sup>  | Year Ended <br> 12/31/19<sup>(a)</sup>  | Year Ended <br>12/31/18<sup>(a)</sup>  |
|  **Net asset value, beginning of year** | $6.19 | $6.37 | $6.12 | $5.80 | $6.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.08 | 0.06 | 0.06 | 0.11 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.04) | (0.19) | 0.43 | 0.30 | (0.22) |
|  Net increase (decrease) from investment operations | (0.96) | (0.13) | 0.49 | 0.41 | (0.11) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.03) | (0.04) | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.01) | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.11) | (0.01) |  | (0.02) | (0.02) |
|  Total distributions | (0.11) | (0.05) | (0.24) | (0.09) | (0.09) |
|  **Net asset value, end of year** | $5.12 | $6.19 | $6.37 | $6.12 | $5.80 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (15.56)% | (2.07)% | 7.97% | 7.14 %<sup>(e)</sup> | (1.81)% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 1.79 %<sup>(g)</sup> | 1.83 %<sup>(h)</sup> | 1.93% | 2.11% | 2.19% |
|  Total expenses after fees waived and/or reimbursed | 1.59 %<sup>(g)</sup> | 1.63 %<sup>(h)</sup> | 1.55% | 1.64% | 1.72% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.57 %<sup>(g)</sup> | 1.63 %<sup>(h)</sup> | 1.53% | 1.53% | 1.53% |
|  Net investment income | 1.40% | 0.92% | 1.03% | 1.90% | 1.94% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $4055 | $5555 | $3055 | $4973 | $6308 |
|  Portfolio turnover rate<sup>(i)</sup> | 288% | 354% | 330% | 373% | 344% |

---

<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, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 1.75%, 1.55 and 1.53%, respectively. 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/22 | Year Ended <br>12/31/21<sup>(a)</sup> | Year Ended <br>12/31/20<sup>(a)</sup> | Year Ended <br>12/31/19<sup>(a)</sup> | Year Ended <br>12/31/18<sup>(a)</sup> |
|  Portfolio turnover rate (excluding MDRs) | <u>195</u>% | <u>228</u>% | <u>234</u>% | <u>257</u>% | <u>269</u>% |

---

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 55

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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>12/31/22  | Year Ended <br>12/31/21<sup>(a)</sup>  | Year Ended <br>12/31/20<sup>(a)</sup>  | Year Ended <br> 12/31/19<sup>(a)</sup>  | Year Ended <br>12/31/18<sup>(a)</sup>  |
|  **Net asset value, beginning of year** | $6.19 | $6.38 | $6.13 | $5.81 | $6.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.13 | 0.12 | 0.13 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.03) | (0.20) | 0.42 | 0.31 | (0.22) |
|  Net increase (decrease) from investment operations | (0.90) | (0.08) | 0.55 | 0.48 | (0.05) |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.09) | (0.10) | (0.14) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.01) | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.17) | (0.01) |  | (0.02) | (0.03) |
|  Total distributions | (0.17) | (0.11) | (0.30) | (0.16) | (0.15) |
|  **Net asset value, end of year** | $5.12 | $6.19 | $6.38 | $6.13 | $5.81 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (14.67)% | (1.19)% | 9.10% | 8.26 %<sup>(e)</sup> | (0.76)% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |
|  Total expenses | 0.67 %<sup>(g)</sup> | 0.70 %<sup>(h)</sup> | 0.69% | 0.89% | 1.01% |
|  Total expenses after fees waived and/or reimbursed | 0.53 %<sup>(g)</sup> | 0.58 %<sup>(h)</sup> | 0.49% | 0.58% | 0.67% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.51 %<sup>(g)</sup> | 0.58 %<sup>(h)</sup> | 0.48% | 0.48% | 0.48% |
|  Net investment income | 2.43% | 1.97% | 2.01% | 2.88% | 2.93% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $136087 | $119076 | $55297 | $33655 | $34111 |
|  Portfolio turnover rate<sup>(i)</sup> | 288% | 354% | 330% | 373% | 344% |

---

<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, total expenses after fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 0.62%, 0.49 and 0.47%, respectively. 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/22 | Year Ended <br>12/31/21<sup>(a)</sup> | Year Ended <br>12/31/20<sup>(a)</sup> | Year Ended <br>12/31/19<sup>(a)</sup> | Year Ended <br>12/31/18<sup>(a)</sup> |
|  Portfolio turnover rate (excluding MDRs) | <u>195</u>% | <u>228</u>% | <u>234</u>% | <u>257</u>% | <u>269</u>% |

---

*See notes to financial statements.* 

56 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Notes to Financial Statements

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

BlackRock Strategic Global Bond Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Fund is organized as a Maryland corporation. The Fund is classified as diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold without a sales charge and 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 |
|  <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.<br> <sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | <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.<br> <sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | <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.<br> <sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. | <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.<br> <sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. |

---

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

**Basis of Consolidation:** The accompanying consolidated financial statements of the Fund include the account of Strategic Global Bond Fund (Cayman) (the "Cayman Subsidiary"), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Cayman Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The net assets of the Cayman Subsidiary as of period end were $0, which is 0.0% of the Fund's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. During the year ended December 31, 2022, there were no transactions in the Cayman Subsidiary. The Cayman Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Cayman Subsidiary may invest without limitation in commodity-related instruments.

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

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the "trade dates"). 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 Fund is 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest is 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:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

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

**Foreign Taxes:** The Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement 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, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

N O T E S T O F I N A N C I A L S T A T E M E N T S 57

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Notes to Financial Statements (continued)

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

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

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

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

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by the Board of Directors of the Fund (the "Board"), the directors who are not "interested persons" of the Fund, 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 the Fund, as applicable. Deferred compensation liabilities, if any, are included in the Directors' and Officer's fees payable in the Statement of Assets and Liabilities and will remain as a liability of the Fund 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 Fixed-Income Complex and reflected as Directors and Officer expense on the Statement 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, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. 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 Fund has an arrangement with its custodian whereby credits are earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. The Fund may incur charges on overdrafts, subject to certain conditions, which are shown as interest expense in the Statement of Operations.

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

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) 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 the Fund's Manager as the valuation designee for the Fund. The 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 the Fund's assets and liabilities:

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

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a
third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade
at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers),
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;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's published net
asset value ("NAV").

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Notes to Financial Statements (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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 a number of market data factors, such as discounted cash flows, trades and values 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 Fund uses 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 follows 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 the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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.

---

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

---

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. 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 involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

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

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. 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 for identical assets or liabilities that the Fund
has the ability to access;

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 59

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Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

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

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

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

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

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. 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 Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

**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

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Notes to Financial Statements (continued)

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.

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

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

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

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

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

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

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

In connection with floating rate loan interests, the Fund may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, the 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 Statement 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 Statement of Assets and Liabilities and Statement of Operations. As of period end, the Fund had the following unfunded floating rate loan interests:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Borrower* | *Par* | *Commitment*<br> *Amount* | *Value* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  BlackRock Strategic Global Bond Fund, Inc. | Vaca Morada Partners LP | $54066 | $54066 | $53931 | $(135) |

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Notes to Financial Statements (continued)

**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 Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

**Mortgage Dollar Roll Transactions:** The Fund may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and 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 the fund to make future cash payments. As of December 31, 2022, the Fund had outstanding commitments of $300,000. These commitments are not included in the net assets of the Fund as of December 31, 2022.

**Borrowed Bond Agreements:** Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a fund borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a fund at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a fund and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A fund may also experience delays in gaining access to the collateral.

**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 Statement 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 Statement 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, 2022, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Fund were $512,039 and 3.14%, respectively.

Borrowed bond agreements and reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an "MRA"), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With borrowed bond agreement and reverse repurchase transactions, 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 with respect to excess collateral and, as such, the return of excess collateral may be delayed.

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.

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Notes to Financial Statements (continued)

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

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

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

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest 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 Fund 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 Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. A Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

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

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

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically "covered," meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Fund writes a put option, 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 Statement of Assets and Liabilities.

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 63

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Notes to Financial Statements (continued)

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

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

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

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

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

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

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

&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 Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

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Notes to Financial Statements (continued)

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. When a Fund enters into an ISDA Master Agreement and an MRA and/or MSLA with the same counterparty, the agreements may contain a set-off provision allowing the Fund to offset a net amount payable with amounts due to the Fund upon default of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. For example, notwithstanding what contractual rights may be included in an ISDA Master Agreement, such laws may prohibit the Fund from setting off amounts owed to a defaulting counterparty under an ISDA Master Agreement against amounts owed to the Fund by affiliates of the defaulting counterparty. The insolvency regimes of many jurisdictions do, however, generally permit set-off of simultaneous payables and receivables under certain types of financial contracts between the same legal entity upon a default of the entity, regardless of the existence of a contractual set-off right in those contracts.

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

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

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

***6.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

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

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund's net assets:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment<br>Advisory Fees* |
|  First $1 billion | 0.50% |
|  $1 billion — $3 billion | 0.47 |
|  $3 billion — $5 billion | 0.45 |
|  $5 billion — $10 billion | 0.44 |
|  Greater than $10 billion | 0.43 |

---

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

The Manager entered into a sub-advisory agreement with each of BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL") (collectively, the "Sub-Advisers"), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of the Fund for which BIL or BSL, as applicable, acts as sub-adviser a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Service and Distribution Fees:** The Fund entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Service Fees* | *Distribution Fees* |
|  Investor A | 0.25% | N/A |
|  Investor C | 0.25 | 0.75% |

---

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 65

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Notes to Financial Statements (continued)

For the year ended December 31, 2022, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | *Investor A* | *Investor C* | *Total* |
|  Service and distribution fees — class specific | $233387 | $47380 | $280767 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund 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, 2022, the Fund 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 Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended December 31, 2022, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Reimbursed amounts | $3001 | $1592 | $201 | $326 | $5120 |

---

For the year ended December 31, 2022, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Transfer agent fees — class specific | $805565 | $179767 | $5346 | $8415 | $999093 |

---

**Other Fees:** For the year ended December 31, 2022, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $1,191.

For the year ended December 31, 2022, affiliates received CDSCs as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | *Investor A* | *Investor C* | *Total* |
|  CDSC | $7797 | $2579 | $10376 |

---

**Expense Limitations, Waivers and Reimbursements:** With respect to the Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2023. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. 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. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2022, the amount waived and/or reimbursed was $9,496.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2022, the Manager waived $72,504 in investment advisory fees pursuant to this arrangement.

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | |
|:---|:---|
| *Share Class* | *Expense Limitation* |
|  Institutional | 0.53% |
|  Investor A | 0.78 |
|  Investor C | 1.53 |
|  Class K | 0.48 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2023, 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 the Fund. For the year ended December 31, 2022, the Manager waived and/or reimbursed investment advisory fees of $995,166 which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed — class specific, in the Statement of Operations. For the year ended December 31, 2022, class specific expense waivers and/or reimbursements are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Transfer agent fees waived and/or reimbursed by the Manager — class specific | $521241 | $133091 | $2975 | $8414 | $665721 |

---

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

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Notes to Financial Statements (continued)

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

During the year ended December 31, 2022, the Fund did not participate in the Interfund Lending Program.

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

**Other Transactions:** The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the year ended December 31, 2022, 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* | *Net Realized<br>Gain (Loss)* |
|  BlackRock Strategic Global Bond Fund, Inc. | $286368 | $1365283 | $(244043) |

---

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

For the year ended December 31, 2022, purchases and sales of investments, including paydowns/payups and 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* |
|  BlackRock Strategic Global Bond Fund, Inc. | $30270892 | $35078872 | $2004046802 | $2227938299 |

---

For the year ended December 31, 2022, purchases and sales related to mortgage dollar rolls were $660,957,347 and $661,714,021, respectively.

***8.***  ***INCOME TAX INFORMATION*** 

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

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of December 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements.

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 operating loss were reclassified to the following accounts:

---

| | |
|:---|:---|
|  | *Strategic Global Bond Fund, Inc.* |
|  Paid-in capital | $(102738) |
|  Accumulated earnings (loss) | 102738 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended<br>12/31/22* | *Year Ended<br>12/31/21* |
|  BlackRock Strategic Global Bond Fund, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $— | $15533821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | 23398709 | 955878 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;23398709 | $16489699 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 67

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Notes to Financial Statements (continued)

As of December 31, 2022, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Non-Expiring<br>Capital Loss<br>Carryforwards<sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)<sup>(b)</sup>* | *Qualified*<br> *Late-Year Losses<sup>(c)</sup>* | *Total* |
|  BlackRock Strategic Global Bond Fund, Inc. | $(100236388) | $(27001606) | $(3110856) | $(130348850) |

---

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

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

<sup>(c)</sup> The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of December 31, 2022, 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* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  BlackRock Strategic Global Bond Fund, Inc. | $889659456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128989871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154275305) | $(25285434) |

---

***9.***  ***BANK BORROWINGS*** 

The Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is a party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) 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 Secured Overnight Financing Rate ("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 2023 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, 2022, the Fund did not borrow under the credit agreement.

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

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

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

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.

**Infectious Illness Risk:** An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

68 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (continued)

significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

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

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

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

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

**Concentration 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 the Fund's portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Fund may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Fund's performance.

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

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

**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.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms,

N O T E S T O F I N A N C I A L S T A T E M E N T S 69

------

Notes to Financial Statements (continued)

hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/22 | Year Ended<br>12/31/22 | Year Ended<br>12/31/21 | Year Ended<br>12/31/21 |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  BlackRock Strategic Global Bond Fund, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 47387967 | $259150206 | 93581529 | $589595060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 2895182 | 15589443 | 1935488 | 12142430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (72530991) | (396732385) | (85084447) | (534309564) |
|  | (22247842) | $(121992736) | 10432570 | $67427926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4900448 | $27095285 | 10558581 | $66350199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 447573 | 2399813 | 246783 | 1547230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6821956) | (37373102) | (7438652) | (46701129) |
|  | (1473935) | $(7878004) | 3366712 | $21196300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 161059 | $885670 | 654926 | $4116151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 17559 | 93566 | 5474 | 34246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed and automatic conversion of shares | (283802) | (1524282) | (242254) | (1518876) |
|  | (105184) | $(545046) | 418146 | $2631521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 12323881 | $66741072 | 14436670 | $90931789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 605981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228625 | 214311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5582529) | (30314643) | (4095307) | (25598634) |
|  | 7347333 | $39655054 | 10555674 | $66674057 |
|  | (16479628) | $(90760732) | 24773102 | $157929804 |

---

***12.***  ***SUBSEQUENT EVENTS*** 

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

70 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of BlackRock Strategic Global Bond Fund, Inc.:

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

We have audited the accompanying statement of assets and liabilities of BlackRock Strategic Global Bond Fund, Inc. (the "Fund"), including the schedule of investments, as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. Such financial statements and financial highlights of the Fund are consolidated as of and for each of the four years in the period ended December 31, 2021. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its 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 Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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, 2022, 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.

Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2023

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

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 71

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Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), BlackRock Strategic Global Bond Fund, Inc. (the "Fund") has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage the Fund's liquidity risk.

The Board of Directors (the "Board") of the Fund met on November 10-11, 2022 (the "Meeting") to review the Program. The Board previously appointed BlackRock Advisors, LLC, the investment adviser to the Fund, as the program administrator for the Fund's Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the "Committee"). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund's Highly Liquid Investment Minimum ("HLIM") where applicable, and any material changes to the Program (the "Report"). The Report covered the period from October 1, 2021 through September 30, 2022 (the "Program Reporting Period").

The Report described the Program's liquidity classification methodology for categorizing the Fund's investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund's HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

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

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

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

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

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program's classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

72 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Director and Officer Information

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| | | | | |
|:---|:---|:---|:---|:---|
| | | **Independent Directors<sup>(a)</sup>** | | |
| **Name<br>Year of Birth<sup>(b)</sup>** | **Position(s) Held<br>(Length of Service)<sup>(c)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of<br>Investment Portfolios<br>("Portfolios") Overseen** | **Public Company<br>and Other<br>Investment<br>Company<br>Directorships Held<br>During<br>Past 5 Years** |
| **R. Glenn Hubbard**<br> 1958 | Chair of the Board (Since 2022) Director<br> (Since 2019) | Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. | 70 RICs consisting of 102 Portfolios | ADP (data and information services) from 2004 to 2020; Metropolitan Life Insurance Company (insurance); TotalEnergies SE (multi-energy) |
| **W. Carl Kester<sup>(d)</sup>**<br> 1951 | Vice Chair of the Board (Since 2022) Director<br> (Since 2019) | George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. | 72 RICs consisting of 104 Portfolios |  |
| **Cynthia L. Egan**<br> 1955 | Director<br> (Since 2019) | Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. | 70 RICs consisting of 102 Portfolios | Unum (insurance); The Hanover Insurance Group (Board Chair); Huntsman Corporation (Lead Independent Director and non Executive Vice Chair of the Board) (chemical products) |
| **Frank J. Fabozzi<sup>(d)</sup>**<br> 1948 | Director<br> (Since 2019) | Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) from 2011 to 2022; Professor of Practice, Johns Hopkins University since 2021; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale's Executive Programs; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year; Adjunct Professor of Finance, Carnegie Mellon University in fall 2020 semester. | 72 RICs consisting of 104 Portfolios |  |
| **Lorenzo A. Flores**<br> 1964  | Director<br> (Since 2021) | Vice Chairman, Kioxia, Inc. since 2019; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. | 70 RICs consisting of 102 Portfolios |  |
| **Stayce D. Harris**<br> 1959 | Director<br> (Since 2021) | Lieutenant General, Inspector General, Office of the Secretary of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. | 70 RICs consisting of 102 Portfolios | The Boeing Company (airplane manufacturer) |
| **J. Phillip Holloman**<br> 1955 | Director<br> (Since 2021) | President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. | 70 RICs consisting of 102 Portfolios | PulteGroup, Inc. (home construction); Rockwell Automation Inc. (industrial automation) |

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D I R E C T O R A N D O F F I C E R I N F O R M A T I O N 73

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Director and Officer Information (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Directors<sup>(a)</sup>** (continued) | **Independent Directors<sup>(a)</sup>** (continued) | **Independent Directors<sup>(a)</sup>** (continued) | **Independent Directors<sup>(a)</sup>** (continued) | **Independent Directors<sup>(a)</sup>** (continued) |
| **Name<br>Year of Birth<sup>(b)</sup>** | **Position(s) Held<br>(Length of Service)<sup>(c)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of<br>Investment Portfolios<br>("Portfolios") Overseen** | **Public Company<br>and Other<br>Investment<br>Company<br>Directorships Held<br>During<br>Past 5 Years** |
| **Catherine A. Lynch<sup>(d)</sup>**<br> 1961 | Director<br> (Since 2019) | Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. | 72 RICs consisting of 104 Portfolios | PennyMac Mortgage Investment Trust |
|  |  | **Interested Directors<sup>(a)(e)</sup>** |  |  |
| **Name**<br> **Year of Birth<sup>(b)</sup>** | **Position(s) Held<br>(Length of Service)<sup>(c)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of BlackRock-Advised**<br> **Registered Investment Companies<br>("RICs") Consisting of**<br> **Investment Portfolios**<br> **("Portfolios") Overseen** | **Public Company<br>and Other<br>Investment<br>Company<br>Directorships**<br> **Held During<br>Past 5 Years** |
| **Robert Fairbairn**<br> 1965 | Director<br> (Since 2018) | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock's Global Executive and Global Operating Committees; Co-Chair of BlackRock's Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock's Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock's Retail and iShares® businesses from 2012 to 2016. | 98 RICs consisting of 266 Portfolios |  |
| **John M. Perlowski<sup>(d)</sup>**<br> 1964 | Director<br> (Since 2015)<br> President and Chief Executive Officer (Since 2010) | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 100 RICs consisting of 268 Portfolios |  |

---

<sup>(a)</sup> The address of each Director is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

<sup>(b)</sup> Each Independent Director holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Fund's by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Directors who are "interested persons," as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Fund's by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Directors on a case-by-case basis, as appropriate. 

<sup>(c)</sup> Following the combination of Merrill Lynch Investment Managers, L.P. ("MLIM") and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Directors first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; and W. Carl Kester, 1995. Certain other Independent Directors became members of the boards of the closed-end funds in the Fixed-Income Complex as follows: Cynthia L. Egan, 2016; and Catherine A. Lynch, 2016. 

<sup>(d)</sup> Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

<sup>(e)</sup> Mr. Fairbairn and Mr. Perlowski are both "interested persons," as defined in the 1940 Act, of the Fund based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.

74 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Director and Officer Information (continued)

---

| | | |
|:---|:---|:---|
| **Officers Who Are Not Directors<sup>(a)</sup>** | **Officers Who Are Not Directors<sup>(a)</sup>** | **Officers Who Are Not Directors<sup>(a)</sup>** |
| **Name<br>Year of Birth<sup>(b)</sup>** | **Position(s) Held<br>(Length of Service)** | **Principal Occupation(s) During Past 5 Years** |
| **Jennifer McGovern**<br> 1977 | Vice President<br>(Since 2014) | Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock's Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock's U.S. Wealth Advisory Group from 2013 to 2019. |
| **Trent Walker**<br> 1974 | Chief Financial Officer<br> (Since 2021) | Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| **Jay M. Fife**<br> 1970 | Treasurer<br> (Since 2007) | Managing Director of BlackRock, Inc. since 2007. |
| **Charles Park**<br> 1967 | Chief Compliance Officer<br> (Since 2014) | Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors ("BFA") since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012. |
| **Lisa Belle**<br> 1968 | Anti-Money Laundering Compliance Officer<br> (Since 2019) | Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012. |
| **Janey Ahn**<br> 1975 | Secretary<br> (Since 2019) | Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. |

---

<sup>(a)</sup> The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

<sup>(b)</sup> Officers of the Fund serve at the pleasure of the Board.

Further information about the Fund's Directors and Officers is available in the Fund's Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Effective May 31, 2022, Karen P. Robards retired as a Director of the Fund.

D I R E C T O R A N D O F F I C E R I N F O R M A T I O N 75

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Additional Information

**General Information** 

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund 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 Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

**Householding** 

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

**Availability of Quarterly Schedule of Investments** 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT is available on the SEC's website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

**Availability of Proxy Voting Policies, Procedures and Voting Records** 

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to securities held in the Fund's portfolio during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at **blackrock.com;** and (3) on the SEC's website at **sec.gov.** 

**BlackRock's Mutual Fund Family** 

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

**BlackRock Privacy Principles** 

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

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

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

76 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Additional Information (continued)

**BlackRock Privacy Principles (continued)** 

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

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

**Fund and Service Providers** 

**Investment Adviser** 

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser** 

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited

079912 Singapore

**Accounting Agent and Custodian** 

State Street Bank and Trust Company

Boston, MA 02111

**Transfer Agent** 

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor** 

BlackRock Investments, LLC

New York, NY 10022

**Independent Registered Public Accounting Firm** 

Deloitte & Touche LLP

Boston, MA 02116

**Legal Counsel** 

Willkie Farr & Gallagher LLP

New York, NY 10019

**Address of the Fund** 

100 Bellevue Parkway

Wilmington, DE 19809

A D D I T I O N A L I N F O R M A T I O N 77

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Glossary of Terms Used in this Report

---

| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| RUB | New Russian Ruble |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| <br>**Portfolio Abbreviation** | <br>**Portfolio Abbreviation** |
| ADR | American Depositary Receipt |
| AMT | Alternative Minimum Tax |
| ARB | Airport Revenue Bonds |
| BBSW | Bank Bill Swap Rate |
| BZDIOVER | Overnight Brazil CETIP — Interbank Rate |
| CDI | CREST Depository Interest |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| CR | Custodian Receipt |
| DAC | Designated Activity Company |
| DIP | Debtor-In-Possession |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| FREMF | Freddie Mac Multifamily Securities |
| FTSE | Financial Times Stock Exchange |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| GTD | GTD Guaranteed |
| LIBOR | London Interbank Offered Rate |
| LP | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| MXIBOR | Mexico Interbank Offered Rate |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind |
| PIPE | Private Investment in Public Equity |
| PJSC | Public Joint Stock Company |
| PSF | Permanent School Fund |
| RB | Revenue Bond |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SCA | Societe en Commandite par Actions |
| SOFR | Secured Overnight Financing Rate |
| SOFR CME | Secured Overnight Financing Rate Chicago Mercantile Exchange |
| SOFRTE | Term Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| SPDR | Standard & Poor's Depository Receipt |
| TAN | Tax Anticipation Notes |
| TBA | To-Be-Announced |
| WIBOR | Warsaw Interbank Offered Rate |

---

78 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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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 Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

SGB-12/22-AR

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| | |
|:---|:---|
| ![LOGO](g441652g42l24.jpg)  | ![LOGO](g441652leaf.jpg) |

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&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.  |

---

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:

Frank J. Fabozzi

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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | **(b) Audit-Related Fees<sup>1</sup>** | **(b) Audit-Related Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**<u>Entity Name</u>** | **<u>Current</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Previous</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Current</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Previous</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Current</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Previous</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Current</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Previous</u><br> <u>Fiscal Year</u> <br><u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Strategic Global Bond Fund, Inc. | $74970 | $74235 | $44 | $207 | $19000 | $18800 | $431 | $0 |

---

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"):

**2** 

------

---

| | | |
|:---|:---|:---|
|  | **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>** | $2098000 | $2032000 |

---

<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 $2,098,000 and $2,032,000 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 SEC'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

**3** 

------

&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:

---

| | | |
|:---|:---|:---|
| **<u>Entity Name</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Current Fiscal Year</u>** <br> **<u>End</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Previous Fiscal Year</u>** <br> **<u>End</u>** |
|  BlackRock Strategic Global Bond Fund, Inc. | $19475 | $19007 |

---

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 and 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</u>**<br> **<u>Year End</u>** |  **<u>Previous Fiscal</u> <br><u>Year End</u>** |
| &nbsp;&nbsp;&nbsp; $2098000 | $2032000 |

---

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;(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under
Item 1(a) of this Form.

&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 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

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

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

------

---

| | |
|:---|:---|
| Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 11 – Controls and Procedures

&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 of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&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 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

(a)(1) [Code of Ethics – See Item 2](#item2)

(a)(2) [Section 302 Certifications are attached](d441652dex99cert.htm)

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) 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](d441652dex99906cert.htm)

**5** 

------

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 23, 2023

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 23, 2023

---

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

---

Date: February 23, 2023

**6**

## 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 23, 2023

<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 23, 2023

<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 his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 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 23, 2023

<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 his knowledge, that the registrant's Report on Form N-CSR for the period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 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 23, 2023

<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**.**