UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-23341

Name of Fund: BlackRock Funds IV

  BlackRock Systematic Multi-Strategy Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 12/31/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

DECEMBER 31, 2023

2023 Annual Report

BlackRock Strategic Global Bond Fund, Inc.

BlackRock Funds IV

· BlackRock Systematic Multi-Strategy Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended December 31, 2023. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially in the first half of the year before stalling between 3% and 4% in the second half. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies and small-capitalization U.S. stocks also advanced. Meanwhile, international developed market equities and emerging market stocks posted solid gains.

The 10-year U.S. Treasury yield ended 2023 where it began despite an eventful year that saw significant moves in bond markets. Overall, U.S. Treasuries gained as investors began to anticipate looser financial conditions. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates four times during the 12-month period, but paused its tightening in the second half of the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

We believe developed market equities have priced in an optimistic scenario for rate cuts, which we view as premature, so we prefer an underweight stance in the near term. Nevertheless, we are overweight on Japanese stocks as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of December 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	8.04%	26.29%
U.S. small cap equities (Russell 2000® Index)	8.18	16.93
International equities (MSCI Europe, Australasia, Far East Index)	5.88	18.24
Emerging market equities (MSCI Emerging Markets Index)	4.71	9.83
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.70	5.02
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.11	2.83
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	3.37	5.53
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	3.63	6.40
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.65	13.44
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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Table of Contents

	Page
The Markets in Review		2
Annual Report:
Fund Summary		4
About Fund Performance		10
Disclosure of Expenses		10
The Benefits and Risks of Leveraging		11
Derivative Financial Instruments		11
Financial Statements:
Schedules of Investments		12
Statements of Assets and Liabilities		101
Statements of Operations		104
Statements of Changes in Net Assets		106
Financial Highlights		107
Notes to Financial Statements		115
Report of Independent Registered Public Accounting Firm		131
Important Tax Information		132
Statement Regarding Liquidity Risk Management Program		133
Director and Officer Information		134
Additional Information		138
Glossary of Terms Used in this Report		141

3

Fund Summary as of December 31, 2023 BlackRock Strategic Global Bond Fund, Inc.

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, 2023, all of the Fund’s share classes outperformed its primary benchmark, the Bloomberg Global Aggregate Bond Index. For the same period, all of 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, with the exception of its Investor C shares which performed in line. The following discussion of relative performance pertains to the Fund’s primary benchmark.

What factors influenced performance?

The Fund’s positioning with respect to U.S. interest rates aided return as the short end of the Treasury yield curve declined over the period. Exposure to emerging market credit spreads and currencies also contributed positively to performance relative to the benchmark. Holdings of structured products including commercial mortgage-backed securities, non-agency residential mortgage-backed securities, collateralized loan obligations and asset-backed securities added to performance as well. Finally, allocations to U.S. investment grade and high yield corporate bonds proved additive.

Positioning with respect to overseas developed market interest rates and currencies detracted from the Fund’s relative performance over the period, along with positioning in emerging market interest rates.

The Fund held derivatives during the period for risk management purposes as well as to manage exposures with the goal of generating positive active return. The use of derivatives modestly contributed to performance as the Fund tactically managed the portfolio’s duration and currency exposures throughout the reporting period.

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 Fund’s cash position had no material impact on performance.

Describe recent portfolio activity.

After tactically reducing duration in January 2023, primarily in the front-end of the yield curve, the Fund added duration out on the curve given more balanced risk/reward levels, while tactically rotating across high quality spread assets. The Fund lowered its risk profile slightly in February 2023, reducing U.S. investment grade and high yield credit exposures as spreads became less attractive, while adding to agency mortgage-backed securities (“MBS”) given the sector’s favorable interest rate risk profile. Outside the United States, the Fund continued to increase its long European sovereign position while remaining overweight the U.S. dollar relative to the euro and Japanese yen. The Fund also tactically increased exposure to emerging market debt in local rate and select hard currency markets.

In the second quarter of 2023, the Fund’s duration was tactically reduced, resulting in a modestly below-benchmark stance. The Fund continued to increase its sensitivity to changes in credit spreads by selectively adding to global investment grade corporate bonds, particularly within defensive sectors, as spreads appeared attractive. The Fund modestly trimmed its overweight to agency MBS. In addition, the Fund opportunistically added to U.S. high yield corporate bonds while maintaining a cautious stance with respect to lower quality issues within the asset class. Outside the United States, the Fund maintained essentially neutral exposure to European sovereign bonds while continuing to selectively increase the emerging markets debt allocation.

Over the second half of the reporting period, the Fund maintained a duration underweight versus the benchmark, while tactically rotating out of the long-end of the U.S. yield curve and into intermediate maturities. The Fund initially rotated out of U.S. investment grade corporate bonds in favor of European credit given more attractive all-in yields when swapped back to U.S. dollars. As the period progressed the Fund added back to its U.S. investment grade corporate position. In addition, the Fund added slightly to its European sovereign allocation on the view that global central bank policies had reached restrictive levels and were likely to reverse course. From a currency standpoint, the Fund tactically increased and then trimmed its overweight in the U.S. dollar, while maintaining underweights in the euro and Japanese yen given challenged macro dynamics. Lastly, the Fund maintained a cautious stance within U.S. high yield corporate bonds while favoring emerging market local debt.

Describe portfolio positioning at period end.

At period end, the Fund’s duration was modestly underweight relative to the benchmark with a preference for intermediate maturities where values were more attractive. The Fund favored U.S. and European investment grade corporate bonds along with agency MBS for exposure to high quality assets. In terms of currency exposures, the Fund was overweight the U.S. dollar at the expense of the euro and Japanese yen given the Fed’s past policy tightening. Outside the United States, the Fund had allocations to European sovereign bonds and emerging markets debt, most notably exposure to local rates in Mexico and Brazil along with select hard currency bonds. The Fund was cautiously positioned within U.S. high yield corporate bonds and held a substantial allocation to high quality structured products.

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.

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Fund Summary as of December 31, 2023 (continued) BlackRock Strategic Global Bond Fund, Inc.

GROWTH OF $10,000 INVESTMENT

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

^(b)  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.

^(c)  An unmanaged index that is a measure of global investment grade debt from certain 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

								Average Annual Total Returns(a)(b)
								1 Year							5 Years							10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields				Without Sales Charge			With Sales Charge				Without Sales Charge			With Sales Charge				Without Sales Charge			With Sales Charge
Institutional		4.50	%		4.28	%			6.95	%		N/A				1.23	%		N/A				1.37	%		N/A
Investor A		4.07			3.80				6.69			2.42	%			1.01			0.19	%			1.12			0.71	%
Investor C		3.52			3.35				5.89			4.89				0.26			0.26				0.51			0.51
Class K		4.55			4.44				7.01			N/A				1.28			N/A				1.41			N/A
Bloomberg Global Aggregate Bond Index		—			—				5.72			N/A				(0.32	)		N/A				0.38			N/A
Custom Benchmark(c)		—			—				5.91			N/A				(0.15	)		N/A				0.49			N/A

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

^(b)  The Fund’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.

^(c)  A customized performance benchmark comprised of 80% Bloomberg Global Aggregate ex EM Bond Index and 20% Bloomberg EM ex Korea Bond Index.

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

	Actual										Hypothetical 5% Return
					Expenses Paid During the Period								Including Interest Expense and Fees						Excluding Interest Expense and Fees					Annualized Expense Ratio
		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Including Interest Expense and Fees	(a)		Excluding Interest Expense and Fees			Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period	(a)			Ending Account Value (12/31/23)		Expenses Paid During the Period			Including Interest Expense and Fees		Excluding Interest Expense and Fees
Institutional	$	1,000.00	$	1,053.70	$	2.82		$	2.81		$	1,000.00	$	1,022.46	$	2.78			$	1,022.47	$	2.77			0.55	%	0.54	%
Investor A		1,000.00		1,052.40		4.11			4.10			1,000.00		1,021.20		4.05				1,021.21		4.04			0.80		0.79
Investor C		1,000.00		1,050.50		7.99			7.98			1,000.00		1,017.41		7.86				1,017.43		7.85			1.55		1.54
Class K		1,000.00		1,054.00		2.57			2.55			1,000.00		1,022.71		2.53				1,022.72		2.52			0.50		0.49

^(a)  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

Fund Summary as of December 31, 2023 (continued) BlackRock Strategic Global Bond Fund, Inc.

Expense Example (continued)

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information

PORTFOLIO COMPOSITION

Asset Type(a)	Percent of Total Investments
Corporate Bonds		37.5	%
Foreign Agency Obligations		22.2
U.S. Government Sponsored Agency Securities		17.0
Non-Agency Mortgage-Backed Securities		8.2
Asset-Backed Securities		7.3
U.S. Treasury Obligations		2.0
Investment Companies		1.9
Other*		3.9

GEOGRAPHIC ALLOCATION

Country/Geographic Region(a)	Percent of Total Investments
United States		56.4	%
United Kingdom		5.4
Mexico		3.6
China		3.5
Spain		3.1
France		2.9
Japan		2.9
Cayman Islands		2.8
Germany		2.3
Brazil		2.1
Netherlands		1.9
Italy		1.5
South Africa		1.1
Colombia		1.1
Switzerland		1.0
Other#		8.4

^(a)  Excludes short-term securities.

# 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.

* 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.

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Fund Summary as of December 31, 2023  BlackRock Systematic Multi-Strategy Fund

Investment Objective

BlackRock Systematic Multi-Strategy Fund’s (the “Fund”) investment objective is to seek total return comprised of current income and capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

For the 12-month period ended December 31, 2023, all of the Fund’s share classes outperformed its primary benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index. For the same period, all of the Fund’s share classes outperformed its secondary benchmark, the Bloomberg U.S. Aggregate Bond Index, with the exception of the Fund’s Investor C shares which performed in line. The following discussion of relative performance pertains to the Fund’s primary benchmark.

What factors influenced performance?

The Fund’s Directional Asset Allocation (“DAA”) strategy contributed to performance during the reporting period. The DAA strategy takes long-only positions in fixed-income assets to capture market upside while seeking to balance interest rate risk and credit risk. The largest gains came from yield on the Fund’s fixed income holdings, as the higher level of interest rates led to more attractive opportunities for income generation. The strategy also benefited positively from duration (interest rate sensitivity) in the fourth quarter of 2023 as the bond market rallied.

The Fund’s Macro and Defensive Equity Long/Short strategies detracted in 2023, with each posting small losses. In the Macro strategy, a long position in U.S. interest rates versus a short position in Europe was the largest detractor. The Defensive Equity Long/Short strategy struggled in the first half of the period due to several rapid shifts in investor sentiment. However, the strategy delivered a gain in the third quarter of 2023 when both stocks and bonds sold off.

The Fund held derivatives as part of its investment strategy. The portfolio management team uses derivatives to obtain exposure to and/or take outright views on interest rates, credit risk and/or foreign exchange positions. The standalone performance of derivatives used to manage risk may not necessarily portray the total performance impact of the affected position. The use of U.S. Treasury futures, currency forwards, options, and swaps contributed to performance in 2023.

The Fund continued to use leveraged strategies, which involve holding cash in order to back investments in to-be-announced mortgage derivative securities. The use of these and other derivatives had a positive impact on performance. Despite having a reported cash position that exceeded 5%, the Fund’s investable cash position was negative due to unsettled forward transactions on derivatives. This did not have a material effect on results.

Describe recent portfolio activity.

The Fund entered 2023 in a defensive positioning. The investment adviser remained cautious in the first half of the period given persistent inflation and strong economic data that signaled the potential for more restrictive Fed policy. Throughout the second half of the period, the investment adviser gradually added to higher-risk asset classes such as high yield bonds and dividend paying stocks as fears about inflation and a possible recession waned. In the fourth quarter of 2023, the investment adviser reduced exposure to the U.S. Treasury curve steepener trade (which seeks to capitalize on outperformance for short-term bonds relative to longer-term issues) and modestly increased overall portfolio duration (interest rate sensitivity). Specifically, it trimmed the Fund’s allocation to short-term bonds and added to its weighting in intermediate-term issues.

Describe portfolio positioning at period end.

At the close of the period, the investment adviser had an optimistic view on the fixed-income markets given further signs of cooling inflation and a growing likelihood of interest rate cuts. The investment adviser increased the Fund’s duration to 2.5 years in an effort to capture the potential for further gains in the bond market. With that said, the Fund generally strove to produce a fixed-income-like return profile with less reliance on duration through its unique Defensive Equity Long/Short strategy, which seeks to provide downside protection and typically performs well when risk assets sell off.

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.

F U N D S U M M A R Y 7

Fund Summary as of December 31, 2023 (continued) BlackRock Systematic Multi-Strategy Fund

GROWTH OF $10,000 INVESTMENT

The Fund commenced operation on May 19, 2015.

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

^(b)  The Fund invests in a range of global asset classes, with a focus on fixed and floating rate debt securities and equity securities. On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Alternative Capital Strategies Fund, a series of BlackRock Funds^SM (the “Predecessor Fund”), through a tax-free reorganization (the “Board Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Board Reorganization.

^(c)  An unmanaged index that measures returns of 3-month Treasury Bills. On March 1, 2021, the Fund began to compare its performance benchmark to a custom 4pm pricing variant of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for the custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

^(d)  A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.

Performance

	Average Annual Total Returns(a)(b)
	1 Year							5 Years							Since Inception(c)
	Without Sales Charge			With Sales Charge				Without Sales Charge			With Sales Charge				Without Sales Charge			With Sales Charge
Institutional		6.44	%		N/A				4.26	%		N/A				4.05	%		N/A
Investor A		6.19			1.94	%			4.00			3.16	%			3.80			3.31	%
Investor C		5.48			4.48				3.26			3.26				3.08			3.08
Class K		6.59			N/A				4.31			N/A				4.09			N/A
ICE BofA 3-Month U.S. Treasury Bill Index		5.02			N/A				1.88			N/A				1.45			N/A
Bloomberg U.S. Aggregate Bond Index		5.53			N/A				1.10			N/A				1.38			N/A

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

^(b) On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of the Predecessor Fund, through the Board Reorganization. The Predecessor Fund is the performance and accounting survivor of the Board Reorganization.

^(c) The Fund commenced operations on May 19, 2015.

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.

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Fund Summary as of December 31, 2023 (continued) BlackRock Systematic Multi-Strategy Fund

Expense Example

	Actual							Hypothetical 5% Return
		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period(a)			Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During the Period(a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,065.50	$	4.93		$	1,000.00	$	1,020.43	$	4.82		0.95	%
Investor A		1,000.00		1,064.10		6.32			1,000.00		1,019.08		6.18		1.21
Investor C		1,000.00		1,060.40		9.93			1,000.00		1,015.56		9.72		1.91
Class K		1,000.00		1,065.90		4.34			1,000.00		1,021.01		4.24		0.83

^(a) 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).

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information

PORTFOLIO COMPOSITION

Asset Type(a)	Percent of Net Assets
Corporate Bonds		62.3	%
Non-Agency Mortgage-Backed Securities		21.0
U.S. Government Sponsored Agency Securities		12.4
Common Stocks		7.9
Asset-Backed Securities		2.5
U.S. Treasury Obligations		0.5
Money Market Funds		0.1
Capital Trusts		0.1	(b)
TBA Sale Commitments		(0.2	)
Liabilities in Excess of Other Assets		(6.6	)

INDUSTRY ALLOCATION

	Percent of Total Investments(c)
Industry	Long			Short			Total
Financials		12.3	%		2.8	%		15.1	%
Consumer Discretionary		7.4			3.6			11.0
Industrials		6.8			3.6			10.4
Energy		5.9			2.1			8.0
Health Care		5.6			2.2			7.8
Consumer Staples		4.1			2.4			6.5
Information Technology		4.6			1.6			6.2
Materials		3.4			2.4			5.8
Communication Services		4.0			1.1			5.1
Utilities		3.9			1.1			5.0
Real Estate		1.3			1.6			2.9
Other(d)		16.2			—			16.2
		75.5	%		24.5	%		100.0	%

^(a) Excludes underlying investment in total return swaps.

^(b)  Rounds to less than 0.1% of net assets.

^(c) Total investments include the gross values of long and short equity securities of the underlying derivative contracts utilized by the Fund and excludes short-term securities and TBA sale commitments.

^(d) Consist of Asset-Backed Securities (1.1%), Non-Agency Mortgaged-Backed Securities (9.5%) and U.S. Government Sponsored Agency Obligations (5.6%).

F U N D S U M M A R Y 9

About Fund Performance

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance shown prior to the Class K Shares inception date of November 13, 2015 for BlackRock Strategic Global Bond Fund, Inc,.and September 29, 2020 for BlackRock Systematic Multi-Strategy Fund is that of the respective Fund’s Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to that of each Fund’s 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 Institutional Shares because Class K Shares have lower expenses than 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 each 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”), each Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver(s) and/or reimbursement(s), each Fund’s performance would have been lower. With respect to each 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 each 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 each 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 examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide 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 examples also provide information about hypothetical account values and hypothetical expenses based on a 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 these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are 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.

10 2 0 2 3 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

The Benefits and Risks of Leveraging

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

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

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

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

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

Derivative Financial Instruments

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

T H E  B E N E F I T S  A N D  R I S K S  O F  L E V E R A G I N G  /  D E R I V A T I V E  F I N A N C I A L  I N S T R U M E N T S 11

Schedule of Investments December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
Cayman Islands(a)(b) — 2.5%
AGL CLO Ltd., Series 2020-3A, Class A, (3-mo. CME Term SOFR + 1.56%), 6.96%, 01/15/33		USD  250	$	250,257
Allegro CLO VI Ltd., Series 2017-2A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.79%, 01/17/31		331		330,939
ALM Ltd., Series 2020-1A, Class A2, (3-mo. CME Term SOFR + 2.11%), 7.51%, 10/15/29		250		250,128
Apidos CLO XXXVI, Series 2021-36A, Class B, (3-mo. CME Term SOFR + 1.86%), 7.28%, 07/20/34		250		248,805
Ares XXXVII CLO Ltd., Series 2015-4A, Class A1R, (3-mo. CME Term SOFR + 1.43%), 6.83%, 10/15/30		355		355,744
Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, (3-mo. CME Term SOFR + 1.23%), 6.65%, 07/20/30		473		471,845
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, (3-mo. CME Term SOFR + 1.36%), 6.78%, 01/20/31		422		422,155
Carlyle Global Market Strategies CLO Ltd., Series 2014- 3RA, Class A1B, (3-mo. CME Term SOFR + 1.56%), 6.95%, 07/27/31		1,000		996,287
Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, (3-mo. CME Term SOFR + 1.91%), 7.31%, 07/17/34		250		249,030
CBAM Ltd., Series 2017-1A, Class A1, (3-mo. CME Term SOFR + 1.51%), 6.93%, 07/20/30		302		302,049
CIFC Funding Ltd.
Series 2014-3A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 6.87%, 10/22/31		1,500		1,499,940
Series 2014-5A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 6.86%, 10/17/31		2,000		2,003,160
Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.86%), 7.28%, 04/20/31		250		249,953
Dryden Senior Loan Fund
Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 6.76%, 01/15/31		708		709,397
Series 2017-49, Class AR, (3-mo. CME Term SOFR + 1.21%), 6.61%, 07/18/30		676		676,184
Elmwood CLO IV Ltd., Series 2020-1A, Class A, (3-mo. CME Term SOFR + 1.50%), 6.90%, 04/15/33		500		500,381
Generate CLO Ltd., Series 2A, Class AR, (3-mo. CME Term SOFR + 1.41%), 6.82%, 01/22/31		558		557,688
Jamestown CLO XV Ltd., Series 2020-15A, Class A, (3-mo. CME Term SOFR + 1.60%), 7.00%, 04/15/33		1,000		999,342
Madison Park Funding XI Ltd., Series 2013-11A, Class AR2, (3-mo. CME Term SOFR + 1.16%), 6.57%, 07/23/29		923		922,578
Mariner CLO LLC, Series 2016-3A, Class CR, (3-mo. CME Term SOFR + 2.31%), 7.72%, 07/23/29		250		249,878
Neuberger Berman Loan Advisers CLO Ltd.,
Series 2021- 46A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.33%, 01/20/36		250		248,855
OCP CLO Ltd., Series 2013-4A, Class BRR, (3-mo. CME Term SOFR + 2.16%), 7.56%, 04/24/29		250		249,880
Octagon Investment Partners 36 Ltd., Series 2018-1A, Class A1, (3-mo. CME Term SOFR + 1.23%), 6.63%, 04/15/31		711		710,527
OHA Credit Funding Ltd.
Series 2019-3A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.33%, 07/02/35		1,000		1,000,111

Security	Par (000)		Value
Cayman Islands (continued)
OHA Credit Funding Ltd. (continued)
Series 2020-5A, Class A2A, (3-mo. CME Term SOFR + 1.71%), 7.11%, 04/18/33		USD  300	$	297,886
Park Avenue Institutional Advisers CLO Ltd.,
Series 2017-1A, Class DR, (3-mo. CME Term SOFR + 7.07%), 12.45%, 02/14/34		250		232,520
RR Ltd., Series 2018-3A, Class A2R2, (3-mo. CME Term SOFR + 1.66%), 7.06%, 01/15/30		1,125		1,114,941
RRX Ltd., Series 2021-4A, Class A2, (3-mo. CME Term SOFR + 2.11%), 7.51%, 07/15/34		250		250,902
Symphony CLO XIX Ltd., Series 2018-19A, Class A, (3-mo. CME Term SOFR + 1.22%), 6.62%, 04/16/31		477		476,758
TICP CLO XII Ltd., Series 2018-12A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.31%, 07/15/34		325		323,156
Trestles CLO Ltd., Series 2017-1A, Class A1R, (3-mo. CME Term SOFR + 1.25%), 6.63%, 04/25/32		250		249,249
Trimaran CAVU Ltd.
Series 2019-1A, Class B, (3-mo. CME Term SOFR + 2.46%), 7.88%, 07/20/32		250		250,704
Series 2019-1A, Class C1, (3-mo. CME Term SOFR + 3.41%), 8.83%, 07/20/32		500		500,008
Venture CLO Ltd., Series 2020-39A, Class A1, (3-mo. CME Term SOFR + 1.54%), 6.94%, 04/15/33		335		333,898
Whitebox CLO I Ltd., Series 2019-1A, Class CR, (3-mo. CME Term SOFR + 3.31%), 8.71%, 07/24/32		500		492,507
				18,977,642
Denmark — 0.0%
Red & Black Auto Germany UG, Series 8, Class B, (1-mo. EURIBOR + 0.75%), 4.58%, 09/15/30(a)(c)		EUR   67		73,183
France(a)(c) — 0.1%
FCT Autonoria DE, Series 2023-DE, Class B, (1-mo. EURIBOR + 1.15%), 5.03%, 01/26/43		90		99,348
Ginkgo Personal Loans, Series 2023-PL1, Class A1, (1-mo. EURIBOR + 0.79%), 4.67%, 09/23/44		300		331,809
				431,157
Germany — 0.0%
Red & Black Auto Germany UG, Series 10, Class B, (1-mo. EURIBOR + 1.20%), 5.03%, 09/15/32(a)(c)		100		110,671
Ireland(a)(c) — 0.1%
Avoca CLO XXII DAC, Series 22X, Class B1, (3-mo. EURIBOR + 1.30%), 5.27%, 04/15/35		100		105,464
Cairn CLO XVI DAC, Series 2023-16X, Class D, (3-mo. EURIBOR + 5.20%), 1.00%, 01/15/37(d)		100		110,395
CIFC European Funding CLO I DAC, Series 1X, Class DR, (3-mo. EURIBOR + 3.20%), 7.17%, 07/15/32		100		106,253
CVC Cordatus Loan Fund IV DAC, Series 4X, Class BR1, (3-mo. EURIBOR + 1.30%), 5.26%, 02/22/34		100		105,387
Henley CLO IV DAC, Series 4X, Class B1, (3-mo. EURIBOR + 1.35%), 5.31%, 04/25/34		100		106,128
				533,627

12 2 0 2 3  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) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Italy(a)(c) — 0.1%
AutoFlorence SRL, Series 3, Class A, (1-mo. EURIBOR + 0.95%), 4.83%, 12/25/46		EUR  500	$	554,180
Koromo Italy SRL, Series 1, Class A, (1-mo. EURIBOR + 0.80%), 4.68%, 02/26/35		206		228,144
				782,324
Netherlands — 0.0%
Domi BV, Series 2023-1, Class A, (3-mo. EURIBOR + 1.12%), 5.12%, 02/15/55(a)(c)		140		156,267
Spain — 0.0%
Autonoria Spain FT, Series 2021-SP, Class B, (1-mo. EURIBOR + 0.80%), 4.68%, 01/31/39(a)(c)		110		120,798
United Kingdom(a)(c) — 0.2%
Atlas Funding PLC, Series 2013-1, Class B, (3-mo. LIBOR GBP + 1.90%), 7.10%, 01/20/61		GBP  100		127,980
Hermitage PLC, Series 2023-1, Class B, (3-mo. LIBOR GBP + 2.45%), 7.65%, 09/21/33		100		128,328
PCL Funding VI PLC, Series 2022-1, Class A, (3-mo. LIBOR GBP + 1.40%), 6.60%, 07/15/26		500		638,460
PCL Funding VIII PLC, Series 2023-1, Class A, (3-mo. LIBOR GBP + 1.18%), 6.38%, 05/15/28		400		511,128
Polaris PLC, Series 2023-1, Class B, (3-mo. LIBOR GBP + 2.75%), 7.95%, 02/23/61		160		204,685
				1,610,581
United States — 3.7%
AccessLex Institute, Series 2007-A, Class A3, (3-mo. CME Term SOFR + 0.56%), 5.94%, 05/25/36(a)		USD   53		51,494
Anchorage Capital CLO Ltd.(a)(b)
Series 2014-3RA, Class A, (3-mo. CME Term SOFR + 1.31%), 6.70%, 01/28/31		302		301,483
Series 2014-4RA, Class A, (3-mo. CME Term SOFR + 1.31%), 6.70%, 01/28/31		294		293,309
Apidos CLO XII, Series 2013-12A, Class AR, (3-mo. CME Term SOFR + 1.34%), 6.74%, 04/15/31(a)(b)		487		488,187
Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/46(b)		48		42,505
BA Credit Card Trust, Series 2023-A2, Class A2, 4.98%, 11/15/28		364		368,235
BHG Securitization Trust(b)
Series 2021-A, Class A, 1.42%, 11/17/33		66		62,301
Series 2021-A, Class B, 2.79%, 11/17/33		100		89,677
Chenango Park CLO Ltd., Series 2018-1A, Class A2, (3-mo. CME Term SOFR + 1.81%), 7.21%, 04/15/30(a)(b)		1,018		1,016,899
CIFC Funding Ltd.(a)(b)
Series 2013-1A, Class A2R, (3-mo. CME Term SOFR + 2.01%), 7.41%, 07/16/30		1,000		1,001,904
Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.26%), 6.66%, 04/18/31		393		392,927
College Avenue Student Loans LLC, Series 2023-B, Class A1A, 6.50%, 06/25/54(b)		389		405,748
Dryden CLO Ltd., Series 2017-53A, Class A, (3-mo. CME Term SOFR + 1.38%), 6.78%, 01/15/31(a)(b)		562		563,852
Eaton Vance CLO Ltd., Series 2018-1A, Class A2, (3-mo. CME Term SOFR + 1.71%), 7.11%, 10/15/30(a)(b)		250		247,200
ELFI Graduate Loan Program LLC, Series 2023-A, Class A, 6.37%, 02/04/48(b)		705		722,038
Ford Credit Floorplan Master Owner Trust, Series 19-4, Class B, 2.64%, 09/15/26		591		576,234

Security	Par (000)		Value
United States (continued)
Foundation Finance Trust(b)
Series 2021-2A, Class A, 2.19%, 01/15/42		USD  148	$	134,517
Series 2023-2A, Class A, 6.53%, 06/15/49		362		368,825
Goldman Home Improvement Trust Issuer Trust, Series 2022-GRN2, Class A, 6.80%, 10/25/52(b)		102		103,557
GoodLeap Sustainable Home Solutions Trust(b)
Series 2021-3CS, Class A, 2.10%, 05/20/48		240		184,853
Series 2022-3CS, Class A, 4.95%, 07/20/49		121		110,735
Series 2023-1GS, Class A, 5.52%, 02/22/55		113		109,875
Gracie Point International Funding(a)(b)
Series 2022-2A, Class A, (30-day Avg SOFR + 2.75%), 8.09%, 07/01/24		144		144,542
Series 2022-2A, Class B, (30-day Avg SOFR + 3.35%), 8.69%, 07/01/24		154		154,761
Series 2022-3A, Class A, (30-day Avg SOFR + 3.25%), 8.58%, 11/01/24		110		110,646
Series 2023-2, Class A, (3-mo. SOFR + 2.25%), 7.60%, 03/01/27		1,109		1,108,928
Hipgnosis Music Assets LP, Series 2022-1, Class A, 5.00%, 05/16/62(b)		385		359,031
LCM Ltd., Series 26A, Class A1, (3-mo. CME Term SOFR + 1.33%), 6.75%, 01/20/31(a)(b)		442		442,286
Lendmark Funding Trust, Series 2022-1A, Class A, 5.12%, 07/20/32(b)		301		298,444
Loanpal Solar Loan Ltd., Series 2020-2GF, Class A, 2.75%, 07/20/47(b)		81		63,938
Mariner Finance Issuance Trust(b)
Series 2020-AA, Class B, 3.21%, 08/21/34		104		99,219
Series 2022-AA, Class A, 6.45%, 10/20/37		250		251,732
Series 2023-A, Class A, 6.70%, 10/22/35		1,468		1,498,431
Series 2023-A, Class B, 7.11%, 10/22/35		789		808,493
Mercury Financial Credit Card Master Trust, Series 2022- 1A, Class A, 2.50%, 09/21/26(b)		483		469,755
Mosaic Solar Loan Trust(b)
Series 2022-2A, Class A, 4.38%, 01/21/53		83		77,866
Series 2022-3A, Class A, 6.10%, 06/20/53		89		89,999
Series 2023-1A, Class A, 5.32%, 06/20/53		208		204,629
Series 2023-4, Class A, 6.40%, 05/20/53		271		279,280
Navient Private Education Loan Trust, Series 2014-AA, Class A3, (1-mo. Term SOFR + 1.71%), 7.08%, 10/15/31(a)(b)		936		937,990
Navient Private Education Refi Loan Trust(a)(b)
Series 2020-CA, Class A2B, (1-mo. Term SOFR + 1.71%), 7.08%, 11/15/68		573		576,564
Series 2021-DA, Class A, (Prime - 1.99%), 6.51%, 04/15/60		297		285,550
Navient Student Loan Trust(b)
Series 2023-B, Class A1B, (30-day Avg SOFR + 1.70%), 7.04%, 03/15/72(a)		290		290,812
Series 2023-BA, Class A1A, 6.48%, 03/15/72		202		205,200
Nelnet Student Loan Trust(b)
Series 2021-DA, Class B, 2.90%, 04/20/62		450		375,251
Series 2021-DA, Class C, 3.50%, 04/20/62		100		77,778
Series 2023-PL1, Class A1A, (30-day Avg SOFR + 2.25%), 7.57%, 11/25/53(a)		199		198,399
OneMain Financial Issuance Trust(b)
Series 2019-2A, Class A, 3.14%, 10/14/36		100		93,546
Series 2020-2A, Class B, 2.21%, 09/14/35		1,132		1,012,063
Series 2022-2A, Class A, 4.89%, 10/14/34		280		276,425
Series 2022-2A, Class B, 5.24%, 10/14/34		380		373,894
Series 2022-3A, Class A, 5.94%, 05/15/34		682		683,542

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
United States (continued)
OneMain Financial Issuance Trust(b) (continued)
Series 2023-2A, Class D, 7.52%, 09/15/36		USD  552	$	564,665
PFS Financing Corp., Series 2022-D, Class D, 4.90%, 08/15/27(b)		1,134		1,110,969
Regional Management Issuance Trust(b)
Series 2020-1, Class A, 2.34%, 10/15/30		74		72,256
Series 2021-1, Class B, 2.42%, 03/17/31		256		232,998
Series 2021-2, Class B, 2.35%, 08/15/33		990		835,520
Series 2022-1, Class A, 3.07%, 03/15/32		389		370,832
Series 2022-2B, Class A, 7.10%, 11/17/32		325		327,992
Republic Finance Issuance Trust(b)
Series 2021-A, Class A, 2.30%, 12/22/31		600		568,682
Series 2021-A, Class B, 2.80%, 12/22/31		136		124,202
Series 2021-A, Class C, 3.53%, 12/22/31		100		89,695
Series 2021-A, Class D, 5.23%, 12/22/31		800		676,710
Rockford Tower CLO Ltd., Series 2017-3A, Class A, (3-mo. CME Term SOFR + 1.45%), 6.87%, 10/20/30(a)(b)		348		347,775
RR Ltd., Series 2018-3A, Class A1R2, (3-mo. CME Term SOFR + 1.35%), 6.75%, 01/15/30(a)(b)		321		321,744
Service Experts Issuer LLC, Series 2021-1A, Class A, 2.67%, 02/02/32(b)		225		208,629
Shackleton CLO Ltd., Series 2013-3A, Class AR, (3-mo. CME Term SOFR + 1.38%), 6.78%, 07/15/30(a)(b)		248		247,396
Steele Creek CLO Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.51%), 6.91%, 10/15/30(a)(b)		343		342,792
Tiaa CLO III Ltd., Series 2017-2A, Class A, (3-mo. CME Term SOFR + 1.41%), 6.81%, 01/16/31(a)(b)		340		339,488
TICP CLO XV Ltd., Series 2020-15A, Class A, (3-mo. CME Term SOFR + 1.54%), 6.96%, 04/20/33(a)(b)		1,750		1,750,372
Voya CLO Ltd., Series 2017-4A, Class A1, (3-mo. CME Term SOFR + 1.39%), 6.79%, 10/15/30(a)(b)		313		313,059
				28,331,125
Total Asset-Backed Securities — 6.7% (Cost: $51,117,686)				51,127,375
		Shares
Common Stocks
China — 0.0%
BYD Co. Ltd., Class H		3,796		104,711
Italy — 0.0%
UniCredit SpA		3,002		81,744
Japan — 0.1%
Mitsubishi UFJ Financial Group, Inc.		26,860		230,516
Mizuho Financial Group, Inc.		9,960		169,896
Sumitomo Mitsui Financial Group, Inc.		4,640		225,781
				626,193
Netherlands — 0.0%
Shell PLC		3,233		106,376
Shell PLC, ADR		211		13,884
				120,260
United Kingdom — 0.0%
Genius Sports Ltd. (e)		21,560		133,241

Security	Shares		Value
United States — 0.7%
Advanced Micro Devices, Inc. (e)		786	$	115,864
Amazon.com, Inc. (e)		400		60,776
Boyd Gaming Corp.		941		58,916
Cheniere Energy, Inc.		845		144,250
Chesapeake Energy Corp.		631		48,549
Delta Air Lines, Inc.		1,050		42,241
Element Solutions, Inc.		6,664		154,205
Eli Lilly & Co.		274		159,720
Ford Motor Co.		6,904		84,160
General Dynamics Corp.		573		148,791
General Motors Co.		2,381		85,525
Golden Entertainment, Inc.		1,691		67,522
HCA Healthcare, Inc.		322		87,159
Intel Corp.		630		31,657
Invesco S&P 500 Equal Weight ETF		6,817		1,075,723
JPMorgan Chase & Co.		378		64,298
KLA Corp.		217		126,142
Las Vegas Sands Corp.		1,990		97,928
Lennar Corp., Class A		126		18,779
Lessen Holdings, Inc. (e)(f)		10,022		65,198
Lockheed Martin Corp.		124		56,202
M/I Homes, Inc. (e)		939		129,338
Marathon Petroleum Corp.		1,806		267,938
McDonald’s Corp.		821		243,435
MGM Resorts International		1,500		67,020
Micron Technology, Inc.		1,929		164,621
Mr. Cooper Group, Inc. (e)		2,113		137,599
Northrop Grumman Corp.		311		145,592
NVIDIA Corp.		163		80,721
Phillips 66		1,269		168,955
Rockwell Automation, Inc.		531		164,865
RXO, Inc. (e)		372		8,653
Sarcos Technology & Robotics Corp.		305		220
Schlumberger NV		1,184		61,615
Space Exploration Technologies Corp., A Shares,
(Acquired 08/21/23, Cost: $85,374) (e)(f)(g)		1,054		85,374
Space Exploration Technologies Corp., C Shares,
(Acquired 08/21/23, Cost: $91,692) (e)(f)(g)		1,132		91,692
Transocean Ltd. (e)		44,647		283,508
Uber Technologies, Inc. (e)		1,371		84,412
Valero Energy Corp.		856		111,280
Volato Group, Inc., Class A, (Acquired 12/03/23, Cost: $20) (f)(g)		4,080		16,442
Walmart, Inc.		277		43,669
Wells Fargo & Co.		2,289		112,665
				5,263,219
Total Common Stocks — 0.8% (Cost: $5,914,865)				6,329,368
	Par (000)
Corporate Bonds
Argentina — 0.0%
Generacion Mediterranea SA/Central Termica Roca SA, 9.88%, 12/01/27(b)		USD  111		96,598

14 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par Shares		Value
Argentina (continued)
YPF SA
8.50%, 06/27/29(c)	USD	30	$	27,102
7.00%, 12/15/47(b)		74		55,493
				179,193
Australia — 0.3%
FMG Resources August 2006 Pty. Ltd., 4.38%, 04/01/31(b)		127		116,143
FMG Resources August Pty. Ltd., 6.13%, 04/15/32(b)		268		269,931
Mineral Resources Ltd., 9.25%, 10/01/28(b)		95		101,058
Oceana Australian Fixed Income Trust, A Note Upsize(f)
12.00%, 08/31/25	AUD	166		112,985
12.50%, 08/31/26		248		169,101
12.50%, 08/31/27		414		282,487
Origin Energy Finance Ltd., 1.00%, 09/17/29(c)	EUR	854		820,464
				1,872,169
Austria — 0.1%
ams-OSRAM AG(c)
2.13%, 11/03/27(h)		100		86,798
10.50%, 03/30/29		100		119,751
Suzano Austria GmbH, 5.00%, 01/15/30	USD	200		192,125
				398,674
Belgium(c) — 0.2%
FLUVIUS System Operator CVBA, 3.88%, 03/18/31	EUR	700		800,691
KBC Group NV
1.13%, 01/25/24		400		440,758
(1-year UK Government Bond + 0.92%), 1.25%, 09/21/27(a)	GBP	100		115,893
				1,357,342
Brazil(b) — 0.1%
Azul Secured Finance LLP, 11.93%, 08/28/28	USD	209		215,793
CSN Resources SA, 5.88%, 04/08/32		200		172,562
Embraer Netherlands Finance BV, 7.00%, 07/28/30		200		208,978
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31		310		240,379
				837,712
Canada — 0.3%
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28(b)		17		17,934
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29(b)		65		57,697
Garda World Security Corp.(b)
9.50%, 11/01/27		61		61,497
7.75%, 02/15/28		31		32,073
HR Ottawa LP, 11.00%, 03/31/31(b)		1,942		2,027,635
Toronto-Dominion Bank, 2.88%, 04/05/27(c)	GBP	100		120,847
				2,317,683
Cayman Islands — 0.1%
Melco Resorts Finance Ltd., 5.38%, 12/04/29(c)	USD	200		176,000
Sands China Ltd., 5.65%, 08/08/28		200		197,300
Shelf Drilling North Sea Holdings Ltd., 10.25%, 10/31/25(b)		127		127,000
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b)		55		57,062
Transocean, Inc., 8.75%, 02/15/30(b)		55		57,566
				614,928
Chile — 0.1%
Empresa Nacional del Petroleo, 3.75%, 08/05/26(c)		200		189,476
Kenbourne Invest SA, 6.88%, 11/26/24(b)		225		155,742
				345,218

Security	Par (000)		Value
China — 0.0%
Fantasia Holdings Group Co. Ltd., 11.88%, 06/01/23(c)(e)(i)	USD	200	$	4,500
Colombia — 0.1%
ABRA Global Finance, (6.00% Cash and 5.50% PIK), 11.50%, 03/02/28(b)(j)		287		215,024
Avianca Midco 2 PLC, 9.00%, 12/01/28(b)		205		179,420
Ecopetrol SA
4.13%, 01/16/25		65		63,253
8.88%, 01/13/33		82		88,893
				546,590
Denmark(c) — 0.5%
Carlsberg Breweries A/S, 4.25%, 10/05/33	EUR	1,022		1,198,777
Danske Bank A/S, (1-year EUR Swap + 1.25%), 4.13%, 01/10/31(a)		1,978		2,261,404
				3,460,181
Dominican Republic — 0.0%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)	USD	200		198,460
Finland(c) — 0.0%
Ahlstrom-Munksjo Holding 3 Oy, 3.63%, 02/04/28	EUR	100		99,632
Balder Finland OYJ, 1.00%, 01/20/29		100		83,995
				183,627
France — 2.2%
Altice France SA/France, 11.50%, 02/01/27(c)(d)		100		110,671
Atos SE, 0.00%, 11/06/24(c)(h)(k)		100		88,341
Banijay Entertainment SASU, 7.00%, 05/01/29(c)		100		116,191
Banque Federative du Credit Mutuel SA(c)
0.75%, 06/08/26		200		207,729
4.13%, 09/18/30		600		695,092
3.75%, 02/01/33		1,500		1,690,067
4.13%, 06/14/33		300		347,304
BNP Paribas SA
1.88%, 12/14/27(c)	GBP	100		114,675
(3-mo. CME Term SOFR + 2.50%), 4.71%, 01/10/25(a)(b)	USD	948		947,916
(3-mo. EURIBOR + 0.73%), 0.50%, 02/19/28(a)(c)	EUR	2,000		2,008,512
(3-mo. EURIBOR + 1.37%), 4.25%, 04/13/31(a)(c)		1,200		1,371,048
BPCE SA, 3.50%, 01/25/28(c)		1,700		1,896,710
Credit Agricole Assurances SA, (5-year EURIBOR ICE Swap + 2.65%), 2.63%, 01/29/48(a)(c)		100		102,390
Credit Agricole SA(c)
1.25%, 04/14/26		200		211,500
0.38%, 04/20/28		1,800		1,754,022
Crown European Holdings SA, 3.38%, 05/15/25(c)		100		109,429
Electricite de France SA(c)
3.75%, 06/05/27		200		225,094
4.25%, 01/25/32		400		462,945
4.63%, 01/25/43		200		232,099
Engie SA(c)
3.88%, 01/06/31		1,100		1,255,235
4.50%, 09/06/42		400		475,034
Forvia SE, 3.75%, 06/15/28(c)		100		108,037
Goldstory SAS, 5.38%, 03/01/26(c)		100		109,998
iliad SA(c)
5.38%, 02/15/29		200		226,310
5.63%, 02/15/30		100		114,082
Loxam SAS(c)
3.75%, 07/15/26		100		108,966
6.38%, 05/31/29		100		114,259

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

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
France (continued)
Paprec Holding SA, 7.25%, 11/17/29(c)	EUR	100	$	118,261
Picard Groupe SAS, 3.88%, 07/01/26(c)		100		107,345
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30(a)(c)		200		213,504
RTE Reseau de Transport d’Electricite SADIR, 3.75%, 07/04/35(c)		300		345,925
Sabena Technics Sas, (3-mo. EURIBOR + 5.00% ), (Acquired 10/28/22, Cost: $335,943), 8.93%, 09/30/29(a)(f)(g)		342		377,551
Teleperformance SE, 5.75%, 11/22/31(c)		200		234,472
TotalEnergies Capital International SA, 1.66%, 07/22/26(c)	GBP	100		120,095
Worldline SA/France(c)(h)(k)
0.00%, 07/30/25	EUR	44		53,142
0.00%, 07/30/26		233		229,780
				17,003,731
Germany — 1.8%
Bayer AG(c)
4.00%, 08/26/26		890		996,153
1.38%, 07/06/32		400		360,594
4.63%, 05/26/33		965		1,111,559
Cheplapharm Arzneimittel GmbH, 7.50%, 05/15/30(c)		171		200,775
Commerzbank AG(a)(c)
(3-mo. EURIBOR + 1.95%), 5.25%, 03/25/29		300		347,691
(5-year EUR Swap + 6.36%), 6.13%(l)		200		212,786
(5-year EURIBOR ICE Swap + 3.70%), 6.75%, 10/05/33		100		117,482
Deutsche Bahn Finance GmbH, 4.00%, 11/23/43(c)		120		144,500
Deutsche Bank AG(c)
1.75%, 01/17/28		400		409,145
(3-mo. EURIBOR + 1.93%), 3.25%, 05/24/28(a)		900		972,037
(3-mo. EURIBOR + 2.50%), 5.38%, 01/11/29(a)		1,100		1,270,467
(5-year EURIBOR ICE Swap + 3.30%), 4.00%, 06/24/32(a)		100		106,035
Envalior, (6-mo. EURIBOR + 9.50%), 13.63%, 03/31/31(f)(j)		321		318,470
Eurogrid GmbH, 3.72%, 04/27/30(c)		900		1,012,822
Fraport AG Frankfurt Airport Services Worldwide, 1.88%, 03/31/28(c)		28		29,188
Gruenenthal GmbH, 3.63%, 11/15/26(c)		100		108,767
HT Troplast GmbH, 9.38%, 07/15/28(c)		100		111,981
IHO Verwaltungs GmbH, (4.50% PIK), 3.75%, 09/15/26(c)(j)		110		119,579
LEG Immobilien SE, 0.88%, 11/28/27(c)		200		199,551
Renk AG/Frankfurt am Main, 5.75%, 07/15/25(c)		100		109,573
Robert Bosch GmbH, 4.38%, 06/02/43(c)		400		473,397
RWE AG, 2.50%, 08/24/25(c)		35		38,095
Sartorius Finance BV(c)
4.50%, 09/14/32		600		689,923
4.88%, 09/14/35		1,000		1,163,564
Schaeffler AG, 1.88%, 03/26/24(c)		10		10,964
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25(c)		100		107,788
Tele Columbus AG, 3.88%, 05/02/25(c)		100		69,880
TK Elevator Midco GmbH, 4.38%, 07/15/27(c)		186		198,518
Volkswagen Bank GmbH(c)
4.25%, 01/07/26		1,300		1,451,611
4.63%, 05/03/31		400		462,874

Security	Par    (000)		Value
Germany (continued)
Volkswagen Financial Services NV, 6.50%, 09/18/27(c)	GBP	700	$	931,729
ZF Finance GmbH, 5.75%, 08/03/26(c)	EUR	100		113,983
				13,971,481
India — 0.1%
Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27(b)	USD	193		182,281
ReNew Pvt Ltd., 5.88%, 03/05/27(c)		200		190,818
				373,099
Indonesia — 0.0%
Freeport Indonesia PT, 4.76%, 04/14/27(c)		200		197,022
Ireland(c) — 0.4%
CRH SMW Finance DAC
4.00%, 07/11/31	EUR	200		229,316
4.25%, 07/11/35		300		348,130
Glencore Capital Finance DAC, 0.75%, 03/01/29		1,950		1,881,740
Linde PLC, 1.38%, 03/31/31		200		198,975
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28	GBP	100		117,123
				2,775,284
Israel — 0.0%
Energean Israel Finance Ltd., 8.50%, 09/30/33(b)(c)	USD	30		28,355
Leviathan Bond Ltd., 6.75%, 06/30/30(b)(c)		4		4,100
Teva Pharmaceutical Finance Netherlands II BV, 4.38%, 05/09/30	EUR	100		103,478
				135,933
Italy — 0.7%
ASTM SpA, 1.50%, 01/25/30(c)		800		767,547
Azzurra Aeroporti SpA(c)
2.13%, 05/30/24		100		109,170
2.63%, 05/30/27		100		102,774
Banco BPM SpA(a)(c)
(3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28		150		173,229
(5-year EUR Swap + 3.80%), 3.25%, 01/14/31		100		107,359
Cerved Group SpA, (3-mo. EURIBOR + 5.25%), 9.18%, 02/15/29(a)(c)		100		106,675
Enel Finance International NV, 0.00%, 06/17/24(c)		200		216,787
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28(c)		100		117,844
Eni SpA(c)
4.25%, 05/19/33		702		812,810
1.00%, 10/11/34		1,316		1,124,507
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27(c)		100		102,391
IMA Industria Macchine Automatiche SpA, 3.75%, 01/15/28(c)		100		102,755
Infrastrutture Wireless Italiane SpA, 1.63%, 10/21/28(c)		100		101,996
Intesa Sanpaolo SpA(c)
0.75%, 12/04/24		100		107,387
5.15%, 06/10/30	GBP	100		115,248
Lottomatica SpA, (3-mo. EURIBOR + 4.00%), 7.93%, 12/15/30(a)(c)	EUR	100		111,497
Lottomatica SpA/Roma, (3-mo. EURIBOR + 4.13%), 8.10%, 06/01/28(a)(c)		100		111,372
Nexi SpA, 0.00%, 02/24/28(c)(h)(k)		100		95,591
Rekeep SpA, 7.25%, 02/01/26(c)		100		98,678
Telecom Italia SpA/Milano(c)
6.88%, 02/15/28		100		117,317
1.63%, 01/18/29		146		138,873

16 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Italy (continued)
UniCredit SpA(a)
(3-mo. EURIBOR + 1.60%), 4.45%, 02/16/29(c)		EUR  150	$	169,272
(5-year USD ICE Swap + 4.91%), 7.30%, 04/02/34(b)		USD  200		205,617
				5,216,696
Jamaica(b) — 0.0%
Digicel Group Holdings Ltd., 0.00%, 12/31/30(k)		118		24,307
Digicel International Finance Ltd./Digicel international Holdings Ltd.
(13.00% PIK), 13.00%, 12/31/25(j)		56		38,002
Series 1441, 8.75%, 05/25/24		93		86,213
Digicel International Finance Ltd./Digicel International Holdings Ltd., 8.00%, 12/31/26(e)(i)		37		743
				149,265
Japan — 0.3%
East Japan Railway Co., 4.39%, 09/05/43(c)		EUR  500		599,070
Mitsubishi UFJ Financial Group, Inc., (1-year CMT + 0.95%), 2.31%, 07/20/32(a)		USD  514		426,491
Nomura Holdings, Inc., 5.10%, 07/03/25		200		198,643
Rakuten Group, Inc., 3.55%, 11/27/24(c)		500		480,000
SoftBank Group Corp.(c)
2.13%, 07/06/24		EUR  200		216,374
3.88%, 07/06/32		100		94,150
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30		USD  491		420,726
				2,435,454
Jersey(c) — 0.0%
CPUK Finance Ltd., 4.50%, 08/28/27		GBP  100		112,165
Galaxy Bidco Ltd., 6.50%, 07/31/26		100		123,004
				235,169
Kuwait — 0.0%
MEGlobal BV, 2.63%, 04/28/28(b)		USD  200		179,625
Luxembourg — 0.3%
Aroundtown SA, 0.00%, 07/16/26(c)		EUR  100		92,466
Cidron Aida Finco SARL, 6.25%, 04/01/28(c)		GBP  100		119,713
Cirsa Finance International SARL, 4.75%, 05/22/25(c)		EUR  100		110,174
Cullinan Holdco Scsp, (3-mo. EURIBOR + 4.75%), 8.72%, 10/15/26(a)(c)		100		88,996
Dana Financing Luxembourg SARL, 8.50%, 07/15/31(c)		100		120,580
Ephios Subco 3 SARL, 7.88%, 01/31/31(c)		100		114,102
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25(c)		100		87,106
Nestle Finance International Ltd., 3.38%, 11/15/34(c)		800		913,691
Petrorio Luxembourg Trading SARL, 6.13%, 06/09/26(b).		USD  208		203,715
Telecom Italia Capital SA, 7.20%, 07/18/36		122		122,467
				1,973,010
Malaysia — 0.0%
TNB Global Ventures Capital Bhd, 4.85%, 11/01/28(c)		200		199,420
Mexico — 0.3%
Grupo Posadas SAB de CV, (4.00% Cash or 6.00% PIK), 7.00%, 12/30/27(c)(j)		206		171,655
Petroleos Mexicanos
4.88%, 01/18/24		175		174,129
6.88%, 08/04/26		992		958,669
6.50%, 03/13/27		857		796,474
8.75%, 06/02/29		100		96,476
Series 13-2, 7.19%, 09/12/24		MXN  4,344		245,203
				2,442,606

Security	Par    (000)		Value
Morocco — 0.0%
OCP SA, 3.75%, 06/23/31(c)		USD  200	$	171,750
MultiNational — 0.2%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 3.63%, 06/01/28(c)		EUR  100		96,721
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 2.00%, 09/01/28(c)		100		97,748
NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, 06/18/29		USD  982		952,363
Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29(c)		200		177,380
				1,324,212
Netherlands — 1.5%
ABN AMRO Bank NV, 0.88%, 01/15/24(c)		EUR  100		110,249
Ashland Services BV, 2.00%, 01/30/28(c)		100		102,374
Cooperatieve Rabobank UA, (1-year UK Government Bond + 1.05%), 1.88%, 07/12/28(a)(c)		GBP  100		116,011
EnBW International Finance BV(c)
3.63%, 11/22/26		EUR   34		38,181
4.30%, 05/23/34		580		676,800
GTCR W-2 Merger Sub LLC/GTCR W Dutch Finance Sub BV, 8.50%, 01/15/31(b)		GBP  100		137,662
IMCD NV(c)
2.13%, 03/31/27		EUR  613		646,117
4.88%, 09/18/28		490		566,403
ING Groep NV, 3.00%, 02/18/26(c)		GBP  100		122,851
JDE Peet’s NV, 4.50%, 01/23/34(c)		EUR  150		173,942
OCI NV, 3.63%, 10/15/25(c)		90		98,365
OI European Group BV, 6.25%, 05/15/28(c)		171		197,459
Q-Park Holding I BV, (3-mo. EURIBOR + 2.00%), 5.98%, 03/01/26(a)(c)		100		109,849
REWE International Finance BV, 4.88%, 09/13/30(c)		500		584,646
Shell International Finance BV, 2.75%, 04/06/30		USD  429		391,859
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25(c)(j)		EUR  124		135,757
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29		100		120,575
United Group BV, 3.13%, 02/15/26(c)		100		105,688
Viterra Finance BV, 0.38%, 09/24/25(c)		1,345		1,400,731
Volkswagen Financial Services NV(c)
1.63%, 02/10/24		GBP  200		253,758
4.25%, 10/09/25		100		125,466
Volkswagen International Finance NV(c)
1.25%, 09/23/32		EUR  900		826,562
3.30%, 03/22/33		300		326,829
Wintershall Dea Finance BV(c)
0.84%, 09/25/25		200		210,089
1.33%, 09/25/28		3,600		3,547,588
ZF Europe Finance BV, 6.13%, 03/13/29(c)		100		117,189
				11,243,000
New Zealand — 0.1%
Chorus Ltd., 3.63%, 09/07/29(c)		524		587,603
Norway — 0.1%
Equinor ASA, 1.38%, 05/22/32(c)		1,100		1,071,244
Oman — 0.0%
EDO Sukuk Ltd., 5.88%, 09/21/33(b)		USD  250		257,344

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Panama — 0.0%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(b)		USD  200	$	150,014
Carnival Corp., 7.63%, 03/01/26(c)		EUR  100		111,941
				261,955
Portugal(c) — 0.1%
EDP - Energias de Portugal SA(a) (5-year EUR Swap + 1.84%), 1.70%, 07/20/80		100		105,412
(5-year EUR Swap + 2.38%), 1.88%, 08/02/81		100		102,667
EDP Servicios Financieros Espana SA, 4.38%, 04/04/32		600		705,868
				913,947
Romania — 0.0%
RCS & RDS SA, 2.50%, 02/05/25(c)		100		107,606
Singapore — 0.1%
LLPL Capital Pte Ltd., 6.88%, 02/04/39(c)		USD  161		154,584
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 05/19/53		245		250,116
				404,700
South Africa — 0.2%
Anglo American Capital PLC, Series 2020, 4.00%, 09/11/27(b)		1,818		1,746,256
Spain(c) — 0.2%
Amadeus IT Group SA, 2.88%, 05/20/27		EUR  100		109,352
Banco de Sabadell SA(a)
(1-year EURIBOR ICE Swap + 2.40%), 5.50%, 09/08/29		100		114,772
(5-year EUR Swap + 2.20%), 2.00%, 01/17/30		100		106,154
Banco Santander SA, (1-year UK Government Bond + 1.80%), 3.13%, 10/06/26(a)		GBP  100		122,401
Cellnex Finance Co. SA
1.00%, 09/15/27		EUR  100		101,034
2.00%, 02/15/33		100		93,987
Cellnex Telecom SA
1.00%, 04/20/27		100		101,855
2.13%, 08/11/30(h)		100		113,436
Series CLNX, 0.75%, 11/20/31(h)		100		91,854
Cirsa Finance International SARL, (3-mo. EURIBOR + 4.50%), 8.45%, 07/31/28(a)		100		111,629
Food Service Project SA, 5.50%, 01/21/27		100		110,034
International Consolidated Airlines Group SA, 3.75%, 03/25/29		100		106,807
Lorca Telecom Bondco SA, 4.00%, 09/18/27		100		107,634
Telefonica Emisiones SA, 5.38%, 02/02/26		GBP  133		171,376
				1,562,325
Sweden — 0.0%
Swedbank AB, (1-year UK Government Bond + 1.00%), 1.38%, 12/08/27(a)(c)		100		115,050
Switzerland — 0.9%
Credit Suisse AG/London, 0.25%, 09/01/28(c)		EUR  425		407,360
Credit Suisse USA, Inc., 7.13%, 07/15/32		USD  1,455		1,654,079
UBS Group AG
3.75%, 03/26/25		462		452,597
(1-day SOFR + 1.73%), 3.09%, 05/14/32(a)(b)		500		425,833
(1-day SOFR + 3.73%), 4.19%, 04/01/31(a)(b)		500		465,522
(1-day SOFR + 3.92%), 6.54%, 08/12/33(a)(b)		500		533,578
(1-day SOFR + 5.02%), 9.02%, 11/15/33(a)(b)		500		614,618

Security	Par    (000)		Value
Switzerland (continued)
UBS Group AG (continued)
(1-year CMT + 1.80%), 6.25%, 09/22/29(a)(b)		USD  1,927	$	2,010,150
(1-year EUR Swap + 0.77%), 0.65%, 01/14/28(a)(c)		EUR  300		302,537
				6,866,274
Thailand — 0.1%
Bangkok Bank PCL/Hong Kong
5.50%, 09/21/33(b)		USD  200		205,474
(5-year CMT + 1.90%), 3.73%, 09/25/34(a)(c)		200		177,052
(5-year CMT + 4.73%), 5.00%(a)(c)(l)		200		192,500
				575,026
United Arab Emirates — 0.1%
Aldar Investment Properties Sukuk Ltd., 4.88%, 05/24/33(c)		200		193,687
DP World Salaam, (5-year CMT + 5.75%), 6.00%(a)(c)(l)		200		199,132
Shelf Drilling Holdings Ltd., 9.63%, 04/15/29(b)		467		453,574
				846,393
United Kingdom — 3.7%
Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30(c)		EUR  100		115,915
Anglo American Capital PLC, 4.75%, 09/21/32(c)		983		1,138,498
Astrazeneca Finance LLC, 2.25%, 05/28/31		USD  146		125,880
Barclays PLC
3.00%, 05/08/26(c)		GBP  100		120,875
3.25%, 02/12/27(c)		100		120,375
(13-year GBP Swap + 2.65%), 7.09%, 11/06/29(a)(c)		870		1,180,892
(1-day SOFR + 2.62%), 6.69%, 09/13/34(a)		USD  410		438,290
(1-day SOFR + 2.98%), 6.22%, 05/09/34(a)		282		292,484
(1-year EUR Swap + 1.00%), 1.11%, 05/12/32(a)(c)		EUR  1,171		1,053,153
(1-year EUR Swap + 1.26%), 0.58%, 08/09/29(a)(c)		1,600		1,519,459
(1-year EUR Swap + 1.75%), 4.92%, 08/08/30(a)(c)		1,300		1,494,277
(1-year EUR Swap + 2.55%), 5.26%, 01/29/34(a)(c)		400		472,381
Bellis Acquisition Co. PLC, 4.50%, 02/16/26(c)		GBP  300		361,172
BG Energy Capital PLC(c)
5.13%, 12/01/25		133		171,539
2.25%, 11/21/29		EUR  1,300		1,358,602
BP Capital Markets BV, 4.32%, 05/12/35(c)		1,135		1,328,546
BP Capital Markets PLC, 2.82%, 04/07/32(c)		504		540,792
British Telecommunications PLC, 4.25%, 01/06/33(c)		758		881,148
DS Smith PLC, 4.50%, 07/27/30(c)		740		849,992
EC Finance PLC, 3.00%, 10/15/26(c)		100		106,393
Heathrow Finance PLC, 3.88%, 03/01/27(c)(m)		GBP  100		117,427
HSBC Holdings PLC(a)
(1-year GBP Swap + 1.77%), 3.00%, 05/29/30		424		485,553
(3-mo. EURIBOR + 1.29%), 4.75%, 03/10/28(c)		EUR  1,930		2,209,338
(3-mo. EURIBOR + 1.94%), 4.86%, 05/23/33(c)		1,326		1,552,719
(3-mo. LIBOR GBP + 1.31%), 1.75%, 07/24/27		GBP  1,602		1,874,918
(3-mo. LIBOR GBP + 2.12%), 6.80%, 09/14/31		630		865,200
INEOS Finance PLC, 6.63%, 05/15/28(c)		EUR  100		113,017
INEOS Quattro Finance 2 PLC, 8.50%, 03/15/29(c)		100		116,336
Informa PLC, 3.13%, 07/05/26(c)		GBP  100		121,951
Lloyds Banking Group PLC, 2.25%, 10/16/24(c)		100		124,152
Market Bidco Finco PLC, 5.50%, 11/04/27(c)		100		112,169
Mobico Group PLC(c)
4.88%, 09/26/31		EUR  1,100		1,230,350
(5-year UK Government Bond + 4.14%), 4.25%(a)(l)		GBP  100		111,934
NatWest Group PLC(a)(c)
(1-year GBP Swap + 1.49%), 2.88%, 09/19/26		100		122,052
(1-year GBP Swap + 2.01%), 3.13%, 03/28/27		100		121,087
Pinewood Finance Co. Ltd., 3.25%, 09/30/25(c)		100		123,570

18 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
United Kingdom (continued)
Santander U.K. Group Holdings PLC, 3.63%, 01/14/26(c)		GBP  100	$	123,291
SCC Power PLC(b)(j)
(4.00% Cash and 4.00% PIK), 8.00%, 12/31/28		USD  436		194,092
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32		231		38,625
Standard Chartered PLC(a)(c)
(1-year EUR Swap + 0.85%), 0.80%, 11/17/29		EUR  1,971		1,891,354
(1-year EUR Swap + 1.85%), 4.87%, 05/10/31		1,840		2,126,011
Vedanta Resources Ltd., 6.13%, 08/09/24(b)		USD  338		225,074
				27,670,883
United States — 19.3%
AbbVie, Inc., 3.20%, 11/21/29		3,150		2,944,587
Allegiant Travel Co., 7.25%, 08/15/27(b)		88		86,103
Amazon.com, Inc.
3.95%, 04/13/52		193		168,871
4.10%, 04/13/62		278		245,553
American Airlines Pass-Through Trust
Series 2016-1, Class B, 5.25%, 07/15/25		4		4,283
Series 2016-2, Class B, 4.38%, 12/15/25(b)		37		36,423
Series 2019-1, Class AA, 3.15%, 08/15/33		69		60,202
Series 2019-1, Class B, 3.85%, 08/15/29		63		56,587
American Express Co., (1-day SOFR + 1.76%), 4.42%, 08/03/33(a)		133		128,051
American Tower Corp.
0.88%, 05/21/29		EUR  723		695,406
0.95%, 10/05/30		903		836,324
1.88%, 10/15/30		USD  162		132,789
2.70%, 04/15/31		203		174,318
4.05%, 03/15/32		616		576,741
AmeriGas Partners LP/AmeriGas Finance Corp.,
9.38%, 06/01/28(b)		167		172,457
Amgen, Inc.
5.50%, 12/07/26(c)		GBP  100		131,225
3.00%, 02/22/29		USD  2,586		2,432,319
4.05%, 08/18/29		312		305,448
4.00%, 09/13/29(c)		GBP  386		484,023
5.25%, 03/02/30		USD  1,049		1,078,368
Aon Corp./Aon Global Holdings PLC, 2.60%, 12/02/31		388		329,003
Ardagh Metal Packaging Finance USA LLC/Ardagh
Metal Packaging Finance PLC, 3.25%, 09/01/28(b)		200		174,965
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/25(b)		200		194,504
2.13%, 08/15/26(c)		EUR  100		98,120
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
4.63%, 04/01/30		USD  130		116,453
Series B, 4.63%, 08/01/29		50		44,463
AT&T, Inc.
1.70%, 03/25/26		451		421,946
2.90%, 12/04/26		GBP  100		121,400
5.50%, 03/15/27(c)		750		979,304
2.35%, 09/05/29		EUR  678		717,034
3.95%, 04/30/31		753		862,271
5.40%, 02/15/34		USD  871		898,284
4.30%, 11/18/34		EUR  430		501,358
3.65%, 06/01/51		USD  698		525,641
3.65%, 09/15/59		569		407,798
Baltimore Gas and Electric Co., 5.40%, 06/01/53		525		541,716
Bank of America Corp.
2.38%, 06/19/24(c)		EUR  200		219,083
4.13%, 06/12/28(c)		1,606		1,827,583

Security	Par    (000)		Value
United States (continued)
Bank of America Corp. (continued)
(1-day SOFR + 1.22%), 2.30%, 07/21/32(a)		USD  126	$	102,884
(1-day SOFR + 1.33%), 2.97%, 02/04/33(a)		81		68,916
(1-day SOFR + 1.37%), 1.92%, 10/24/31(a)		1,078		875,175
(1-day SOFR + 1.57%), 5.82%, 09/15/29(a)		418		431,490
(1-day SOFR + 1.58%), 4.38%, 04/27/28(a)		300		293,190
(1-day SOFR + 1.63%), 5.20%, 04/25/29(a)		1,837		1,848,364
(1-day SOFR + 1.83%), 4.57%, 04/27/33(a)		1,060		1,010,373
(3-mo. CME Term SOFR + 1.77%), 3.71%, 04/24/28(a)		142		135,596
(3-mo. EURIBOR + 0.94%), 0.65%, 10/26/31(a)(c)		EUR  1,502		1,357,344
(3-mo. EURIBOR + 0.95%), 1.10%, 05/24/32(a)(c)		343		315,287
(3-mo. EURIBOR + 1.20%), 2.82%, 04/27/33(a)(c)		674		698,116
Series N, (1-day SOFR + 1.22%), 2.65%, 03/11/32(a)		USD  180		151,979
Bausch Health Cos., Inc., 5.50%, 11/01/25(b)		45		41,165
Belden, Inc., 3.88%, 03/15/28(c)		EUR  100		107,083
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b)		USD  145		147,839
Booking Holdings, Inc., 4.50%, 11/15/31		EUR  500		600,510
Boxer Parent Co., Inc., 6.50%, 10/02/25(c)		200		219,950
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24		USD  813		812,250
Broadcom, Inc.
4.15%, 11/15/30		169		161,425
2.45%, 02/15/31(b)		396		338,605
4.15%, 04/15/32(b)		166		156,484
4.30%, 11/15/32		388		372,233
2.60%, 02/15/33(b)		258		212,553
3.42%, 04/15/33(b)		129		113,302
3.47%, 04/15/34(b)		278		241,861
3.14%, 11/15/35(b)		490		402,282
Burlington Northern Santa Fe LLC, 4.45%, 01/15/53		293		276,145
Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.75%, 07/15/28(b)		283		281,107
Cameron LNG LLC, 3.30%, 01/15/35(b)		369		314,192
Carrier Global Corp., 4.50%, 11/29/32(c)		EUR  170		200,712
Catalent Pharma Solutions, Inc., 2.38%, 03/01/28(c)		100		95,906
CenterPoint Energy Houston Electric LLC, 5.30%, 04/01/53		USD  544		568,789
Charter Communications Operating LLC/Charter
Communications Operating Capital
4.50%, 02/01/24		1,185		1,183,060
4.91%, 07/23/25		1,868		1,850,242
4.40%, 04/01/33		86		79,368
3.90%, 06/01/52		1,099		738,946
4.40%, 12/01/61		300		207,307
Chemours Co., 4.00%, 05/15/26		EUR  200		216,650
Churchill Downs, Inc., 5.75%, 04/01/30(b)		USD   78		76,049
Citigroup, Inc.
1.75%, 10/23/26		GBP  100		117,913
(1-day SOFR + 1.28%), 3.07%, 02/24/28(a)		USD  557		524,848
(1-day SOFR + 2.34%), 6.27%, 11/17/33(a)		2,465		2,637,577
(1-day SOFR + 3.91%), 4.41%, 03/31/31(a)		164		156,857
(3-mo. CME Term SOFR + 1.41%), 3.52%, 10/27/28(a)		143		135,244
Civitas Resources, Inc.(b)
5.00%, 10/15/26		162		157,108
8.38%, 07/01/28		336		350,766
Cloud Software Group, Inc., 9.00%, 09/30/29(b)		43		40,869
Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/30(b)		108		100,696

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
United States (continued)
Comcast Corp.
2.65%, 02/01/30		USD  373	$	335,784
1.50%, 02/15/31		697		571,211
5.50%, 11/15/32		259		275,855
4.25%, 01/15/33		151		146,711
2.89%, 11/01/51		396		267,875
2.94%, 11/01/56		360		236,779
2.99%, 11/01/63		14		9,024
Commonwealth Edison Co., 5.30%, 02/01/53		303		307,657
CommScope Technologies LLC, 6.00%, 06/15/25(b)		74		60,310
Coty, Inc., 3.88%, 04/15/26(c)		EUR  200		219,930
Covanta Holding Corp., 4.88%, 12/01/29(b)		USD   69		60,285
Crown Castle, Inc.
4.30%, 02/15/29		138		132,808
2.10%, 04/01/31		429		349,402
CSC Holdings LLC, 5.25%, 06/01/24		612		599,091
CSX Corp.
4.10%, 11/15/32		221		214,897
5.20%, 11/15/33		176		183,527
CVS Health Corp.
1.75%, 08/21/30		161		132,996
5.63%, 02/21/53		297		301,041
Dana, Inc., 4.25%, 09/01/30		38		33,680
Dell International LLC/EMC Corp., 5.30%, 10/01/29		130		133,874
DISH DBS Corp., 5.88%, 11/15/24		311		291,644
DISH Network Corp., 0.00%, 12/15/25(h)(k)		173		107,260
Duke Energy Corp., 3.85%, 06/15/34		EUR  600		654,502
Edison International, 6.95%, 11/15/29		USD  1,339		1,453,110
Elevance Health, Inc., 5.13%, 02/15/53		268		268,345
Encore Capital Group, Inc., 4.88%, 10/15/25(c)		EUR  100		109,936
Entergy Louisiana LLC, 2.35%, 06/15/32		USD  388		322,701
Equinix, Inc.
3.20%, 11/18/29		147		135,010
3.90%, 04/15/32		662		614,585
EquipmentShare.com, Inc., 9.00%, 05/15/28(b)		612		629,656
Eversource Energy
5.13%, 05/15/33		124		124,626
Series R, 1.65%, 08/15/30		242		196,372
Exelon Corp., Series WI, 4.10%, 03/15/52		364		294,278
Expedia Group, Inc., 6.25%, 05/01/25(b)		268		270,567
FirstEnergy Transmission LLC, 4.55%, 04/01/49(b)		318		274,809
Fiserv, Inc.
4.50%, 05/24/31		EUR  1,100		1,286,453
5.60%, 03/02/33		USD   60		62,632
5.63%, 08/21/33		144		150,851
Florida Power & Light Co., 2.88%, 12/04/51		1,309		906,730
Ford Motor Co., 3.25%, 02/12/32		55		45,744
Ford Motor Credit Co. LLC
6.86%, 06/05/26		GBP  108		141,910
6.13%, 05/15/28		EUR  100		119,155
7.12%, 11/07/33		USD  400		430,974
Freed Corp., 12.00%, 11/30/28(f)		2,290		2,221,300
FreeWire Technologies, Inc., (3-mo. CME Term SOFR +11.00%), 16.39%, 04/26/25(a)(f)		342		359,950
Full House Resorts, Inc., 8.25%, 02/15/28(b)		67		62,980
General Motors Financial Co., Inc., 2.70%, 08/20/27		151		139,292
Gilead Sciences, Inc., 2.80%, 10/01/50		459		316,792
Global Payments, Inc.
2.15%, 01/15/27		259		238,435
4.88%, 03/17/31		EUR  1,138		1,317,053
GLP Capital LP/GLP Financing II, Inc., 6.75%, 12/01/33.		USD   82		88,464
Goldman Sachs Group, Inc.
7.25%, 04/10/28		GBP   50		69,696

Security	Par    (000)		Value
United States (continued)
Goldman Sachs Group, Inc. (continued)
4.00%, 09/21/29(c)		EUR  2,489	$	2,835,005
(1-day SOFR + 0.49%), 5.86%, 10/21/24(a)		USD  288		287,637
(1-day SOFR + 0.73%), 1.76%, 01/24/25(a)		1,007		1,003,492
(1-day SOFR + 0.80%), 1.43%, 03/09/27(a)		157		144,768
(1-day SOFR + 1.09%), 1.99%, 01/27/32(a)		195		157,558
(1-day SOFR + 1.25%), 2.38%, 07/21/32(a)		103		84,628
(1-day SOFR + 1.26%), 2.65%, 10/21/32(a)		489		407,490
(1-day SOFR + 1.28%), 2.62%, 04/22/32(a)		232		194,743
(1-day SOFR + 1.41%), 3.10%, 02/24/33(a)		461		395,729
(1-day SOFR + 1.73%), 4.48%, 08/23/28(a)		435		427,320
(1-day SOFR + 1.77%), 6.48%, 10/24/29(a)		1,586		1,682,821
(1-day SOFR + 1.85%), 3.62%, 03/15/28(a)		371		355,839
(1-day SOFR + 1.95%), 6.56%, 10/24/34(a)		862		947,263
(1-year UK Government Bond + 1.95%), 3.63%, 10/29/29(a)(c)		GBP  696		838,845
(3-mo. CME Term SOFR + 1.46%), 3.27%, 09/29/25(a)		USD  175		172,040
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28(b)		35		26,994
GXO Logistics, Inc., 2.65%, 07/15/31		208		170,551
HCA, Inc.
3.50%, 09/01/30		525		475,926
3.63%, 03/15/32		1,432		1,280,458
5.50%, 06/01/33		208		211,266
Home Depot, Inc., 2.95%, 06/15/29		230		216,167
Honeywell International, Inc., 3.75%, 05/17/32		EUR  520		594,674
Intel Corp.
4.15%, 08/05/32		USD  223		217,911
5.20%, 02/10/33		302		315,493
JPMorgan Chase & Co.
0.63%, 01/25/24(c)		EUR  465		512,253
(1-day SOFR + 1.07%), 1.95%, 02/04/32(a)		USD  200		162,579
(1-day SOFR + 1.16%), 2.30%, 10/15/25(a)		178		173,447
(1-day SOFR + 1.18%), 2.55%, 11/08/32(a)		351		292,867
(1-day SOFR + 1.33%), 6.07%, 10/22/27(a)		140		144,020
(1-day SOFR + 1.56%), 4.32%, 04/26/28(a)		549		540,840
(1-day SOFR + 1.57%), 6.09%, 10/23/29(a)		853		896,855
(1-day SOFR + 1.75%), 4.57%, 06/14/30(a)		847		828,841
(1-day SOFR + 1.80%), 4.59%, 04/26/33(a)		785		758,424
(1-day SOFR + 1.81%), 6.25%, 10/23/34(a)		1,262		1,367,992
(1-day SOFR + 1.89%), 2.18%, 06/01/28(a)		153		139,942
(3-mo. EURIBOR + 1.28%), 4.46%, 11/13/31(a)(c)		EUR  1,470		1,709,971
(3-mo. LIBOR GBP + 0.68%), 0.99%, 04/28/26(a)(c)		GBP  100		120,312
KLA Corp., 5.25%, 07/15/62		USD  250		260,748
Kraft Heinz Foods Co., 4.13%, 07/01/27(c)		GBP  100		125,983
Landsea Homes Corp., 11.00%, 07/17/28(f)		USD  1,692		1,643,440
Lessen, Inc., (3-mo. CME Term SOFR + 8.50%),
13.40%, 01/05/28(a)(b)(f)		738		674,359
Level 3 Financing, Inc., 4.63%, 09/15/27(b)		239		143,400
LGI Homes, Inc., 8.75%, 12/15/28(b)		298		316,997
Linde PLC, 3.38%, 06/12/29(c)		EUR  700		793,784
Lowe’s Cos., Inc.
2.63%, 04/01/31		USD  150		131,256
4.25%, 04/01/52		173		146,461
5.63%, 04/15/53		264		276,784
5.75%, 07/01/53		100		105,944
Marriott International, Inc., 5.45%, 09/15/26		175		178,023
Marsh & McLennan Cos., Inc.
2.90%, 12/15/51		68		45,733
5.45%, 03/15/53		297		310,470
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26(b)		367		373,489
McDonald’s Corp., 4.13%, 11/28/35(c)		EUR  360		418,911

20 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
United States (continued)
Medtronic Global Holdings SCA, 4.50%, 03/30/33		USD  161	$	161,052
Moody’s Corp.
1.75%, 03/09/27		EUR  1,100		1,168,698
0.95%, 02/25/30		250		244,395
3.10%, 11/29/61		USD  169		114,248
Morgan Stanley(a)
(1-day SOFR + 1.02%), 1.93%, 04/28/32		269		216,310
(1-day SOFR + 1.03%), 1.79%, 02/13/32		364		290,662
(1-day SOFR + 1.14%), 2.70%, 01/22/31		281		245,644
(1-day SOFR + 1.20%), 2.51%, 10/20/32		199		164,780
(1-day SOFR + 1.29%), 2.94%, 01/21/33		166		141,209
(1-day SOFR + 1.59%), 5.16%, 04/20/29		122		122,697
(1-day SOFR + 1.61%), 4.21%, 04/20/28		585		571,789
(1-day SOFR + 1.63%), 5.45%, 07/20/29		1,365		1,390,869
(1-day SOFR + 1.83%), 6.41%, 11/01/29		1,030		1,091,578
(1-day SOFR + 1.87%), 5.25%, 04/21/34		280		279,971
(1-day SOFR + 1.88%), 5.42%, 07/21/34		27		27,402
(1-day SOFR + 2.05%), 6.63%, 11/01/34		229		253,515
(1-day SOFR + 2.08%), 4.89%, 07/20/33		1,757		1,713,197
(1-day SOFR + 2.56%), 6.34%, 10/18/33		257		277,123
(1-day SOFR + 3.12%), 3.62%, 04/01/31		227		209,118
(3-mo. CME Term SOFR + 1.89%), 4.43%, 01/23/30		134		130,513
(3-mo. EURIBOR + 0.72%), 0.50%, 02/07/31		EUR  1,661		1,518,748
(3-mo. EURIBOR + 1.30%), 4.66%, 03/02/29		1,142		1,308,456
(3-mo. EURIBOR + 1.76%), 4.81%, 10/25/28		1,800		2,078,712
Motorola Solutions, Inc., 2.75%, 05/24/31		USD  221		188,889
Nasdaq, Inc.
5.55%, 02/15/34		266		276,334
6.10%, 06/28/63		160		172,733
National Grid North America, Inc., 4.67%, 09/12/33(c)		EUR  850		1,001,378
Nationstar Mortgage Holdings, Inc.(b)
6.00%, 01/15/27		USD   34		33,745
5.50%, 08/15/28		154		148,083
5.13%, 12/15/30		135		122,058
5.75%, 11/15/31		64		59,674
New York Life Global Funding, Class F4, 4.35%, 09/16/25(c)		GBP  150		190,257
Newmont Corp., 2.60%, 07/15/32		USD  154		131,639
Nexstar Media, Inc., 4.75%, 11/01/28(b)		69		63,582
NextEra Energy Capital Holdings, Inc., 2.25%, 06/01/30		110		94,097
Norfolk Southern Corp.
2.55%, 11/01/29		213		191,320
5.05%, 08/01/30		452		462,765
3.00%, 03/15/32		122		108,474
4.45%, 03/01/33		255		251,680
Northern Oil and Gas, Inc., 8.75%, 06/15/31(b)		57		59,371
NRG Energy, Inc.(b)
3.75%, 06/15/24		20		19,768
4.45%, 06/15/29		40		37,742
NVIDIA Corp., 2.00%, 06/15/31		145		124,283
Ohio Power Co., 5.00%, 06/01/33		469		471,661
Olympus Water U.S. Holding Corp.
9.63%, 11/15/28(c)		EUR  100		118,123
9.75%, 11/15/28(b)		USD  666		706,888
Oncor Electric Delivery Co. LLC
4.15%, 06/01/32		663		636,341
5.65%, 11/15/33(b)		79		84,160
ONE Gas, Inc., 2.00%, 05/15/30		35		29,685
Oracle Corp.
3.40%, 07/08/24		1,004		992,273
2.50%, 04/01/25		517		499,778
6.15%, 11/09/29		1,079		1,160,737

Security	Par    (000)		Value
United States (continued)
Oracle Corp. (continued)
2.95%, 04/01/30		USD  618	$	557,773
2.88%, 03/25/31		1,666		1,475,831
6.25%, 11/09/32		474		515,657
4.90%, 02/06/33		79		78,641
4.10%, 03/25/61		49		37,333
Organon & Co./Organon Foreign Debt Co-Issuer BV, 2.88%, 04/30/28(c)		EUR  100		101,255
Pacific Gas and Electric Co.
6.10%, 01/15/29		USD  754		780,237
4.55%, 07/01/30		790		752,379
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29(b)		222		205,491
PECO Energy Co.
2.85%, 09/15/51		343		230,621
4.38%, 08/15/52		290		260,817
PennyMac Financial Services, Inc., 7.88%, 12/15/29(b)		116		119,407
Permian Resources Operating LLC(b)
7.75%, 02/15/26		35		35,607
8.00%, 04/15/27		180		186,584
5.88%, 07/01/29		62		60,448
7.00%, 01/15/32		74		76,344
Pfizer Investment Enterprises Pte. Ltd., 5.34%, 05/19/63		874		882,389
Pilgrim’s Pride Corp., 6.25%, 07/01/33		219		225,334
Prologis LP, 5.13%, 01/15/34		604		623,365
Public Service Electric and Gas Co.
3.70%, 05/01/28		369		357,273
3.10%, 03/15/32		715		638,377
5.20%, 08/01/33		446		462,865
QUALCOMM, Inc.
2.15%, 05/20/30		199		175,321
4.50%, 05/20/52		204		190,495
Rain Carbon, Inc., 12.25%, 09/01/29(b)		23		22,483
Raytheon Technologies Corp., 2.15%, 05/18/30		EUR  2,288		2,315,052
Republic Services, Inc., 5.00%, 04/01/34		USD  109		111,616
Roche Holdings, Inc., 2.08%, 12/13/31(b)		235		197,854
Ryder System, Inc., 5.25%, 06/01/28		904		915,754
S&P Global, Inc.
5.25%, 09/15/33(b)		378		395,470
2.30%, 08/15/60		121		72,425
3.90%, 03/01/62		19		15,888
Salesforce, Inc., 1.95%, 07/15/31		93		79,431
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/01/30		584		482,327
Series XXX, 3.00%, 03/15/32		171		151,518
Sasol Financing USA LLC
5.88%, 03/27/24		278		275,832
8.75%, 05/03/29(b)		200		203,690
Service Properties Trust
4.50%, 03/15/25		46		44,908
8.63%, 11/15/31(b)		236		247,194
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(b)		106		109,839
Sonder Secured Notes, (3-mo. CME Term SOFR at 1.00% Floor + 9.00%), 14.61%, 01/19/27(a)(f)		770		670,515
Southern California Edison Co.
5.65%, 10/01/28		1,616		1,684,298
5.95%, 11/01/32		716		769,214
Sprint Capital Corp., 8.75%, 03/15/32		950		1,172,550
Stem, Inc., 0.50%, 12/01/28(b)(h)		27		13,714
Sunoco LP/Sunoco Finance Corp., 4.50%, 04/30/30		167		154,611
Tenneco, Inc., 8.00%, 11/17/28(b)		222		189,533

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
United States (continued)
Texas Capital Bank NA, (3-mo. LIBOR US + 4.50%), 10.09%, 09/30/24(a)(b)		USD  727	$	722,401
Texas Instruments, Inc., 4.90%, 03/14/33		70		72,685
Thermo Fisher Scientific, Inc.
1.75%, 10/15/28		746		665,461
2.60%, 10/01/29		123		112,024
2.00%, 10/15/31		147		123,856
T-Mobile U.S., Inc.
3.38%, 04/15/29		1,340		1,244,998
3.88%, 04/15/30(n)		2,158		2,046,435
5.05%, 07/15/33		469		472,647
5.75%, 01/15/34		132		140,005
Uber Technologies, Inc., 0.88%, 12/01/28(b)(h)		430		467,625
Union Pacific Corp.
3.84%, 03/20/60		213		173,754
2.97%, 09/16/62		128		86,090
5.15%, 01/20/63		175		176,028
3.85%, 02/14/72		121		96,097
United Airlines Pass-Through Trust
Series 16-2, Class B, 3.65%, 04/07/27		3		2,740
Series 2016-2, Class AA, 2.88%, 04/07/30		6		4,917
Series 2019-2, Class AA, 2.70%, 11/01/33		63		53,562
UnitedHealth Group, Inc.
2.88%, 08/15/29		320		297,008
5.30%, 02/15/30		353		369,391
2.90%, 05/15/50		900		629,767
6.05%, 02/15/63		245		282,518
Venture Global LNG, Inc., 8.13%, 06/01/28(b)		252		254,494
Verizon Communications, Inc.
1.45%, 03/20/26		2,508		2,336,182
1.50%, 09/18/30		678		558,574
1.75%, 01/20/31		373		306,785
2.55%, 03/21/31		216		186,246
2.36%, 03/15/32		267		222,083
5.05%, 05/09/33		240		244,831
4.50%, 08/10/33		297		289,713
4.40%, 11/01/34		333		320,374
2.88%, 11/20/50		121		82,266
3.55%, 03/22/51		105		80,902
2.99%, 10/30/56		124		82,317
3.70%, 03/22/61		113		86,326
VMware, Inc., 2.20%, 08/15/31		157		130,092
Walt Disney Co.
2.00%, 09/01/29		384		340,715
3.80%, 03/22/30		201		195,121
Wells Fargo & Co.
0.50%, 04/26/24(c)		EUR  145		158,285
1.63%, 06/02/25(c)		934		1,001,479
2.00%, 04/27/26(c)		135		143,953
(1-day SOFR + 1.79%), 6.30%, 10/23/29(a)		USD  1,320		1,391,177
(1-day SOFR + 1.99%), 5.56%, 07/25/34(a)		206		209,730
(1-day SOFR + 2.02%), 5.39%, 04/24/34(a)		343		344,490

Security	Par    (000)		Value
United States (continued)
Wells Fargo & Co. (continued) (1-day SOFR + 2.06%), 6.49%, 10/23/34(a)		USD  1,141	$	1,241,280
XHR LP, 4.88%, 06/01/29(b)		34		31,296
				146,537,387
Total Corporate Bonds — 34.5% (Cost: $252,347,541)				261,867,027
Floating Rate Loan Interests(a)
Colombia — 0.1%
Ecopetrol SA, 2023 Term Loan, (3-mo. CME Term SOFR + 4.75%), 10.13%, 09/06/30		450		446,625
Luxembourg — 0.0%
Euro Parfums Fze, Term Loan B, (6-mo. LIBOR US + 6.75%), 12.21%, 06/23/28(f)		110		107,525
United States — 0.7%
American Auto Auction Group, LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.50%, 12/30/27		66		64,691
American Rock Salt Co. LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.47%, 06/09/28		52		48,884
Apex Tool Group LLC, 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.71%, 02/08/29		279		243,653
Aruba Investments Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.46%, 11/24/27		108		105,846
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.93%, 10/02/28		318		300,177
Conair Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.22%, 05/17/28		48		46,987
ConnectWise LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 9.11%, 09/29/28		110		109,382
Coreweave Compute Acquisition Co. II, LLC, Delayed Draw Term Loan, (3-mo. CME Term SOFR + 8.75%), 14.13%, 06/30/28(f)		809		796,299
Digital Room Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.61%, 12/21/28		135		122,488
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.65%, 08/02/27		183		182,547
DS Parent, Inc., Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.75%), 11.21%, 12/10/28		200		199,488
ECL Entertainment, LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.11%, 08/31/30		398		398,299
EIS Buyer, Inc., Revolver, (1-mo. CME Term SOFR at 0.75% Floor + 7.00%), 12.36%, 07/10/28(f)		53		51,518
EIS Group, Inc., Term Loan, (1-mo. CME Term SOFR + 7.00%), 12.36%, 05/01/28(f)		532		515,184
Emerald Electronics Manufacturing Services, Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 11.79%, 12/29/27		156		139,242

22 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
United States (continued)
Flexsys Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 10.86%, 11/01/28		USD  100	$	97,773
Green Plains Operating Co. LLC, Term Loan, (3-mo. LIBOR US + 8.00%), 13.65%, 07/20/26(f)		526		506,529
Helios Service Partners LLC(f) 2023 Delayed Draw Term Loan, 03/19/27(o)		103		102,294
2023 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 11.86%, 03/19/27		101		100,728
Hydrofarm Holdings LLC, 2021 Term Loan, (3-mo. CME Term SOFR at -4.50% Floor + 5.50%), 11.15%, 10/25/28(f)		98		78,600
Jack Ohio Finance LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.22%, 10/04/28		79		77,918
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 11.54%, 12/22/26		72		71,585
Level 3 Financing, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.22%, 03/01/27		103		97,703
Maverick Gaming LLC, Term Loan B, (3-mo. CME Term SOFR + 7.50%), 13.15%, 09/03/26		121		87,076
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.46%, 11/01/29		74		62,068
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 10/23/28		507		509,028
Naked Juice LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.45%, 01/24/30		20		16,000
Orion Group Holdco LLC(f) 2022 1st Amendment Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.50%), 12.11%, 03/19/27		19		19,062
2022 First A&R Amendment Incremental DDTL, (3-mo. CME Term SOFR at 1.00% Floor + 6.50%), 11.88%, 03/19/27		86		86,447
Delayed Draw Term Loan, (3-mo. CME Term SOFRat 1.00% Floor + 6.00%), 11.61%, 03/19/27		33		32,295
First Lien Delayed Draw Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 11.61%, 03/19/27		193		193,353
First Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 11.61%, 03/19/27		16		16,512
Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 11.61%, 03/19/27		3		3,218
Vaco Holdings LLC, 2022 Term Loan, (3-mo. CME Term SOFR + 5.00%), 10.43%, 01/21/29		159		156,180
				5,639,054
Total Floating Rate Loan Interests — 0.8%
(Cost: $6,353,626)				6,193,204
Foreign Agency Obligations
Angola — 0.0%
Angolan Government International Bond, 8.75%, 04/14/32(b)		271		238,819

Security	Par    (000)		Value
Argentina(m) — 0.0%
Argentine Republic Government International Bond
3.63%, 07/09/35		USD  234	$	79,204
4.25%, 01/09/38		209		82,476
				161,680
Australia(c) — 0.0%
Australia Government Bond
3.75%, 04/21/37		AUD   80		52,628
Series 136, 4.75%, 04/21/27		220		155,169
Series 137, 2.75%, 04/21/24		130		88,214
Series 149, 2.25%, 05/21/28		90		57,937
				353,948
Austria(b)(c) — 0.1%
Republic of Austria Government Bond
0.75%, 02/20/28		EUR  556		576,038
1.50%, 02/20/47		222		187,822
				763,860
Bahrain — 0.0%
Bahrain Government International Bond, 7.50%, 09/20/47(c)		USD  200		187,875
Belgium(b)(c) — 0.2%
Kingdom of Belgium Government Bond
Series 78, 1.60%, 06/22/47		EUR  351		291,345
Series 85, 0.80%, 06/22/28		855		887,494
				1,178,839
Benin — 0.0%
Benin Government International Bond, 4.88%, 01/19/32(c)		139		124,917
Brazil — 1.8%
Brazil Notas do Tesouro Nacional
Series F, 10.00%, 01/01/25		BRL 10,466		2,155,782
Series F, 10.00%, 01/01/27		12,267		2,536,095
Series F, 10.00%, 01/01/31		26,000		5,285,959
Brazilian Government International Bond, 3.75%, 09/12/31		USD  3,900		3,471,507
				13,449,343
Canada — 0.3%
Canadian Government Bond
5.75%, 06/01/33		CAD  170		155,736
5.00%, 06/01/37		90		81,769
4.00%, 06/01/41		280		236,630
3.50%, 12/01/45		140		112,764
2.75%, 12/01/48		210		150,358
2.00%, 12/01/51		2,650		1,609,699
				2,346,956
Chile — 0.0%
Chile Government International Bond, 4.34%, 03/07/42		USD  200		178,188
China — 3.2%
China Development Bank, Series 1903, 3.30%, 02/01/24		CNY  1,400		196,607
China Government Bond
2.68%, 05/21/30		12,080		1,707,237
3.02%, 05/27/31		105,780		15,292,536
2.88%, 02/25/33		15,000		2,153,986
3.19%, 04/15/53		21,580		3,222,269
Series 1827, 3.25%, 11/22/28		100		14,597
Series 1904, 3.19%, 04/11/24		1,400		196,986
Series 1913, 2.94%, 10/17/24		8,500		1,200,901
				23,985,119

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Colombia — 0.9%
Colombia Government International Bond
3.88%, 04/25/27	USD	200	$	190,562
4.13%, 05/15/51		200		132,563
Colombian TES
Series B, 7.50%, 08/26/26	COP	7,344,300		1,810,443
Series B, 5.75%, 11/03/27		3,058,000		698,161
Series B, 6.00%, 04/28/28		9,072,400		2,061,226
Series B, 7.75%, 09/18/30		2,805,500		657,389
Series B, 7.00%, 03/26/31		4,323,300		961,808
				6,512,152
Costa Rica — 0.0%
Costa Rica Government International Bond, 6.55%, 04/03/34(c)	USD	200		207,100
Czech Republic — 0.7%
Czech Republic Government Bond
Series 105, 2.75%, 07/23/29	CZK	47,700		2,022,943
Series 149, 5.50%, 12/12/28		14,300		692,033
Series 150, 5.00%, 09/30/30		47,490		2,279,987
Series 49, 4.20%, 12/04/36(c)		2,620		121,441
				5,116,404
Denmark — 0.0%
Denmark Government Bond
1.75%, 11/15/25	DKK	500		73,085
4.50%, 11/15/39		450		85,045
				158,130
Dominican Republic — 0.1%
Dominican Republic International Bond
6.88%, 01/29/26(c)	USD	100		101,670
4.50%, 01/30/30(b)		150		137,813
4.88%, 09/23/32(b)		150		136,371
				375,854
Egypt(c) — 0.1%
Egypt Government International Bond
7.63%, 05/29/32		300		207,656
8.50%, 01/31/47		200		124,125
7.50%, 02/16/61		200		116,313
				448,094
France(c) — 0.3%
French Republic Government Bond OAT
2.50%, 05/25/30	EUR	40		44,745
1.50%, 05/25/31		190		198,008
5.75%, 10/25/32		100		138,686
1.50%, 05/25/50(b)		2,536		2,033,884
				2,415,323
Germany — 0.2%
Bundesrepublik Deutschland Bundesanleihe, 1.70%, 08/15/32(c)		1,530		1,653,832
Ghana — 0.0%
Ghana Government International Bond, 7.63%,
05/16/29(c)(e)(i)	USD	381		163,830
Greece(b)(c) — 0.2%
Hellenic Republic Government Bond
2.00%, 04/22/27	EUR	92		100,680
1.50%, 06/18/30		1,740		1,766,877
				1,867,557

Security	Par    (000)		Value
Guatemala — 0.1%
Guatemala Government Bond
4.88%, 02/13/28(c)	USD	628	$	611,672
5.25%, 08/10/29(b)		101		98,879
6.60%, 06/13/36(b)		205		210,638
				921,189
Honduras — 0.0%
Honduras Government International Bond, 5.63%, 06/24/30(c)(d)		150		133,500
Hungary — 0.1%
Hungary Government Bond, 6.75%, 10/22/28	HUF	226,790		677,977
Hungary Government International Bond
5.38%, 03/25/24		USD16		15,996
5.25%, 06/16/29(b)		200		201,106
				895,079
Indonesia — 0.8%
Indonesia Government International Bond, 6.75%, 01/15/44(c)		200		244,938
Indonesia Treasury Bond
7.00%, 05/15/27	IDR	34,890,000		2,307,947
Series FR56, 8.38%, 09/15/26		12,363,000		842,293
Series FR72, 8.25%, 05/15/36		22,408,000		1,648,182
Series FR86, 5.50%, 04/15/26		7,638,000		486,645
Series FR98, 7.13%, 06/15/38		12,045,000		818,281
				6,348,286
Italy(c) — 0.6%
Italy Buoni Poliennali Del Tesoro
2.65%, 12/01/27	EUR	3,060		3,351,738
Series 30Y, 3.85%, 09/01/49(b)		700		730,813
Series 31Y, 4.75%, 09/01/44(b)		232		275,621
				4,358,172
Ivory Coast(c) — 0.0%
Ivory Coast Government International Bond
5.88%, 10/17/31		100		98,735
4.88%, 01/30/32		127		117,857
				216,592
Japan — 2.3%
Japan Government Forty Year Bond, Series 1559, 1.00%, 03/20/62	JPY	800,000		4,499,574
Japan Government Thirty Year Bond, Series 64, 0.40%, 09/20/49		2,274,950		12,085,632
Japan Government Twenty Year Bond, 1.50%, 09/20/43		108,000		779,362
				17,364,568
Mexico — 2.8%
Mexican Bonos
Series M, 8.50%, 05/31/29	MXN	17,856		1,030,371
Series M, 7.75%, 05/29/31		53,640		2,949,488
Series M, 7.50%, 05/26/33		45,000		2,407,888
Series M 20, 10.00%, 12/05/24		77,500		4,536,940
Series M 30, 8.50%, 11/18/38		18,885		1,061,969
Series M20, 7.50%, 06/03/27		90,900		5,075,701
Mexico Cetes(k)
0.00%, 10/03/24		2,033		1,103,315
Series BI, 0.00%, 11/28/24		4,834		2,580,828
Mexico Government International Bond, 2.66%, 05/24/31	USD	200		168,687
				20,915,187

24 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Morocco — 0.0%
Morocco Government International Bond, 6.50%, 09/08/33(b)		USD  105	$	110,677
Netherlands — 0.1%
Netherlands Government Bond, 2.75%, 01/15/47(b)(c)		EUR  311		359,113
New Zealand — 0.0%
New Zealand Government Bond, Series 0425, 2.75%, 04/15/25(c)		NZD  100		61,455
Nigeria(c) — 0.1%
Nigeria Government International Bond
7.88%, 02/16/32		USD  231		207,106
7.38%, 09/28/33		200		170,187
				377,293
Oman — 0.0%
Oman Government International Bond, 6.50%, 03/08/47(c)		200		203,750
Panama — 0.2%
Panama Government International Bond
3.16%, 01/23/30		810		689,259
6.40%, 02/14/35		460		448,500
				1,137,759
Paraguay — 0.0%
Paraguay Government International Bond, 5.60%, 03/13/48(c)		200		182,800
Peru — 0.0%
Peruvian Government International Bond, 1.86%, 12/01/32		108		84,375
Poland — 0.7%
Bank Gospodarstwa Krajowego, 6.25%, 10/31/28(b)		200		210,960
Republic of Poland Government Bond, Series 1059, 2.75%, 10/25/29		PLN 15,654		3,553,664
Republic of Poland Government Bonds, Series 0726, 2.50%, 07/25/26		7,442		1,781,465
Republic of Poland Government International Bond, 4.88%, 10/04/33		USD   15		15,161
				5,561,250
Qatar — 0.1%
Qatar Government International Bond, 4.63%, 06/02/46(c)		633		603,774
Romania — 0.0%
Romanian Government International Bond
5.25%, 11/25/27(b)		16		15,854
2.13%, 03/07/28(c)		EUR  206		205,953
2.88%, 03/11/29(c)		32		31,936
2.50%, 02/08/30(c)		33		31,532
2.12%, 07/16/31(c)		40		35,102
				320,377
Russia — 0.0%
Russian Federal Bond - OFZ, Series 6233, 6.10%, 07/18/35(e)(i)		RUB 27,309		93,325
Saudi Arabia(c) — 0.1%
Saudi Government International Bond
4.50%, 04/17/30		USD  200		199,938
3.45%, 02/02/61		303		212,573
				412,511

Security	Par    (000)		Value
South Africa — 0.8%
Republic of South Africa Government Bond
7.00%, 02/28/31		ZAR 42,518	$	1,946,477
Series 2030, 8.00%, 01/31/30		23,420		1,177,870
Series 2040, 9.00%, 01/31/40		24,680		1,051,356
Series R186, 10.50%, 12/21/26		32,198		1,842,179
Republic of South Africa Government International Bond, 5.00%, 10/12/46		USD  200		147,250
				6,165,132
Spain(b)(c) — 2.6%
Spain Government Bond
1.25%, 10/31/30		EUR  431		432,851
2.55%, 10/31/32		10,184		10,966,959
3.15%, 04/30/33		711		797,902
3.55%, 10/31/33		4,685		5,415,711
3.90%, 07/30/39		462		540,179
2.90%, 10/31/46		866		863,558
3.45%, 07/30/66		688		708,174
				19,725,334
Sweden(c) — 0.0%
Sweden Government Bond
Series 1053, 3.50%, 03/30/39		SEK  250		28,960
Series 1059, 1.00%, 11/12/26		960		91,831
				120,791
Ukraine(e)(i) — 0.1%
Ukraine Government International Bond
7.75%, 09/01/28(c)		USD  100		27,450
7.75%, 09/01/29(c)		319		86,529
4.38%, 01/27/32(c)		EUR  212		47,041
7.38%, 09/25/34(c)		USD  591		137,407
7.38%, 09/25/34(b)		200		46,500
7.25%, 03/15/35(c)		518		120,176
7.25%, 03/15/35(b)		216		50,112
7.75%, 08/01/41(a)(c)		277		123,210
				638,425
United Kingdom(c) — 0.8%
United Kingdom Gilt
1.75%, 09/07/37		GBP   60		59,317
4.75%, 12/07/38		30		41,696
3.25%, 01/22/44		165		185,269
3.50%, 01/22/45		700		812,577
1.50%, 07/22/47		1,040		803,998
3.75%, 07/22/52		1,000		1,196,756
3.75%, 10/22/53		804		956,809
0.50%, 10/22/61		4,373		1,886,374
				5,942,796
Uruguay — 0.0%
Uruguay Government International Bond, 5.75%, 10/28/34		USD   73		78,560
Total Foreign Agency Obligations — 20.4%  (Cost: $162,694,715)			155,219,890
	Shares
Investment Companies
United States — 1.7%
iShares 0-5 Year TIPS Bond ETF (p)		7,050		695,059
iShares iBoxx $ High Yield Corporate Bond ETF (p)		50,650		3,919,803

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
iShares iBoxx $ Investment Grade Corporate Bond ETF (p)		38,866	$	4,300,912
iShares JP Morgan USD Emerging Markets Bond ETF (n)(p)		17,814		1,586,515
iShares Latin America 40 ETF (p)		9,782		284,265
iShares MSCI Brazil ETF (p)		9,033		315,794
iShares MSCI Emerging Markets ETF (p)		13,148		528,681
iShares Russell 2000 ETF (p)		476		95,538
iShares Russell Mid-Cap Growth ETF (p)		2,067		215,919
VanEck J. P. Morgan EM Local Currency Bond ETF		43,378		1,099,632
VanEck Semiconductor ETF (e)		1,256		219,637
Total Investment Companies — 1.7% (Cost: $12,908,703)				13,261,755
	Par   (000)
Municipal Bonds
California — 0.2%
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45(b)	USD	180		180,438
University of California, Refunding RB, Series BE, 4.00%, 05/15/50		1,000		1,027,712
				1,208,150
Georgia — 0.0%
State of Georgia, GO
Series A, 4.00%, 07/01/40		145		154,159
Series A, 4.00%, 07/01/41		145		153,539
				307,698
Louisiana — 0.0%
Louisiana Public Facilities Authority, Refunding RB, Series A, 3.00%, 05/15/47		155		121,193
Massachusetts — 0.1%
Commonwealth of Massachusetts, GO, Series C, 5.00%, 05/01/49		1,000		1,067,717
New Jersey — 0.0%
New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51		95		70,205
North Carolina — 0.0%
City of Charlotte North Carolina Airport Revenue, Refunding ARB, Series A, 3.00%, 07/01/46		230		192,113
Puerto Rico(a) — 0.2%
Commonwealth of Puerto Rico, GO 0.00%, 11/01/51		1,768		721,602
Series A-1, 0.00%, 11/01/43		156		83,891
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51		754		263,871
				1,069,364
Texas — 0.3%
Eagle Mountain & Saginaw Independent School District, GO, (PSF), 4.00%, 08/15/52		295		294,726

	Par   (000)		Value
Texas (continued)
Katy Independent School District, GO, (PSF), 4.00%, 02/15/47	USD	1,410	$	1,428,489
Lyford Consolidated Independent School District, GO, (PSF), 4.00%, 08/15/47		155		157,272
				1,880,487
Wisconsin — 0.0%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 11/15/35		125		129,120
Total Municipal Bonds — 0.8% (Cost: $6,101,946)				6,046,047
Non-Agency Mortgage-Backed Securities
Ireland — 0.1%
Last Mile Securities PE, Series 2021-1X, Class A1, (3-mo. EURIBOR + 0.90%), 4.89%, 08/17/31(a)(c)	EUR	300		323,258
Netherlands — 0.0%
Domi BV, Series 2021-1, Class A, (3-mo. EURIBOR + 0.63%), 4.56%, 06/15/53(a)(c)		124		136,529
United Kingdom(a)(c) — 0.2%
Agora Securities U.K. DAC, Series 2021-1X, Class A, (3-mo. LIBOR GBP + 1.20%), 6.41%, 07/22/31	GBP	300		372,649
Canada Square Funding PLC, Series 2021-2, Class B, (3-mo. LIBOR GBP + 1.20%), 6.39%, 06/17/58		112		141,392
Finsbury Square, Series 2021-1GRX, Class AGRN, (3-mo. LIBOR GBP + 0.65%), 5.84%, 12/16/67		109		139,022
London Wall Mortgage Capital PLC, Series 2021-FL1, Class A, (3-mo. LIBOR GBP + 0.75%), 5.95%, 05/15/51		96		121,518
Mortimer BTL PLC, Series 2021-1, Class B, (3-mo. LIBOR GBP + 1.10%), 6.29%, 06/23/53		100		125,866
Together Asset Backed Securitisation PLC, Series 2023-1, Class A, (3-mo. LIBOR GBP + 1.23%), 6.42%, 04/20/65		319		409,064
				1,309,511
United States — 7.3%
245 Park Avenue Trust, Series 2017-245P, Class E, 3.66%, 06/05/37(a)(b)	USD	250		200,206
280 Park Avenue Mortgage Trust, Series 2017-280P, Class E, (1-mo. Term SOFR + 2.42%), 7.78%, 09/15/34(a)(b)		320		287,517
Arbor Multifamily Mortgage Securities Trust(b)
Series 2020-MF1, Class E, 1.75%, 05/15/53		1,326		733,760
Series 2020-MF1, Class XA, 0.95%, 05/15/53(a)		14,795		660,129
Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class D, (1-mo. Term SOFR + 2.25%), 7.61%, 12/15/36(a)(b)		200		173,559
BAMLL Commercial Mortgage Securities Trust, Series 2017-SCH, Class DL, (1-mo. Term SOFR + 2.05%), 7.41%, 11/15/32(a)(b)		150		120,297
Bank, Series 2021-BN35, Class A5, 2.29%, 06/15/64		27		22,383
BBCMS Mortgage Trust, Series 2017-C1, Class AS, 3.90%, 02/15/50		1,200		1,119,938
Benchmark Mortgage Trust
Series 2020-B21, Class XA, 1.45%, 12/17/53(a)(b)		5,010		345,651
Series 2021-B25, Class A5, 2.58%, 04/15/54		200		161,162

26 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
United States (continued)
BHMS Mortgage Trust, Series 2018-ATLS, Class A, (1-mo. Term SOFR + 1.55%), 6.91%, 07/15/35(a)(b)	USD	170	$	168,685
BHP Trust, Series 2019-BXHP, Class C, (1-mo. Term SOFR + 1.57%), 6.93%, 08/15/36(a)(b)		1,120		1,106,116
BWAY 2013-1515 Mortgage Trust, Series 2013-1515, Class A1, 2.81%, 03/10/33(b)		193		187,701
BX Commercial Mortgage Trust(a)(b)
Series 2019-XL, Class F, (1-mo. Term SOFR + 2.11%), 7.48%, 10/15/36		850		843,517
Series 2019-XL, Class G, (1-mo. Term SOFR + 2.41%), 7.78%, 10/15/36		935		920,740
Series 2019-XL, Class J, (1-mo. Term SOFR + 2.76%), 8.13%, 10/15/36		510		501,676
Series 2021-MFM1, Class G, (1-mo. Term SOFR + 4.01%), 9.38%, 01/15/34		582		570,340
Series 2022-CSMO, Class B, (1-mo. Term SOFR + 3.14%), 8.50%, 06/15/27		1,429		1,429,895
Series 2023-XL3, Class A, (1-mo. Term SOFR + 1.76%), 7.12%, 12/09/40		3,000		3,001,857
Series 2023-XL3, Class D, (1-mo. Term SOFR + 3.59%), 8.95%, 12/09/40		760		759,762
BX Trust(a)(b)
Series 2021-ARIA, Class C, (1-mo. Term SOFR + 1.76%), 7.12%, 10/15/36		750		724,579
Series 2021-LBA, Class GJV, (1-mo. Term SOFR + 3.11%), 8.48%, 02/15/36		134		124,646
Series 2021-LBA, Class GV, (1-mo. Term SOFR + 3.11%), 8.48%, 02/15/36		712		663,289
Series 2021-MFM1, Class F, (1-mo. Term SOFR + 3.11%), 8.48%, 01/15/34		299		289,355
Series 2023, Class A, (1-mo. Term SOFR + 2.69%), 8.05%, 05/15/38		1,385		1,387,602
BXP Trust(a)(b)
Series 2017-CC, Class D, 3.55%, 08/13/37		110		81,628
Series 2017-CC, Class E, 3.55%, 08/13/37		220		149,556
CENT Trust, Series 2023, Class A, (1-mo. Term SOFR + 2.62%), 7.98%, 09/15/38(a)(b)		1,495		1,502,294
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class AM, 3.69%, 05/10/58		1,700		1,582,495
Citigroup Commercial Mortgage Trust
Series 2015-P1, Class A5, 3.72%, 09/15/48		375		362,398
Series 2016-C2, Class B, 3.18%, 08/10/49		750		648,884
Series 2016-GC36, Class A5, 3.62%, 02/10/49		375		357,510
Series 2020-420K, Class D, 3.31%, 11/10/42(a)(b)		360		281,257
Series 2020-420K, Class X, 0.80%, 11/10/42(a)(b)		20,000		919,375
Cold Storage Trust, Series 2020-ICE5, Class F, (1-mo. Term SOFR + 3.61%), 8.96%, 11/15/37(a)(b)		983		972,582
Commercial Mortgage Trust
Series 2014-CR21, Class A3, 3.53%, 12/10/47		309		301,747
Series 2015-LC19, Class A4, 3.18%, 02/10/48		500		486,299
Series 2016-DC2, Class B, 4.66%, 02/10/49(a)		100		91,929
Series 2016-DC2, Class C, 4.66%, 02/10/49(a)		100		90,613
Series 2019-GC44, Class 180B, 3.40%, 08/15/57(a)(b)		1,000		917,336
Credit Suisse Mortgage Capital Certificates Trust(a)(b)
Series 2019-ICE4, Class C, (1-mo. Term SOFR + 1.48%), 6.84%, 05/15/36		100		99,461
Series 2019-ICE4, Class E, (1-mo. Term SOFR + 2.20%), 7.56%, 05/15/36		698		693,285
CSAIL Commercial Mortgage Trust, Series 2018-CX12, Class C, 4.72%, 08/15/51(a)		750		609,227

Security	Par    (000)		Value
United States (continued)
CSMC(b)
Series 2020-NET, Class B, 2.82%, 08/15/37	USD	780	$	719,137
Series 2021-BHAR, Class A, (1-mo. Term SOFR + 1.26%), 6.63%, 11/15/38(a)		1,850		1,828,519
DBGS Mortgage Trust, Series 2018-BIOD, Class D, (1-mo. Term SOFR + 1.60%), 6.96%, 05/15/35(a)(b)		91		89,647
DBJPM Mortgage Trust, Series 2016-C3, Class A5, 2.89%, 08/10/49		375		347,351
DBUBS Mortgage Trust, Series 2017-BRBK, Class E, 3.53%, 10/10/34(a)(b)		300		222,736
Extended Stay America Trust, Series 2021-ESH, Class F, (1-mo. Term SOFR + 3.81%), 9.18%, 07/15/38(a)(b)		1,148		1,123,446
Freddie Mac Multifamily Structured Pass Through Certificates, Series K121, Class X1, 1.02%, 10/25/30(a)		4,040		215,480
GCT Commercial Mortgage Trust, Series 2021-GCT D, Class D, (1-mo. Term SOFR + 2.46%), 7.83%, 02/15/38(a)(b)		340		68,607
GS Mortgage Securities Corp Trust, Series 2023, Class B, (1-mo. Term SOFR + 2.79%), 8.15%, 03/15/28(a)(b)		1,500		1,492,480
GS Mortgage Securities Corp. Trust, Series 2021- ROSS, Class A, (1-mo. Term SOFR + 1.26%), 6.63%, 05/15/26(a)(b)		100		89,122
GS Mortgage Securities Trust(a)
Series 2015-GC34, Class B, 4.47%, 10/10/48		1,100		882,870
Series 2020-GSA2, Class XA, 1.71%, 12/12/53(b)		3,599		297,112
Series 2023, Class C, 5.51%, 09/10/38(b)		1,370		1,332,159
Independence Plaza Trust, Series 2018-INDP, Class B, 3.91%, 07/10/35(b)		1,000		942,846
JP Morgan Chase Commercial MOR JPMCC, Series 2022, Class B, (1-mo. Term SOFR + 2.97%), 8.73%, 12/15/36(a)(b)		1,046		1,047,250
JP Morgan Chase Commercial Mortgage Securities Trust
Class B, 2.85%, 09/06/38(a)(b)		450		397,797
Series 2013-C16, Class B, 4.79%, 12/15/46(a)		814		771,906
Series 2018-AON, Class A, 4.13%, 07/05/31(b)		600		536,916
JPMDB Commercial Mortgage Securities Trust
Series 2017-C5, Class A5, 3.69%, 03/15/50		1,200		1,123,962
Series 2017-C7, Class A5, 3.41%, 10/15/50		1,113		1,031,254
KSL Commercial Mortgage Trust, Series 2023-HT, Class D, (1-mo. Term SOFR + 4.29%), 9.64%, 12/15/36(a)(b)		750		750,459
MAD Mortgage Trust(a)(b)
Series 2017-330M, Class D, 3.98%, 08/15/34		110		81,221
Series 2017-330M, Class E, 4.03%, 08/15/34		130		91,107
MCM Trust(f)
3.00%, 09/25/31(k)		641		421,912
1.00%, 01/01/59(b)		854		819,153
MED Trust(a)(b)
Series 2021, Class A, (1-mo. Term SOFR + 1.06%), 6.43%, 11/15/38		1,493		1,463,790
Series 2021-MDLN, Class G, (1-mo. Term SOFR + 5.36%), 10.73%, 11/15/38		636		608,336
Series 2023, Class E, (1-mo. Term SOFR + 3.26%), 8.63%, 11/15/38		398		386,930
MHP Trust, Series 2021-STOR, Class G, (1-mo. Term SOFR + 2.86%), 8.23%, 07/15/38(a)(b)		760		725,555
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C16, Class A5, 3.89%, 06/15/47		265		262,696

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
United States (continued)
Morgan Stanley Bank of America Merrill Lynch Trust (continued)
Series 2015-C25, Class A5, 3.64%, 10/15/48	USD	400	$	386,134
Morgan Stanley Capital I Trust
Series 2017-H1, Class C, 4.28%, 06/15/50(a)		340		282,847
Series 2018-MP, Class A, 4.28%, 07/11/40(a)(b)		1,000		873,287
Series 2019-L2, Class A4, 4.07%, 03/15/52		589		554,922
Natixis Commercial Mortgage Securities Trust, Series 2018-SOX, Class E, 4.77%, 06/17/38(a)(b)		382		346,455
Olympic Tower Mortgage Trust(a)(b)
Series 2017-OT, Class D, 3.95%, 05/10/39		130		85,677
Series 2017-OT, Class E, 3.95%, 05/10/39		160		99,112
One New York Plaza Trust, Series 2020-1NYP, Class D, (1-mo. Term SOFR + 2.86%), 8.23%, 01/15/36(a)(b)		270		207,523
Open Trust, Series 2023, Class A, (1-mo. Term SOFR + 3.09%), 8.45%, 10/15/28(a)(b)		928		930,171
TVC DSCR(f)
0.00%, 02/01/51		314		272,748
2.38%, 02/01/51(b)		1,257		1,147,900
UBS Commercial Mortgage Trust 2017-C4, Series 2017- C4, Class AS, 3.84%, 10/15/50(a)		1,700		1,555,597
Velocity Commercial Capital Loan Trust, Series 2020-1, Class M3, 3.19%, 02/25/50(a)(b)		65		51,676
Wells Fargo Commercial Mortgage Trust(a)
Series 2016-NXS5, Class B, 4.94%, 01/15/59		1,400		1,279,891
Series 2019-C50, Class XA, 1.41%, 05/15/52		12,678		670,091
Series 2021-C59, Class XA, 1.52%, 04/15/54		991		74,500
				55,642,525
Total Non-Agency Mortgage-Backed Securities — 7.6% (Cost: $61,269,458)				57,411,823
Preferred Securities
Capital Trusts — 0.8%(a)
France(c)(l) — 0.1%
BNP Paribas SA, 7.38%	EUR	200		234,768
Electricite de France SA
6.00%	GBP	200		247,477
3.38%	EUR	200		193,457
				675,702
Germany(c) — 0.0%
Bayer AG, 4.50%, 03/25/82		100		104,875
Commerzbank AG, 6.50%(l)		200		209,901
				314,776
Ireland — 0.0%
AIB Group PLC, 5.25%(c)(l)		200		217,738
Italy — 0.0%
Intesa Sanpaolo SpA, 5.88%(c)(l)		200		218,582
Jersey — 0.0%
HSBC Bank Capital Funding Sterling 1 LP, Series 1, 5.84%(c)(l)	GBP	9		11,931
Mexico — 0.0%
Banco Mercantil del Norte SA/Grand Cayman,
5.88%(b)(l)		USD200		183,076
Netherlands(l) — 0.2%
Abertis Infraestructuras Finance BV, 3.25%(c)	EUR	200		211,366
Cooperatieve Rabobank UA, 4.38%(c)		200		206,438
ING Groep NV, 5.75%	USD	200		186,707

Security	Par    (000)		Value
Netherlands (continued)
Koninklijke KPN NV, 2.00%(c)	EUR	100	$	107,039
Naturgy Finance BV, 3.38%(c)		100		109,264
Repsol International Finance BV, 4.25%(c)		100		107,628
Telefonica Europe BV(c)
4.38%		100		109,479
6.14%		200		226,862
6.75%		100		117,752
				1,382,535
South Korea — 0.1%
Shinhan Financial Group Co. Ltd., 2.88%(c)(l)	USD	414		374,023
Spain(c)(l) — 0.1%
Banco Bilbao Vizcaya Argentaria SA, Series ., 6.00%	EUR	200		219,108
CaixaBank SA, Series ., 5.88%		200		213,614
				432,722
Switzerland — 0.0%
UBS Group AG, 5.13%(c)(l)	USD	200		188,750
United Kingdom — 0.1%
Barclays PLC, 7.13%(l)	GBP	200		247,557
BP Capital Markets PLC, 3.25%(c)(l)	EUR	100		106,531
British Telecommunications PLC, 8.38%, 12/20/83(c)	GBP	100		134,391
Lloyds Banking Group PLC, 4.95%(c)(l)	EUR	200		214,991
Nationwide Building Society, 5.88%(c)(l)	GBP	200		249,940
Vodafone Group PLC, 2.63%, 08/27/80(c)	EUR	149		156,213
				1,109,623
United States — 0.2%
Citigroup, Inc., Series Y, 4.15%(l)	USD	36		30,897
JPMorgan Chase & Co., Series KK, 3.65%(l)		36		32,945
Liberty Mutual Group, Inc., 3.63%, 05/23/59(c)	EUR	100		107,500
Southern Co., 1.88%, 09/15/81		1,000		945,423
				1,116,765
				6,226,223
	Shares
Preferred Stocks — 0.3%(f)
United States — 0.3%
Cap Hill Brands(e)		265,896		69,133
Dream Finders Homes, Inc., 9.00%		1,320		1,252,350
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $138,642)(e)(g)		6,037		76,368
Verge Genomics, Inc.(e)(g)
Series B, (Acquired 11/05/21, Cost: $165,930)		31,150		201,541
Series C, (Acquired 09/06/23, Cost: $26,514)		3,687		26,546
Versa Networks, Inc., Series E, (Acquired 10/14/22, Cost: $491,084), 12.00%, 10/07/32(e)(g)		168,283		548,603
				2,174,541
Total Preferred Securities — 1.1% (Cost: $8,539,811)				8,400,764

28 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
U.S. Government Sponsored Agency Securities
Agency Obligations — 0.2%
Mex Bonos Desarr Fix RT Bonds, 8.50%, 03/01/29		MXN  24,129	$	1,387,308
Commercial Mortgage-Backed Securities(a) — 0.2%
Freddie Mac Multifamily Structured Pass Through Certificates, Series KW09, Class X1, 0.80%, 05/25/29		USD  14,598		465,937
FREMF Mortgage Trust, Series 2020-K104, Class B, 3.54%, 02/25/52(b)		750		677,670
				1,143,607
Mortgage-Backed Securities — 15.3%
Fannie Mae Mortgage-Backed Securities
6.50%, 11/01/38		5		5,135
6.00%, 07/01/39		23		24,025
4.00%, 01/01/41		1		1,150
3.00%, 02/01/44		36		33,190
Freddie Mac Mortgage-Backed Securities
2.50%, 01/01/29 - 04/01/31		65		61,491
3.50%, 04/01/31 - 01/01/48		155		149,592
3.00%, 10/01/32 - 12/01/46		146		135,215
5.00%, 05/01/38 - 11/01/48		50		50,718
5.50%, 01/01/39		16		16,386
4.00%, 08/01/40 - 12/01/45		12		11,639
4.50%, 09/01/40 - 08/01/48		132		132,042
Ginnie Mae Mortgage-Backed Securities(q)
4.00%, 10/20/40 - 01/22/54		1,632		1,561,060
3.50%, 01/15/42 - 01/22/54		2,396		2,239,582
5.00%, 10/20/44 - 01/22/54		1,278		1,270,042
3.00%, 02/15/45 - 01/22/54		3,196		2,897,782
4.50%, 03/15/47 - 01/22/54		1,377		1,344,009
2.00%, 08/20/50 - 01/22/54		4,239		3,588,544
2.50%, 04/20/51 - 01/22/54		4,349		3,804,168
5.50%, 01/22/54		1,045		1,052,514
6.00%, 01/22/54		749		761,552
6.50%, 01/22/54		537		549,691
Uniform Mortgage-Backed Securities(q)
2.50%, 09/01/27 - 01/16/54		14,975		12,944,939
3.00%, 07/01/29 - 01/16/54		8,328		7,475,485
3.50%, 07/01/29 - 01/16/54		36,793		33,801,799
2.00%, 10/01/31 - 01/16/54		21,767		18,194,377
4.00%, 09/01/33 - 01/16/54		4,709		4,483,358
5.00%, 09/01/35 - 01/16/54		2,751		2,726,252
5.50%, 12/01/38 - 01/16/54		2,583		2,595,676
1.50%, 01/18/39 - 01/16/54		4,893		4,034,303
4.50%, 01/18/39 - 01/16/54		7,187		6,984,366
6.50%, 10/01/53 - 01/16/54(d)		1,560		1,599,642
6.00%, 01/16/54		1,869		1,897,619
				116,427,343
Total U.S. Government Sponsored Agency Securities — 15.7%  (Cost: $120,270,934)			118,958,258
U.S. Treasury Obligations
U.S. Treasury Inflation-Indexed Notes
0.13%, 04/15/25 - 04/15/27		7,438		7,115,127
0.38%, 01/15/27		1,911		1,815,467
1.25%, 04/15/28		3,380		3,291,833

Security	Par    (000)		Value
U.S. Treasury Obligations (continued)
0.13%, 04/15/25 - 04/15/27		USD  7,438	$	7,115,127
0.63%, 07/15/32(r)		1,100		1,004,489
1.13%, 01/15/33(r)		945		894,247
Total U.S. Treasury Obligations — 1.9%  (Cost: $14,674,024)			14,121,163
	Shares
Warrants
United States(e) — 0.0%
Cano Health, Inc., (Issued 07/06/20, Exercisable 07/06/21, 0.01 Shares for 1 Warrant, Expires 06/03/26, Strike Price USD 1,150.00)		9,002		6
FreeWire Technologies, Inc., Tranche A, (Issued 04/27/22, 1 Share for 1 Warrant, Expires 04/26/27, Strike Price USD 3.35)(f)		34,768		2,086
FreeWire Technologies, Inc., Tranche B Unvest, (Exercisable 06/03/23, 1 Share for 1 Warrant, Expires 04/26/29, Strike Price USD 3.35)(f)		33,030		1
FreeWire Technologies, Inc., Tranche B Vested, (Issued 05/02/22, Exercisable 05/03/23, 1 Share for 1 Warrant, Expires 04/26/27, Strike Price USD 3.35)(f)		1,738		104
Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for 1 Warrant, Expires 06/04/26, Strike Price USD 11.50)		12,334		—
Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50)		8,529		162
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)		28,519		154
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)(f)		10,965		—
Versa Networks, Inc., (Acquired 10/14/22, Cost: $0), (Exercisable 10/14/22, 1 Share for 1 Warrant, Expires 10/07/32, Strike Price USD 0.01)(f)(g)		20,741		58,490
Volato Group, Inc., (Acquired 12/03/23, Cost: $10,200), (Expires 12/03/28, Strike Price USD 11.50)(f)(g)		10,200		923
				61,926
Venezuela — 0.0%
Venezuela Government International Bond (e)		3,000		15,000
Total Warrants — 0.0% (Cost: $132,872)				76,926
Total Long-Term Investments — 92.0% (Cost: $702,326,181)				699,013,600
	Par (000)
Short-Term Securities
Certificates of Deposit — 0.9%
Canada — 0.1%
Bank of Nova Scotia/Houston, 6.00%, 10/18/24		USD  910		914,977

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
France — 0.3%
Natixis SA, 5.99%, 10/17/24		USD  2,000	$	2,009,655
United States — 0.5%
Citibank NA, 5.89%, 05/10/24		1,135		1,136,195
Toronto-Dominion Bank/New York
5.93%, 08/15/24		1,500		1,504,739
6.00%, 09/09/24		1,490		1,496,365
				4,137,299
				7,061,931
Commercial Paper — 2.5%
Australia(s) — 0.4%
Macquarie Bank Ltd., 5.91%, 05/13/24(b)		745		729,756
Macquarie Bank Ltd., 6.01%, 08/20/24		1,120		1,082,082
Westpac Banking Corp., 5.83%, 06/06/24		1,120		1,093,961
				2,905,799
France(s) — 0.2%
BPCE SA, 5.85%, 04/05/24		1,000		985,325
Societe Generale SA, 5.70%, 03/06/24		611		604,661
				1,589,986
Norway — 0.1%
DNB Bank ASA, 5.90%, 06/13/24(s)		1,120		1,093,017
United Kingdom — 0.2%
NatWest Markets PLC, 5.91%, 05/20/24(s)		1,120		1,095,602
United States(s) — 1.6%
AT&T, Inc.
5.99%, 01/23/24		864		860,721
5.93%, 02/21/24		2,119		2,101,321
Bayer Corp.(b)
Series 2020, 6.27%, 08/12/24		1,000		961,695
Series 2020, 6.29%, 09/10/24		1,120		1,071,857
Global Payments, Inc., 6.06%, 01/19/24(b)		1,100		1,096,092
HSBC USA, Inc.(b)
6.49%, 08/12/24		450		434,577
6.46%, 09/09/24		1,120		1,076,736
6.52%, 10/11/24		1,572		1,503,668
6.29%, 11/27/24		750		712,332
HSBC USA, Inc., 6.46%, 08/22/24		1,500		1,446,314
Macquarie Bank Ltd., 5.78%, 02/12/24		1,000		993,231
				12,258,544
				18,942,948
Foreign Agency Obligations — 0.5%
Brazil Letras do Tesouro Nacional(s)
0.00%, 04/01/24		BRL  13,762		2,761,361
11.07%, 04/01/24		4,809		964,931
Export-Import Bank of India, 3.88%, 03/12/24(c)		USD   300		299,063
				4,025,355

Security	Shares			Value
Money Market Funds — 1.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%(p)(t)		10,532,084		$	10,532,084
	Par    (000)
U.S. Treasury Obligations — 7.8%
U.S. Treasury Bills(s)
5.50%, 01/18/24		USD  33,545			33,466,261
5.39%, 01/25/24		8,782			8,752,416
U.S. Treasury Inflation-Indexed Notes
0.63%, 01/15/24		11,392			11,362,002
0.50%, 04/15/24		5,266			5,199,784
					58,780,463
Total Short-Term Securities — 13.1%  (Cost: $99,166,795)				99,342,781
Options Purchased — 0.5%  (Cost: $2,587,472)				3,861,470
Total Investments Before TBA Sale Commitments and Options Written — 105.6%  (Cost: $804,080,448)				802,217,851
TBA Sale Commitments(q)
United States — (0.4)%
Ginnie Mae Mortgage-Backed Securities
2.00%, 01/22/54		(148	)		(125,297	)
2.50%, 01/22/54		(154	)		(134,702	)
3.00%, 01/22/54		(115	)		(104,111	)
3.50%, 01/22/54		(86	)		(80,087	)
4.00%, 01/22/54		(57	)		(54,417	)
4.50%, 01/22/54		(51	)		(49,773	)
5.00%, 01/22/54		(44	)		(43,691	)
5.50%, 01/22/54		(37	)		(37,266	)
Uniform Mortgage-Backed Securities
1.50%, 01/18/39 - 01/16/54		(173	)		(142,838	)
2.00%, 01/18/39 - 01/16/54		(847	)		(705,229	)
2.50%, 01/18/39 - 01/16/54		(562	)		(482,143	)
3.00%, 01/18/39 - 01/16/54		(329	)		(293,155	)
3.50%, 01/18/39 - 01/16/54		(240	)		(221,656	)
4.00%, 01/16/54		(175	)		(165,505	)
4.50%, 01/16/54		(106	)		(102,745	)
5.00%, 01/16/54		(103	)		(101,898	)
5.50%, 01/16/54		(94	)		(94,396	)

30 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc. (Percentages shown are based on Net Assets)

Security	Par (000)		Value
United States (continued)
Uniform Mortgage-Backed Securities (continued)
6.00%, 01/16/54	USD	(66)		$  (67,011)
6.50%, 01/16/54		(277)		(283,337)
Total TBA Sale Commitments — (0.4)% (Proceeds: $(3,275,200))				(3,289,257)
Options Written — (0.2)% (Premiums Received: $(1,855,200))				(1,577,056)
Total Investments, Net of TBA Sale Commitments and Options Written — 105.0% (Cost: $798,950,048)				797,351,538
Liabilities in Excess of Other Assets — (5.0)%				(37,957,184)
Net Assets — 100.0%				$759,394,354

^(a) 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.

^(b) 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.

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

(d) When-issued security.

 

 

^(e) Non-income producing security.

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

^(g)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,483,530, representing 0.2% of its net assets as of period end, and an original cost of $1,345,399.

^(h)  Convertible security.

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

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

^(k)  Zero-coupon bond.

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

^(m)  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.

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

^(o)  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.

^(p)  Affiliate of the Fund.

^(q) Represents or includes a TBA transaction.

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

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

^(t) 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class		$ 6,558,852		$ 3,973,232	(a)		$    —			$    —			$    —			$ 10,532,084		10,532,084		$ 2,018,040		$     —
iShares 0-5 Year TIPS Bond ETF		683,568		—			—			—			11,491			695,059		7,050		19,731		—
iShares Biotechnology ETF(b)		64,726		—			(63,831	)		7,827			(8,722	)		—		—		35		—
iShares China Large-Cap ETF(b)		383,353		468,763			(875,886	)		7,191			16,579			—		—		—		—
iShares iBoxx $ High Yield Corporate Bond ETF		8,998,322		7,598,213			(13,072,314	)		(144,444	)		540,026			3,919,803		50,650		204,964		—
iShares iBoxx $ Investment Grade Corporate Bond ETF		2,106,281		7,019,279			(4,996,540	)		(11,831	)		183,723			4,300,912		38,866		151,692		—
iShares JP Morgan USD Emerging Markets Bond ETF .		4,059,643		949,810			(3,435,087	)		(190,120	)		202,269			1,586,515		17,814		155,075		—
iShares Latin America 40 ETF		223,910		—			—			—			60,355			284,265		9,782		13,098		—
iShares MSCI Brazil ETF		252,653		—			—			—			63,141			315,794		9,033		17,860		—
iShares MSCI Emerging Markets ETF		498,309		—			—			—			30,372			528,681		13,148		13,913		—
iShares Russell 2000 ETF		82,995		—			—			—			12,543			95,538		476		1,286		—
iShares Russell Mid-Cap Growth ETF		—		197,051			—			—			18,868			215,919		2,067		689		—
										$ (331,377)			$  1,130,645			$22,474,570				$2,596,383		$     —

^(a)  Represents net amount purchased (sold).

^(b)  As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts Euro BTP		104		03/07/24	$	13,680	$	390,932

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts (continued)
Euro Bund		181		03/07/24	$	27,419	$	660,281
Euro OAT		142		03/07/24		20,616		670,844
Euro-Schatz		119		03/07/24		13,997		96,535
10-Year Japanese Government Treasury Bonds		9		03/13/24		9,364		60,169
10-Year Australian Treasury Bonds		102		03/15/24		8,109		197,699
3-Year Australian Treasury Bonds		84		03/15/24		6,117		52,408
MSCI Emerging Markets Index		3		03/15/24		155		6,803
NASDAQ 100 E-Mini Index		10		03/15/24		3,405		142,475
10-Year Canadian Bond		35		03/19/24		3,280		158,426
3-Month SOFR		99		03/19/24		23,423		(86,690	)
3-Year Korean Bond		28		03/19/24		2,292		6,848
U.S. Long Bond		69		03/19/24		8,621		631,527
Long Gilt		77		03/26/24		10,075		535,212
5-Year U.S. Treasury Note		268		03/28/24		29,151		87,014
3-Month SONIA Index		26		03/18/25		7,986		10,195
								3,620,678
Short Contracts
30-Year Euro Buxl Bond		8		03/07/24		1,252		(93,534	)
Euro BOBL		240		03/07/24		31,603		(409,060	)
Short Term Euro BTP		33		03/07/24		3,885		(39,101	)
E-mini Russell 2000 Index		16		03/15/24		1,638		(114,027	)
Euro Stoxx 50 Index		7		03/15/24		352		2,251
Euro Stoxx Banks Index		59		03/15/24		389		3,122
S&P 500 E-Mini Index		23		03/15/24		5,543		(23,580	)
10-Year U.S. Treasury Note		316		03/19/24		35,673		(813,539	)
10-Year U.S. Ultra Long Treasury Note		1,022		03/19/24		120,612		(4,933,999	)
Ultra U.S. Treasury Bond		55		03/19/24		7,348		(250,532	)
2-Year U.S. Treasury Note		2,357		03/28/24		485,339		(3,942,650	)
3-Month SOFR		32		06/18/24		7,601		(22,392	)
3-Month SOFR		16		09/17/24		3,819		(20,431	)
3-Month SOFR		99		03/18/25		23,824		(196,684	)
								(10,854,156	)
							$	(7,233,478	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
BRL	2,192,966	USD	446,000	BNP Paribas SA	01/03/24	$	5,451
BRL	1,125,535	USD	229,000	Citibank N.A.	01/03/24		2,706
BRL	1,125,535	USD	229,000	Citibank N.A.	01/03/24		2,706
BRL	558,152	USD	113,000	Goldman Sachs International	01/03/24		1,903
BRL	558,152	USD	113,000	Goldman Sachs International	01/03/24		1,903
BRL	1,023,439	USD	208,000	Goldman Sachs International	01/03/24		2,688
BRL	1,023,439	USD	208,000	Goldman Sachs International	01/03/24		2,688
USD	452,971	BRL	2,192,966	BNP Paribas SA	01/03/24		1,520
USD	232,486	BRL	1,125,535	Citibank N.A.	01/03/24		780
USD	232,486	BRL	1,125,535	Citibank N.A.	01/03/24		780
USD	115,290	BRL	558,152	Goldman Sachs International	01/03/24		387
USD	115,290	BRL	558,152	Goldman Sachs International	01/03/24		387
USD	211,398	BRL	1,023,439	Goldman Sachs International	01/03/24		709
USD	211,398	BRL	1,023,439	Goldman Sachs International	01/03/24		709
AUD	343,000	USD	225,388	Barclays Bank PLC	01/18/24		8,463
AUD	349,000	USD	229,889	Barclays Bank PLC	01/18/24		8,052
AUD	465,000	USD	314,115	Barclays Bank PLC	01/18/24		2,913
AUD	457,000	USD	307,009	Deutsche Bank AG	01/18/24		4,564

32 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	457,000	USD	307,009	Deutsche Bank AG	01/18/24	$	4,564
AUD	464,000	USD	296,806	JPMorgan Chase Bank N.A.	01/18/24		19,539
AUD	464,000	USD	296,806	JPMorgan Chase Bank N.A.	01/18/24		19,539
AUD	227,000	USD	151,142	Morgan Stanley & Co. International PLC	01/18/24		3,622
AUD	227,000	USD	151,142	Morgan Stanley & Co. International PLC	01/18/24		3,622
CAD	287,914	USD	209,000	HSBC Bank PLC	01/18/24		8,336
CAD	3,551,961	USD	2,583,138	JPMorgan Chase Bank N.A.	01/18/24		98,116
CAD	418,588	USD	314,000	Morgan Stanley & Co. International PLC	01/18/24		1,978
CAD	531,385	USD	393,000	Morgan Stanley & Co. International PLC	01/18/24		8,124
CAD	1,134,433	USD	839,000	Morgan Stanley & Co. International PLC	01/18/24		17,345
CHF	131,732	USD	153,000	Citibank N.A.	01/18/24		3,857
CLP	131,844,570	USD	143,000	Barclays Bank PLC	01/18/24		6,537
CLP	131,844,570	USD	143,000	Barclays Bank PLC	01/18/24		6,537
CLP	135,022,500	USD	153,000	BNP Paribas SA	01/18/24		141
COP	604,776,150	GBP	121,000	Standard Chartered Bank	01/18/24		1,344
COP	604,776,150	GBP	121,000	Standard Chartered Bank	01/18/24		1,344
COP	599,650,500	USD	149,000	Citibank N.A.	01/18/24		5,271
COP	599,650,500	USD	149,000	Citibank N.A.	01/18/24		5,271
COP	607,318,000	USD	148,000	Citibank N.A.	01/18/24		8,243
COP	614,117,000	USD	151,000	Citibank N.A.	01/18/24		6,992
COP	595,702,000	USD	149,000	Societe Generale	01/18/24		4,255
COP	595,702,000	USD	149,000	Societe Generale	01/18/24		4,255
COP	1,809,720,000	USD	457,000	Toronto-Dominion Bank	01/18/24		8,582
EUR	572,000	GBP	495,603	BNP Paribas SA	01/18/24		56
EUR	106,000	MXN	1,989,087	Goldman Sachs International	01/18/24		228
EUR	106,000	MXN	1,989,087	Goldman Sachs International	01/18/24		228
EUR	138,000	USD	150,359	Barclays Bank PLC	01/18/24		2,075
EUR	207,000	USD	227,685	BNP Paribas SA	01/18/24		966
EUR	280,000	USD	306,169	BNP Paribas SA	01/18/24		3,118
EUR	1,490,000	USD	1,632,095	The Bank of New York Mellon	01/18/24		13,751
EUR	543,000	USD	582,756	Toronto-Dominion Bank	01/18/24		17,039
EUR	951,000	USD	1,020,628	Toronto-Dominion Bank	01/18/24		29,842
EUR	286,000	USD	307,787	UBS AG	01/18/24		8,127
GBP	120,000	USD	148,868	Barclays Bank PLC	01/18/24		4,102
GBP	120,000	USD	148,868	Barclays Bank PLC	01/18/24		4,102
GBP	278,000	USD	341,322	UBS AG	01/18/24		13,059
GBP	278,000	USD	341,322	UBS AG	01/18/24		13,059
HUF	53,020,169	USD	152,000	Barclays Bank PLC	01/18/24		512
HUF	27,032,676	USD	76,000	BNP Paribas SA	01/18/24		1,759
HUF	81,809,413	USD	230,000	BNP Paribas SA	01/18/24		5,324
IDR	2,362,320,000	USD	153,000	Citibank N.A.	01/18/24		464
IDR	2,362,320,000	USD	153,000	Citibank N.A.	01/18/24		464
IDR	4,163,481,250	USD	265,000	Toronto-Dominion Bank	01/18/24		5,473
IDR	4,163,481,250	USD	265,000	Toronto-Dominion Bank	01/18/24		5,473
INR	18,768,937	USD	225,000	Bank of America N.A.	01/18/24		354
INR	18,768,937	USD	225,000	Bank of America N.A.	01/18/24		354
JPY	10,953,976	USD	76,000	Barclays Bank PLC	01/18/24		1,847
JPY	10,953,976	USD	76,000	Barclays Bank PLC	01/18/24		1,847
JPY	22,180,485	USD	150,000	Barclays Bank PLC	01/18/24		7,630
JPY	32,816,975	USD	229,000	Barclays Bank PLC	01/18/24		4,220
JPY	16,942,432	USD	118,000	BNP Paribas SA	01/18/24		2,405
JPY	22,281,869	USD	151,000	BNP Paribas SA	01/18/24		7,351
JPY	22,306,961	USD	151,000	BNP Paribas SA	01/18/24		7,529
JPY	22,546,261	USD	151,000	BNP Paribas SA	01/18/24		9,229
JPY	22,072,873	USD	151,000	Citibank N.A.	01/18/24		5,865
JPY	22,072,873	USD	151,000	Citibank N.A.	01/18/24		5,865
JPY	22,134,893	USD	151,000	Goldman Sachs International	01/18/24		6,306
JPY	34,808,468	USD	232,000	UBS AG	01/18/24		15,373
KRW	198,441,000	USD	153,000	Citibank N.A.	01/18/24		182
KRW	198,441,000	USD	153,000	Citibank N.A.	01/18/24		182
KRW	196,719,025	USD	151,000	Morgan Stanley & Co. International PLC	01/18/24		853
MXN	2,001,606	EUR	106,000	Citibank N.A.	01/18/24		508

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
MXN	2,001,606	EUR	106,000	Citibank N.A.		01/18/24	$	508
MXN	2,703,822	EUR	142,000	Citibank N.A.		01/18/24		1,998
MXN	2,703,822	EUR	142,000	Citibank N.A.		01/18/24		1,998
MXN	2,661,920	EUR	139,000	Goldman Sachs International		01/18/24		2,850
MXN	2,661,920	EUR	139,000	Goldman Sachs International		01/18/24		2,850
MXN	2,686,494	EUR	141,000	Goldman Sachs International		01/18/24		2,084
MXN	2,686,494	EUR	141,000	Goldman Sachs International		01/18/24		2,084
MXN	2,689,158	USD	155,000	Barclays Bank PLC		01/18/24		2,989
MXN	3,925,648	USD	225,000	Barclays Bank PLC		01/18/24		5,633
MXN	4,012,292	USD	229,000	Barclays Bank PLC		01/18/24		6,723
MXN	5,313,912	USD	303,000	BNP Paribas SA		01/18/24		9,193
MXN	23,802,017	USD	1,357,964	Citibank N.A.		01/18/24		40,408
MXN	1,979,963	USD	113,000	Goldman Sachs International		01/18/24		3,323
MXN	1,979,963	USD	113,000	Goldman Sachs International		01/18/24		3,323
MXN	2,613,311	USD	149,000	Goldman Sachs International		01/18/24		4,532
MXN	2,613,311	USD	149,000	Goldman Sachs International		01/18/24		4,532
MXN	3,867,709	USD	220,000	Goldman Sachs International		01/18/24		7,229
MXN	3,867,709	USD	220,000	Goldman Sachs International		01/18/24		7,229
MXN	4,019,391	USD	230,000	Goldman Sachs International		01/18/24		6,140
MXN	729,351	USD	41,000	UBS AG		01/18/24		1,849
MXN	729,351	USD	41,000	UBS AG		01/18/24		1,849
MYR	1,427,095	USD	305,000	Barclays Bank PLC		01/18/24		6,515
MYR	1,427,095	USD	305,000	Barclays Bank PLC		01/18/24		6,515
NOK	1,530,810	EUR	130,117	Barclays Bank PLC		01/18/24		7,002
NOK	1,530,810	EUR	130,117	Barclays Bank PLC		01/18/24		7,002
NOK	1,518,537	EUR	132,000	BNP Paribas SA		01/18/24		3,713
NOK	1,518,537	EUR	132,000	BNP Paribas SA		01/18/24		3,713
NOK	3,879,252	EUR	345,000	BNP Paribas SA		01/18/24		878
NOK	139,824	EUR	11,883	Citibank N.A.		01/18/24		642
NOK	139,824	EUR	11,883	Citibank N.A.		01/18/24		642
NOK	1,220,257	EUR	104,000	UBS AG		01/18/24		5,272
NOK	1,220,257	EUR	104,000	UBS AG		01/18/24		5,272
NOK	1,622,862	USD	151,000	Citibank N.A.		01/18/24		8,792
NOK	3,347,390	USD	307,000	Goldman Sachs International		01/18/24		22,594
PLN	603,683	USD	151,000	Bank of America N.A.		01/18/24		2,396
PLN	603,683	USD	151,000	Bank of America N.A.		01/18/24		2,396
PLN	621,911	USD	157,000	Citibank N.A.		01/18/24		1,027
PLN	910,592	USD	223,000	Citibank N.A.		01/18/24		8,381
PLN	910,592	USD	223,000	Citibank N.A.		01/18/24		8,381
PLN	1,211,934	USD	302,000	Citibank N.A.		01/18/24		5,952
PLN	1,213,954	USD	301,000	Citibank N.A.		01/18/24		7,465
PLN	596,683	USD	151,000	UBS AG		01/18/24		617
PLN	596,683	USD	151,000	UBS AG		01/18/24		617
PLN	912,202	USD	226,000	UBS AG		01/18/24		5,790
PLN	912,202	USD	226,000	UBS AG		01/18/24		5,790
PLN	919,786	USD	229,000	UBS AG		01/18/24		4,717
PLN	1,782,489	USD	440,000	UBS AG		01/18/24		12,930
THB	15,928,775	USD	445,000	JPMorgan Chase Bank N.A.		01/18/24		22,271
THB	15,928,775	USD	445,000	JPMorgan Chase Bank N.A.		01/18/24		22,271
USD	151,000	CLP	132,895,100	Citibank N.A.		01/18/24		271
USD	151,000	CLP	132,895,100	Citibank N.A.		01/18/24		271
USD	153,000	CLP	133,625,610	Morgan Stanley & Co. International PLC		01/18/24		1,443
USD	227,000	CLP	197,689,760	Morgan Stanley & Co. International PLC		01/18/24		2,782
USD	151,000	CNH	1,074,573	Citibank N.A.		01/18/24		41
USD	151,000	CNH	1,074,573	Citibank N.A.		01/18/24		41
USD	294,543	MXN	4,995,000	JPMorgan Chase Bank N.A.		01/18/24		1,086
ZAR	4,388,696	USD	235,000	Bank of America N.A.		01/18/24		4,619
ZAR	2,754,727	USD	149,000	Barclays Bank PLC		01/18/24		1,406
ZAR	2,754,727	USD	149,000	Barclays Bank PLC		01/18/24		1,406
ZAR	5,570,820	USD	303,000	Barclays Bank PLC		01/18/24		1,162
ZAR	5,570,820	USD	303,000	Barclays Bank PLC		01/18/24		1,162
ZAR	2,770,610	USD	149,000	Citibank N.A.		01/18/24		2,273

34 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
ZAR	2,770,610	USD	149,000	Citibank N.A.		01/18/24	$	2,273
ZAR	2,826,372	USD	151,000	Citibank N.A.		01/18/24		3,318
ZAR	4,175,251	USD	225,000	Citibank N.A.		01/18/24		2,965
ZAR	4,344,241	USD	229,000	Citibank N.A.		01/18/24		8,192
ZAR	5,413,011	USD	293,000	Citibank N.A.		01/18/24		2,546
ZAR	4,135,838	USD	220,000	Deutsche Bank AG		01/18/24		5,813
ZAR	4,530,622	USD	241,000	Deutsche Bank AG		01/18/24		6,368
JPY	27,980,263	USD	195,000	JPMorgan Chase Bank N.A.		01/22/24		3,972
ILS	7,138,909	USD	1,816,979	Citibank N.A.		01/29/24		155,747
COP	1,997,860,000	USD	492,460	Citibank N.A.		01/31/24		20,157
IDR	80,651,107	USD	5,193	Citibank N.A.		01/31/24		46
IDR	11,595,352,584	USD	746,642	Citibank N.A.		01/31/24		6,603
BRL	1,942,422	USD	397,000	Morgan Stanley & Co. International PLC		02/02/24		2,224
BRL	1,942,422	USD	397,000	Morgan Stanley & Co. International PLC		02/02/24		2,224
EUR	11,143,448	USD	12,200,955	HSBC Bank PLC		02/02/24		115,304
CZK	6,639,998	USD	283,491	BNP Paribas SA		03/04/24		12,907
AUD	868,000	USD	571,184	The Bank of New York Mellon		03/14/24		21,586
CLP	522,973,000	USD	591,130	Goldman Sachs International		03/14/24		94
EUR	343,000	GBP	297,779	BNP Paribas SA		03/14/24		25
HUF	135,073,000	USD	379,152	Citibank N.A.		03/14/24		7,072
HUF	273,052,918	USD	762,572	Toronto-Dominion Bank		03/14/24		18,190
IDR	2,980,568,500	USD	192,980	Citibank N.A.		03/14/24		592
INR	69,922,000	USD	836,238	JPMorgan Chase Bank N.A.		03/14/24		1,402
KRW	502,507,000	USD	388,637	Citibank N.A.		03/14/24		1,007
KRW	961,805,000	USD	731,995	Citibank N.A.		03/14/24		13,787
MYR	5,841,883	USD	1,255,914	Barclays Bank PLC		03/14/24		24,845
NOK	1,909,582	EUR	162,188	Barclays Bank PLC		03/14/24		8,697
NOK	3,860,671	EUR	343,000	BNP Paribas SA		03/14/24		869
NOK	174,425	EUR	14,812	Citibank N.A.		03/14/24		798
RON	1,727,000	USD	373,432	Deutsche Bank AG		03/14/24		9,441
THB	77,482,952	USD	2,183,787	Barclays Bank PLC		03/14/24		100,217
USD	188,906	CLP	166,776,000	Citibank N.A.		03/14/24		365
AUD	100,000	EUR	61,119	UBS AG		03/20/24		623
AUD	503,000	NZD	541,752	State Street Bank and Trust Co.		03/20/24		1,025
AUD	100,000	NZD	107,489	UBS AG		03/20/24		340
AUD	480,000	USD	318,013	Australia & New Zealand Bank Group		03/20/24		9,839
AUD	1,900,377	USD	1,256,304	The Bank of New York Mellon		03/20/24		41,702
AUD	23,402,433	USD	15,470,220	The Bank of New York Mellon		03/20/24		514,248
CAD	22,870,099	USD	16,880,000	Deutsche Bank AG		03/20/24		397,996
CAD	460,651	USD	340,000	Morgan Stanley & Co. International PLC		03/20/24		8,015
CAD	2,241,262	USD	1,654,243	Morgan Stanley & Co. International PLC		03/20/24		38,995
CHF	519,206	USD	600,000	Barclays Bank PLC		03/20/24		22,185
CNH	15,825,668	USD	2,216,906	Royal Bank of Canada		03/20/24		15,870
CNH	21,220,939	USD	2,972,692	Royal Bank of Canada		03/20/24		21,281
CNH	21,277,442	USD	2,980,607	Royal Bank of Canada		03/20/24		21,337
CNH	29,982,233	USD	4,200,000	Royal Bank of Canada		03/20/24		30,067
CNH	89,655,094	USD	12,559,151	Royal Bank of Canada		03/20/24		89,908
CZK	12,008,544	USD	530,000	Morgan Stanley & Co. International PLC		03/20/24		5,880
CZK	13,999,650	USD	617,851	Morgan Stanley & Co. International PLC		03/20/24		6,882
DKK	7,311,780	USD	1,064,874	HSBC Bank PLC		03/20/24		22,178
DKK	2,746,611	USD	400,000	State Street Bank and Trust Co.		03/20/24		8,342
EUR	1,180,000	GBP	1,017,420	BNP Paribas SA		03/20/24		9,322
EUR	410,000	USD	443,880	Barclays Bank PLC		03/20/24		10,131
EUR	590,000	USD	638,507	Barclays Bank PLC		03/20/24		14,826
EUR	60,000	USD	65,782	Deutsche Bank AG		03/20/24		659
EUR	590,000	USD	639,778	Societe Generale		03/20/24		13,555
EUR	1,190,000	USD	1,305,121	Societe Generale		03/20/24		12,619
EUR	3,545,000	USD	3,846,069	State Street Bank and Trust Co.		03/20/24		79,467
EUR	40,754,710	USD	44,215,074	State Street Bank and Trust Co.		03/20/24		914,423
GBP	5,568,149	USD	7,006,544	State Street Bank and Trust Co.		03/20/24		93,583
HUF	24,000,000	EUR	61,847	JPMorgan Chase Bank N.A.		03/20/24		105
HUF	12,000,000	EUR	30,849	Societe Generale		03/20/24		135

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
IDR	26,928,247,495	USD	1,726,774	State Street Bank and Trust Co.		03/20/24	$	22,024
INR	125,105,000	USD	1,495,601	State Street Bank and Trust Co.		03/20/24		2,518
KRW	781,995,480	USD	600,000	Royal Bank of Canada		03/20/24		6,555
KRW	2,045,905,000	USD	1,569,771	UBS AG		03/20/24		17,137
MXN	197,616,281	USD	11,222,013	Bank of Montreal		03/20/24		271,215
MXN	102,550,000	USD	5,821,442	Barclays Bank PLC		03/20/24		142,795
MXN	1,200,000	USD	68,044	Morgan Stanley & Co. International PLC		03/20/24		1,747
MXN	2,200,000	USD	124,754	Morgan Stanley & Co. International PLC		03/20/24		3,197
MYR	2,560,525	USD	550,000	Barclays Bank PLC		03/20/24		11,572
NOK	14,858,595	CAD	1,854,366	HSBC Bank PLC		03/20/24		64,020
NOK	700,000	SEK	665,917	Bank of America N.A.		03/20/24		2,792
NOK	400,000	SEK	379,456	UBS AG		03/20/24		1,702
NOK	340,000	USD	31,030	Deutsche Bank AG		03/20/24		2,492
NOK	330,000	USD	30,092	JPMorgan Chase Bank N.A.		03/20/24		2,443
NOK	3,865,000	USD	356,327	Natwest Markets PLC		03/20/24		24,738
NOK	8,768,843	USD	807,724	Natwest Markets PLC		03/20/24		56,828
NOK	20,627,859	USD	1,900,000	Natwest Markets PLC		03/20/24		133,777
NZD	283,189	USD	174,193	UBS AG		03/20/24		4,861
PLN	1,056,594	USD	263,017	Nomura International PLC		03/20/24		5,232
PLN	7,112,292	USD	1,770,000	Toronto-Dominion Bank		03/20/24		35,680
SEK	1,400,000	USD	138,088	Barclays Bank PLC		03/20/24		1,137
SEK	500,000	USD	48,097	BNP Paribas SA		03/20/24		1,626
SEK	600,000	USD	59,051	JPMorgan Chase Bank N.A.		03/20/24		617
SEK	1,400,000	USD	137,554	JPMorgan Chase Bank N.A.		03/20/24		1,671
SEK	37,901,868	USD	3,646,000	State Street Bank and Trust Co.		03/20/24		123,206
SGD	2,402,096	USD	1,800,000	Toronto-Dominion Bank		03/20/24		26,549
THB	11,100,000	EUR	290,690	Barclays Bank PLC		03/20/24		5,470
THB	26,725,665	EUR	707,824	Citibank N.A.		03/20/24		4,396
THB	1,500,000	EUR	38,934	HSBC Bank PLC		03/20/24		1,126
THB	3,000,000	EUR	78,490	HSBC Bank PLC		03/20/24		1,561
THB	3,000,000	EUR	79,018	JPMorgan Chase Bank N.A.		03/20/24		977
USD	2,223	TRY	70,221	HSBC Bank PLC		03/20/24		6
ZAR	1,200,000	USD	62,386	Goldman Sachs International		03/20/24		2,777
ZAR	293,253,783	USD	15,368,426	State Street Bank and Trust Co.		03/20/24		556,146
AUD	1,900,000	JPY	179,367,486	Canadian Imperial Bank of Commerce		03/21/24		10,473
EUR	1,196,900	JPY	183,000,000	Bank of America N.A.		03/21/24		12,054
EUR	719,011	JPY	110,000,000	Deutsche Bank AG		03/21/24		6,761
JPY	182,000,000	EUR	1,176,022	Barclays Bank PLC		03/21/24		3,889
JPY	3,279,483,690	EUR	21,166,501	Deutsche Bank AG		03/21/24		97,106
JPY	182,000,000	USD	1,277,543	Barclays Bank PLC		03/21/24		28,662
JPY	184,000,000	USD	1,318,354	Deutsche Bank AG		03/21/24		2,205
JPY	92,000,000	USD	640,785	HSBC Bank PLC		03/21/24		19,495
JPY	92,000,000	USD	642,023	Societe Generale		03/21/24		18,256
JPY	374,902,550	USD	2,625,109	State Street Bank and Trust Co.		03/21/24		65,547
JPY	6,050,212,744	USD	42,362,281	State Street Bank and Trust Co.		03/21/24		1,059,786
COP	2,501,665,000	USD	569,985	BNP Paribas SA		05/17/24		58,677
KRW	405,000,000	USD	315,494	Citibank N.A.		06/20/24		228
COP	843,222,800	USD	197,974	Barclays Bank PLC		08/15/24		10,464
COP	2,089,906,000	USD	490,675	Barclays Bank PLC		08/15/24		25,936
COP	2,168,287,200	USD	501,442	BNP Paribas SA		08/15/24		34,543
COP	5,374,044,000	USD	1,242,812	BNP Paribas SA		08/15/24		85,614
COP	2,993,471,000	USD	692,452	Morgan Stanley & Co. International PLC		08/15/24		47,513
								6,923,667
BRL	752,760	USD	155,487	Citibank N.A.		01/03/24		(522	)
BRL	752,760	USD	155,487	Citibank N.A.		01/03/24		(522	)
BRL	2,194,489	USD	453,285	Goldman Sachs International		01/03/24		(1,521	)
BRL	1,934,184	USD	399,517	Morgan Stanley & Co. International PLC		01/03/24		(1,341	)
BRL	1,934,184	USD	399,517	Morgan Stanley & Co. International PLC		01/03/24		(1,341	)
USD	153,000	BRL	752,760	Citibank N.A.		01/03/24		(1,965	)
USD	153,000	BRL	752,760	Citibank N.A.		01/03/24		(1,965	)
USD	446,000	BRL	2,194,489	Goldman Sachs International		01/03/24		(5,764	)

36 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	397,000	BRL	1,934,184	Morgan Stanley & Co. International PLC		01/03/24	$	(1,177	)
USD	397,000	BRL	1,934,184	Morgan Stanley & Co. International PLC		01/03/24		(1,177	)
USD	207,218	COP	843,222,800	Barclays Bank PLC		01/09/24		(10,115	)
USD	513,585	COP	2,089,906,000	Barclays Bank PLC		01/09/24		(25,069	)
USD	524,552	COP	2,168,287,200	BNP Paribas SA		01/09/24		(34,304	)
USD	1,300,088	COP	5,374,044,000	BNP Paribas SA		01/09/24		(85,021	)
USD	735,433	COP	2,993,471,000	Citibank N.A.		01/09/24		(36,106	)
USD	218,500	TWD	7,029,801	Morgan Stanley & Co. International PLC		01/17/24		(12,320	)
USD	218,500	TWD	7,029,801	Morgan Stanley & Co. International PLC		01/17/24		(12,320	)
CLP	195,151,900	USD	227,000	BNP Paribas SA		01/18/24		(5,660	)
CLP	131,457,200	USD	152,000	Citibank N.A.		01/18/24		(2,902	)
CLP	131,457,200	USD	152,000	Citibank N.A.		01/18/24		(2,902	)
CLP	133,296,400	USD	152,000	Citibank N.A.		01/18/24		(816	)
CLP	133,296,400	USD	152,000	Citibank N.A.		01/18/24		(816	)
EUR	1,000	MXN	19,042	BNP Paribas SA		01/18/24		(14	)
EUR	1,000	MXN	19,042	BNP Paribas SA		01/18/24		(14	)
EUR	141,000	MXN	2,672,776	BNP Paribas SA		01/18/24		(1,278	)
EUR	141,000	MXN	2,672,776	BNP Paribas SA		01/18/24		(1,278	)
EUR	141,000	MXN	2,669,188	BNP Paribas SA		01/18/24		(1,067	)
EUR	141,000	MXN	2,669,188	BNP Paribas SA		01/18/24		(1,067	)
EUR	142,000	MXN	2,680,014	BNP Paribas SA		01/18/24		(599	)
EUR	142,000	MXN	2,680,014	BNP Paribas SA		01/18/24		(599	)
EUR	139,000	MXN	2,625,235	Morgan Stanley & Co. International PLC		01/18/24		(694	)
EUR	139,000	MXN	2,625,235	Morgan Stanley & Co. International PLC		01/18/24		(694	)
EUR	274,000	NOK	3,093,474	BNP Paribas SA		01/18/24		(1,934	)
EUR	274,000	NOK	3,093,474	BNP Paribas SA		01/18/24		(1,934	)
EUR	104,000	NOK	1,211,015	Goldman Sachs International		01/18/24		(4,362	)
EUR	104,000	NOK	1,211,015	Goldman Sachs International		01/18/24		(4,362	)
EUR	138,000	PLN	613,282	BNP Paribas SA		01/18/24		(3,401	)
EUR	138,000	PLN	613,282	BNP Paribas SA		01/18/24		(3,401	)
EUR	139,000	PLN	619,057	UBS AG		01/18/24		(3,763	)
EUR	139,000	PLN	619,057	UBS AG		01/18/24		(3,763	)
EUR	86,198	USD	95,227	UBS AG		01/18/24		(13	)
GBP	183,000	USD	233,660	BNP Paribas SA		01/18/24		(380	)
HUF	52,660,310	EUR	138,000	BNP Paribas SA		01/18/24		(957	)
HUF	52,660,310	EUR	138,000	BNP Paribas SA		01/18/24		(957	)
KRW	193,793,400	USD	151,000	Citibank N.A.		01/18/24		(1,406	)
KRW	193,793,400	USD	151,000	Citibank N.A.		01/18/24		(1,406	)
USD	152,875	AUD	230,000	Barclays Bank PLC		01/18/24		(3,934	)
USD	152,875	AUD	230,000	Barclays Bank PLC		01/18/24		(3,934	)
USD	227,462	AUD	343,000	BNP Paribas SA		01/18/24		(6,389	)
USD	229,901	AUD	349,000	Goldman Sachs International		01/18/24		(8,040	)
USD	306,944	AUD	467,000	Goldman Sachs International		01/18/24		(11,447	)
USD	149,244	AUD	229,000	Morgan Stanley & Co. International PLC		01/18/24		(6,884	)
USD	149,244	AUD	229,000	Morgan Stanley & Co. International PLC		01/18/24		(6,884	)
USD	242,000	CAD	333,458	Morgan Stanley & Co. International PLC		01/18/24		(9,716	)
USD	897,000	CAD	1,236,008	Morgan Stanley & Co. International PLC		01/18/24		(36,020	)
USD	151,000	CAD	207,653	UBS AG		01/18/24		(5,750	)
USD	151,000	CAD	207,653	UBS AG		01/18/24		(5,750	)
USD	153,000	CHF	133,748	Goldman Sachs International		01/18/24		(6,257	)
USD	151,000	CLP	133,672,750	Societe Generale		01/18/24		(611	)
USD	151,000	CLP	133,672,750	Societe Generale		01/18/24		(611	)
USD	76,000	CNH	542,945	UBS AG		01/18/24		(275	)
USD	76,000	CNH	542,945	UBS AG		01/18/24		(275	)
USD	151,000	COP	609,889,000	Bank of America N.A.		01/18/24		(5,905	)
USD	153,000	COP	614,929,950	BNP Paribas SA		01/18/24		(5,201	)
USD	152,000	COP	617,740,160	Citibank N.A.		01/18/24		(6,924	)
USD	151,000	COP	605,661,000	Goldman Sachs International		01/18/24		(4,817	)
USD	151,000	COP	605,661,000	Goldman Sachs International		01/18/24		(4,817	)
USD	152,000	COP	614,754,880	Goldman Sachs International		01/18/24		(6,156	)
USD	148,000	COP	606,060,000	Standard Chartered Bank		01/18/24		(7,920	)
USD	160,000	COP	655,200,000	Standard Chartered Bank		01/18/24		(8,562	)

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	160,000	COP	655,200,000	Standard Chartered Bank		01/18/24	$	(8,562	)
USD	400,419	COP	1,631,909,376	State Street Bank and Trust Co.		01/18/24		(19,418	)
USD	150,000	CZK	3,446,229	Citibank N.A.		01/18/24		(4,027	)
USD	150,000	CZK	3,446,229	Citibank N.A.		01/18/24		(4,027	)
USD	151,134	EUR	138,000	Barclays Bank PLC		01/18/24		(1,301	)
USD	151,134	EUR	138,000	Barclays Bank PLC		01/18/24		(1,301	)
USD	151,391	EUR	138,000	Barclays Bank PLC		01/18/24		(1,043	)
USD	307,893	EUR	280,000	Barclays Bank PLC		01/18/24		(1,393	)
USD	151,637	EUR	139,000	BNP Paribas SA		01/18/24		(1,902	)
USD	151,637	EUR	139,000	BNP Paribas SA		01/18/24		(1,902	)
USD	212,542	EUR	198,000	BNP Paribas SA		01/18/24		(6,167	)
USD	378,895	EUR	349,000	BNP Paribas SA		01/18/24		(6,608	)
USD	378,895	EUR	349,000	BNP Paribas SA		01/18/24		(6,608	)
USD	164,672	EUR	150,000	Deutsche Bank AG		01/18/24		(1,017	)
USD	151,555	EUR	138,000	Goldman Sachs International		01/18/24		(879	)
USD	151,555	EUR	138,000	Goldman Sachs International		01/18/24		(879	)
USD	227,638	EUR	207,000	Goldman Sachs International		01/18/24		(1,013	)
USD	227,638	EUR	207,000	Goldman Sachs International		01/18/24		(1,013	)
USD	236,117	EUR	220,000	The Bank of New York Mellon		01/18/24		(6,894	)
USD	309,569	EUR	286,000	UBS AG		01/18/24		(6,345	)
USD	229,182	GBP	183,000	Barclays Bank PLC		01/18/24		(4,098	)
USD	302,458	GBP	241,000	Barclays Bank PLC		01/18/24		(4,758	)
USD	302,458	GBP	241,000	Barclays Bank PLC		01/18/24		(4,758	)
USD	89,164	IDR	1,380,705,114	Barclays Bank PLC		01/18/24		(531	)
USD	276,858	IDR	4,291,297,969	Barclays Bank PLC		01/18/24		(1,918	)
USD	377,060	IDR	5,820,667,687	Barclays Bank PLC		01/18/24		(1,069	)
USD	465,535	IDR	7,221,841,687	BNP Paribas SA		01/18/24		(3,618	)
USD	669,282	IDR	10,404,664,584	BNP Paribas SA		01/18/24		(6,637	)
USD	226,000	JPY	33,129,814	Barclays Bank PLC		01/18/24		(9,444	)
USD	150,000	JPY	22,066,209	BNP Paribas SA		01/18/24		(6,818	)
USD	227,000	JPY	33,274,093	BNP Paribas SA		01/18/24		(9,469	)
USD	229,000	JPY	32,652,436	BNP Paribas SA		01/18/24		(3,051	)
USD	151,000	JPY	22,171,465	Goldman Sachs International		01/18/24		(6,566	)
USD	32,000	JPY	4,801,004	Morgan Stanley & Co. International PLC		01/18/24		(2,119	)
USD	232,000	JPY	34,807,280	Morgan Stanley & Co. International PLC		01/18/24		(15,365	)
USD	151,000	KRW	195,683,618	UBS AG		01/18/24		(53	)
USD	1,068,788	MXN	18,695,889	Barclays Bank PLC		01/18/24		(29,598	)
USD	155,000	MXN	2,683,623	Citibank N.A.		01/18/24		(2,663	)
USD	225,000	MXN	4,000,969	Citibank N.A.		01/18/24		(10,058	)
USD	240,508	MXN	4,332,455	Citibank N.A.		01/18/24		(14,025	)
USD	303,000	MXN	5,258,244	Citibank N.A.		01/18/24		(5,923	)
USD	5,747,115	MXN	103,527,376	Citibank N.A.		01/18/24		(335,137	)
USD	152,000	MXN	2,677,109	Goldman Sachs International		01/18/24		(5,281	)
USD	152,000	MXN	2,677,109	Goldman Sachs International		01/18/24		(5,281	)
USD	229,000	MXN	3,987,346	Morgan Stanley & Co. International PLC		01/18/24		(5,257	)
USD	230,000	MXN	4,006,412	Morgan Stanley & Co. International PLC		01/18/24		(5,377	)
USD	288,396	MXN	5,025,180	Toronto-Dominion Bank		01/18/24		(6,835	)
USD	151,000	NOK	1,607,680	Morgan Stanley & Co. International PLC		01/18/24		(7,297	)
USD	155,000	NOK	1,621,758	UBS AG		01/18/24		(4,683	)
USD	307,000	NOK	3,374,438	UBS AG		01/18/24		(25,257	)
USD	150,000	PLN	620,200	BNP Paribas SA		01/18/24		(7,592	)
USD	150,000	PLN	620,200	BNP Paribas SA		01/18/24		(7,592	)
USD	228,000	PLN	916,149	BNP Paribas SA		01/18/24		(4,793	)
USD	440,000	PLN	1,821,369	BNP Paribas SA		01/18/24		(22,809	)
USD	651,506	PLN	2,698,911	BNP Paribas SA		01/18/24		(34,286	)
USD	303,000	PLN	1,218,285	Citibank N.A.		01/18/24		(6,566	)
USD	738,198	PLN	2,973,326	Deutsche Bank AG		01/18/24		(17,322	)
USD	301,000	PLN	1,211,700	Goldman Sachs International		01/18/24		(6,893	)
USD	157,000	PLN	624,713	UBS AG		01/18/24		(1,739	)
USD	118,000	TWD	3,676,880	Citibank N.A.		01/18/24		(2,746	)
USD	151,000	ZAR	2,842,829	Bank of America N.A.		01/18/24		(4,216	)
USD	151,000	ZAR	2,842,829	Bank of America N.A.		01/18/24		(4,216	)

38 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	235,000	ZAR	4,311,765	Barclays Bank PLC		01/18/24	$	(419	)
USD	151,000	ZAR	2,871,778	Citibank N.A.		01/18/24		(5,797	)
USD	151,000	ZAR	2,871,778	Citibank N.A.		01/18/24		(5,797	)
USD	151,000	ZAR	2,860,318	Citibank N.A.		01/18/24		(5,171	)
USD	151,000	ZAR	2,860,318	Citibank N.A.		01/18/24		(5,171	)
USD	151,000	ZAR	2,826,573	Citibank N.A.		01/18/24		(3,328	)
USD	151,000	ZAR	2,774,097	Citibank N.A.		01/18/24		(463	)
USD	151,000	ZAR	2,774,097	Citibank N.A.		01/18/24		(463	)
USD	225,000	ZAR	4,155,154	Citibank N.A.		01/18/24		(1,868	)
USD	293,000	ZAR	5,508,184	Deutsche Bank AG		01/18/24		(7,742	)
USD	229,000	ZAR	4,308,979	HSBC Bank PLC		01/18/24		(6,267	)
ZAR	2,744,052	EUR	136,000	Deutsche Bank AG		01/18/24		(402	)
ZAR	2,744,106	EUR	136,000	Deutsche Bank AG		01/18/24		(399	)
USD	195,000	TWD	6,072,300	Citibank N.A.		01/22/24		(4,524	)
USD	97,894	ILS	374,415	JPMorgan Chase Bank N.A.		01/29/24		(5,570	)
USD	196,039	ILS	748,829	JPMorgan Chase Bank N.A.		01/29/24		(10,888	)
USD	942,022	ILS	3,594,379	JPMorgan Chase Bank N.A.		01/29/24		(51,228	)
USD	635,444	ILS	2,421,286	Toronto-Dominion Bank		01/29/24		(33,641	)
USD	757,002	IDR	11,676,003,691	Citibank N.A.		01/31/24		(1,482	)
USD	474,462	AUD	717,071	Morgan Stanley & Co. International PLC		02/02/24		(14,657	)
USD	2,506,233	CAD	3,407,000	State Street Bank and Trust Co.		02/02/24		(66,116	)
USD	3,821,611	CNH	27,192,000	Barclays Bank PLC		02/02/24		(1,968	)
USD	2,781,771	GBP	2,198,218	Deutsche Bank AG		02/02/24		(20,644	)
USD	127,195	HKD	993,000	HSBC Bank PLC		02/02/24		(57	)
USD	3,242,457	JPY	474,163,000	State Street Bank and Trust Co.		02/02/24		(135,208	)
USD	520,929	MXN	9,150,000	Toronto-Dominion Bank		02/02/24		(15,340	)
USD	233,160	NOK	2,500,000	Natwest Markets PLC		02/02/24		(13,086	)
USD	107,700	SEK	1,124,000	Natwest Markets PLC		02/02/24		(3,873	)
USD	1,241,246	ZAR	23,520,978	Toronto-Dominion Bank		02/05/24		(41,039	)
USD	45,315	EUR	41,870	Citibank N.A.		02/06/24		(969	)
USD	93,291	EUR	86,198	Citibank N.A.		02/06/24		(1,994	)
USD	109,818	EUR	101,469	Citibank N.A.		02/06/24		(2,347	)
USD	117,352	EUR	108,430	Citibank N.A.		02/06/24		(2,508	)
USD	616,903	COP	2,501,665,000	Citibank N.A.		02/20/24		(22,484	)
USD	627,104	CZK	14,169,751	Bank of America N.A.		03/04/24		(5,410	)
USD	760,179	CZK	17,196,244	BNP Paribas SA		03/04/24		(7,434	)
USD	868,630	CZK	19,820,890	BNP Paribas SA		03/04/24		(16,142	)
EUR	177,000	NOK	2,017,566	Barclays Bank PLC		03/14/24		(2,945	)
USD	188,706	BRL	944,000	Goldman Sachs International		03/14/24		(4,310	)
USD	2,057,613	BRL	10,276,542	Goldman Sachs International		03/14/24		(43,593	)
USD	1,446,692	COP	5,880,946,843	Citibank N.A.		03/14/24		(49,571	)
USD	2,214,190	CZK	50,247,596	Barclays Bank PLC		03/14/24		(28,357	)
USD	288,942	EUR	267,569	Barclays Bank PLC		03/14/24		(7,274	)
USD	94,077	EUR	87,095	Deutsche Bank AG		03/14/24		(2,344	)
USD	1,469,596	IDR	23,037,242,361	UBS AG		03/14/24		(26,549	)
USD	310,407	MXN	5,486,306	Barclays Bank PLC		03/14/24		(8,988	)
USD	375,597	MXN	6,640,000	Barclays Bank PLC		03/14/24		(10,961	)
USD	219,100	PLN	883,610	Citibank N.A.		03/14/24		(5,254	)
USD	961,202	PLN	3,863,441	HSBC Bank PLC		03/14/24		(19,751	)
USD	2,410,908	ZAR	46,282,816	State Street Bank and Trust Co.		03/14/24		(103,760	)
CNH	10,746	AUD	2,278	Nomura International PLC		03/20/24		(40	)
EUR	1,843,672	AUD	3,025,624	Morgan Stanley & Co. International PLC		03/20/24		(25,000	)
GBP	1,018,925	EUR	1,180,000	Citibank N.A.		03/20/24		(7,402	)
GBP	5,452,454	EUR	6,322,998	Natwest Markets PLC		03/20/24		(49,135	)
HUF	22,000,000	EUR	56,970	Nomura International PLC		03/20/24		(209	)
SEK	387,958	NOK	400,000	Deutsche Bank AG		03/20/24		(856	)
SEK	679,119	NOK	700,000	UBS AG		03/20/24		(1,480	)
TRY	694,624	USD	22,000	HSBC Bank PLC		03/20/24		(70	)
USD	2,790,000	AUD	4,220,457	Morgan Stanley & Co. International PLC		03/20/24		(92,682	)
USD	2,281,000	BRL	11,347,587	Barclays Bank PLC		03/20/24		(38,136	)
USD	2,348,824	BRL	11,685,000	Barclays Bank PLC		03/20/24		(39,270	)
USD	2,427,884	BRL	12,078,310	Barclays Bank PLC		03/20/24		(40,592	)

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	396,602	BRL	1,973,110	State Street Bank and Trust Co.		03/20/24	$	(6,648	)
USD	309,613	CAD	420,000	Barclays Bank PLC		03/20/24		(7,690	)
USD	228,720	CAD	309,879	The Bank of New York Mellon		03/20/24		(5,388	)
USD	7,316	CHF	6,328	Royal Bank of Canada		03/20/24		(267	)
USD	3,819,167	CNH	27,260,000	HSBC Bank PLC		03/20/24		(26,831	)
USD	48,380	CNH	345,364	Royal Bank of Canada		03/20/24		(346	)
USD	1,120,137	CNH	7,996,240	Royal Bank of Canada		03/20/24		(8,019	)
USD	1,635,428	COP	6,669,274,724	Goldman Sachs International		03/20/24		(59,315	)
USD	294,730	COP	1,203,059,982	State Street Bank and Trust Co.		03/20/24		(10,982	)
USD	1,634,526	COP	6,669,274,725	Toronto-Dominion Bank		03/20/24		(60,216	)
USD	1,910,999	CZK	43,305,000	Deutsche Bank AG		03/20/24		(21,482	)
USD	500,896	CZK	11,349,606	Morgan Stanley & Co. International PLC		03/20/24		(5,579	)
USD	809	DKK	5,552	Toronto-Dominion Bank		03/20/24		(17	)
USD	447,917	EUR	410,000	Barclays Bank PLC		03/20/24		(6,094	)
USD	636,801	EUR	590,000	BNP Paribas SA		03/20/24		(16,533	)
USD	4,650,000	EUR	4,286,301	Deutsche Bank AG		03/20/24		(96,411	)
USD	15,963,736	EUR	14,714,459	Deutsche Bank AG		03/20/24		(330,237	)
USD	65,872	EUR	60,000	Morgan Stanley & Co. International PLC		03/20/24		(568	)
USD	1,300,476	EUR	1,190,000	Morgan Stanley & Co. International PLC		03/20/24		(17,264	)
USD	59,602,950	EUR	55,000,000	Morgan Stanley & Co. International PLC		03/20/24		(1,300,988	)
USD	636,758	EUR	590,000	Societe Generale		03/20/24		(16,576	)
USD	129,801	EUR	120,000	UBS AG		03/20/24		(3,080	)
USD	11,028,401	GBP	8,764,140	Morgan Stanley & Co. International PLC		03/20/24		(147,038	)
USD	57,716	HKD	450,000	Royal Bank of Canada		03/20/24		(15	)
USD	755,181	HUF	269,785,000	State Street Bank and Trust Co.		03/20/24		(15,859	)
USD	761,000	IDR	11,858,807,590	HSBC Bank USA N.A.		03/20/24		(9,145	)
USD	1,536,052	IDR	23,936,590,166	HSBC Bank USA N.A.		03/20/24		(18,459	)
USD	78,000	INR	6,524,427	Deutsche Bank AG		03/20/24		(129	)
USD	4,931,632	MXN	86,844,564	Bank of Montreal		03/20/24		(119,188	)
USD	62,998	MXN	1,100,000	Barclays Bank PLC		03/20/24		(978	)
USD	426,000	MXN	7,500,156	Toronto-Dominion Bank		03/20/24		(10,204	)
USD	24,225,262	MXN	426,509,963	Toronto-Dominion Bank		03/20/24		(580,266	)
USD	146,220	NOK	1,500,000	Barclays Bank PLC		03/20/24		(1,670	)
USD	45,811	NOK	500,000	Goldman Sachs International		03/20/24		(3,486	)
USD	471,554	NOK	5,118,505	Goldman Sachs International		03/20/24		(33,098	)
USD	134,783	NOK	1,400,000	JPMorgan Chase Bank N.A.		03/20/24		(3,248	)
USD	67,042	NOK	700,000	Morgan Stanley & Co. International PLC		03/20/24		(1,973	)
USD	50,160	NOK	520,000	The Bank of New York Mellon		03/20/24		(1,109	)
USD	310,997	PLN	1,249,338	Nomura International PLC		03/20/24		(6,187	)
USD	308,705	PLN	1,240,000	State Street Bank and Trust Co.		03/20/24		(6,109	)
USD	28,829	SEK	300,000	BNP Paribas SA		03/20/24		(1,005	)
USD	28,804	SEK	300,000	Goldman Sachs International		03/20/24		(1,030	)
USD	32,872	SEK	341,550	HSBC Bank PLC		03/20/24		(1,094	)
USD	127,171	SEK	1,321,361	HSBC Bank PLC		03/20/24		(4,234	)
USD	360,495	SEK	3,745,000	Natwest Markets PLC		03/20/24		(11,932	)
USD	64,000	ZAR	1,200,000	JPMorgan Chase Bank N.A.		03/20/24		(1,164	)
USD	1,879,914	ZAR	35,835,000	Morgan Stanley & Co. International PLC		03/20/24		(66,035	)
USD	9,140,000	ZAR	174,372,335	Morgan Stanley & Co. International PLC		03/20/24		(328,948	)
USD	4,175,530	ZAR	79,675,694	State Street Bank and Trust Co.		03/20/24		(151,102	)
CNH	26,729	JPY	534,673	Royal Bank of Canada		03/21/24		(66	)
EUR	1,175,468	JPY	182,000,000	UBS AG		03/21/24		(4,503	)
JPY	272,714,525	AUD	2,888,467	State Street Bank and Trust Co.		03/21/24		(15,693	)
JPY	377,659,800	AUD	4,000,000	State Street Bank and Trust Co.		03/21/24		(21,733	)
JPY	185,000,000	EUR	1,211,780	Barclays Bank PLC		03/21/24		(14,178	)
JPY	108,000,000	EUR	702,654	Goldman Sachs International		03/21/24		(3,002	)
USD	1,287,226	JPY	184,000,000	Goldman Sachs International		03/21/24		(33,332	)
USD	732,990	JPY	105,427,000	HSBC Bank PLC		03/21/24		(23,654	)
USD	1,263,066	JPY	182,000,000	Morgan Stanley & Co. International PLC		03/21/24		(43,139	)
USD	1,318,874	JPY	184,000,000	Morgan Stanley & Co. International PLC		03/21/24		(1,685	)
USD	22,085,541	JPY	3,154,109,393	Morgan Stanley & Co. International PLC		03/21/24		(551,341	)
USD	11,955	JPY	1,707,932	State Street Bank and Trust Co.		03/22/24		(305	)
USD	198,762	BRL	975,000	JPMorgan Chase Bank N.A.		04/02/24		(304	)

40 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	724,844	BRL	3,796,586	State Street Bank and Trust Co.	04/02/24	$	(50,306	)
USD	892,362	BRL	4,585,137	State Street Bank and Trust Co.	04/02/24		(43,785	)
USD	1,768,981	BRL	9,265,569	State Street Bank and Trust Co.	04/02/24		(122,771	)
USD	312,805	TWD	9,600,000	Bank of America N.A.	06/20/24		(8,707	)
TRY	1,507,800	USD	38,689	Barclays Bank PLC	12/04/24		(696	)
TRY	1,828,100	USD	46,908	Barclays Bank PLC	12/04/24		(844	)
TRY	1,492,722	USD	38,903	Goldman Sachs International	12/04/24		(1,290	)
TRY	1,507,800	USD	38,558	Goldman Sachs International	12/04/24		(564	)
TRY	1,809,819	USD	47,168	Goldman Sachs International	12/04/24		(1,564	)
TRY	1,828,100	USD	46,749	Goldman Sachs International	12/04/24		(684	)
TRY	3,015,600	USD	77,472	Goldman Sachs International	12/04/24		(1,485	)
TRY	3,656,200	USD	93,929	Goldman Sachs International	12/04/24		(1,801	)
TRY	4,523,400	USD	116,119	Goldman Sachs International	12/04/24		(2,139	)
TRY	5,484,300	USD	140,786	Goldman Sachs International	12/04/24		(2,593	)
							(6,801,906	)
						$	121,761

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
SPDR S&P 500 ETF Trust		293		01/05/24	USD	476.00	USD	13,927	$	64,167
SPDR S&P 500 ETF Trust		129		01/12/24	USD	476.00	USD	6,131		49,213
Amazon.com, Inc.		14		01/19/24	USD	150.00	USD	213		6,580
Applied Materials, Inc.		42		01/19/24	USD	160.00	USD	681		23,940
Cheniere Energy, Inc.		13		01/19/24	USD	180.00	USD	222		1,040
Chevron Corp.		34		01/19/24	USD	150.00	USD	507		9,112
ConocoPhillips		32		01/19/24	USD	125.00	USD	371		880
Delta Air Lines, Inc.		50		01/19/24	USD	35.00	USD	201		27,125
Delta Air Lines, Inc.		21		01/19/24	USD	42.00	USD	84		1,565
Dynatrace, Inc.		21		01/19/24	USD	50.00	USD	115		9,870
General Dynamics Corp.		6		01/19/24	USD	260.00	USD	156		1,950
InvesCo QQQ Trust, Series 1		31		01/19/24	USD	409.78	USD	1,270		17,794
Invesco S&P 500 Equal Weight ETF		154		01/19/24	USD	160.00	USD	2,430		16,940
Meta Platforms, Inc., Class A		3		01/19/24	USD	345.00	USD	106		4,380
SPDR S&P 500 ETF Trust		63		01/19/24	USD	481.00	USD	2,994		16,191
T-Mobile U.S., Inc.		53		01/19/24	USD	155.00	USD	850		34,715
Uber Technologies, Inc.		65		01/19/24	USD	62.50	USD	400		9,262
Walt Disney Co.		52		01/19/24	USD	100.00	USD	470		806
Wynn Resorts Ltd.		21		01/19/24	USD	95.00	USD	191		2,657
Wynn Resorts Ltd.		15		01/19/24	USD	90.00	USD	137		5,100
Amazon.com, Inc.		8		02/16/24	USD	165.00	USD	122		2,212
ConocoPhillips		25		02/16/24	USD	125.00	USD	290		3,525
Delta Air Lines, Inc.		42		02/16/24	USD	44.00	USD	169		3,108
Intel Corp.		41		02/16/24	USD	55.00	USD	206		4,777
iShares China Large-Cap ETF		815		02/16/24	USD	27.00	USD	1,958		19,152
iShares China Large-Cap ETF		493		02/16/24	USD	26.00	USD	1,185		19,966
JPMorgan Chase & Co.		25		02/16/24	USD	175.00	USD	425		6,200
Meta Platforms, Inc., Class A		9		02/16/24	USD	380.00	USD	319		9,068
Micron Technology, Inc.		9		02/16/24	USD	90.00	USD	77		1,742
Micron Technology, Inc.		15		02/16/24	USD	85.00	USD	128		6,150
Uber Technologies, Inc.		54		02/16/24	USD	70.00	USD	332		5,454
UBS Group AG, Registered Shares		87		02/16/24	USD	30.00	USD	269		16,704
Walmart, Inc.		14		02/16/24	USD	155.00	USD	221		8,050
Wells Fargo & Co.		85		02/16/24	USD	47.50	USD	418		23,545
iShares China Large-Cap ETF		357		03/15/24	USD	24.85	USD	858		36,949
Norfolk Southern Corp.		5		03/15/24	USD	230.00	USD	118		7,300
										477,189

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Exchange-Traded Options Purchased (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
iShares iBoxx $ High Yield Corporate Bond ETF		419		01/19/24	USD	77.00	USD	3,243	$	10,056
iShares iBoxx $ Investment Grade Corporate Bond ETF		736		01/19/24	USD	108.00	USD	8,145		10,672
2-Year U.S. Treasury Note Future		30		01/26/24	USD	102.50	USD	6,177		6,563
2-Year U.S. Treasury Note Future		40		02/23/24	USD	102.50	USD	8,237		16,250
										43,541
									$	520,730

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Number of Contracts

Expiration Date

Exercise Price

Barrier Price/Range

Notional Amount (000)

Value

Put

EUR Currency

One Touch

BNP Paribas SA

—

01/12/24

USD

1.04

USD

1.035

EUR

84

$

8

USD Currency

Down-and-out

Goldman Sachs International

—

01/15/24

MXN

16.98

MXN

16.42

USD

1,052

6,258

EUR Currency

One Touch

Bank of America N.A.

—

02/02/24

PLN

4.28

PLN

4.28

EUR

82

18,541

USD Currency

Down-and-out

Bank of America N.A.

—

02/06/24

KRW

1,290.00

KRW

1240.00

USD

2,238

9,075

EUR Currency

One Touch

Deutsche Bank AG

—

02/09/24

USD

1.07

USD

1.07

EUR

168

14,433

USD Currency

Down-and-out

Goldman Sachs International

—

02/27/24

CNH

7.10

CNH

6.95

USD

2,136

3,595

EUR Currency

One Touch

Bank of America N.A.

—

03/27/24

USD

1.05

USD

1.054

EUR

117

8,623

$

60,533

OTC Options Purchased

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
EUR Currency	Goldman Sachs International		—		01/08/24	CZK	24.90	EUR	982	$	1,145
TOPIX Banks Index	BNP Paribas SA		466,800		01/12/24	JPY	286.63	JPY	116,882		10
TOPIX Banks Index	Goldman Sachs International		777,689		01/12/24	JPY	286.49	JPY	194,726		100
TOPIX Banks Index	JPMorgan Chase Bank N.A.		311,512		01/12/24	JPY	286.56	JPY	77,999		40
Mitsubishi UFJ Financial Group, Inc.	Goldman Sachs International		26,860		03/08/24	JPY	1,301.78	JPY	32,503		4,352
Mizuho Financial Group, Inc.	Morgan Stanley & Co. International PLC		9,960		03/08/24	JPY	2,556.36	JPY	23,955		2,950
Sumitomo Mitsui Financial Group, Inc.	Citibank N.A.		4,640		03/08/24	JPY	7,498.51	JPY	31,835		3,319
TOPIX Banks Index	BNP Paribas SA		545,000		03/08/24	JPY	270.72	JPY	136,463		15,626
NOK Currency	JPMorgan Chase Bank N.A.		—		03/13/24	SEK	0.99	NOK	20,070		31,642
USD Currency	HSBC Bank USA N.A.		—		08/21/24	CNH	8.50	USD	21,309		3,985
											63,169
Put
EUR Currency	JPMorgan Chase Bank N.A.		—		01/04/24	USD	1.06	EUR	8,197		9
USD Currency	Goldman Sachs International		—		01/04/24	BRL	4.89	USD	458		4,784
EUR Currency	Bank of America N.A.		—		01/12/24	USD	1.04	EUR	4,660		5
EUR Currency	Deutsche Bank AG		—		01/12/24	USD	1.07	EUR	11,218		557
EUR Currency	Deutsche Bank AG		—		01/17/24	USD	1.04	EUR	2,320		18
EUR Currency	Bank of America N.A.		—		01/25/24	USD	1.09	EUR	552		2,344
USD Currency	JPMorgan Chase Bank N.A.		—		01/30/24	JPY	144.00	USD	6,363		184,867
EUR Currency	BNP Paribas SA		—		01/31/24	USD	1.09	EUR	685		3,364
EUR Currency	Citibank N.A.		—		02/13/24	USD	1.07	EUR	10,760		14,515
USD Currency	Goldman Sachs International		—		02/22/24	KRW	1,280.00	USD	379		3,618
											214,081
										$	277,250

42 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

OTC Dual Binary Options Purchased

Description	Counterparty	Units		Expiration Date		Notional Amount (000)		Value
Call
Dual Binary Option payout at expiry if USD JPY >= 154.25 and JPY 10-year swap > 1.25%	Bank of America N.A.		120,200		04/08/24	USD	18,541	$	2,713
Dual Binary Option payout at expiry if USD JPY >= 154.25 and JPY 10-year swap > 1.27%	Bank of America N.A.		120,200		05/08/24	USD	18,541		3,912
									6,625
Put
Dual Binary Option payout at expiry if S&P 500 < 4,663.22 and US 2-year swap > 4.42%	UBS AG		92,276		03/01/24	USD	430,303		2,042
Dual Binary Option payout at expiry if USD JPY < 137.00 and USD CNH > 7.20	Deutsche Bank AG		—		03/07/24	USD	257		74,069
Dual Binary Option payout at expiry if S&P 500 < 4,666.87 and US 2-year swap > 4.37%	UBS AG		46,137		03/15/24	USD	215,315		1,258
									77,369
								$	83,994

OTC Interest Rate Swaptions Purchased

Description	Paid by the Fund				Received by the Fund					Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)		Value
	Rate			Frequency	Rate			Frequency
Call
10-Year Interest Rate Swap, 01/12/34		1-Day SOFR, 5.38	%	Quarterly		4.00	%		Annual	Goldman Sachs International		01/10/24		4.00	%	USD	4,076	$	171,938
10-Year Interest Rate Swap, 01/14/34		1-Day SOFR, 5.38	%	Quarterly		4.00	%		Annual	JPMorgan Chase Bank N.A.		01/12/24		4.00		USD	2,938		124,665
2-Year Interest Rate Swap, 01/25/24		1-Day SOFR, 5.38	%	Quarterly		4.00	%		Annual	Citibank N.A.		01/23/24		4.00		USD	10,280		163,480
2-Year Interest Rate Swap, 02/05/28		1-Day SOFR, 5.38	%	Annual		3.87	%		Annual	Deutsche Bank AG		02/01/24		3.87		USD	10,488		146,345
10-Year Interest Rate Swap, 02/08/34		1-Day SOFR, 0.00	%	Annual		3.45	%		Annual	JPMorgan Chase Bank N.A.		02/06/24		3.45		USD	6,730		74,230
1-Year Interest Rate Swap, 02/14/25 .		1-Day SOFR, 5.38	%	Annual		4.45	%		Annual	Citibank N.A.		02/12/24		4.45		USD	84,562		83,816
5-Year Interest Rate Swap, 03/03/29 .		6-mo. EURIBOR, 3.86	%	Semi- Annual		3.00	%		Annual	JPMorgan Chase Bank N.A.		03/01/24		3.00		EUR	6,374		214,992
10-Year Interest Rate Swap, 03/20/34		1-Day SOFR, 5.38	%	Quarterly		3.65	%		Annual	Citibank N.A.		03/18/24		3.65		USD	4,116		111,412
5-Year Interest Rate Swap, 03/20/29		6-mo. EURIBOR, 3.86	%	Semi- Annual		3.18	%		Annual	JPMorgan Chase Bank N.A.		03/18/24		3.18		EUR	5,242		227,943
2-Year Interest Rate Swap, 03/30/26		1-Day SOFR, 5.38	%	Quarterly		4.20	%		Annual	JPMorgan Chase Bank N.A.		03/28/24		4.20		USD	78,381		734,209
10-Year Interest Rate Swap, 05/30/34		1-Day SOFR, 5.38	%	Annual		3.67	%		Annual	Citibank N.A.		05/28/24		3.67		USD	5,363		193,005
2-Year Interest Rate Swap, 10/26/26		1-Day SOFR, 5.38	%	Quarterly		4.00	%		Annual	JPMorgan Chase Bank N.A.		10/24/24		4.00		USD	41,802		672,928
																		$	2,918,963

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Applied Materials, Inc.		42		01/19/24		USD	175.00		USD	681	$	(3,087	)
InvesCo QQQ Trust, Series 1		31		01/19/24		USD	423.78		USD	1,270		(3,162	)
T-Mobile U.S., Inc.		53		01/19/24		USD	165.00		USD	850		(4,690	)
Uber Technologies, Inc.		65		01/19/24		USD	70.00		USD	400		(846	)
iShares China Large-Cap ETF		815		02/16/24		USD	30.00		USD	1,958		(7,335	)

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

Schedule of Investments  (continued) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Exchange-Traded Options Written (continued)

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)			Value
Call (continued)
iShares China Large-Cap ETF		493		02/16/24	USD	28.00		USD	1,185	$	(6,902	)
2-Year U.S. Treasury Note Future		20		02/23/24	USD	104.50		USD	4,118		(2,500	)
iShares China Large-Cap ETF		357		03/15/24	USD	28.85		USD	858		(7,675	)
											(36,197	)
Put
Applied Materials, Inc.		17		01/19/24	USD	140.00		USD	276		(340	)
Cheniere Energy, Inc.		13		01/19/24	USD	160.00		USD	222		(715	)
Chevron Corp.		17		01/19/24	USD	135.00		USD	254		(264	)
Invesco S&P 500 Equal Weight ETF		154		01/19/24	USD	150.00		USD	2,430		(3,080	)
iShares iBoxx $ High Yield Corporate Bond ETF		419		01/19/24	USD	75.00		USD	3,243		(2,933	)
Walt Disney Co.		52		01/19/24	USD	85.00		USD	470		(1,638	)
2-Year U.S. Treasury Note Future		60		01/26/24	USD	102.00		USD	12,355		(2,813	)
Amazon.com, Inc.		8		02/16/24	USD	140.00		USD	122		(2,084	)
ConocoPhillips		25		02/16/24	USD	110.00		USD	290		(5,487	)
Delta Air Lines, Inc.		42		02/16/24	USD	35.00		USD	169		(1,743	)
Intel Corp.		41		02/16/24	USD	45.00		USD	206		(3,362	)
JPMorgan Chase & Co.		25		02/16/24	USD	155.00		USD	425		(2,012	)
Meta Platforms, Inc., Class A		9		02/16/24	USD	315.00		USD	319		(4,972	)
Micron Technology, Inc.		15		02/16/24	USD	75.00		USD	128		(893	)
Micron Technology, Inc.		9		02/16/24	USD	80.00		USD	77		(1,283	)
UBS Group AG, Registered Shares		87		02/16/24	USD	27.50		USD	269		(2,349	)
Walmart, Inc.		14		02/16/24	USD	145.00		USD	221		(672	)
Wells Fargo & Co.		85		02/16/24	USD	40.00		USD	418		(1,020	)
2-Year U.S. Treasury Note Future		40		02/23/24	USD	102.00		USD	8,237		(6,250	)
Norfolk Southern Corp.		5		03/15/24	USD	200.00		USD	118		(638	)
											(44,548	)
										$	(80,745	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
USD Currency	Goldman Sachs International		—		01/04/24		BRL	5.05		BRL	458	$	(63	)
USD Currency	UBS AG		—		01/04/24		MXN	19.00		MXN	440		—
EUR Currency	Goldman Sachs International		—		01/08/24		EUR	25.35		EUR	1,262		(185	)
TOPIX Banks Index	BNP Paribas SA		466,800		01/12/24		JPY	313.92		JPY	116,882		—
TOPIX Banks Index	Goldman Sachs International		777,689		01/12/24		JPY	313.77		JPY	194,726		—
TOPIX Banks Index	JPMorgan Chase Bank N.A.		311,512		01/12/24		JPY	313.85		JPY	77,999		—
USD Currency	Goldman Sachs International		—		02/22/24		KRW	1,330.00		KRW	379		(1,787	)
Mitsubishi UFJ Financial Group, Inc.	Goldman Sachs International		53,720		03/08/24		JPY	1,425.76		JPY	65,006		(2,907	)
Mizuho Financial Group, Inc.	Morgan Stanley & Co. International PLC		19,920		03/08/24		JPY	2,799.82		JPY	47,911		(1,488	)
Sumitomo Mitsui Financial Group, Inc.	Citibank N.A.		9,280		03/08/24		JPY	8,212.66		JPY	63,670		(2,172	)
TOPIX Banks Index	BNP Paribas SA		545,000		03/08/24		JPY	296.50		JPY	136,463		(3,382	)
													(11,984	)
Put
EUR Currency	Deutsche Bank AG		—		01/12/24		USD	1.04		USD	11,218		(25	)
EUR Currency	Bank of America N.A.		—		01/25/24		USD	1.08		USD	552		(877	)
USD Currency	JPMorgan Chase Bank N.A.		—		01/30/24		JPY	136.00		JPY	12,726		(47,458	)
EUR Currency	Citibank N.A.		—		02/13/24		USD	1.05		USD	10,760		(3,694	)
													(52,054	)
												$	(64,038	)

44 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

OTC Interest Rate Swaptions Written

	Paid by the Fund				Received by the Fund				Counterparty	Expiration Date		Exercise Rate					Notional		Value
Description	Rate		Frequency		Rate		Frequency								Amount (000)
Call
2-Year Interest Rate Swap, 01/25/24		3.45%		Semi-Annual		1-Day SOFR, 5.38%		Annual	Citibank N.A.		01/23/24		3.45	%		USD		10,280	$	(68,850	)
2-Year Interest Rate Swap, 02/05/28		3.27%		Semi-Annual		1-Day SOFR, 5.38%		Annual	Deutsche Bank AG		02/01/24		3.27			USD		10,488		(50,588	)
1-Year Interest Rate Swap, 02/14/25		3.75%		Semi-Annual		1-Day SOFR, 5.38%		Annual	Citibank N.A.		02/12/24		3.75			USD		63,422		(7,417	)
5-Year Interest Rate Swap, 03/03/29		2.50%		Annual		6-mo. EURIBOR, 3.86%		Semi- Annual	JPMorgan Chase Bank N.A.		03/01/24		2.50			EUR		6,374		(82,509	)
10-Year Interest Rate Swap, 03/20/34		3.15%		Semi-Annual		1-Day SOFR, 5.38%		Annual	Citibank N.A.		03/18/24		3.15			USD		4,116		(32,897	)
5-Year Interest Rate Swap, 03/20/29		2.68%		Annual		6-mo. EURIBOR, 3.86%		Semi- Annual	JPMorgan Chase Bank N.A.		03/18/24		2.68			EUR		5,243		(110,533	)
2-Year Interest Rate Swap, 03/30/26		3.80%		Semi-Annual		1-Day SOFR, 5.38%		Annual	JPMorgan Chase Bank N.A.		03/28/24		3.80			USD		78,381		(392,827	)
5-Year Interest Rate Swap, 05/05/29		3.00%		Annual		6-mo. EURIBOR, 3.86%		Semi- Annual	Morgan Stanley & Co. International PLC		05/03/24		3.00			EUR		145		(5,531	)
2-Year Interest Rate Swap, 10/26/26		3.30%		Semi-Annual		1-Day SOFR, 5.38%		Annual	JPMorgan Chase Bank N.A.		10/24/24		3.30			USD		41,802		(356,723	)
																				(1,107,875	)
Put
2-Year Interest Rate Swap, 01/14/26		1-Day SOFR, 5.38%		Quarterly		5.15%		Annual	JPMorgan Chase Bank N.A.		01/12/24		5.15			USD		45,111		—
5-Year Interest Rate Swap, 03/03/29		6-mo. EURIBOR, 3.86%		Semi-Annual		3.45%		Annual	JPMorgan Chase Bank N.A.		03/01/24		3.45			EUR		6,374		(1,639	)
2-Year Interest Rate Swap, 03/20/26		6-mo. EURIBOR, 3.86%		Semi-Annual		4.05%		Annual	BNP Paribas SA		03/18/24		4.05			EUR		7,349		(283	)
5-Year Interest Rate Swap, 03/20/29		6-mo. EURIBOR, 3.86%		Semi-Annual		3.58%		Annual	JPMorgan Chase Bank N.A.		03/18/24		3.58			EUR		5,242		(1,467	)
5-Year Interest Rate Swap, 03/29/29		1-Day SOFR, 5.38%		Quarterly		3.79%		Annual	JPMorgan Chase Bank N.A.		03/27/24		3.79			USD		36,849		(176,526	)
5-Year Interest Rate Swap, 05/05/29		6-mo. EURIBOR, 3.86%		Semi-Annual		3.00%		Annual	Morgan Stanley & Co. International PLC		05/03/24		3.00			EUR		145		(392	)
2-Year Interest Rate Swap, 05/08/26		1-Day SOFR, 5.38%		Annual		4.50%		Annual	Goldman Sachs International		05/06/24		4.50			USD		26,398		(23,904	)
10-Year Interest Rate Swap, 05/30/34		1-Day SOFR, 5.38%		Annual		4.42%		Annual	Citibank N.A.		05/28/24		4.42			USD		5,363		(17,735	)
5-Year Interest Rate Swap, 06/01/29		6-mo. EURIBOR, 3.86%		Annual		3.40%		Annual	JPMorgan Chase Bank N.A.		05/30/24		3.40			EUR		26,451		(37,760	)
2-Year Interest Rate Swap, 09/20/26		1-Day SONIA, 5.19%		Annual		5.00%		Annual	Goldman Sachs International		09/20/24		5.00			GBP		490		(831	)
2-Year Interest Rate Swap, 10/26/26		1-Day SOFR, 5.38%		Quarterly		5.00%		Annual	JPMorgan Chase Bank N.A.		10/24/24		5.00			USD		20,901		(16,518	)
2-Year Interest Rate Swap, 11/23/26		1-Day SOFR, 5.38%		Annual		5.00%		Annual	JPMorgan Chase Bank N.A.		11/21/24		5.00			USD		52,753		(47,343	)
																				(324,398	)
																			$	(1,432,273	)

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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligation/Index	Financing Rate Paid by the Fund			Payment Frequency		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.39.V3		5.00	%		Quarterly		12/20/27		USD	631	$	(39,635	)	$	3,218		$	(42,853	)
CDX.NA.HY.40.V1		5.00			Quarterly		06/20/28		USD	1,980		(125,125	)		(48,160	)		(76,965	)
CDX.NA.HY.41.V2		5.00			Quarterly		12/20/28		USD	415		(24,980	)		1,754			(26,734	)
iTraxx.FINSR.40.V1		1.00			Quarterly		12/20/28		EUR	2,265		(38,968	)		(15,758	)		(23,210	)
iTraxx.XO.40.V1		5.00			Quarterly		12/20/28		EUR	1,969		(176,687	)		(56,958	)		(119,729	)
											$	(405,395	)	$	(115,904	)	$	(289,491	)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Termination Date		Credit   Rating(a)		Notional   Amount (000)(b)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG.41.V1		1.00	%		Quarterly		12/20/28		BBB+	USD	1,750	$	34,581	$	20,718	$	13,863
iTraxx.EUR.40.V1		1.00			Quarterly		12/20/28		BB	EUR	2,279		49,649		25,624		24,025
												$	84,230	$	46,342	$	37,888

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

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

Centrally Cleared Inflation Swaps

Paid by the Fund			Received by the Fund			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Reference	Frequency		Rate	Frequency
Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination		2.69%		At Termination		08/15/32		EUR	535	$	8,576		$	11	$	8,565
2.47%	At Termination		US CPI for All Urban Consumers NSA		At Termination		12/06/33		USD	370		(1,853	)		8		(1,861	)
											$	6,723		$	19	$	6,704

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
3.75%	At Termination	1-Day SOFR, 5.38%	At Termination		N/A		02/13/24		USD	89,182	$	1,370,010		$	21		$	1,369,989
1-Day SOFR, 5.38%	At Termination	4.40%	At Termination		N/A		02/13/24		USD	178,365		(1,559,659	)		41			(1,559,700	)
28-Day MXIBTIIE, 11.50%	Monthly	4.68%	Monthly		N/A		02/27/24		MXN	24,395		(23,646	)		(1	)		(23,645	)
28-Day MXIBTIIE, 11.50%	Monthly	4.86%	Monthly		N/A		03/01/24		MXN	24,395		(23,029	)		(1	)		(23,028	)
1-Day SOFR, 5.38%	Annual	1.13%	Annual		N/A		03/07/24		USD	53,146		(2,258,239	)		21			(2,258,260	)
1-Day SOFR, 5.38%	Annual	1.13%	Annual		N/A		03/08/24		USD	78,484		(3,336,032	)		31			(3,336,063	)
1-Day SOFR, 5.38%	At Termination	4.50%	At Termination		N/A		03/09/24		USD	86,999		(720,937	)		29			(720,966	)
1-Day SOFR, 5.38%	Annual	1.08%	Annual		N/A		03/18/24		USD	107,840		(4,631,386	)		50			(4,631,436	)
2.47%	At Termination	1-Day SONIA, 5.19%	At Termination		N/A		04/03/24		GBP	46,501		1,533,988			(615	)		1,534,603
1-Day SONIA, 5.19%	At Termination	3.22%	At Termination		N/A		04/03/24		GBP	93,003		(2,189,890	)		840			(2,190,730	)
1.00%	Annual	6-mo. EURIBOR, 3.86%	Semi-Annual		N/A		05/04/24		EUR	27,030		322,108			36			322,072
6-mo. EURIBOR, 3.86%	Semi-Annual	1.75%	Annual		N/A		05/04/24		EUR	54,060		(202,167	)		71			(202,238	)
3-mo. KRW CDC, 3.83%	Quarterly	3.87%	Quarterly		N/A		07/03/24		KRW	3,474,090		2,158			9			2,149
1-Day SOFR, 5.38%	At Termination	4.46%	At Termination		N/A		07/12/24		USD	36,640		(313,473	)		63			(313,536	)
1-Day SOFR, 5.38%	At Termination	5.37%	At Termination		N/A		07/12/24		USD	19,508		10,730			34			10,696
1-Day SOFR, 5.38%	At Termination	5.37%	At Termination		N/A		07/12/24		USD	19,508		11,315			34			11,281
1-Day SONIA, 5.19%	At Termination	4.26%	At Termination		N/A		09/06/24		GBP	9,663		(103,940	)		34			(103,974	)
11.25%	Monthly	28-Day MXIBTIIE, 11.50%	Monthly		N/A		11/07/24		MXN	75,489		(10,242	)		7			(10,249	)
3-mo. KRW CDC, 3.83%	Quarterly	3.93%	Quarterly		N/A		11/09/24		KRW	1,673,730		4,102			4			4,098
3-mo. KRW CDC, 3.83%	Quarterly	3.87%	Quarterly		N/A		11/16/24		KRW	2,209,150		4,372			3			4,369

46 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
10.95%	Monthly	28-Day MXIBTIIE, 11.50%	Monthly		N/A			12/03/24		MXN	148,975	$	(2,212	)	$	15		$	(2,227	)
1-Day SOFR, 5.38%	At Termination	4.59%	At Termination		N/A			12/14/24		USD	100,965		(254,138	)		273			(254,411	)
0.23%	Annual	Tokyo Overnight Average Rate, (0.04%)	Annual		N/A			01/11/25		JPY	96,050		(2,870	)		1			(2,871	)
0.24%	Annual	Tokyo Overnight Average Rate, (0.04%)	Annual		N/A			01/19/25		JPY	498,950		(15,058	)		11			(15,069	)
2.00%	Annual	1-Day SOFR, 5.38%	Annual		N/A			02/17/25		USD	13,940		806,808			36			806,772
1-Day SOFR, 5.38%	Annual	2.60%	Annual		N/A			02/17/25		USD	49,553		(2,278,133	)		126			(2,278,259	)
1-Day SOFR, 5.38%	Annual	2.70%	Annual		N/A			02/17/25		USD	49,553		(2,179,794	)		126			(2,179,920	)
0.00%	Quarterly	3-mo. KRW CDC, 3.83%	Quarterly		03/20/24	(a)		03/20/25		KRW	8,574,445		(27,853	)		21			(27,874	)
28-Day MXIBTIIE, 11.50%	Monthly	9.74%	Monthly		N/A			07/28/25		MXN	370,000		(135,927	)		78			(136,005	)
1-Day SOFR, 5.38%	Annual	4.10%	Annual		N/A			08/11/25		USD	51,486		(438,159	)		186			(438,345	)
28-Day MXIBTIIE, 11.50%	Monthly	10.84%	Monthly		N/A			09/25/25		MXN	38,945		32,137			8			32,129
1-Day SOFR, 5.38%	Annual	4.25%	Annual		N/A			10/17/25		USD	75,674		(113,279	)		309			(113,588	)
1-Day SOFR, 5.38%	Annual	4.05%	Annual		N/A			10/18/25		USD	39,525		(207,378	)		162			(207,540	)
0.33%	Annual	Tokyo Overnight Average Rate, (0.04%)	Annual		N/A			11/06/25		JPY	550,000		(12,301	)		16			(12,317	)
1-Day SONIA, 5.19%	At Termination	4.25%	At Termination		11/29/24	(a)		11/29/25		GBP	1,340		13,911			6			13,905
1-Day SOFR, 5.38%	Annual	3.90%	Annual		N/A			12/05/25		USD	7,410		(38,096	)		32			(38,128	)
1-Day SONIA, 5.19%	At Termination	4.13%	At Termination		12/06/24	(a)		12/06/25		GBP	520		4,777			(6	)		4,783
1-Day SONIA, 5.19%	At Termination	4.15%	At Termination		12/06/24	(a)		12/06/25		GBP	250		2,369			(86	)		2,455
2.71%	Annual	1-Day ESTR, 1,232.85%	Annual		03/11/24	(a)		12/12/25		EUR	3,500		(18,640	)		(364	)		(18,276	)
2.97%	Annual	6-mo. EURIBOR, 3.86%	Semi-Annual		03/11/24	(a)		12/12/25		EUR	1,750		(10,238	)		(482	)		(9,756	)
1-Day SONIA, 5.19%	At Termination	4.06%	At Termination		12/12/24	(a)		12/12/25		GBP	1,845		15,688			255			15,433
0.23%	Annual	Tokyo Overnight Average Rate, (0.04%)	Annual		N/A			12/14/25		JPY	449,000		(2,763	)		14			(2,777	)
1-Day SOFR, 5.38%	Annual	3.75%	Annual		N/A			12/15/25		USD	11,532		(84,208	)		34			(84,242	)
1-Day SONIA, 5.19%	At Termination	3.77%	At Termination		12/16/24	(a)		12/16/25		GBP	7,450		38,449			60			38,389
1-Day SONIA, 5.19%	At Termination	3.87%	At Termination		12/16/24	(a)		12/16/25		GBP	5,810		37,048			17,252			19,796
1-Day SOFR, 5.38%	At Termination	3.46%	At Termination		12/17/24	(a)		12/17/25		USD	6,895		4,929			13			4,916
1-Day SOFR, 5.38%	At Termination	3.86%	At Termination		12/17/24	(a)		12/17/25		USD	85		374			9			365
1-Day SONIA, 5.19%	At Termination	3.69%	At Termination		12/19/24	(a)		12/19/25		GBP	1,790		7,651			1,068			6,583
1-Day SONIA, 5.19%	At Termination	3.40%	At Termination		12/20/24	(a)		12/20/25		GBP	6,615		6,115			(1,757	)		7,872
5.14%	Annual	6-mo. WIBOR, 5.82%	Semi-Annual		N/A			12/20/25		PLN	4,197		(3,087	)		5			(3,092	)
1-Day SOFR, 5.38%	At Termination	3.46%	At Termination		12/24/24	(a)		12/24/25		USD	1,765		1,387			(19	)		1,406
1-Day SOFR, 5.38%	At Termination	3.47%	At Termination		12/24/24	(a)		12/24/25		USD	2,015		1,791			30			1,761
3.85%	Quarterly	3-mo. KRW CDC, 3.83%	Quarterly		03/20/24	(a)		03/20/26		KRW	8,726,300		(93,346	)		32			(93,378	)
4.10%	Annual	6-mo. PRIBOR, 6.43%	Semi-Annual		03/20/24	(a)		03/20/26		CZK	47,553		(8,599	)		10			(8,609	)
2.97%	Semi-Annual	1-Day SORA, 3.62%	Semi-Annual		03/20/24	(a)		03/20/26		SGD	1,325		(6,190	)		5			(6,195	)
3.06%	Semi-Annual	1-Day SORA, 3.62%	Semi-Annual		03/20/24	(a)		03/20/26		SGD	1,325		(7,859	)		5			(7,864	)
0.27%	At Termination	Tokyo Overnight Average Rate, (0.04%)	At Termination		07/07/25	(a)		07/07/26		JPY	610,830		7,113			14			7,099
0.29%	At Termination	Tokyo Overnight Average Rate, (0.04%)	At Termination		07/07/25	(a)		07/07/26		JPY	137,810		1,348			3			1,345
0.32%	At Termination	Tokyo Overnight Average Rate, (0.04%)	At Termination		07/07/25	(a)		07/07/26		JPY	137,790		1,075			3			1,072
0.32%	At Termination	Tokyo Overnight Average Rate, (0.04%)	At Termination		07/07/25	(a)		07/07/26		JPY	137,810		1,042			3			1,039
0.33%	At Termination	Tokyo Overnight Average Rate, (0.04%)	At Termination		07/07/25	(a)		07/07/26		JPY	413,350		2,949			10			2,939
0.33%	At Termination	Tokyo Overnight Average Rate, (0.04%)	At Termination		07/07/25	(a)		07/07/26		JPY	210,839		1,490			5			1,485
0.36%	At Termination	Tokyo Overnight Average Rate, (0.04%)	At Termination		07/07/25	(a)		07/07/26		JPY	202,571		960			5			955
3-mo. KRW CDC, 3.83%	Quarterly	3.19%	Quarterly		N/A			09/20/26		KRW	836,174		1,095			6			1,089
3-mo. KRW CDC, 3.83%	Quarterly	3.33%	Quarterly		N/A			09/20/26		KRW	836,592		3,551			6			3,545
3-mo. KRW CDC, 3.83%	Quarterly	3.38%	Quarterly		N/A			09/20/26		KRW	836,718		4,414			7			4,407
3-mo. KRW CDC, 3.83%	Quarterly	3.38%	Quarterly		N/A			09/20/26		KRW	836,718		4,457			6			4,451
3-mo. KRW CDC, 3.83%	Quarterly	3.38%	Quarterly		N/A			09/20/26		KRW	2,016,852		10,473			15			10,458
0.64%	At Termination	Tokyo Overnight Average Rate, (0.04%)	At Termination		10/08/25	(a)		10/08/26		JPY	275,000		(3,246	)		6			(3,252	)

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

Schedule of Investments  (continued) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
0.65%	At Termination	Tokyo Overnight Average Rate, (0.04%)	At Termination		10/08/25	(a)		10/08/26		JPY	275,000	$	(3,565	)	$	6		$	(3,571	)
1-Day SOFR, 5.38%	At Termination	4.17%	At Termination		10/23/25	(a)		10/23/26		USD	8,267		82,352			15			82,337
1-Day SOFR, 5.38%	At Termination	4.21%	At Termination		10/27/25	(a)		10/27/26		USD	41,489		429,362			76			429,286
1-Day SOFR, 5.38%	Annual	1.56%	Annual		N/A			03/07/27		USD	26,573		(2,530,664	)		158			(2,530,822	)
1-Day SOFR, 5.38%	Annual	3.47%	Annual		03/10/25	(a)		03/10/27		USD	9,879		57,126			44			57,082
1-Day SONIA, 5.19%	At Termination	3.45%	At Termination		03/16/26	(a)		03/16/27		GBP	2,050		11,648			4,023			7,625
3-mo. KRW CDC, 3.83%	Quarterly	0.00%	Quarterly		03/20/24	(a)		03/20/27		KRW	5,914,110		84,987			30			84,957
0.67%	Annual	Tokyo Overnight Average Rate, (0.04%)	Annual		09/22/25	(a)		09/22/27		JPY	464,000		(9,152	)		21			(9,173	)
0.71%	Annual	Tokyo Overnight Average Rate, (0.04%)	Annual		09/29/25	(a)		09/29/27		JPY	455,000		(10,910	)		20			(10,930	)
1-Day SOFR, 5.38%	Annual	2.91%	Annual		N/A			10/06/27		USD	23,492		(736,329	)		165			(736,494	)
1-Day SONIA, 5.19%	At Termination	4.11%	At Termination		10/13/26	(a)		10/13/27		GBP	2,100		28,495			(226	)		28,721
1-Day SONIA, 5.19%	At Termination	4.39%	At Termination		10/20/26	(a)		10/20/27		GBP	610		10,190			2			10,188
1-Day SONIA, 5.19%	At Termination	4.40%	At Termination		10/20/26	(a)		10/20/27		GBP	600		10,077			4			10,073
1-Day SOFR, 5.38%	Annual	3.30%	Annual		10/23/25	(a)		10/23/27		USD	7,235		26,749			33			26,716
1-Day SOFR, 5.38%	Annual	4.20%	Annual		10/23/25	(a)		10/23/27		USD	4,302		85,577			20			85,557
1-Day SOFR, 5.38%	Annual	3.92%	Annual		11/03/25	(a)		11/03/27		USD	2,064		30,662			9			30,653
1-Day SOFR, 5.38%	Annual	3.95%	Annual		11/03/25	(a)		11/03/27		USD	2,064		31,773			9			31,764
1-Day SOFR, 5.38%	Annual	3.99%	Annual		11/03/25	(a)		11/03/27		USD	4,128		66,138			19			66,119
1-Day SOFR, 5.38%	Annual	4.07%	Annual		11/03/25	(a)		11/03/27		USD	20,964		367,907			95			367,812
1-Day SOFR, 5.38%	Annual	3.95%	Annual		11/06/25	(a)		11/06/27		USD	63,560		977,399			289			977,110
1-Day SOFR, 5.38%	Annual	3.86%	Annual		11/10/25	(a)		11/10/27		USD	8,552		117,966			39			117,927
1-Day SONIA, 5.19%	At Termination	3.70%	At Termination		12/01/26	(a)		12/01/27		GBP	2,640		23,921			335			23,586
1-Day SONIA, 5.19%	At Termination	3.20%	At Termination		01/26/27	(a)		01/26/28		GBP	2,120		7,491			747			6,744
1-Day SONIA, 5.19%	Annual	4.86%	Annual		N/A			06/20/28		GBP	2,670		189,838			(7	)		189,845
6-mo. EURIBOR, 3.86%	Semi-Annual	3.15%	Annual		N/A			07/21/28		EUR	1,026		29,858			10			29,848
28-Day MXIBTIIE, 11.50%	Monthly	9.13%	Monthly		N/A			08/15/28		MXN	43,274		46,340			22			46,318
1-Day SONIA, 5.19%	Annual	4.72%	Annual		N/A			10/18/28		GBP	110		7,841			3			7,838
28-Day MXIBTIIE, 11.50%	Monthly	9.69%	Monthly		N/A			10/25/28		MXN	17,069		42,977			9			42,968
1-Day SOFR, 5.38%	Annual	4.40%	Annual		N/A			10/31/28		USD	13,462		483,622			123			483,499
1-Day ESTR, 1,232.85%	Annual	2.71%	Annual		11/04/26	(a)		11/04/28		EUR	330		5,041			3			5,038
28-Day MXIBTIIE, 11.50%	Monthly	8.95%	Monthly		N/A			11/08/28		MXN	16,496		12,598			9			12,589
1-Day ESTR, 1,232.85%	Annual	2.65%	Annual		11/10/26	(a)		11/10/28		EUR	1,710		23,856			14			23,842
1-Day ESTR, 1,232.85%	Annual	2.69%	Annual		11/10/26	(a)		11/10/28		EUR	1,310		19,316			1,263			18,053
1-Day SOFR, 5.38%	Annual	3.75%	Annual		11/10/26	(a)		11/10/28		USD	740		7,608			(38	)		7,646
1-Day SOFR, 5.38%	Annual	3.92%	Annual		11/10/26	(a)		11/10/28		USD	1,480		19,399			7			19,392
1-Day SOFR, 5.38%	Annual	4.03%	Annual		11/10/26	(a)		11/10/28		USD	740		11,225			3			11,222
1-Day ESTR, 1,232.85%	Annual	2.56%	Annual		11/19/26	(a)		11/19/28		EUR	610		7,326			4			7,322
1-Day ESTR, 1,232.85%	Annual	2.57%	Annual		11/27/26	(a)		11/27/28		EUR	610		7,381			4			7,377
1-Day SONIA, 5.19%	At Termination	3.47%	At Termination		12/06/27	(a)		12/06/28		GBP	1,470		9,549			(367	)		9,916
1-Day SONIA, 5.19%	Annual	4.06%	Annual		N/A			12/06/28		GBP	180		6,700			9			6,691
1-Day SOFR, 5.38%	Annual	3.50%	Annual		12/08/26	(a)		12/08/28		USD	1,440		8,239			7			8,232
1-Day SONIA, 5.19%	Annual	4.02%	Annual		N/A			12/08/28		GBP	690		24,318			36			24,282
1-Day SOFR, 5.38%	Annual	3.47%	Annual		12/10/26	(a)		12/10/28		USD	1,500		7,831			7			7,824
1-Day SONIA, 5.19%	Annual	4.09%	Annual		N/A			12/11/28		GBP	370		14,554			18			14,536
1-Day SOFR, 5.38%	Annual	3.25%	Annual		12/15/26	(a)		12/15/28		USD	9,063		12,521			41			12,480
1-Day SOFR, 5.38%	Annual	3.56%	Annual		12/15/26	(a)		12/15/28		USD	770		5,202			4			5,198
1-Day THOR, 2.50%	Quarterly	2.60%	Quarterly		03/20/24	(a)		03/20/29		THB	14,505		6,196			5			6,191
1-Day THOR, 2.50%	Quarterly	2.71%	Quarterly		03/20/24	(a)		03/20/29		THB	14,505		8,297			5			8,292
3-mo. KRW CDC, 3.83%	Quarterly	3.79%	Quarterly		03/20/24	(a)		03/20/29		KRW	7,374,340		224,441			63			224,378
5.81%	Monthly	28-Day MXIBTIIE, 11.50%	Monthly		N/A			10/17/30		MXN	60,000		492,202			38			492,164
5.89%	Monthly	28-Day MXIBTIIE, 11.50%	Monthly		N/A			10/22/30		MXN	100,000		792,324			66			792,258
5.52%	Monthly	28-Day MXIBTIIE, 11.50%	Monthly		N/A			02/11/31		MXN	120,000		1,137,049			5,537			1,131,512
0.02%	Annual	6-mo. EURIBOR, 3.86%	Semi-Annual		N/A			08/26/31		EUR	8,789		1,765,227			143			1,765,084
28-Day MXIBTIIE, 11.50%	Monthly	7.61%	Monthly		N/A			01/28/32		MXN	50,000		(151,054	)		32			(151,086	)
28-Day MXIBTIIE, 11.50%	Monthly	7.68%	Monthly		N/A			01/30/32		MXN	29,564		(82,286	)		16			(82,302	)
2.38%	Annual	1-Day SOFR, 5.38%	Annual		N/A			04/08/32		USD	2,064		206,158			28			206,130
2.60%	Annual	1-Day SOFR, 5.38%	Annual		N/A			05/26/32		USD	2,477		198,747			34			198,713
1-Day SOFR, 5.38%	Annual	3.47%	Annual		N/A			10/04/32		USD	10,373		(54,867	)		144			(55,011	)

48 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund			Received by the Fund			Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate	Frequency
1-Day SOFR, 5.38%		Annual	3.42%		Annual		N/A			10/05/32		USD	4,851	$	(44,944	)	$	70		$	(45,014	)
1-Day SOFR, 5.38%		Annual	3.05%		Annual		N/A			10/28/32		USD	11,502		(417,914	)		166			(418,080	)
1-Day SOFR, 5.38%		Annual	2.88%		Annual		N/A			11/02/32		USD	11,629		(573,587	)		169			(573,756	)
1-Day SOFR, 5.38%		Annual	2.92%		Annual		N/A			11/04/32		USD	11,608		(533,626	)		169			(533,795	)
1-Day SOFR, 5.38%		Annual	2.90%		Annual		N/A			11/15/32		USD	18,194		(855,497	)		265			(855,762	)
1-Day SOFR, 5.38%		Annual	3.20%		Annual		N/A			11/28/32		USD	11,066		(256,143	)		162			(256,305	)
1-Day ESTR, 1,232.85%		Annual	2.34%		Annual		01/19/28	(a)		01/19/33		EUR	2,870		6,564			40			6,524
1.91%		Annual	1-Day SSARON, 1.70%		Annual		N/A			03/31/33		CHF	510		(42,416	)		504			(42,920	)
6-mo. EURIBOR, 3.86%		Semi-Annual	2.96%		Annual		N/A			03/31/33		EUR	570		32,246			83			32,163
1-Day SOFR, 5.38%		Annual	3.14%		Annual		05/12/28	(a)		05/12/33		USD	5,752		(54,129	)		53			(54,182	)
28-Day MXIBTIIE, 11.50%		Monthly	8.17%		Monthly		N/A			06/10/33		MXN	60,946		(75,326	)		55			(75,381	)
3.24%		Annual	1-Day SOFR, 5.38%		Annual		N/A			08/09/33		USD	5,937		166,793			103			166,690
1-Day SOFR, 5.38%		Annual	3.75%		Annual		N/A			08/09/33		USD	12,136		186,236			191			186,045
Tokyo Overnight Average Rate, (0.04%)		Annual	1.33%		Annual		09/21/28	(a)		09/21/33		JPY	195,000		6,207			17			6,190
Tokyo Overnight Average Rate, (0.04%)		Annual	1.34%		Annual		09/28/28	(a)		09/28/33		JPY	192,000		6,591			17			6,574
1-Day SOFR, 5.38%		Annual	3.93%		Annual		N/A			10/04/33		USD	12,560		420,639			204			420,435
1-Day SOFR, 5.38%		Annual	3.50%		Annual		N/A			10/17/33		USD	17,463		(39,199	)		284			(39,483	)
4.40%		Annual	1-Day SOFR, 5.38%		Annual		N/A			11/01/33		USD	10,739		(801,251	)		175			(801,426	)
1-Day ESTR, 1,232.85%		Annual	3.11%		Annual		11/02/28	(a)		11/02/33		EUR	550		18,638			20			18,618
1-Day ESTR, 1,232.85%		Annual	3.28%		Annual		11/02/28	(a)		11/02/33		EUR	30		1,258			—			1,258
1-Day ESTR, 1,232.85%		Annual	2.73%		Annual		12/07/28	(a)		12/07/33		EUR	250		3,875			529			3,346
0.00%		Quarterly	3-mo. KRW CDC, 3.83%		Quarterly		03/20/24	(a)		03/20/34		KRW	965,380		(56,269	)		13			(56,282	)
3.62%		Quarterly	3-mo. KRW CDC, 3.83%		Quarterly		03/20/24	(a)		03/20/34		KRW	1,011,000		(45,445	)		14			(45,459	)
3.81%		At Termination	3-mo. KRW CDC, 3.83%		At Termination		03/20/24	(a)		03/20/34		KRW	1,011,000		(58,649	)		14			(58,663	)
3.46%		Annual	1-Day SOFR, 5.38%		Annual		12/15/26	(a)		12/15/36		USD	2,071		(10,106	)		34			(10,140	)
3.99%		Annual	1-Day SONIA, 5.19%		Annual		11/29/33	(a)		11/29/43		GBP	220		(7,121	)		7			(7,128	)
3.81%		Annual	1-Day SONIA, 5.19%		Annual		12/06/33	(a)		12/06/43		GBP	80		(1,469	)		12			(1,481	)
3.93%		Annual	1-Day SONIA, 5.19%		Annual		12/06/33	(a)		12/06/43		GBP	40		(1,094	)		13			(1,107	)
3.73%		Annual	1-Day SONIA, 5.19%		Annual		12/14/33	(a)		12/14/43		GBP	1,420		(17,228	)		(8,726	)		(8,502	)
3.83%		Annual	1-Day SONIA, 5.19%		Annual		12/12/33	(a)		12/12/43		GBP	670		(13,200	)		20			(13,220	)
3.83%		Annual	1-Day SONIA, 5.19%		Annual		12/12/33	(a)		12/12/43		GBP	230		(4,575	)		131			(4,706	)
3.65%		Annual	1-Day SOFR, 5.38%		Annual		12/16/33	(a)		12/16/43		USD	1,075		(10,020	)		18			(10,038	)
3.48%		Annual	1-Day SONIA, 5.19%		Annual		12/20/33	(a)		12/20/43		GBP	990		6,856			1,824			5,032
3.55%		Annual	1-Day SONIA, 5.19%		Annual		12/19/33	(a)		12/19/43		GBP	230		416			(464	)		880
3.44%		Annual	1-Day SOFR, 5.38%		Annual		12/22/33	(a)		12/22/43		USD	270		846			51			795
3.45%		Annual	1-Day SOFR, 5.38%		Annual		12/22/33	(a)		12/22/43		USD	315		818			58			760
1-Day SSARON, 1.70%		Annual	1.86%		Annual		N/A			03/31/53		CHF	210		45,976			(538	)		46,514
2.51%		Annual	6-mo. EURIBOR, 3.86%		Semi- Annual		N/A			03/31/53		EUR	230		(10,750	)		(68	)		(10,682	)
3.65%		Annual	1-Day SOFR, 5.38%		Annual		N/A			11/03/53		USD	5,309		(318,167	)		170			(318,337	)
1-Day SOFR, 5.38%		Annual	4.00%		Annual		N/A			11/03/53		USD	5,309		667,329			170			667,159
2.96%		Annual	1-Day ESTR, 1,232.85%		Annual		11/04/33	(a)		11/04/53		EUR	20		(1,873	)		1			(1,874	)
2.90%		Annual	1-Day ESTR, 1,232.85%		Annual		11/08/33	(a)		11/08/53		EUR	230		(19,590	)		8			(19,598	)
2.91%		Annual	1-Day ESTR, 1,232.85%		Annual		11/09/33	(a)		11/09/53		EUR	210		(18,148	)		(2,618	)		(15,530	)
3.75%		Annual	1-Day SOFR, 5.38%		Annual		11/10/33	(a)		11/10/53		USD	140		(8,245	)		70			(8,315	)
3.86%		Annual	1-Day SOFR, 5.38%		Annual		11/08/33	(a)		11/08/53		USD	270		(18,923	)		7			(18,930	)
3.87%		Annual	1-Day SOFR, 5.38%		Annual		11/10/33	(a)		11/10/53		USD	130		(9,318	)		3			(9,321	)
2.72%		Annual	1-Day ESTR, 1,232.85%		Annual		11/21/33	(a)		11/21/53		EUR	80		(4,753	)		3			(4,756	)
2.67%		Annual	1-Day ESTR, 1,232.85%		Annual		11/28/33	(a)		11/27/53		EUR	70		(3,685	)		2			(3,687	)
3.50%		Annual	1-Day SOFR, 5.38%		Annual		12/08/33	(a)		12/08/53		USD	190		(6,319	)		5			(6,324	)
3.43%		Annual	1-Day SOFR, 5.38%		Annual		12/12/33	(a)		12/12/53		USD	240		(6,386	)		6			(6,392	)
3.47%		Annual	1-Day SOFR, 5.38%		Annual		12/13/33	(a)		12/13/53		USD	130		(3,993	)		3			(3,996	)
														$	(15,117,126	)	$	25,031		$	(15,142,157	)
(a) Forward Swap.

S C H E D U L E O F I N V E S T M E N T S 49

Schedule of Investments  (continued) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index	Financing Rate Paid by the Fund			Payment Frequency		Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Federal Republic of Brazil		1.00	%		Quarterly	Barclays Bank PLC		12/20/24	USD	73	$	(532	)	$	360	$	(892	)
Federal Republic of Brazil		1.00			Quarterly	Barclays Bank PLC		12/20/24	USD	838		(6,106	)		4,052		(10,158	)
Federal Republic of Brazil		1.00			Quarterly	Barclays Bank PLC		12/20/24	USD	509		(3,709	)		2,461		(6,170	)
Deutsche Bank AG		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/28	EUR	300		1,841			22,718		(20,877	)
Deutsche Bank AG		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/28	EUR	176		1,080			8,623		(7,543	)
Deutsche Bank AG		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/28	EUR	59		362			2,891		(2,529	)
Deutsche Bank AG		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/28	EUR	65		399			3,363		(2,964	)
UBS Group AG		1.00			Quarterly	BNP Paribas SA		06/20/28	EUR	100		(1,494	)		4,060		(5,554	)
UBS Group AG		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/28	EUR	63		(941	)		3,046		(3,987	)
UBS Group AG		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/28	EUR	600		(8,966	)		19,312		(28,278	)
Federal Republic of Brazil		1.00			Quarterly	Goldman Sachs International		12/20/28	USD	1,413		19,257			58,118		(38,861	)
Republic of Colombia		1.00			Quarterly	JPMorgan Chase Bank N.A.		12/20/28	USD	880		21,403			42,395		(20,992	)
Republic of South Africa		1.00			Quarterly	Barclays Bank PLC		12/20/28	USD	330		14,911			25,613		(10,702	)
Republic of South Africa		1.00			Quarterly	Barclays Bank PLC		12/20/28	USD	264		11,928			20,691		(8,763	)
Republic of South Africa		1.00			Quarterly	Barclays Bank PLC		12/20/28	USD	299		13,487			23,281		(9,794	)
United Mexican States		1.00			Quarterly	Barclays Bank PLC		12/20/28	USD	994		(5,591	)		7,817		(13,408	)
United Mexican States		1.00			Quarterly	BNP Paribas SA		12/20/28	USD	350		(1,969	)		3,245		(5,214	)
United Mexican States		1.00			Quarterly	BNP Paribas SA		12/20/28	USD	340		(1,913	)		3,516		(5,429	)
United Mexican States		1.00			Quarterly	BNP Paribas SA		12/20/28	USD	346		(1,946	)		3,578		(5,524	)
United Mexican States		1.00			Quarterly	BNP Paribas SA		12/20/28	USD	336		(1,890	)		3,403		(5,293	)
United Mexican States		1.00			Quarterly	JPMorgan Chase Bank N.A.		12/20/28	USD	276		(1,555	)		2,741		(4,296	)
											$	48,056		$	265,284	$	(217,228	)

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit   Rating(a)	Notional   Amount (000)(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMA CGM SA		5.00	%		Quarterly	JPMorgan Chase Bank N.A.		06/20/27	N/R	EUR	66	$	8,544		$	5,120		$	3,424
CMBX.NA.9		2.00			Monthly	Goldman Sachs International		09/17/58	N/R	USD	94		(8,837	)		(1,684	)		(7,153	)
CMBX.NA.9		2.00			Monthly	Goldman Sachs International		09/17/58	N/R	USD	88		(8,351	)		(1,590	)		(6,761	)
CMBX.NA.9		2.00			Monthly	Goldman Sachs International		09/17/58	N/R	USD	94		(8,838	)		(1,495	)		(7,343	)
						Morgan Stanley & Co.
CMBX.NA.9		3.00			Monthly	International PLC		09/17/58	N/R	USD	118		(20,549	)		(12,703	)		(7,846	)
												$	(38,031	)	$	(12,352	)	$	(25,679	)

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

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

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund			Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Counterparty
12.62%	At Termination	1-Day BZDIOVER, 0.04%	At Termination	Citibank N.A.		N/A		01/02/24	BRL	45,093	$	(146	)	$	—	$	(146	)
12.62%	At Termination	1-Day BZDIOVER, 0.04%	At Termination	Citibank N.A.		N/A		01/02/24	BRL	29,448		(95	)		—		(95	)
1-Day BZDIOVER, 0.04%	At Termination	10.64%	At Termination	Bank of America N.A.		N/A		01/02/25	BRL	135,000		(50,646	)		—		(50,646	)
1-Day BZDIOVER, 0.04%	At Termination	11.07%	At Termination	Barclays Bank PLC		N/A		01/02/25	BRL	8,458		13,115			—		13,115

50 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

OTC Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund			Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Counterparty
1-Day BZDIOVER, 0.04%	At Termination	11.87%	At Termination	Bank of America N.A.		N/A		01/02/25	BRL	5,575	$	12,811		$	—	$	12,811
1-Day BZDIOVER, 0.04%	At Termination	13.78%	At Termination	BNP Paribas SA		N/A		01/02/25	BRL	20,918		196,159			—		196,159
10.18%	At Termination	1-Day COOIS, 12.05%	At Termination	Citibank N.A.		N/A		06/20/25	COP	4,479,597		(3,969	)		—		(3,969	)
10.18%	At Termination	1-Day COOIS, 12.05%	At Termination	Citibank N.A.		N/A		06/20/25	COP	3,601,792		(3,191	)		—		(3,191	)
8.62%	At Termination	1-Day COOIS, 12.05%	At Termination	JPMorgan Chase Bank N.A.		N/A		11/05/25	COP	7,467,468		(22,046	)		—		(22,046	)
1-Day BZDIOVER, 0.04%	At Termination	10.11%	At Termination	Goldman Sachs & Co. LLC		N/A		01/02/26	BRL	3,739		1,894			—		1,894
1-Day BZDIOVER, 0.04%	At Termination	10.58%	At Termination	Citibank N.A.		N/A		01/02/26	BRL	9,053		31,928			—		31,928
1-Day BZDIOVER, 0.04%	At Termination	11.27%	At Termination	BNP Paribas SA		N/A		01/02/26	BRL	1,151		5,592			—		5,592
1-Day BZDIOVER, 0.04%	At Termination	11.56%	At Termination	Barclays Bank PLC		N/A		01/02/26	BRL	1,131		7,077			—		7,077
1-Day BZDIOVER, 0.04%	At Termination	11.75%	At Termination	Citibank N.A.		N/A		01/02/26	BRL	5,365		38,779			—		38,779
1-Day BZDIOVER, 0.04%	At Termination	11.76%	At Termination	Citibank N.A.		N/A		01/02/26	BRL	1,044		7,653			—		7,653
1-Day BZDIOVER, 0.04%	At Termination	11.78%	At Termination	JPMorgan Chase Bank N.A.		N/A		01/02/26	BRL	1,091		8,077			—		8,077
1-Day BZDIOVER, 0.04%	At Termination	11.80%	At Termination	Citibank N.A.		N/A		01/02/26	BRL	5,218		39,444			—		39,444
1-Day BZDIOVER, 0.04%	At Termination	11.82%	At Termination	Barclays Bank PLC		N/A		01/02/26	BRL	1,334		10,237			—		10,237
1-Day BZDIOVER, 0.04%	At Termination	11.83%	At Termination	Morgan Stanley & Co. International PLC		N/A		01/02/26	BRL	1,918		14,829			—		14,829
1-Day BZDIOVER, 0.04%	At Termination	9.94%	At Termination	BNP Paribas SA		N/A		01/02/26	BRL	6,665		(1,532	)		—		(1,532	)
1-Day BZDIOVER, 0.04%	At Termination	10.03%	At Termination	JPMorgan Chase Bank N.A.		N/A		01/04/27	BRL	5,858		2,488			—		2,488
1-Day BZDIOVER, 0.04%	At Termination	10.03%	At Termination	BNP Paribas SA		N/A		01/04/27	BRL	5,189		395			—		395
1-Day BZDIOVER, 0.04%	At Termination	10.10%	At Termination	Bank of America N.A.		N/A		01/04/27	BRL	5,520		2,862			—		2,862
1-Day BZDIOVER, 0.04%	At Termination	10.11%	At Termination	Bank of America N.A.		N/A		01/04/27	BRL	310		225			—		225
1-Day BZDIOVER, 0.04%	At Termination	10.12%	At Termination	Bank of America N.A.		N/A		01/04/27	BRL	7,355		4,840			—		4,840

S C H E D U L E O F I N V E S T M E N T S 51

Schedule of Investments  (continued) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

OTC Interest Rate Swaps (continued)

Paid by the Fund			Received by the Fund					Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate	Frequency		Counterparty
1-Day BZDIOVER, 0.04%		At Termination	10.12%		At Termination		BNP Paribas SA		N/A		01/04/27		BRL	39	$	26		$	—	$	26
1-Day BZDIOVER, 0.04%		At Termination	10.12%		At Termination		BNP Paribas SA		N/A		01/04/27		BRL	7,056		4,767			—		4,767
1-Day BZDIOVER, 0.04%		At Termination	10.32%		At Termination		Barclays Bank PLC		N/A		01/04/27		BRL	12,021		30,278			—		30,278
1-Day BZDIOVER, 0.04%		Quarterly	10.35%		Quarterly		Citibank N.A.		N/A		01/04/27		BRL	6,204		23,170			—		23,170
1-Day BZDIOVER, 0.04%		At Termination	10.43%		At Termination		JPMorgan Chase Bank N.A.		N/A		01/04/27		BRL	320		657			—		657
1-Day BZDIOVER, 0.04%		At Termination	9.94%		At Termination		BNP Paribas SA		N/A		01/04/27		BRL	160		(49	)		—		(49	)
1-Day BZDIOVER, 0.04%		At Termination	9.95%		At Termination		Citibank N.A.		N/A		01/04/27		BRL	5,872		(498	)		—		(498	)
1-Day BZDIOVER, 0.04%		At Termination	9.97%		At Termination		Bank of America N.A.		N/A		01/04/27		BRL	6,032		103			—		103
1-Day BZDIOVER, 0.04%		At Termination	9.99%		At Termination		Morgan Stanley & Co. International PLC		N/A		01/04/27		BRL	5,865		1,096			—		1,096
															$	376,330		$	—	$	376,330

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

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps(a)	$	92,747	$	(137,259	)	$	14,142,077	$	(29,529,133	)	$	—
OTC Swaps		270,404		(17,472	)		461,926		(328,503	)		—
Options Written		N/A		N/A			922,846		(644,702	)		(1,577,056	)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	154,651	$	—	$	3,558,090	$	—	$	3,712,741
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		6,923,667		—		—		6,923,667
Options purchased
Investments at value — unaffiliated		—		—		524,314		385,455		2,941,776		9,925		3,861,470

52 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	—	$	37,888	$	—	$	—	$	14,095,624	$	8,565	$	14,142,077
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		273,828		—		—		458,502		—		732,330
	$	—	$	311,716	$	678,965	$	7,309,122	$	21,053,992	$	18,490	$	29,372,285
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	137,607	$	—	$	10,808,612	$	—	$	10,946,219
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		6,801,906		—		—		6,801,906
Options written
Options written at value		—		—		79,131		54,089		1,443,836		—		1,577,056
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)		—		289,491		—		—		29,237,781		1,861		29,529,133
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		263,803		—		—		82,172		—		345,975
	$	—	$	553,294	$	216,738	$	6,855,995	$	41,572,401	$	1,861	$	49,200,289

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

For the period ended December 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	(1,910,144	)	$	—		$	6,218,895		$	—		$	4,308,751
Forward foreign currency exchange contracts		—		—			—			(8,625,113	)		—			—			(8,625,113	)
Options purchased(a)		—		—			(1,382,436	)		630,207			(626,923	)		(129,757	)		(1,508,909	)
Options written		—		—			1,125,731			555,690			2,734,272			—			4,415,693
Swaps		—		(15,217	)		—			—			40,485,069			(13,239	)		40,456,613
	$	—	$	(15,217	)	$	(2,166,849	)	$	(7,439,216	)	$	48,811,313		$	(142,996	)	$	39,047,035
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	(835,779	)	$	—		$	(5,696,150	)	$	—		$	(6,531,929	)
Forward foreign currency exchange contracts		—		—			—			(706,796	)		—			—			(706,796	)
Options purchased(b)		—		—			331,488			(219,301	)		(504,123	)		(14,892	)		(406,828	)
Options written		—		—			(51,266	)		80,918			6,477,290			—			6,506,942
Swaps		—		(634,438	)		—			—			(45,409,864	)		19,946			(46,024,356	)
	$	—	$	(634,438	)	$	(555,557	)	$	(845,179	)	$	(45,132,847	)	$	5,054		$	(47,162,967	)

^(a)  Options purchased are included in net realized gain (loss) from investments — unaffiliated.

^(b)  Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	254,121,402
Average notional value of contracts — short	$	611,007,643
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	327,447,148
Average amounts sold — in USD	$	342,748,821
Options:
Average value of option contracts purchased	$	1,219,024
Average value of option contracts written	$	661,166

S C H E D U L E O F I N V E S T M E N T S 53

Schedule of Investments  (continued) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)

Average notional value of swaption contracts purchased	$	230,180,818
Average notional value of swaption contracts written	$	676,345,516
Credit default swaps:
Average notional value — buy protection	$	15,773,410
Average notional value — sell protection	$	6,550,934
Interest rate swaps:
Average notional value — pays fixed rate	$	400,409,639
Average notional value — receives fixed rate	$	1,400,938,819
Inflation swaps:
Average notional value — pays fixed rate	$	1,671,561
Average notional value — receives fixed rate	$	2,199,181

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	316,746		$	836,387
Forward foreign currency exchange contracts		6,923,667			6,801,906
Options		3,861,470	(a)		1,577,056
Swaps — centrally cleared		—			253,447
Swaps — OTC(b)		732,330			345,975
Total derivative assets and liabilities in the Statements of Assets and Liabilities		11,834,213			9,814,771
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(837,476	)		(1,170,579	)
Total derivative assets and liabilities subject to an MNA	$	10,996,737		$	8,644,192

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

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

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets	(c)(d)
Australia & New Zealand Bank Group	$	9,839	$	—		$	—	$	—		$	9,839
Bank of America N.A.		91,019		(79,977	)		—		—			11,042
Bank of Montreal		271,215		(119,188	)		—		—			152,027
Barclays Bank PLC		662,160		(375,211	)		—		—			286,949
BNP Paribas SA		509,678		(358,681	)		—		—			150,997
Canadian Imperial Bank of Commerce		10,473		—			—		—			10,473
Citibank N.A.		1,079,840		(710,681	)		—		(5,500	)		363,659
Deutsche Bank AG		773,391		(549,598	)		—		—			223,793
Goldman Sachs & Co. LLC		1,894		—			—		—			1,894
Goldman Sachs International		343,685		(343,685	)		—		—			—
HSBC Bank PLC		232,026		(81,958	)		—		—			150,068
HSBC Bank USA N.A.		3,985		(3,985	)		—		—			—
JPMorgan Chase Bank N.A.		2,584,389		(1,457,217	)		—		(1,110,000	)		17,172
Morgan Stanley & Co. International PLC		175,321		(175,321	)		—		—			—
Natwest Markets PLC		215,343		(78,026	)		—		—			137,317
Nomura International PLC		5,232		(5,232	)		—		—			—
Royal Bank of Canada		185,018		(8,713	)		—		—			176,305
Societe Generale		53,075		(17,798	)		—		—			35,277
Standard Chartered Bank		2,688		(2,688	)		—		—			—
State Street Bank and Trust Co.		2,926,067		(769,795	)		—		—			2,156,272
The Bank of New York Mellon		591,287		(13,391	)		—		—			577,896

54 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets	(c)(d)
Toronto-Dominion Bank	$	146,828	$	(146,828	)	$	—	$	—		$	—
UBS AG		122,284		(93,278	)		—		—			29,006
	$	10,996,737	$	(5,391,251	)	$	—	$	(1,115,500	)	$	4,489,986

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged	(b)		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)(e)
Bank of America N.A.	$	79,977	$	(79,977	)	$	—		$	—	$	—
Bank of Montreal		119,188		(119,188	)		—			—		—
Barclays Bank PLC		375,211		(375,211	)		—			—		—
BNP Paribas SA		358,681		(358,681	)		—			—		—
Citibank N.A.		710,681		(710,681	)		—			—		—
Deutsche Bank AG		549,598		(549,598	)		—			—		—
Goldman Sachs International		373,198		(343,685	)		—			—		29,513
HSBC Bank PLC		81,958		(81,958	)		—			—		—
HSBC Bank USA N.A.		27,604		(3,985	)		—			—		23,619
JPMorgan Chase Bank N.A.		1,457,217		(1,457,217	)		—			—		—
Morgan Stanley & Co. International PLC		2,750,840		(175,321	)		(2,575,519	)		—		—
Natwest Markets PLC		78,026		(78,026	)		—			—		—
Nomura International PLC		6,436		(5,232	)		—			—		1,204
Royal Bank of Canada		8,713		(8,713	)		—			—		—
Societe Generale		17,798		(17,798	)		—			—		—
Standard Chartered Bank		25,044		(2,688	)		—			—		22,356
State Street Bank and Trust Co.		769,795		(769,795	)		—			—		—
The Bank of New York Mellon		13,391		(13,391	)		—			—		—
Toronto-Dominion Bank		747,558		(146,828	)		—			—		600,730
UBS AG		93,278		(93,278	)		—			—		—
	$	8,644,192	$	(5,391,251	)	$	(2,575,519	)	$	—	$	677,422

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

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

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

^(d)  Net amount represents the net amount receivable from the counterparty in the event of default.

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

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
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	51,127,375	$	—	$	51,127,375
Common Stocks
China		—		104,711		—		104,711
Italy		—		81,744		—		81,744
Japan		—		626,193		—		626,193
Netherlands		13,884		106,376		—		120,260
United Kingdom		133,241		—		—		133,241
United States		5,004,513		—		258,706		5,263,219

S C H E D U L E O F I N V E S T M E N T S 55

Schedule of Investments  (continued) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Corporate Bonds
Argentina	$	—	$	179,193	$	—	$	179,193
Australia		—		1,307,596		564,573		1,872,169
Austria		86,798		311,876		—		398,674
Belgium		—		1,357,342		—		1,357,342
Brazil		—		837,712		—		837,712
Canada		—		2,317,683		—		2,317,683
Cayman Islands		—		614,928		—		614,928
Chile		—		345,218		—		345,218
China		—		4,500		—		4,500
Colombia		—		546,590		—		546,590
Denmark		—		3,460,181		—		3,460,181
Dominican Republic		—		198,460		—		198,460
Finland		—		183,627		—		183,627
France		318,121		16,308,059		377,551		17,003,731
Germany		—		13,653,011		318,470		13,971,481
India		—		373,099		—		373,099
Indonesia		—		197,022		—		197,022
Ireland		—		2,775,284		—		2,775,284
Israel		—		135,933		—		135,933
Italy		95,591		5,121,105		—		5,216,696
Jamaica		—		149,265		—		149,265
Japan		—		2,435,454		—		2,435,454
Jersey		—		235,169		—		235,169
Kuwait		—		179,625		—		179,625
Luxembourg		—		1,973,010		—		1,973,010
Malaysia		—		199,420		—		199,420
Mexico		—		2,442,606		—		2,442,606
Morocco		—		171,750		—		171,750
MultiNational		—		1,324,212		—		1,324,212
Netherlands		—		11,243,000		—		11,243,000
New Zealand		—		587,603		—		587,603
Norway		—		1,071,244		—		1,071,244
Oman		—		257,344		—		257,344
Panama		—		261,955		—		261,955
Portugal		—		913,947		—		913,947
Romania		—		107,606		—		107,606
Singapore		—		404,700		—		404,700
South Africa		—		1,746,256		—		1,746,256
Spain		205,290		1,357,035		—		1,562,325
Sweden		—		115,050		—		115,050
Switzerland		—		6,866,274		—		6,866,274
Thailand		—		575,026		—		575,026
United Arab Emirates		—		846,393		—		846,393
United Kingdom		—		27,670,883		—		27,670,883
United States		—		140,967,823		5,569,564		146,537,387
Floating Rate Loan Interests		—		3,583,640		2,609,564		6,193,204
Foreign Agency Obligations		—		155,219,890		—		155,219,890
Investment Companies		13,261,755		—		—		13,261,755
Municipal Bonds		—		6,046,047		—		6,046,047
Non-Agency Mortgage-Backed Securities		—		54,750,110		2,661,713		57,411,823
Preferred Securities
Capital Trusts		—		6,226,223		—		6,226,223
Preferred Stocks		—		—		2,174,541		2,174,541
U.S. Government Sponsored Agency Securities		—		118,958,258		—		118,958,258
U.S. Treasury Obligations		—		14,121,163		—		14,121,163
Warrants
United States		322		—		61,604		61,926
Venezuela		—		15,000		—		15,000
Short-Term Securities
Certificates of Deposit		—		7,061,931		—		7,061,931
Commercial Paper		—		18,942,948		—		18,942,948

56 2 0 2 3  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) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3			Total
Foreign Agency Obligations	$	—		$	4,025,355		$	—		$	4,025,355
Money Market Funds		10,532,084			—			—			10,532,084
U.S. Treasury Obligations		—			58,780,463			—			58,780,463
Options Purchased
Equity Contracts		497,917			26,397			—			524,314
Foreign Currency Exchange Contracts		—			385,455			—			385,455
Interest Rate Contracts		22,813			2,918,963			—			2,941,776
Other Contracts		—			9,925			—			9,925
Unfunded Floating Rate Loan Interests(a)		—			—			465			465
Liabilities
Investments
TBA Sale Commitments		—			(3,289,257	)		—			(3,289,257	)
Unfunded Floating Rate Loan Interests(a)		—			—			(8,822	)		(8,822	)
	$	30,172,329		$	754,159,979		$	14,587,929		$	798,920,237
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—		$	41,312		$	—		$	41,312
Equity Contracts		149,278			5,373			—			154,651
Foreign Currency Exchange Contracts		—			6,923,667			—			6,923,667
Interest Rate Contracts		3,558,090			14,554,126			—			18,112,216
Other Contracts		—			8,565			—			8,565
Liabilities
Credit Contracts		—			(535,822	)		—			(535,822	)
Equity Contracts		(206,789	)		(9,949	)		—			(216,738	)
Foreign Currency Exchange Contracts		—			(6,855,995	)		—			(6,855,995	)
Interest Rate Contracts		(10,820,175	)		(30,752,226	)		—			(41,572,401	)
Other Contracts		—			(1,861	)		—			(1,861	)
	$	(7,319,596	)	$	(16,622,810	)	$	—		$	(23,942,406	)

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

^(b)  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 Stocks			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			Options Purchased			Preferred Stocks			Unfunded Floating Rate Loan Interests
Assets/Liabilities
Opening balance, as of December 31, 2022	$	424,726		$	3,052,118		$	3,109,308		$	2,965,315		$	56,906		$	1,857,460		$	(135	)
Transfers into Level 3		—			—			—			—			—			—			—
Transfers out of Level 3		—			—			(78,364	)		(1,139,168	)		—			—			—
Other(a)		(420,116	)		(90,376	)		(708,940	)		799,316			—			420,116			—
Accrued discounts/premiums		—			30,437			5,070			19,917			—			—			—
Net realized gain (loss)		—			61,188			(66,258	)		—			(74,495	)		—			—
Net change in unrealized appreciation (depreciation)(b)(c)		(52,718	)		30,478			45,324			(113,358	)		17,589			(129,549	)		(8,222	)
Purchases		306,834			5,580,180			1,708,323			551,577			—			26,514			—
Sales		(20	)		(1,833,867	)		(1,404,899	)		(421,886	)		—			—			—
Closing balance, as of December 31, 2023	$	258,706		$	6,830,158		$	2,609,564		$	2,661,713		$	—		$	2,174,541		$	(8,357	)
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023(c)	$	(48,128	)	$	14,499		$	(31,641	)	$	(113,358	)	$	—		$	(129,549	)	$	(8,357	)

	Warrants		Total
Assets
Opening balance, as of December 31, 2022	$	80,945	$	11,546,643
Transfers into Level 3		—		—
Transfers out of Level 3		—		(1,217,532	)
Other(a)		—		—

S C H E D U L E O F I N V E S T M E N T S 57

Schedule of Investments  (continued) December 31, 2023	BlackRock Strategic Global Bond Fund, Inc.

	Warrants			Total
Accrued discounts/premiums	$	—		$	55,424
Net realized gain (loss)		—			(79,565	)
Net change in unrealized appreciation (depreciation)(b)(c)		(19,341	)		(229,797	)
Purchases		10,200			8,183,628
Sales		(10,200	)		(3,670,872	)
Closing balance, as of December 31, 2023	$	61,604		$	14,587,929
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023(c)	$	(29,337	)	$	(345,871	)

^(a)  Certain Level 3 investments were re-classified between Common Stocks, Corporate Bonds, Floating Rate Loan Interests, Non-Agency Mortgage-Backed Securities and Preferred Stocks.

^(b)  Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

^(c)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Fund’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $2,731,957. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

	Value		Valuation Approach		Unobservable Inputs	Range of Unobservable Inputs Utilized(a)		Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Common Stocks	$	258,706		Market	EBITDA Multiple		10.72x		—
					Direct Profit Multiple		4.50x		—
					Time to Exit		0.1 - 3.0 years		2.4 years
					Volatility		80% - 88%		82%
Corporate Bonds		6,830,158		Income	Discount Rate		7% - 56%		16%
Floating Rate Loan Interests		2,530,963		Income	Discount Rate		7% - 15%		12%
Preferred Stocks		2,174,541		Market	Revenue Multiple		6.25x - 9.50x		9.10x
					Time to Exit		2.5 - 3.0 years		2.6 years
					Volatility		75% - 90%		78%
					EBITDA Multiple		7.50x
				Income	Discount Rate		11%		—
Warrants		61,604		Market	Revenue Multiple		4.22x - 9.50x		9.31x
					Volatility		60% - 88%		68%
					Time to Exit		0.1 years		—
	$	11,855,972

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

See notes to financial statements.

58 2 0 2 3  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  December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
Affirm Asset Securitization Trust
Series 2022-A, Class 1A, 4.30%, 05/17/27(a)	$	9,250	$	9,103,916
Series 2022-Z1, Class A, 4.55%, 06/15/27(a)		2,235		2,210,370
Series 2023-A, Class 1A, 6.61%, 01/18/28(a)		16,000		16,092,002
Series 2023-B, Class A, 6.82%, 09/15/28		27,200		27,605,984
Series 2023-B, Class B, 7.44%, 09/15/28		5,710		5,807,149
Series 2023-B, Class C, 7.81%, 09/15/28		4,850		4,934,934
Series 2023-X1, Class A, 7.11%, 11/15/28		29,300		29,386,933
Series 2023-X1, Class B, 7.77%, 11/15/28		3,100		3,129,342
Avant Loans Funding Trust, Series 2021-REV1, Class C, 2.30%, 07/15/30(a)		2,220		2,118,020
Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.75%, 03/10/28		578		540,576
Exeter Automobile Receivables Trust
Series 2022-1A, Class C, 2.56%, 06/15/28		4,385		4,287,446
Series 2022-2A, Class B, 3.65%, 10/15/26		6,076		6,045,150
Series 2022-2A, Class C, 3.85%, 07/17/28		1,000		980,368
JPMorgan Chase Bank NA(a)
Series 2021-2, Class B, 0.89%, 12/26/28		2,762		2,700,509
Series 2021-3, Class B, 0.76%, 02/26/29		7,281		7,025,334
Netcredit Combined Receivables LLC, Series 2023-A, Class A, 7.78%, 12/20/27(a)		11,597		11,454,300
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36(a)		500		467,728
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 05/15/32(a)		8,509		8,437,097
Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31(a)		1,810		1,763,257
Upstart Securitization Trust(a)
Series 2021-4, Class A, 0.84%, 09/20/31		391		389,344
Series 2021-5, Class A, 1.31%, 11/20/31		998		991,167
Series 2021-5, Class B, 2.49%, 11/20/31		4,500		4,363,418
Series 2022-4, Class A, 5.98%, 08/20/32		8,216		8,190,520
Westlake Automobile Receivables Trust, Series 2022- 1A, Class B, 2.75%, 03/15/27(a)		8,580		8,461,984
Total Asset-Backed Securities — 2.5% (Cost: $166,030,244)				166,486,848
		Shares
Common Stocks
Aerospace & Defense — 0.3%
General Dynamics Corp.		41,271		10,716,841
Lockheed Martin Corp.		23,096		10,468,031
RTX Corp.		25,879		2,177,459
				23,362,331
Biotechnology — 0.5%
AbbVie, Inc.		72,209		11,190,229
Amgen, Inc.		38,192		11,000,060
Gilead Sciences, Inc.		132,869		10,763,717
				32,954,006
Communications Equipment — 0.3%
Cisco Systems, Inc.		216,628		10,944,046
Juniper Networks, Inc.		360,297		10,621,556
				21,565,602

Security	Shares		Value
Consumer Staples Distribution & Retail — 0.2%
Kroger Co.		233,020	$	10,651,344
Containers & Packaging — 0.0%
Amcor PLC		196,426		1,893,547
Packaging Corp. of America		5,087		828,723
				2,722,270
Diversified Consumer Services — 0.1%
H&R Block, Inc.		123,591		5,978,097
Electric Utilities — 0.7%
Alliant Energy Corp.		21,710		1,113,723
American Electric Power Co., Inc.		3,921		318,463
Duke Energy Corp.		112,251		10,892,837
Evergy, Inc.		98,895		5,162,319
Exelon Corp.		175,410		6,297,219
OGE Energy Corp.		61,315		2,141,733
Pinnacle West Capital Corp.		110,070		7,907,429
Xcel Energy, Inc.		169,334		10,483,468
				44,317,191
Electronic Equipment, Instruments & Components — 0.0%
Avnet, Inc.		5,358		270,043
Food Products — 1.2%
Bunge Global SA		34,226		3,455,115
Campbell Soup Co.		253,816		10,972,466
Conagra Brands, Inc.		244,627		7,011,010
Flowers Foods, Inc.		386,916		8,709,479
General Mills, Inc.		160,261		10,439,401
Hershey Co.		53,405		9,956,828
Hormel Foods Corp.		48,106		1,544,684
Ingredion, Inc.		33,729		3,660,608
Kellanova		194,016		10,847,435
Kraft Heinz Co.		290,591		10,746,055
				77,343,081
Gas Utilities — 0.2%
Atmos Energy Corp.		90,576		10,497,758
New Jersey Resources Corp.		22,170		988,339
ONE Gas, Inc.		20,104		1,281,027
				12,767,124
Ground Transportation — 0.2%
Union Pacific Corp.		44,502		10,930,581
Health Care Equipment & Supplies — 0.2%
Medtronic PLC		130,504		10,750,920
Health Care Providers & Services — 0.5%
Cardinal Health, Inc.		96,864		9,763,891
CVS Health Corp.		76,039		6,004,040
Patterson Cos., Inc.		176,612		5,024,611
Quest Diagnostics, Inc.		75,708		10,438,619
				31,231,161
Hotels, Restaurants & Leisure — 0.3%
Darden Restaurants, Inc.		64,652		10,622,324
Texas Roadhouse, Inc.		14,266		1,743,733
Wendy’s Co.		342,867		6,679,049
				19,045,106
Household Products — 0.1%
Kimberly-Clark Corp.		83,829		10,186,062
Independent Power and Renewable Electricity Producers — 0.0%
Brookfield Renewable Corp., Class A		61,295		1,764,683

S C H E D U L E O F I N V E S T M E N T S 59

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance — 0.9%
Aflac, Inc.		125,818	$	10,379,986
American Financial Group, Inc.		27,561		3,276,727
Hartford Financial Services Group, Inc.		132,379		10,640,624
Old Republic International Corp.		351,654		10,338,628
Reinsurance Group of America, Inc.		41,229		6,670,028
Travelers Cos., Inc.		56,821		10,823,832
Unum Group		190,715		8,624,132
				60,753,957
IT Services — 0.3%
Amdocs Ltd.		121,942		10,717,482
International Business Machines Corp.		64,612		10,567,293
				21,284,775
Machinery — 0.0%
Snap-on, Inc.		874		252,446
Media — 0.0%
Omnicom Group, Inc.		6,967		602,715
Multi-Utilities — 0.7%
Ameren Corp.		27,817		2,012,282
CenterPoint Energy, Inc.		74,253		2,121,408
CMS Energy Corp.		92,529		5,373,159
Consolidated Edison, Inc.		113,153		10,293,528
DTE Energy Co.		33,769		3,723,370
NiSource, Inc.		75,059		1,992,817
Public Service Enterprise Group, Inc.		105,709		6,464,105
Sempra		33,353		2,492,470
WEC Energy Group, Inc.		122,459		10,307,374
				44,780,513
Oil, Gas & Consumable Fuels — 0.5%
Chevron Corp.		69,941		10,432,399
Diamondback Energy, Inc.		25,261		3,917,476
Exxon Mobil Corp.		101,621		10,160,068
Williams Cos., Inc.		281,400		9,801,162
				34,311,105
Pharmaceuticals — 0.5%
Bristol-Myers Squibb Co.		203,408		10,436,864
Merck & Co., Inc.		99,076		10,801,266
Pfizer, Inc.		317,746		9,147,907
				30,386,037
Professional Services — 0.1%
Automatic Data Processing, Inc.		39,032		9,093,285
Technology Hardware, Storage & Peripherals — 0.0%
NetApp, Inc.		881		77,669
Tobacco — 0.1%
Philip Morris International, Inc.		77,782		7,317,731
Trading Companies & Distributors — 0.0%
MSC Industrial Direct Co., Inc., Class A		29,251		2,961,956
Total Common Stocks — 7.9% (Cost: $506,694,921)				527,661,791

Security	Par    (000)		Value
Corporate Bonds
Aerospace & Defense — 1.6%
Boeing Co.
1.43%, 02/04/24	$	2,579	$	2,568,025
Aerospace & Defense (continued)
Boeing Co. (continued)
2.20%, 02/04/26	$	2,000	$	1,889,774
5.15%, 05/01/30		10,170		10,353,171
Bombardier, Inc., 7.13%, 06/15/26(a)		827		823,139
General Dynamics Corp.
3.50%, 04/01/27		12,000		11,690,454
3.75%, 05/15/28		2,980		2,925,513
Lockheed Martin Corp.
5.10%, 11/15/27		3,540		3,653,780
1.85%, 06/15/30		70		59,999
3.90%, 06/15/32		6,455		6,224,989
5.25%, 01/15/33		14,230		15,092,910
4.75%, 02/15/34		28,270		28,770,990
Raytheon Technologies Corp., 3.15%, 12/15/24		1,153		1,129,527
Rolls-Royce PLC, 5.75%, 10/15/27(a)		1,305		1,307,242
RTX Corp.
3.95%, 08/16/25		130		128,112
5.75%, 01/15/29		785		820,521
6.00%, 03/15/31		1,530		1,629,898
6.10%, 03/15/34		350		379,836
Spirit AeroSystems, Inc., 9.75%, 11/15/30(a)		860		924,478
TransDigm, Inc.
6.25%, 03/15/26(a)		2,000		1,996,545
5.50%, 11/15/27		4,191		4,106,038
6.75%, 08/15/28(a)		6,902		7,061,312
4.88%, 05/01/29		2,864		2,676,935
6.88%, 12/15/30		924		951,720
Triumph Group, Inc.
7.75%, 08/15/25		296		295,050
9.00%, 03/15/28(a)		367		390,248
				107,850,206
Air Freight & Logistics — 0.1%
Rand Parent LLC, 8.50%, 02/15/30(a)		1,977		1,890,656
United Parcel Service, Inc., 4.45%, 04/01/30		1,200		1,211,516
				3,102,172
Automobile Components — 0.3%
Adient Global Holdings Ltd.(a)
4.88%, 08/15/26		2,000		1,955,725
7.00%, 04/15/28		719		743,185
8.25%, 04/15/31		701		742,274
Allison Transmission, Inc., 3.75%, 01/30/31(a)		2,829		2,499,562
Benteler International AG, 10.50%, 05/15/28(a)		490		516,181
IHO Verwaltungs GmbH(a)(b)
4.75%, 09/15/26		200		191,500
(6.38% Cash or 7.13% PIK), 6.38%, 05/15/29		2,000		1,962,726
Lear Corp., 3.80%, 09/15/27		1,964		1,892,151
Tenneco, Inc., 8.00%, 11/17/28(a)		1,477		1,260,989
Thor Industries, Inc., 4.00%, 10/15/29(a)		1,806		1,610,844
Titan International, Inc., 7.00%, 04/30/28		3,500		3,501,473
Winnebago Industries, Inc., 6.25%, 07/15/28(a)		514		505,005
				17,381,615
Automobiles — 1.0%
American Honda Finance Corp.
1.20%, 07/08/25		1,395		1,321,808
1.30%, 09/09/26		1,960		1,800,790
Asbury Automotive Group, Inc.
4.50%, 03/01/28		1,600		1,519,599
4.63%, 11/15/29(a)		955		883,949
4.75%, 03/01/30		1,000		933,474
5.00%, 02/15/32(a)		790		717,955

60 2 0 2 3  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) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Automobiles (continued)
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25(a)	$	4,049	$	4,088,174
AutoZone, Inc.
5.05%, 07/15/26		8,785		8,838,778
4.50%, 02/01/28		3,325		3,302,009
Carvana Co., 12.00%, 12/01/28(a)(b)		4,669		3,962,557
General Motors Co., 6.13%, 10/01/25		600		608,062
General Motors Financial Co., Inc., 2.35%, 02/26/27		14,390		13,246,281
Genuine Parts Co., 1.75%, 02/01/25		6,100		5,857,073
Honda Motor Co. Ltd., 2.53%, 03/10/27		4,480		4,227,741
Jaguar Land Rover Automotive PLC(a)
4.50%, 10/01/27		479		451,911
5.88%, 01/15/28		4,348		4,292,338
JB Poindexter & Co., Inc., 8.75%, 12/15/31		2,905		2,963,100
Toyota Motor Credit Corp., 1.13%, 06/18/26		6,397		5,906,959
				64,922,558
Banks — 13.9%
Banco Santander SA
2.75%, 05/28/25		800		771,845
5.59%, 08/08/28		29,200		29,773,155
6.94%, 11/07/33		12,600		13,988,379
(1-year CMT + 0.90%), 1.72%, 09/14/27(c)		2,800		2,532,106
Bank of America Corp.(c)
(1-day SOFR + 0.65%), 1.53%, 12/06/25		5,700		5,479,687
(1-day SOFR + 0.91%), 0.98%, 09/25/25		9,010		8,695,851
(1-day SOFR + 0.96%), 1.73%, 07/22/27		14,345		13,142,188
(1-day SOFR + 1.15%), 1.32%, 06/19/26		8,520		8,018,438
(1-day SOFR + 1.21%), 2.57%, 10/20/32		655		543,042
(1-day SOFR + 1.33%), 3.38%, 04/02/26		25,840		25,130,910
(1-day SOFR + 1.75%), 4.83%, 07/22/26		6,870		6,816,994
(1-day SOFR + 1.91%), 5.29%, 04/25/34		11,570		11,596,626
(1-day SOFR + 1.99%), 6.20%, 11/10/28		8,160		8,512,029
(1-day SOFR + 2.04%), 4.95%, 07/22/28		7,120		7,119,034
(3-mo. CME Term SOFR + 1.13%), 2.46%, 10/22/25		2,000		1,947,506
(3-mo. CME Term SOFR + 1.25%), 2.50%, 02/13/31		2,625		2,254,131
(3-mo. CME Term SOFR + 1.32%), 3.56%, 04/23/27		1,500		1,443,672
(3-mo. CME Term SOFR + 1.57%), 4.27%, 07/23/29		1,605		1,549,610
Series N, (1-day SOFR + 1.22%), 2.65%, 03/11/32		290		244,856
Bank of Montreal
1.85%, 05/01/25		970		929,992
3.70%, 06/07/25		13,441		13,171,186
1.25%, 09/15/26		2,260		2,058,696
5.72%, 09/25/28		3,110		3,222,959
Bank of New York Mellon Corp.
2.05%, 01/26/27		32		29,733
3.00%, 10/30/28		332		306,723
(1-day SOFR + 1.15%), 3.99%, 06/13/28(c)		73		71,211
(1-day SOFR + 1.17%), 4.54%, 02/01/29(c)		4,130		4,098,231
(1-day SOFR + 1.35%), 4.41%, 07/24/26(c)		717		709,379
(1-day SOFR Index + 1.80%), 5.80%, 10/25/28(c)		427		442,706
Bank of Nova Scotia
3.45%, 04/11/25		315		308,188
1.05%, 03/02/26		3,798		3,499,851
1.35%, 06/24/26		14,962		13,750,387
4.85%, 02/01/30		378		377,350
Canadian Imperial Bank of Commerce
3.95%, 08/04/25		6,840		6,730,829
0.95%, 10/23/25		1,870		1,746,334
Citigroup, Inc.
4.45%, 09/29/27		240		234,482
(1-day SOFR + 0.67%), 0.98%, 05/01/25(c)		3,043		2,991,358

Security	Par    (000)		Value
Banks (continued)
Citigroup, Inc. (continued)
(1-day SOFR + 0.69%), 2.01%, 01/25/26(c)	$	4,669	$	4,486,502
(1-day SOFR + 0.77%), 1.46%, 06/09/27(c)		23,540		21,542,420
(1-day SOFR + 1.37%), 4.14%, 05/24/25(c)		7,095		7,052,045
(1-day SOFR + 1.42%), 2.98%, 11/05/30(c)		13,388		11,920,606
(1-day SOFR + 1.53%), 3.29%, 03/17/26(c)		9,120		8,878,803
(1-day SOFR + 1.94%), 3.79%, 03/17/33(c)		10,390		9,344,216
(1-day SOFR + 2.66%), 6.17%, 05/25/34(c)		1,185		1,226,209
(1-day SOFR + 2.84%), 3.11%, 04/08/26(c)		4,485		4,359,017
(3-mo. CME Term SOFR + 1.16%), 3.35%, 04/24/25(c)		2,725		2,704,124
Fifth Third Bancorp, (1-day SOFR + 2.34%), 6.34%, 07/27/29(c)		2,325		2,420,741
Freedom Mortgage Corp.
12.00%, 10/01/28(a)		710		775,410
12.25%, 10/01/30		1,110		1,218,510
Goldman Sachs Group, Inc.
3.50%, 04/01/25		2,895		2,829,158
3.75%, 05/22/25		75		73,454
4.25%, 10/21/25		8,100		7,950,480
3.75%, 02/25/26		75		73,280
3.50%, 11/16/26		35		33,701
2.60%, 02/07/30		3,090		2,715,311
3.80%, 03/15/30		900		845,616
(1-day SOFR + 0.61%), 0.86%, 02/12/26(c)		3,505		3,323,449
(1-day SOFR + 0.73%), 1.76%, 01/24/25(c)		9,000		8,968,652
(1-day SOFR + 0.79%), 1.09%, 12/09/26(c)		6,100		5,617,898
(1-day SOFR + 0.80%), 1.43%, 03/09/27(c)		14,780		13,628,455
(1-day SOFR + 1.09%), 1.99%, 01/27/32(c)		4,190		3,385,473
(1-day SOFR + 1.25%), 2.38%, 07/21/32(c)		10,490		8,618,860
(1-day SOFR + 1.28%), 2.62%, 04/22/32(c)		1,545		1,296,886
(1-day SOFR + 1.51%), 4.39%, 06/15/27(c)		5,985		5,889,813
(3-mo. CME Term SOFR + 1.42%), 3.81%, 04/23/29(c)		3,015		2,862,348
(3-mo. CME Term SOFR + 1.46%), 3.27%, 09/29/25(c)		125		122,886
(3-mo. CME Term SOFR + 1.56%), 4.22%, 05/01/29(c)		250		241,832
HSBC Holdings PLC(c)
(1-day SOFR + 1.19%), 2.80%, 05/24/32		4,383		3,658,979
(1-day SOFR + 1.43%), 3.00%, 03/10/26		13,635		13,219,917
(1-day SOFR + 1.51%), 4.18%, 12/09/25		7,115		7,018,815
(1-day SOFR + 1.54%), 1.65%, 04/18/26		1,225		1,163,930
(1-day SOFR + 1.97%), 6.16%, 03/09/29		9,305		9,608,228
(1-day SOFR + 2.39%), 6.25%, 03/09/34		15,937		16,939,539
(1-day SOFR + 2.61%), 5.21%, 08/11/28		15,205		15,191,621
(1-day SOFR + 2.87%), 5.40%, 08/11/33		10,000		10,043,336
(1-day SOFR + 2.98%), 6.55%, 06/20/34		1,900		1,985,763
(1-day SOFR + 4.25%), 8.11%, 11/03/33		7,870		9,094,514
(3-mo. CME Term SOFR + 1.87%), 3.97%, 05/22/30		12,900		12,048,490
Intesa Sanpaolo SpA(a)
5.71%, 01/15/26		2,450		2,437,721
(1-year CMT + 2.60%), 4.20%, 06/01/32(c)		985		812,200
JPMorgan Chase & Co.
3.30%, 04/01/26		289		279,747
(1-day SOFR + 0.61%), 1.56%, 12/10/25(c)		9,540		9,185,109
(1-day SOFR + 0.77%), 1.47%, 09/22/27(c)		22,140		20,059,083
(1-day SOFR + 0.80%), 1.05%, 11/19/26(c)		8,505		7,875,902
(1-day SOFR + 0.92%), 2.60%, 02/24/26(c)		21,045		20,380,473
(1-day SOFR + 1.16%), 2.30%, 10/15/25(c)		4,160		4,053,601
(1-day SOFR + 1.85%), 2.08%, 04/22/26(c)		428		409,960
(1-day SOFR + 1.85%), 5.35%, 06/01/34(c)		11,415		11,577,485

S C H E D U L E O F I N V E S T M E N T S 61

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Banks (continued)
JPMorgan Chase & Co. (continued)
(1-day SOFR + 1.99%), 4.85%, 07/25/28(c)	$	19,310	$	19,315,601
(1-day SOFR + 2.08%), 4.91%, 07/25/33(c)		6,470		6,397,084
(3-mo. CME Term SOFR + 1.51%), 3.96%, 01/29/27(c)		1,300		1,269,873
(3-mo. CME Term SOFR + 1.52%), 4.20%, 07/23/29(c)		35		34,010
(3-mo. CME Term SOFR + 1.59%), 2.01%, 03/13/26(c)		852		818,552
Lloyds Banking Group PLC
4.58%, 12/10/25		3,110		3,043,584
(1-year CMT + 1.75%), 4.72%, 08/11/26(c)		5,380		5,308,509
(3-mo. LIBOR US + 1.21%), 3.57%, 11/07/28(c)		4,132		3,882,235
Mitsubishi UFJ Financial Group, Inc.(c)
(1-year CMT + 0.45%), 0.96%, 10/11/25		6,325		6,098,234
(1-year CMT + 0.55%), 0.95%, 07/19/25		6,270		6,109,383
(1-year CMT + 0.67%), 1.64%, 10/13/27		14,770		13,447,307
(1-year CMT + 0.83%), 2.34%, 01/19/28		2,585		2,391,907
(1-year CMT + 1.55%), 5.06%, 09/12/25		5,470		5,449,510
(1-year CMT + 1.70%), 4.79%, 07/18/25		5,550		5,523,758
(1-year CMT + 1.97%), 5.41%, 04/19/34		780		807,804
Mizuho Financial Group, Inc.(c)
(1-year CMT + 0.75%), 1.55%, 07/09/27		5,780		5,281,821
(1-year CMT + 0.90%), 2.65%, 05/22/26		2,910		2,799,441
(1-year CMT + 1.90%), 5.75%, 07/06/34		17,915		18,534,321
Morgan Stanley
3.95%, 04/23/27		509		494,091
3.59%, 07/22/28(c)		325		310,259
(1-day SOFR + 0.86%), 1.51%, 07/20/27(c)		4,895		4,471,121
(1-day SOFR + 0.88%), 1.59%, 05/04/27(c)		4,205		3,874,434
(1-day SOFR + 1.00%), 2.48%, 01/21/28(c)		13		12,066
(1-day SOFR + 1.03%), 1.79%, 02/13/32(c)		18,830		15,036,183
(1-day SOFR + 1.14%), 2.70%, 01/22/31(c)		2,090		1,827,029
(1-day SOFR + 1.18%), 2.24%, 07/21/32(c)		6,730		5,493,307
(1-day SOFR + 1.59%), 5.16%, 04/20/29(c)		10,845		10,906,992
(1-day SOFR + 1.61%), 4.21%, 04/20/28(c)		18		17,594
(1-day SOFR + 1.63%), 5.45%, 07/20/29(c)		911		928,265
(1-day SOFR + 1.67%), 4.68%, 07/17/26(c)		9,420		9,329,596
(1-day SOFR + 1.73%), 5.12%, 02/01/29(c)		3,225		3,239,666
(1-day SOFR + 1.87%), 5.25%, 04/21/34(c)		10,910		10,908,885
(1-day SOFR + 1.99%), 2.19%, 04/28/26(c)		2,440		2,343,997
(1-day SOFR + 3.12%), 3.62%, 04/01/31(c)		13,724		12,642,912
(3-mo. CME Term SOFR + 1.40%), 3.77%, 01/24/29(c)		35		33,379
(3-mo. CME Term SOFR + 1.89%), 4.43%, 01/23/30(c)		165		160,706
PNC Financial Services Group, Inc.(c)
(1-day SOFR Index + 1.09%), 5.67%, 10/28/25		6,290		6,286,783
(1-day SOFR Index + 2.14%), 6.04%, 10/28/33		8,350		8,724,151
Popular, Inc., 7.25%, 03/13/28		3,620		3,724,075
Royal Bank of Canada
1.15%, 06/10/25		2,500		2,369,185
1.20%, 04/27/26		1,495		1,381,144
5.20%, 08/01/28		1,220		1,243,461
5.00%, 02/01/33		1,880		1,911,771
Series FXD, 2.05%, 01/21/27		8,000		7,428,643
Santander Holdings USA, Inc.(c)
(1-day SOFR + 2.36%), 6.50%, 03/09/29		2,880		2,975,255
(1-day SOFR Index + 1.38%), 4.26%, 06/09/25		4,000		3,951,880
Santander U.K. Group Holdings PLC(c)
(1-day SOFR + 0.79%), 1.09%, 03/15/25		7,635		7,550,999

Security	Par    (000)		Value
Banks (continued)
Santander U.K. Group Holdings PLC(c) (continued)
(1-year CMT + 1.25%), 1.53%, 08/21/26	$	3,000	$	2,797,566
Sumitomo Mitsui Financial Group, Inc.
2.35%, 01/15/25		360		349,418
1.47%, 07/08/25		7,252		6,862,432
5.46%, 01/13/26		5,130		5,180,273
1.40%, 09/17/26		7,800		7,103,599
2.17%, 01/14/27		2,735		2,528,323
5.52%, 01/13/28		5,590		5,721,345
5.71%, 01/13/30		4,630		4,806,990
5.77%, 01/13/33		6,130		6,477,692
5.78%, 07/13/33		6,830		7,236,985
5.81%, 09/14/33		1,900		2,030,208
Toronto-Dominion Bank
3.77%, 06/06/25		20,240		19,913,558
4.69%, 09/15/27		6,755		6,754,280
Truist Financial Corp.
1.20%, 08/05/25		3,401		3,191,790
(1-day SOFR + 0.86%), 1.89%, 06/07/29(c)		199		171,964
(1-day SOFR + 1.46%), 4.26%, 07/28/26(c)		6,205		6,076,175
U.S. Bancorp, (1-day SOFR + 1.66%), 4.55%, 07/22/28(c)		1,730		1,704,487
UBS AG, 5.65%, 09/11/28		3,500		3,630,037
UniCredit SpA(a)(c)
(5-year CMT + 4.75%), 5.46%, 06/30/35		3,625		3,409,232
(5-year USD ICE Swap + 3.70%), 5.86%, 06/19/32		807		789,545
(5-year USD ICE Swap + 4.91%), 7.30%, 04/02/34		7,118		7,317,911
Wells Fargo & Co.
4.15%, 01/24/29		3,212		3,121,971
(1-day SOFR + 1.32%), 3.91%, 04/25/26(c)		2,631		2,578,792
(1-day SOFR + 1.51%), 3.53%, 03/24/28(c)		6,874		6,557,923
(1-day SOFR + 1.56%), 4.54%, 08/15/26(c)		7,464		7,384,300
(1-day SOFR + 1.74%), 5.57%, 07/25/29(c)		6,080		6,208,095
(1-day SOFR + 1.79%), 6.30%, 10/23/29(c)		1,459		1,537,672
(1-day SOFR + 1.98%), 4.81%, 07/25/28(c)		16,629		16,507,139
(1-day SOFR + 1.99%), 5.56%, 07/25/34(c)		4,570		4,652,757
(1-day SOFR + 2.10%), 2.39%, 06/02/28(c)		3		2,748
(3-mo. CME Term SOFR + 1.01%), 2.16%, 02/11/26(c)		5,524		5,316,428
(3-mo. CME Term SOFR + 1.26%), 2.57%, 02/11/31(c)		4,271		3,690,657
(3-mo. CME Term SOFR + 1.43%), 2.88%, 10/30/30(c)		125		111,120
(3-mo. CME Term SOFR + 1.57%), 3.58%, 05/22/28(c)		31		29,530
(3-mo. CME Term SOFR + 4.03%), 4.48%, 04/04/31(c)		540		521,665
Wells Fargo Bank NA, 5.45%, 08/07/26		7,335		7,454,510
				931,510,102
Beverages — 0.7%
Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30		8,207		7,365,782
Constellation Brands, Inc.
4.35%, 05/09/27		5,582		5,534,003
2.88%, 05/01/30		310		277,659
Diageo Capital PLC
2.38%, 10/24/29		405		364,620
2.00%, 04/29/30		2,710		2,340,486
5.50%, 01/24/33		18,405		19,591,414
PepsiCo, Inc., 4.45%, 02/15/33		7,670		7,853,873
				43,327,837

62 2 0 2 3  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) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Biotechnology — 0.4%
Amgen, Inc.
5.15%, 03/02/28	$	3,035	$	3,107,084
4.05%, 08/18/29		1,225		1,199,275
5.25%, 03/02/30		5,570		5,725,940
Biogen, Inc., 2.25%, 05/01/30		1,405		1,198,503
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30		20,690		17,011,495
				28,242,297
Broadline Retail — 0.2%
Alibaba Group Holding Ltd., 3.60%, 11/28/24		550		539,825
Macy’s Retail Holdings LLC(a)
5.88%, 04/01/29		375		359,976
5.88%, 03/15/30		6,219		5,908,610
6.13%, 03/15/32		3,500		3,311,542
Nordstrom, Inc.
4.38%, 04/01/30		2,447		2,128,572
4.25%, 08/01/31		1,755		1,460,125
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/25.		25		25,006
				13,733,656
Building Products — 0.3%
Beacon Roofing Supply, Inc.(a)
4.13%, 05/15/29		2,600		2,370,305
6.50%, 08/01/30		1,413		1,444,753
BlueLinx Holdings, Inc., 6.00%, 11/15/29(a)		4,100		3,794,264
Home Depot, Inc.
2.50%, 04/15/27		150		141,296
2.88%, 04/15/27		955		913,159
Lowe’s Cos., Inc.
3.10%, 05/03/27		9,171		8,779,958
2.63%, 04/01/31		1,155		1,010,670
				18,454,405
Capital Markets — 1.5%
Ameriprise Financial, Inc.
5.70%, 12/15/28		7,590		7,953,518
5.15%, 05/15/33		7,000		7,212,801
Ares Capital Corp.
2.15%, 07/15/26		3,936		3,587,953
7.00%, 01/15/27		7,150		7,354,464
2.88%, 06/15/27		6,210		5,673,790
2.88%, 06/15/28		3,355		2,972,305
Barings BDC, Inc., 3.30%, 11/23/26		1,715		1,563,743
Blackstone Private Credit Fund, 2.70%, 01/15/25		5,320		5,131,349
Brookfield Capital Finance LLC, 6.09%, 06/14/33		1,275		1,329,797
Brookfield Corp., 4.00%, 01/15/25		1,000		984,281
Brookfield Finance, Inc.
4.00%, 04/01/24		80		79,628
3.90%, 01/25/28		55		52,970
Charles Schwab Corp.
0.75%, 03/18/24		935		925,397
1.15%, 05/13/26		2,135		1,956,606
5.88%, 08/24/26		6,560		6,728,233
2.45%, 03/03/27		1,495		1,391,659
(1-day SOFR + 1.88%), 6.20%, 11/17/29(c)		3,315		3,476,266
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(a)		4,991		4,714,602
FS KKR Capital Corp.
1.65%, 10/12/24		1,905		1,838,016
4.13%, 02/01/25		105		102,346
2.63%, 01/15/27		5,275		4,734,770
3.25%, 07/15/27		2,810		2,556,057
3.13%, 10/12/28		4,080		3,555,666
7.88%, 01/15/29		60		63,568

Security	Par    (000)		Value
Capital Markets (continued)
Golub Capital BDC, Inc., 2.50%, 08/24/26	$	620	$	561,910
Jefferies Financial Group, Inc., 5.88%, 07/21/28		2,085		2,137,966
Main Street Capital Corp., 3.00%, 07/14/26		2,000		1,831,426
Nasdaq, Inc., 5.65%, 06/28/25		1,265		1,277,357
Nomura Holdings, Inc.
5.10%, 07/03/25		7,720		7,667,639
1.85%, 07/16/25		7,520		7,119,841
StoneX Group, Inc., 8.63%, 06/15/25(a)		3,424		3,458,993
				99,994,917
Chemicals — 0.7%
Air Products and Chemicals, Inc.
1.85%, 05/15/27		2,380		2,193,767
2.05%, 05/15/30		1,125		982,990
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(a)		265		277,914
Celanese U.S. Holdings LLC, 6.35%, 11/15/28		4,965		5,206,873
Chemours Co.
5.38%, 05/15/27		858		838,397
5.75%, 11/15/28(a)		6,975		6,643,726
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28(a)		5,148		4,802,672
Ecolab, Inc., 2.13%, 02/01/32		1,920		1,633,688
LYB International Finance II BV, 3.50%, 03/02/27		2,480		2,378,822
Methanex Corp.
5.13%, 10/15/27		284		277,440
5.25%, 12/15/29		3,882		3,734,978
5.65%, 12/01/44		1,300		1,133,366
Minerals Technologies, Inc., 5.00%, 07/01/28(a)		45		43,276
Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00%, 01/27/30(a)		110		102,022
PPG Industries, Inc.
1.20%, 03/15/26		8,910		8,235,666
2.55%, 06/15/30		2,000		1,737,316
Tronox, Inc., 4.63%, 03/15/29(a)		3,247		2,876,187
Valvoline, Inc.(a)
4.25%, 02/15/30		94		93,244
3.63%, 06/15/31		470		401,103
				43,593,447
Commercial Services & Supplies — 0.6%
ADT Security Corp., 4.13%, 08/01/29(a)		2,422		2,228,846
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27(a)		2,199		2,154,793
APX Group, Inc.(a)
6.75%, 02/15/27		519		517,703
5.75%, 07/15/29		3,236		3,016,773
Cimpress PLC, 7.00%, 06/15/26		3,241		3,168,077
Fortress Transportation and Infrastructure Investors LLC
6.50%, 10/01/25(a)		2,696		2,687,368
9.75%, 08/01/27(a)		5,000		5,200,000
7.88%, 12/01/30		1,150		1,198,047
Interface, Inc., 5.50%, 12/01/28(a)		1,523		1,407,683
Metis Merger Sub LLC, 6.50%, 05/15/29(a)		1,224		1,106,900
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(a)		2,398		2,236,129
NESCO Holdings II, Inc., 5.50%, 04/15/29(a)		118		109,102
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28(a)		3,014		2,996,424
Quanta Services, Inc.
0.95%, 10/01/24		3,805		3,666,638
2.35%, 01/15/32		2,295		1,899,114

S C H E D U L E O F I N V E S T M E N T S 63

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Commercial Services & Supplies (continued)
Steelcase, Inc., 5.13%, 01/18/29	$	1,291	$	1,223,590
Williams Scotsman, Inc., 4.63%, 08/15/28(a)		4,335		4,094,524
				38,911,711
Communications Equipment — 0.2%
Motorola Solutions, Inc.
4.00%, 09/01/24		6		5,936
4.60%, 02/23/28		50		49,718
4.60%, 05/23/29		600		595,317
2.30%, 11/15/30		200		168,872
2.75%, 05/24/31		3,485		2,978,628
5.60%, 06/01/32		11,250		11,605,580
				15,404,051
Construction & Engineering — 0.1%
Brand Industrial Services, Inc., 10.38%, 08/01/30		895		946,490
MasTec, Inc., 6.63%, 08/15/29(a)		1,491		1,356,953
Tutor Perini Corp., 6.88%, 05/01/25(a)		921		898,668
				3,202,111
Construction Materials — 0.5%
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 .		1,230		1,260,750
Boise Cascade Co., 4.88%, 07/01/30(a)		576		540,829
Builders FirstSource, Inc.(a)
5.00%, 03/01/30		181		174,783
4.25%, 02/01/32		9,250		8,343,319
Carrier Global Corp.
2.24%, 02/15/25		704		682,209
2.49%, 02/15/27		1,154		1,085,043
5.90%, 03/15/34		1,285		1,389,849
Eagle Materials, Inc., 2.50%, 07/01/31		3,285		2,785,368
Griffon Corp., 5.75%, 03/01/28		270		265,294
Masco Corp., 3.50%, 11/15/27		2,925		2,775,748
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/28(a)		900		886,121
8.88%, 11/15/31		3,500		3,679,116
Standard Industries, Inc./New Jersey, 4.38%, 07/15/30(a)		10,053		9,232,557
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(a)		847		819,473
Trane Technologies Financing Ltd., 3.50%, 03/21/26		1,555		1,511,193
				35,431,652
Consumer Finance — 2.1%
Ally Financial, Inc.
5.75%, 11/20/25		3,910		3,885,640
(1-day SOFR + 2.82%), 6.85%, 01/03/30(c)		5,395		5,542,788
American Express Co.
3.95%, 08/01/25		7,010		6,896,625
4.90%, 02/13/26		2,850		2,856,861
4.05%, 05/03/29		3,650		3,612,678
(1-day SOFR + 1.84%), 5.04%, 05/01/34(c)		13,860		13,835,880
(1-day SOFR + 1.93%), 5.63%, 07/28/34(c)		1,440		1,487,974
Bread Financial Holdings, Inc., 9.75%, 03/15/29(a)		2,095		2,171,834
Capital One Financial Corp.(c)
(1-day SOFR + 1.37%), 4.17%, 05/09/25		4,380		4,346,936
(1-day SOFR + 1.79%), 3.27%, 03/01/30		69		61,624
(1-day SOFR + 2.60%), 5.25%, 07/26/30		595		584,607
(1-day SOFR + 2.64%), 6.31%, 06/08/29		5,605		5,750,225
CPI CG, Inc., 8.63%, 03/15/26(a)		3,000		2,895,000
Credit Acceptance Corp.
6.63%, 03/15/26		165		164,606
9.25%, 12/15/28		2,190		2,334,431
Discover Financial Services, 6.70%, 11/29/32		1,748		1,831,099
Ford Motor Credit Co. LLC, 6.80%, 11/07/28		17,200		17,997,491

Security	Par    (000)		Value
Consumer Finance (continued)
goeasy Ltd., 9.25%, 12/01/28(a)	$	1,371	$	1,464,187
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31(a)		3,700		3,909,873
Mastercard, Inc.
3.30%, 03/26/27		9,210		8,931,123
2.95%, 06/01/29		260		244,727
1.90%, 03/15/31		167		142,462
MPH Acquisition Holdings LLC, 5.50%, 09/01/28(a)		5,479		4,905,924
Navient Corp., 6.75%, 06/15/26		467		474,770
OneMain Finance Corp.
7.13%, 03/15/26		4,885		4,976,784
6.63%, 01/15/28		3,686		3,721,161
9.00%, 01/15/29		3,864		4,085,133
S&P Global, Inc.
2.45%, 03/01/27		11,965		11,282,440
2.50%, 12/01/29		115		103,512
1.25%, 08/15/30		1,905		1,559,294
2.90%, 03/01/32		11,640		10,389,617
Sabre GLBL, Inc., 11.25%, 12/15/27(a)		4,114		4,042,125
SLM Corp., 4.20%, 10/29/25		925		897,250
Synchrony Financial, 7.25%, 02/02/33		4,951		4,911,572
Visa, Inc., 2.05%, 04/15/30		1,210		1,063,202
				143,361,455
Consumer Staples Distribution & Retail — 0.1%
Costco Wholesale Corp., 1.60%, 04/20/30		1,375		1,177,849
FirstCash, Inc., 5.63%, 01/01/30(a)		161		154,185
General Mills, Inc.
4.00%, 04/17/25		690		680,311
4.95%, 03/29/33		2,685		2,722,041
Kroger Co., 2.20%, 05/01/30		40		34,231
United Natural Foods, Inc., 6.75%, 10/15/28(a)		1,081		875,113
				5,643,730
Containers & Packaging — 0.3%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(a)(b)		1,350		630,693
Graham Packaging Co., Inc., 7.13%, 08/15/28(a)		3,495		3,145,500
Mauser Packaging Solutions Holding Co.(a)
7.88%, 08/15/26		2,675		2,722,297
9.25%, 04/15/27		1,720		1,688,274
Packaging Corp. of America, 5.70%, 12/01/33		7,840		8,253,009
Sealed Air Corp., 6.88%, 07/15/33(a)		1,448		1,535,801
				17,975,574
Diversified Consumer Services(a) — 0.0%
Adtalem Global Education, Inc., 5.50%, 03/01/28		190		182,762
Graham Holdings Co., 5.75%, 06/01/26		445		442,323
				625,085
Diversified REITs — 0.9%
American Tower Corp.
2.95%, 01/15/25		8,075		7,878,021
5.80%, 11/15/28		3,975		4,129,297
Crown Castle, Inc.
3.65%, 09/01/27		7,183		6,828,079
3.80%, 02/15/28		1,116		1,060,107
5.60%, 06/01/29		540		552,154
EPR Properties
4.75%, 12/15/26		1,000		956,766
3.60%, 11/15/31		545		452,005
Equinix, Inc.
2.63%, 11/18/24		2,210		2,152,534
1.45%, 05/15/26		3,465		3,201,167
Iron Mountain Information Management Services, Inc.,
5.00%, 07/15/32(a)		3,260		2,986,087

64 2 0 2 3  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) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Diversified REITs (continued)
Prologis LP 4.88%, 06/15/28	$	1,245	$	1,260,848
4.75%, 06/15/33		3,435		3,481,470
Rithm Capital Corp., 6.25%, 10/15/25(a)		3,892		3,830,896
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30(a)		1,842		1,287,392
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC(a)
10.50%, 02/15/28		5,640		5,717,860
6.50%, 02/15/29		1,980		1,428,875
VICI Properties LP, 4.38%, 05/15/25		975		958,169
VICI Properties LP/VICI Note Co., Inc.(a)
4.63%, 06/15/25		8,410		8,260,722
5.75%, 02/01/27		160		160,475
3.75%, 02/15/27		615		580,532
3.88%, 02/15/29		620		569,551
4.63%, 12/01/29		100		94,225
4.13%, 08/15/30		300		273,278
				58,100,510
Diversified Telecommunication Services — 0.9%
AT&T, Inc.
1.70%, 03/25/26		19,033		17,806,872
2.30%, 06/01/27		11,475		10,651,010
4.35%, 03/01/29		162		159,879
Consolidated Communications, Inc., 6.50%, 10/01/28(a)		3,156		2,729,940
Frontier Communications Holdings LLC(a)
5.88%, 10/15/27		85		82,119
5.00%, 05/01/28		2,275		2,102,502
6.75%, 05/01/29		2,505		2,239,978
8.75%, 05/15/30		5,139		5,286,534
8.63%, 03/15/31		6,022		6,140,043
Iliad Holding SASU(a)
6.50%, 10/15/26		800		798,435
7.00%, 10/15/28		1,015		1,010,015
Level 3 Financing, Inc., 10.50%, 05/15/30		4,138		4,012,556
Level 3 New Money TSA, 11.00%, 11/15/29(d)		933		933,262
Sprint Capital Corp., 8.75%, 03/15/32		2,510		3,098,000
Verizon Communications, Inc.
3.00%, 03/22/27		440		418,320
4.33%, 09/21/28		350		346,240
1.68%, 10/30/30		2,273		1,872,393
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28(a)		865		757,526
				60,445,624
Electric Utilities — 2.8%
AEP Texas, Inc.
3.95%, 06/01/28		50		48,107
5.40%, 06/01/33		125		126,905
AES Corp., 1.38%, 01/15/26		3,584		3,316,200
Alabama Power Co., 3.05%, 03/15/32		1,465		1,299,534
Ameren Corp., 3.50%, 01/15/31		140		127,734
Ameren Illinois Co.
3.85%, 09/01/32		2,750		2,563,122
4.95%, 06/01/33		470		475,967
American Electric Power Co., Inc., Series N, 1.00%, 11/01/25		3,000		2,784,292
Appalachian Power Co.
Series AA, 2.70%, 04/01/31		800		683,278
Series BB, 4.50%, 08/01/32		3,770		3,628,815
Arizona Public Service Co., 2.20%, 12/15/31		2,310		1,876,709

Security	Par    (000)		Value
Electric Utilities (continued)
Atlantic City Electric Co., 4.00%, 10/15/28	$	50	$	48,848
Avangrid, Inc., 3.80%, 06/01/29		100		94,266
Berkshire Hathaway Energy Co.
3.25%, 04/15/28		100		94,971
3.70%, 07/15/30		5,170		4,888,577
1.65%, 05/15/31		245		196,479
Black Hills Corp.
1.04%, 08/23/24		570		553,168
3.15%, 01/15/27		1,960		1,848,373
CenterPoint Energy Houston Electric LLC
Series AG, 3.00%, 03/01/32		635		561,991
Series AI, 4.45%, 10/01/32		1,850		1,817,715
CenterPoint Energy, Inc., 5.25%, 08/10/26		1,252		1,262,755
Commonwealth Edison Co.
2.20%, 03/01/30		170		146,940
4.90%, 02/01/33		665		672,883
Consolidated Edison Co. of New York, Inc., Series 20A, 3.35%, 04/01/30		330		307,693
Constellation Energy Generation LLC
3.25%, 06/01/25		770		747,849
5.80%, 03/01/33		620		651,666
Dominion Energy, Inc.
4.25%, 06/01/28		165		161,644
Series A, 1.45%, 04/15/26		621		575,619
Series B, 3.60%, 03/15/27		1,300		1,248,923
Series C, 3.38%, 04/01/30		916		843,287
Series C, 2.25%, 08/15/31		1,375		1,138,773
DPL, Inc., 4.35%, 04/15/29		200		186,128
DTE Electric Co., Series C, 2.63%, 03/01/31		390		341,229
DTE Energy Co.
2.85%, 10/01/26		5,000		4,726,068
Series C, 3.40%, 06/15/29		122		114,023
Series F, 1.05%, 06/01/25		630		593,604
Duke Energy Carolinas LLC, 4.95%, 01/15/33		4,050		4,125,007
Duke Energy Corp.
3.75%, 04/15/24		1,180		1,173,533
2.65%, 09/01/26		4,283		4,064,111
3.40%, 06/15/29		255		239,588
2.55%, 06/15/31		3,870		3,302,052
5.75%, 09/15/33		640		677,002
Duke Energy Florida LLC, 1.75%, 06/15/30		115		95,923
Duke Energy Progress LLC, 5.25%, 03/15/33		755		778,157
Edison International, 4.95%, 04/15/25		2,500		2,482,387
Entergy Arkansas LLC, 5.30%, 09/15/33		720		737,035
Entergy Corp., 0.90%, 09/15/25		290		269,659
Entergy Louisiana LLC, 1.60%, 12/15/30		2,520		2,018,977
Entergy Mississippi LLC, 5.00%, 09/01/33		920		925,628
Entergy Texas, Inc., 4.00%, 03/30/29		50		48,560
Evergy Kansas Central, Inc., 5.90%, 11/15/33		860		919,985
Evergy, Inc., 2.90%, 09/15/29		100		90,455
Eversource Energy
4.20%, 06/27/24		6,740		6,688,122
5.13%, 05/15/33		3,070		3,085,505
Series L, 2.90%, 10/01/24		800		783,651
Series M, 3.30%, 01/15/28		1,000		946,887
Exelon Corp.
3.95%, 06/15/25		1,500		1,474,204
5.15%, 03/15/28		2,050		2,083,695
Florida Power & Light Co., 2.45%, 02/03/32		190		163,156
Georgia Power Co.
3.25%, 03/30/27		50		47,736
4.65%, 05/16/28		3,000		3,022,932

S C H E D U L E O F I N V E S T M E N T S 65

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Electric Utilities (continued)
Georgia Power Co. (continued)
4.70%, 05/15/32	$	900	$	896,284
Series B, 2.65%, 09/15/29		700		633,805
Interstate Power and Light Co., 2.30%, 06/01/30		310		265,179
ITC Holdings Corp., 3.35%, 11/15/27		5,420		5,140,336
MidAmerican Energy Co., 3.65%, 04/15/29		310		296,177
National Rural Utilities Cooperative Finance Corp.
1.00%, 06/15/26		6,475		5,937,283
5.05%, 09/15/28		790		810,500
3.70%, 03/15/29		100		94,908
2.40%, 03/15/30		1,105		958,895
5.80%, 01/15/33		2,350		2,488,618
Nevada Power Co., Series DD, 2.40%, 05/01/30		700		606,768
NextEra Energy Capital Holdings, Inc.
4.45%, 06/20/25		10,570		10,477,212
5.75%, 09/01/25		70		70,662
1.90%, 06/15/28		1,335		1,184,648
3.50%, 04/01/29		150		141,878
2.75%, 11/01/29		1,005		900,542
5.05%, 02/28/33		7,450		7,463,924
Ohio Power Co., 5.00%, 06/01/33		500		502,836
Oncor Electric Delivery Co. LLC
4.30%, 05/15/28(a)		1,405		1,387,585
4.15%, 06/01/32		555		532,684
4.55%, 09/15/32		385		381,411
5.65%, 11/15/33(a)		355		378,188
Pacific Gas and Electric Co.
3.15%, 01/01/26		2,350		2,254,057
2.10%, 08/01/27		35		31,543
3.00%, 06/15/28		1,265		1,152,862
2.50%, 02/01/31		1,265		1,043,487
3.25%, 06/01/31		1,750		1,515,519
6.40%, 06/15/33		3,358		3,533,346
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(a)		490		463,471
PECO Energy Co., 4.90%, 06/15/33		1,510		1,535,107
PG&E Corp., 5.25%, 07/01/30		5,135		4,952,941
PPL Capital Funding, Inc., 3.10%, 05/15/26		1,070		1,025,504
PPL Electric Utilities Corp., 5.00%, 05/15/33		500		511,067
Public Service Co. of Colorado, Series 38, 4.10%, 06/01/32		1,370		1,312,351
Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31		380		319,335
Public Service Electric and Gas Co.
2.45%, 01/15/30		1,350		1,194,113
4.65%, 03/15/33		1,575		1,575,162
5.20%, 08/01/33		740		767,982
Public Service Enterprise Group, Inc., 1.60%, 08/15/30		110		89,982
Puget Energy, Inc., 2.38%, 06/15/28		170		151,949
San Diego Gas & Electric Co., 4.95%, 08/15/28		3,365		3,433,968
Sempra
3.40%, 02/01/28		50		47,650
3.70%, 04/01/29		350		333,449
5.50%, 08/01/33		640		663,333
Southern California Edison Co.
2.85%, 08/01/29		115		104,799
5.95%, 11/01/32		3,168		3,403,450
Series B, 3.65%, 03/01/28		770		737,981
Southern Co., 5.20%, 06/15/33		3,810		3,886,425
Southern Power Co., 0.90%, 01/15/26		2,000		1,842,593
Southwestern Electric Power Co., 5.30%, 04/01/33		920		920,018
Talen Energy Supply LLC, 8.63%, 06/01/30(a)		3,277		3,481,918

Security	Par    (000)		Value
Electric Utilities (continued)
Tucson Electric Power Co., 1.50%, 08/01/30	$	30	$	24,314
Union Electric Co.
3.50%, 03/15/29		50		47,334
2.95%, 03/15/30		240		216,681
Virginia Electric and Power Co.
2.30%, 11/15/31		5,135		4,312,885
5.30%, 08/15/33		310		319,244
Vistra Operations Co. LLC(a)
5.50%, 09/01/26		1,917		1,892,627
5.63%, 02/15/27		8,161		8,049,961
5.00%, 07/31/27		1,500		1,460,402
7.75%, 10/15/31		4,245		4,408,810
WEC Energy Group, Inc., 5.60%, 09/12/26		1,235		1,256,915
Wisconsin Electric Power Co., 1.70%, 06/15/28		175		155,454
Wisconsin Power and Light Co., 3.95%, 09/01/32		1,155		1,093,908
Xcel Energy, Inc.
4.60%, 06/01/32		860		838,384
5.45%, 08/15/33		260		268,131
				189,178,817
Electrical Equipment — 0.1%
Eaton Corp.
4.35%, 05/18/28		1,820		1,822,797
4.15%, 03/15/33		1,715		1,677,929
				3,500,726
Electronic Equipment, Instruments & Components — 0.8%
Allegion U.S. Holding Co., Inc., 3.20%, 10/01/24		1,175		1,151,337
Amphenol Corp.
4.75%, 03/30/26		785		786,051
2.80%, 02/15/30		1,000		910,512
Atkore, Inc., 4.25%, 06/01/31(a)		587		523,904
CDW LLC/CDW Finance Corp.
5.50%, 12/01/24		5,644		5,627,570
3.28%, 12/01/28		1,763		1,616,121
3.57%, 12/01/31		6,920		6,133,334
Flex Ltd.
3.75%, 02/01/26		100		96,781
4.88%, 06/15/29		6,955		6,831,132
Honeywell International, Inc., 4.50%, 01/15/34		7,150		7,186,239
Imola Merger Corp., 4.75%, 05/15/29(a)		2,835		2,693,544
Jabil, Inc.
1.70%, 04/15/26		2,580		2,389,440
4.25%, 05/15/27		4,140		4,032,403
5.45%, 02/01/29		3,345		3,417,629
Keysight Technologies, Inc.
4.55%, 10/30/24		2,000		1,981,200
4.60%, 04/06/27		130		129,556
3.00%, 10/30/29		80		72,716
Teledyne Technologies, Inc., 2.75%, 04/01/31		3,000		2,610,179
Xerox Holdings Corp., 5.50%, 08/15/28(a)		2,358		2,127,866
				50,317,514
Energy Equipment & Services — 0.1%
Seadrill Finance Ltd., 8.38%, 08/01/30		3,939		4,109,677
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26		1,670		1,662,956
6.88%, 09/01/27		1,000		988,147
Weatherford International Ltd., 8.63%, 04/30/30(a)		1,775		1,853,205
				8,613,985

66 2 0 2 3  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) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Environmental, Maintenance & Security Service — 0.2%
GFL Environmental, Inc., 4.00%, 08/01/28(a)	$	3,406	$	3,148,481
Environmental, Maintenance & Security Service (continued)
Republic Services, Inc.
0.88%, 11/15/25	$	2,553	$	2,364,898
3.95%, 05/15/28		2,485		2,435,822
Waste Connections, Inc.
4.25%, 12/01/28		4,000		3,979,930
2.60%, 02/01/30		110		98,689
3.20%, 06/01/32		1,390		1,249,001
				13,276,821
Financial Services — 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.00%, 10/29/28		805		734,956
3.30%, 01/30/32		5,372		4,675,411
Burford Capital Global Finance LLC
6.88%, 04/15/30(a)		470		453,584
9.25%, 07/01/31		534		567,535
CME Group, Inc., 2.65%, 03/15/32		250		222,240
Coinbase Global, Inc.(a)
3.38%, 10/01/28		3,673		3,099,181
3.63%, 10/01/31		2,969		2,293,972
GGAM Finance Ltd., 8.00%, 02/15/27(a)		1,130		1,158,295
Intercontinental Exchange, Inc.
3.65%, 05/23/25		4,060		3,980,806
1.85%, 09/15/32		2,195		1,755,438
LD Holdings Group LLC(a)
6.50%, 11/01/25		1,130		1,047,612
6.13%, 04/01/28		1,390		1,185,081
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/29		1,050		1,097,484
Nationstar Mortgage Holdings, Inc.(a)
5.00%, 02/01/26		1,519		1,485,518
6.00%, 01/15/27		1,909		1,894,682
5.50%, 08/15/28		1,140		1,096,199
5.13%, 12/15/30		2,079		1,879,691
5.75%, 11/15/31		3,950		3,683,012
PennyMac Financial Services, Inc.
5.38%, 10/15/25(a)		2,097		2,072,419
4.25%, 02/15/29(a)		777		699,365
7.88%, 12/15/29		495		509,537
5.75%, 09/15/31(a)		2,040		1,887,982
United Wholesale Mortgage LLC(a)
5.50%, 11/15/25		3,551		3,528,553
5.75%, 06/15/27		3,438		3,369,618
5.50%, 04/15/29		3,997		3,784,000
				48,162,171
Food Products — 0.2%
Hershey Co., 4.50%, 05/04/33		7,530		7,582,125
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 04/01/33		3,602		3,568,093
Mondelez International, Inc.
1.50%, 05/04/25		585		557,636
2.63%, 03/17/27		2,070		1,952,450
				13,660,304
Gas Utilities — 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25		2,387		2,353,510
5.88%, 08/20/26		1,335		1,321,841
5.75%, 05/20/27		1,374		1,336,246
9.38%, 06/01/28(a)		3,769		3,892,162
CenterPoint Energy Resources Corp., 5.25%, 03/01/28		885		907,521
NiSource, Inc., 0.95%, 08/15/25		4,330		4,048,803
ONE Gas, Inc., 4.25%, 09/01/32		1,625		1,558,467

Security	Par    (000)		Value
Gas Utilities (continued)
Piedmont Natural Gas Co., Inc.
3.50%, 06/01/29	$	50	$	46,621
5.40%, 06/15/33		1,255		1,290,290
Southern California Gas Co., 5.20%, 06/01/33		2,630		2,704,342
Southern Co. Gas Capital Corp., 5.75%, 09/15/33		380		398,999
Southwest Gas Corp.
2.20%, 06/15/30		25		21,276
4.05%, 03/15/32		2,995		2,806,278
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(a)		1,969		1,785,069
Superior Plus LP/Superior General Partner, Inc.,
4.50%, 03/15/29(a)		467		433,035
				24,904,460
Ground Transportation — 0.4%
Canadian National Railway Co., 3.85%, 08/05/32		7,880		7,497,021
GN Bondco LLC, 9.50%, 10/15/31		3,675		3,587,866
Ryder System, Inc.
5.65%, 03/01/28		4,495		4,629,572
6.60%, 12/01/33		6,075		6,735,347
XPO, Inc., 7.13%, 02/01/32(a)		835		861,788
				23,311,594
Health Care Equipment & Supplies — 0.3%
Agilent Technologies, Inc.
2.10%, 06/04/30		600		516,763
2.30%, 03/12/31		750		650,634
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28(a)		4,771		5,033,119
DH Europe Finance II SARL, 2.60%, 11/15/29		68		61,546
Edwards Lifesciences Corp., 4.30%, 06/15/28		6,885		6,776,222
Embecta Corp., 5.00%, 02/15/30(a)		114		96,699
Medline Borrower LP, 5.25%, 10/01/29(a)		2,071		1,952,076
Zimmer Biomet Holdings, Inc., 5.35%, 12/01/28		2,700		2,781,665
				17,868,724
Health Care Providers & Services — 2.2%
Aetna, Inc., 3.50%, 11/15/24		3,118		3,065,711
Cencora, Inc.
3.45%, 12/15/27		849		817,920
2.70%, 03/15/31		7,190		6,306,003
DaVita, Inc., 4.63%, 06/01/30(a)		6,186		5,396,634
Elevance Health, Inc.
3.35%, 12/01/24		700		686,928
2.38%, 01/15/25		95		92,258
Fortrea Holdings, Inc., 7.50%, 07/01/30(a)		294		301,930
HCA, Inc.
3.50%, 09/01/30		3,740		3,390,408
3.63%, 03/15/32		9,030		8,074,398
Heartland Dental LLC/Heartland Dental Finance Corp.,
10.50%, 04/30/28(a)		1,150		1,193,171
Humana, Inc.
3.85%, 10/01/24		1,078		1,064,449
4.50%, 04/01/25		893		885,567
5.75%, 03/01/28		9,550		9,923,721
IQVIA, Inc.(a)
6.25%, 02/01/29		1,865		1,946,961
6.50%, 05/15/30		240		246,026
LifePoint Health, Inc.
9.88%, 08/15/30		2,745		2,774,071
11.00%, 10/15/30		1,610		1,695,575
McKesson Corp., 0.90%, 12/03/25		2,515		2,331,724
Molina Healthcare, Inc.(a)
4.38%, 06/15/28		1,520		1,437,584
3.88%, 11/15/30		1,100		988,792
Star Parent, Inc., 9.00%, 10/01/30		695		732,428

S C H E D U L E O F I N V E S T M E N T S 67

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Health Care Providers & Services (continued)
Tenet Healthcare Corp., 6.13%, 10/01/28	$	6,877	$	6,857,538
UnitedHealth Group, Inc.
5.30%, 02/15/30		36,090		37,765,734
2.00%, 05/15/30		3,585		3,098,507
4.50%, 04/15/33		28,970		28,785,973
Universal Health Services, Inc.
2.65%, 10/15/30		9,248		7,841,641
2.65%, 01/15/32		9,342		7,674,642
				145,376,294
Health Care REITs — 0.3%
Omega Healthcare Investors, Inc.
4.50%, 01/15/25		2,210		2,172,641
4.50%, 04/01/27		6,633		6,363,313
4.75%, 01/15/28		4,915		4,724,710
Welltower OP LLC
3.63%, 03/15/24		2,920		2,905,945
4.00%, 06/01/25		2,955		2,901,692
				19,068,301
Health Care Technology — 0.0%
AthenaHealth Group, Inc., 6.50%, 02/15/30(a)		1,665		1,510,451
Hotel & Resort REITs — 0.1%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer(a)
5.88%, 10/01/28		2,000		1,966,960
4.88%, 05/15/29		171		158,284
RLJ Lodging Trust LP, 4.00%, 09/15/29(a)		3,075		2,763,297
Service Properties Trust, 7.50%, 09/15/25		2,007		2,029,304
XHR LP, 4.88%, 06/01/29(a)		810		745,593
				7,663,438
Hotels, Restaurants & Leisure — 2.0%
Affinity Interactive, 6.88%, 12/15/27(a)		648		577,519
Boyd Gaming Corp., 4.75%, 12/01/27		474		456,036
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(a) 4.38%, 01/15/28		3,084		2,945,467
4.00%, 10/15/30		9,646		8,651,488
Carnival Corp.(a)
7.63%, 03/01/26		858		873,513
5.75%, 03/01/27		5,460		5,325,867
6.00%, 05/01/29		1,633		1,571,282
10.50%, 06/01/30		7,101		7,767,074
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28(a)		5,409		5,887,258
Choice Hotels International, Inc., 3.70%, 12/01/29		236		209,136
Churchill Downs, Inc., 6.75%, 05/01/31(a)		4,545		4,612,881
Darden Restaurants, Inc.
3.85%, 05/01/27		10		9,662
6.30%, 10/10/33		2,820		3,031,590
Hilton Domestic Operating Co., Inc., 4.00%, 05/01/31(a)		1,585		1,451,742
Hilton Grand Vacations Borrower Escrow LLC/Hilton
Grand Vacations Borrower Esc(a)
5.00%, 06/01/29		3,309		3,052,704
4.88%, 07/01/31		4,157		3,679,784
Hyatt Hotels Corp., 5.75%, 01/30/27		2,180		2,227,802
International Game Technology PLC, 5.25%, 01/15/29(a)		1,565		1,532,446
Marriott International, Inc.
5.00%, 10/15/27		2,480		2,509,265
5.55%, 10/15/28		2,120		2,186,288

Security	Par    (000)		Value
Hotels, Restaurants & Leisure (continued)
Marriott International, Inc. (continued)
4.90%, 04/15/29	$	605	$	608,932
Series AA, 4.65%, 12/01/28		193		192,209
Series FF, 4.63%, 06/15/30		170		166,939
Series HH, 2.85%, 04/15/31		8,145		7,049,280
McDonald’s Corp., 4.60%, 09/09/32		30,450		30,740,863
Melco Resorts Finance Ltd., 5.75%, 07/21/28(a)		400		368,250
MGM Resorts International
6.75%, 05/01/25		500		501,563
5.50%, 04/15/27		98		97,254
4.75%, 10/15/28		500		476,396
Midwest Gaming Borrower LLC/Midwest Gaming
Finance Corp., 4.88%, 05/01/29(a)		360		334,800
NCL Corp. Ltd.(a)
5.88%, 03/15/26		5,892		5,757,413
8.13%, 01/15/29		730		762,545
7.75%, 02/15/29		3,966		3,990,010
NCL Finance Ltd., 6.13%, 03/15/28(a)		451		431,712
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(a)		1,020		1,088,528
Resorts World Las Vegas LLC/RWLV Capital, Inc., 8.45%, 07/27/30(a)		4,440		4,539,900
Royal Caribbean Cruises Ltd.(a)
5.50%, 08/31/26		2,782		2,754,592
11.63%, 08/15/27		5,035		5,478,931
Starbucks Corp., 3.55%, 08/15/29		40		38,550
Station Casinos LLC, 4.63%, 12/01/31(a)		1,096		988,235
Travel & Leisure Co.
6.63%, 07/31/26(a)		2,704		2,727,677
6.00%, 04/01/27		2,596		2,581,542
4.50%, 12/01/29(a)		2,889		2,587,345
4.63%, 03/01/30(a)		1,853		1,657,138
Wynn Macau Ltd.(a)
5.63%, 08/26/28		605		559,058
5.13%, 12/15/29		400		354,250
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(a)
5.13%, 10/01/29		669		631,393
7.13%, 02/15/31		918		956,025
				136,980,134
Household Durables — 0.4%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27(a)		285		276,133
Lennar Corp., 5.00%, 06/15/27		2,685		2,692,413
LGI Homes, Inc., 8.75%, 12/15/28		2,121		2,256,214
Meritage Homes Corp., 5.13%, 06/06/27		2,100		2,069,197
NVR, Inc., 3.00%, 05/15/30		10,320		9,194,419
Tempur Sealy International, Inc.(a)
4.00%, 04/15/29		1,889		1,706,128
3.88%, 10/15/31		2,961		2,503,326
Toll Brothers Finance Corp.
4.35%, 02/15/28		5,010		4,894,603
3.80%, 11/01/29		2,750		2,577,919
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/24		50		50,000
Tri Pointe Homes, Inc., 5.70%, 06/15/28		1,450		1,430,062
				29,650,414
Household Products — 0.0%
Energizer Holdings, Inc., 6.50%, 12/31/27(a)		323		323,000

68 2 0 2 3  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) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par    (000)		Value
Independent Power and Renewable Electricity Producers — 0.2%
Calpine Corp., 5.00%, 02/01/31(a)	$	4,600	$	4,216,893
NRG Energy, Inc.
6.63%, 01/15/27		30		30,064
5.25%, 06/15/29(a)		7,871		7,622,133
				11,869,090
Industrial Conglomerates — 0.1%
Calderys Financing LLC, 11.25%, 06/01/28(a)		319		334,118
Pentair Finance SARL, 4.50%, 07/01/29		4,300		4,131,867
				4,465,985
Insurance — 2.4%
Aflac, Inc., 1.13%, 03/15/26		2,360		2,178,075
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(a)
6.75%, 10/15/27		883		879,879
6.75%, 04/15/28		826		845,023
Aon Corp., 2.80%, 05/15/30		405		359,093
Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27		495		467,605
Arthur J Gallagher & Co.
2.40%, 11/09/31		1,450		1,193,473
5.50%, 03/02/33		13,550		13,768,851
6.50%, 02/15/34		5,690		6,219,889
Assurant, Inc., 4.90%, 03/27/28		4,810		4,755,901
Assured Guaranty U.S. Holdings, Inc. 6.13%, 09/15/28		5,000		5,247,893
AssuredPartners, Inc., 5.63%, 01/15/29(a)		243		226,852
Athene Holding Ltd., 3.50%, 01/15/31		3,945		3,473,548
Brown & Brown, Inc.
4.50%, 03/15/29		4,320		4,178,638
4.20%, 03/17/32		6,550		5,973,916
Corebridge Financial, Inc., 3.50%, 04/04/25		955		930,991
Enstar Group Ltd., 3.10%, 09/01/31		16,139		13,161,087
Fairfax Financial Holdings Ltd.
3.38%, 03/03/31		1,005		883,160
5.63%, 08/16/32		6,370		6,363,819
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/25(a)		1,015		1,002,441
HUB International Ltd., 7.00%, 05/01/26(a)		842		845,254
Marsh & McLennan Cos., Inc.
2.25%, 11/15/30		4,215		3,628,096
2.38%, 12/15/31		7,610		6,482,304
5.75%, 11/01/32		21,330		22,933,303
5.40%, 09/15/33		9,993		10,519,545
NFP Corp.
6.88%, 08/15/28(a)		1,039		1,056,248
8.50%, 10/01/31		1,295		1,403,650
NMI Holdings, Inc., 7.38%, 06/01/25(a)		3,000		3,004,980
Principal Financial Group, Inc., 5.38%, 03/15/33		3,065		3,133,969
Progressive Corp.
2.50%, 03/15/27		2,235		2,096,959
3.20%, 03/26/30		9,000		8,319,186
RenaissanceRe Holdings Ltd., 5.75%, 06/05/33		15,640		15,758,353
Unum Group, 4.00%, 06/15/29		10,076		9,562,310
				160,854,291
Interactive Media & Services — 0.9%
Baidu, Inc., 1.72%, 04/09/26		2,170		2,011,460
Meta Platforms, Inc.
3.50%, 08/15/27		18,990		18,492,139
4.60%, 05/15/28		3,730		3,784,406

Security	Par    (000)		Value
Interactive Media & Services (continued)
Meta Platforms, Inc. (continued)
4.80%, 05/15/30	$	2,890	$	2,958,943
3.85%, 08/15/32		18,875		17,952,774
4.95%, 05/15/33		12,750		13,159,521
				58,359,243
Internet Software & Services — 0.2%
Booking Holdings, Inc., 4.63%, 04/13/30		153		154,145
EquipmentShare.com, Inc., 9.00%, 05/15/28(a)		760		781,926
Match Group Holdings II LLC, 4.13%, 08/01/30(a)		393		356,611
VeriSign, Inc.
5.25%, 04/01/25		2,300		2,300,865
2.70%, 06/15/31		14,505		12,431,701
				16,025,248
IT Services — 1.4%
Camelot Finance SA, 4.50%, 11/01/26(a)		315		307,572
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29		365		380,972
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/29(a)		3,707		3,337,672
Fidelity National Information Services, Inc., 4.50%, 07/15/25		3,040		3,009,204
Fiserv, Inc. 5.45%, 03/02/28		950		978,362
5.38%, 08/21/28		7,660		7,880,128
5.60%, 03/02/33		9,930		10,365,646
GrubHub Holdings, Inc., 5.50%, 07/01/27(a)		3,666		3,081,640
International Business Machines Corp.
3.45%, 02/19/26		7,585		7,387,283
3.30%, 05/15/26		16,600		16,119,032
2.20%, 02/09/27		5,120		4,766,266
4.15%, 07/27/27		19,620		19,384,314
KBR, Inc., 4.75%, 09/30/28(a)		6,000		5,560,514
Kyndryl Holdings, Inc. 2.70%, 10/15/28		250		220,343
3.15%, 10/15/31		3,045		2,544,327
VT Topco, Inc., 8.50%, 08/15/30		1,260		1,310,866
Ziff Davis, Inc., 4.63%, 10/15/30(a)		5,085		4,665,133
				91,299,274
Leisure Products — 0.0%
Hasbro, Inc., 3.55%, 11/19/26		145		137,491
Machinery — 0.4%
BWX Technologies, Inc., 4.13%, 06/30/28(a)	1,245		1,154,476
GrafTech Finance, Inc., 4.63%, 12/15/28(a)		2,295		1,521,378
IDEX Corp., 2.63%, 06/15/31		4,980		4,234,306
Ingersoll Rand, Inc.
5.40%, 08/14/28		6,815		7,022,459
5.70%, 08/14/33		4,430		4,686,946
Oshkosh Corp., 3.10%, 03/01/30		7,639		6,866,508
Otis Worldwide Corp.
2.06%, 04/05/25		417		400,868
2.29%, 04/05/27		65		60,576
2.57%, 02/15/30		784		697,142
Terex Corp., 5.00%, 05/15/29(a)		999		941,557
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/25		2,305		2,228,236
				29,814,452
Media — 2.4%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(a)		2,703		2,490,842

S C H E D U L E O F I N V E S T M E N T S 69

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Belo Corp., 7.25%, 09/15/27	$	1,077	$	1,079,834
Cable One, Inc., 4.00%, 11/15/30(a)		2,267		1,835,450
CCO Holdings LLC/CCO Holdings Capital Corp.(a) 5.13%, 05/01/27		250		241,542
5.00%, 02/01/28		100		95,678
5.38%, 06/01/29		1,725		1,625,961
6.38%, 09/01/29		1,061		1,046,319
4.50%, 08/15/30		885		797,813
4.25%, 02/01/31		420		367,051
7.38%, 03/01/31		18,551		19,040,079
4.75%, 02/01/32		1,400		1,234,744
4.50%, 06/01/33		2,388		2,020,577
Charter Communications Operating LLC/Charter Communications Operating Capital 2.30%, 02/01/32		8,070		6,421,976
6.65%, 02/01/34		4,010		4,228,477
Comcast Corp. 3.40%, 04/01/30		4,480		4,193,294
4.80%, 05/15/33		8,230		8,331,692
CSC Holdings LLC, 11.25%, 05/15/28(a)		2,902		2,990,105
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(a)		12,678		11,911,956
DISH DBS Corp., 5.75%, 12/01/28(a)		2,113		1,685,329
DISH Network Corp., 11.75%, 11/15/27(a)		4,322		4,511,550
FactSet Research Systems, Inc. 2.90%, 03/01/27		9,015		8,441,022
3.45%, 03/01/32		5,934		5,314,064
Fox Corp., 4.03%, 01/25/24		35		34,957
GCI LLC, 4.75%, 10/15/28(a)		6,660		6,110,472
Interpublic Group of Cos., Inc., 2.40%, 03/01/31		430		363,306
Nexstar Media, Inc.(a) 5.63%, 07/15/27		8,581		8,297,405
4.75%, 11/01/28		2,947		2,715,602
Paramount Global, 4.20%, 05/19/32		5,320		4,748,117
Sirius XM Radio, Inc.(a) 5.00%, 08/01/27		800		772,795
4.00%, 07/15/28		4,051		3,746,538
5.50%, 07/01/29		9,115		8,812,655
4.13%, 07/01/30		2,408		2,145,715
TEGNA, Inc. 4.63%, 03/15/28		3,990		3,726,939
5.00%, 09/15/29		9,358		8,573,893
Townsquare Media, Inc., 6.88%, 02/01/26(a)		3,500		3,428,600
Univision Communications, Inc.(a) 6.63%, 06/01/27		2,709		2,701,612
8.00%, 08/15/28		2,595		2,677,054
7.38%, 06/30/30		2,500		2,492,830
UPC Broadband Finco BV, 4.88%, 07/15/31(a)		1,852		1,629,964
Virgin Media Secured Finance PLC, 5.50%, 05/15/29(a)		4,000		3,864,968
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(a)		3,216		3,020,465
Ziggo Bond Co. BV(a) 6.00%, 01/15/27		1,911		1,859,903
5.13%, 02/28/30		2,226		1,861,748
				163,490,893
Metals & Mining — 1.3%
Arsenal AIC Parent LLC, 8.00%, 10/01/30(a)		880		918,157
BHP Billiton Finance USA Ltd. 4.75%, 02/28/28		23,560		23,802,589

Security	Par (000)		Value
Metals & Mining (continued)
BHP Billiton Finance USA Ltd. (continued) 4.90%, 02/28/33	$	5,350	$	5,470,784
Carpenter Technology Corp. 6.38%, 07/15/28		731		728,257
7.63%, 03/15/30		314		323,791
Cleveland-Cliffs, Inc., 6.75%, 04/15/30(a)		6,469		6,560,084
Compass Minerals International, Inc., 6.75%, 12/01/27(a)		225		222,750
FMG Resources August 2006 Pty. Ltd.(a) 4.50%, 09/15/27		1,950		1,873,529
5.88%, 04/15/30		1,155		1,144,389
FMG Resources August Pty. Ltd., 6.13%, 04/15/32(a)		6,021		6,064,375
Freeport-McMoRan, Inc. 5.00%, 09/01/27		75		74,059
4.13%, 03/01/28		975		932,779
4.38%, 08/01/28		240		230,408
5.25%, 09/01/29		50		50,532
4.25%, 03/01/30		750		704,303
Mineral Resources Ltd. 8.13%, 05/01/27(a)		3,610		3,667,365
8.00%, 11/01/27(a)		615		630,551
9.25%, 10/01/28		2,418		2,572,196
8.50%, 05/01/30(a)		3,000		3,126,978
Nucor Corp., 3.13%, 04/01/32		3,125		2,806,234
Rain Carbon, Inc., 12.25%, 09/01/29		2,147		2,098,693
Reliance Steel & Aluminum Co. 1.30%, 08/15/25		6,690		6,257,357
2.15%, 08/15/30		2,000		1,688,039
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28		699		769,296
Rio Tinto Finance USA PLC, 5.00%, 03/09/33		8,870		9,211,442
Southern Copper Corp., 3.88%, 04/23/25		200		195,125
SunCoke Energy, Inc., 4.88%, 06/30/29(a)		1,640		1,475,045
Taseko Mines Ltd., 7.00%, 02/15/26(a)		6,600		6,254,813
				89,853,920
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/29(a)		3,661		3,078,853
Oil, Gas & Consumable Fuels — 6.3%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(a)		210		211,050
Antero Midstream Partners LP/Antero Midstream Finance Corp.(a) 5.75%, 01/15/28		6,402		6,338,193
5.38%, 06/15/29		8,150		7,835,154
Antero Resources Corp., 5.38%, 03/01/30(a)		3,950		3,785,919
Baytex Energy Corp.(a) 8.75%, 04/01/27		4,500		4,649,157
8.50%, 04/30/30		432		447,081
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25(a)		910		920,042
Canadian Natural Resources Ltd. 3.80%, 04/15/24		16,688		16,590,326
2.05%, 07/15/25		4,231		4,031,105
CGG SA, 8.75%, 04/01/27(a)		2,641		2,405,634
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27		3,417		3,433,592
Cheniere Energy, Inc., 4.63%, 10/15/28		3,590		3,504,303
Chevron Corp. 2.00%, 05/11/27		140		129,927

70 2 0 2 3  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) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Chevron Corp. (continued) 2.24%, 05/11/30	$	170	$	150,622
Chord Energy Corp., 6.38%, 06/01/26(a)		4,842		4,842,000
Civitas Resources, Inc.(a) 5.00%, 10/15/26		2,619		2,539,915
8.38%, 07/01/28		4,366		4,557,864
8.63%, 11/01/30		730		774,327
8.75%, 07/01/31		2,786		2,965,828
CNX Resources Corp.(a) 7.25%, 03/14/27		219		220,898
6.00%, 01/15/29		5,000		4,793,163
7.38%, 01/15/31		1,134		1,141,871
Columbia Pipeline Group, Inc., 4.50%, 06/01/25		8,510		8,400,621
Comstock Resources, Inc.(a) 6.75%, 03/01/29		6,019		5,504,419
5.88%, 01/15/30		465		403,295
Continental Resources, Inc. 2.27%, 11/15/26(a)		1,060		975,310
4.38%, 01/15/28		910		881,083
Crescent Energy Finance LLC(a) 7.25%, 05/01/26		2,857		2,874,614
9.25%, 02/15/28		3,320		3,444,732
CVR Energy, Inc., 8.50%, 01/15/29		3,623		3,604,885
DCP Midstream Operating LP 5.13%, 05/15/29		2,440		2,438,591
8.13%, 08/16/30		240		278,104
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28(a)		1,852		1,749,308
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30		3,820		3,906,340
Diamondback Energy, Inc., 6.25%, 03/15/33		545		582,345
Enbridge, Inc. 1.60%, 10/04/26		2,470		2,262,553
4.25%, 12/01/26		6,100		6,017,826
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28(a)		2,000		2,001,887
Energy Transfer LP 4.05%, 03/15/25		2,495		2,454,509
2.90%, 05/15/25		5,200		5,038,520
5.63%, 05/01/27(a)		4,250		4,235,487
5.75%, 02/15/33		5,945		6,129,170
EnLink Midstream Partners LP, 5.45%, 06/01/47		607		529,607
EQM Midstream Partners LP, 7.50%, 06/01/30(a)		2,481		2,667,122
EQT Corp. 5.00%, 01/15/29		880		871,747
7.00%, 02/01/30		212		227,527
3.63%, 05/15/31(a)		855		763,575
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27(a)		1,225		1,270,744
Global Partners LP/GLP Finance Corp., 6.88%, 01/15/29		3,000		2,895,043
Harbour Energy PLC, 5.50%, 10/15/26(a)		2,410		2,355,775
Harvest Midstream I LP, 7.50%, 09/01/28(a)		1,355		1,346,978
Hess Corp., 4.30%, 04/01/27		1,255		1,241,703
HF Sinclair Corp., 5.00%, 02/01/28(a)		3,890		3,772,543
Hilcorp Energy I LP/Hilcorp Finance Co.(a) 6.25%, 11/01/28		1,633		1,626,709
6.00%, 02/01/31		1,065		1,026,543
6.25%, 04/15/32		3,334		3,207,011
8.38%, 11/01/33		1,080		1,144,195
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28(a)		1,257		1,319,302
Kinder Morgan, Inc. 1.75%, 11/15/26		3,850		3,541,457

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan, Inc. (continued) 7.75%, 01/15/32	$	1,645	$	1,870,192
5.20%, 06/01/33		875		869,731
Marathon Petroleum Corp., 4.70%, 05/01/25		4,690		4,658,211
MEG Energy Corp., 5.88%, 02/01/29(a)		5,525		5,368,323
MPLX LP 4.88%, 06/01/25		33,605		33,384,140
1.75%, 03/01/26		8,000		7,483,470
4.13%, 03/01/27		4,000		3,915,534
4.25%, 12/01/27		12,830		12,551,318
2.65%, 08/15/30		5,510		4,754,701
5.00%, 03/01/33		20,410		19,993,514
Murphy Oil Corp., 5.88%, 12/01/42		1,300		1,148,568
New Fortress Energy, Inc.(a)
6.75%, 09/15/25		4,940		4,900,585
6.50%, 09/30/26		7,500		7,203,022
Noble Finance II LLC, 8.00%, 04/15/30(a)		3,518		3,660,665
Northern Oil and Gas, Inc.(a) 8.13%, 03/01/28		1,991		2,015,887
8.75%, 06/15/31		438		456,220
ONEOK Partners LP, 4.90%, 03/15/25		520		516,972
ONEOK, Inc. 2.75%, 09/01/24		155		151,958
2.20%, 09/15/25		6,880		6,537,975
5.85%, 01/15/26		8,156		8,274,282
4.00%, 07/13/27		15,600		15,150,747
6.35%, 01/15/31		2,330		2,488,426
6.05%, 09/01/33		7,840		8,306,618
Ovintiv, Inc., 5.38%, 01/01/26		605		605,012
Parkland Corp.(a) 5.88%, 07/15/27		80		79,677
4.50%, 10/01/29		600		549,882
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/28		465		452,689
7.88%, 09/15/30(a)		1,309		1,333,086
Permian Resources Operating LLC, 9.88%, 07/15/31(a)		223		247,809
Pioneer Natural Resources Co., 5.10%, 03/29/26		1,070		1,077,798
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29		4,772		4,393,437
Rockcliff Energy II LLC, 5.50%, 10/15/29(a)		670		633,226
SM Energy Co., 6.50%, 07/15/28		589		589,271
Sunoco LP/Sunoco Finance Corp., 7.00%, 09/15/28(a)		2,115		2,182,196
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a) 5.50%, 01/15/28		650		614,256
6.00%, 12/31/30		1,455		1,352,484
Talos Production, Inc., 12.00%, 01/15/26		2,720		2,798,200
Targa Resources Corp. 5.20%, 07/01/27		4,680		4,702,466
6.15%, 03/01/29		9,315		9,740,673
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.50%, 07/15/27		1,174		1,189,497
5.00%, 01/15/28		4,159		4,107,438
6.88%, 01/15/29		200		206,542
5.50%, 03/01/30		350		349,937
4.88%, 02/01/31		5,230		5,080,474
Transcontinental Gas Pipe Line Co. LLC 7.85%, 02/01/26		9,646		10,100,453
3.25%, 05/15/30		1,100		997,078
Transocean Poseidon Ltd., 6.88%, 02/01/27(a)		147		145,524
Transocean, Inc. 7.50%, 01/15/26(a)		636		624,845

S C H E D U L E O F I N V E S T M E N T S 71

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Transocean, Inc. (continued)
11.50%, 01/30/27(a)	$	4,731	$	4,943,895
8.00%, 02/01/27(a)		787		767,325
8.75%, 02/15/30(a)		3,473		3,628,662
6.80%, 03/15/38		200		160,311
Valaris Ltd., 8.38%, 04/30/30(a)		4,291		4,396,301
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/30(a)		6,000		5,967,535
Venture Global LNG, Inc.(a) 8.13%, 06/01/28		1,635		1,651,182
9.50%, 02/01/29		5,458		5,775,475
8.38%, 06/01/31		1,620		1,619,161
9.88%, 02/01/32		4,100		4,270,720
Western Midstream Operating LP, 6.35%, 01/15/29		860		898,193
Williams Cos., Inc. 4.30%, 03/04/24		4,875		4,862,776
4.00%, 09/15/25		3,000		2,944,408
			420,960,104
Paper & Forest Products — 0.0%
Domtar Corp., 6.75%, 10/01/28(a)		1,802		1,628,502
Passenger Airlines(a) — 0.5%
American Airlines Group, Inc., 3.75%, 03/01/25		1,046		1,019,338
American Airlines, Inc. 7.25%, 02/15/28		150		151,715
8.50%, 05/15/29		1,645		1,737,118
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/26		521		517,076
5.75%, 04/20/29		8,421		8,208,474
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26		2,329		2,194,786
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25		5,649		4,062,580
United Airlines, Inc. 4.38%, 04/15/26		5,494		5,353,383
4.63%, 04/15/29		12,484		11,675,479
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 06/01/28		1,761		1,490,339
			36,410,288
Personal Care Products — 0.0%
BellRing Brands, Inc., 7.00%, 03/15/30(a)		2,884		2,984,854
Pharmaceuticals — 1.3%
AbbVie, Inc. 3.60%, 05/14/25		4,680		4,595,251
3.20%, 05/14/26		16,594		16,082,600
2.95%, 11/21/26		3,818		3,661,070
Bausch Health Americas, Inc., 8.50%, 01/31/27(a)		133		72,994
Bausch Health Cos., Inc.(a) 6.13%, 02/01/27		6,859		4,629,825
11.00%, 09/30/28		6,977		5,072,139
Bristol-Myers Squibb Co. 3.90%, 02/20/28		2,426		2,383,865
1.45%, 11/13/30		1,670		1,371,479
5.75%, 02/01/31		7,370		7,892,214
Eli Lilly & Co., 4.70%, 02/27/33		1,010		1,035,698
Jazz Securities DAC, 4.38%, 01/15/29(a)		1,988		1,851,653
Merck & Co., Inc. 2.15%, 12/10/31		1,500		1,280,622
4.50%, 05/17/33		16,085		16,203,887
Novartis Capital Corp., 2.20%, 08/14/30		180		158,463

Security	Par (000)		Value
Pharmaceuticals (continued)
Perrigo Finance Unlimited Co., 4.65%, 06/15/30	$	815	$	741,323
Pfizer Investment Enterprises Pte. Ltd. 4.45%, 05/19/28		2,600		2,598,656
4.65%, 05/19/30		2,600		2,618,300
4.75%, 05/19/33		3,885		3,893,721
Zoetis, Inc.
3.00%, 09/12/27		11,280		10,698,736
3.90%, 08/20/28		250		244,627
2.00%, 05/15/30		2,215		1,907,268
				88,994,391
Professional Services — 0.1%
ASGN, Inc., 4.63%, 05/15/28(a)		610		579,501
Verisk Analytics, Inc., 4.00%, 06/15/25		9,035		8,876,635
			9,456,136
Real Estate Management & Development — 0.2%
CBRE Services, Inc., 4.88%, 03/01/26		8,250		8,253,715
Greystar Real Estate Partners LLC, 7.75%, 09/01/30		665		696,588
Howard Hughes Corp.(a) 5.38%, 08/01/28		4,290		4,123,226
4.13%, 02/01/29		2,126		1,895,775
4.38%, 02/01/31		1,730		1,500,343
				16,469,647
Residential REITs — 0.0%
Mid-America Apartments LP, 1.10%, 09/15/26		260		235,769
Retail REITs — 0.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.75%, 05/15/26(a)		2,307		2,238,778
Simon Property Group LP 3.50%, 09/01/25		810		791,212
1.38%, 01/15/27		2,920		2,666,206
5.50%, 03/08/33		2,760		2,851,826
				8,548,022
Semiconductors & Semiconductor Equipment — 1.8%
Analog Devices, Inc. 1.70%, 10/01/28		1,770		1,569,697
2.10%, 10/01/31		1,335		1,136,089
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.63%, 01/15/24		9,310		9,301,407
3.88%, 01/15/27		16,861		16,454,749
Broadcom, Inc. 3.15%, 11/15/25		520		503,669
3.46%, 09/15/26		19,619		18,972,297
1.95%, 02/15/28(a)		2,460		2,206,712
4.00%, 04/15/29(a)		8,000		7,722,073
4.15%, 04/15/32(a)		6,164		5,810,642
4.30%, 11/15/32		5,930		5,689,029
2.60%, 02/15/33(a)		23,000		18,948,531
3.42%, 04/15/33(a)		1,730		1,519,471
Marvell Technology, Inc., 5.95%, 09/15/33		2,945		3,122,848
Microchip Technology, Inc., 4.25%, 09/01/25		1,210		1,191,739
Micron Technology, Inc. 4.98%, 02/06/26		1,377		1,376,260
5.33%, 02/06/29		125		127,491
6.75%, 11/01/29		494		533,809
4.66%, 02/15/30		550		536,793
NCR Atleos Corp., 9.50%, 04/01/29		2,290		2,433,115
NVIDIA Corp., 2.85%, 04/01/30		25		23,121
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25		4,205		4,052,190

72 2 0 2 3  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) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
ON Semiconductor Corp., 3.88%, 09/01/28(a)	$	751	$	696,573
Texas Instruments, Inc. 1.75%, 05/04/30		145		125,032
1.90%, 09/15/31		2,445		2,086,807
4.90%, 03/14/33		12,480		12,958,753
				119,098,897
Software — 1.0%
Adobe, Inc., 2.30%, 02/01/30		2,130		1,908,056
Cloud Software Group, Inc.(a) 6.50%, 03/31/29		4,025		3,833,574
9.00%, 09/30/29		3,930		3,735,280
Electronic Arts, Inc., 1.85%, 02/15/31		2,000		1,668,983
Intuit, Inc. 1.35%, 07/15/27		805		725,534
1.65%, 07/15/30		438		367,941
5.20%, 09/15/33		7,585		7,940,646
McAfee Corp., 7.38%, 02/15/30(a)		900		821,926
Microsoft Corp., 1.35%, 09/15/30		250		208,159
MicroStrategy, Inc., 6.13%, 06/15/28(a)		3,337		3,237,357
Oracle Corp. 3.40%, 07/08/24		1,710		1,690,026
1.65%, 03/25/26		4,960		4,627,068
4.65%, 05/06/30		2,120		2,111,671
2.88%, 03/25/31		21,445		18,997,113
4.90%, 02/06/33		7,650		7,615,198
ROBLOX Corp., 3.88%, 05/01/30(a)		1,051		937,250
Roper Technologies, Inc. 1.00%, 09/15/25		590		551,484
2.00%, 06/30/30		75		63,667
ServiceNow, Inc., 1.40%, 09/01/30		1,000		822,094
SS&C Technologies, Inc., 5.50%, 09/30/27(a)		2,754		2,714,708
VMware, Inc. 1.00%, 08/15/24		2,425		2,355,233
4.50%, 05/15/25		540		534,576
4.65%, 05/15/27		2,000		1,982,884
				69,450,428
Specialized REITs — 0.5%
Iron Mountain, Inc.(a) 5.25%, 03/15/28		2,500		2,430,618
5.00%, 07/15/28		2,400		2,305,895
5.25%, 07/15/30		1,340		1,275,556
5.63%, 07/15/32		9,278		8,783,208
Public Storage Operating Co. 1.50%, 11/09/26		4,075		3,742,224
1.95%, 11/09/28		9,275		8,266,693
3.39%, 05/01/29		450		429,241
2.25%, 11/09/31		7,850		6,710,853
5.10%, 08/01/33		1,600		1,656,320
				35,600,608
Specialty Retail — 0.2%
Academy Ltd., 6.00%, 11/15/27(a)		1,848		1,814,897
Bath & Body Works, Inc. 6.69%, 01/15/27		364		371,654
5.25%, 02/01/28		3,610		3,570,509
6.63%, 10/01/30(a)		1,365		1,395,101
6.88%, 11/01/35		1,655		1,675,742
eG Global Finance PLC, 12.00%, 11/30/28		2,110		2,247,213

Security	Par (000)		Value
Specialty Retail (continued)
Foot Locker, Inc., 4.00%, 10/01/29(a)	$	3,858	$	3,192,495
Gap, Inc., 3.63%, 10/01/29(a)		1,464		1,251,713
				15,519,324
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc., 3.35%, 08/08/32		2,195		2,063,058
Dell International LLC/EMC Corp. 5.85%, 07/15/25		2,720		2,746,623
6.10%, 07/15/27		4,285		4,453,777
Fortinet, Inc., 2.20%, 03/15/31		750		627,763
NCR Voyix Corp., 5.00%, 10/01/28(a)		600		567,161
Seagate HDD Cayman 8.25%, 12/15/29(a)		5,670		6,115,248
8.50%, 07/15/31(a)		219		237,682
9.63%, 12/01/32		3,750		4,288,125
Western Digital Corp., 4.75%, 02/15/26		5,850		5,738,957
				26,838,394
Textiles, Apparel & Luxury Goods — 0.2%
Tapestry, Inc. 7.35%, 11/27/28		5,200		5,454,770
7.70%, 11/27/30		830		873,745
3.05%, 03/15/32		11,470		9,330,739
7.85%, 11/27/33		695		741,483
				16,400,737
Tobacco — 2.3%
Altria Group, Inc. 2.35%, 05/06/25		21,059		20,309,377
2.63%, 09/16/26		13,420		12,692,357
4.80%, 02/14/29		70		69,776
3.40%, 05/06/30		265		241,727
2.45%, 02/04/32		22,040		17,972,948
6.88%, 11/01/33		8,120		8,937,626
BAT Capital Corp. 3.22%, 08/15/24		5,383		5,295,306
3.46%, 09/06/29		572		526,913
4.91%, 04/02/30		7,186		7,060,726
6.34%, 08/02/30		9,627		10,107,421
BAT International Finance PLC 1.67%, 03/25/26		5,000		4,644,296
5.93%, 02/02/29		7,800		8,104,325
Philip Morris International, Inc. 0.88%, 05/01/26		7,476		6,848,914
3.13%, 08/17/27		50		47,517
3.38%, 08/15/29		4,436		4,159,785
5.63%, 11/17/29		19,819		20,782,319
2.10%, 05/01/30		790		677,673
5.50%, 09/07/30		13		13,473
5.75%, 11/17/32		7,800		8,185,796
5.38%, 02/15/33		2,340		2,400,149
5.63%, 09/07/33		8,180		8,543,399
Vector Group Ltd., 5.75%, 02/01/29(a)		7,285		6,669,982
				154,291,805
Water Utilities — 0.0%
American Water Capital Corp., 4.45%, 06/01/32		2,055		2,044,254
Essential Utilities, Inc. 3.57%, 05/01/29		55		51,320
2.70%, 04/15/30		220		192,310
				2,287,884

S C H E D U L E O F I N V E S T M E N T S 73

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wireless Telecommunication Services — 0.6%
Altice France Holding SA, 10.50%, 05/15/27(a)	$	1,054	$	682,591
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(a)		3,000		2,982,029
Intelsat Jackson Holdings SA, 6.50%, 03/15/30(a)		3,991		3,801,841
T-Mobile U.S., Inc. 3.50%, 04/15/25		15,900		15,563,910
2.05%, 02/15/28		6,900		6,225,796
2.88%, 02/15/31		4,975		4,383,608
Vmed O2 U.K. Financing I PLC(a) 4.25%, 01/31/31		900		785,920
4.75%, 07/15/31		6,300		5,623,418
				40,049,113
Total Corporate Bonds — 62.3%  (Cost: $4,190,855,042)				4,179,055,506
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(c) — 20.9%
Connecticut Avenue Securities Trust(a)
Series 2018-R07, Class 1M2C, (30-day Avg SOFR + 2.51%), 7.85%, 04/25/31		300		299,898
Series 2019-HRP1, Class M2, (30-day Avg SOFR + 2.26%), 7.60%, 11/25/39		23,192		23,392,534
Series 2019-HRP1, Class M2B, (30-day Avg SOFR + 2.26%), 7.60%, 11/25/39		10,313		10,394,428
Series 2019-R01, Class 2M2, (30-day Avg SOFR + 2.56%), 7.90%, 07/25/31		8,518		8,554,069
Series 2019-R01, Class 2M2C, (30-day Avg SOFR +
2.56%), 7.90%, 07/25/31		2,257		2,257,544
Series 2019-R07, Class 1M2, (30-day Avg SOFR +
2.21%), 7.55%, 10/25/39		806		805,708
Series 2019-R07, Class 1M2, (30-day Avg SOFR +
2.51%), 7.85%, 04/25/31		2,343		2,346,682
Series 2020-R01, Class 1M2, (30-day Avg SOFR +
2.16%), 7.50%, 01/25/40		37,730		38,224,333
Series 2020-R02, Class 2C, (30-day Avg SOFR +
2.11%), 7.45%, 01/25/40		4,641		4,676,905
Series 2020-R02, Class 2M2, (30-day Avg SOFR +
2.11%), 7.45%, 01/25/40		56,881		57,313,032
Series 2020-SBT1, Class 1M2, (30-day Avg SOFR +
3.76%), 9.10%, 02/25/40		51,265		53,572,631
Series 2020-SBT1, Class 2M2, (30-day Avg SOFR +
3.76%), 9.10%, 02/25/40		21,367		22,493,802
Series 2021-R01, Class 1B1, (30-day Avg SOFR +
3.10%), 8.44%, 10/25/41		15,550		15,675,506
Series 2021-R03, Class 1B1, (30-day Avg SOFR +
2.75%), 8.09%, 12/25/41		10,575		10,601,255
Series 2022-R01, Class 1B1, (30-day Avg SOFR +
3.15%), 8.49%, 12/25/41		40,330		40,617,835
Series 2022-R01, Class 1M1, (30-day Avg SOFR +
1.00%), 6.34%, 12/25/41		22,746		22,686,045
Series 2022-R02, Class 2B1, (30-day Avg SOFR +
4.50%), 9.84%, 01/25/42		44,222		45,525,401
Series 2022-R02, Class 2M1, (30-day Avg SOFR +
1.20%), 6.54%, 01/25/42		5,898		5,878,253
Series 2022-R02, Class 2M2, (30-day Avg SOFR +
3.00%), 8.34%, 01/25/42		23,874		24,194,172
Series 2022-R03, Class 1B1, (30-day Avg SOFR +
6.25%), 11.59%, 03/25/42		17,780		19,492,187

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Connecticut Avenue Securities Trust(a) (continued)
Series 2022-R04, Class 1B1, (30-day Avg SOFR + 5.25%), 10.59%, 03/25/42	$	28,132	$	29,972,888
Series 2022-R04, Class 1M1, (30-day Avg SOFR + 2.00%), 7.34%, 03/25/42		16,927		17,086,917
Series 2022-R05, Class 2B1, (30-day Avg SOFR + 4.50%), 9.84%, 04/25/42		5,261		5,412,825
Series 2022-R05, Class 2M2, (30-day Avg SOFR + 3.00%), 8.34%, 04/25/42		2,500		2,543,916
Series 2022-R05, Class M1, (30-day Avg SOFR +
1.90%), 7.24%, 04/25/42		27,642		27,796,895
Series 2022-R06, Class 1M1, (30-day Avg SOFR + 2.75%), 8.09%, 05/25/42		13,740		14,125,882
Series 2022-R07, Class 1M1, (30-day Avg SOFR + 2.95%), 8.29%, 06/25/42		50,510		52,011,861
Series 2022-R08, Class 1B1, (30-day Avg SOFR + 5.60%), 10.94%, 07/25/42		6,500		7,040,728
Series 2022-R08, Class 1M1, (30-day Avg SOFR + 2.55%), 7.89%, 07/25/42		13,116		13,451,989
Fannie Mae Connecticut Avenue Securities
Series 2014-C01, Class M2, (30-day Avg SOFR +
4.51%), 9.85%, 01/25/24		2,989		2,997,114
Series 2014-C03, Class 1M2, (30-day Avg SOFR + 3.11%), 8.45%, 07/25/24		17,676		17,853,678
Series 2017-C01, Class 1M2C, (30-day Avg SOFR + 3.66%), 9.00%, 07/25/29		3,350		3,453,202
Series 2017-C03, Class 1M2C, (30-day Avg SOFR + 3.11%), 8.45%, 10/25/29		2,118		2,181,347
Series 2017-C05, Class 1EB3, (30-day Avg SOFR + 1.31%), 6.65%, 01/25/30		1,274		1,272,968
Series 2017-C06, Class 1M2C, (30-day Avg SOFR + 2.76%), 8.10%, 02/25/30		5,179		5,205,157
Series 2017-C07, Class 1EB2, (30-day Avg SOFR + 1.11%), 6.45%, 05/25/30		285		285,002
Series 2017-C07, Class 1M2C, (30-day Avg SOFR + 2.51%), 7.85%, 05/25/30		11,672		11,828,313
Series 2018-C01, Class 1ED2, (30-day Avg SOFR + 0.96%), 6.30%, 07/25/30		87		86,559
Series 2018-C01, Class 1M2C, (30-day Avg SOFR + 2.36%), 7.70%, 07/25/30		5,420		5,441,421
Series 2018-C02, Class 2M2, (30-day Avg SOFR + 2.31%), 7.65%, 08/25/30		1,433		1,452,884
Series 2018-C03, Class 1M2C, (30-day Avg SOFR + 2.26%), 7.60%, 10/25/30		1,537		1,560,711
Series 2021-R02, Class 2B1, (30-day Avg SOFR + 3.30%), 8.64%, 11/25/41(a)		47,031		47,462,627
Series 2021-R02, Class 2M2, (30-day Avg SOFR + 2.00%), 7.34%, 11/25/41(a)		8,900		8,824,856
Freddie Mac STACR REMIC Trust(a)
Series 2020-DNA3, Class B1, (30-day Avg SOFR + 5.21%), 10.55%, 06/25/50		10,670		11,693,975
Series 2020-DNA4, Class B1, (30-day Avg SOFR + 6.11%), 11.45%, 08/25/50		3,793		4,266,299
Series 2020-DNA5, Class M2, (30-day Avg SOFR + 2.80%), 8.14%, 10/25/50		6,667		6,760,201
Series 2020-DNA6, Class M2, (30-day Avg SOFR + 2.00%), 7.34%, 12/25/50		11,571		11,660,978
Series 2021-DNA1, Class B1, (30-day Avg SOFR + 2.65%), 7.99%, 01/25/51		7,544		7,640,171
Series 2021-DNA1, Class M2, (30-day Avg SOFR + 1.80%), 7.14%, 01/25/51		15,832		15,924,449

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Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Freddie Mac STACR REMIC Trust(a) (continued)
Series 2021-DNA5, Class B1, (30-day Avg SOFR + 3.05%), 8.39%, 01/25/34	$	22,903	$	23,111,509
Series 2021-DNA5, Class M2, (30-day Avg SOFR + 1.65%), 6.99%, 01/25/34		4,788		4,807,535
Series 2021-DNA6, Class B1, (30-day Avg SOFR + 3.40%), 8.74%, 10/25/41		41,126		41,789,550
Series 2021-DNA6, Class M1, (30-day Avg SOFR + 0.80%), 6.14%, 10/25/41		2,172		2,163,865
Series 2021-DNA7, Class B1, (30-day Avg SOFR + 3.65%), 8.99%, 11/25/41		64,139		65,326,028
Series 2021-DNA7, Class M1, (30-day Avg SOFR + 0.85%), 6.19%, 11/25/41		32,469		32,287,076
Series 2021-HQA1, Class B1, (30-day Avg SOFR + 3.00%), 8.34%, 08/25/33		17,301		17,517,954
Series 2021-HQA3, Class B1, (30-day Avg SOFR + 3.35%), 8.69%, 09/25/41		20,562		20,511,062
Series 2021-HQA3, Class M1, (30-day Avg SOFR + 0.85%), 6.19%, 09/25/41		18,818		18,621,870
Series 2021-HQA3, Class M2, (30-day Avg SOFR + 2.10%), 7.44%, 09/25/41		26,375		26,020,061
Series 2021-HQA4, Class B1, (30-day Avg SOFR + 3.75%), 9.09%, 12/25/41		42,909		42,828,764
Series 2021-HQA4, Class M1, (30-day Avg SOFR + 0.95%), 6.29%, 12/25/41		1,043		1,029,781
Series 2022-DNA1, Class B1, (30-day Avg SOFR + 3.40%), 8.74%, 01/25/42		4,635		4,616,333
Series 2022-DNA1, Class M1A, (30-day Avg SOFR + 1.00%), 6.34%, 01/25/42		6,285		6,264,724
Series 2022-DNA1, Class M2, (30-day Avg SOFR + 2.50%), 7.84%, 01/25/42		8,700		8,683,889
Series 2022-DNA2, Class B1, (30-day Avg SOFR + 4.75%), 10.09%, 02/25/42		2,870		2,968,772
Series 2022-DNA2, Class M1A, (30-day Avg SOFR + 1.30%), 6.64%, 02/25/42		3,491		3,490,536
Series 2022-DNA2, Class M2, (30-day Avg SOFR + 3.75%), 9.09%, 02/25/42		13,853		14,302,127
Series 2022-DNA3, Class M1A, (30-day Avg SOFR + 2.00%), 7.34%, 04/25/42		29,275		29,541,400
Series 2022-DNA4, Class M1A, (30-day Avg SOFR + 2.20%), 7.54%, 05/25/42		1,608		1,630,181
Series 2022-DNA5, Class M1A, (30-day Avg SOFR + 2.95%), 8.29%, 06/25/42		47,060		48,310,252
Series 2022-DNA6, Class M1A, (30-day Avg SOFR + 2.15%), 7.49%, 09/25/42		15,862		16,008,318
Series 2022-DNA7, Class M2, (30-day Avg SOFR + 7.00%), 12.34%, 03/25/52		17,075		19,301,536
Series 2022-HQA1, Class M1A, (30-day Avg SOFR + 2.10%), 7.44%, 03/25/42		43,327		43,661,470
Series 2022-HQA1, Class M2, (30-day Avg SOFR + 5.25%), 10.59%, 03/25/42		13,816		14,733,378
Series 2022-HQA3, Class M1A, (30-day Avg SOFR + 2.30%), 7.64%, 08/25/42		35,732		36,328,026
Freddie Mac STACR Trust(a)
Series 2018-HQA2, Class M2, (30-day Avg SOFR + 2.41%), 7.75%, 10/25/48		18,049		18,228,770
Series 2019-DNA2, Class M2, (30-day Avg SOFR + 2.56%), 7.90%, 03/25/49		7,424		7,461,489

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2016-HQA2, Class M3, (30-day Avg SOFR + 5.26%), 10.60%, 11/25/28	$	5,510	$	5,841,217
Series 2017-HQA1, Class M2, (30-day Avg SOFR + 3.66%), 9.00%, 08/25/29		5,218		5,427,023
Series 2017-HQA3, Class M2, (30-day Avg SOFR + 2.46%), 7.80%, 04/25/30		4,858		4,950,558
Series 2018-SPI1, Class M2, 3.79%, 02/25/48(a)		45		42,044
Series 2018-SPI2, Class M2, 3.84%, 05/25/48(a)		63		59,877
Series 2020-HQA5, Class B1, (30-day Avg SOFR + 4.00%), 9.34%, 11/25/50(a)		1,331		1,443,251
Series 2020-HQA5, Class M2, (30-day Avg SOFR + 2.60%), 7.94%, 11/25/50(a)		8,434		8,587,187
Series 2021-DNA2, Class B1, (30-day Avg SOFR + 3.40%), 8.74%, 08/25/33(a)		13,985		14,527,917
Series 2022-HQA2, Class M1A, (30-day Avg SOFR + 2.65%), 7.99%, 07/25/42(a)		38,006		38,889,086
STACR Trust, Series 2018-DNA3, Class M2A, (30-day Avg SOFR + 2.21%), 7.55%, 09/25/48(a)		658		662,378
				1,398,274,827
Commercial Mortgage-Backed Securities — 0.1%
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class AM, 3.69%, 05/10/58		160		148,941
Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, (30-day Avg SOFR + 3.86%), 9.20%, 03/25/50(a)(c)		7,868		7,584,187
				7,733,128
Total Non-Agency Mortgage-Backed Securities — 21.0%  (Cost: $1,377,120,728)				1,406,007,955
Preferred Securities
Capital Trusts — 0.1%(c)
Diversified Telecommunication Services — 0.0%
British Telecommunications PLC, 4.88%, 11/23/81(a)		500		427,449
Wireless Telecommunication Services — 0.1%
Vodafone Group PLC 5.13%, 06/04/81		5,960		4,487,103
7.00%, 04/04/79		200		206,200
				4,693,303
				5,120,752
Total Preferred Securities — 0.1%  (Cost: $5,142,479)				5,120,752
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations(c) — 0.2%
Fannie Mae Connecticut Avenue Securities
Series 2014-C04, Class 1M2, (30-day Avg SOFR + 5.01%), 10.35%, 11/25/24\		1,234		1,272,413
Series 2018-C04, Class 2M2, (30-day Avg SOFR + 2.66%), 8.00%, 12/25/30		2,347		2,410,639
Freddie Mac STACR REMIC Trust, Series 2021-HQA4, Class M2, (30-day Avg SOFR + 2.35%), 7.69%, 12/25/41(a)		8,000		7,884,047

S C H E D U L E O F I N V E S T M E N T S 75

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Freddie Mac STACR Trust(a)
Series 2019-DNA4, Class M2, (30-day Avg SOFR + 2.06%), 7.40%, 10/25/49	$	316	$	315,748
Series 2019-FTR2, Class M1, (30-day Avg SOFR + 1.06%), 6.40%, 11/25/48		56		55,301
Freddie Mac Structured Agency Credit Risk Debt
Notes, Series 2017-DNA3, Class M2, (30-day Avg SOFR + 2.61%), 7.95%, 03/25/30		801		813,155
				12,751,303
Commercial Mortgage-Backed Securities — 0.2%
Multifamily Connecticut Avenue Securities Trust,
Series 2019-01, Class M10, (30-day Avg SOFR + 3.36%), 8.70%, 10/25/49(a)(c)		18,068		17,570,393
Mortgage-Backed Securities — 12.0%
Fannie Mae Mortgage-Backed Securities, 4.00%, 02/01/47 - 02/01/57 65				61,755
Freddie Mac Mortgage-Backed Securities 4.50%, 05/01/42 - 01/01/49		84		82,433
3.50%, 10/01/44 - 06/01/49		3,826		3,594,144
3.00%, 03/01/46 - 02/01/47		5,759		5,246,991
4.00%, 10/01/46 - 01/01/49		41		39,536
Ginnie Mae Mortgage-Backed Securities 3.50%, 06/20/42 - 01/22/54(e) 27,113				25,296,819
3.00%, 05/20/45 - 01/22/54(e)		35,614		32,331,034
2.50%, 12/20/46 - 01/22/54(e)		42,166		36,724,908
4.00%, 11/20/47 - 01/22/54(e)		18,730		17,967,640
4.50%, 10/20/48 - 01/22/54(e)		20,936		20,538,893
5.00%, 12/20/48 - 01/22/54(e)		12,152		12,073,383
2.00%, 12/20/50 - 01/22/54(e)		73,475		62,204,050
5.50%, 12/20/52		612		617,082
Uniform Mortgage-Backed Securities(e) 3.00%, 03/01/30 - 01/16/54		101,918		91,711,183
2.50%, 04/01/32 - 01/16/54		154,455		132,146,754
2.00%, 12/01/35 - 01/16/54		116,975		96,801,680
1.50%, 01/18/39 - 01/16/54		23,100		18,203,246
5.00%, 02/01/41 - 01/16/54		40,425		40,207,784
3.50%, 07/01/43 - 01/16/54		53,395		49,566,809
4.50%, 06/01/44 - 01/16/54		29,785		29,086,937
4.00%, 03/01/45 - 01/16/54		69,132		65,592,442
5.50%, 09/01/52 - 01/16/54		33,922		34,284,073
6.00%, 01/16/54		18,000		18,275,625
6.50%, 01/16/54		11,125		11,400,083
				804,055,284
Total U.S. Government Sponsored Agency Securities — 12.4%  (Cost: $838,532,943)				834,376,980
Total Long-Term Investments — 106.2%  (Cost: $7,084,376,357)			7,118,709,832

Security	Shares			Value
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%(f)(g)	$	7,458,620		$	7,458,620
	Par (000)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Bills, 5.00%, 04/16/24 - 05/16/24(h)(i)	$	34,600			33,938,181
Total Short-Term Securities — 0.6%  (Cost: $41,369,340)					41,396,801
Total Investments Before TBA Sale Commitments — 106.8%  (Cost: $7,125,745,697)					7,160,106,633
TBA Sale Commitments(e)
Mortgage-Backed Securities — (0.2)%
Uniform Mortgage-Backed Securities
2.50%, 01/16/54		(17,000	)		(14,460,625	)
3.00%, 01/16/54		(2,000	)		(1,768,984	)
Total TBA Sale Commitments — (0.2)%  (Proceeds: $(16,196,523))					(16,229,609	)
Total Investments, Net of TBA Sale Commitments — 106.6%  (Cost: $7,109,549,174)					7,143,877,024
Liabilities in Excess of Other Assets — (6.6)%					(439,892,387	)
Net Assets — 100.0%				$	6,703,984,637

^(a)  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.

^(b)  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.

^(c)  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.

^(d)  When-issued security.

^(e)  Represents or includes a TBA transaction.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

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

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

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	376,612,442	$	—	$	(369,153,822)(a)	$	—	$	—	$	7,458,620		7,458,620	$	1,936,061	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro Bund		635		03/07/24	$	96,192	$	2,138,517
10-Year Australian Treasury Bonds		390		03/15/24		31,006		909,580
10-Year U.S. Ultra Long Treasury Note		2,077		03/19/24		245,118		5,015,940
Ultra U.S. Treasury Bond		2,539		03/19/24		339,195		28,635,578
2-Year U.S. Treasury Note		5,999		03/28/24		1,235,278		12,435,362
								49,134,977
Short Contracts
Euro OAT		600		03/07/24		87,108		(3,040,796	)
10-Year Canadian Bond		11		03/19/24		1,031		(4,831	)
10-Year U.S. Treasury Note		12,515		03/19/24		1,412,826		(41,001,153	)
U.S. Long Bond		2,812		03/19/24		351,324		(25,509,831	)
Long Gilt		192		03/26/24		25,122		(694,264	)
5-Year U.S. Treasury Note		2,654		03/28/24		288,685		(6,191,648	)
								(76,442,523	)
							$	(27,307,546	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	13,140,000	USD	8,708,272	Bank of America N.A.		03/20/24	$	266,689
AUD	15,510,000	USD	10,195,964	Barclays Bank PLC		03/20/24		397,768
AUD	4,820,000	USD	3,248,077	BNP Paribas SA		03/20/24		44,108
AUD	7,600,000	USD	5,020,104	Goldman Sachs International		03/20/24		170,893
AUD	11,540,000	USD	7,764,124	Goldman Sachs International		03/20/24		117,996
AUD	12,580,000	USD	8,277,388	Goldman Sachs International		03/20/24		315,078
AUD	6,340,000	USD	4,298,919	JPMorgan Chase Bank N.A.		03/20/24		31,465
BRL	15,790,000	USD	3,221,791	Goldman Sachs International		03/20/24		5,252
BRL	16,360,000	USD	3,327,909	Goldman Sachs International		03/20/24		15,627
BRL	271,180,000	USD	54,552,404	Morgan Stanley & Co. International PLC		03/20/24		869,363
CAD	4,950,000	USD	3,683,665	BNP Paribas SA		03/20/24		55,981
CAD	5,170,000	USD	3,867,174	BNP Paribas SA		03/20/24		38,679
CHF	4,730,000	USD	5,591,169	BNP Paribas SA		03/20/24		76,970
CHF	21,690,000	USD	24,933,921	HSBC Bank PLC		03/20/24		1,058,034
CHF	2,040,000	USD	2,344,793	Royal Bank of Canada		03/20/24		99,817
CLP	3,728,000,000	USD	4,169,463	Morgan Stanley & Co. International PLC		03/20/24		43,776
COP	10,250,000,000	USD	2,568,536	Barclays Bank PLC		03/20/24		36,112
COP	8,220,000,000	USD	2,048,261	Goldman Sachs International		03/20/24		40,539
COP	11,230,000,000	USD	2,784,341	Goldman Sachs International		03/20/24		69,336
COP	14,420,000,000	USD	3,593,349	Goldman Sachs International		03/20/24		70,946

S C H E D U L E O F I N V E S T M E N T S 77

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Forward Foreign Currency Exchange Contracts  (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
COP	8,470,000,000	USD	2,095,497	Morgan Stanley & Co. International PLC		03/20/24	$	56,831
COP	66,040,000,000	USD	16,142,752	Morgan Stanley & Co. International PLC		03/20/24		638,801
CZK	103,700,000	USD	4,580,419	BNP Paribas SA		03/20/24		47,181
CZK	115,100,000	USD	5,134,730	Deutsche Bank AG		03/20/24		1,594
EUR	19,080,000	USD	20,663,354	Barclays Bank PLC		03/20/24		464,776
EUR	3,320,000	USD	3,634,326	Morgan Stanley & Co. International PLC		03/20/24		42,057
GBP	8,700,000	USD	11,056,047	Bank of America N.A.		03/20/24		37,605
GBP	3,150,000	USD	4,016,597	Barclays Bank PLC		03/20/24		70
GBP	710,000	USD	904,215	BNP Paribas SA		03/20/24		1,129
GBP	8,110,000	USD	10,278,071	Goldman Sachs International		03/20/24		63,253
GBP	6,480,000	USD	8,136,608	JPMorgan Chase Bank N.A.		03/20/24		126,250
GBP	3,520,000	USD	4,478,063	Morgan Stanley & Co. International PLC		03/20/24		10,403
GBP	4,060,000	USD	5,111,963	Morgan Stanley & Co. International PLC		03/20/24		65,075
GBP	4,120,000	USD	5,206,836	Morgan Stanley & Co. International PLC		03/20/24		46,710
GBP	8,030,000	USD	10,236,108	Morgan Stanley & Co. International PLC		03/20/24		3,205
HUF	922,000,000	USD	2,578,158	Deutsche Bank AG		03/20/24		56,898
HUF	6,507,000,000	USD	18,214,138	JPMorgan Chase Bank N.A.		03/20/24		382,732
IDR	31,170,000,000	USD	1,993,477	Deutsche Bank AG		03/20/24		30,793
IDR	39,810,000,000	USD	2,572,239	Deutsche Bank AG		03/20/24		13,138
IDR	46,670,000,000	USD	3,009,822	Deutsche Bank AG		03/20/24		21,063
IDR	27,430,000,000	USD	1,749,920	Goldman Sachs International		03/20/24		31,463
IDR	126,490,000,000	USD	8,144,881	HSBC Bank PLC		03/20/24		69,746
IDR	72,710,000,000	USD	4,690,968	JPMorgan Chase Bank N.A.		03/20/24		31,030
IDR	100,790,000,000	USD	6,440,256	Standard Chartered Bank		03/20/24		105,339
INR	3,728,100,000	USD	44,564,379	Goldman Sachs International		03/20/24		79,248
KRW	82,060,000,000	USD	62,569,577	Citibank N.A.		03/20/24		1,080,325
KRW	4,305,000,000	USD	3,330,677	Deutsche Bank AG		03/20/24		8,500
KRW	4,820,000,000	USD	3,692,355	Goldman Sachs International		03/20/24		46,282
KRW	4,150,000,000	USD	3,209,161	Morgan Stanley & Co. International PLC		03/20/24		9,790
MXN	65,700,000	USD	3,733,358	Bank of America N.A.		03/20/24		87,709
MXN	288,800,000	USD	16,324,184	Deutsche Bank AG		03/20/24		472,227
MXN	44,100,000	USD	2,516,832	JPMorgan Chase Bank N.A.		03/20/24		47,994
MXN	70,400,000	USD	4,071,511	JPMorgan Chase Bank N.A.		03/20/24		22,905
NOK	35,900,000	USD	3,490,649	Deutsche Bank AG		03/20/24		48,864
NOK	144,100,000	USD	14,054,964	Deutsche Bank AG		03/20/24		152,386
NOK	40,100,000	USD	3,933,014	Goldman Sachs International		03/20/24		20,593
NOK	45,600,000	USD	4,391,657	Goldman Sachs International		03/20/24		104,215
NOK	64,700,000	USD	6,313,030	Goldman Sachs International		03/20/24		65,982
NOK	138,900,000	USD	13,329,116	Goldman Sachs International		03/20/24		365,546
NZD	5,420,000	USD	3,411,952	Deutsche Bank AG		03/20/24		14,984
NZD	6,320,000	USD	3,977,934	Morgan Stanley & Co. International PLC		03/20/24		18,050
NZD	6,840,000	USD	4,314,022	Morgan Stanley & Co. International PLC		03/20/24		10,745
PHP	25,600,000	USD	459,663	BNP Paribas SA		03/20/24		2,728
PHP	238,500,000	USD	4,303,501	Morgan Stanley & Co. International PLC		03/20/24		4,324
PHP	244,200,000	USD	4,382,627	Standard Chartered Bank		03/20/24		28,152
PLN	28,000,000	USD	7,093,654	Barclays Bank PLC		03/20/24		15,030
PLN	8,500,000	USD	2,113,343	Citibank N.A.		03/20/24		44,650
PLN	8,500,000	USD	2,108,899	Deutsche Bank AG		03/20/24		49,094
PLN	23,550,000	USD	5,943,068	Deutsche Bank AG		03/20/24		35,844
PLN	134,050,000	USD	33,198,098	JPMorgan Chase Bank N.A.		03/20/24		834,728
PLN	21,900,000	USD	5,452,726	UBS AG		03/20/24		107,281
PLN	52,000,000	USD	12,897,081	UBS AG		03/20/24		304,761
SEK	4,406,609	USD	423,216	Bank of America N.A.		03/20/24		15,005
SEK	38,700,000	USD	3,723,689	Goldman Sachs International		03/20/24		124,889
SEK	64,000,000	USD	6,144,423	Goldman Sachs International		03/20/24		220,150
SEK	92,293,392	USD	8,867,111	Goldman Sachs International		03/20/24		311,139
SEK	46,700,000	USD	4,495,529	JPMorgan Chase Bank N.A.		03/20/24		148,620
SEK	455,400,000	USD	43,737,105	Morgan Stanley & Co. International PLC		03/20/24		1,550,809
SEK	68,400,000	USD	6,794,000	Standard Chartered Bank		03/20/24		8,138
SGD	2,120,000	USD	1,585,061	Barclays Bank PLC		03/20/24		26,983
SGD	9,140,000	USD	6,836,788	Barclays Bank PLC		03/20/24		113,250
SGD	149,030,000	USD	111,366,763	Barclays Bank PLC		03/20/24		1,955,366

78 2 0 2 3  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) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
SGD	7,660,000	USD	5,816,654	BNP Paribas SA		03/20/24	$	7,996
SGD	4,810,000	USD	3,656,696	HSBC Bank PLC		03/20/24		819
SGD	1,700,000	USD	1,289,127	Morgan Stanley & Co. International PLC		03/20/24		3,550
THB	225,900,000	USD	6,606,577	Barclays Bank PLC		03/20/24		55,732
THB	192,400,000	USD	5,573,155	Deutsche Bank AG		03/20/24		101,162
THB	92,700,000	USD	2,680,264	JPMorgan Chase Bank N.A.		03/20/24		53,671
TWD	152,100,000	USD	4,915,807	BNP Paribas SA		03/20/24		122,290
TWD	158,200,000	USD	5,108,829	Goldman Sachs International		03/20/24		131,323
TWD	56,500,000	USD	1,837,225	HSBC Bank PLC		03/20/24		34,258
TWD	64,700,000	USD	2,077,760	Morgan Stanley & Co. International PLC		03/20/24		65,336
TWD	174,900,000	USD	5,623,885	Morgan Stanley & Co. International PLC		03/20/24		169,431
USD	13,694,292	AUD	19,980,000	Bank of America N.A.		03/20/24		47,434
USD	3,382,118	CLP	2,958,000,000	Barclays Bank PLC		03/20/24		39,103
USD	4,236,164	CLP	3,736,000,000	Citibank N.A.		03/20/24		13,884
USD	3,768,593	CLP	3,319,000,000	JPMorgan Chase Bank N.A.		03/20/24		17,590
USD	2,154,429	CLP	1,881,965,000	Morgan Stanley & Co. International PLC		03/20/24		27,506
USD	7,710,818	CZK	172,400,000	UBS AG		03/20/24		17,488
USD	4,822,654	EUR	4,320,000	BNP Paribas SA		03/20/24		38,927
USD	37,825,139	EUR	34,090,000	Morgan Stanley & Co. International PLC		03/20/24		75,771
USD	4,072,312	GBP	3,180,000	BNP Paribas SA		03/20/24		17,391
USD	2,283,951	HKD	17,790,000	HSBC Bank PLC		03/20/24		1,677
USD	3,018,366	HUF	1,051,000,000	JPMorgan Chase Bank N.A.		03/20/24		14,630
USD	6,499,772	INR	541,600,000	Barclays Bank PLC		03/20/24		14,166
USD	3,477,893	INR	289,600,000	Standard Chartered Bank		03/20/24		9,962
USD	2,193,821	KRW	2,810,000,000	Goldman Sachs International		03/20/24		14,243
USD	2,166,945	MXN	37,100,000	Deutsche Bank AG		03/20/24		9,234
USD	6,607,315	MXN	113,500,000	JPMorgan Chase Bank N.A.		03/20/24		6,233
USD	6,736,011	SEK	66,700,000	BNP Paribas SA		03/20/24		102,933
ZAR	32,400,000	USD	1,725,899	Barclays Bank PLC		03/20/24		33,519
ZAR	783,500,000	USD	40,658,882	HSBC Bank PLC		03/20/24		1,887,551
ZAR	73,890,000	USD	3,964,588	State Street Bank and Trust Co.		03/20/24		47,864
JPY	237,000,000	USD	1,672,060	Goldman Sachs International		03/21/24		28,877
JPY	621,000,000	USD	4,330,252	JPMorgan Chase Bank N.A.		03/21/24		126,633
JPY	669,000,000	USD	4,796,776	JPMorgan Chase Bank N.A.		03/21/24		4,603
JPY	181,000,000	USD	1,285,004	Morgan Stanley & Co. International PLC		03/21/24		14,023
JPY	320,000,000	USD	2,291,288	Morgan Stanley & Co. International PLC		03/21/24		5,336
JPY	419,000,000	USD	2,940,145	Morgan Stanley & Co. International PLC		03/21/24		66,997
								18,158,000
AUD	15,750,000	USD	10,797,412	Bank of America N.A.		03/20/24		(39,754	)
BRL	12,430,000	USD	2,559,984	Goldman Sachs International		03/20/24		(19,632	)
BRL	16,850,000	USD	3,455,135	Goldman Sachs International		03/20/24		(11,456	)
CAD	10,280,000	USD	7,794,551	Morgan Stanley & Co. International PLC		03/20/24		(28,175	)
CAD	4,720,000	USD	3,577,622	Royal Bank of Canada		03/20/24		(11,737	)
CLP	3,736,000,000	USD	4,253,962	JPMorgan Chase Bank N.A.		03/20/24		(31,682	)
CLP	5,200,965,000	USD	5,912,875	Morgan Stanley & Co. International PLC		03/20/24		(34,949	)
COP	8,240,000,000	USD	2,123,711	Morgan Stanley & Co. International PLC		03/20/24		(29,829	)
CZK	97,300,000	USD	4,348,646	Barclays Bank PLC		03/20/24		(6,645	)
CZK	111,560,000	USD	4,983,027	State Street Bank and Trust Co.		03/20/24		(4,675	)
EUR	430,000	USD	477,277	Standard Chartered Bank		03/20/24		(1,118	)
KRW	7,585,000,000	USD	5,888,381	JPMorgan Chase Bank N.A.		03/20/24		(5,070	)
MXN	105,250,000	USD	6,123,976	Deutsche Bank AG		03/20/24		(2,708	)
NOK	24,300,000	USD	2,407,764	Goldman Sachs International		03/20/24		(11,938	)
NZD	13,740,000	USD	8,698,244	Barclays Bank PLC		03/20/24		(10,773	)
NZD	8,150,000	USD	5,166,277	JPMorgan Chase Bank N.A.		03/20/24		(13,228	)
PHP	170,700,000	USD	3,085,795	JPMorgan Chase Bank N.A.		03/20/24		(2,584	)
PLN	1,200,000	USD	307,206	Barclays Bank PLC		03/20/24		(2,548	)
PLN	13,860,000	USD	3,524,296	State Street Bank and Trust Co.		03/20/24		(5,498	)
SEK	73,400,000	USD	7,366,741	Deutsche Bank AG		03/20/24		(67,372	)
SGD	460,000	USD	350,717	JPMorgan Chase Bank N.A.		03/20/24		(933	)
USD	3,381,336	AUD	4,960,000	Citibank N.A.		03/20/24		(6,472	)
USD	9,436,074	AUD	13,850,000	HSBC Bank PLC		03/20/24		(23,835	)

S C H E D U L E O F I N V E S T M E N T S 79

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	47,852,721	AUD	72,800,000	Nomura International PLC		03/20/24	$	(1,871,567	)
USD	1,645,270	AUD	2,440,000	UBS AG		03/20/24		(21,313	)
USD	3,413,428	BRL	17,010,000	BNP Paribas SA		03/20/24		(62,950	)
USD	2,192,832	BRL	10,860,000	Goldman Sachs International		03/20/24		(26,655	)
USD	3,271,448	BRL	16,370,000	Goldman Sachs International		03/20/24		(74,132	)
USD	3,995,665	BRL	19,910,000	Goldman Sachs International		03/20/24		(73,394	)
USD	3,269,950	CAD	4,345,404	Barclays Bank PLC		03/20/24		(12,933	)
USD	7,855,853	CAD	10,660,000	Goldman Sachs International		03/20/24		(197,607	)
USD	9,578,113	CAD	12,990,000	Goldman Sachs International		03/20/24		(235,625	)
USD	11,293,667	CAD	15,004,596	Goldman Sachs International		03/20/24		(42,067	)
USD	14,772,322	CAD	20,050,000	Goldman Sachs International		03/20/24		(375,134	)
USD	108,567,716	CAD	147,390,000	Toronto-Dominion Bank		03/20/24		(2,783,084	)
USD	4,753,761	CHF	4,050,000	BNP Paribas SA		03/20/24		(99,509	)
USD	2,053,066	CHF	1,740,000	Goldman Sachs International		03/20/24		(32,043	)
USD	3,918,948	CHF	3,370,000	HSBC Bank PLC		03/20/24		(119,452	)
USD	10,673,329	CHF	9,270,000	HSBC Bank PLC		03/20/24		(435,265	)
USD	5,532,797	CHF	4,720,000	JPMorgan Chase Bank N.A.		03/20/24		(123,359	)
USD	6,024,309	CHF	5,120,000	JPMorgan Chase Bank N.A.		03/20/24		(111,182	)
USD	10,292,059	CHF	8,880,000	JPMorgan Chase Bank N.A.		03/20/24		(349,183	)
USD	1,956,034	CHF	1,680,000	Royal Bank of Canada		03/20/24		(57,175	)
USD	2,088,137	CZK	47,500,000	Barclays Bank PLC		03/20/24		(31,545	)
USD	60,213,489	CZK	1,365,100,000	Morgan Stanley & Co. International PLC		03/20/24		(703,936	)
USD	5,667,537	CZK	129,200,000	UBS AG		03/20/24		(97,998	)
USD	10,654,545	EUR	9,730,000	Bank of America N.A.		03/20/24		(119,916	)
USD	12,751,664	EUR	11,580,000	Bank of America N.A.		03/20/24		(71,383	)
USD	4,091,711	EUR	3,730,000	Deutsche Bank AG		03/20/24		(38,684	)
USD	14,357,301	EUR	13,090,000	Deutsche Bank AG		03/20/24		(137,837	)
USD	2,880,434	EUR	2,660,000	HSBC Bank PLC		03/20/24		(65,102	)
USD	7,417,896	EUR	6,850,000	JPMorgan Chase Bank N.A.		03/20/24		(167,413	)
USD	19,795,709	EUR	17,950,000	JPMorgan Chase Bank N.A.		03/20/24		(81,122	)
USD	4,763,837	EUR	4,310,000	Morgan Stanley & Co. International PLC		03/20/24		(8,817	)
USD	4,899,679	EUR	4,530,000	Morgan Stanley & Co. International PLC		03/20/24		(116,591	)
USD	7,805,544	EUR	7,080,000	Morgan Stanley & Co. International PLC		03/20/24		(34,454	)
USD	52,273,748	EUR	48,350,000	Standard Chartered Bank		03/20/24		(1,266,351	)
USD	4,147,689	GBP	3,300,000	Barclays Bank PLC		03/20/24		(60,248	)
USD	100,263,391	GBP	79,840,000	Morgan Stanley & Co. International PLC		03/20/24		(1,543,180	)
USD	2,882,187	HUF	1,020,000,000	BNP Paribas SA		03/20/24		(32,952	)
USD	2,346,483	HUF	840,000,000	Deutsche Bank AG		03/20/24		(54,220	)
USD	3,051,607	HUF	1,091,000,000	JPMorgan Chase Bank N.A.		03/20/24		(66,448	)
USD	4,709,548	IDR	72,560,000,000	Deutsche Bank AG		03/20/24		(2,709	)
USD	17,815,233	IDR	279,040,000,000	Deutsche Bank AG		03/20/24		(306,432	)
USD	2,160,677	IDR	33,430,000,000	JPMorgan Chase Bank N.A.		03/20/24		(10,364	)
USD	5,592,233	IDR	86,400,000,000	Morgan Stanley & Co. International PLC		03/20/24		(18,833	)
USD	1,650,865	INR	138,100,000	Citibank N.A.		03/20/24		(2,868	)
USD	4,549,308	INR	380,600,000	Citibank N.A.		03/20/24		(8,339	)
USD	2,574,691	INR	215,400,000	Goldman Sachs International		03/20/24		(4,702	)
USD	7,123,780	INR	595,600,000	HSBC Bank PLC		03/20/24		(8,471	)
USD	8,069,700	INR	675,400,000	Standard Chartered Bank		03/20/24		(18,148	)
USD	1,865,629	KRW	2,450,000,000	Citibank N.A.		03/20/24		(34,715	)
USD	6,113,544	KRW	7,930,000,000	Goldman Sachs International		03/20/24		(37,367	)
USD	3,559,378	KRW	4,610,000,000	JPMorgan Chase Bank N.A.		03/20/24		(16,372	)
USD	6,947,723	KRW	9,125,000,000	JPMorgan Chase Bank N.A.		03/20/24		(130,091	)
USD	1,814,087	MXN	32,000,000	Morgan Stanley & Co. International PLC		03/20/24		(47,012	)
USD	25,784,675	NOK	281,000,000	BNP Paribas SA		03/20/24		(1,920,149	)
USD	2,044,152	NOK	21,160,000	Deutsche Bank AG		03/20/24		(42,091	)
USD	7,506,069	NOK	81,300,000	Deutsche Bank AG		03/20/24		(509,597	)
USD	7,697,569	NOK	84,400,000	Deutsche Bank AG		03/20/24		(623,737	)
USD	6,629,625	NOK	72,200,000	Goldman Sachs International		03/20/24		(488,838	)
USD	8,525,734	NOK	92,700,000	Goldman Sachs International		03/20/24		(613,900	)
USD	1,843,276	NOK	19,700,000	Morgan Stanley & Co. International PLC		03/20/24		(99,019	)
USD	1,958,386	NZD	3,150,000	Goldman Sachs International		03/20/24		(33,283	)
USD	4,519,614	NZD	7,270,000	Goldman Sachs International		03/20/24		(77,033	)

80 2 0 2 3  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) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	3,139,832	NZD	5,010,000	Morgan Stanley & Co. International PLC		03/20/24	$	(27,870	)
USD	16,579,774	NZD	27,120,000	Nomura International PLC		03/20/24		(567,550	)
USD	12,724,856	NZD	20,870,000	Toronto-Dominion Bank		03/20/24		(470,743	)
USD	29,214,190	PHP	1,626,500,000	Bank of America N.A.		03/20/24		(163,912	)
USD	2,084,569	PHP	116,000,000	Barclays Bank PLC		03/20/24		(10,641	)
USD	2,257,890	PHP	125,200,000	Goldman Sachs International		03/20/24		(3,492	)
USD	2,558,600	PLN	10,100,000	Goldman Sachs International		03/20/24		(5,604	)
USD	7,249,553	SEK	74,100,000	Goldman Sachs International		03/20/24		(119,429	)
USD	9,425,710	SGD	12,500,000	Barclays Bank PLC		03/20/24		(79,266	)
USD	3,937,673	SGD	5,270,000	BNP Paribas SA		03/20/24		(69,625	)
USD	6,251,419	SGD	8,280,000	BNP Paribas SA		03/20/24		(44,678	)
USD	2,486,741	SGD	3,300,000	Morgan Stanley & Co. International PLC		03/20/24		(22,573	)
USD	1,196,735	THB	42,000,000	Barclays Bank PLC		03/20/24		(41,942	)
USD	11,665,265	THB	413,200,000	Barclays Bank PLC		03/20/24		(520,950	)
USD	11,923,092	THB	422,800,000	Barclays Bank PLC		03/20/24		(546,248	)
USD	5,005,272	TWD	151,900,000	Deutsche Bank AG		03/20/24		(26,201	)
USD	1,937,163	ZAR	36,100,000	Morgan Stanley & Co. International PLC		03/20/24		(23,176	)
USD	2,558,872	JPY	360,000,000	Morgan Stanley & Co. International PLC		03/21/24		(24,829	)
USD	6,561,126	JPY	933,000,000	Morgan Stanley & Co. International PLC		03/21/24		(134,967	)
USD	11,369,436	JPY	1,635,000,000	UBS AG		03/21/24		(364,875	)
								(20,497,078	)
							$	(2,339,078	)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing Rate Received by the Fund

Payment Frequency

Termination Date

Credit Rating(a)

Notional Amount (000)(b)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

CDX.NA.HY.41.V2

5.00

%

Quarterly

12/20/28

B

USD

338,867

$

20,358,734

$

12,716,946

$

7,641,788

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

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

Centrally Cleared Inflation Swaps

Paid by the Fund			Received by the Fund			Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Reference	Frequency		Rate	Frequency
US CPI for All Urban Consumers NSA		At Termination	2.57%		At Termination		11/14/33	USD	58,280	$	784,926	$	1,212		$	783,714
Eurostat Eurozone HICP Ex Tobacco Unrevised		At Termination	2.40%		At Termination		11/15/33	EUR	8,400		237,777		(3,018	)		240,795
Eurostat Eurozone HICP Ex Tobacco Unrevised		At Termination	2.41%		At Termination		11/15/33	EUR	29,480		854,564		55,507			799,057
UK RPI All Items NSA		At Termination	3.76%		At Termination		11/15/33	GBP	5,200		171,317		136			171,181
UK RPI All Items NSA		At Termination	3.81%		At Termination		11/15/33	GBP	19,490		765,749		(35,068	)		800,817
UK RPI All Items NSA		At Termination	3.83%		At Termination		11/15/33	GBP	24,160		1,008,111		(29,401	)		1,037,512
										$	3,822,444	$	(10,632	)	$	3,833,076

Centrally Cleared Interest Rate Swaps

Paid by the Fund

Received by the Fund

Effective Date

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Rate

Frequency3

Rate

Frequency

28-Day MXIBTIIE, 11.50%

Monthly

8.36%

Monthly

03/20/24

(a)

03/14/29

MXN

30,660

$

(1,539

)

$

17

$

(1,556

)

28-Day MXIBTIIE, 11.50%

Monthly

8.39%

Monthly

03/20/24

(a)

03/14/29

MXN

98,230

1,963

54

1,909

S C H E D U L E O F I N V E S T M E N T S 81

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
28-Day MXIBTIIE, 11.50%	Monthly	8.43%	Monthly		03/20/24	(a)		03/14/29	MXN	78,610	$	8,007		$	44		$	7,963
28-Day MXIBTIIE, 11.50%	Monthly	9.17%	Monthly		03/20/24	(a)		03/14/29	MXN	93,440		172,354			50			172,304
28-Day MXIBTIIE, 11.50%	Monthly	9.21%	Monthly		N/A			03/14/29	MXN	83,050		159,989			44			159,945
28-Day MXIBTIIE, 11.50%	Monthly	9.41%	Monthly		03/20/24	(a)		03/14/29	MXN	177,570		425,148			94			425,054
1.55%	Annual	1-Day SSARON, 1.70%	Annual		03/20/24	(a)		03/20/29	CHF	14,710		(442,058	)		181			(442,239	)
1.69%	Annual	1-Day SSARON, 1.70%	Annual		03/20/24	(a)		03/20/29	CHF	23,440		(903,894	)		15,780			(919,674	)
2.34%	Quarterly	1-Day THOR, 2.50%	Quarterly		03/20/24	(a)		03/20/29	THB	120,500		(7,427	)		39			(7,466	)
2.35%	Quarterly	1-Day THOR, 2.50%	Quarterly		03/20/24	(a)		03/20/29	THB	199,470		(13,696	)		64			(13,760	)
6-mo. EURIBOR, 3.86%	Semi-Annual	2.36%	Annual		03/20/24	(a)		03/20/29	EUR	3,390		1,286			41			1,245
China Fixing Repo Rates  7-Day, 2.40%	Quarterly	2.38%	Quarterly		03/20/24	(a)		03/20/29	CNY	33,510		20,312			52			20,260
2.39%	Quarterly	1-Day THOR, 2.50%	Quarterly		03/20/24	(a)		03/20/29	THB	120,500		(15,982	)		39			(16,021	)
6-mo. EURIBOR, 3.86%	Semi-Annual	2.39%	Annual		03/20/24	(a)		03/20/29	EUR	4,200		9,343			51			9,292
China Fixing Repo Rates  7-Day, 2.40%	Quarterly	2.43%	Quarterly		03/20/24	(a)		03/20/29	CNY	39,920		37,697			61			37,636
2.44%	Quarterly	1-Day THOR, 2.50%	Quarterly		03/20/24	(a)		03/20/29	THB	180,700		(36,797	)		57			(36,854	)
2.45%	Quarterly	1-Day THOR, 2.50%	Quarterly		03/20/24	(a)		03/20/29	THB	73,000		(15,328	)		23			(15,351	)
China Fixing Repo Rates  7-Day, 2.40%	Quarterly	2.46%	Quarterly		03/20/24	(a)		03/20/29	CNY	29,680		33,873			45			33,828
1-Day SORA, 3.62%	Semi-Annual	2.49%	Semi-Annual		03/20/24	(a)		03/20/29	SGD	5,990		(1,437	)		51			(1,488	)
China Fixing Repo Rates  7-Day, 2.40%	Quarterly	2.50%	Quarterly		03/20/24	(a)		03/20/29	CNY	30,860		43,629			47			43,582
6-mo. EURIBOR, 3.86%	Semi-Annual	2.60%	Annual		03/20/24	(a)		03/20/29	EUR	11,090		142,601			(14,389	)		156,990
6-mo. EURIBOR, 3.86%	Semi-Annual	2.62%	Annual		03/20/24	(a)		03/20/29	EUR	7,410		102,721			11,038			91,683
1-Day SORA, 3.62%	Semi-Annual	2.63%	Semi-Annual		03/20/24	(a)		03/20/29	SGD	10,740		48,689			90			48,599
6-mo. EURIBOR, 3.86%	Semi-Annual	2.64%	Annual		03/20/24	(a)		03/20/29	EUR	4,040		60,024			48			59,976
1-Day SORA, 3.62%	Semi-Annual	2.65%	Semi-Annual		03/20/24	(a)		03/20/29	SGD	9,740		52,764			81			52,683
6-mo. EURIBOR, 3.86%	Semi-Annual	2.65%	Annual		03/20/24	(a)		03/20/29	EUR	5,630		86,201			12,703			73,498
6-mo. EURIBOR, 3.86%	Semi-Annual	2.69%	Annual		03/20/24	(a)		03/20/29	EUR	2,000		35,210			5,105			30,105
3.01%	Quarterly	3-mo. KRW CDC, 3.83%	Quarterly		03/20/24	(a)		03/20/29	KRW	9,121,270		(19,907	)		79			(19,986	)
1-Day SORA, 3.62%	Semi-Annual	3.05%	Semi-Annual		03/20/24	(a)		03/20/29	SGD	5,500		107,387			45			107,342
1-Day SORA, 3.62%	Semi-Annual	3.12%	Semi-Annual		03/20/24	(a)		03/20/29	SGD	16,150		353,016			133			352,883
1-Day SORA, 3.62%	Semi-Annual	3.12%	Semi-Annual		03/20/24	(a)		03/20/29	SGD	21,550		474,862			178			474,684
3.17%	Quarterly	3-mo. KRW CDC, 3.83%	Quarterly		03/20/24	(a)		03/20/29	KRW	9,591,760		(74,687	)		83			(74,770	)
3.20%	Quarterly	3-mo. KRW CDC, 3.83%	Quarterly		03/20/24	(a)		03/20/29	KRW	6,408,410		(58,274	)		54			(58,328	)
1-Day SORA, 3.62%	Semi-Annual	3.22%	Semi-Annual		03/20/24	(a)		03/20/29	SGD	5,460		139,425			45			139,380
3.27%	Annual	3-mo. STIBOR, 4.05%	Quarterly		03/20/24	(a)		03/20/29	SEK	102,880		(461,297	)		(10,146	)		(451,151	)
3.28%	Annual	3-mo. STIBOR, 4.05%	Quarterly		03/20/24	(a)		03/20/29	SEK	180,020		(817,131	)		(115,474	)		(701,657	)
1-Day CORRA, 5.00%	Semi-Annual	3.31%	Semi-Annual		03/20/24	(a)		03/20/29	CAD	10,850		112,719			(4,880	)		117,599
3.33%	Annual	3-mo. STIBOR, 4.05%	Quarterly		03/20/24	(a)		03/20/29	SEK	124,940		(596,448	)		127			(596,575	)
1-Day CORRA, 5.00%	Semi-Annual	3.34%	Semi-Annual		03/20/24	(a)		03/20/29	CAD	12,770		144,754			105			144,649
1-Day CORRA, 5.00%	Semi-Annual	3.36%	Semi-Annual		03/20/24	(a)		03/20/29	CAD	11,510		137,920			(20,214	)		158,134
3.36%	Quarterly	3-mo. KRW CDC, 3.83%	Quarterly		03/20/24	(a)		03/20/29	KRW	6,358,630		(94,171	)		54			(94,225	)
6-mo. PRIBOR, 6.43%	Semi-Annual	3.42%	Annual		03/20/24	(a)		03/20/29	CZK	98,410		5,630			49			5,581
6-mo. PRIBOR, 6.43%	Semi-Annual	3.44%	Annual		03/20/24	(a)		03/20/29	CZK	104,930		9,885			52			9,833
3.45%	Quarterly	3-mo. HIBOR, 5.15%	Quarterly		03/20/24	(a)		03/20/29	HKD	34,070		(34,358	)		49			(34,407	)
3.49%	Quarterly	3-mo. HIBOR, 5.15%	Quarterly		03/20/24	(a)		03/20/29	HKD	36,850		(45,526	)		53			(45,579	)
3.49%	Annual	6-mo. PRIBOR, 6.43%	Semi-Annual		03/20/24	(a)		03/20/29	CZK	91,680		(18,436	)		46			(18,482	)
3.50%	Annual	3-mo. STIBOR, 4.05%	Quarterly		03/20/24	(a)		03/20/29	SEK	97,470		(541,062	)		99			(541,161	)
1-Day SORA, 3.62%	Semi-Annual	3.51%	Semi-Annual		03/20/24	(a)		03/20/29	SGD	7,140		255,536			58			255,478
3.51%	Annual	3-mo. STIBOR, 4.05%	Quarterly		03/20/24	(a)		03/20/29	SEK	27,170		(152,009	)		28			(152,037	)
3.75%	Quarterly	3-mo. HIBOR, 5.15%	Quarterly		03/20/24	(a)		03/20/29	HKD	21,230		(56,951	)		30			(56,981	)
3.80%	Quarterly	3-mo. HIBOR, 5.15%	Quarterly		03/20/24	(a)		03/20/29	HKD	129,210		(386,940	)		185			(387,125	)
3-mo. KRW CDC, 3.83%	Quarterly	3.83%	Quarterly		03/20/24	(a)		03/20/29	KRW	7,683,550		245,008			66			244,942
3.87%	Quarterly	3-mo. HIBOR, 5.15%	Quarterly		03/20/24	(a)		03/20/29	HKD	93,620		(314,893	)		134			(315,027	)
3.88%	Semi-Annual	6-mo. BBSW, 4.45%	Semi-Annual		03/20/24	(a)		03/20/29	AUD	2,515		2,366			19			2,347
3.89%	Semi-Annual	6-mo. BBSW, 4.45%	Semi-Annual		03/20/24	(a)		03/20/29	AUD	2,515		2,058			19			2,039
3.90%	Semi-Annual	6-mo. BBSW, 4.45%	Semi-Annual		03/20/24	(a)		03/20/29	AUD	10,440		5,199			80			5,119
3-mo. TELBOR, 4.52%	Quarterly	3.92%	Annual		N/A			03/20/29	ILS	10,270		75,532			28			75,504
6-mo. PRIBOR, 6.43%	Semi-Annual	3.93%	Annual		03/20/24	(a)		03/20/29	CZK	150,650		166,538			(17,104	)		183,642
6-mo. PRIBOR, 6.43%	Semi-Annual	3.98%	Annual		03/20/24	(a)		03/20/29	CZK	234,560		283,405			114			283,291

82 2 0 2 3  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) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Centrally Cleared Interest Rate Swaps  (continued)

Paid by the Fund		Received by the Fund		Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
6-mo. PRIBOR, 6.43%	Semi-Annual	4.04%	Annual		03/20/24	(a)		03/20/29		CZK	245,530	$	324,920		$	120		$	324,800
6-mo. PRIBOR, 6.43%	Semi-Annual	4.05%	Annual		03/20/24	(a)		03/20/29		CZK	100,630		136,064			49			136,015
4.06%	Annual	1-Day SONIA, 5.19%	Annual		03/20/24	(a)		03/20/29		GBP	5,460		(246,663	)		76			(246,739	)
6-mo. PRIBOR, 6.43%	Semi-Annual	4.10%	Annual		03/20/24	(a)		03/20/29		CZK	289,570		421,292			142			421,150
3-mo. KRW CDC, 3.83%	Quarterly	4.12%	Quarterly		03/20/24	(a)		03/20/29		KRW	5,867,210		248,421			48			248,373
1-Day SOFR, 5.38%	Annual	4.21%	Annual		03/20/24	(a)		03/20/29		USD	12,600		441,519			140			441,379
4.28%	Annual	6-mo. NIBOR, 4.84%	Semi-Annual		03/20/24	(a)		03/20/29		NOK	658,400		(2,699,624	)		(138,023	)		(2,561,601	)
6-mo. WIBOR, 5.82%	Semi-Annual	4.38%	Annual		03/20/24	(a)		03/20/29		PLN	46,280		29,428			129			29,299
1-Day SOFR, 5.38%	Annual	4.39%	Annual		03/20/24	(a)		03/20/29		USD	16,230		699,186			71,686			627,500
4.40%	Quarterly	3-mo. HIBOR, 5.15%	Quarterly		03/20/24	(a)		03/20/29		HKD	14,710		(93,887	)		21			(93,908	)
4.45%	Quarterly	3-mo. HIBOR, 5.15%	Quarterly		03/20/24	(a)		03/20/29		HKD	155,370		(1,037,943	)		222			(1,038,165	)
4.48%	Quarterly	3-mo. HIBOR, 5.15%	Quarterly		03/20/24	(a)		03/20/29		HKD	97,060		(663,002	)		138			(663,140	)
6-mo. WIBOR, 5.82%	Semi-Annual	4.49%	Annual		03/20/24	(a)		03/20/29		PLN	45,400		81,436			127			81,309
6-mo. WIBOR, 5.82%	Semi-Annual	4.55%	Annual		03/20/24	(a)		03/20/29		PLN	16,840		41,059			45			41,014
4.61%	Semi-Annual	3-mo. BBR, 5.72%	Quarterly		03/20/24	(a)		03/20/29		NZD	6,770		(114,909	)		46			(114,955	)
6-mo. WIBOR, 5.82%	Semi-Annual	4.62%	Annual		03/20/24	(a)		03/20/29		PLN	36,140		119,304			96			119,208
6-mo. WIBOR, 5.82%	Semi-Annual	4.62%	Annual		03/20/24	(a)		03/20/29		PLN	26,990		87,919			76			87,843
6-mo. WIBOR, 5.82%	Semi-Annual	4.63%	Annual		03/20/24	(a)		03/20/29		PLN	20,930		70,693			55			70,638
7.87%	Quarterly	3-mo. JIBAR, 8.40%	Quarterly		03/20/24	(a)		03/20/29		ZAR	102,540		48,354			61			48,293
7.95%	Quarterly	3-mo. JIBAR, 8.40%	Quarterly		03/20/24	(a)		03/20/29		ZAR	123,410		37,482			74			37,408
8.12%	Quarterly	3-mo. JIBAR, 8.40%	Quarterly		03/20/24	(a)		03/20/29		ZAR	131,140		(8,795	)		77			(8,872	)
3-mo. JIBAR, 8.40%	Quarterly	8.13%	Quarterly		03/20/24	(a)		03/20/29		ZAR	87,270		7,002			52			6,950
8.13%	Quarterly	3-mo. JIBAR, 8.40%	Quarterly		03/20/24	(a)		03/20/29		ZAR	108,910		(9,932	)		64			(9,996	)
8.22%	Quarterly	3-mo. JIBAR, 8.40%	Quarterly		03/20/24	(a)		03/20/29		ZAR	84,610		(23,495	)		50			(23,545	)
3-mo. JIBAR, 8.40%	Quarterly	8.56%	Quarterly		03/20/24	(a)		03/20/29		ZAR	124,540		127,484			75			127,409
1-Day SONIA, 5.19%	Annual	4.36%	Annual		N/A			11/01/33		GBP	1,590		176,266			15,223			161,043
6-mo. BBSW, 4.45%	Semi-Annual	5.23%	Semi-Annual		N/A			11/02/33		AUD	3,110		181,906			28,696			153,210
6-mo. EURIBOR, 3.86%	Semi-Annual	3.35%	Annual		N/A			11/03/33		EUR	3,540		284,606			40,967			243,639
1-Day CORRA, 5.00%	Semi-Annual	3.84%	Semi-Annual		N/A			11/08/33		CAD	1,380		66,002			49			65,953
1-Day SONIA, 5.19%	Annual	4.09%	Annual		N/A			11/08/33		GBP	820		67,300			47			67,253
6-mo. BBSW, 4.45%	Semi-Annual	4.87%	Semi-Annual		N/A			11/09/33		AUD	1,990		75,908			22			75,886
6-mo. BBSW, 4.45%	Semi-Annual	4.79%	Semi-Annual		N/A			11/29/33		AUD	3,960		134,589			45			134,544
1-Day SOFR, 5.38%	Annual	3.58%	Annual		N/A			12/18/33		USD	3,010		21,705			52			21,653
												$	(2,115,602	)	$	(113,549	)	$	(2,002,053	)

^(a)  Forward Swap.

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)		Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Bank of America N.A.(b)		02/15/28	$	7,779,270			$  (560,954)(c)		$  7,987,643			8.9	%
	Monthly	Bank of America N.A.(d)		02/15/28		109,362,458			(1,251,363)(e)		108,717,552			8.4
	Monthly	Barclays Bank PLC(f)		01/22/25		(135,803,725	)		(2,882,562)(g)		(138,883,464	)		15.0
	Monthly	Barclays Bank PLC(h)		01/22/25		43,056,016			(2,459,537)(i)		42,098,210			12.8
	Monthly	BNP Paribas SA(j)		04/29/24		6,410,678			987,132(k)		7,859,255			12.1
	Monthly	BNP Paribas SA(l)		04/29/24		(278,375	)		(1,250,438)(m)		(1,580,295	)		9.4
	Monthly	Citibank N.A.(n)		02/24/28		30,447,044			(317,888)(o)		30,129,995			3.5
	Monthly	Citibank N.A.(p)		02/24/28		24,413,304			(903,699)(q)		23,214,276			4.5
	Monthly	Goldman Sachs Bank USA(r)		08/19/26		111,921,415			4,473,205(s)		116,787,941			3.5
	Monthly	Goldman Sachs Bank USA(t)		08/19/26		25,579,931			(3,936,331)(u)		22,077,164			2.4
	Monthly	HSBC Bank PLC(v)		02/10/28		51,019,018			(2,420,083)(w)		49,847,487			6.8
	Monthly	HSBC Bank PLC(x)		02/10/28		(57,336,572	)		(5,207,097)(y)		(61,601,908	)		8.6
		Morgan Stanley & Co.
	Monthly	International PLC(z)		10/03/28		65,231,929			(2,486,690)(aa)		62,320,698			7.4
		Morgan Stanley & Co.
	Monthly	International PLC(ab)		10/03/28		192,601,738			(2,251,952)(ac)		190,551,737			11.3
									$(20,468,257)		$459,526,291

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

S C H E D U L E O F I N V E S T M E N T S 83

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

OTC Total Return Swaps (continued)

 

^(c)  Amount includes $(769,327) of net dividends and financing fees.

^(e)  Amount includes $(606,457) of net dividends and financing fees.

^(g)  Amount includes $ 197,177 of net dividends and financing fees.

(i) Amount includes $(1,501,731) of net dividends and financing fees.

^(k)  Amount includes $(461,445) of net dividends and financing fees.

^(m)  Amount includes $ 51,482 of net dividends and financing fees.

^(o)  Amount includes $(839) of net dividends and financing fees.

^(q)  Amount includes $ 295,329 of net dividends and financing fees.

^(s)  Amount includes $(393,321) of net dividends and financing fees.

^(u)  Amount includes $(433,564) of net dividends and financing fees.

^(w)  Amount includes $(1,248,552) of net dividends and financing fees.

^(y)  Amount includes $(941,761) of net dividends and financing fees.

^(aa)  Amount includes $ 424,541 of net dividends and financing fees.

^(ac)  Amount includes $(201,951) of net dividends and financing fees.

   The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(h)
Range:	0-20 basis points	0-40 basis points	0-25 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(f)	(j)	(l)
	0-38 basis points	0-20 basis points	0-50 basis points
	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(n)	(p)	(r)
	0-82 basis points	0-20 basis points	0-20 basis points
	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)
	(t)	(v)	(x)
	9-20 basis points	0-50 basis points	0-20 basis points
	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(z)	(ab)
	15-20 basis points	15-20 basis points
	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination date 02/15/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Chemicals
Olin Corp.		562,779	$	30,361,927		380.1	%
Containers & Packaging
International Paper Co.		743,012		26,859,884		336.3
Diversified Telecommunication Services
AT&T, Inc.		1,151,503		19,322,220		241.9

Security	Shares		Value		% of Basket Value
Electric Utilities
Duke Energy Corp.		303,467	$	29,448,438		368.7	%
Ground Transportation
CSX Corp.		224,351		7,778,249		97.4
Health Care Providers & Services
Cardinal Health, Inc.		283,042		28,530,634		357.2
Hotels, Restaurants & Leisure
Yum! Brands, Inc.		227,328		29,702,677		371.9
Insurance
Chubb Ltd.		135,451		30,611,926		383.2
Marsh & McLennan Cos., Inc.		54,675		10,359,272		129.7
				40,971,198

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Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Metals & Mining
Cleveland-Cliffs, Inc.		1,452,071		$	29,651,290			371.2	%
Oil, Gas & Consumable Fuels
APA Corp.		244,425			8,769,969			109.8
Murphy Oil Corp.		649,255			27,697,218			346.7
					36,467,187
Specialty Retail
Bath & Body Works, Inc.		630,940			27,231,370			340.9
Total Reference Entity — Long				306,325,074
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(66,895	)		(17,436,851	)		(218.3	)
Chemicals
Eastman Chemical Co.		(78,660	)		(7,065,241	)		(88.5	)
Consumer Finance
Ally Financial, Inc.		(855,819	)		(29,885,199	)		(374.1	)
Containers & Packaging
Sealed Air Corp.		(452,812	)		(16,536,694	)		(207.0	)
Diversified Telecommunication Services
Verizon Communications, Inc.		(686,921	)		(25,896,922	)		(324.2	)
Electric Utilities
FirstEnergy Corp.		(322,705	)		(11,830,365	)		(148.1	)
Food Products
Lamb Weston Holdings, Inc.		(280,608	)		(30,330,919	)		(379.7	)
Tyson Foods, Inc., Class A		(577,564	)		(31,044,065	)		(388.7	)
					(61,374,984	)
Metals & Mining
Freeport-McMoRan, Inc.		(361,127	)		(15,373,177	)		(192.5	)
Teck Resources Ltd., Class B		(383,994	)		(16,231,426	)		(203.2	)
					(31,604,603	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		(138,221	)		(9,056,240	)		(113.4	)
Enbridge, Inc.		(291,039	)		(10,483,225	)		(131.2	)
TC Energy Corp.		(736,989	)		(28,808,900	)		(360.7	)
					(48,348,365	)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		(124,098	)		(18,293,286	)		(229.0	)

Security	Shares			Value			% of Basket Value
Specialty Retail
Best Buy Co., Inc.		(384,069	)$		(30,064,921	)		(376.4	)%
Total Reference Entity — Short					(298,337,431	)
Net Value of Reference Entity — Bank of America N.A.				$	7,987,643

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination date 02/15/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Building Products
Owens Corning		127,769	$	18,939,199		17.4	%
Trane Technologies PLC		9,118		2,223,880		2.1
				21,163,079
Chemicals
DuPont de Nemours, Inc.		325,732		25,058,563		23.1
Nutrien Ltd.		439,024		24,730,222		22.7
				49,788,785
Electric Utilities
Eversource Energy		116,460		7,187,911		6.6
Food Products
Hormel Foods Corp.		535,610		17,198,437		15.8
McCormick & Co., Inc.		287,361		19,661,240		18.1
Mondelez International, Inc.		1,807		130,881		0.1
				36,990,558
Ground Transportation
Uber Technologies, Inc.		387,082		23,832,639		21.9
Health Care Providers & Services
DaVita, Inc.		230,956		24,194,950		22.3
Hotels, Restaurants & Leisure
Booking Holdings, Inc.		3,450		12,237,909		11.2
Yum! Brands, Inc.		191,336		24,999,962		23.0
				37,237,871
Interactive Media & Services
Meta Platforms, Inc., Class A		55,906		19,788,488		18.2
Zoominfo Technologies, Inc., Class A		724,193		13,390,328		12.3
				33,178,816
IT Services
Twilio, Inc., Class A		321,857		24,419,291		22.5

S C H E D U L E O F I N V E S T M E N T S 85

Schedule of Investments (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Oil, Gas & Consumable Fuels
Marathon Oil Corp.		445,418		$	10,761,299			9.9	%
Range Resources Corp.		332,408			10,118,499			9.3
					20,879,798
Passenger Airlines
Delta Air Lines, Inc.		272,938			10,980,296			10.1
Professional Services
Verisk Analytics, Inc., Class A		42,818			10,227,507			9.4
Residential REITs
UDR, Inc.		653,371			25,017,576			23.0
Specialty Retail
Best Buy Co., Inc.		204,173			15,982,662			14.7
Total Reference Entity — Long					341,081,739
Reference Entity — Short
Common Stocks
Automobiles
Stellantis NV		(1,066,246	)		(24,864,857	)		(22.9	)
Capital Markets
Raymond James Financial, Inc.		(96,951	)		(10,810,036	)		(9.9	)
Chemicals
Celanese Corp., Class A		(158,990	)		(24,702,276	)		(22.7	)
PPG Industries, Inc.		(4,601	)		(688,080	)		(0.7	)
					(25,390,356	)
Construction & Engineering
Fluor Corp.		(199,852	)		(7,828,203	)		(7.2	)
Consumer Staples Distribution & Retail
U.S. Foods Holding Corp.		(390,479	)		(17,731,651	)		(16.3	)
Containers & Packaging
Avery Dennison Corp.		(86,266	)		(17,439,535	)		(16.0	)
Graphic Packaging Holding Co.		(341,702	)		(8,422,954	)		(7.8	)
					(25,862,489	)
Electronic Equipment, Instruments & Components
Teledyne Technologies, Inc.		(299	)		(133,441	)		(0.1	)
Entertainment
Walt Disney Co.		(829	)		(74,850	)		(0.1	)
Financial Services
Apollo Global Management, Inc.		(251,936	)		(23,477,916	)		(21.6	)
PayPal Holdings, Inc.		(2,645	)		(162,429	)		(0.2	)
					(23,640,345	)
Health Care REITs
Medical Properties Trust, Inc.		(119,044	)		(584,506	)		(0.5	)
Hotels, Restaurants & Leisure
Expedia Group, Inc.		(154,211	)		(23,407,688	)		(21.6	)
Marriott International, Inc., Class A		(58,444	)		(13,179,706	)		(12.1	)
					(36,587,394	)
Leisure Products
Hasbro Inc.		(1,936	)		(98,852	)		(0.1	)

Security	Shares			Value			% of Basket Value
Life Sciences Tools & Services
Illumina, Inc.		(5,564	)	$	(774,732	)		(0.7	)%
Revvity, Inc.		(218,078	)		(23,838,106	)		(21.9	)
					(24,612,838	)
Oil, Gas & Consumable Fuels
Suncor Energy, Inc.		(115,159	)		(3,689,694	)		(3.4	)
Passenger Airlines
Southwest Airlines Co.		(31,710	)		(915,785	)		(0.8	)
Real Estate Management & Development
CBRE Group, Inc., Class A		(264,446	)		(24,617,278	)		(22.6	)
Retail REITs
Realty Income Corp.		(2,210	)		(126,898	)		(0.1	)
Semiconductors & Semiconductor Equipment
Intel Corp.		(37,726	)		(1,895,732	)		(1.7	)
Software
Workday, Inc., Class A		(9,067	)		(2,503,036	)		(2.3	)
Technology Hardware, Storage & Peripherals
Seagate Technology Holdings PLC		(4,638	)		(395,946	)		(0.4	)
Total Reference Entity — Short					(232,364,187	)
Net Value of Reference Entity — Bank of America N.A				$	108,717,552
The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination date 01/22/25:
Security	Shares			Value			% of Basket Value
Reference Entity — Long
Common Stocks
Air Freight & Logistics
CH Robinson Worldwide, Inc.		287,099		$	24,802,483			(17.9	)%
Chemicals
Mosaic Co.		414,067			14,794,614			(10.7	)
Commercial Services & Supplies
Waste Connections, Inc.		163,415			24,392,957			(17.6	)
Construction Materials
Martin Marietta Materials, Inc.		48,129			24,012,039			(17.3	)
Containers & Packaging
Packaging Corp. of America		138,384			22,544,137			(16.2	)
Distributors
LKQ Corp.		26,704			1,276,184			(0.9	)
Diversified Telecommunication Services
AT&T, Inc.		1,267,593			21,270,211			(15.3	)
Energy Equipment & Services
Patterson-UTI Energy, Inc.		83,576			902,621			(0.6	)
Entertainment
Warner Bros Discovery, Inc.		349,834			3,981,111			(2.9	)

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Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Ground Transportation
CSX Corp.		260,824		$	9,042,768			(6.5	)%
Health Care Providers & Services
Cigna Group		82,965			24,843,869			(17.9	)
Laboratory Corp. of America Holdings		1,082			245,928			(0.2	)
McKesson Corp.		3,743			1,732,934			(1.2	)
				26,822,731
Health Care REITs
Healthpeak Properties, Inc.		712,169			14,100,946			(10.2	)
Hotels, Restaurants & Leisure
Starbucks Corp.		248,000			23,810,480			(17.1	)
Household Products
Clorox Co.		9,625			1,372,429			(1.0	)
Colgate-Palmolive Co.		318,117			25,357,106			(18.2	)
				26,729,535
Insurance
American International Group, Inc., Class A		171,621			11,627,323			(8.4	)
Machinery
Caterpillar, Inc.		84,055			24,852,542			(17.9	)
Oil, Gas & Consumable Fuels
EOG Resources, Inc.		1,631			197,269			(0.1	)
EQT Corp.		416,705			16,109,815			(11.6	)
HF Sinclair Corp.		434,257			24,131,662			(17.4	)
Southwestern Energy Co.		361,743			2,369,417			(1.7	)
Valero Energy Corp.		189,938			24,691,940			(17.8	)
					67,500,103
Semiconductors & Semiconductor Equipment
Lam Research Corp.		31,821			24,924,116			(17.9	)
Specialty Retail
AutoZone, Inc.		289			747,241			(0.5	)
Gap, Inc.		1,142,406			23,887,710			(17.2	)
				24,634,951
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc.		325,414			24,894,171			(17.9	)
Textiles, Apparel & Luxury Goods
NIKE, Inc.		5,149			559,027			(0.4	)
Water Utilities
American Water Works Co., Inc.		126,858			16,743,987			(12.1	)
Total Reference Entity — Long					434,219,037
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(54,630	)		(14,239,856	)		10.2
Spirit AeroSystems Holdings, Inc., Class A		(780,983	)		(24,819,639	)		17.9
				(39,059,495)
Beverages
Keurig Dr. Pepper, Inc.		(2,954	)		(98,427	)		0.1
Biotechnology
AbbVie, Inc.		(151,799	)		(23,524,291	)		16.9

Security	Shares			Value			% of Basket Value
Capital Markets
Cboe Global Markets, Inc.		(748	)	$	(133,563	)		0.1	%
KKR & Co., Inc.		(286,733	)		(23,755,829	)		17.1
				(23,889,392)
Chemicals
Albemarle Corp.		(111,238	)		(16,071,666	)		11.6
Corteva, Inc.		(275,408	)		(13,197,552	)		9.5
				(29,269,218)
Construction & Engineering
Quanta Services, Inc.		(116,111	)		(25,056,754	)		18.0
Consumer Finance
Capital One Financial Corp.		(17,910	)		(2,348,359	)		1.7
Consumer Staples Distribution & Retail
Dollar General Corp.		(186,392	)		(25,339,993	)		18.2
Dollar Tree, Inc.		(70,944	)		(10,077,595	)		7.3
				(35,417,588)
Electronic Equipment, Instruments & Components
Amphenol Corp., Class A		(1,097	)		(108,746	)		0.1
Energy Equipment & Services
NOV, Inc.		(71,227	)		(1,444,483	)		1.0
Financial Services
Block, Inc.		(230,657	)		(17,841,319	)		12.8
Food Products
Tyson Foods, Inc., Class A		(398,841	)		(21,437,704	)		15.4
Ground Transportation
Canadian National Railway Co.		(130,241	)		(16,362,177	)		11.8
Hotels, Restaurants & Leisure
Hyatt Hotels Corp., Class A		(45,589	)		(5,945,261	)		4.3
Penn Entertainment, Inc.		(692,677	)		(18,023,456	)		13.0
				(23,968,717)
Household Durables
Tempur Sealy International, Inc.		(483,612	)		(24,649,704	)		17.7
Independent Power and Renewable Electricity Producers
AES Corp.		(1,295,996	)		(24,947,923	)		18.0
Industrial REITs
Rexford Industrial Realty, Inc.		(210,030	)		(11,782,683	)		8.5
Life Sciences Tools & Services
Charles River Laboratories International, Inc.		(37,734	)		(8,920,318	)		6.4
Media
Comcast Corp.		(141,438	)		(6,202,056	)		4.5
Paramount Global, Class B		(111,735	)		(1,652,561	)		1.2
				(7,854,617)
Metals & Mining
Southern Copper Corp.		(93,823	)		(8,075,346	)		5.8
Oil, Gas & Consumable Fuels
APA Corp.		(208,366	)		(7,476,172	)		5.4
Cenovus Energy, Inc.		(160,005	)		(2,664,083	)		1.9
Chevron Corp.		(101,878	)		(15,196,122	)		10.9
Diamondback Energy, Inc.		(27,857	)		(4,320,063	)		3.1
Exxon Mobil Corp.		(24,201	)		(2,419,616	)		1.8

S C H E D U L E O F I N V E S T M E N T S 87

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan, Inc.		(26,206	)	$	(462,274	)		0.3	%
Occidental Petroleum Corp.		(32,153	)		(1,919,856	)		1.4
Phillips 66		(50,947	)		(6,783,084	)		4.9
					(41,241,270	)
Personal Care Products
Estee Lauder Cos., Inc., Class A		(110,109	)		(16,103,441	)		11.6
Professional Services
Booz Allen Hamilton Holding Corp., Class A		(166,801	)		(21,335,516	)		15.4
Retail REITs
Simon Property Group, Inc.		(5,502	)		(784,805	)		0.6
Semiconductors & Semiconductor Equipment
Broadcom, Inc.		(283	)		(315,899	)		0.2
Entegris, Inc.		(206,280	)		(24,716,469	)		17.8
ON Semiconductor Corp.		(276,219	)		(23,072,573	)		16.6
					(48,104,941	)
Specialized REITs
Crown Castle International Corp.		(128,092	)		(14,754,917	)		10.6
Extra Space Storage, Inc.		(150,927	)		(24,198,126	)		17.4
					(38,953,043	)
Specialty Retail
Advance Auto Parts, Inc.		(391,696	)		(23,905,207	)		17.2
Dick’s Sporting Goods, Inc.		(161,058	)		(23,667,473	)		17.1
					(47,572,680	)
Trading Companies & Distributors
United Rentals, Inc.		(22,583	)		(12,949,544	)		9.3
Total Reference Entity — Short					(573,102,501	)
Net Value of Reference Entity — Barclays Bank PLC				$	(138,883,464	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination date 01/22/25:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Broadline Retail
Kohl’s Corp.		338,098	$	9,696,651		23.0	%
Communications Equipment
Cisco Systems, Inc.		602,431		30,434,814		72.3
Electric Utilities
Exelon Corp.		549,247		19,717,967		46.8
Ground Transportation
CSX Corp.		498,322		17,276,824		41.0
Health Care Equipment & Supplies
Baxter International, Inc.		349,645		13,517,276		32.1

Security	Shares			Value			% of Basket Value
Health Care Providers & Services
CVS Health Corp.		378,349		$	29,874,437			71.0	%
McKesson Corp.		64,853			30,025,642			71.3
					59,900,079
Hotels, Restaurants & Leisure
Boyd Gaming Corp.		213,520			13,368,487			31.8
McDonald’s Corp.		76,305			22,625,196			53.7
MGM Resorts International		296,471			13,246,324			31.5
Royal Caribbean Cruises Ltd.		84,166			10,898,655			25.9
					60,138,662
Household Durables
KB Home		4,096			255,836			0.6
Toll Brothers, Inc.		73,894			7,595,564			18.1
					7,851,400
Insurance
Allstate Corp.		47,330			6,625,253			15.7
American International Group, Inc., Class A		299,980			20,323,645			48.3
Hartford Financial Services Group, Inc.		352,923			28,367,951			67.4
					55,316,849
Media
Comcast Corp., Class A		659,979			28,940,079			68.7
Metals & Mining
Newmont Corp.		702,263			29,066,666			69.1
Oil, Gas & Consumable Fuels
APA Corp.		575,564			20,651,236			49.1
ConocoPhillips, Class A		252,481			29,305,470			69.6
Kinder Morgan, Inc.		120,514			2,125,867			5.0
Marathon Petroleum Corp.		92,482			13,720,629			32.6
Valero Energy Corp.		230,418			29,954,340			71.2
					95,757,542
Specialized REITs
Weyerhaeuser Co.		57,210			1,989,192			4.7
Specialty Retail
AutoZone, Inc.		9,001			23,273,076			55.3
Total Reference Entity — Long					452,877,077
Reference Entity — Short
Common Stocks
Aerospace & Defense
Howmet Aerospace, Inc.		(572,191	)		(30,966,977	)		(73.5	)
TransDigm Group, Inc.		(30,252	)		(30,602,923	)		(72.7	)
					(61,569,900	)
Air Freight & Logistics
United Parcel Service, Inc., Class B		(185,141	)		(29,109,719	)		(69.1	)
Automobile Components
BorgWarner, Inc.		(800,539	)		(28,699,323	)		(68.2	)
Broadline Retail
Nordstrom, Inc.		(248,363	)		(4,582,297	)		(10.9	)
Chemicals
Corteva, Inc.		(43,798	)		(2,098,800	)		(5.0	)
Containers & Packaging
Ball Corp.		(503,304	)		(28,950,046	)		(68.8	)

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Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Food Products
Campbell Soup Co.		(254,035	)	$	(10,981,933	)		(26.1	)%
General Mills, Inc.		(447,504	)		(29,150,411	)		(69.2	)
				(40,132,344)
Ground Transportation
Avis Budget Group, Inc.		(4,272	)		(757,255	)		(1.8	)
Hotel & Resort REITs
Host Hotels & Resorts, Inc.		(358,450	)		(6,979,022	)		(16.6	)
Hotels, Restaurants & Leisure
Darden Restaurants, Inc.		(45,511	)		(7,477,457	)		(17.8	)
Household Durables
D.R. Horton, Inc.		(35,899	)		(5,455,930	)		(12.9	)
PulteGroup, Inc.		(94,459	)		(9,750,058	)		(23.2	)
				(15,205,988)
Independent Power and Renewable Electricity
Producers
AES Corp.		(961,292	)		(18,504,871	)		(44.0	)
Insurance
Prudential Financial, Inc.		(98,652	)		(10,231,199	)		(24.3	)
Life Sciences Tools & Services
Danaher Corp.		(127,810	)		(29,567,565	)		(70.2	)
Metals & Mining
Barrick Gold Corp.		(7,350	)		(132,962	)		(0.3	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		(317,258	)		(20,786,744	)		(49.4	)
Enbridge, Inc.		(547,857	)		(19,733,809	)		(46.9	)
Occidental Petroleum Corp.		(10,282	)		(613,939	)		(1.4	)
				(41,134,492)
Passenger Airlines
American Airlines Group, Inc.		(794,433	)		(10,915,510	)		(25.9	)
Southwest Airlines Co.		(105,224	)		(3,038,869	)		(7.2	)
				(13,954,379)
Residential REITs
Equity Residential		(70,698	)		(4,323,890	)		(10.3	)
Retail REITs
Simon Property Group, Inc.		(57,557	)		(8,209,930	)		(19.5	)
Specialized REITs
Iron Mountain, Inc.		(195,297	)		(13,666,884	)		(32.5	)
Trading Companies & Distributors
United Rentals, Inc.		(38,912	)		(22,312,919	)		(53.0	)

Security	Shares			Value			% of Basket Value
Wireless Telecommunication Services
T-Mobile U.S., Inc.		(144,562	)	$	(23,177,625	)		(55.1	)%
Total Reference Entity — Short					(410,778,867	)
Net Value of Reference Entity — Barclays Bank PLC				$	42,098,210

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with BNP Paribas SA as of period end, termination date 04/29/24:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Northrop Grumman Corp.	63,306$			29,636,071		377.1	%
Diversified Consumer Services
H&R Block, Inc.		570,326		27,586,668		351.0
Electric Utilities
American Electric Power Co., Inc.		27,086		2,199,925		28.0
NRG Energy, Inc.		557,109		28,802,535		366.5
			31,002,460
Food Products
Mondelez International, Inc.		4,890		354,183		4.5
Ground Transportation
Norfolk Southern Corp.		131,440		31,069,787		395.3
Union Pacific Corp.		122,562		30,103,679		383.1
			61,173,466
Health Care Providers & Services
DaVita, Inc.		279,270		29,256,325		372.2
Quest Diagnostics, Inc.		180,269		24,855,490		316.3
			54,111,815
Hotels, Restaurants & Leisure
Expedia Group, Inc.		182,229		27,660,540		351.9
Industrial Conglomerates
Honeywell International, Inc.		148,548		31,152,001		396.4
Insurance
Marsh & McLennan Cos., Inc.		31,985		6,060,198		77.1
Machinery
Deere & Co.		58,808		23,515,555		299.2
Media
Paramount Global, Class B		272,761		4,034,135		51.3

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Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Multi-Utilities
Dominion Energy, Inc.		610,888		$	28,711,736			365.3	%
Oil, Gas & Consumable Fuels
Ovintiv, Inc.		683,489			30,018,837			381.9
Software
Oracle Corp.		231,821			24,440,888			311.0
Specialty Retail
Lowe’s Cos., Inc.		22,987			5,115,757			65.1
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		393,148			30,075,822			382.7
Total Reference Entity — Long					414,650,132
Reference Entity — Short
Common Stocks
Broadline Retail
Nordstrom, Inc.		(269,004	)		(4,963,124	)		(63.1	)
Chemicals
Dow, Inc.		(79,013	)		(4,333,073	)		(55.1	)
Consumer Finance
American Express Co.		(98,417	)		(18,437,441	)		(234.6	)
Capital One Financial Corp.		(230,382	)		(30,207,688	)		(384.4	)
				(48,645,129)
Consumer Staples Distribution & Retail
Target Corp.		(209,208	)		(29,795,403	)		(379.1	)
Electric Utilities
FirstEnergy Corp.		(477,792	)		(17,515,854	)		(222.9	)
Southern Co.		(250,665	)		(17,576,630	)		(223.6	)
				(35,092,484)
Entertainment
Walt Disney Co.		(119,029	)		(10,747,128	)		(136.7	)
Financial Services
Fiserv, Inc.		(222,278	)		(29,527,410	)		(375.7	)
Health Care Equipment & Supplies
Boston Scientific Corp.		(505,014	)		(29,194,859	)		(371.5	)
Health Care Providers & Services
HCA Healthcare, Inc.		(110,560	)		(29,926,381	)		(380.8	)
Hotel & Resort REITs
Host Hotels & Resorts, Inc.		(1,060,261	)		(20,643,282	)		(262.7	)
Household Durables
D.R. Horton, Inc.		(13,654	)		(2,075,135	)		(26.4	)
Independent Power and Renewable Electricity
Producers
AES Corp.		(578,493	)		(11,135,990	)		(141.7	)
Insurance
MetLife, Inc.		(449,404	)		(29,719,087	)		(378.1	)
Oil, Gas & Consumable Fuels
Targa Resources Corp.		(206,409	)		(17,930,750	)		(228.1	)
Williams Cos., Inc.		(798,475	)		(27,810,884	)		(353.9	)
				(45,741,634)

Security	Shares			Value			% of Basket Value
Passenger Airlines
Southwest Airlines Co.		(609,567	)	$	(17,604,295	)		(224.0	)%
Pharmaceuticals
Pfizer, Inc.		(802,329	)		(23,099,052	)		(293.9	)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		(83,468	)		(12,304,018	)		(156.6	)
Specialized REITs
Iron Mountain, Inc.		(208,381	)		(14,582,502	)		(185.5	)
Trading Companies & Distributors
United Rentals, Inc.		(13,360	)		(7,660,891	)		(97.5	)
Total Reference Entity — Short					(406,790,877	)
Net Value of Reference Entity — BNP Paribas SA				$	7,859,255

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with BNP Paribas SA as of period end, termination date 04/29/24:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Chemicals
Mosaic Co.		242,725	$	8,672,564		(548.8	)%
Consumer Finance
Synchrony Financial		653,418		24,954,033		(1,579.1	)
Diversified Telecommunication Services
AT&T, Inc.		187,431		3,145,092		(199.0	)
Electric Utilities
Evergy, Inc.		469,747		24,520,794		(1,551.7	)
Eversource Energy		162,674		10,040,239		(635.3	)
			34,561,033
Energy Equipment & Services
Baker Hughes Co., Class A		86,232		2,947,410		(186.5	)
Halliburton Co.		682,341		24,666,627		(1,560.9	)
			27,614,037
Health Care REITs
Healthpeak Properties, Inc.		353,026		6,989,915		(442.3	)
Household Products
Kimberly-Clark Corp.		196,551		23,882,912		(1,511.3	)
Procter & Gamble Co.		79,514		11,651,982		(737.3	)
			35,534,894
Interactive Media & Services
Match Group, Inc.		682,195		24,900,117		(1,575.7	)
IT Services
VeriSign, Inc.		114,510		23,584,480		(1,492.4	)
Machinery
Deere & Co.		15,121		6,046,434		(382.6	)

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Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Machinery (continued)
Otis Worldwide Corp.		26,639		$	2,383,391			(150.8	)%
Stanley Black & Decker, Inc.		246,889			24,219,811			(1,532.6	)
					32,649,636
Office REITs
Alexandria Real Estate Equities, Inc.		59,699			7,568,042			(478.9	)
Oil, Gas & Consumable Fuels
Marathon Petroleum Corp.		162,949			24,175,114			(1,529.8	)
Residential REITs
Camden Property Trust		246,598			24,484,715			(1,549.4	)
Equity Residential		66,447			4,063,899			(257.1	)
					28,548,614
Specialized REITs
SBA Communications Corp., Class A		57,490			14,584,638			(922.9	)
Specialty Retail
O’Reilly Automotive, Inc.		24,936			23,691,195			(1,499.2	)
Total Reference Entity — Long					321,173,404
Reference Entity — Short
Common Stocks
Automobiles
Ford Motor Co.		(2,040,836	)		(24,877,791	)		1,574.2
Beverages
Brown-Forman Corp., Class B		(428,093	)		(24,444,110	)		1,546.8
Capital Markets
Raymond James Financial, Inc.		(121,938	)		(13,596,087	)		860.3
Chemicals
FMC Corp.		(280,155	)		(17,663,773	)		1,117.8
Consumer Finance
Discover Financial Services		(225,386	)		(25,333,386	)		1,603.1
Consumer Staples Distribution & Retail
Walgreens Boots Alliance, Inc.		(172,138	)		(4,494,523	)		284.4
Containers & Packaging
Amcor PLC		(1,345,444	)		(12,970,080	)		820.7
Electronic Equipment, Instruments &
Components
Keysight Technologies, Inc.		(157,868	)		(25,115,220	)		1,589.3
Health Care REITs
Medical Properties Trust, Inc., Class B		(3,294,179	)		(16,174,419	)		1,023.5
Insurance
Arthur J Gallagher & Co.		(26,565	)		(5,973,937	)		378.0
Brown & Brown, Inc.		(294,827	)		(20,965,148	)		1,326.7
					(26,939,085	)
IT Services
Gartner, Inc.		(54,392	)		(24,536,775	)		1,552.7
International Business Machines Corp.		(146,755	)		(24,001,780	)		1,518.8
					(48,538,555	)
Life Sciences Tools & Services
IQVIA Holdings, Inc.		(108,064	)		(25,003,848	)		1,582.2

Security	Shares			Value			% of Basket Value
Machinery
Xylem, Inc./New York		(112,142	)	$	(12,824,559	)		811.5	%
Media
Paramount Global, Class B		(681,329	)		(10,076,856	)		637.7
Oil, Gas & Consumable Fuels
ConocoPhillips		(122,541	)		(14,223,334	)		900.1
Suncor Energy, Inc.		(490,474	)		(15,714,787	)		994.4
					(29,938,121	)
Personal Care Products
Estee Lauder Cos., Inc., Class A		(24,615	)		(3,599,944	)		227.8
Professional Services
Booz Allen Hamilton Holding Corp., Class A		(9,095	)		(1,163,342	)		73.6
Total Reference Entity — Short					(322,753,699	)
Net Value of Reference Entity — BNP Paribas SA				$	(1,580,295	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination date 02/24/28:

Security	Shares			Value			% of Basket Value
Reference Entity — Long
Common Stocks
Chemicals
Sherwin-Williams Co.		97,098		$	30,284,866			100.5	%
Health Care Providers & Services
Tenet Healthcare Corp., Class A		157,504			11,902,577			39.5
Machinery
Caterpillar, Inc.		104,378			30,861,443			102.4
Oil, Gas & Consumable Fuels
Devon Energy Corp.		606,043			27,453,748			91.1
Pharmaceuticals
Bristol-Myers Squibb Co.		574,206			29,462,510			97.8
Specialty Retail
Home Depot, Inc.		2,488			862,217			2.9
Total Reference Entity — Long					130,827,361
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(49,267	)		(12,841,936	)		(42.6	)
Automobiles
Tesla, Inc.		(117,425	)		(29,177,764	)		(96.8	)
Containers & Packaging
Sealed Air Corp.		(368,528	)		(13,458,642	)		(44.7	)
Food Products
Kraft Heinz Co.		(798,908	)		(29,543,618	)		(98.0	)
Ground Transportation
Avis Budget Group, Inc.		(2,645	)		(468,853	)		(1.6	)

S C H E D U L E O F I N V E S T M E N T S 91

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Insurance
Prudential Financial, Inc.		(89,699	)	$	(9,302,683	)		(30.9	)%
Retail REITs
Simon Property Group, Inc.		(41,390	)		(5,903,870	)		(19.6	)
Total Reference Entity — Short					(100,697,366	)
Net Value of Reference Entity — Citibank N.A				$	30,129,995

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination date 02/24/28:

Security	Shares			Value			% of Basket Value
Reference Entity — Long
Common Stocks
Electronic Equipment, Instruments & Components
Flex Ltd.		192,218		$	5,854,960			25.2	%
Health Care Providers & Services
Humana, Inc.		51,978			23,796,048			102.5
Household Products
Church & Dwight Co., Inc.		49,368			4,668,238			20.1
Media
Fox Corp., Class A		608,791			18,062,829			77.8
Metals & Mining
Freeport-McMoRan, Inc.		48,811			2,077,884			9.0
Newmont Corp.		595,699			24,655,982			106.2
				26,733,866
Multi-Utilities
Dominion Energy, Inc.		207,720			9,762,840			42.0
Oil, Gas & Consumable Fuels
Antero Resources Corp.		462,229			10,483,354			45.2
Residential REITs
AvalonBay Communities, Inc.		19,662			3,681,120			15.9
Specialty Retail
TJX Cos., Inc.		116,126			10,893,780			46.9
Technology Hardware, Storage & Peripherals
Hewlett Packard Enterprise Co.		90,459			1,535,994			6.6
HP, Inc.		810,113			24,376,300			105.0
				25,912,294
Textiles, Apparel & Luxury Goods
Ralph Lauren Corp., Class A		161,665			23,312,093			100.4
Total Reference Entity — Long					163,161,422
Reference Entity — Short
Common Stocks
Automobile Components
Aptiv PLC		(166,550	)		(14,942,866	)		(64.4	)
Chemicals
Linde PLC		(30,213	)		(12,408,781	)		(53.4	)

Security	Shares			Value			% of Basket Value
Energy Equipment & Services
Transocean Ltd.		(1,519,929	)	$	(9,651,549	)		(41.6	)%
Food Products
Tyson Foods, Inc., Class A		(69,331	)		(3,726,541	)		(16.0	)
Hotels, Restaurants & Leisure
Hilton Worldwide Holdings, Inc.		(19,703	)		(3,587,719	)		(15.5	)
Household Durables
D.R. Horton, Inc.		(163,631	)		(24,868,639	)		(107.1	)
Insurance
Fidelity National Financial, Inc.		(494,902	)		(25,249,900	)		(108.8	)
Oil, Gas & Consumable Fuels
ONEOK, Inc.		(239,597	)		(16,824,502	)		(72.5	)
Targa Resources Corp.		(2,668	)		(231,769	)		(1.0	)
				(17,056,271)
Pharmaceuticals
Catalent, Inc.		(32,277	)		(1,450,206	)		(6.2	)
Software
Intuit, Inc.		(40,319	)		(25,200,585	)		(108.6	)
Specialty Retail
Dick’s Sporting Goods, Inc.		(11,296	)		(1,659,947	)		(7.1	)
Technology Hardware, Storage & Peripherals
NetApp, Inc.		(1,635	)		(144,142	)		(0.6	)
Total Reference Entity — Short					(139,947,146	)
Net Value of Reference Entity — Citibank N.A				$	23,214,276

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date 08/19/26:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Building Products
Fortune Brands Innovations, Inc.		146,608	$	11,162,733		9.5	%
Johnson Controls International PLC		434,789		25,061,238		21.5
			36,223,971
Entertainment
Electronic Arts, Inc.		178,537		24,425,647		20.9
Hotels, Restaurants & Leisure
Royal Caribbean Cruises Ltd.		178,855		23,159,934		19.8
Industrial Conglomerates
General Electric Co.		190,388		24,299,220		20.8
Residential REITs
Mid-America Apartment Communities, Inc.		180,981		24,334,705		20.9
Software
Elastic NV		166,657		18,782,244		16.1

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Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Specialty Retail
Bath & Body Works, Inc.		573,054		$	24,733,011			21.2	%
Total Reference Entity — Long					175,958,732
Reference Entity — Short
Common Stocks
Electric Utilities
NextEra Energy, Inc.		(5,509	)		(334,617	)		(0.3	)
Insurance
Progressive Corp.		(111,866	)		(17,818,016	)		(15.3	)
Life Sciences Tools & Services
Avantor, Inc.		(1,088,772	)		(24,856,665	)		(21.3	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd., Class A		(12,595	)		(825,224	)		(0.7	)
Textiles, Apparel & Luxury Goods
VF Corp.		(815,759	)		(15,336,269	)		(13.1	)
Total Reference Entity — Short					(59,170,791	)
Net Value of Reference Entity — Goldman Sachs Bank USA				$	116,787,941

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date 08/19/26:

Security	Shares			Value			% of Basket Value
Reference Entity — Long
Common Stocks
Air Freight & Logistics
FedEx Corp.		113,326		$	28,668,078			129.9	%
Containers & Packaging
Packaging Corp. of America		177,172			28,863,091			130.7
Insurance
Marsh & McLennan Cos., Inc.		18,292			3,465,785			15.7
Specialty Retail
Gap, Inc.		1,392,964			29,126,877			131.9
Total Reference Entity — Long					90,123,831
Reference Entity — Short
Common Stocks
Consumer Staples Distribution & Retail
Kroger Co.		(142,983	)		(6,535,753	)		(29.6	)
Electric Utilities
NextEra Energy, Inc.		(476,149	)		(28,921,290	)		(131.0	)
Multi-Utilities
Sempra		(369,481	)		(27,611,315	)		(125.1	)

Security	Shares			Value			% of Basket Value
Pharmaceuticals
Pfizer, Inc.		(172,918	)	$	(4,978,309	)		(22.5	)%
Total Reference Entity — Short					(68,046,667	)
Net Value of Reference Entity — Goldman Sachs Bank USA				$	22,077,164

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date 02/10/28:

Security	Shares			Value			% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Lockheed Martin Corp.		64,949		$	29,437,485			59.0	%
Biotechnology
Amgen, Inc.		107,586			30,986,920			62.2
Communications Equipment
Motorola Solutions, Inc.		93,519			29,279,864			58.7
Food Products
Conagra Brands, Inc.		693,237			19,868,172			39.9
Hotels, Restaurants & Leisure
Boyd Gaming Corp.		96,853			6,063,966			12.2
Independent Power and Renewable Electricity
Producers
Vistra Corp.		780,302			30,057,233			60.3
Insurance
Allstate Corp.		160,733			22,499,405			45.1
American International Group, Inc., Class A		129,526			8,775,387			17.6
					31,274,792
Media
Omnicom Group, Inc.		274,170			23,718,446			47.6
Pharmaceuticals
Johnson & Johnson		187,358			29,366,493			58.9
Specialty Retail
Home Depot, Inc.		84,187			29,175,005			58.5
Total Reference Entity — Long					259,228,376
Reference Entity — Short
Common Stocks
Chemicals
Corteva, Inc.		(123,634	)		(5,924,541	)		(11.9	)
Dow, Inc.		(469,860	)		(25,767,123	)		(51.7	)
Eastman Chemical Co.		(261,778	)		(23,512,900	)		(47.1	)
					(55,204,564	)
Food Products
Campbell Soup Co.		(425,124	)		(18,378,111	)		(36.9	)
Ground Transportation
Avis Budget Group, Inc.		(109,693	)		(19,444,181	)		(39.0	)

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Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Household Durables
Lennar Corp.		(192,270	)	$	(28,655,921	)		(57.5	)%
Whirlpool Corp.		(10,662	)		(1,298,312	)		(2.6	)
				(29,954,233)
Industrial Conglomerates
General Electric Co.		(36,581	)		(4,668,833	)		(9.4	)
Insurance
Prudential Financial, Inc.		(97,457	)		(10,107,265	)		(20.3	)
IT Services
International Business Machines Corp.		(27,684	)		(4,527,718	)		(9.1	)
Metals & Mining
Freeport-McMoRan, Inc.		(348,079	)		(14,817,723	)		(29.7	)
Oil, Gas & Consumable Fuels
Targa Resources Corp.		(122,914	)		(10,677,539	)		(21.4	)
Passenger Airlines
United Airlines Holdings, Inc.		(648,308	)		(26,749,188	)		(53.6	)
Retail REITs
Simon Property Group, Inc.		(104,119	)		(14,851,534	)		(29.8	)
Total Reference Entity — Short					(209,380,889	)
Net Value of Reference Entity — HSBC Bank PLC				$	49,847,487

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date 02/10/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Lockheed Martin Corp.		10,315	$	4,675,170		(7.6	)%
Broadline Retail
Kohl’s Corp.		491,567		14,098,141		(22.9	)
Macy’s, Inc.		640,798		12,892,856		(20.9	)
			26,990,997
Building Products
Builders Firstsource, Inc.		148,820		24,844,011		(40.3	)
Chemicals
Dow, Inc.		56,278		3,086,285		(5.0	)
Consumer Staples Distribution & Retail
Sysco Corp.		126,995		9,287,144		(15.1	)
Walmart, Inc.		2,816		443,943		(0.7	)
			9,731,087
Electric Utilities
Eversource Energy		114,619		7,074,285		(11.5	)
Exelon Corp.		18,960		680,664		(1.1	)
			7,754,949
Financial Services
Berkshire Hathaway, Inc., Class B		5,365		1,913,481		(3.1	)

Security	Shares			Value			% of Basket Value
Food Products
J M Smucker Co.		177,378		$	22,417,031			(36.4	)%
Gas Utilities
Atmos Energy Corp.		53,471			6,197,289			(10.1	)
Ground Transportation
Avis Budget Group, Inc.		1,199			212,535			(0.3	)
Health Care Providers & Services
Tenet Healthcare Corp.		319,045			24,110,231			(39.1	)
Health Care REITs
Welltower, Inc.		36,845			3,322,314			(5.4	)
Hotels, Restaurants & Leisure
Las Vegas Sands Corp.		371,820			18,297,262			(29.7	)
MGM Resorts International		488,358			21,819,835			(35.4	)
Norwegian Cruise Line Holdings Ltd.		378,662			7,588,387			(12.3	)
Royal Caribbean Cruises Ltd.		14,022			1,815,709			(3.0	)
					49,521,193
Insurance
Allstate Corp.		68,299			9,560,494			(15.5	)
Chubb Ltd.		21,066			4,760,916			(7.8	)
Hartford Financial Services Group, Inc.		192,357			15,461,656			(25.1	)
				29,783,066
Machinery
Parker-Hannifin Corp.		50,226			23,139,118			(37.6	)
Oil, Gas & Consumable Fuels
PBF Energy, Inc., Class A		22,346			982,330			(1.6	)
Professional Services
Broadridge Financial Solutions, Inc.		23,467			4,828,335			(7.8	)
Semiconductors & Semiconductor Equipment
Applied Materials, Inc.		48,758			7,902,209			(12.8	)
Tobacco
Altria Group, Inc.		549,899			22,182,926			(36.0	)
Total Reference Entity — Long					273,594,557
Reference Entity — Short
Common Stocks
Aerospace & Defense
RTX Corp.		(297,714	)		(25,049,656	)		40.7
Broadline Retail
Amazon.com, Inc.		(153,104	)		(23,262,622	)		37.8
Capital Markets
Brookfield Corp., Class A		(298,989	)		(11,995,439	)		19.5
Chemicals
International Flavors & Fragrances, Inc., Class A		(305,274	)		(24,718,036	)		40.1
Commercial Services & Supplies
Cintas Corp.		(17,750	)		(10,697,215	)		17.4
Consumer Staples Distribution & Retail
Walgreens Boots Alliance, Inc.		(769,496	)		(20,091,540	)		32.6
Containers & Packaging
Amcor PLC		(456,336	)		(4,399,079	)		7.1
Electric Utilities
Xcel Energy, Inc.		(146,416	)		(9,064,615	)		14.7

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Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Electronic Equipment, Instruments & Components
CDW Corp.		(109,548	)	$	(24,902,451	)		40.4	%
Health Care Equipment & Supplies
Dentsply Sirona, Inc.		(165,345	)		(5,884,628	)		9.6
Hotels, Restaurants & Leisure
Penn Entertainment, Inc.		(249,316	)		(6,487,202	)		10.5
Life Sciences Tools & Services
Danaher Corp.		(107,993	)		(24,983,101	)		40.5
Thermo Fisher Scientific, Inc.		(47,443	)		(25,182,270	)		40.9
					(50,165,371	)
Machinery
Xylem, Inc./New York		(108,390	)		(12,395,480	)		20.1
Pharmaceuticals
Pfizer, Inc.		(707,082	)		(20,356,891	)		33.0
Viatris, Inc.		(994,558	)		(10,771,063	)		17.5
					(31,127,954	)
Specialized REITs
VICI Properties, Inc., Class A		(778,652	)		(24,823,426	)		40.3
Tobacco
Philip Morris International, Inc.		(264,087	)		(24,845,305	)		40.3
Wireless Telecommunication Services
T-Mobile U.S., Inc.		(157,715	)		(25,286,446	)		41.1
Total Reference Entity — Short					(335,196,465	)
Net Value of Reference Entity — HSBC Bank PLC				$	(61,601,908	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Morgan Stanley & Co. International PLC as of period end, termination date 10/03/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Automobiles
Ford Motor Co.		2,464,021	$	30,036,416		48.2	%
Consumer Staples Distribution & Retail
Walmart, Inc.		24,957		3,934,471		6.3
Electric Utilities
Exelon Corp.		260,825		9,363,617		15.0
Energy Equipment & Services
Halliburton Co.		810,784		29,309,842		47.0
Ground Transportation
CSX Corp.		168,559		5,843,941		9.4
Health Care Providers & Services
UnitedHealth Group, Inc.		54,090		28,476,762		45.7

Security	Shares			Value			% of Basket Value
Hotels, Restaurants & Leisure
Carnival Corp.		1,584,951		$	29,384,992			47.2	%
McDonald’s Corp.		24,273			7,197,187			11.5
					36,582,179
Household Products
Procter & Gamble Co.		193,851			28,406,926			45.6
Insurance
Marsh & McLennan Cos., Inc.		44,585			8,447,520			13.6
Oil, Gas & Consumable Fuels
Marathon Petroleum Corp.		104,105			15,445,018			24.8
Passenger Airlines
Delta Air Lines, Inc.		701,352			28,215,391			45.3
Specialty Retail
AutoZone, Inc.		2,235			5,778,838			9.3
Technology Hardware, Storage & Peripherals
HP, Inc.		767,004			23,079,150			37.0
Tobacco
Altria Group, Inc.		698,760			28,187,978			45.2
Total Reference Entity — Long					281,108,049
Reference Entity — Short
Common Stocks
Aerospace & Defense
RTX Corp.		(368,408	)		(30,997,849	)		(49.7	)
Automobiles
General Motors Co.		(466,007	)		(16,738,971	)		(26.9	)
Broadline Retail
Nordstrom, Inc.		(385,258	)		(7,108,010	)		(11.4	)
Building Products
Johnson Controls International PLC		(246,983	)		(14,236,100	)		(22.8	)
Chemicals
Corteva, Inc.		(35,512	)		(1,701,735	)		(2.7	)
Energy Equipment & Services
Transocean Ltd.		(2,418,379	)		(15,356,707	)		(24.6	)
Entertainment
Netflix, Inc.		(14,785	)		(7,198,521	)		(11.6	)
Walt Disney Co.		(100,787	)		(9,100,058	)		(14.6	)
					(16,298,579	)
Ground Transportation
Avis Budget Group, Inc.		(25,468	)		(4,514,458	)		(7.2	)
Health Care Providers & Services
Universal Health Services, Inc.		(34,128	)		(5,202,472	)		(8.4	)
Hotels, Restaurants & Leisure
Aramark		(1,027,764	)		(28,880,168	)		(46.4	)
Marriott International, Inc.		(135,242	)		(30,498,424	)		(48.9	)
					(59,378,592	)
Media
Charter Communications, Inc., Class A		(73,557	)		(28,590,135	)		(45.9	)
Oil, Gas & Consumable Fuels
Williams Cos., Inc.		(12,535	)		(436,594	)		(0.7	)

S C H E D U L E O F I N V E S T M E N T S 95

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Passenger Airlines
Southwest Airlines Co.		(299,780	)	$	(8,657,646	)		(13.9	)%
Specialized REITs
Iron Mountain, Inc.		(29,409	)		(2,058,042	)		(3.3	)
Wireless Telecommunication Services
T-Mobile U.S., Inc.		(46,850	)		(7,511,461	)		(12.1	)
Total Reference Entity — Short					(218,787,351	)
Net Value of Reference Entity — Morgan Stanley & Co. International PLC				$  62,320,698

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Morgan Stanley & Co. International PLC as of period end, termination date 10/03/28:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Northrop Grumman Corp.		51,378	$	24,052,097		12.6	%
Air Freight & Logistics
FedEx Corp.		54,798		13,862,250		7.3
Automobile Components
BorgWarner, Inc.		285,880		10,248,798		5.4
Lear Corp.		83,398		11,776,632		6.2
				22,025,430
Biotechnology
Amgen, Inc.		53,709		15,469,266		8.1
Broadline Retail
eBay, Inc.		562,559		24,538,824		12.9
Nordstrom, Inc.		225,180		4,154,571		2.2
				28,693,395
Building Products
Carrier Global Corp.		147,737		8,487,490		4.4
Lennox International, Inc.		2,817		1,260,664		0.7
				9,748,154
Capital Markets
CME Group, Inc.		113,846		23,975,968		12.6
Chemicals
CF Industries Holdings, Inc.		238,901		18,992,629		10.0
Consumer Finance
Ally Financial, Inc.		4,046		141,286		0.1
Consumer Staples Distribution & Retail
Target Corp.		175,998		25,065,635		13.1
Energy Equipment & Services
Schlumberger NV		223,363		11,623,811		6.1

Security	Shares			Value			% of Basket Value
Entertainment
Netflix, Inc.		50,617		$	24,644,405			12.9	%
Health Care Equipment & Supplies
Becton Dickinson & Co.		87,713			21,387,061			11.2
Teleflex, Inc.		5,434			1,354,913			0.7
					22,741,974
Health Care REITs
Healthpeak Properties, Inc.		93,234			1,846,033			1.0
Hotels, Restaurants & Leisure
Caesars Entertainment, Inc.		76,261			3,575,116			1.9
Carnival Corp.		1,299,840			24,099,033			12.6
Wynn Resorts Ltd.		272,390			24,817,453			13.0
					52,491,602
Independent Power and Renewable Electricity Producers
Vistra Corp.		287,347			11,068,606			5.8
Insurance
American International Group, Inc., Class A		202,600			13,726,150			7.2
Aon PLC		81,118			23,606,960			12.4
Travelers Cos., Inc.		132,852			25,306,978			13.3
Willis Towers Watson PLC		20,021			4,829,065			2.5
					67,469,153
Metals & Mining
Steel Dynamics, Inc.		37,723			4,455,086			2.3
Teck Resources Ltd.		92,750			3,920,543			2.1
					8,375,629
Oil, Gas & Consumable Fuels
Devon Energy Corp.		543,112			24,602,974			12.9
Pharmaceuticals
Bristol-Myers Squibb Co.		401,365			20,594,038			10.8
Semiconductors & Semiconductor Equipment
KLA Corp.		30,126			17,512,244			9.2
Specialized REITs
Public Storage		18,745			5,717,225			3.0
Specialty Retail
Murphy USA, Inc.		66,298			23,639,215			12.4
Total Reference Entity — Long					474,353,019
Reference Entity — Short
Common Stocks
Capital Markets
Ameriprise Financial, Inc.		(16,046	)		(6,094,752	)		(3.2	)
Raymond James Financial, Inc.		(1,544	)		(172,156	)		(0.1	)
S&P Global, Inc.		(56,270	)		(24,788,060	)		(13.0	)
					(31,054,968	)
Chemicals
Air Products and Chemicals, Inc.		(75,960	)		(20,797,848	)		(10.9	)
FMC Corp.		(112,956	)		(7,121,876	)		(3.8	)
					(27,919,724	)

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Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Commercial Services & Supplies
Cintas Corp.		(23,843	)	$	(14,369,222	)		(7.5	)%
Ground Transportation
Union Pacific Corp.		(42,578	)		(10,458,008	)		(5.5	)
XPO, Inc.		(67,886	)		(5,946,135	)		(3.1	)
					(16,404,143	)
Health Care Equipment & Supplies
Zimmer Biomet Holdings, Inc.		(87,564	)		(10,656,539	)		(5.6	)
Industrial REITs
Prologis, Inc.		(180,744	)		(24,093,175	)		(12.6	)
Insurance
Arthur J Gallagher & Co.		(45,345	)		(10,197,184	)		(5.3	)
Progressive Corp.		(29,559	)		(4,708,157	)		(2.5	)
					(14,905,341	)
IT Services
GoDaddy, Inc., Class A		(48,131	)		(5,109,587	)		(2.7	)
Life Sciences Tools & Services
Bio-Rad Laboratories, Inc.		(6,666	)		(2,152,385	)		(1.1	)
Machinery
Westinghouse Air Brake Technologies Corp.		(41,174	)		(5,224,981	)		(2.7	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd., Class A		(358,343	)		(23,478,633	)		(12.3	)

Security	Shares			Value			% of Basket Value
Oil, Gas & Consumable Fuels (continued)
Cenovus Energy, Inc.		(400,970	)	$	(6,676,151	)		(3.5	)%
Permian Resources Corp., Class A		(754,942	)		(10,267,211	)		(5.4	)
					(40,421,995	)
Personal Care Products
Estee Lauder Cos., Inc., Class A		(33,419	)		(4,887,529	)		(2.6	)
Professional Services
Equifax, Inc.		(101,572	)		(25,117,740	)		(13.2	)
Real Estate Management & Development
CBRE Group, Inc., Class A		(6,117	)		(569,431	)		(0.3	)
Semiconductors & Semiconductor Equipment
Analog Devices, Inc.		(125,178	)		(24,855,344	)		(13.0	)
Marvell Technology, Inc.		(43,433	)		(2,619,444	)		(1.4	)
					(27,474,788	)
Specialty Retail
Foot Locker, Inc.		(775,664	)		(24,161,934	)		(12.7	)
Textiles, Apparel & Luxury Goods
VF Corp.		(493,500	)		(9,277,800	)		(4.9	)
Total Reference Entity — Short					(283,801,282	)
Net Value of Reference Entity — Morgan Stanley & Co. International PLC				$190,551,737

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

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	12,980,482	$	(387,717	)	$	19,235,632	$	(9,762,821	)
OTC Swaps		—		—			5,460,337		(25,928,594	)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	49,134,977	$	—	$	49,134,977
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		18,158,000		—		—		18,158,000
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)		—		7,641,788		—		—		7,760,768		3,833,076		19,235,632
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		5,460,337		—		—		—		5,460,337
	$	—	$	7,641,788	$	5,460,337	$	18,158,000	$	56,895,745	$	3,833,076	$	91,988,946
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	76,442,523	$	—	$	76,442,523

S C H E D U L E O F I N V E S T M E N T S 97

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	20,497,078	$	—	$	—	$	20,497,078
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)		—		—		—		—		9,762,821		—		9,762,821
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		25,928,594		—		—		—		25,928,594
	$	—	$	—	$	25,928,594	$	20,497,078	$	86,205,344	$	—	$	132,631,016

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

For the period ended December 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	—		$	—		$	110,910,001		$	—		$	110,910,001
Forward foreign currency exchange contracts		—		—			—			(10,127,909	)		—			—			(10,127,909	)
Swaps		—		(10,511,519	)		(83,669,593	)		—			(12,575,141	)		(660,350	)		(107,416,603	)
	$	—	$	(10,511,519	)	$	(83,669,593	)	$	(10,127,909	)	$	98,334,860		$	(660,350	)	$	(6,634,511	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	—		$	—		$	(77,554,989	)	$	—		$	(77,554,989	)
Forward foreign currency exchange contracts		—		—			—			(2,478,667	)		—			—			(2,478,667	)
Swaps		—		9,585,348			(8,509,986	)		—			(686,074	)		931,859			1,321,147
	$	—	$	9,585,348		$	(8,509,986	)	$	(2,478,667	)	$	(78,241,063	)	$	931,859		$	(78,712,509	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,363,103,148
Average notional value of contracts — short	$	3,122,186,415
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	467,935,483
Average amounts sold — in USD	$	455,383,825
Credit default swaps:
Average notional value — buy protection	$	163,835,000
Average notional value — sell protection	$	248,216,775
Interest rate swaps:
Average notional value — pays fixed rate	$	811,386,688
Average notional value — receives fixed rate	$	728,483,373
Inflation swaps:
Average notional value — pays fixed rate	$	36,936,121
Average notional value — receives fixed rate	$	131,085,765
Total return swaps:
Average notional value	$	460,226,683

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

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Schedule of Investments (continued) December 31, 2023 BlackRock Systematic Multi-Strategy Fund

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	2,126,094		$	2,646,972
Forward foreign currency exchange contracts		18,158,000			20,497,078
Swaps — centrally cleared		—			507,053
Swaps — OTC(a)		5,460,337			25,928,594
Total derivative assets and liabilities in the Statements of Assets and Liabilities		25,744,431			49,579,697
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(2,126,094	)		(3,154,025	)
Total derivative assets and liabilities subject to an MNA	$	23,618,337		$	46,425,672

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

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Non-Cash Collateral Received		Cash Collateral Received(b)			Net Amount of Derivative Assets(c)(d)
Bank of America N.A	$	454,442	$	(454,442	)	$	—	$	—		$	—
Barclays Bank PLC		3,151,875		(3,151,875	)		—		—			—
BNP Paribas SA		1,543,445		(1,543,445	)		—		—			—
Citibank N.A.		1,138,859		(1,138,859	)		—		—			—
Deutsche Bank AG		1,015,781		(1,015,781	)		—		—			—
Goldman Sachs Bank USA		4,473,205		(3,936,331	)		—		(536,874	)		—
Goldman Sachs International		2,412,870		(2,412,870	)		—		—			—
HSBC Bank PLC		3,052,085		(3,052,085	)		—		—			—
JPMorgan Chase Bank N.A.		1,849,084		(1,109,031	)		—		—			740,053
Morgan Stanley & Co. International PLC		3,797,889		(3,797,889	)		—		—			—
Royal Bank of Canada		99,817		(68,912	)		—		—			30,905
Standard Chartered Bank		151,591		(151,591	)		—		—			—
State Street Bank and Trust Co.		47,864		(10,173	)		—		—			37,691
UBS AG		429,530		(429,530	)		—		—			—
	$	23,618,337	$	(22,272,814	)	$	—	$	(536,874	)	$	808,649
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Non-Cash Collateral Pledged		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(c)(e)
Bank of America N.A.	$	2,207,282	$	(454,442	)	$	—	$	(1,752,840	)	$	—
Barclays Bank PLC		6,665,838		(3,151,875	)		—		(3,513,963	)		—
BNP Paribas SA		3,480,301		(1,543,445	)		—		(1,936,856	)		—
Citibank N.A.		1,273,981		(1,138,859	)		—		—			135,122
Deutsche Bank AG		1,811,588		(1,015,781	)		—		—			795,807
Goldman Sachs Bank USA		3,936,331		(3,936,331	)		—		—			—
Goldman Sachs International		2,483,331		(2,412,870	)		—		—			70,461
HSBC Bank PLC		8,279,305		(3,052,085	)		—		(3,010,000	)		2,217,220
JPMorgan Chase Bank N.A.		1,109,031		(1,109,031	)		—		—			—
Morgan Stanley & Co. International PLC		7,636,852		(3,797,889	)		—		—			3,838,963
Nomura International PLC		2,439,117		—			—		—			2,439,117
Royal Bank of Canada		68,912		(68,912	)		—		—			—
Standard Chartered Bank		1,285,617		(151,591	)		—		—			1,134,026
State Street Bank and Trust Co.		10,173		(10,173	)		—		—			—

S C H E D U L E  O F  I N V E S T M E N T S 99

Schedule of Investments  (continued) December 31, 2023	BlackRock Systematic Multi-Strategy Fund

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Non-Cash Collateral Pledged		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(c)(e)
Toronto-Dominion Bank	$	3,253,827	$	—		$	—	$	—		$	3,253,827
UBS AG		484,186		(429,530	)		—		—			54,656
	$	46,425,672	$	(22,272,814	)	$	—	$	(10,213,659	)	$	13,939,199

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

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

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

^(d)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(e)  Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—		$	166,486,848		$	—	$	166,486,848
Common Stocks		527,661,791			—			—		527,661,791
Corporate Bonds		—			4,179,055,506			—		4,179,055,506
Non-Agency Mortgage-Backed Securities		—			1,406,007,955			—		1,406,007,955
Preferred Securities Capital Trusts		—			5,120,752			—		5,120,752
U.S. Government Sponsored Agency Securities		—			834,376,980			—		834,376,980
Short-Term Securities
Money Market Funds		7,458,620			—			—		7,458,620
U.S. Treasury Obligations		—			33,938,181			—		33,938,181
Liabilities
Investments
TBA Sale Commitments		—			(16,229,609	)		—		(16,229,609	)
	$	535,120,411		$	6,608,756,613		$	—	$	7,143,877,024
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	7,641,788		$	—	$	7,641,788
Equity Contracts		—			5,460,337			—		5,460,337
Foreign Currency Exchange Contracts		—			18,158,000			—		18,158,000
Interest Rate Contracts		49,134,977			7,760,768			—		56,895,745
Other Contracts		—			3,833,076			—		3,833,076
Liabilities
Equity Contracts		—			(25,928,594	)		—		(25,928,594	)
Foreign Currency Exchange Contracts		—			(20,497,078	)		—		(20,497,078	)
Interest Rate Contracts		(76,442,523	)		(9,762,821	)		—		(86,205,344	)
	$	(27,307,546	)	$	(13,334,524	)	$	—	$	(40,642,070	)

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

See notes to financial statements.

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Statements of Assets and Liabilities

December 31, 2023

	BlackRock Strategic Global Bond Fund, Inc.		BlackRock Systematic Multi-Strategy Fund
ASSETS
Investments, at value — unaffiliated(a)	$	779,743,281	$	7,152,648,013
Investments, at value — affiliated(b)		22,474,570		7,458,620
Cash		143,564		993,501
Cash pledged:
Collateral — exchange-traded options written		1,995,000		—
Collateral — OTC derivatives		—		80,350,000
Futures contracts		8,922,798		33,033,000
Centrally cleared swaps		13,553,230		38,527,000
Foreign currency, at value(c)		12,324,469		7,161,223
Receivables:
Investments sold		448,112		20,209
Swaps		—		327,135,243
TBA sale commitments		3,275,200		16,196,523
Capital shares sold		2,405,588		19,842,233
Dividends — unaffiliated		990		831,827
Dividends — affiliated		156,713		58,037
Interest — unaffiliated		6,998,812		55,429,906
Principal paydowns		6,942		—
Variation margin on futures contracts		316,746		2,126,094
Swap premiums paid		270,404		—
Unrealized appreciation on:
Forward foreign currency exchange contracts		6,923,667		18,158,000
OTC swaps		461,926		5,460,337
Unfunded floating rate loan interests		465		—
Prepaid expenses		69,629		148,946
Total assets		860,492,106		7,765,578,712
LIABILITIES
Cash received:
Collateral — OTC derivatives		1,115,500		17,930,000
Collateral — TBA commitments		2,000,000		3,503,225
Options written, at value(d)		1,577,056		—
TBA sale commitments, at value(e)		3,289,257		16,229,609
Payables:
Investments purchased		81,829,946		616,830,831
Swaps		—		328,474,692
Accounting services fees		42,174		273,894
Administration fees		—		312,385
Capital shares redeemed		2,133,984		20,716,221
Custodian fees		89,842		125,681
Deferred foreign capital gain tax		18,831		—
Income dividend distributions		222,427		—
Investment advisory fees		251,798		4,255,719
Directors’ and Officer’s fees		3,837		39,293
Options written		2,675		—
Other accrued expenses		85,034		89,748
Professional fees		87,439		71,250
Proxy fees		13,643		198,410
Service and distribution fees		18,908		76,344
Transfer agent fees		68,864		2,887,076
Variation margin on futures contracts		836,387		2,646,972
Variation margin on centrally cleared swaps		253,447		507,053
Swap premiums received		17,472		—
Unrealized depreciation on:
Forward foreign currency exchange contracts		6,801,906		20,497,078

F I N A N C I A L S T A T E M E N T S 101

Statements of Assets and Liabilities (continued)

December 31, 2023

	BlackRock Strategic Global Bond Fund, Inc.			BlackRock Systematic Multi-Strategy Fund
OTC swaps	$	328,503		$	25,928,594
Unfunded floating rate loan interests		8,822			—
Total liabilities		101,097,752			1,061,594,075
Commitments and contingent liabilities
NET ASSETS	$	759,394,354		$	6,703,984,637
NET ASSETS CONSIST OF
Paid-in capital	$	853,508,193		$	7,158,521,930
Accumulated loss		(94,113,839	)		(454,537,293	)
NET ASSETS	$	759,394,354		$	6,703,984,637
(a) Investments, at cost — unaffiliated	$	781,893,606		$	7,118,287,077
(b) Investments, at cost — affiliated	$	22,186,842		$	7,458,620
(c)  Foreign currency, at cost	$	12,714,241		$	6,771,044
(d) Premiums received	$	1,855,200		$	—
(e) Proceeds from TBA sale commitments	$	3,275,200		$	16,196,523

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Statements of Assets and Liabilities (continued)

December 31, 2023

	BlackRock Strategic Global Bond Fund, Inc.		BlackRock Systematic Multi-Strategy Fund
NET ASSET VALUE
Institutional
Net assets	$	489,081,180	$	6,214,876,118
Shares outstanding		91,862,645		631,439,080
Net asset value	$	5.32	$	9.84
Shares authorized		1 billion		Unlimited
Par value	$	0.10	$	0.001
Investor A
Net assets	$	76,849,416	$	283,451,062
Shares outstanding		14,444,588		28,827,196
Net asset value	$	5.32	$	9.83
Shares authorized		1 billion		Unlimited
Par value	$	0.10	$	0.001
Investor C
Net assets	$	3,624,089	$	16,432,123
Shares outstanding		681,795		1,684,835
Net asset value	$	5.32	$	9.75
Shares authorized		1 billion		Unlimited
Par value	$	0.10	$	0.001
Class K
Net assets	$	189,839,669	$	189,225,334
Shares outstanding		35,688,232		19,240,015
Net asset value	$	5.32	$	9.83
Shares authorized		1 billion		Unlimited
Par value	$	0.10	$	0.001

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S 103

Statements of Operations

Year Ended December 31, 2023

	BlackRock Strategic Global Bond Fund, Inc.			BlackRock Systematic Multi-Strategy Fund
INVESTMENT INCOME
Dividends — unaffiliated	$	358,317		$	10,380,627
Dividends — affiliated		2,596,383			1,936,061
Interest — unaffiliated		31,434,718			382,251,042
Other income — unaffiliated		115,425			171,702
Foreign taxes withheld		(65,201	)		(35,716	)
Total investment income		34,439,642			394,703,716
EXPENSES
Investment advisory		3,743,514			59,292,529
Transfer agent — class specific		995,591			9,031,685
Custodian		298,803			335,313
Service and distribution — class specific		226,924			1,075,587
Professional		154,394			192,806
Accounting services		117,568			817,435
Registration		117,019			686,980
Proxy		49,091			560,357
Printing and postage		44,815			69,992
Directors and Officer		11,464			118,701
Administration		—			2,828,939
Administration — class specific		—			1,625,501
Miscellaneous		184,598			321,399
Total expenses excluding interest expense		5,943,781			76,957,224
Interest expense		12,978			4,914
Total expenses		5,956,759			76,962,138
Less:
Administration fees waived by the Manager — class specific		—			(42,300	)
Fees waived and/or reimbursed by the Manager		(1,075,594	)		(30,309	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(700,481	)		(5,408	)
Total expenses after fees waived and/or reimbursed		4,180,684			76,884,121
Net investment income		30,258,958			317,819,595
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(20,984,923	)		(326,497,418	)
Investments — affiliated		(331,377	)		—
Forward foreign currency exchange contracts		(8,625,113	)		(10,127,909	)
Foreign currency transactions		74,091			2,735,447
Futures contracts		4,308,751			110,910,001
Options written		4,415,693			—
Swaps		40,456,613			(107,416,603	)
		19,313,735			(330,396,482	)

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Statements of Operations (continued)

Year Ended December 31, 2023

	BlackRock Strategic Global Bond Fund, Inc.			BlackRock Systematic Multi-Strategy Fund
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)	$	45,759,044		$	539,237,078
Investments — affiliated		1,130,645			—
Forward foreign currency exchange contracts		(706,796	)		(2,478,667	)
Foreign currency translations		(55,398	)		(744,245	)
Futures contracts		(6,531,929	)		(77,554,989	)
Options written		6,506,942			—
Swaps		(46,024,356	)		1,321,147
Unfunded floating rate loan interests		(8,222	)		—
		69,930			459,780,324
Net realized and unrealized gain		19,383,665			129,383,842
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	49,642,623		$	447,203,437
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(3,034	)	$	—
(b) Net of increase in deferred foreign capital gain tax of	$	(18,831	)	$	—

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S 105

Statements of Changes in Net Assets

	BlackRock Strategic Global Bond Fund, Inc.						BlackRock Systematic Multi-Strategy Fund
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/23			Year Ended 12/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	30,258,958		$	18,671,943		$	317,819,595		$	196,731,131
Net realized gain (loss)		19,313,735			(114,892,336	)		(330,396,482	)		76,958,605
Net change in unrealized appreciation (depreciation)		69,930			(38,774,901	)		459,780,324			(548,922,556	)
Net increase (decrease) in net assets resulting from operations		49,642,623			(134,995,294	)		447,203,437			(275,232,820	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income and net realized gain
Institutional		(9,333,079	)		—			(272,485,926	)		(432,706,870	)
Investor A		(1,235,819	)		—			(11,392,840	)		(20,627,146	)
Investor C		(32,040	)		—			(550,599	)		(847,519	)
Class K		(2,803,968	)		—			(8,764,440	)		(6,166,018	)
Return of capital
Institutional		(5,415,885	)		(16,889,603	)		(738,180	)		—
Investor A		(810,166	)		(2,568,767	)		(34,860	)		—
Investor C		(38,310	)		(94,796	)		(1,817	)		—
Class K		(1,682,109	)		(3,845,543	)		(20,987	)		—
Decrease in net assets resulting from distributions to shareholders		(21,351,376	)		(23,398,709	)		(293,989,649	)		(460,347,553	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		28,764,869			(90,760,732	)		(2,935,119,977	)		2,346,077,043
NET ASSETS
Total increase (decrease) in net assets		57,056,116			(249,154,735	)		(2,781,906,189	)		1,610,496,670
Beginning of year		702,338,238			951,492,973			9,485,890,826			7,875,394,156
End of year	$	759,394,354		$	702,338,238		$	6,703,984,637		$	9,485,890,826

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Strategic Global Bond Fund, Inc.
	Institutional
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21(a)			Year Ended 12/31/20(a)			Year Ended 12/31/19(a)
Net asset value, beginning of year	$	5.12		$	6.20		$	6.38		$	6.13		$	5.81
Net investment income(b)		0.21			0.13			0.12			0.12			0.17
Net realized and unrealized gain (loss)		0.14			(1.05	)		(0.19	)		0.43			0.30
Net increase (decrease) from investment operations		0.35			(0.92	)		(0.07	)		0.55			0.47
Distributions(c)
From net investment income		(0.09	)		—			(0.09	)		(0.10	)		(0.13	)
From net realized gain		—			—			(0.01	)		(0.20	)		—
Return of capital		(0.06	)		(0.16	)		(0.01	)		—			(0.02	)
Total distributions		(0.15	)		(0.16	)		(0.11	)		(0.30	)		(0.15	)
Net asset value, end of year	$	5.32		$	5.12		$	6.20		$	6.38		$	6.13
Total Return(d)
Based on net asset value		6.95	%		(14.85	)%		(1.08	)%		9.04	%		8.20	%(e)
Ratios to Average Net Assets(f)
Total expenses		0.79	%		0.82	%(g)		0.81	%(h)		0.80	%		0.98	%
Total expenses after fees waived and/or reimbursed		0.54	%		0.59	%(g)		0.61	%(h)		0.54	%		0.63	%
Total expenses after fees waived and/or reimbursed and excluding interest expense		0.54	%		0.57	%(g)		0.61	%(h)		0.53	%		0.53	%
Net investment income		4.06	%		2.40	%		1.88	%		1.93	%		2.84	%
Supplemental Data
Net assets, end of year (000)		$489,081			$479,103			$717,250			$671,817			$171,313
Portfolio turnover rate(i)		382	%		288	%		354	%		330	%		373	%

^(a) Consolidated Financial Highlights.

^(b) Based on average shares outstanding.

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

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

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

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g) 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.

^(h) 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.

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

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21(a)			Year Ended 12/31/20(a)			Year Ended 12/31/19(a)
Portfolio turnover rate (excluding MDRs)		223	%		195	%		228	%		234	%		257	%

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 107

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Strategic Global Bond Fund, Inc. (continued)
	Investor A
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21(a)			Year Ended 12/31/20(a)			Year Ended 12/31/19(a)
Net asset value, beginning of year	$	5.12		$	6.19		$	6.38		$	6.12		$	5.80
Net investment income(b)		0.19			0.12			0.10			0.11			0.16
Net realized and unrealized gain (loss)		0.15			(1.04	)		(0.19	)		0.44			0.30
Net increase (decrease) from investment operations		0.34			(0.92	)		(0.09	)		0.55			0.46
Distributions(c)
From net investment income		(0.08	)		—			(0.08	)		(0.09	)		(0.12	)
From net realized gain		—			—			(0.01	)		(0.20	)		—
Return of capital		(0.06	)		(0.15	)		(0.01	)		—			(0.02	)
Total distributions		(0.14	)		(0.15	)		(0.10	)		(0.29	)		(0.14	)
Net asset value, end of year	$	5.32		$	5.12		$	6.19		$	6.38		$	6.12
Total Return(d)
Based on net asset value		6.69	%		(14.92	)%		(1.49	)%		8.95	%		7.95	%(e)
Ratios to Average Net Assets(f)
Total expenses		1.10	%		1.12	%(g)		1.08	%(h)		1.10	%		1.30	%
Total expenses after fees waived and/or reimbursed		0.79	%		0.84	%(g)		0.86	%(h)		0.80	%		0.88	%
Total expenses after fees waived and/or reimbursed and excluding interest expense		0.79	%		0.82	%(g)		0.86	%(h)		0.78	%		0.78	%
Net investment income		3.78	%		2.15	%		1.65	%		1.74	%		2.60	%
Supplemental Data
Net assets, end of year (000)		$76,849			$83,094			$109,613			$91,388			$74,323
Portfolio turnover rate(i)		382	%		288	%		354	%		330	%		373	%

^(a) Consolidated Financial Highlights.

^(b) Based on average shares outstanding.

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

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

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

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g) 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.

^(h) 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.

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

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21(a)			Year Ended 12/31/20(a)			Year Ended 12/31/19(a)
Portfolio turnover rate (excluding MDRs)		223	%		195	%		228	%		234	%		257	%

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Strategic Global Bond Fund, Inc. (continued)
	Investor C
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21(a)			Year Ended 12/31/20(a)			Year Ended 12/31/19(a)
Net asset value, beginning of year	$	5.12		$	6.19		$	6.37		$	6.12		$	5.80
Net investment income(b)		0.16			0.08			0.06			0.06			0.11
Net realized and unrealized gain (loss)		0.14			(1.04	)		(0.19	)		0.43			0.30
Net increase (decrease) from investment operations		0.30			(0.96	)		(0.13	)		0.49			0.41
Distributions(c)
From net investment income		(0.05	)		—			(0.03	)		(0.04	)		(0.07	)
From net realized gain		—			—			(0.01	)		(0.20	)		—
Return of capital		(0.05	)		(0.11	)		(0.01	)		—			(0.02	)
Total distributions		(0.10	)		(0.11	)		(0.05	)		(0.24	)		(0.09	)
Net asset value, end of year	$	5.32		$	5.12		$	6.19		$	6.37		$	6.12
Total Return(d)
Based on net asset value		5.89	%		(15.56	)%		(2.07	)%		7.97	%		7.14	%(e)
Ratios to Average Net Assets(f)
Total expenses		1.75	%		1.79	%(g)		1.83	%(h)		1.93	%		2.11	%
Total expenses after fees waived and/or reimbursed		1.54	%		1.59	%(g)		1.63	%(h)		1.55	%		1.64	%
Total expenses after fees waived and/or reimbursed and excluding interest expense		1.54	%		1.57	%(g)		1.63	%(h)		1.53	%		1.53	%
Net investment income		3.04	%		1.40	%		0.92	%		1.03	%		1.90	%
Supplemental Data
Net assets, end of year (000)		$3,624			$4,055			$5,555			$3,055			$4,973
Portfolio turnover rate(i)		382	%		288	%		354	%		330	%		373	%

^(a) Consolidated Financial Highlights.

^(b) Based on average shares outstanding.

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

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

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

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g) 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.

^(h) 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.

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

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21(a)			Year Ended 12/31/20(a)			Year Ended 12/31/19(a)
Portfolio turnover rate (excluding MDRs)		223	%		195	%		228	%		234	%		257	%

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 109

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Strategic Global Bond Fund, Inc. (continued)
	Class K
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21(a)			Year Ended 12/31/20(a)			Year Ended 12/31/19(a)
Net asset value, beginning of year	$	5.12		$	6.19		$	6.38		$	6.13		$	5.81
Net investment income(b)		0.21			0.13			0.12			0.13			0.17
Net realized and unrealized gain (loss)		0.14			(1.03	)		(0.20	)		0.42			0.31
Net increase (decrease) from investment operations		0.35			(0.90	)		(0.08	)		0.55			0.48
Distributions(c)
From net investment income		(0.09	)		—			(0.09	)		(0.10	)		(0.14	)
From net realized gain		—			—			(0.01	)		(0.20	)		—
Return of capital		(0.06	)		(0.17	)		(0.01	)		—			(0.02	)
Total distributions		(0.15	)		(0.17	)		(0.11	)		(0.30	)		(0.16	)
Net asset value, end of year	$	5.32		$	5.12		$	6.19		$	6.38		$	6.13
Total Return(d)
Based on net asset value		7.01	%		(14.67	)%		(1.19	)%		9.10	%		8.26	%(e)
Ratios to Average Net Assets(f)
Total expenses		0.64	%		0.67	%(g)		0.70	%(h)		0.69	%		0.89	%
Total expenses after fees waived and/or reimbursed		0.49	%		0.53	%(g)		0.58	%(h)		0.49	%		0.58	%
Total expenses after fees waived and/or reimbursed and excluding interest expense		0.49	%		0.51	%(g)		0.58	%(h)		0.48	%		0.48	%
Net investment income		4.13	%		2.43	%		1.97	%		2.01	%		2.88	%
Supplemental Data
Net assets, end of year (000)		$189,840			$136,087			$119,076			$55,297			$33,655
Portfolio turnover rate(i)		382	%		288	%		354	%		330	%		373	%

^(a) Consolidated Financial Highlights.

^(b) Based on average shares outstanding.

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

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

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

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g) 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.

^(h) 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.

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

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21(a)			Year Ended 12/31/20(a)			Year Ended 12/31/19(a)
Portfolio turnover rate (excluding MDRs)		223	%		195	%		228	%		234	%		257	%

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Systematic Multi-Strategy Fund
	Institutional
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19
Net asset value, beginning of year	$	9.66		$	10.45		$	10.10		$	9.88		$	9.47
Net investment income(a)		0.38			0.21			0.11			0.14			0.23
Net realized and unrealized gain (loss)		0.24			(0.52	)		0.51			0.21			0.56
Net increase (decrease) from investment operations		0.62			(0.31	)		0.62			0.35			0.79
Distributions(b)
From net investment income		(0.44	)		(0.47	)		(0.18	)		(0.13	)		(0.18	)
From net realized gain		—			(0.01	)		(0.09	)		(0.00	)(c)		(0.20	)
Return of capital		(0.00	)(c)		—			—			(0.00	)(c)		—
Total distributions		(0.44	)		(0.48	)		(0.27	)		(0.13	)		(0.38	)
Net asset value, end of year	$	9.84		$	9.66		$	10.45		$	10.10		$	9.88
Total Return(d)
Based on net asset value		6.44	%		(2.95	)%		6.19	%		3.57	%		8.43	%
Ratios to Average Net Assets(e)
Total expenses		0.94	%		0.93	%(f)		0.96	%(f)		0.99	%		1.29	%
Total expenses after fees waived and/or reimbursed		0.93	%		0.92	%		0.95	%		0.95	%		0.95	%
Total expenses after fees waived and/or reimbursed and excluding excise tax		0.93	%		0.92	%		0.95	%		0.95	%		0.95	%
Net investment income		3.92	%		2.08	%		1.09	%		1.38	%		2.27	%
Supplemental Data
Net assets, end of year (000)	$	6,214,876		$	8,887,596		$	7,451,022		$	3,091,298		$	277,782
Portfolio turnover rate(g)(h)		344	%		847	%		936	%		503	%		442	%

^(a) Based on average shares outstanding.

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

^(c) Amount is greater than $(0.005) per share.

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

^(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

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

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19
Portfolio turnover rate (excluding MDRs)		198	%		399	%		417	%		258	%		267	%

^(h) Excludes underlying investments in total return swaps.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 111

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Systematic Multi-Strategy Fund (continued)
	Investor A
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19
Net asset value, beginning of year	$	9.64		$	10.43		$	10.09		$	9.87		$	9.46
Net investment income(a)		0.35			0.19			0.08			0.14			0.20
Net realized and unrealized gain (loss)		0.25			(0.53	)		0.51			0.19			0.58
Net increase (decrease) from investment operations		0.60			(0.34	)		0.59			0.33			0.78
Distributions(b)
From net investment income		(0.41	)		(0.44	)		(0.16	)		(0.11	)		(0.17	)
From net realized gain		—			(0.01	)		(0.09	)		(0.00	)(c)		(0.20	)
Return of capital		(0.00	)(c)		—			—			(0.00	)(c)		—
Total distributions		(0.41	)		(0.45	)		(0.25	)		(0.11	)		(0.37	)
Net asset value, end of year	$	9.83		$	9.64		$	10.43		$	10.09		$	9.87
Total Return(d)
Based on net asset value		6.19	%		(3.23	)%		5.85	%		3.34	%		8.25	%
Ratios to Average Net Assets(e)
Total expenses		1.22	%		1.19	%(f)		1.23	%		1.31	%		1.60	%
Total expenses after fees waived and/or reimbursed		1.20	%		1.19	%		1.20	%		1.20	%		1.20	%
Total expenses after fees waived and/or reimbursed and excluding excise tax		1.20	%		1.19	%		1.20	%		1.20	%		1.20	%
Net investment income		3.64	%		1.86	%		0.81	%		1.34	%		1.95	%
Supplemental Data
Net assets, end of year (000)		$283,451			$453,650			$369,323			$179,389			$74,536
Portfolio turnover rate(g)(h)		344	%		847	%		936	%		503	%		442	%

^(a) Based on average shares outstanding.

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

^(c)  Amount is greater than $(0.005) per share.

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

^(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

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

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19
Portfolio turnover rate (excluding MDRs)		198	%		399	%		417	%		258	%		267	%

^(h) Excludes underlying investments in total return swaps.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Systematic Multi-Strategy Fund (continued)
	Investor C
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19
Net asset value, beginning of year	$	9.56		$	10.35		$	10.05		$	9.87		$	9.47
Net investment income(a)		0.28			0.11			0.02			0.01			0.08
Net realized and unrealized gain (loss)		0.24			(0.52	)		0.50			0.24			0.62
Net increase (decrease) from investment operations		0.52			(0.41	)		0.52			0.25			0.70
Distributions(b)
From net investment income		(0.33	)		(0.37	)		(0.13	)		(0.07	)		(0.10	)
From net realized gain		—			(0.01	)		(0.09	)		(0.00	)(c)		(0.20	)
Return of capital		(0.00	)(c)		—			—			(0.00	)(c)		—
Total distributions		(0.33	)		(0.38	)		(0.22	)		(0.07	)		(0.30	)
Net asset value, end of year	$	9.75		$	9.56		$	10.35		$	10.05		$	9.87
Total Return(d)
Based on net asset value		5.48	%		(3.96	)%		5.18	%		2.55	%		7.43	%
Ratios to Average Net Assets(e)
Total expenses		1.90	%		1.90	%(f)		1.95	%(f)		2.07	%		2.51	%
Total expenses after fees waived and/or reimbursed		1.90	%		1.89	%		1.94	%		1.95	%		1.95	%
Total expenses after fees waived and/or reimbursed and excluding excise tax		1.90	%		1.89	%		1.94	%		1.95	%		1.95	%
Net investment income		2.96	%		1.09	%		0.15	%		0.10	%		0.76	%
Supplemental Data
Net assets, end of year (000)		$16,432			$21,457			$17,977			$4,868			$305
Portfolio turnover rate(g)(h)		344	%		847	%		936	%		503	%		442	%

^(a)  Based on average shares outstanding.

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

^(c)  Amount is greater than $(0.005) per share.

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

^(e)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

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

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/20			Year Ended 12/31/19
Portfolio turnover rate (excluding MDRs)		198	%		399	%		417	%		258	%		267	%

^(h)  Excludes underlying investments in total return swaps.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 113

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Systematic Multi-Strategy Fund (continued)
	Class K
	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Period from 09/29/20(a) to 12/31/20
Net asset value, beginning of period	$	9.65		$	10.45		$	10.10		$	10.22
Net investment income(b)		0.40			0.23			0.17			0.01
Net realized and unrealized gain (loss)		0.23			(0.54	)		0.46			(0.06	)
Net increase (decrease) from investment operations		0.63			(0.31	)		0.63			(0.05	)
Distributions(c)
From net investment income		(0.45	)		(0.48	)		(0.19	)		(0.07	)
From net realized gain		—			(0.01	)		(0.09	)		(0.00	)(d)
Return of capital		(0.00	)(d)		—			—			(0.00	)(d)
Total distributions		(0.45	)		(0.49	)		(0.28	)		(0.07	)
Net asset value, end of period	$	9.83		$	9.65		$	10.45		$	10.10
Total Return(e)
Based on net asset value		6.59	%		(2.93	)%		6.28	%		(0.53	)%(f)
Ratios to Average Net Assets(g)
Total expenses		0.83	%		0.81	%(h)		0.84	%(h)		0.99	%(i)
Total expenses after fees waived and/or reimbursed		0.82	%		0.81	%		0.83	%		0.90	%(i)
Total expenses after fees waived and/or reimbursed and excluding excise tax		0.82	%		0.81	%		0.83	%		0.90	%(i)
Net investment income		4.07	%		2.32	%		1.58	%		0.35	%(i)
Supplemental Data
Net assets, end of period (000)	$	189,225		$	123,188		$	37,071		$	296
Portfolio turnover rate(j)(k)		344	%		847	%		936	%		503	%

^(a)  Commencement of operations.

^(b) Based on average shares outstanding.

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

^(d)  Amount is greater than $(0.005) per share.

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

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

⁽ⁱ⁾  Annualized.

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

	Year Ended 12/31/23			Year Ended 12/31/22			Year Ended 12/31/21			Period from 09/29/20(a) to 12/31/20
Portfolio turnover rate (excluding MDRs)		198	%		399	%		417	%		258	%

^(k)  Excludes underlying investments in total return swaps.

See notes to financial statements.

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Notes to Financial Statements

1. ORGANIZATION

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

Fund Name	Herein Referred To As	Diversification Classification
BlackRock Strategic Global Bond Fund, Inc.	Strategic Global Bond	Diversified
BlackRock Systematic Multi-Strategy Fund	Systematic Multi-Strategy	Diversified

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

Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional and Class K Shares	No		No		None
Investor A Shares	Yes		No	(a)	None
Investor C Shares	No		Yes	(b)	To Investor A Shares after approximately 8 years

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2023, if any, are disclosed in the Statements 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 115

Notes to Financial Statements  (continued)

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

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

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

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• 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.

• 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.

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Notes to Financial Statements  (continued)

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

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

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

• 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.

• 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.

• 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 Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which 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 each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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

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

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

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

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 117

Notes to Financial Statements  (continued)

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

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

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

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

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage

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Notes to Financial Statements  (continued)

Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.

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

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

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

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

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

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

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

In connection with floating rate loan interests, the Funds may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations,

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Notes to Financial Statements  (continued)

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

Fund Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
Strategic Global Bond	Coreweave Compute Acquisition Co. II, LLC		$544,589	$	544,589		$ 535,767	$	(8,822	)
	Helios Service Partners LLC		87,683		86,675		87,140		465
	Vedanta Hold Mauritius II Ltd.		827,000		827,000		827,000		—
								$	(8,357	)

Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Funds to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.

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

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

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

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

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

For the year ended December 31, 2023, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Funds were as follows:

Fund Name	Average Amount Outstanding		Weighted Average Interest Rate
Strategic Global Bond	$	71,573		4.43	%

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Notes to Financial Statements  (continued)

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

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

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

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

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

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Notes to Financial Statements  (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements  (continued)

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

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

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

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.

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

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

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

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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Notes to Financial Statements  (continued)

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

	Investment Advisory Fees
Average Daily Net Assets	Strategic Global Bond			Systematic Multi-Strategy
First $1 billion		0.50	%		0.80	%
$1 billion — $3 billion		0.47			0.75
$3 billion — $5 billion		0.45			0.72
$5 billion — $10 billion		0.44			0.70
Greater than $10 billion		0.43			0.68

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

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

	Strategic Global Bond						Systematic Multi-Strategy
Share Class	Service Fees			Distribution Fees			Service Fees			Distribution Fees
Investor A		0.25	%		N/A			0.25	%		N/A
Investor C		0.25			0.75	%		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.

For the year ended December 31, 2023, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

Fund Name	Investor A		Investor C		Total
Strategic Global Bond	$	190,831	$	36,093	$	226,924
Systematic Multi-Strategy		889,998		185,589		1,075,587

Administration: The Trust, on behalf of Systematic Multi-Strategy, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

Average Daily Net Assets	Administration Fees
First $500 million		0.0425	%
$500 million - $1 billion		0.0400
$1 billion - $2 billion		0.0375
$2 billion - $4 billion		0.0350
$4 billion - $13 billion		0.0325
Greater than $13 billion		0.0300

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration – class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the year ended December 31, 2023, the following table shows the class specific administration fees borne directly by each share class of the Fund:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Systematic Multi-Strategy	$	1,507,723	$	71,200	$	3,712	$	42,866	$	1,625,501

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended December 31, 2023, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended December 31, 2023, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Strategic Global Bond	$	3,351	$	2,984	$	180	$	867	$	7,382
Systematic Multi-Strategy		33,238		3,206		356		579		37,379

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Notes to Financial Statements  (continued)

For the year ended December 31, 2023, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Strategic Global Bond	$	810,306	$	170,057	$	4,255	$	10,973	$	995,591
Systematic Multi-Strategy		8,499,497		514,912		14,836		2,440		9,031,685

Other Fees: For the year ended December 31, 2023, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

Fund Name	Investor A
Strategic Global Bond	$	1,677
Systematic Multi-Strategy		2,780

For the year ended December 31, 2023, affiliates received CDSCs as follows:

Fund Name	Investor A		Investor C
Strategic Global Bond	$	430	$	165
Systematic Multi-Strategy		1,714		3,939

Expense Limitations, Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2023, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Strategic Global Bond	$	30,786
Systematic Multi-Strategy		30,309

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. 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 a Fund. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Strategic Global Bond	$	62,761

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

Fund Name	Institutional			Investor A			Investor C			Class K
Strategic Global Bond		0.53	%		0.78	%		1.53	%		0.48	%
Systematic Multi-Strategy		0.95			1.20			1.95			0.90

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2024, unless approved by the Board, including a majority of the Independent Directors, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended December 31, 2023, amounts included in the Statements of Operations were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Strategic Global Bond	$	982,047

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statements of Operations. For the year ended December 31, 2023, class specific expense waivers and/or reimbursements were as follows:

	Administration Fees Waived by the Manager- Class Specific
Fund Name	Institutional		Investor A		Total
Systematic Multi-Strategy	$	2,671	$	39,629	$	42,300

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Notes to Financial Statements  (continued)

	Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Strategic Global Bond	$	555,168	$	131,891	$	2,450	$	10,972	$	700,481
Systematic Multi-Strategy		—		5,408		—		—		5,408

Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”), each 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 each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

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

During the year ended December 31, 2023, the Funds did not participate in the Interfund Lending Program.

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

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common directors. For the year ended December 31, 2023, 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 Gain (Loss)
Systematic Multi-Strategy	$	13,046,748	$	4,043,864	$	(65,365	)

7. PURCHASES AND SALES

For the year ended December 31, 2023, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows:

	U.S. Government Securities				Other Securities
Fund Name	Purchases		Sales		Purchases		Sales
Strategic Global Bond	$	4,571,202	$	10,493,923	$	2,543,719,721	$	2,474,262,005
Systematic Multi-Strategy		—		—		27,992,194,109		30,235,727,147

For the year ended December 31, 2023, purchases and sales related to mortgage dollar rolls were as follows:

Fund Name	Purchases		Sales
Strategic Global Bond	$	1,033,483,129	$	1,032,753,409
Systematic Multi-Strategy		11,868,787,565		11,861,850,977

8. INCOME TAX INFORMATION

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of December 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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 non-deductible expenses were reclassified to the following accounts:

		Strategic Global Bond
Paid-in capital	$		2,706
Accumulated earnings (loss)			(2,706	)

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Notes to Financial Statements  (continued)

The tax character of distributions paid was as follows:

Fund Name	Year Ended 12/31/23		Year Ended 12/31/22
Strategic Global Bond
Ordinary income	$	13,404,906	$	—
Return of capital		7,946,470		23,398,709
	$	21,351,376	$	23,398,709
Systematic Multi-Strategy
Ordinary income	$	293,193,805	$	451,301,193
Long-term capital gains		—		9,046,360
Return of capital		795,844		—
	$	293,989,649	$	460,347,553

As of December 31, 2023, the tax components of accumulated earnings (loss) were as follows:

Fund Name	Non-Expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Qualified Late-Year Ordinary Losses(c)			Total
Strategic Global Bond	$	(81,206,888	)	$	(12,906,951	)	$	—		$	(94,113,839	)
Systematic Multi-Strategy		(399,393,716	)		31,599,172			(86,742,749	)		(454,537,293	)

^(a) Amounts available to offset future realized capital gains.

^(b) The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains/losses on certain futures contracts, foreign currency contracts and constructive sales, 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.

^(c) The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

During the year ended December 31, 2023, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

Fund Name	Amounts
Strategic Global Bond	$	19,029,242

As of December 31, 2023, 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 Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Strategic Global Bond	$	804,804,915	$	71,104,713	$	(75,444,812	)	$	(4,340,099	)
Systematic Multi-Strategy		7,141,415,074		346,911,162		(315,687,734	)		31,223,428

9. BANK BORROWINGS

Strategic Global Bond, and the Trust, on behalf of Systematic Multi-Strategy, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple SOFR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2024 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, 2023, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in

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Notes to Financial Statements  (continued)

prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

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

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

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

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

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

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

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease

128 2 0 2 3 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  (continued)

as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising 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 Funds’ performance.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Year Ended 12/31/23						Year Ended 12/31/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Strategic Global Bond
Institutional
Shares sold		40,244,410		$	206,603,521			47,387,967		$	259,150,206
Shares issued in reinvestment of distributions		2,666,767			13,697,021			2,895,182			15,589,443
Shares redeemed		(44,535,145	)		(228,158,253	)		(72,530,991	)		(396,732,385	)
		(1,623,968	)	$	(7,857,711	)		(22,247,842	)	$	(121,992,736	)
Investor A
Shares sold and automatic conversion of shares		3,389,746		$	17,320,493			4,900,448		$	27,095,285
Shares issued in reinvestment of distributions		373,785			1,920,539			447,573			2,399,813
Shares redeemed		(5,545,948	)		(28,460,358	)		(6,821,956	)		(37,373,102	)
		(1,782,417	)	$	(9,219,326	)		(1,473,935	)	$	(7,878,004	)
Investor C
Shares sold		193,530		$	994,039			161,059		$	885,670
Shares issued in reinvestment of distributions		13,790			70,883			17,559			93,566
Shares redeemed and automatic conversion of shares		(318,182	)		(1,622,675	)		(283,802	)		(1,524,282	)
		(110,862	)	$	(557,753	)		(105,184	)	$	(545,046	)
Class K
Shares sold		16,479,631		$	83,986,080			12,323,881		$	66,741,072
Shares issued in reinvestment of distributions		751,120			3,851,469			605,981			3,228,625
Shares redeemed		(8,119,163	)		(41,437,890	)		(5,582,529	)		(30,314,643	)
		9,111,588		$	46,399,659			7,347,333		$	39,655,054
		5,594,341		$	28,764,869			(16,479,628	)	$	(90,760,732	)

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 129

Notes to Financial Statements  (continued)

	Year Ended 12/31/23						Year Ended 12/31/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Systematic Multi-Strategy
Institutional
Shares sold		238,653,981		$	2,320,026,704			598,206,498		$	6,061,481,318
Shares issued in reinvestment of distributions		26,379,018			259,375,786			42,560,393			413,672,584
Shares redeemed		(554,097,815	)		(5,393,162,185	)		(433,197,065	)		(4,349,161,510	)
		(289,064,816	)	$	(2,813,759,695	)		207,569,826		$	2,125,992,392
Investor A
Shares sold and automatic conversion of shares		2,482,196		$	24,126,595			50,841,950		$	509,477,463
Shares issued in reinvestment of distributions		1,156,559			11,358,241			2,116,364			20,545,258
Shares redeemed		(21,876,777	)		(212,052,106	)		(41,292,351	)		(409,644,260	)
		(18,238,022	)	$	(176,567,270	)		11,665,963		$	120,378,461
Investor C
Shares sold		118,841		$	1,143,759			1,382,816		$	13,928,215
Shares issued in reinvestment of distributions		56,003			545,312			86,985			838,064
Shares redeemed and automatic conversion of shares		(734,076	)		(7,055,728	)		(962,594	)		(9,544,526	)
		(559,232	)	$	(5,366,657	)		507,207		$	5,221,753
Class K
Shares sold		21,841,953		$	210,870,391			14,613,678		$	148,756,521
Shares issued in reinvestment of distributions		407,601			4,001,989			44,645			435,033
Shares redeemed		(15,774,510	)		(154,298,735	)		(5,442,092	)		(54,707,117	)
		6,475,044		$	60,573,645			9,216,231		$	94,484,437
		(301,387,026	)	$	(2,935,119,977	)		228,959,227		$	2,346,077,043

As of December 31, 2023, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

Fund Name	Class K
Systematic Multi-Strategy		29,354

12. SUBSEQUENT EVENTS

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

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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. and the Shareholders of BlackRock Systematic Multi-Strategy Fund and the Board of Trustees of BlackRock Funds IV:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of BlackRock Strategic Global Bond Fund, Inc., and of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, (the “Funds”), including the schedules of investments, as of December 31, 2023, the related statements 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 highlights are consolidated for BlackRock Strategic Global Bond Fund, Inc. for the three 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 Funds as of December 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, 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, 2024

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

R E P O R T OF 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 131

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2023:

Fund Name	Qualified Dividend Income
Strategic Global Bond	$	359,640
Systematic Multi-Strategy		9,544,946

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2023:

Fund Name	Federal Obligation Interest
Strategic Global Bond	$	2,431,532
Systematic Multi-Strategy		10,919,358

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

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

Fund Name	Dividends-Received Deduction
Strategic Global Bond		1.21	%
Systematic Multi-Strategy		3.09

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2023:

Fund Name	Interest Dividends
Strategic Global Bond	$	29,791,171
Systematic Multi-Strategy		208,233,626

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2023:

Fund Name	Interest-Related Dividends
Strategic Global Bond	$	12,382,681
Systematic Multi-Strategy		190,313,519

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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 “Corporation”) and BlackRock Funds IV (the “Trust”) have adopted and implemented a liquidity risk management program (the “Program”) for Strategic Global Bond Fund, Inc. and BlackRock Systematic Multi-Strategy Fund (collectively, the “Funds”), which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors of the Corporation and the Board of Trustees of the Trust (the “Board”), on behalf of the Funds, met on November 14-15, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC, the investment adviser to each Fund, as the program administrator for each 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 each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each 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 each Fund’s liquidity risk, as follows:

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

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 each Fund’s reasonably anticipated trading size utilized for liquidity classifications. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to each 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 funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period 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.

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 133

Director and Officer Information  

Independent Directors(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
R. Glenn Hubbard 1958	Chair of the Board (Since 2022) Director (Since 2019)	Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988.	69 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(d) 1951	Vice Chair of the Board (Since 2022) Director (Since 2019)	Baker Foundation Professor and George Fisher Baker Jr. Professor of Business Administration, Emeritus, Harvard Business School since 2022; George Fisher Baker Jr. Professor of Business Administration, Harvard Business School from 2008 to 2022; 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.	71 RICs consisting of 104 Portfolios	None
Cynthia L. Egan 1955	Director (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.	71 RICs consisting of 104 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(d) 1948	Director (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.	71 RICs consisting of 104 Portfolios	None
Lorenzo A. Flores 1964	Director (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.	69 RICs consisting of 102 Portfolios	None
Stayce D. Harris 1959	Director (Since 2021)	Lieutenant General, Inspector General 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.	69 RICs consisting of 102 Portfolios	KULR Technology Group, Inc. in 2021; The Boeing Company (airplane manufacturer)

134 2 0 2 3  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

Director and Officer Information (continued)

Independent Directors(a) (continued)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
J. Phillip Holloman 1955	Director (Since 2021)	President and Chief Operating Officer, Cintas Corporation from 2008 to 2018.	69 RICs consisting of 102 Portfolios	PulteGroup, Inc. (home construction); Rockwell Automation Inc. (industrial automation); Vestis Corporation (uniforms and facilities services)
Catherine A. Lynch(d) 1961	Director (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.	71 RICs consisting of 104 Portfolios	PennyMac Mortgage Investment Trust
Non-Management Interested Director(a)(f)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”)  Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Arthur P. Steinmetz 1958	Director (Since 2023)	Consultant, Posit PBC (enterprise data science) since 2020; Director, ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief Executive Officer and President of OppenheimerFunds, Inc. from 2015, 2014 and 2013, respectively to 2019; Trustee, President and Principal Executive Officer of 104 OppenheimerFunds funds from 2014 to 2019; Portfolio manager of various OppenheimerFunds fixed income mutual funds from 1986 to 2014.	70 RICs consisting of 103 Portfolios	Trustee of 104 OppenheimerFunds funds from 2014 to 2019

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 135

Director and Officer Information (continued)

Interested Directors(a)(e)
Name Year of Birth(b)	Position(s) Held (Length of Service)(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”)  Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past 5 Years
Robert Fairbairn 1965	Director (Since 2015)(g) (Since 2018)(h)	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.	97 RICs consisting of 268 Portfolios	None
John M. Perlowski(d) 1964	Director (Since 2015) 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.	99 RICs consisting of 270 Portfolios	None

^(a)  The address of each Director is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

^(b)  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 Corporation’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 Corporation’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.

^(c)  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.

^(d)  Dr. Fabozzi, Ms. Egan, Dr. Kester, Ms. Lynch, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

^(e)  Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Corporation 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.

^(f)  Mr. Steinmetz is currently classified as a non-management interested Director based on his former directorship at another company that is not an affiliate of BlackRock, Inc. Mr. Steinmetz does not currently serve as an officer or employee of BlackRock, Inc. or its affiliates or own any securities of BlackRock, Inc. It is anticipated that Mr. Steinmetz will become an Independent Director effective January 19, 2024.

^(g)  For Strategic Global Bond Fund only.

^(h)  For Systematic Multi-Strategy Fund only.

Officers Who Are Not Directors(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years
Jennifer McGovern 1977	Vice President (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 1974	Chief Financial Officer (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 1970	Treasurer (Since 2007)	Managing Director of BlackRock, Inc. since 2007.
Aaron Wasserman 1974	Chief Compliance Officer (Since 2023)	Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023.
Lisa Belle 1968	Anti-Money Laundering Compliance Officer (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.

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Director and Officer Information (continued)

Officers Who Are Not Directors(a) (continued)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years
Janey Ahn 1975	Secretary (Since 2019)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

^(a) The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

^(b) Officers of the Fund/Trust 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 July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Corporations.

Effective December 31, 2023, Frank Fabozzi retired as Director of the Corporations.

Effective January 19, 2024, Arthur Steinmetz became an Independent Director of the Corporations.

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 137

Additional Information

Proxy Results

A Special Meeting of Shareholders was held on November 9, 2023 for shareholders of record on September 11, 2023, to elect director nominees for the BlackRock Strategic Global Bond Fund, Inc.

Shareholders elected the Directors as follows:

	Votes For		Votes Against		Votes Abstained
Lorenzo A. Flores		88,095,209		786,146		2,091,095
Stayce D. Harris		88,149,867		742,187		2,080,396
J. Phillip Holloman		88,026,148		954,827		1,991,475
Arthur P. Steinmetz		88,008,133		796,622		2,167,694

A Special Meeting of Shareholders was held on November 9, 2023 for shareholders of record on September 11, 2023, to elect director nominees for the BlackRock Funds IV (and together with the BlackRock Strategic Global Bond Fund, Inc., the “Funds” and each, a “Fund”).

Shareholders elected the Directors(a) as follows:

	Votes For		Votes Against
Lorenzo A. Flores		648,213,833		3,662,109
Stayce D. Harris		648,081,519		3,794,423
J. Phillip Holloman		647,962,752		3,913,190
Arthur P. Steinmetz		647,741,031		4,134,911

^(a)  Denotes Fund-wide proposal and voting results.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

General Information

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Householding

The Funds 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 Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each 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 Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios 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.

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Additional Information (continued)

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.

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

Administrator

BlackRock Advisors, LLC^(a)

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited^(b)

079912 Singapore

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02114

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10001

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

A D D I T I O N A L  I N F O R M A T I O N 139

Additional Information (continued)

Fund and Service Providers (continued)

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

^(a) For Systematic Multi-Strategy Fund only

^(b) For Strategic Global Bond Fund only

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Glossary of Terms Used in this Report

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
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
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

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 141

Glossary of Terms Used in this Report (continued)

Portfolio Abbreviation
ADR	American Depositary Receipt
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
BBR	Bank Bill Rate
BBSW	Bank Bill Swap Rate
BZDIOVER	Overnight Brazil Interbank Deposit (CETIP)
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
CORRA	Overnight Bank of Canada Repo Rate
CPI	Consumer Price Index
CR	Custodian Receipt
CVR	Contingent Value Right
DAC	Designated Activity Company
ESTR	Euro Short Term Rate
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FREMF	Freddie Mac Multifamily Securities
GO	General Obligation Bonds
HIBOR	Hong Kong Interbank Offered Rate
JIBAR	Johannesburg Interbank Average Rate
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MXIBTIIE	Mexico Interbank TIIE 28-Day
NIBOR	Norwegian Interbank Offered Rate
PCL	Public Company Limited
PIK	Payment-in-Kind
PRIBOR	Prague Interbank Offer Rate
PSF	Permanent School Fund
RB	Revenue Bond
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
S&P	Standard & Poor’s
SAB	Special Assessment Bonds
SAN	State Aid Notes
SCA	Societe en Commandite par Actions
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
SORA	Singapore Overnight Rate Average
SPDR	Standard & Poor’s Depository Receipt
SSARON	Swiss Average Overnight Rate
STACR	Structured Agency Credit Risk
STIBOR	Stockholm Interbank Offered Rate
TBA	To-Be-Announced
THOR	Thai Overnight Repurchase Rate
UK RPI	United Kingdom Retail Price Index
WIBOR	Warsaw Interbank Offered Rate

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Want to know more?

blackrock.com | 800-441-7762

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

SMS-12/23-AR

(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 (“D&T) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Systematic Multi-Strategy Fund	$68,238	$65,586	$0	$44	$30,160	$29,000	$407	$431

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
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,154,000	$2,098,000

¹ 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.

² 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.

³ Non-audit fees of $2,154,000 and $2,098,000 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.

(f) Not Applicable

(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:

Entity Name	Current Fiscal Year  End	Previous Fiscal Year  End
BlackRock Systematic Multi-Strategy Fund	$30,567	$29,475

3

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:

Current Fiscal Year End	Previous Fiscal Year End
$2,154,000	$2,098,000

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

(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.

(i) – Not Applicable

(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

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

(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.

4

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in 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.

(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 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – Exhibits attached hereto

(a)(2) Section 302 Certifications are attached

(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

(b) Section 906 Certifications are attached

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 Funds IV
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds IV

Date: February 23, 2024

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 Funds IV

Date: February 23, 2024

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds IV

Date: February 23, 2024

6