BlackRock Strategic Global Bond Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05603

Name of Fund:

BlackRock Strategic Global Bond Fund, Inc.

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Strategic Global Bond Fund, Inc., 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 06/30/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		JUNE 30, 2023

2023 Semi-Annual Report

(Unaudited)

BlackRock Strategic Global Bond Fund, Inc.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended June 30, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. Inflation remained elevated as labor costs grew rapidly and unemployment rates reached the lowest levels in decades. However, inflation moderated substantially as the period continued, while ongoing strength in consumer spending backstopped the economy.

Equity returns were strong, as continued job growth eased investors’ concerns about the economy’s durability. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced significantly, including large- and small-capitalization U.S. stocks and international equities from developed markets. Emerging market equities also gained, although at a substantially slower pace, pressured by high interest rates and falling commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, 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”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, which made it the first meeting without a rate increase since the tightening cycle began in early 2022.

Supply constraints 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 exacerbate these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and most recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions, however there are selective opportunities in the near term. 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. inflation-linked bonds, U.S. mortgage-backed securities, and emerging market bonds denominated in local currency.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of June 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	16.89%	19.59%
U.S. small cap equities (Russell 2000^® Index)	8.09	12.31
International equities (MSCI Europe, Australasia, Far East Index)	11.67	18.77
Emerging market equities (MSCI Emerging Markets Index)	4.89	1.75
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.25	3.60
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.70	(3.97)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	2.09	(0.94)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	2.67	3.19
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	5.38	9.07
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
The Benefits and Risks of Leveraging		8
Derivative Financial Instruments		8
Financial Statements:
Schedule of Investments		9
Statement of Assets and Liabilities		50
Statement of Operations		53
Statements of Changes in Net Assets		54
Financial Highlights		55
Notes to Financial Statements		59
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements		72
Additional Information		75
Glossary of Terms Used in this Report		77

LOGO


		3


Fund Summary as of June 30, 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 six-month period ended June 30, 2023, the Fund’s Institutional and Class K shares outperformed its primary benchmark, the Bloomberg Global Aggregate Bond Index while the Investor A shares performed in-line and Investor C shares underperformed. For the same period, all the Fund’s share classes underperformed its custom benchmark, comprised of 80% Bloomberg Global Aggregate ex EM Bond Index and 20% Bloomberg EM ex Korea Bond Index. The following discussion of relative performance pertains to the Fund’s primary benchmark.

What factors influenced performance?

The Fund’s exposure to emerging market credit spreads and currencies contributed positively to performance relative to the benchmark. Allocations to U.S. investment grade and high yield corporate bonds also proved additive. Finally, the Fund’s positioning with respect to U.S. interest rates aided return as the short end of the Treasury yield curve rose over the period.

Positioning with respect to developed market interest rates and currencies detracted from the Fund’s relative performance over the period, along with positioning in emerging market interest rates. Exposure to non-U.S. corporate credit also weighed on return.

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 did not materially affect performance.

Describe recent portfolio activity.

Throughout the first quarter of 2023, after tactically reducing duration in January 2023, primarily in the front-end of the yield curve, the Fund added duration further out 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 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.

Describe portfolio positioning at period end.

At period end, the Fund’s duration was modestly underweight relative to the benchmark. The Fund favored U.S. and European investment grade corporate bonds along with agency MBS for exposure to high quality assets. The Fund also maintained an allocation to U.S. high yield corporate bonds. Outside the United States, the Fund had allocations to European sovereign bonds and emerging markets debt, most notably local rates in Mexico and Brazil along with select hard currency bonds. 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 policy tightening.

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


4		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of June 30, 2023 (continued)		BlackRock Strategic Global Bond Fund, Inc.

Performance


										Average Annual Total Returns^(a)(b)
										1 Year						5 Years						10 Years
	Standardized 30-Day Yields			Unsubsidized 30-Day Yields			6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		5.51	%		5.26	%		1.51	%		(1.44	)%		N/A			0.27	%		N/A			1.10	%		N/A

Investor A		5.04			4.74			1.38			(1.51	)		(5.45	)%		0.06			(0.76	)%		0.87			0.46	%

Investor C		4.50			4.28			0.81			(2.44	)		(3.39	)		(0.73	)		(0.73	)		0.25			0.25

Class K		5.56			5.40			1.53			(1.21	)		N/A			0.32			N/A			1.14			N/A

Bloomberg Global Aggregate Bond Index^(c)		—			—			1.43			(1.32	)		N/A			(1.09	)		N/A			0.20			N/A

Custom Benchmark^(d)		—			—			1.61			(0.88	)		N/A			(0.90	)		N/A			0.28			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 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 approximately twenty-four different local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

^(d)

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

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

Past performance is not an indication of future results.

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

Expense Example


	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 (01/01/23)		Ending Account Value (06/30/23)		Including Interest Expense and Fees	^(a)		Excluding Interest Expense and Fees		Beginning Account Value (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During the Period	^(a)		Ending Account Value (06/30/23)		Expenses Paid During the Period		Including Interest Expense and Fees		Excluding Interest Expense and Fees
Institutional	$	1,000.00	$	1,015.10	$	2.65		$	2.65	$	1,000.00	$	1,022.17	$	2.66		$	1,022.17	$	2.66		0.53	%	0.53	%
Investor A		1,000.00		1,013.80		3.89			3.89		1,000.00		1,020.93		3.91			1,020.93		3.91		0.78		0.78
Investor C		1,000.00		1,008.10		7.62			7.62		1,000.00		1,017.21		7.65			1,017.21		7.65		1.53		1.53
Class K		1,000.00		1,015.30		2.40			2.40		1,000.00		1,022.41		2.41			1,022.41		2.41		0.48		0.48

^(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 181/365 (to reflect the one-half year period shown).


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


Fund Summary as of June 30, 2023 (continued)		BlackRock Strategic Global Bond Fund, Inc.

Portfolio Information

PORTFOLIO COMPOSITION


Asset Type^(a)	Percent of Total Investments
Corporate Bonds		37.4	%
Foreign Agency Obligations		23.6
U.S. Government Sponsored Agency Securities		20.1
Asset-Backed Securities		5.9
Non-Agency Mortgage-Backed Securities		5.0
U.S. Treasury Obligations		2.6
Investment Companies		2.2
Other*		3.2

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments
United States		59.6	%
China		5.0
Mexico		4.7
United Kingdom		4.5
Spain		4.0
Japan		3.3
Cayman Islands		3.0
Netherlands		2.1
Germany		1.7
Brazil		1.6
France		1.3
Italy		1.2
Indonesia		1.0
Other^#		7.0

^(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.


6		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


About Fund Performance		BlackRock Strategic Global Bond Fund, Inc.

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

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

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

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

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

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

Disclosure of Expenses

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

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

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

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


ABOUT FUND PERFORMANCE / DISCLOSURE OF EXPENSES		7


The Benefits and Risks of Leveraging		BlackRock Strategic Global Bond Fund, Inc.

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

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

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

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

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

Derivative Financial Instruments

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


8		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

June 30, 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 3 Ltd., Series 2020-3A, Class A, (3-mo. LIBOR US + 1.30%), 6.56%, 01/15/33	USD		250	$	246,830
Allegro CLO VI Ltd., Series 2017-2A, Class A, (3-mo. LIBOR US + 1.13%), 6.39%, 01/17/31			388		383,725
ALM Ltd., Series 2020-1A, Class A2, (3-mo. LIBOR US + 1.85%), 7.11%, 10/15/29			250		247,509
Apidos CLO XXXVI, Series 2021-36A, Class B, (3-mo. LIBOR US + 1.60%), 6.85%, 07/20/34			250		243,505
Ares XXXVII CLO Ltd., Series 2015-4A, Class A1R, (3-mo. LIBOR US + 1.17%), 6.43%, 10/15/30			385		383,814
Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, (3-mo. LIBOR US + 0.97%), 6.22%, 07/20/30			525		520,550
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, (3-mo. LIBOR US + 1.10%), 6.35%, 01/20/31			485		481,881
Carlyle Global Market Strategies CLO Ltd., Series 2014-3RA, Class A1B, (3-mo. LIBOR US + 1.30%), 6.59%, 07/27/31			1,000		980,744
Cayuga Park CLO Ltd., Series 2020-1A, Class B1R, (3-mo. LIBOR US + 1.65%), 6.91%, 07/17/34			250		246,935
CBAM Ltd., Series 2017-1A, Class A1, (3-mo. LIBOR US + 1.25%), 6.50%, 07/20/30			373		371,595
CIFC Funding Ltd.
Series 2014-3A, Class A1R2, (3-mo. LIBOR US + 1.20%), 6.47%, 10/22/31			1,500		1,493,594
Series 2014-5A, Class A1R2, (3-mo. LIBOR US + 1.20%), 6.46%, 10/17/31			2,000		1,976,240
Series 2018-2A, Class A2, (3-mo. LIBOR US + 1.60%), 6.85%, 04/20/31			250		246,821
Dryden 37 Senior Loan Fund, Series 2015-37A, Class AR, (3-mo. LIBOR US + 1.10%), 6.36%, 01/15/31			736		731,876
Dryden 49 Senior Loan Fund, Series 2017-49, Class AR, (3-mo. LIBOR US + 0.95%), 6.21%, 07/18/30			710		704,468
Eaton Vance CLO Ltd., Series 2018-1A, Class A2, (3-mo. LIBOR US + 1.45%), 6.71%, 10/15/30			250		244,094
Elmwood CLO IV Ltd., Series 2020-1A, Class A, (3-mo. LIBOR US + 1.24%), 6.50%, 04/15/33			500		495,757
Gulf Stream Meridian 4 Ltd., Series 2021-4A, Class A2, (3-mo. LIBOR US + 1.85%), 7.11%, 07/15/34			250		244,904
Jamestown CLO XV Ltd., Series 2020-15A, Class A, (3-mo. LIBOR US + 1.34%), 6.60%, 04/15/33			1,000		993,341
Madison Park Funding XI Ltd., Series 2013-11A, Class AR2, (3-mo. LIBOR US + 0.90%), 6.17%, 07/23/29			936		925,900
Mariner CLO LLC, Series 2016-3A, Class CR, (3-mo. LIBOR US + 2.05%), 7.32%, 07/23/29			250		243,601
Neuberger Berman Loan Advisers CLO 46 Ltd., Series 2021-46A, Class B, (3-mo. LIBOR US + 1.65%), 6.90%, 01/20/36			250		245,891
OCP CLO Ltd., Series 2013-4A, Class BRR, (3-mo. LIBOR US + 1.90%), 7.17%, 04/24/29			250		246,183
Octagon Investment Partners 36 Ltd., Series 2018-1A, Class A1, (3-mo. LIBOR US + 0.97%), 6.23%, 04/15/31			750		743,631


Security		Par (000)		Value

Cayman Islands (continued)
OHA Credit Funding 3 Ltd., Series 2019-3A, Class BR, (3-mo. LIBOR US + 1.65%), 6.90%, 07/02/35	USD		1,000	$	985,634
OHA Credit Funding 5 Ltd., Series 2020-5A, Class A2A, (3-mo. LIBOR US + 1.45%), 6.71%, 04/18/33			300		292,660
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class DR, (3-mo. LIBOR US + 6.81%), 12.13%, 02/14/34			250		210,366
RR 3 Ltd., Series 2018-3A, Class 3A, (3-mo. LIBOR US + 1.40%), 6.66%, 01/15/30			1,125		1,113,269
Symphony CLO XIX Ltd., Series 2018-19A, Class A, (3-mo. LIBOR US + 0.96%), 6.22%, 04/16/31			500		494,725
TICP CLO XII Ltd., Series 2018-12A, Class BR, (3-mo. LIBOR US + 1.65%), 6.91%, 07/15/34			325		316,574
Trestles CLO Ltd., Series 2017-1A, Class A1R, (3-mo. LIBOR US + 0.99%), 6.25%, 04/25/32			250		247,182
Trimaran CAVU Ltd.
Series 2019-1A, Class B, (3-mo. LIBOR US + 2.20%), 7.45%, 07/20/32			250		247,024
Series 2019-1A, Class C1, (3-mo. LIBOR US + 3.15%), 8.40%, 07/20/32			500		494,865
Venture 39 CLO Ltd., Series 2020-39A, Class A1, (3-mo. LIBOR US + 1.28%), 6.54%, 04/15/33			335		330,401
Whitebox CLO I Ltd., Series 2019-1A, Class CR, (3-mo. LIBOR US + 3.05%), 8.32%, 07/24/32			500		481,440

					18,857,529

Denmark — 0.0%
Red & Black Auto Germany 8 UG, Series 8, Class B, (1-mo. EURIBOR + 0.75%), 4.08%, 09/15/30^(a)(c)	EUR		84		90,990


France — 0.0%
FCT Autonoria DE, Series 2023-DE, Class B, (1-mo. EURIBOR + 1.15%), 4.56%, 01/26/43^(a)(c)			100		108,960


Ireland^(a)(c)— 0.1%
Avoca CLO XXII DAC, Series 22X, Class B1, (3-mo. EURIBOR + 1.30%), 4.48%, 04/15/35			100		103,275
CVC Cordatus Loan Fund IV DAC, Series 4X, Class BR1, (3-mo. EURIBOR + 1.30%), 4.68%, 02/22/34			100		102,635
Henley CLO IV DAC, Series 4X, Class B1, (3-mo. EURIBOR + 1.35%), 4.61%, 04/25/34			100		104,692

					310,602

Italy^(a)(c)— 0.1%
AutoFlorence 3 Srl, (1-mo. EURIBOR + 0.95%), 4.33%, 12/25/46			500		546,844
Koromo Italy SRL, Series 1, Class A, (1-mo. EURIBOR + 0.80%), 4.21%, 02/26/35			227		248,466

					795,310

Netherlands — 0.0%
Domi BV, Series 2023-1, Class A, (3-mo. EURIBOR + 1.12%), 4.44%, 02/15/55^(a)(c)			142		155,685


Spain — 0.0%
Autonoria Spain FT, Series 2021-SP, Class B, (1-mo. EURIBOR + 0.80%), 4.21%, 01/31/39^(a)(c)			136		146,921


United Kingdom^(a)(c)— 0.2%
Atlas Funding PLC, Series 2013-1, Class B, (3-mo. LIBOR GBP + 1.90%), 6.84%, 01/20/61	GBP		100		126,925


SCHEDULE OF INVESTMENTS		9

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United Kingdom (continued)
PCL Funding VI PLC, Series 2022-1, Class A, (1-day SONIA + 1.40%), 6.12%, 07/15/26	GBP		500	$	636,985
PCL Funding VIII PLC, (3-mo. LIBOR GBP + 1.18%), 6.12%, 05/15/28			400		508,605
POLARIS PLRS 2023 1 B REGS, (3-mo. LIBOR GBP + 2.75%), 7.20%, 02/23/61			160		203,863

					1,476,378

United States — 2.4%
AccessLex Institute, Series 2007-A, Class A3, (3-mo. LIBOR US + 0.30%), 5.70%, 05/25/36^(a)	USD		63		61,021
Anchorage Capital CLO 3-R Ltd., Series 2014-3RA, Class A, (3-mo. LIBOR US + 1.05%), 6.32%, 01/28/31^(a)(b)			378		374,285
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, (3-mo. LIBOR US + 1.05%), 6.32%, 01/28/31^(a)(b)			378		376,016
Apidos CLO XII, Series 2013-12A, Class AR, (3-mo. LIBOR US + 1.08%), 6.34%, 04/15/31^(a)(b)			500		497,456
Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/46^(b)			55		48,900
BHG Securitization Trust^(b)
Series 2021-A, Class A, 1.42%, 11/17/33			80		74,293
Series 2021-A, Class B, 2.79%, 11/17/33			100		87,848
Chenango Park CLO Ltd., Series 2018-1A, Class A2, (3-mo. LIBOR US + 1.55%), 6.81%, 04/15/30^(a)(b)			1,018		1,006,039
CIFC Funding Ltd.^(a)(b)
Series 2013-1A, Class A2R, (3-mo. LIBOR US + 1.75%), 7.01%, 07/16/30			1,000		980,208
Series 2018-1A, Class A, (3-mo. LIBOR US + 1.00%), 6.26%, 04/18/31			400		396,617
Concord Music Royalties LLC, Series 2022-1A, Class A2, 6.50%, 01/20/73^(b)			239		235,343
Dryden 53 CLO Ltd., Series 2017-53A, Class A, (3-mo. LIBOR US + 1.12%), 6.38%, 01/15/31^(a)(b)			586		582,870
Foundation Finance Trust, Series 2021-2A, Class A, 2.19%, 01/15/42^(b)			174		157,973
Generate CLO 2 Ltd., Series 2A, Class AR, (3-mo. LIBOR US + 1.15%), 6.42%, 01/22/31^(a)(b)			596		589,572
Goldman Home Improvement Trust Issuer Trust, Series 2022-GRN2, Class A, 6.80%, 10/25/52^(b)			137		135,437
GoodLeap Sustainable Home Solutions Trust^(b)
Series 2021-3CS, Class A, 2.10%, 05/20/48			398		305,476
Series 2022-3CS, Class A, 4.95%, 07/20/49			211		193,761
Series 2023-1GS, Class A, 5.52%, 02/22/55			189		179,354
Gracie Point International Funding^(a)(b)
Series 2022-2A, Class A, (30-day Avg SOFR + 2.75%), 7.79%, 07/01/24			286		286,192
Series 2022-2A, Class B, (30-day Avg SOFR + 3.35%), 8.42%, 07/01/24			154		154,103
Series 2022-3A, Class A, (30-day Avg SOFR + 3.25%), 8.28%, 11/01/24			228		228,362
Hipgnosis Music Assets LP, Series 2022-1, Class A, 5.00%, 05/16/62^(b)			385		358,232
Kapitus Asset Securitization LLC, Series 2022-1A, Class A, 3.38%, 07/10/28^(b)			334		312,222
LCM 26 Ltd., Series 26A, Class A1, (3-mo. LIBOR US + 1.07%), 6.32%, 01/20/31^(a)(b)			563		559,400
Lendmark Funding Trust, Series 2022-1A, Class A, 5.12%, 07/20/32^(b)			301		292,451


Security		Par (000)		Value

United States (continued)
Loanpal Solar Loan Ltd., Series 2020-2GF, Class A, 2.75%, 07/20/47^(b)	USD		85	$	65,544
Mariner Finance Issuance Trust, Series 2022-AA, Class A, 6.45%, 10/20/37^(b)			250		249,464
Mercury Financial Credit Card Master Trust, Series 2022-1A, Class A, 2.50%, 09/21/26^(b)			483		456,278
Mosaic Solar Loan Trust^(b)
Series 2022-2A, Class A, 4.38%, 01/21/53			88		81,448
Series 2022-3A, Class A, 6.10%, 06/20/53			92		91,684
Series 2023-1A, Class A, 5.32%, 06/20/53			218		209,271
Navient Private Education Refi Loan Trust, Series 2021-DA, Class A, (Prime - 1.99%), 6.26%, 04/15/60^(a)(b)			349		326,161
Nelnet Student Loan Trust^(b)
Series 2021-DA, Class B, 2.90%, 04/20/62			450		369,608
Series 2021-DA, Class C, 3.50%, 04/20/62			100		81,555
OneMain Financial Issuance Trust^(b)
Series 2019-2A, Class A, 3.14%, 10/14/36			100		90,460
Series 2022-2A, Class A, 4.89%, 10/14/34			280		273,739
Series 2022-2A, Class B, 5.24%, 10/14/34			380		368,191
Series 2022-3A, Class A, 5.94%, 05/15/34			682		678,471
Oportun Issuance Trust^(b)
Series 2021-B, Class A, 1.47%, 05/08/31			190		172,156
Series 2021-C, Class B, 2.67%, 10/08/31			105		93,136
Regional Management Issuance Trust^(b)
Series 2021-A, Class A, 7.10%, 11/17/32			325		326,670
Series 2022-1, Class A, 3.07%, 03/15/32			182		168,681
Republic Finance Issuance Trust^(b)
Series 2021-A, Class A, 2.30%, 12/22/31			600		550,879
Series 2021-A, Class B, 2.80%, 12/22/31			136		121,211
Series 2021-A, Class C, 3.53%, 12/22/31			100		85,199
Series 2021-A, Class D, 5.23%, 12/22/31			800		661,317
Rockford Tower CLO Ltd., Series 2017-3A, Class A, (3-mo. LIBOR US + 1.19%), 6.44%, 10/20/30^(a)(b)			382		379,402
RR 3 Ltd., Series 2018-3A, Class A1R2, (3-mo. LIBOR US + 1.09%), 6.35%, 01/15/30^(a)(b)			367		364,404
Service Experts Issuer LLC, Series 2021-1A, Class A, 2.67%, 02/02/32^(b)			260		236,086
Shackleton CLO Ltd., Series 2013-3A, Class AR, (3-mo. LIBOR US + 1.12%), 6.38%, 07/15/30^(a)(b)			330		325,888
Steele Creek CLO Ltd., Series 2017-1A, Class A, (3-mo. LIBOR US + 1.25%), 6.51%, 10/15/30^(a)(b)			380		375,452
Tiaa CLO III Ltd., Series 2017-2A, Class A, (3-mo. LIBOR US + 1.15%), 6.41%, 01/16/31^(a)(b)			386		382,729
TICP CLO XV Ltd., Series 2020-15A, Class A, (3-mo. LIBOR US + 1.28%), 6.53%, 04/20/33^(a)(b)			1,750		1,734,267
Voya CLO Ltd., Series 2017-4A, Class A1, (3-mo. LIBOR US + 1.13%), 6.39%, 10/15/30^(a)(b)			364		361,332

					18,154,114


Total Asset-Backed Securities — 5.3% (Cost: $40,919,226)					40,096,489


		Shares

Common Stocks

France — 0.0%
BNP Paribas SA			2,150		135,678
LVMH Moet Hennessy Louis Vuitton SE			81		76,376

					212,054


10		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany — 0.1%
Mercedes-Benz Group AG, Registered Shares		3,312	$	266,587


Japan — 0.1%
Mitsubishi UFJ Financial Group, Inc.		43,760		322,558
Mizuho Financial Group, Inc.		15,760		240,899
Sumitomo Mitsui Financial Group, Inc.		7,440		318,874

				882,331

Netherlands — 0.0%
ING Groep NV, Series N		3,528		47,563
Shell PLC		3,881		116,908
Shell PLC, ADR		211		12,740

				177,211

United Kingdom — 0.0%
Barclays PLC		51,621		100,554
Genius Sports Ltd.^(d)		21,560		133,456

				234,010

United States — 0.6%
Activision Blizzard, Inc.^(d)		1,875		158,063
Advanced Micro Devices, Inc.^(d)		386		43,969
Alphabet, Inc., Class C^(d)		1,620		195,971
Chesapeake Energy Corp.		2,645		221,334
Chubb Ltd.		378		72,788
Constellation Brands, Inc., Class A		358		88,115
Delta Air Lines, Inc.		5,538		263,277
Element Solutions, Inc.		6,664		127,949
Eli Lilly & Co.		232		108,803
First Solar, Inc.^(d)		553		105,120
Ford Motor Co.		7,409		112,098
Freeport-McMoRan, Inc.		2,485		99,400
General Dynamics Corp.		662		142,429
General Motors Co.		3,371		129,986
Halliburton Co.		3,671		121,106
Health Care Select Sector SPDR Fund		784		104,060
KLA Corp.		276		133,866
Lockheed Martin Corp.		124		57,087
M/I Homes, Inc.^(d)		1,185		103,320
Marathon Petroleum Corp.		1,806		210,580
Meritage Homes Corp.		710		101,012
Micron Technology, Inc.		1,276		80,528
Mr. Cooper Group, Inc.^(d)		2,113		107,002
Northrop Grumman Corp.		346		157,707
NVIDIA Corp.		213		90,103
Phillips 66		1,269		121,037
Proof Acquisition Corp.^(e)		4,080		4,570
Rockwell Automation, Inc.		305		100,482
RXO, Inc.^(d)		372		8,433
Sarcos Technology & Robotics Corp.^(d)		1,832		589
Schlumberger NV		1,516		74,466
SPDR S&P Metals & Mining ETF		2,212		112,414
Tesla, Inc.^(d)		483		126,435
Transocean Ltd.^(d)		22,728		159,323
Uber Technologies, Inc.^(d)		566		24,434
United Airlines Holdings, Inc.^(d)		3,576		196,215


Security		Shares		Value

United States (continued)
Valero Energy Corp			305	$	35,777
Walt Disney Co.^(d)			766		68,388

					4,168,236


Total Common Stocks — 0.8% (Cost: $5,576,680)					5,940,429


		Par (000)

Corporate Bonds

Argentina — 0.1%
Generacion Mediterranea SA/Central Termica Roca SA, 9.88%, 12/01/27^(b)	USD		281		230,040
YPF SA
6.95%, 07/21/27^(c)			82		66,420
8.50%, 06/27/29^(c)			30		25,308
7.00%, 09/30/33^(c)(f)			104		76,674
7.00%, 12/15/47^(b)			74		50,363

					448,805

Australia — 0.2%
AusNet Services Holdings Pty. Ltd., 1.50%, 02/26/27^(c)	EUR		200		197,998
FMG Resources August Pty. Ltd., 6.13%, 04/15/32^(b)	USD		268		255,403
Origin Energy Finance Ltd., 1.00%, 09/17/29^(c)	EUR		854		859,114

					1,312,515

Austria — 0.0%
Erste Group Bank AG, (5-year EURIBOR ICE Swap + 2.10%), 1.63%, 09/08/31^(a)(c)			100		96,078
Suzano Austria GmbH, 5.00%, 01/15/30	USD		200		186,654

					282,732

Belgium^(c)— 0.1%
Anheuser-Busch InBev SA, 4.00%, 09/24/25	GBP		100		121,018
KBC Group NV
1.13%, 01/25/24	EUR		400		429,492
(1-year UK Government Bond + 0.92%), 1.25%, 09/21/27^(a)	GBP		100		106,436

					656,946

Bermuda — 0.0%
Digicel Group Holdings Ltd., (8.00% Cash or 3.00% PIK), 8.00%, 04/01/25^(b)(g)	USD		144		62,580


Brazil — 0.0%
Atento Luxco 1 SA, 8.00%, 02/10/26^(c)			53		8,345


Canada — 0.3%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29^(b)			65		52,047
Garda World Security Corp., 7.75%, 02/15/28^(b)			31		30,771
HR Ottawa LP, 11.00%, 03/31/31^(b)			1,942		1,883,740
Toronto-Dominion Bank, 2.88%, 04/05/27^(c)	GBP		100		110,831

					2,077,389

Cayman Islands — 0.2%
ABRA Global Finance, (6.00% Cash & 5.50% PIK), 11.50%, 03/02/28^(b)(g)	USD		286		233,028
Agile Group Holdings Ltd., 5.75%, 01/02/25^(c)			200		60,102
Gaci First Investment Co.^(c)
5.00%, 10/13/27			277		275,199


SCHEDULE OF INVESTMENTS		11

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Cayman Islands (continued)
Gaci First Investment Co.^(c)(continued) 4.75%, 02/14/30	USD		270	$	264,789
Melco Resorts Finance Ltd., 5.25%, 04/26/26^(c)			200		185,608
Modern Land China Co. Ltd., (9.00% Cash or 9.00% PIK), 9.00%, 12/30/26^(c)(d)(g)(h)			226		11,273
Shelf Drilling North Sea Holdings Ltd., 10.25%, 10/31/25^(b)			177		177,363
Transocean Titan Financing Ltd., 8.38%, 02/01/28^(b)			55		56,169
Transocean, Inc., 8.75%, 02/15/30^(b)			58		58,870

					1,322,401

Chile — 0.0%
Kenbourne Invest SA, 6.88%, 11/26/24^(b)			225		195,295


China^(c)(d)(h)— 0.0%
China Evergrande Group, 9.50%, 04/11/22			200		11,720
Fantasia Holdings Group Co. Ltd., 11.88%, 06/01/23			200		12,000
Redsun Properties Group Ltd., 9.70%, 04/16/23			200		16,000

					39,720

Colombia — 0.2%
Ecopetrol SA
5.88%, 09/18/23			70		69,755
8.63%, 01/19/29			591		592,359
6.88%, 04/29/30			444		402,997
8.88%, 01/13/33			406		400,225

					1,465,336

Denmark — 0.3%
Danske Bank A/S, (1-year EUR Swap + 1.25%), 4.13%, 01/10/31^(a)(c)	EUR		1,978		2,136,983


Finland — 0.0%
Ahlstrom-Munksjo Holding 3 Oy, 3.63%, 02/04/28^(c)			100		90,033


France — 0.8%
Air France-KLM, 7.25%, 05/31/26^(c)			100		111,983
Altice France SA/France, 2.13%, 02/15/25^(c)			100		99,981
Banque Federative du Credit Mutuel SA^(c)
0.75%, 06/08/26			200		197,377
3.75%, 02/01/33			1,500		1,586,976
BNP Paribas SA^(c)
3.38%, 01/23/26	GBP		100		116,726
1.88%, 12/14/27			100		103,486
(5-year EUR Swap + 1.20%), 1.13%, 01/15/32^(a)	EUR		200		185,474
BPCE SA, 0.25%, 01/15/26^(c)			200		197,650
Credit Agricole Assurances SA, (5-year EURIBOR ICE Swap + 2.65%), 2.63%, 01/29/48^(a)(c)			300		286,944
Credit Agricole SA^(c)
1.25%, 04/14/26			200		202,531
(3-mo. EURIBOR + 1.25%), 1.00%, 04/22/26^(a)			200		204,530
Crown European Holdings SA, 3.38%, 05/15/25^(c)			100		106,796
Electricite de France SA^(c)
4.25%, 01/25/32			400		431,225
4.63%, 01/25/43			200		208,713
Forvia, 3.75%, 06/15/28^(c)			100		98,794
Goldstory SASU, 5.38%, 03/01/26^(c)			100		104,799
iliad SA, 5.63%, 02/15/30^(c)			100		105,465
Loxam SAS, 3.75%, 07/15/26^(c)			100		103,103
Picard Groupe SAS, 3.88%, 07/01/26^(c)			100		99,845
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30^(a)(c)			200		202,544


Security		Par (000)		Value

France (continued)
RTE Reseau de Transport d’Electricite SADIR, 3.75%, 07/04/35^(c)	EUR		300	$	325,898
Sabena Technics Sas, (Acquired 10/28/22, Cost: $335,566), 8.60%, 09/30/29^(a)(e)(i)			342		373,191
Societe Generale SA, 1.88%, 10/03/24^(c)	GBP		100		119,502
TotalEnergies Capital International SA^(c)
0.25%, 07/12/23	EUR		100		109,026
1.66%, 07/22/26	GBP		100		111,900
Veolia Environnement SA, (5-year EURIBOR ICE Swap + 2.15%), 1.63%^(a)(c)(j)	EUR		100		95,067

					5,889,526

Germany — 1.3%
Bayer AG^(c)
4.00%, 08/26/26			890		971,471
0.63%, 07/12/31			400		334,532
1.38%, 07/06/32			400		346,498
4.63%, 05/26/33			965		1,068,182
(5-year EUR Swap + 3.75%), 4.50%, 03/25/82^(a)			100		102,901
Commerzbank AG^(a)(c)
(3-mo. EURIBOR + 1.30%), 0.75%, 03/24/26			200		202,357
(5-year EUR Swap + 6.36%), 6.13%^(j)			200		198,599
Covestro AG, 0.88%, 02/03/26^(c)			60		60,639
Deutsche Bank AG^(a)(c)
(3-mo. EURIBOR + 1.93%), 3.25%, 05/24/28			500		502,885
(3-mo. EURIBOR + 2.50%), 5.38%, 01/11/29			700		758,344
(5-year EURIBOR ICE Swap + 3.30%), 4.00%, 06/24/32			100		95,744
E.ON SE, 0.38%, 09/29/27^(c)			75		71,727
Fraport AG Frankfurt Airport Services Worldwide, 1.88%, 03/31/28^(c)			28		26,949
Gruenenthal GmbH, 3.63%, 11/15/26^(c)			100		102,490
Heidelberg Materials AG, 3.75%, 05/31/32^(c)			1,077		1,115,375
HT Troplast GmbH, 9.25%, 07/15/25^(c)			100		110,678
Lanxess AG, 10.25%, 03/31/31^(e)			300		322,041
LEG Immobilien SE, 0.88%, 11/28/27^(c)			100		92,703
Merck Financial Services GmbH^(c)
0.01%, 12/15/23			200		214,534
0.13%, 07/16/25			200		202,386
Merck KGaA, (5-year EURIBOR ICE Swap + 1.95%), 1.63%, 06/25/79^(a)(c)			200		206,957
Renk AG/Frankfurt am Main, 5.75%, 07/15/25^(c)			100		107,232
Robert Bosch GmbH, 4.38%, 06/02/43^(c)			500		558,492
RWE AG, 2.50%, 08/24/25^(c)			35		37,023
Schaeffler AG, 1.88%, 03/26/24^(c)			10		10,694
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25^(c)			100		103,658
Volkswagen Bank GmbH^(c)
4.25%, 01/07/26			1,300		1,405,331
4.63%, 05/03/31			400		437,720
ZF Finance GmbH, 5.75%, 08/03/26^(c)			100		109,375

					9,877,517

Hong Kong — 0.0%
Yango Justice International Ltd., 7.50%, 04/15/24^(c)(d)(h)	USD		200		2,000


India — 0.0%
ReNew Power Pvt Ltd., 5.88%, 03/05/27^(c)			200		186,602


12		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Indonesia — 0.0%
Freeport Indonesia PT, 4.76%, 04/14/27^(c)	USD		200	$	192,556


Ireland^(c)— 0.4%
Glencore Capital Finance DAC, 0.75%, 03/01/29	EUR		2,737		2,419,499
Linde PLC, 1.38%, 03/31/31			200		187,233

					2,606,732

Israel^(b)(c)— 0.0%
Energean Israel Finance Ltd., 8.50%, 09/30/33	USD		58		57,851
Leviathan Bond Ltd., 6.75%, 06/30/30			18		16,701

					74,552

Italy — 0.4%
Azzurra Aeroporti SpA^(c)
2.13%, 05/30/24	EUR		100		105,507
2.63%, 05/30/27			100		97,778
Banco BPM SpA^(a)(c)
(3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28			150		162,540
(5-year EUR Swap + 3.80%), 3.25%, 01/14/31			100		98,966
Castor SpA, (3-mo. EURIBOR + 5.25%), 8.78%, 02/15/29^(a)(c)			100		101,482
Enel Finance International NV, 0.00%, 06/17/24^(c)			300		314,766
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28^(c)			100		109,456
Eni SpA^(c)
4.25%, 05/19/33			360		389,147
1.00%, 10/11/34			925		736,845
Infrastrutture Wireless Italiane SpA, 1.63%, 10/21/28^(c)			100		95,606
Intesa Sanpaolo SpA^(c)
0.75%, 12/04/24			100		103,755
5.15%, 06/10/30	GBP		100		102,325
Lottomatica SpA/Roma^(c)
5.13%, 07/15/25	EUR		100		110,390
(3-mo. EURIBOR + 4.13%), 7.59%, 06/01/28^(a)			100		109,529
Nexi SpA, 0.00%, 02/24/28^(c)(k)(l)			100		82,072
Telecom Italia SpA, 1.63%, 01/18/29^(c)			146		121,892
Telecom Italia SpA/Milano, 6.88%, 02/15/28^(c)			100		108,498
UniCredit SpA^(a)
(3-mo. EURIBOR + 1.60%), 4.45%, 02/16/29^(c)			150		158,522
(5-year USD ICE Swap + 4.91%), 7.30%, 04/02/34^(b)	USD		200		188,445

					3,297,521

Japan — 0.4%
Asahi Group Holdings Ltd., 0.16%, 10/23/24^(c)	EUR		200		207,045
East Japan Railway Co., 2.61%, 09/08/25^(c)			200		212,078
Nissan Motor Co. Ltd.^(c)
2.65%, 03/17/26			200		203,997
3.20%, 09/17/28			1,372		1,341,575
Nomura Holdings, Inc., 5.10%, 07/03/25	USD		200		196,277
SoftBank Group Corp.^(c)
2.13%, 07/06/24	EUR		200		210,056
3.88%, 07/06/32			100		82,522
Takeda Pharmaceutical Co. Ltd.
5.00%, 11/26/28	USD		400		397,634
2.05%, 03/31/30			600		498,631

					3,349,815

Jersey^(c)— 0.0%
CPUK Finance Ltd., 4.50%, 08/28/27	GBP		100		108,172
Galaxy Bidco Ltd., 6.50%, 07/31/26			100		115,227

					223,399


Security		Par (000)		Value

Lithuania — 0.0%
ASG Finance Designated Activity Co., 7.88%, 12/03/24^(b)	USD		302	$	291,052


Luxembourg — 0.3%
Altice Financing SA, 2.25%, 01/15/25^(c)	EUR		200		202,963
Cidron Aida Finco SARL, 6.25%, 04/01/28^(c)	GBP		100		110,395
Cirsa Finance International SARL, 4.75%, 05/22/25^(c)	EUR		100		107,324
CSN Resources SA, 5.88%, 04/08/32^(b)	USD		200		160,700
Cullinan Holdco Scsp, (3-mo. EURIBOR + 4.75%), 7.93%, 10/15/26^(a)(c)	EUR		100		103,537
Dana Financing Luxembourg SARL, 8.50%, 07/15/31^(c)			100		112,557
EIG Pearl Holdings SARL, 4.39%, 11/30/46^(b)	USD		632		493,750
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25^(c)	EUR		100		79,658
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31^(b)	USD		310		206,853
Medtronic Global Holdings SCA, 4.50%, 03/30/33			186		182,300
Stena International SA, 7.25%, 02/15/28^(c)	EUR		100		111,463

					1,871,500

Malaysia — 0.0%
TNB Global Ventures Capital Bhd, 4.85%, 11/01/28^(c)	USD		200		196,264


Mexico — 0.4%
Axtel SAB de CV, 6.38%, 11/14/24^(b)			239		241,677
Banco Mercantil del Norte SA, (10-year CMT + 5.03%), 6.63%^(a)(b)(j)			200		153,500
Grupo Posadas SAB de CV, 5.00%, 12/30/27^(c)(f)			206		176,962
Mexico City Airport Trust, 4.25%, 10/31/26^(c)			200		192,136
Petroleos Mexicanos
4.88%, 01/18/24			175		171,259
6.88%, 08/04/26			992		921,320
8.75%, 06/02/29			355		318,311
6.70%, 02/16/32			150		113,842
5.50%, 06/27/44			99		56,801
6.75%, 09/21/47			135		84,360
6.35%, 02/12/48			254		153,076
Series 13-2, 7.19%, 09/12/24	MXN		4,344		235,207

					2,818,451

MultiNational — 0.3%
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 3.63%, 06/01/28^(c)	EUR		100		87,078
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 2.00%, 09/01/28^(c)			100		90,618
Digicel International Finance Ltd./Digicel International Holdings Ltd.^(b)
8.75%, 05/25/24	USD		93		84,863
8.00%, 12/31/26			37		7,731
(6.00% Cash + 7.00% PIK), 13.00%, 12/31/25^(g)			56		38,847
NXP BV/NXP Funding LLC/NXP USA, Inc.
4.30%, 06/18/29			1,134		1,062,944
5.00%, 01/15/33			373		358,270
Promigas SA ESP/Gases del Pacifico SAC
3.75%, 10/16/29^(b)			213		177,855
3.75%, 10/16/29^(c)			200		167,000

					2,075,206

Netherlands — 1.6%
ABN AMRO Bank NV, 0.88%, 01/15/24^(c)	EUR		100		107,300
Allianz Finance II BV, 0.00%, 01/14/25^(c)			100		103,362
Ashland Services BV, 2.00%, 01/30/28^(c)			100		92,233
Cooperatieve Rabobank UA^(c) 1.38%, 02/03/27			100		100,620


SCHEDULE OF INVESTMENTS		13

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Netherlands (continued)
Cooperatieve Rabobank UA^(c)(continued)
(1-year UK Government Bond + 1.05%), 1.88%, 07/12/28^(a)	GBP		100	$	106,281
Digital Dutch Finco BV, 0.63%, 07/15/25^(c)	EUR		200		198,261
EnBW International Finance BV, 3.63%, 11/22/26^(c)			200		216,790
IMCD NV, 2.13%, 03/31/27^(c)			613		602,691
ING Groep NV^(c)
3.00%, 02/18/26	GBP		100		115,371
(3-mo. EURIBOR + 0.60%), 0.10%, 09/03/25^(a)	EUR		200		207,247
(3-mo. EURIBOR + 1.60%), 4.50%, 05/23/29^(a)			1,900		2,050,039
Louis Dreyfus Co. Finance BV, 2.38%, 11/27/25^(c)			200		207,706
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.40%, 05/01/30	USD		1,797		1,589,339
OCI NV, 3.63%, 10/15/25^(c)	EUR		90		95,073
Q-Park Holding I BV, (3-mo. EURIBOR + 2.00%), 5.47%, 03/01/26^(a)(c)			100		104,586
Siemens Financieringsmaatschappij NV, 0.00%, 02/20/26^(c)			100		99,483
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25^(c)(g)			119		108,191
Telefonica Europe BV, (6-year EUR Swap + 4.11%), 4.38%^(a)(c)(j)			200		212,784
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29			100		111,328
Upjohn Finance BV, 1.02%, 06/23/24^(c)			290		305,928
Viterra Finance BV, 0.38%, 09/24/25^(c)			1,345		1,337,761
Volkswagen Financial Services NV^(c)
1.63%, 02/10/24	GBP		200		246,638
1.88%, 12/03/24			100		118,677
4.25%, 10/09/25			100		119,694
Volkswagen International Finance NV^(c)
1.25%, 09/23/32	EUR		600		505,127
3.30%, 03/22/33			300		298,500
Wintershall Dea Finance BV^(c)
0.84%, 09/25/25			200		200,489
1.33%, 09/25/28			3,000		2,745,897

					12,307,396

New Zealand — 0.1%
Chorus Ltd., 3.63%, 09/07/29			524		556,318


Norway — 0.0%
Aker BP ASA, 1.13%, 05/12/29^(c)			121		109,628


Panama — 0.0%
Carnival Corp., 7.63%, 03/01/26^(c)			100		105,874


Portugal — 0.0%
EDP - Energias de Portugal SA, (5-year EUR Swap + 1.84%), 1.70%, 07/20/80^(a)(c)			100		99,545


Singapore — 0.1%
Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27^(b)	USD		202		186,977
LLPL Capital Pte. Ltd., 6.88%, 02/04/39^(c)			165		148,992
Puma International Financing SA, 5.13%, 10/06/24^(b)			251		243,470
United Overseas Bank Ltd., (5-year USD Swap + 1.79%), 3.88%^(a)(c)(j)			200		197,156

					776,595

Spain^(c)— 0.5%
Amadeus IT Group SA, 2.88%, 05/20/27	EUR		200		210,030
Banco de Sabadell SA 0.88%, 07/22/25			200		202,195


Security		Par (000)		Value

Spain (continued)
Banco de Sabadell SA (continued)
(5-year EUR Swap + 2.20%), 2.00%, 01/17/30^(a)	EUR		100	$	99,341
Banco Santander SA
3.88%, 01/16/28			700		750,206
0.20%, 02/11/28			1,200		1,095,033
(1-year UK Government Bond + 1.80%), 3.13%, 10/06/26^(a)	GBP		200		229,961
Cellnex Finance Co. SA
1.00%, 09/15/27	EUR		100		93,714
2.00%, 02/15/33			100		84,730
Cellnex Telecom SA
1.00%, 04/20/27			100		95,523
Series CLNX, 0.75%, 11/20/31^(k)			100		87,028
Food Service Project SA, 5.50%, 01/21/27			100		103,466
International Consolidated Airlines Group SA, 3.75%, 03/25/29			100		95,071
Lorca Telecom Bondco SA, 4.00%, 09/18/27			100		99,435
Telefonica Emisiones SA
5.38%, 02/02/26	GBP		200		246,179
1.45%, 01/22/27	EUR		200		202,231

					3,694,143

Sweden — 0.0%
Swedbank AB, (1-year UK Government Bond + 1.00%), 1.38%, 12/08/27^(a)(c)	GBP		100		105,338


Switzerland — 0.4%
Credit Suisse AG/London, 0.25%, 09/01/28^(c)	EUR		425		371,333
UBS Group AG
3.75%, 03/26/25	USD		462		442,088
(1-day SOFR + 1.73%), 3.09%, 05/14/32^(a)(b)			250		202,231
(1-day SOFR + 3.73%), 4.19%, 04/01/31^(a)(b)			250		222,515
(1-day SOFR + 3.92%), 6.54%, 08/12/33^(a)(b)			250		256,103
(1-day SOFR + 5.02%), 9.02%, 11/15/33^(a)(b)			250		299,660
(1-year CMT + 0.83%), 1.01%, 07/30/24^(a)(b)			675		672,190
(1-year EUR Swap + 0.77%), 0.65%, 01/14/28^(a)(c)	EUR		300		281,006
(1-year EURIBOR ICE Swap + 0.55%), 0.25%, 01/29/26^(a)(c)			305		306,605

					3,053,731

Thailand — 0.0%
Bangkok Bank PCL, (5-year CMT + 1.90%), 3.73%, 09/25/34^(a)(c)	USD		200		170,366


United Arab Emirates — 0.0%
Aldar Investment Properties Sukuk Ltd., 4.88%, 05/24/33^(c)			200		196,908


United Kingdom — 2.7%
Anglo American Capital PLC
1.63%, 03/11/26^(c)	EUR		200		204,146
4.00%, 09/11/27^(b)	USD		1,258		1,182,517
4.75%, 09/21/32^(c)	EUR		1,244		1,366,087
Avianca Midco 2 PLC, 9.00%, 12/01/28^(b)	USD		278		232,544
Barclays PLC
3.00%, 05/08/26^(c)	GBP		100		113,335
3.25%, 02/12/27^(c)			100		111,244
(1-year CMT + 1.30%), 2.89%, 11/24/32^(a)	USD		400		314,788
(1-year CMT + 3.00%), 5.75%, 08/09/33^(a)			200		193,429
(1-year CMT + 3.50%), 7.44%, 11/02/33^(a)			400		432,756
(1-year EUR Swap + 1.00%), 1.11%, 05/12/32^(a)(c)	EUR		1,171		952,461
(1-year EUR Swap + 2.55%), 5.26%, 01/29/34^(a)(c)			400		435,531
BAT International Finance PLC, 2.75%, 03/25/25^(c)			200		212,073
Bellis Acquisition Co. PLC, 4.50%, 02/16/26^(c)	GBP		200		217,221


14		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United Kingdom (continued)
BG Energy Capital PLC, 5.13%, 12/01/25^(c)	GBP		200	$	247,157
BP Capital Markets BV, 4.32%, 05/12/35^(c)	EUR		837		910,708
BP Capital Markets PLC, 2.82%, 04/07/32^(c)			282		279,713
British Telecommunications PLC, (5-year UK Government Bond + 3.82%), 8.38%, 12/20/83^(a)(c)	GBP		100		124,672
EC Finance PLC, 3.00%, 10/15/26^(c)	EUR		100		101,536
Heathrow Finance PLC, 3.88%, 03/01/27^(c)(f)	GBP		100		108,266
HSBC Holdings PLC^(a)
(1-day SOFR + 1.97%), 6.16%, 03/09/29	USD		873		880,429
(1-day SONIA + 1.31%), 1.75%, 07/24/27	GBP		1,602		1,732,756
(1-year GBP Swap + 1.77%), 3.00%, 05/29/30			424		436,539
(3-mo. EURIBOR + 1.29%), 4.75%, 03/10/28^(c)	EUR		1,930		2,104,235
INEOS Finance PLC, 6.63%, 05/15/28^(c)			100		107,020
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26^(c)			100		97,494
Informa PLC, 3.13%, 07/05/26^(c)	GBP		1,687		1,925,373
ITV PLC, 1.38%, 09/26/26^(c)	EUR		757		750,952
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26^(b)	USD		264		146,362
Lloyds Banking Group PLC, 2.25%, 10/16/24^(c)	GBP		200		240,219
NatWest Group PLC^(a)(c)
(1-year GBP Swap + 1.49%), 2.88%, 09/19/26			100		115,113
(1-year GBP Swap + 2.01%), 3.13%, 03/28/27			100		113,745
Pinewood Finance Co. Ltd., 3.25%, 09/30/25^(c)			100		116,522
Santander U.K. Group Holdings PLC, 3.63%, 01/14/26^(c)			100		115,976
SCC Power PLC^(b)(g)
(4.00% Cash and 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28	USD		428		143,236
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32			226		20,990
Standard Chartered PLC^(a)(c)
(1-year EUR Swap + 0.85%), 0.80%, 11/17/29	EUR		1,400		1,246,489
(1-year EUR Swap + 1.85%), 4.87%, 05/10/31			1,840		1,981,302
Vedanta Resources Ltd., 6.13%, 08/09/24^(b)	USD		338		252,922
Virgin Media Secured Finance PLC, 5.00%, 04/15/27^(c)	GBP		100		115,008
WPP Finance SA, 4.13%, 05/30/28^(c)	EUR		430		468,476

					20,851,342

United States — 22.0%
AbbVie, Inc.
4.25%, 11/14/28	USD		1,479		1,434,574
3.20%, 11/21/29			287		259,527
Allegiant Travel Co., 7.25%, 08/15/27^(b)			88		87,675
Altria Group, Inc., 2.20%, 06/15/27	EUR		200		202,407
Amazon.com, Inc.
3.10%, 05/12/51	USD		201		149,918
3.95%, 04/13/52			193		168,215
4.10%, 04/13/62			181		155,833
American Airlines Pass-Through Trust
Series 2015-2, Class AA, 3.60%, 09/22/27			9		8,076
Series 2016-1, Class B, 5.25%, 01/15/24			5		4,560
Series 2016-2, Class B, 4.38%, 06/15/14^(b)			41		40,106
Series 2017-1, Class B, 4.95%, 02/15/25			12		11,227
Series 2019-1, Class AA, 3.15%, 02/15/32			71		61,954
Series 2019-1, Class B, 3.85%, 02/15/28			68		57,749
American Express Co., (1-day SOFR + 1.76%), 4.42%, 08/03/33^(a)			133		125,499
American Tower Corp.
1.95%, 05/22/26	EUR		200		202,916
3.13%, 01/15/27	USD		632		582,123
0.88%, 05/21/29	EUR		723		641,668
0.95%, 10/05/30			903		771,851


Security		Par (000)		Value

United States (continued)
American Tower Corp. (continued)
1.88%, 10/15/30	USD		162	$	127,825
2.70%, 04/15/31			1,348		1,117,799
4.63%, 05/16/31	EUR		293		321,435
2.30%, 09/15/31	USD		347		276,044
4.05%, 03/15/32			616		560,930
5.65%, 03/15/33			248		251,476
5.55%, 07/15/33			762		767,226
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28^(b)			230		233,593
Amgen, Inc.
5.50%, 12/07/26^(c)	GBP		100		123,522
1.65%, 08/15/28	USD		266		227,534
3.00%, 02/22/29			661		596,940
4.05%, 08/18/29			312		295,818
4.00%, 09/13/29^(c)	GBP		386		440,707
5.25%, 03/02/30	USD		2,567		2,572,122
Aon Corp./Aon Global Holdings PLC
2.60%, 12/02/31			572		471,055
5.35%, 02/28/33			100		100,728
Apple, Inc.
1.65%, 02/08/31^(m)			794		658,155
3.35%, 08/08/32			672		626,679
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28^(b)			200		171,794
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/25^(b)			200		195,619
2.13%, 08/15/26^(c)	EUR		100		96,856
Ashton Woods USA LLC/Ashton Woods Finance Co.^(b)
4.63%, 08/01/29	USD		50		42,611
4.63%, 04/01/30			130		110,968
Astrazeneca Finance LLC, 2.25%, 05/28/31			146		123,194
AT&T, Inc.
1.70%, 03/25/26			451		411,083
2.90%, 12/04/26	GBP		200		225,943
5.50%, 03/15/27^(c)			800		976,093
2.35%, 09/05/29	EUR		678		671,525
4.30%, 02/15/30	USD		325		308,498
3.95%, 04/30/31	EUR		173		187,060
2.55%, 12/01/33	USD		615		483,068
5.40%, 02/15/34			115		115,198
4.30%, 11/18/34	EUR		430		469,873
3.65%, 06/01/51	USD		698		512,416
3.65%, 09/15/59			684		476,214
Baltimore Gas and Electric Co., 5.40%, 06/01/53			525		533,349
Bank of America Corp.
2.38%, 06/19/24^(c)	EUR		200		214,627
4.13%, 06/12/28^(c)			1,506		1,627,276
(1-day SOFR + 1.22%), 2.30%, 07/21/32^(a)	USD		1,455		1,163,661
(1-day SOFR + 1.32%), 2.69%, 04/22/32^(a)			278		230,391
(1-day SOFR + 1.33%), 2.97%, 02/04/33^(a)			81		67,524
(1-day SOFR + 1.37%), 1.92%, 10/24/31^(a)			1,613		1,276,805
(1-day SOFR + 1.58%), 4.38%, 04/27/28^(a)			300		287,995
(1-day SOFR + 1.63%), 5.20%, 04/25/29^(a)			1,933		1,911,875
(1-day SOFR + 1.83%), 4.57%, 04/27/33^(a)			1,374		1,291,895
(1-day SOFR + 2.16%), 5.02%, 07/22/33^(a)			1,046		1,023,243
(3-mo. CME Term SOFR + 1.77%), 3.71%, 04/24/28^(a)			142		133,090
(3-mo. EURIBOR + 0.94%), 0.65%, 10/26/31^(a)(c)	EUR		1,502		1,265,754
(3-mo. EURIBOR + 1.00%), 4.59%, 09/22/26^(a)(c)			200		217,581


SCHEDULE OF INVESTMENTS		15

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Bank of America Corp. (continued)
(3-mo. EURIBOR + 1.20%), 1.78%, 05/04/27^(a)(c)	EUR		200	$	201,697
(3-mo. EURIBOR + 1.20%), 2.82%, 04/27/33^(a)(c)			674		654,126
Series N, (1-day SOFR + 1.22%), 2.65%, 03/11/32^(a)	USD		774		641,055
Bausch Health Cos., Inc., 5.50%, 11/01/25^(b)			45		39,761
Belden, Inc., 3.88%, 03/15/28^(c)	EUR		100		102,164
Booking Holdings, Inc., 4.00%, 11/15/26			200		218,626
Boxer Parent Co., Inc., 6.50%, 10/02/25^(c)			200		215,220
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.63%, 01/15/24	USD		813		803,339
3.88%, 01/15/27			700		667,514
Broadcom, Inc.
4.15%, 11/15/30			1,047		963,291
2.45%, 02/15/31^(b)			328		266,763
4.15%, 04/15/32^(b)			567		513,572
4.30%, 11/15/32			302		277,019
2.60%, 02/15/33^(b)			258		201,625
3.42%, 04/15/33^(b)			241		201,538
3.47%, 04/15/34^(b)			947		776,832
Burlington Northern Santa Fe LLC, 4.45%, 01/15/53			665		608,473
Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.75%, 07/15/28^(b)			283		278,401
Cameron LNG LLC, 3.30%, 01/15/35^(b)			831		692,725
Catalent Pharma Solutions, Inc., 2.38%, 03/01/28^(c)	EUR		100		87,717
CDI Escrow Issuer, Inc., 5.75%, 04/01/30^(b)	USD		78		72,604
CenterPoint Energy Houston Electric LLC, 5.30%, 04/01/53			631		644,676
Charter Communications Operating LLC/Charter Communications Operating Capital
4.50%, 02/01/24			1,185		1,174,540
4.91%, 07/23/25			1,868		1,831,848
4.40%, 04/01/33			190		166,774
3.90%, 06/01/52			1,272		832,352
4.40%, 12/01/61			300		202,515
Chemours Co., 4.00%, 05/15/26	EUR		200		201,872
Citigroup, Inc.
1.75%, 10/23/26	GBP		200		218,607
(1-day SOFR + 1.15%), 2.67%, 01/29/31^(a)	USD		297		251,408
(1-day SOFR + 1.28%), 3.07%, 02/24/28^(a)			557		512,574
(1-day SOFR + 1.42%), 2.98%, 11/05/30^(a)			103		89,257
(1-day SOFR + 2.11%), 2.57%, 06/03/31^(a)			100		83,432
(1-day SOFR + 2.34%), 6.27%, 11/17/33^(a)			342		363,005
(1-day SOFR + 3.91%), 4.41%, 03/31/31^(a)			164		154,203
(3-mo. CME Term SOFR + 1.41%), 3.52%, 10/27/28^(a)			143		132,811
(3-mo. CME Term SOFR + 1.60%), 3.98%, 03/20/30^(a)			458		423,483
Civitas Resources, Inc., 8.38%, 07/01/28^(b)			438		442,949
Cleveland-Cliffs, Inc., 6.75%, 04/15/30^(b)			438		421,992
Comcast Corp.
2.65%, 02/01/30			1,250		1,093,390
4.25%, 10/15/30			570		548,903
5.50%, 11/15/32			411		427,070
4.25%, 01/15/33			151		143,445
2.89%, 11/01/51			396		265,501
2.94%, 11/01/56			360		234,440
2.99%, 11/01/63			14		8,870
Commonwealth Edison Co., 5.30%, 02/01/53			742		754,074
Coty, Inc., 3.88%, 04/15/26^(c)	EUR		200		211,147
Covanta Holding Corp., 4.88%, 12/01/29^(b)	USD		69		59,685
Credit Suisse USA, Inc., 7.13%, 07/15/32			773		856,191


Security		Par (000)		Value

United States (continued)
Crown Castle, Inc.
3.65%, 09/01/27	USD		574	$	536,497
4.30%, 02/15/29			138		129,747
3.30%, 07/01/30			1,004		886,809
2.50%, 07/15/31			1,548		1,271,705
5.10%, 05/01/33			192		188,675
CSC Holdings LLC, 5.25%, 06/01/24			300		279,013
CSX Corp., 4.10%, 11/15/32			403		381,215
CVS Health Corp.
5.00%, 02/20/26			1,416		1,409,425
1.75%, 08/21/30			161		128,467
Dana, Inc., 4.25%, 09/01/30			38		31,636
Dell International LLC/EMC Corp., 5.30%, 10/01/29			130		129,052
DISH DBS Corp., 5.88%, 11/15/24			166		145,186
Duke Energy Corp., 3.85%, 06/15/34	EUR		500		497,296
Earthstone Energy Holdings LLC^(b)
8.00%, 04/15/27	USD		180		173,846
9.88%, 07/15/31			167		165,071
Edison International
4.13%, 03/15/28			495		461,941
6.95%, 11/15/29			637		670,045
Elevance Health, Inc.
5.35%, 10/15/25			1,800		1,796,101
5.13%, 02/15/53			268		259,887
Emerald Debt Merger Sub LLC, 6.63%, 12/15/30^(b)			142		140,757
Encore Capital Group, Inc., 4.88%, 10/15/25^(c)	EUR		100		101,965
Entergy Louisiana LLC, 2.35%, 06/15/32	USD		1,157		927,480
Equinix, Inc.
3.20%, 11/18/29			147		129,055
2.15%, 07/15/30			269		217,392
2.50%, 05/15/31			553		450,250
3.90%, 04/15/32			468		419,966
EquipmentShare.com, Inc., 9.00%, 05/15/28^(b)			612		594,082
Eversource Energy
5.13%, 05/15/33			366		360,693
Series R, 1.65%, 08/15/30			347		275,137
Exelon Corp., Series WI, 2.75%, 03/15/27			6,019		5,507,678
Expedia Group, Inc., 6.25%, 05/01/25^(b)			268		268,872
Fidelity National Information Services, Inc., 1.10%, 07/15/24	EUR		110		115,976
FirstEnergy Transmission LLC, 4.55%, 04/01/49^(b)	USD		318		265,284
Fiserv, Inc.
4.50%, 05/24/31	EUR		500		547,569
5.60%, 03/02/33	USD		60		61,069
Florida Power & Light Co., 2.88%, 12/04/51			1,309		904,812
Ford Motor Co., 3.25%, 02/12/32			55		43,268
Ford Motor Credit Co. LLC
4.54%, 03/06/25	GBP		100		120,396
6.86%, 06/05/26			108		133,664
6.13%, 05/15/28	EUR		100		111,781
Fortrea Holdings, Inc., 7.50%, 07/01/30^(b)	USD		23		23,551
Freed Corp., 10.00%, 12/07/23^(e)			593		562,878
Freedom Mortgage Corp.^(b)
8.13%, 11/15/24			191		189,225
8.25%, 04/15/25			64		62,401
FreeWire Technologies, Inc., 15.27%, 04/26/25^(a)(e)			335		334,172
Full House Resorts, Inc., 8.25%, 02/15/28^(b)			67		62,711
General Motors Co., 5.40%, 10/15/29			950		926,300
General Motors Financial Co., Inc.
0.85%, 02/26/26^(c)	EUR		200		198,741
5.40%, 04/06/26	USD		282		278,773


16		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
General Motors Financial Co., Inc. (continued)
2.70%, 08/20/27	USD		151	$	133,724
Gilead Sciences, Inc., 2.80%, 10/01/50			1,248		844,153
Global Payments, Inc.
2.15%, 01/15/27			247		219,546
4.95%, 08/15/27			304		296,199
4.45%, 06/01/28			2,488		2,334,382
4.88%, 03/17/31	EUR		1,438		1,559,719
Goldman Sachs Group, Inc.
7.25%, 04/10/28	GBP		100		129,936
4.00%, 09/21/29^(c)	EUR		2,489		2,676,534
3.80%, 03/15/30	USD		488		451,282
(1-day SOFR + 0.49%), 0.93%, 10/21/24^(a)			288		283,129
(1-day SOFR + 0.73%), 1.76%, 01/24/25^(a)			1,007		980,469
(1-day SOFR + 0.80%), 1.43%, 03/09/27^(a)			157		140,280
(1-day SOFR + 1.09%), 1.99%, 01/27/32^(a)			325		255,848
(1-day SOFR + 1.25%), 2.38%, 07/21/32^(a)			206		165,006
(1-day SOFR + 1.26%), 2.65%, 10/21/32^(a)			989		806,160
(1-day SOFR + 1.28%), 2.62%, 04/22/32^(a)			779		638,873
(1-day SOFR + 1.41%), 3.10%, 02/24/33^(a)			1,086		917,402
(1-day SOFR + 1.85%), 3.62%, 03/15/28^(a)			371		348,099
(1-year UK Government Bond + 1.95%), 3.63%, 10/29/29^(a)(c)	GBP		611		669,083
(3-mo. CME Term SOFR + 1.46%), 3.27%, 09/29/25^(a)	USD		175		169,080
GXO Logistics, Inc., 2.65%, 07/15/31			208		161,749
HCA, Inc.
5.38%, 02/01/25			210		208,159
3.50%, 09/01/30			463		405,842
3.63%, 03/15/32^(b)			1,614		1,400,966
5.50%, 06/01/33			208		207,647
Home Depot, Inc., 2.95%, 06/15/29			230		209,356
Honeywell International, Inc., 3.75%, 05/17/32	EUR		520		557,006
Intel Corp.
4.15%, 08/05/32	USD		223		211,898
5.20%, 02/10/33			1,084		1,094,274
5.05%, 08/05/62			336		309,305
JPMorgan Chase & Co.
0.63%, 01/25/24^(c)	EUR		465		498,341
(1-day SOFR + 1.02%), 2.07%, 06/01/29^(a)	USD		58		49,742
(1-day SOFR + 1.07%), 1.95%, 02/04/32^(a)			200		159,358
(1-day SOFR + 1.16%), 2.30%, 10/15/25^(a)			178		169,618
(1-day SOFR + 1.18%), 2.55%, 11/08/32^(a)			450		368,696
(1-day SOFR + 1.26%), 2.96%, 01/25/33^(a)			261		219,870
(1-day SOFR + 1.56%), 4.32%, 04/26/28^(a)			549		529,914
(1-day SOFR + 1.75%), 4.57%, 06/14/30^(a)			1,476		1,418,130
(1-day SOFR + 1.80%), 4.59%, 04/26/33^(a)			865		824,598
(1-day SOFR + 1.85%), 5.35%, 06/01/34^(a)			73		73,582
(1-day SOFR + 1.89%), 2.18%, 06/01/28^(a)			153		135,975
(1-day SOFR + 2.08%), 4.91%, 07/25/33^(a)			1,039		1,015,283
(1-day SONIA + 0.68%), 0.99%, 04/28/26^(a)(c)	GBP		200		229,779
KLA Corp., 5.25%, 07/15/62	USD		250		253,027
Kraft Heinz Foods Co., 4.13%, 07/01/27^(c)	GBP		100		117,339
Lessen, Inc., 13.10%, 01/05/28^(a)(b)(e)	USD		738		686,314
Liberty Mutual Group, Inc., (5-year EUR Swap + 3.70%), 3.63%, 05/23/59^(a)(c)	EUR		100		103,391
Linde PLC, 3.38%, 06/12/29^(c)			700		757,774
Lowe’s Cos., Inc.
2.63%, 04/01/31	USD		150		126,658
4.25%, 04/01/52			367		299,428
5.63%, 04/15/53			264		263,842


Security		Par (000)		Value

United States (continued)
Lowe’s Cos., Inc. (continued)
5.75%, 07/01/53	USD		100	$	101,896
Marsh & McLennan Cos., Inc.
2.90%, 12/15/51			68		45,301
5.45%, 03/15/53			297		302,273
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26^(b)			367		364,618
McDonald’s Corp., 1.00%, 11/15/23^(c)	EUR		100		107,961
MCM Trust, 2.50%, 09/25/31^(a)(e)	USD		685		656,781
Medline Borrower LP, 3.88%, 04/01/29^(b)			474		411,936
Moody’s Corp.
3.75%, 02/25/52			456		361,633
3.10%, 11/29/61			169		110,851
Morgan Stanley^(a)
5.25%, 04/21/34			341		336,720
(1-day SOFR + 1.00%), 2.48%, 01/21/28			1,200		1,082,921
(1-day SOFR + 1.02%), 1.93%, 04/28/32			314		245,118
(1-day SOFR + 1.03%), 1.79%, 02/13/32			476		369,232
(1-day SOFR + 1.14%), 2.70%, 01/22/31			281		238,989
(1-day SOFR + 1.20%), 2.51%, 10/20/32			460		371,550
(1-day SOFR + 1.29%), 2.94%, 01/21/33			731		607,627
(1-day SOFR + 1.59%), 5.16%, 04/20/29			279		275,592
(1-day SOFR + 1.61%), 4.21%, 04/20/28			585		561,978
(1-day SOFR + 2.08%), 4.89%, 07/20/33			1,839		1,769,944
(1-day SOFR + 2.56%), 6.34%, 10/18/33			333		354,246
(1-day SOFR + 3.12%), 3.62%, 04/01/31			329		296,459
(3-mo. CME Term SOFR + 1.89%), 4.43%, 01/23/30			134		127,492
(3-mo. EURIBOR + 0.72%), 0.50%, 02/07/31	EUR		1,661		1,405,219
(3-mo. EURIBOR + 1.30%), 4.66%, 03/02/29			1,142		1,251,876
Motorola Solutions, Inc., 2.75%, 05/24/31	USD		221		181,056
Nasdaq, Inc.
4.50%, 02/15/32	EUR		890		982,191
5.55%, 02/15/34	USD		115		115,452
6.10%, 06/28/63			160		163,608
National Grid North America, Inc., 0.41%, 01/20/26^(c)	EUR		200		198,767
Nationstar Mortgage Holdings, Inc.^(b)
6.00%, 01/15/27	USD		34		31,630
5.50%, 08/15/28			154		134,896
5.13%, 12/15/30			135		109,512
5.75%, 11/15/31			64		52,572
New York Life Global Funding, 4.35%, 09/16/25^(c)	GBP		150		181,801
Newmont Corp., 2.60%, 07/15/32	USD		154		125,827
NextEra Energy Capital Holdings, Inc.
1.90%, 06/15/28			648		555,331
2.25%, 06/01/30			110		91,489
Nine Energy Service, Inc., 13.00%, 02/01/28			100		87,822
Norfolk Southern Corp.
2.55%, 11/01/29			300		258,564
3.00%, 03/15/32			122		104,995
4.45%, 03/01/33			379		362,646
Northern Oil and Gas, Inc., 8.75%, 06/15/31^(b)			120		117,900
NRG Energy, Inc.^(b)
3.75%, 06/15/24			20		19,327
2.45%, 12/02/27			105		88,484
4.45%, 06/15/29			40		35,354
NVIDIA Corp., 2.00%, 06/15/31			247		206,866
Olympus Water U.S. Holding Corp.
9.63%, 11/15/28^(c)	EUR		100		104,755
9.75%, 11/15/28^(b)	USD		666		649,550
Oncor Electric Delivery Co. LLC
3.70%, 11/15/28			2,144		2,024,494


SCHEDULE OF INVESTMENTS		17

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Oncor Electric Delivery Co. LLC (continued)
4.15%, 06/01/32	USD		663	$	629,416
4.55%, 09/15/32			501		486,181
ONE Gas, Inc., 2.00%, 05/15/30			35		28,976
Oracle Corp.
3.40%, 07/08/24			1,004		978,831
2.50%, 04/01/25			517		490,704
3.13%, 07/10/25	EUR		200		214,251
2.30%, 03/25/28	USD		200		176,492
4.50%, 05/06/28			700		681,067
6.15%, 11/09/29			523		544,740
2.95%, 04/01/30			729		636,319
2.88%, 03/25/31			2,806		2,395,517
6.25%, 11/09/32			748		793,996
5.55%, 02/06/53			50		48,417
4.10%, 03/25/61			49		36,157
Organon & Co./Organon Foreign Debt Co-Issuer BV, 2.88%, 04/30/28^(c)	EUR		100		94,644
Otis Worldwide Corp., 2.57%, 02/15/30	USD		192		165,530
Pacific Gas and Electric Co.
6.10%, 01/15/29			3,860		3,797,903
4.55%, 07/01/30			191		172,860
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29^(b)			222		191,320
PECO Energy Co.
2.85%, 09/15/51			343		225,991
4.38%, 08/15/52			290		256,102
Permian Resources Operating LLC^(b)
7.75%, 02/15/26			35		35,149
5.88%, 07/01/29			62		58,405
Pfizer Investment Enterprises Pte. Ltd.
5.30%, 05/19/53			245		254,722
5.34%, 05/19/63			1,106		1,119,215
Pilgrim’s Pride Corp., 6.25%, 07/01/33			219		212,122
Procter & Gamble Co., 3.25%, 08/02/26	EUR		696		750,590
Prologis LP, 5.13%, 01/15/34	USD		346		343,530
Public Service Electric and Gas Co.
3.70%, 05/01/28			537		510,843
3.10%, 03/15/32			232		202,753
QUALCOMM, Inc.
2.15%, 05/20/30			552		474,576
4.50%, 05/20/52			309		281,092
Raytheon Technologies Corp., 2.15%, 05/18/30	EUR		2,288		2,213,549
Republic Services, Inc., 2.38%, 03/15/33	USD		205		166,750
Ryder System, Inc.
5.65%, 03/01/28			250		250,104
5.25%, 06/01/28			345		340,639
S&P Global, Inc.
2.30%, 08/15/60			121		70,079
3.90%, 03/01/62			19		15,700
Salesforce, Inc., 1.95%, 07/15/31			226		186,491
Sasol Financing USA LLC
5.88%, 03/27/24			278		273,566
8.75%, 05/03/29^(b)			200		195,000
Service Properties Trust
4.35%, 10/01/24			46		44,262
4.50%, 03/15/25			46		43,453
Sitio Royalties Corp., 11.74%, 09/21/26^(a)(e)			958		949,269
Sonder Holdings, Inc., (13.99% PIK), 13.99%, 01/19/27^(e)(g)			840		735,409
Southern California Edison Co., 5.95%, 11/01/32			1,814		1,898,711


Security		Par (000)		Value

United States (continued)
Southern Co., (5-year EUR Swap + 2.11%), 1.88%, 09/15/81^(a)	EUR		1,000	$	852,103
Southern Power Co., 1.85%, 06/20/26			200		204,434
Sprint Capital Corp., 8.75%, 03/15/32	USD		529		639,353
Stem, Inc., 0.50%, 12/01/28^(b)(k)			27		15,504
Sunoco LP/Sunoco Finance Corp., 4.50%, 04/30/30			167		145,999
Tap Rock Resources LLC, 7.00%, 10/01/26^(b)			74		76,220
TEGNA, Inc., 5.00%, 09/15/29			94		81,098
Tenet Healthcare Corp., 4.38%, 01/15/30			210		189,503
Texas Capital Bank NA, (3-mo. LIBOR US + 4.50%), 10.04%, 09/30/24^(a)(b)			727		686,029
Texas Instruments, Inc., 4.90%, 03/14/33			70		71,721
Thermo Fisher Scientific, Inc., 1.75%, 10/15/28			247		212,835
T-Mobile U.S., Inc.
3.38%, 04/15/29			343		309,745
3.88%, 04/15/30^(m)			1,265		1,165,405
5.05%, 07/15/33			1,028		1,009,392
Transcontinental Gas Pipe Line Co. LLC, 4.60%, 03/15/48			9		7,650
Union Pacific Corp.
3.84%, 03/20/60			108		85,909
5.15%, 01/20/63			468		467,266
3.85%, 02/14/72			121		93,013
United Airlines Pass-Through Trust
Series 16-2, Class B, 3.65%, 04/07/27			3		2,942
Series 2015-1, Class AA, 3.45%, 06/01/29			1		606
Series 2016-2, Class AA, 2.88%, 04/07/30			6		4,997
Series 2019-2, Class AA, 2.70%, 11/01/33			65		54,677
Series 2019-2, Class B, 3.50%, 11/01/29			42		37,670
UnitedHealth Group, Inc.
5.25%, 02/15/28			1,700		1,733,193
2.88%, 08/15/29			320		287,565
5.30%, 02/15/30			353		361,651
6.05%, 02/15/63			245		277,040
Venture Global LNG, Inc., 8.13%, 06/01/28^(b)			756		767,820
Verizon Communications, Inc.
1.45%, 03/20/26			2,508		2,274,114
1.13%, 11/03/28	GBP		100		98,556
1.50%, 09/18/30	USD		864		682,820
2.36%, 03/15/32			722		580,693
5.05%, 05/09/33			403		398,515
4.50%, 08/10/33			711		670,937
4.40%, 11/01/34			445		410,723
2.88%, 11/20/50			121		78,830
3.55%, 03/22/51			105		78,325
2.99%, 10/30/56			124		78,760
VICI Properties LP
5.13%, 05/15/32			250		233,911
5.63%, 05/15/52			91		81,063
VMware, Inc., 2.20%, 08/15/31			323		253,813
Walt Disney Co.
2.00%, 09/01/29			384		326,914
3.80%, 03/22/30			201		189,950
Wells Fargo & Co.
0.50%, 04/26/24^(c)	EUR		145		153,456
1.63%, 06/02/25^(c)			934		965,531
2.00%, 04/27/26^(c)			135		137,670
5.39%, 04/24/34^(a)	USD		519		515,686
(1-day SOFR + 2.10%), 4.90%, 07/25/33^(a)			457		438,360
Williams Cos., Inc.
2.60%, 03/15/31			1,138		943,134


18		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Williams Cos., Inc. (continued)
4.65%, 08/15/32	USD		716	$	678,061
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25^(b)			46		45,256
XHR LP, 4.88%, 06/01/29^(b)			34		29,155

					167,356,966


Total Corporate Bonds — 33.1% (Cost: $259,169,437)					252,435,923


Floating Rate Loan Interests^(a)

Canada — 0.0%
Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.00%), 11.38%, 12/22/26			72		70,556


Mexico — 0.0%
Credo Technology Group Holding Ltd., Term Loan B, (Defaulted), 0.00%, 02/17/24^(d)(e)(h)			59		7,735


United States — 0.6%
American Auto Auction Group, LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.24%, 12/30/27^(e)			66		61,651
American Rock Salt Co. LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.22%, 06/09/28			52		48,808
Apex Tool Group LLC, 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.47%, 02/08/29			280		258,466
Aruba Investments Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.20%, 11/24/27			108		104,112
Bally’s Corp., 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.40%, 10/02/28			319		311,487
Conair Holdings LLC, Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.75%), 9.29%, 05/17/28			48		45,382
ConnectWise LLC, 2021 Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.69%, 09/29/28			110		107,218
Digital Room Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.45%, 12/21/28			135		121,082
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.22%, 08/02/27			193		188,533
DS Parent, Inc., Term Loan, (6-mo. CME Term SOFR at 0.75% Floor + 5.75%), 11.34%, 12/10/28			205		199,189
EIS Buyer, Inc., Revolver, 07/10/28^(e)(n)			53		52,316
EIS Group, Inc., Term Loan, (3-mo. CME Term SOFR + 7.00%), 12.07%, 05/01/28^(e)			532		523,160
Emerald Electronics Manufacturing Services, Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 11.66%, 12/29/27^(e)			158		150,979
Flexsys Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 5.25%), 10.75%, 11/01/28			101		90,988
Green Plains Operating Co. LLC, Term Loan, (3-mo. LIBOR US + 8.00%), 10.51%, 07/20/26^(e)			540		543,402
Hydrofarm Holdings LLC, 2021 Term Loan, (1-mo. LIBOR US at -4.50% Floor + 5.50%), 10.72%, 09/27/28^(e)			99		80,770


Security		Par (000)		Value

United States (continued)
Jack Ohio Finance LLC, Term Loan, (1-mo. LIBOR US at 0.75% Floor + 4.75%), 9.97%, 10/04/28	USD		80	$	76,697
Maverick Gaming LLC, Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 7.50%), 12.98%, 09/03/26			122		93,159
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.00%), 12.36%, 11/01/29			74		65,398
Medline Borrower LP, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.47%, 10/23/28			510		503,339
Naked Juice LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.34%, 01/24/30			20		15,751
Profrac Services LLC, 2022 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.25%), 12.78%, 03/04/25			215		215,205
Vaca Morada Partners LP, Revolver, (3-mo. LIBOR US + 2.75%), 18.58%, 03/25/24^(e)			666		664,336
Vaco Holdings LLC, 2022 Term Loan, (3-mo. CME Term SOFR + 5.00%), 10.59%, 01/21/29			160		145,309

					4,666,737


Total Floating Rate Loan Interests — 0.6% (Cost: $4,931,291)					4,745,028


Foreign Agency Obligations

Angola — 0.0%
Angolan Government International Bond, 8.75%, 04/14/32^(b)			271		227,895


Australia^(c)— 0.0%
Australia Government Bond
3.75%, 04/21/37			80		50,968
Series 136, 4.75%, 04/21/27			220		150,414
Series 137, 2.75%, 04/21/24			130		85,500
Series 149, 2.25%, 05/21/28			90		55,435

					342,317

Austria^(b)(c)— 0.1%
Republic of Austria Government Bond
0.75%, 02/20/28			556		548,160
1.50%, 02/20/47			222		178,123

					726,283

Belgium^(b)(c)— 0.2%
Kingdom of Belgium Government Bond
Series 78, 1.60%, 06/22/47			351		273,788
Series 85, 0.80%, 06/22/28			855		844,064

					1,117,852

Benin — 0.0%
Benin Government International Bond, 4.88%, 01/19/32^(c)			139		114,795


Brazil — 1.4%
Brazil Notas do Tesouro Nacional
10.00%, 01/01/25			10,466		2,159,187
Series F, 10.00%, 01/01/31			26,000		5,259,909
Brazilian Government International Bond, 3.75%, 09/12/31			3,900		3,356,379

					10,775,475


SCHEDULE OF INVESTMENTS		19

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Canada — 0.3%
Canadian Government Bond
5.75%, 06/01/33		170	$	154,765
5.00%, 06/01/37		90		81,105
4.00%, 06/01/41		280		233,439
3.50%, 12/01/45		140		111,056
2.75%, 12/01/48		210		147,954
2.00%, 12/01/51		2,650		1,582,599

				2,310,918

China — 4.5%
China Development Bank, Series 1903, 3.30%, 02/01/24		1,400		193,624
China Government Bond
2.68%, 05/21/30		12,080		1,664,421
3.02%, 05/27/31		105,780		14,920,186
2.88%, 02/25/33		30,000		4,187,641
Series 1827, 3.25%, 11/22/28		100		14,325
Series 1904, 3.19%, 04/11/24		1,400		194,500
Series 1906, 3.29%, 05/23/29		80,600		11,569,082
Series 1913, 2.94%, 10/17/24		8,500		1,182,896

				33,926,675

Colombia — 0.3%
Colombia Government International Bond
3.88%, 04/25/27		200		181,054
8.00%, 04/20/33		200		203,350
4.13%, 05/15/51		200		119,466
Colombian TES
7.50%, 08/26/26		3,923,000		881,131
5.75%, 11/03/27		3,058,000		630,316
Series B, 7.25%, 10/18/34		1,336,000		257,339

				2,272,656

Czech Republic — 0.6%
Czech Republic Government Bond
0.95%, 05/15/30^(c)		3,420		125,017
5.00%, 09/30/30		89,070		4,226,130
4.20%, 12/04/36^(c)		3,280		146,990

				4,498,137

Denmark — 0.0%
Denmark Government Bond
1.50%, 11/15/23		200		29,067
1.75%, 11/15/25		500		70,806
4.50%, 11/15/39		450		81,225

				181,098	��

Dominican Republic — 0.1%
Dominican Republic International Bond
6.88%, 01/29/26^(c)		100		100,678
4.88%, 09/23/32^(c)		150		127,652
4.88%, 09/23/32^(b)		150		127,651

				355,981

Egypt^(c)— 0.0%
Egypt Government International Bond
7.63%, 05/29/32		300		173,832
7.50%, 02/16/61		200		99,694

				273,526


Security	Par (000)		Value

France^(c)— 0.3%
French Republic Government Bond OAT
2.50%, 05/25/30		40	$	42,784
1.50%, 05/25/31		190		188,266
5.75%, 10/25/32		100		134,097
1.50%, 05/25/50^(b)		2,536		1,921,279

				2,286,426

Gabon — 0.0%
Gabon Government International Bond, 7.00%, 11/24/31^(c)		200		158,638


Germany — 0.2%
Bundesrepublik Deutschland Bundesanleihe, 1.70%, 08/15/32^(c)		1,530		1,578,744


Ghana — 0.0%
Ghana Government International Bond, 7.63%, 05/16/29^(c)(d)(h)		381		161,624


Greece^(b)(c)— 0.2%
Hellenic Republic Government Bond
2.00%, 04/22/27		92		95,036
1.50%, 06/18/30		1,740		1,648,498

				1,743,534

Guatemala^(b)— 0.1%
Guatemala Government Bond
5.25%, 08/10/29		101		96,043
6.60%, 06/13/36		437		439,840

				535,883

Hungary — 0.0%
Hungary Government International Bond
5.38%, 03/25/24		16		15,936
5.50%, 06/16/34^(c)		208		201,525

				217,461

Indonesia — 0.8%
Indonesia Government International Bond, 6.75%, 01/15/44^(c)		200		234,360
Indonesia Treasury Bond
6.38%, 08/15/28		4,981,000		338,379
9.00%, 03/15/29		2,354,000		178,836
8.25%, 05/15/29		3,605,000		264,619
6.38%, 04/15/32		10,978,000		734,796
7.00%, 02/15/33		10,023,000		703,967
8.25%, 05/15/36		22,408,000		1,719,734
7.50%, 05/15/38		5,930,000		426,976
7.13%, 06/15/38		24,156,000		1,711,100

				6,312,767

Italy^(c)— 0.6%
Italy Buoni Poliennali Del Tesoro
2.65%, 12/01/27		3,060		3,195,914
Series 30Y, 3.85%, 09/01/49^(b)		700		712,516
Series 31Y, 4.75%, 09/01/44^(b)		232		268,250

				4,176,680


20		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ivory Coast^(c)— 0.0%
Ivory Coast Government International Bond
5.88%, 10/17/31		100	$	91,085
4.88%, 01/30/32		127		107,727

				198,812

Japan — 2.3%
Japan Government Forty Year Bond, 1.00%, 03/20/62		800,000		4,935,556
Japan Government Thirty Year Bond, Series 64, 0.40%, 09/20/49		2,274,950		12,928,880

				17,864,436

Jordan — 0.0%
Jordan Government International Bond, 5.85%, 07/07/30^(c)		200		182,496


Mexico — 3.7%
Mexican Bonos
Series M, 7.75%, 05/29/31		137,472		7,595,004
Series M 20, 10.00%, 12/05/24		77,500		4,491,419
Series M 30, 8.50%, 11/18/38		19,059		1,084,238
Series M20, 7.50%, 06/03/27		90,900		5,043,537
Mexico Bonos
7.50%, 05/26/33		45,000		2,423,393
Series M-20, 8.50%, 05/31/29		72,875		4,212,292
Mexico Cetes^(l)
0.00%, 11/28/24		483,400		2,445,454
0.00%, 01/23/25		161,950		805,965
Mexico Government International Bond
2.66%, 05/24/31		200		165,950
6.34%, 05/04/53		200		203,600

				28,470,852

Morocco — 0.1%
Morocco Government International Bond, 6.50%, 09/08/33^(b)		349		358,821


Netherlands — 0.1%
Netherlands Government Bond, 2.75%, 01/15/47^(b)(c)		311		345,181


New Zealand — 0.0%
New Zealand Government Bond, Series 0425, 2.75%, 04/15/25^(c)		100		58,768


Nigeria — 0.0%
Nigeria Government International Bond, 7.88%, 02/16/32^(c)		231		193,095


Panama — 0.1%
Panama Government International Bond
6.40%, 02/14/35		460		478,441
6.85%, 03/28/54		200		207,680

				686,121

Peru — 0.0%
Peruvian Government International Bond, 1.86%, 12/01/32		87		66,811


Poland — 0.1%
Bank Gospodarstwa Krajowego, 5.38%, 05/22/33^(b)		333		329,670
Republic of Poland Government International Bond, 4.88%, 10/04/33		15		14,691

				344,361


Security	Par (000)		Value

Romania — 0.0%
Romanian Government International Bond
5.25%, 11/25/27^(b)		30	$	29,251
2.13%, 03/07/28^(c)		206		194,702
2.88%, 03/11/29^(c)		32		30,300
2.50%, 02/08/30^(c)		33		29,613
2.12%, 07/16/31^(c)		40		32,964

				316,830

Russia — 0.0%
Russian Federal Bond - OFZ, Series 6233, 6.10%, 07/18/35^(d)(h)		27,309		102,218


Saudi Arabia^(c)— 0.1%
Saudi Government International Bond
4.50%, 04/17/30		200		196,150
3.45%, 02/02/61		303		212,621

				408,771

Senegal — 0.0%
Senegal Government International Bond, 4.75%, 03/13/28^(c)		100		93,881


South Africa — 0.6%
Republic of South Africa Government Bond
9.00%, 01/31/40		45,898		1,872,620
Series 2030, 8.00%, 01/31/30		51,315		2,408,592
Republic of South Africa Government International Bond, 5.00%, 10/12/46		200		132,658

				4,413,870

Spain^(b)(c)— 3.1%
Spain Government Bond
0.80%, 07/30/29		690		652,154
1.25%, 10/31/30		431		409,354
2.55%, 10/31/32		10,184		10,410,367
3.15%, 04/30/33		9,248		9,887,978
3.90%, 07/30/39		462		514,794
2.90%, 10/31/46		866		816,621
3.45%, 07/30/66		688		679,650

				23,370,918


Sri Lanka — 0.0%
Sri Lanka Government International Bond, 6.85%, 03/14/24^(c)(d)(h)		200		87,568


Supranational^(c)— 0.0%
European Union
2.63%, 02/04/48		64		63,057
Series NGEU, 3.00%, 03/04/53		98		101,108

				164,165

Sweden^(c)— 0.0%
Sweden Government Bond
Series 1053, 3.50%, 03/30/39		250		25,715
Series 1059, 1.00%, 11/12/26		960		83,197

				108,912

Ukraine — 0.1%
Ukraine Government International Bond
7.75%, 09/01/28^(c)		100		23,816
7.75%, 09/01/29^(c)		319		75,750
4.38%, 01/27/32^(c)		212		49,297
7.38%, 09/25/34^(c)		591		136,521
7.38%, 09/25/34^(b)(d)(h)		200		46,200


SCHEDULE OF INVESTMENTS		21

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Ukraine (continued)
Ukraine Government International Bond (continued)
7.25%, 03/15/35^(b)(d)(h)		216	$	49,414
7.25%, 03/15/35^(c)		200		45,754
7.75%, 08/01/41^(a)(c)		277		110,385

				537,137

United Kingdom^(c)— 0.9%
United Kingdom Gilt
0.75%, 07/22/23		1,826		2,313,474
1.75%, 09/07/37		60		54,459
4.75%, 12/07/38		30		39,163
3.25%, 01/22/44		165		174,262
3.50%, 01/22/45		700		764,717
1.50%, 07/22/47		1,040		746,516
3.75%, 07/22/52		1,000		1,132,928
0.50%, 10/22/61		3,748		1,507,588

				6,733,107

Uruguay — 0.0%
Uruguay Government International Bond, 5.75%, 10/28/34		21		22,717


Total Foreign Agency Obligations — 20.9% (Cost: $171,566,991)				159,425,213


	Shares


Investment Companies

United States — 2.0%
Industrial Select Sector SPDR Fund		1,485		159,370
iShares 0-5 Year TIPS Bond ETF^(o)		7,050		688,080
iShares Biotechnology ETF^(o)		493		62,591
iShares iBoxx $ High Yield Corporate Bond ETF^(o)		50,650		3,802,296
iShares iBoxx $ Investment Grade Corporate Bond ETF^(o)		38,866		4,202,969
iShares JP Morgan USD Emerging Markets Bond ETF^(m)(o)		41,236		3,568,563
iShares Latin America 40 ETF^(o)		9,782		265,777
iShares MSCI Brazil ETF^(o)		9,033		292,940
iShares MSCI Emerging Markets ETF^(o)		13,148		520,135
iShares Russell 2000 ETF^(o)		476		89,141
iShares Russell Mid-Cap Growth ETF^(o)		2,067		199,734
VanEck J. P. Morgan EM Local Currency Bond ETF		43,378		1,108,742
VanEck Semiconductor ETF^(d)		1,256		191,226


Total Investment Companies — 2.0% (Cost: $15,140,960)				15,151,564


Security		Par (000)		Value

Municipal Bonds

California — 0.2%
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45^(b)	USD		180	$	180,002
University of California, Refunding RB, Series BE, 4.00%, 05/15/50			1,000		1,005,763

					1,185,765

Georgia — 0.0%
State of Georgia, GO
Series A, 4.00%, 07/01/40			145		149,850
Series A, 4.00%, 07/01/41			145		149,189

					299,039

Louisiana — 0.0%
Louisiana Public Facilities Authority, Refunding RB, Series A, 3.00%, 05/15/47			155		111,124


Massachusetts — 0.2%
Commonwealth of Massachusetts, GO, Series C, 5.00%, 05/01/49			1,000		1,061,930


New Jersey — 0.0%
New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51			95		70,391


North Carolina — 0.0%
City of Charlotte North Carolina Airport Revenue, Refunding ARB, Series A, 3.00%, 07/01/46			230		184,630


Puerto Rico^(a)— 0.2%
Commonwealth of Puerto Rico, GO
0.00%, 11/01/43			166		83,802
0.00%, 11/01/51			1,842		767,253
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51			780		272,960

					1,124,015

Texas — 0.2%
Eagle Mountain & Saginaw Independent School District, GO, (PSF), 4.00%, 08/15/52			295		283,665
Katy Independent School District, GO, (PSF), 4.00%, 02/15/47			1,410		1,383,365
Lyford Consolidated Independent School District, GO, (PSF), 4.00%, 08/15/47			155		149,333

					1,816,363

Wisconsin — 0.0%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 11/15/35			125		130,500


Total Municipal Bonds — 0.8% (Cost: $6,163,502)					5,983,757


Non-Agency Mortgage-Backed Securities

Ireland — 0.1%
Last Mile Securities PE, Series 2021-1X, Class A1, (3-mo. EURIBOR + 0.90%), 4.26%, 08/17/31^(a)(c)	EUR		300		315,033


Netherlands — 0.0%
Domi BV, Series 2021-1, Class A, (3-mo. EURIBOR + 0.63%), 4.16%, 06/15/53^(a)(c)			134		145,418


22		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United Kingdom^(a)(c)— 0.1%
Agora Securities U.K. DAC, Series 2021-1X, Class A, (1-day SONIA + 1.20%), 5.12%, 07/22/31	GBP		300	$	368,444
Canada Square Funding PLC, Series 2021-2, Class B, (1-day SONIA + 1.20%), 6.10%, 06/17/58			112		139,178
Finsbury Square, Series 2021-1GRX, Class AGRN, (1-day SONIA + 0.65%), 5.54%, 12/16/67			200		251,583
London Wall Mortgage Capital PLC, Series 2021-FL1, Class A, (1-day SONIA + 0.75%), 5.45%, 05/15/51			104		131,361
Mortimer BTL PLC, Series 2021-1, Class B, (1-day SONIA + 1.10%), 6.01%, 06/23/53			100		123,409

					1,013,975

United States — 4.2%
245 Park Avenue Trust, Series 2017-245P, Class E, 3.78%, 06/05/37^(a)(b)	USD		250		172,747
280 Park Avenue Mortgage Trust, Series 2017-280P, Class E, (1-mo. LIBOR US + 2.12%), 7.30%, 09/15/34^(a)(b)			320		273,789
Arbor Multifamily Mortgage Securities Trust^(b)
Series 2020-MF1, Class E, 1.75%, 05/15/53			1,326		690,527
Series 2020-MF1, Class XA, 1.08%, 05/15/53^(a)			14,863		706,678
Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class D, (1-mo. LIBOR US + 2.20%), 7.39%, 12/15/36^(a)(b)			200		180,838
BAMLL Commercial Mortgage Securities Trust, Series 2017-SCH, Class DL, (1-mo. LIBOR US + 2.00%), 7.19%, 11/15/32^(a)(b)			150		132,869
Bank, Series 2021-BN35, Class A5, 2.29%, 06/15/64			27		21,678
BBCMS Mortgage Trust, Series 2017-C1, Class AS, 3.90%, 02/15/50			1,200		1,088,882
Benchmark Mortgage Trust
Series 2020-B21, Class XA, 1.56%, 12/17/53^(a)			5,020		368,776
Series 2021-B25, Class A5, 2.58%, 04/15/54			200		158,857
BHMS Mortgage Trust, Series 2018-ATLS, Class A, (1-mo. LIBOR US + 1.25%), 6.44%, 07/15/35^(a)(b)			170		165,736
BX Commercial Mortgage Trust^(a)(b)
Series 2019-XL, Class F, (1-mo. Term SOFR + 2.11%), 7.26%, 10/15/36			850		836,047
Series 2019-XL, Class G, (1-mo. Term SOFR + 2.41%), 7.56%, 10/15/36			935		917,291
Series 2019-XL, Class J, (1-mo. Term SOFR + 2.76%), 7.91%, 10/15/36			510		492,663
Series 2021-MFM1, Class G, (1-mo. Term SOFR + 4.01%), 9.16%, 01/15/34			687		644,628
BX Trust^(a)(b)
Series 2021-LBA, Class GJV, (1-mo. Term SOFR + 3.11%), 8.26%, 02/15/36			134		122,399
Series 2021-LBA, Class GV, (1-mo. Term SOFR + 3.11%), 8.26%, 02/15/36			900		823,625
Series 2021-MFM1, Class F, (1-mo. Term SOFR + 3.11%), 8.26%, 01/15/34			353		336,379
BXP Trust^(a)(b)
Series 2017-CC, Class D, 3.67%, 08/13/37			110		79,739
Series 2017-CC, Class E, 3.67%, 08/13/37			220		146,285
Citigroup Commercial Mortgage Trust
Series 2015-P1, Class A5, 3.72%, 09/15/48			375		355,979
Series 2016-C2, Class B, 3.18%, 08/10/49			750		648,433
Series 2016-GC36, Class A5, 3.62%, 02/10/49			375		349,917
Series 2019-PRM, Class C, 3.90%, 05/10/36^(b)			1,000		988,164
Series 2020-420K, Class D, 3.42%, 11/10/42^(a)(b)			360		262,418


Security		Par (000)		Value

United States (continued)
Citigroup Commercial Mortgage Trust (continued)
Series 2020-420K, Class X, 0.91%, 11/10/42^(a)(b)	USD		20,000	$	976,740
Cold Storage Trust, Series 2020-ICE5, Class F, (1-mo. LIBOR US + 3.49%), 8.69%, 11/15/37^(a)(b)			983		958,765
Commercial Mortgage Trust
Series 2014-CR21, Class A3, 3.53%, 12/10/47			317		303,602
Series 2015-LC19, Class A4, 3.18%, 02/10/48			500		475,961
Series 2016-DC2, Class B, 4.81%, 02/10/49^(a)			100		89,847
Series 2016-DC2, Class C, 4.81%, 02/10/49^(a)			100		88,283
Series 2019-GC44, Class 180B, 3.51%, 08/15/57^(a)(b)			1,000		873,928
Credit Suisse Mortgage Capital Certificates Trust^(a)(b)
Series 2019-ICE4, Class C, (1-mo. LIBOR US + 1.43%), 6.62%, 05/15/36			100		98,676
Series 2019-ICE4, Class E, (1-mo. LIBOR US + 2.15%), 7.34%, 05/15/36			698		683,469
CSAIL Commercial Mortgage Trust, Series 2018-CX12, Class C, 4.88%, 08/15/51^(a)			750		599,074
DBGS Mortgage Trust, Series 2018-BIOD, Class D, (1-mo. LIBOR US + 1.55%), 6.74%, 05/15/35^(a)(b)			91		89,306
DBJPM Mortgage Trust, Series 2016-C3, Class A5, 2.89%, 08/10/49			375		341,051
DBUBS Mortgage Trust, Series 2017-BRBK, Class E, 3.65%, 10/10/34^(a)(b)			300		229,316
Freddie Mac Multifamily Structured Pass Through Certificates, Series K121, Class X1, 1.12%, 10/25/30^(a)			4,051		229,351
GCT Commercial Mortgage Trust, Series 2021-GCT D, Class D, (1-mo. LIBOR US + 2.35%), 7.54%, 02/15/38^(a)(b)			340		204,270
GS Mortgage Securities Corp. Trust, Series 2021- ROSS, Class A, (1-mo. LIBOR US + 1.15%), 6.34%, 05/15/26^(a)(b)			100		89,682
GS Mortgage Securities Trust^(a)
Series 2015-GC34, Class B, 4.47%, 10/10/48			1,100		997,359
Series 2020-GSA2, Class XA, 1.84%, 12/12/53^(b)			3,611		316,548
Independence Plaza Trust, Series 2018-INDP, Class B, 3.91%, 07/10/35^(b)			1,000		924,908
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2013-C16, Class B, 5.12%, 12/15/46^(a)			1,000		988,187
Series 2018-AON, Class A, 4.13%, 07/05/31^(b)			1,200		1,089,960
JPMDB Commercial Mortgage Securities Trust
Series 2017-C5, Class A5, 3.69%, 03/15/50			1,200		1,106,138
Series 2017-C7, Class A5, 3.41%, 10/15/50			1,113		1,010,199
KKR Industrial Portfolio Trust, Series 2021-KDIP, Class F, (1-mo. Term SOFR + 2.16%), 7.31%, 12/15/37^(a)(b)			682		651,635
MAD Mortgage Trust^(a)(b)
Series 2017-330M, Class D, 4.11%, 08/15/34			110		86,233
Series 2017-330M, Class E, 4.17%, 08/15/34			130		98,012
MCM Trust, 3.00%, 08/25/28^(e)			465		299,533
MED Trust, Series 2021-MDLN, Class G, (1-mo. LIBOR US + 5.25%), 10.44%, 11/15/38^(a)(b)			636		595,400
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C16, Class A5, 3.89%, 06/15/47			375		365,961
Series 2015-C25, Class A5, 3.64%, 10/15/48			400		377,623
Morgan Stanley Capital I Trust
Series 2017-H1, Class C, 4.28%, 06/15/50^(a)			340		267,764


SCHEDULE OF INVESTMENTS		23

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United States (continued)
Morgan Stanley Capital I Trust (continued)
Series 2018-MP, Class A, 4.42%, 07/11/40^(a)(b)	USD		1,000	$	815,022
Series 2019-L2, Class A4, 4.07%, 03/15/52			589		541,448
Natixis Commercial Mortgage Securities Trust, Series 2018-SOX, Class E, 4.93%, 06/17/38^(a)(b)			382		327,448
Olympic Tower Mortgage Trust^(a)(b)
Series 2017-OT, Class D, 4.08%, 05/10/39			130		80,275
Series 2017-OT, Class E, 4.08%, 05/10/39			160		92,727
One New York Plaza Trust, Series 2020-1NYP, Class D, (1-mo. LIBOR US + 2.75%), 7.94%, 01/15/36^(a)(b)			270		207,391
TVC DSCR^(e)
0.00%, 02/01/51			314		273,921
2.38%, 02/01/51			1,257		1,169,922
Velocity Commercial Capital Loan Trust, Series 2020-1, Class M3, 3.19%, 02/25/50^(a)(b)			69		55,476
Wells Fargo Commercial Mortgage Trust^(a)
Series 2016-NXS5, Class B, 5.11%, 01/15/59			1,400		1,253,929
Series 2019-C50, Class XA, 1.58%, 05/15/52			12,781		722,107
Series 2021-C59, Class XA, 1.66%, 04/15/54			995		80,832


					32,092,623


Total Non-Agency Mortgage-Backed Securities — 4.4% (Cost: $38,098,570)					33,567,049


Preferred Securities

Capital Trusts — 0.2%^(a)

France^(c)(j)— 0.0%
Electricite de France SA, 6.00%	GBP		100		115,141
TotalEnergies SE, 1.75%	EUR		100		105,449


					220,590


Ireland — 0.0%
AIB Group PLC, 5.25%^(c)(j)			200		203,574


Jersey — 0.0%
HSBC Bank Capital Funding Sterling 1 LP, 5.84%^(c)(j)	GBP		9		11,430


Luxembourg — 0.0%
SES SA, 2.88%^(c)(j)	EUR		100		92,343


Mexico — 0.0%
Banco Mercantil del Norte SA, 5.88%^(b)(j)	USD		202		170,816


Netherlands^(c)(j)— 0.1%
Abertis Infraestructuras Finance BV, 3.25%	EUR		200		195,642
Koninklijke KPN NV, 2.00%			100		102,812
Naturgy Finance BV, 3.38%			100		105,918
Repsol International Finance BV, 4.25%			100		98,088
Telefonica Europe BV, 6.14%			200		210,329


					712,789


Security		Par (000)		Value

United Kingdom^(c)— 0.1%
BP Capital Markets PLC, 3.25%^(j)	EUR		100	$	100,431
Vodafone Group PLC, 2.63%, 08/27/80			149		146,309


					246,740

					1,658,282

		Shares


Preferred Stocks — 0.4%^(e)

United States — 0.4%
Cap Hill Brands			265,896		401,503
Dream Finders Homes, Inc., 9.00%, 12/31/49			1,320		1,199,550
Lessen Nine GmbH, Series C			10,022		93,505
MNTN Digital, Inc., Series D, (Acquired 11/05/21, Cost: $138,642)⁽ⁱ⁾			6,037		79,386
Verge Genomics, Inc., Series B, (Acquired 11/05/21, Cost: $165,930)⁽ⁱ⁾			31,150		185,031
Versa Networks, Inc., Series E, (Acquired 10/14/22, Cost: $491,084), 10/07/32⁽ⁱ⁾			168,283		526,726


					2,485,701


Total Preferred Securities — 0.6% (Cost: $4,436,061)					4,143,983


		Par (000)


U.S. Government Sponsored Agency Securities

Commercial Mortgage-Backed Securities — 0.1%
FREMF Mortgage Trust, Series 2020-K104, Class B, 3.66%, 02/25/52^(a)(b)	USD		750		662,357


Mortgage-Backed Securities — 17.7%
Fannie Mae Mortgage-Backed Securities
6.50%, 11/01/38			5		5,332
6.00%, 07/01/39			25		25,820
4.00%, 01/01/41			1		1,183
3.00%, 02/01/44			38		34,372
Freddie Mac Mortgage-Backed Securities
2.50%, 01/01/29 - 04/01/31			74		68,776
3.50%, 04/01/31 - 01/01/48			174		163,332
3.00%, 10/01/32 - 12/01/46			155		141,308
5.00%, 05/01/38 - 11/01/48			52		52,914
5.50%, 01/01/39			17		17,585
4.00%, 08/01/40 - 12/01/45			13		12,235
4.50%, 09/01/40 - 08/01/48			141		138,506
Freddie Mac Multifamily Structured Pass Through Certificates, Series KW09, Class X1, 0.94%, 05/25/29^(a)			14,661		513,815
Ginnie Mae Mortgage-Backed Securities^(p)
6.50%, 07/20/23			162		164,848
4.00%, 10/20/40 - 07/20/53			1,777		1,688,062
3.50%, 01/15/42 - 07/20/53			2,576		2,386,190


24		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities^(p) (continued)
5.00%, 10/20/44 - 07/20/53	USD		996	$	978,916
3.00%, 02/15/45 - 07/20/53^(q)			3,434		3,076,061
4.50%, 03/15/47 - 07/20/53			1,347		1,303,145
2.00%, 08/20/50 - 07/20/53			4,545		3,825,183
2.50%, 04/20/51 - 07/20/53			4,725		4,094,481
5.50%, 07/20/53			621		618,089
6.00%, 07/20/53			333		335,211
Uniform Mortgage-Backed Securities^(p)
4.50%, 08/01/23 - 07/13/53			3,088		2,985,705
2.50%, 09/01/27 - 08/14/53			23,319		19,973,740
3.00%, 07/01/29 - 07/13/53			8,983		8,002,813
3.50%, 07/01/29 - 07/13/53			55,476		50,594,577
2.00%, 10/01/31 - 07/13/53			23,239		19,311,975
4.00%, 09/01/33 - 07/13/53			5,172		4,883,098
5.00%, 09/01/35 - 07/13/53			2,361		2,318,353
1.50%, 07/18/38 - 07/13/53			5,208		4,246,316
5.50%, 12/01/38 - 07/13/53			1,688		1,681,751
6.00%, 07/13/53			853		860,530
6.50%, 07/13/53			339		346,124


					134,850,346


Total U.S. Government Sponsored Agency Securities — 17.8% (Cost: $139,911,433)					135,512,703


U.S. Treasury Obligations
U.S. Treasury Inflation-Indexed Notes
0.13%, 04/15/25 - 04/15/27^(r)			10,436		9,808,120
0.38%, 01/15/27			1,884		1,767,537
1.25%, 04/15/28			3,333		3,224,740
0.63%, 07/15/32^(r)			3,183		2,924,470


Total U.S. Treasury Obligations — 2.3% (Cost: $18,683,833)					17,724,867


		Shares

Warrants

United States^(d)— 0.0%
Cano Health, Inc., (Issued 07/06/20, Exercisable 07/06/21, 1 Share for 1 Warrant, Expires 06/03/26, Strike Price USD 11.50)			9,002		1,891
FreeWire Technologies, Inc., (Issued 04/27/22, 1 Share for 1 Warrant, Expires 04/26/27, Strike Price USD 3.35)^(e)			34,768		13,212
FreeWire Technologies, Inc., (Issued 05/02/22, Expires 04/26/27, Strike Price USD 3.35)^(e)			1,738		661
Latch, Inc., (Issued/Exercisable 12/29/20, 1 Share for 1 Warrant, Expires 06/04/26, Strike Price USD 11.50)			12,334		1,314


Security		Shares		Value

United States (continued)
Offerpad Solutions, Inc., (Issued/Exercisable 10/13/20, 1 Share for 1 Warrant, Expires 09/01/26, Strike Price USD 11.50)			8,529	$	172
Proof Acquisition Corp. I, (1 Share for 1 Warrant, Expires 12/23/28, Strike Price USD 11.50)^(e)			10,200		816
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		1,001
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)^(e)			10,965		—
Versa Networks, Inc., (Acquired 10/14/22, Cost: $0), (1 Share for 1 Warrant, Expires 10/07/32) )^(e)(i)			20,741		59,319

					78,386

Venezuela — 0.0%
Venezuela Government International Bond^(d)			3,000		9,000


Total Warrants — 0.0% (Cost: $132,872)					87,386


Total Long-Term Investments — 88.6% (Cost: $704,730,856)					674,814,391


		Par (000)


Short-Term Securities

Certificates of Deposit — 0.2%
United States — 0.2%
Citibank N.A.
4.06%, 08/01/23	USD		463		462,463
5.00%, 09/21/23			1,120		1,118,349

					1,580,812

Commercial Paper — 0.8%

United States — 0.8%
3M Co., 5.63%, 09/07/23			810		801,893
AT&T, Inc.
6.07%, 01/23/24			864		835,270
6.01%, 02/21/24			2,119		2,038,181
Bayer Corp., 6.16%, 09/01/23^(b)			864		855,870
HSBC USA, Inc., 5.70%, 11/20/23			288		281,525
Johnson & Johnson, 5.23%, 08/14/23			838		832,621
Societe Generale SA, 5.78%, 03/06/24			611		587,033


					6,232,393


Foreign Agency Obligations — 5.0%
German Treasury Bills, 3.06%, 09/20/23^(c)(s)	EUR		35,000		37,914,738


SCHEDULE OF INVESTMENTS		25

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

(Percentages shown are based on Net Assets)


Security		Shares			Value

Money Market Funds — 6.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.98%^(o)(t)			48,330,614		$	48,330,614


		Par (000)

U.S. Treasury Obligations — 2.8%
U.S. Treasury Inflation-Indexed Notes
0.47%, 01/15/24	USD		11,234			11,043,195
0.50%, 04/15/24			10,348			10,098,172

						21,141,367


Total Short-Term Securities — 15.1% (Cost: $115,762,065)						115,199,924


Options Purchased — 0.0% (Cost: $2,845,824)						972,111


Total Investments Before TBA Sale Commitments and Options Written — 103.7% (Cost: $823,338,745)						790,986,426

TBA Sale Commitments^(p)

United States — (2.3)%
Uniform Mortgage-Backed Securities
2.00%, 07/18/38 - 07/13/53			(63	)		(53,351	)
2.50%, 07/13/53			(7,290	)		(6,180,953	)
3.50%, 07/13/53			(12,124	)		(11,048,096	)


Total TBA Sale Commitments — (2.3)% (Proceeds: $(17,318,223))						(17,282,400	)


Options Written — (0.4)% (Premiums Received: $(3,023,529))						(4,035,734	)


Total Investments, Net of TBA Sale Commitments and Options Written — 101.0% (Cost: $802,996,993)						769,668,292
Liabilities in Excess of Other Assets — (1.0)%						(7,854,589	)


Net Assets — 100.0%					$	761,813,703

^(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)	Non-income producing security.

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

^(f)	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.

^(g)	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.

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

⁽ⁱ⁾	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,223,653, representing 0.2% of its net assets as of period end, and an original cost of $1,131,222.

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

^(k)	Convertible security.

^(l)	Zero-coupon bond.

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

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

^(o)	Affiliate of the Fund.

^(p)	Represents or includes a TBA transaction.

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

^(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 six months ended June 30, 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 Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 06/30/23		Shares Held at 06/30/23		Income		Capital Gain Distributions from Underlying Funds


BlackRock Liquidity Funds, T-Fund, Institutional Class	$	6,558,852	$	41,771,762	^(a)	$	—		$	—		$	—		$	48,330,614		48,330,614	$	1,183,732	$	—
iShares 0-5 Year TIPS Bond ETF		683,568		—			—			—			4,512			688,080		7,050		7,133		—
iShares Biotechnology ETF		64,726		—			—			—			(2,135	)		62,591		493		35		—
iShares China Large-Cap ETF^(b)		383,353		—			(393,517	)		(6,415	)		16,579			—		—		—		—
iShares iBoxx $ High Yield Corporate Bond ETF		8,998,322		7,598,214			(13,072,315	)		(144,444	)		422,519			3,802,296		50,650		72,956		—
iShares iBoxx $ Investment Grade Corporate Bond ETF		2,106,281		7,019,278			(4,996,540	)		(11,831	)		85,781			4,202,969		38,866		48,862		—
iShares JP Morgan USD Emerging Markets Bond ETF		4,059,643		949,810			(1,492,148	)		(70,216	)		121,474			3,568,563		41,236		84,411		—
iShares Latin America 40 ETF		223,910		—			—			—			41,867			265,777		9,782		4,683		—
iShares MSCI Brazil ETF		252,653		—			—			—			40,287			292,940		9,033		6,831		—
iShares MSCI Emerging Markets ETF		498,309		—			—			—			21,826			520,135		13,148		4,078		—


26		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.




Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 06/30/23		Shares Held at 06/30/23		Income		Capital Gain Distributions from Underlying Funds


iShares Russell 2000 ETF	$	82,995	$	—	$	—	$	—		$	6,146	$	89,141		476	$	542	$	—
iShares Russell Mid-Cap Growth ETF		—		197,051		—		—			2,683		199,734		2,067		—		—


							$	(232,906	)	$	761,539	$	62,022,840			$	1,413,263	$	—

^(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		114		09/07/23	$	14,444	$	69,855
Euro Bund		240		09/07/23		35,025		(102,730	)
Euro OAT		160		09/07/23		22,418		(36,804	)
Euro-Schatz		7		09/07/23		801		(967	)
TOPIX Index		12		09/07/23		1,914		54,387
10-Year Japanese Government Treasury Bonds		47		09/12/23		48,386		214,869
10-Year Australian Treasury Bonds		91		09/15/23		7,042		(55,146	)
3-Year Australian Treasury Bonds		84		09/15/23		5,911		(31,961	)
FTSE 100 Index		1		09/15/23		96		(483	)
MSCI Emerging Markets Index		3		09/15/23		150		(1,672	)
NASDAQ 100 E-Mini Index		9		09/15/23		2,761		100,108
10-Year Korean Bond		14		09/19/23		1,179		2,622
3-Month SONIA Index		24		09/19/23		7,225		(48,687	)
10-Year Canadian Bond		54		09/20/23		4,995		(44,915	)
U.S. Long Bond		67		09/20/23		8,517		(16,426	)
Long Gilt		84		09/27/23		10,167		(86,524	)
5-Year U.S. Treasury Note		49		09/29/23		5,250		656
3-Month SONIA Index		5		12/19/23		1,493		(4,737	)
3-Month SOFR		99		03/19/24		23,426		(84,215	)
3-Month SOFR		10		06/18/24		2,372		(6,857	)


								(79,627	)

Short Contracts
30-Year Euro Buxl Bond		1		09/07/23		152		(3,733	)
Euro BOBL		287		09/07/23		36,237		314,500
Nikkei 225 Index		17		09/07/23		1,966		(58,461	)
Short Term Euro BTP		39		09/07/23		4,454		35,288
Euro Stoxx 50 Index		10		09/15/23		484		(10,862	)
Euro Stoxx Banks Index		110		09/15/23		650		(23,226	)
Russell 2000 E-Mini Index		23		09/15/23		2,189		(19,809	)
S&P 500 E-Mini Index		47		09/15/23		10,547		(207,825	)
10-Year U.S. Treasury Note		445		09/20/23		49,979		528,635
10-Year U.S. Ultra Long Treasury Note		1,382		09/20/23		163,810		2,320,338
Ultra U.S. Treasury Bond		165		09/20/23		22,476		93,737
2-Year U.S. Treasury Note		520		09/29/23		105,763		809,632
3-Month SOFR		109		03/18/25		26,159		133,140


								3,911,354


							$	3,831,727


SCHEDULE OF INVESTMENTS		27

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	739,296		USD	153,000	Bank of America N.A.		07/05/23	$	1,400
BRL	739,296		USD	153,000	Bank of America N.A.		07/05/23		1,400
BRL	1,804,270		USD	374,392	Barclays Bank PLC		07/05/23		2,424
BRL	1,804,270		USD	374,392	Barclays Bank PLC		07/05/23		2,424
BRL	1,126,048		USD	225,000	BNP Paribas SA		07/05/23		10,172
BRL	1,126,048		USD	225,000	BNP Paribas SA		07/05/23		10,172
BRL	1,481,897		USD	305,000	BNP Paribas SA		07/05/23		4,489
BRL	1,483,025		USD	307,000	BNP Paribas SA		07/05/23		2,725
BRL	754,290		USD	153,000	Citibank N.A.		07/05/23		4,531
BRL	754,290		USD	153,000	Citibank N.A.		07/05/23		4,531
BRL	755,590		USD	156,788	Citibank N.A.		07/05/23		1,015
BRL	755,590		USD	156,788	Citibank N.A.		07/05/23		1,015
BRL	1,535,535		USD	305,000	Citibank N.A.		07/05/23		15,691
BRL	749,037		USD	155,000	Goldman Sachs International		07/05/23		1,434
BRL	749,037		USD	155,000	Goldman Sachs International		07/05/23		1,434
BRL	1,555,335		USD	322,737	Goldman Sachs International		07/05/23		2,089
BRL	1,495,247		USD	310,269	JPMorgan Chase Bank N.A.		07/05/23		2,009
BRL	1,524,085		USD	316,253	Morgan Stanley & Co. International PLC		07/05/23		2,048
BRL	744,000		USD	154,382	Toronto-Dominion Bank		07/05/23		1,000
BRL	744,000		USD	154,382	Toronto-Dominion Bank		07/05/23		1,000
COP	7,705,088,339		USD	1,839,801	Bank of America N.A.		07/05/23		7,151
COP	3,973,515,047		USD	948,043	JPMorgan Chase Bank N.A.		07/05/23		4,430
COP	3,731,573,292		USD	890,318	State Street Bank and Trust Co.		07/05/23		4,161
USD	378,000		BRL	1,804,270	Barclays Bank PLC		07/05/23		1,184
USD	378,000		BRL	1,804,270	Barclays Bank PLC		07/05/23		1,184
USD	207,000		TWD	6,310,706	Citibank N.A.		07/13/23		4,463
USD	207,000		TWD	6,310,706	Citibank N.A.		07/13/23		4,463
USD	230,000		TWD	7,011,550	Citibank N.A.		07/13/23		4,970
USD	230,000		TWD	7,011,550	Citibank N.A.		07/13/23		4,970
AUD	233,000		USD	154,274	JPMorgan Chase Bank N.A.		07/18/23		995
AUD	233,000		USD	154,274	JPMorgan Chase Bank N.A.		07/18/23		995
CLP	123,800,600		USD	154,000	Deutsche Bank AG		07/18/23		164
CLP	123,800,600		USD	154,000	Deutsche Bank AG		07/18/23		164
CZK	7,912,567		USD	358,000	Goldman Sachs International		07/18/23		5,011
CZK	9,724,943		USD	440,000	Goldman Sachs International		07/18/23		6,158
EUR	142,000		NOK	1,632,845	Deutsche Bank AG		07/18/23		2,854
EUR	142,000		NOK	1,632,845	Deutsche Bank AG		07/18/23		2,854
EUR	33,000		USD	35,604	Standard Chartered Bank		07/18/23		428
EUR	33,000		USD	35,604	Standard Chartered Bank		07/18/23		428
GBP	95,000		USD	119,451	BNP Paribas SA		07/18/23		1,209
GBP	95,000		USD	119,440	Deutsche Bank AG		07/18/23		1,220
GBP	182,000		USD	229,474	JPMorgan Chase Bank N.A.		07/18/23		1,686
GBP	182,000		USD	229,474	JPMorgan Chase Bank N.A.		07/18/23		1,686
HUF	106,013,240		USD	307,000	JPMorgan Chase Bank N.A.		07/18/23		2,425
HUF	106,013,240		USD	307,000	JPMorgan Chase Bank N.A.		07/18/23		2,425
INR	18,918,949		USD	229,000	Citibank N.A.		07/18/23		1,372
INR	18,918,949		USD	229,000	Citibank N.A.		07/18/23		1,372
MXN	3,826,485		GBP	175,000	Goldman Sachs International		07/18/23		722
MXN	3,826,485		GBP	175,000	Goldman Sachs International		07/18/23		722
NOK	832,781		USD	77,000	Barclays Bank PLC		07/18/23		621
PLN	632,704		USD	153,000	Goldman Sachs International		07/18/23		2,508
PLN	632,704		USD	153,000	Goldman Sachs International		07/18/23		2,508
USD	46,306		AUD	68,000	Bank of America N.A.		07/18/23		991
USD	115,764		AUD	170,000	Bank of America N.A.		07/18/23		2,478
USD	88,719		AUD	131,000	Royal Bank of Canada		07/18/23		1,421
USD	314,000		CLP	250,085,300	Morgan Stanley & Co. International PLC		07/18/23		2,580
USD	314,000		CLP	250,085,300	Morgan Stanley & Co. International PLC		07/18/23		2,580
USD	744,000		CLP	592,558,800	Morgan Stanley & Co. International PLC		07/18/23		6,112
USD	77,878		GBP	61,000	HSBC Bank PLC		07/18/23		401
USD	155,510		GBP	122,000	Morgan Stanley & Co. International PLC		07/18/23		556
USD	155,510		GBP	122,000	Morgan Stanley & Co. International PLC		07/18/23		556
USD	154,000		HUF	52,501,598	JPMorgan Chase Bank N.A.		07/18/23		761


28		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	229,000		INR	18,797,465	Citibank N.A.		07/18/23	$	108
USD	229,000		INR	18,797,465	Citibank N.A.		07/18/23		108
USD	32,000		JPY	4,429,638	Barclays Bank PLC		07/18/23		1,242
USD	232,000		JPY	32,114,878	Barclays Bank PLC		07/18/23		9,003
USD	153,000		KRW	195,058,170	Deutsche Bank AG		07/18/23		4,890
USD	153,000		KRW	195,058,170	Deutsche Bank AG		07/18/23		4,890
USD	153,000		SEK	1,638,383	Deutsche Bank AG		07/18/23		1,004
USD	153,000		SEK	1,638,383	Deutsche Bank AG		07/18/23		1,004
USD	136,250		THB	4,773,042	Citibank N.A.		07/18/23		1,458
USD	136,250		THB	4,773,042	Citibank N.A.		07/18/23		1,458
USD	115,000		ZAR	2,111,848	Citibank N.A.		07/18/23		2,936
USD	115,000		ZAR	2,111,848	Citibank N.A.		07/18/23		2,936
USD	77,000		ZAR	1,407,588	JPMorgan Chase Bank N.A.		07/18/23		2,307
USD	155,000		ZAR	2,873,250	UBS AG		07/18/23		2,533
USD	155,000		ZAR	2,873,250	UBS AG		07/18/23		2,533
USD	200,394		EUR	181,051	Standard Chartered Bank		08/08/23		2,502
USD	999,195		ZAR	18,511,179	Morgan Stanley & Co. International PLC		08/08/23		18,977
MXN	11,952,215		USD	657,438	JPMorgan Chase Bank N.A.		08/31/23		33,324
BRL	2,950,000		USD	601,672	Citibank N.A.		09/14/23		6,621
BRL	3,671,059		USD	734,756	Citibank N.A.		09/14/23		22,222
CZK	5,190,981		USD	235,006	Barclays Bank PLC		09/14/23		2,565
HUF	579,407,326		USD	1,643,289	JPMorgan Chase Bank N.A.		09/14/23		24,309
INR	244,845,000		USD	2,955,405	Citibank N.A.		09/14/23		20,601
NOK	7,147,760		USD	650,052	Deutsche Bank AG		09/14/23		17,533
PLN	3,825,000		USD	917,816	Bank of America N.A.		09/14/23		19,655
USD	149,389		CZK	3,229,288	State Street Bank and Trust Co.		09/14/23		1,597
USD	418,688		IDR	6,229,574,379	Citibank N.A.		09/14/23		4,987
USD	711,540		IDR	10,674,528,852	Citibank N.A.		09/14/23		2,654
USD	2,669,571		INR	219,598,884	Barclays Bank PLC		09/14/23		422
USD	307,101		INR	25,246,116	BNP Paribas SA		09/14/23		243
USD	618,146		THB	21,662,938	Barclays Bank PLC		09/14/23		2,897
USD	942,381		ZAR	17,619,228	Citibank N.A.		09/14/23		12,899
USD	431,196		ZAR	8,150,719	Goldman Sachs International		09/14/23		1,214
AUD	1,900,000		JPY	178,725,210	UBS AG		09/20/23		14,955
BRL	5,660,011		USD	1,150,224	Citibank N.A.		09/20/23		15,671
CAD	450,917		USD	340,000	Natwest Markets PLC		09/20/23		787
CAD	1,273,519		USD	960,233	Natwest Markets PLC		09/20/23		2,248
CAD	22,387,708		USD	16,880,000	Natwest Markets PLC		09/20/23		39,841
CHF	533,608		USD	600,000	Royal Bank of Canada		09/20/23		994
CNH	11,069		AUD	2,278	UBS AG		09/20/23		11
CNH	27,616		JPY	534,673	Natwest Markets PLC		09/20/23		72
CZK	8,762,725		USD	398,209	Morgan Stanley & Co. International PLC		09/20/23		2,737
CZK	11,663,862		USD	530,000	Toronto-Dominion Bank		09/20/23		3,690
DKK	2,729,340		USD	400,000	HSBC Bank PLC		09/20/23		1,879
DKK	7,311,780		USD	1,071,025	HSBC Bank PLC		09/20/23		5,589
EUR	1,843,672		AUD	2,935,074	Royal Bank of Canada		09/20/23		60,090
EUR	870,000		GBP	748,342	Bank of America N.A.		09/20/23		2,378
EUR	1,490,000		GBP	1,279,232	UBS AG		09/20/23		7,136
EUR	20,593,481		USD	22,455,198	Commonwealth Bank of Australia		09/20/23		102,340
EUR	290,000		USD	316,563	Deutsche Bank AG		09/20/23		1,095
EUR	590,000		USD	642,562	HSBC Bank PLC		09/20/23		3,708
EUR	3,545,000		USD	3,846,908	Toronto-Dominion Bank		09/20/23		36,188
GBP	508,872		EUR	590,000	Deutsche Bank AG		09/20/23		135
INR	15,600,000		USD	188,126	Barclays Bank PLC		09/20/23		1,459
MXN	102,550,000		USD	5,838,860	State Street Bank and Trust Co.		09/20/23		65,754
MXN	302,596,630		USD	17,355,192	Toronto-Dominion Bank		09/20/23		67,686
NOK	300,000		EUR	25,432	Goldman Sachs International		09/20/23		167
NOK	140,000		USD	12,943	Bank of America N.A.		09/20/23		136
NOK	300,000		USD	27,949	Deutsche Bank AG		09/20/23		76
NOK	400,000		USD	37,221	Goldman Sachs International		09/20/23		145
NOK	140,000		USD	12,943	Morgan Stanley & Co. International PLC		09/20/23		135
NOK	140,000		USD	12,882	Morgan Stanley & Co. International PLC		09/20/23		196


SCHEDULE OF INVESTMENTS		29

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
NOK	170,000		USD	15,876	Morgan Stanley & Co. International PLC		09/20/23	$	4
NOK	170,000		USD	15,863	Toronto-Dominion Bank		09/20/23		18
NZD	154,603		AUD	140,000	Deutsche Bank AG		09/20/23		1,387
PLN	119,963		USD	29,123	Morgan Stanley & Co. International PLC		09/20/23		271
PLN	7,294,849		USD	1,770,000	Nomura International PLC		09/20/23		17,395
SEK	170,000		USD	15,677	Bank of America N.A.		09/20/23		143
SEK	150,000		USD	13,949	Barclays Bank PLC		09/20/23		9
SEK	170,000		USD	15,704	Barclays Bank PLC		09/20/23		116
SEK	150,000		USD	13,940	Deutsche Bank AG		09/20/23		19
SEK	150,000		USD	13,934	Deutsche Bank AG		09/20/23		24
SEK	140,000		USD	13,001	Morgan Stanley & Co. International PLC		09/20/23		27
SEK	170,000		USD	15,710	Societe Generale		09/20/23		110
USD	130,462		AUD	190,000	Bank of America N.A.		09/20/23		3,620
USD	2,790,000		AUD	4,073,308	Royal Bank of Canada		09/20/23		70,712
USD	1,546,826		BRL	7,497,466	Goldman Sachs International		09/20/23		2,438
USD	22,334,114		CNH	158,492,965	Barclays Bank PLC		09/20/23		397,241
USD	746,168		CNY	5,322,399	State Street Bank and Trust Co.		09/20/23		7,691
USD	5,845,749		EUR	5,295,000	Barclays Bank PLC		09/20/23		45,750
USD	636,359		EUR	580,000	Deutsche Bank AG		09/20/23		1,042
USD	131,766		EUR	120,000	HSBC Bank PLC		09/20/23		321
USD	635,381		EUR	580,000	HSBC Bank PLC		09/20/23		65
USD	1,031,110		EUR	940,000	JPMorgan Chase Bank N.A.		09/20/23		1,460
USD	25,558		GBP	20,000	Bank of America N.A.		09/20/23		153
USD	128,396		GBP	100,000	JPMorgan Chase Bank N.A.		09/20/23		1,369
USD	38,326		GBP	30,000	Morgan Stanley & Co. International PLC		09/20/23		218
USD	5,468,556		GBP	4,304,140	Natwest Markets PLC		09/20/23		1,137
USD	57,604		HKD	450,000	Royal Bank of Canada		09/20/23		76
USD	1,417,740		IDR	21,152,329,000	Citibank N.A.		09/20/23		13,142
USD	761,000		IDR	11,332,827,220	UBS AG		09/20/23		8,456
USD	78,000		INR	6,415,753	State Street Bank and Trust Co.		09/20/23		30
USD	2,594,038		JPY	361,809,119	Bank of Montreal		09/20/23		56,548
USD	18,844,983		JPY	2,588,228,427	Barclays Bank PLC		09/20/23		692,855
USD	488,101		NOK	5,118,505	Citibank N.A.		09/20/23		9,957
USD	14,223		NOK	150,000	Morgan Stanley & Co. International PLC		09/20/23		210
USD	39,673		NOK	420,000	Morgan Stanley & Co. International PLC		09/20/23		438
USD	14,950		NOK	160,000	Natwest Markets PLC		09/20/23		3
USD	15,823		SEK	170,000	Bank of America N.A.		09/20/23		3
USD	542,839		SEK	5,760,000	Bank of America N.A.		09/20/23		6,823
USD	15,155		SEK	160,000	Barclays Bank PLC		09/20/23		266
USD	16,061		SEK	170,000	BNP Paribas SA		09/20/23		241
USD	14,030		SEK	150,000	Citibank N.A.		09/20/23		71
USD	16,116		SEK	170,000	Deutsche Bank AG		09/20/23		296
USD	11,218		SEK	120,000	Goldman Sachs International		09/20/23		51
USD	15,402		SEK	165,000	Goldman Sachs International		09/20/23		48
USD	28,225		SEK	300,000	JPMorgan Chase Bank N.A.		09/20/23		307
USD	11,180		SEK	120,000	Morgan Stanley & Co. International PLC		09/20/23		13
USD	11,201		SEK	120,000	Morgan Stanley & Co. International PLC		09/20/23		34
USD	14,119		SEK	150,000	Morgan Stanley & Co. International PLC		09/20/23		161
USD	32,153		SEK	341,550	Toronto-Dominion Bank		09/20/23		369
USD	124,392		SEK	1,321,361	Toronto-Dominion Bank		09/20/23		1,429
USD	2,781		TRY	70,221	Citibank N.A.		09/20/23		175
USD	193,894		TWD	5,900,000	Barclays Bank PLC		09/20/23		4,043
USD	13,014,000		ZAR	240,102,613	Citibank N.A.		09/20/23		355,425
USD	4,317,954		ZAR	79,675,694	Morgan Stanley & Co. International PLC		09/20/23		117,330
USD	1,913,024		ZAR	35,835,000	State Street Bank and Trust Co.		09/20/23		23,748
USD	94,685		EUR	86,198	Bank of America N.A.		09/22/23		257
USD	111,459		EUR	101,469	Bank of America N.A.		09/22/23		302
USD	45,972		EUR	41,870	Deutsche Bank AG		09/22/23		104
USD	119,111		EUR	108,430	Deutsche Bank AG		09/22/23		328
USD	1,209,879		IDR	18,117,938,091	Citibank N.A.		09/26/23		6,871


									2,693,022


30		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	153,406		BRL	739,296	Bank of America N.A.		07/05/23	$	(993	)
USD	153,406		BRL	739,296	Bank of America N.A.		07/05/23		(993	)
USD	233,659		BRL	1,126,048	BNP Paribas SA		07/05/23		(1,513	)
USD	233,659		BRL	1,126,048	BNP Paribas SA		07/05/23		(1,513	)
USD	307,499		BRL	1,481,897	BNP Paribas SA		07/05/23		(1,991	)
USD	307,733		BRL	1,483,025	BNP Paribas SA		07/05/23		(1,992	)
USD	153,000		BRL	755,590	Citibank N.A.		07/05/23		(4,803	)
USD	153,000		BRL	755,590	Citibank N.A.		07/05/23		(4,803	)
USD	156,518		BRL	754,290	Citibank N.A.		07/05/23		(1,013	)
USD	156,518		BRL	754,290	Citibank N.A.		07/05/23		(1,013	)
USD	318,629		BRL	1,535,535	Citibank N.A.		07/05/23		(2,063	)
USD	155,428		BRL	749,037	Goldman Sachs International		07/05/23		(1,006	)
USD	155,428		BRL	749,037	Goldman Sachs International		07/05/23		(1,006	)
USD	305,000		BRL	1,555,335	Goldman Sachs International		07/05/23		(19,827	)
USD	307,000		BRL	1,495,247	JPMorgan Chase Bank N.A.		07/05/23		(5,277	)
USD	305,000		BRL	1,524,085	Morgan Stanley & Co. International PLC		07/05/23		(13,300	)
USD	155,000		BRL	744,000	Toronto-Dominion Bank		07/05/23		(382	)
USD	155,000		BRL	744,000	Toronto-Dominion Bank		07/05/23		(382	)
USD	1,838,362		COP	7,705,088,339	Bank of America N.A.		07/05/23		(8,591	)
USD	860,143		COP	3,973,515,047	JPMorgan Chase Bank N.A.		07/05/23		(92,331	)
USD	797,839		COP	3,731,573,292	State Street Bank and Trust Co.		07/05/23		(96,640	)
TWD	6,703,580		USD	218,500	Standard Chartered Bank		07/13/23		(3,354	)
TWD	6,703,580		USD	218,500	Standard Chartered Bank		07/13/23		(3,354	)
AUD	1,095,000		CAD	987,882	BNP Paribas SA		07/18/23		(16,153	)
AUD	73,000		USD	49,418	BNP Paribas SA		07/18/23		(771	)
AUD	344,000		USD	230,318	JPMorgan Chase Bank N.A.		07/18/23		(1,079	)
AUD	344,000		USD	230,318	JPMorgan Chase Bank N.A.		07/18/23		(1,079	)
CAD	284,649		EUR	198,000	Deutsche Bank AG		07/18/23		(1,283	)
CAD	284,649		EUR	198,000	Deutsche Bank AG		07/18/23		(1,283	)
CNH	1,102,484		USD	155,000	HSBC Bank PLC		07/18/23		(3,196	)
COP	642,389,000		GBP	121,000	Morgan Stanley & Co. International PLC		07/18/23		(287	)
COP	642,389,000		GBP	121,000	Morgan Stanley & Co. International PLC		07/18/23		(287	)
EUR	12,000		PLN	53,429	HSBC Bank PLC		07/18/23		(29	)
EUR	12,000		PLN	53,429	HSBC Bank PLC		07/18/23		(29	)
EUR	285,000		USD	312,719	Citibank N.A.		07/18/23		(1,532	)
EUR	285,000		USD	312,719	Citibank N.A.		07/18/23		(1,532	)
EUR	283,000		USD	310,201	Deutsche Bank AG		07/18/23		(1,197	)
EUR	283,000		USD	310,201	Deutsche Bank AG		07/18/23		(1,197	)
HUF	78,170,100		USD	230,000	Bank of America N.A.		07/18/23		(1,842	)
HUF	78,170,100		USD	230,000	Bank of America N.A.		07/18/23		(1,842	)
IDR	1,723,965,000		USD	115,000	Citibank N.A.		07/18/23		(405	)
IDR	1,723,965,000		USD	115,000	Citibank N.A.		07/18/23		(405	)
IDR	4,551,291,000		USD	306,000	Citibank N.A.		07/18/23		(3,468	)
IDR	4,551,291,000		USD	306,000	Citibank N.A.		07/18/23		(3,468	)
JPY	32,898,201		EUR	220,000	Bank of America N.A.		07/18/23		(11,779	)
KRW	198,655,200		USD	153,000	Citibank N.A.		07/18/23		(2,159	)
KRW	198,655,200		USD	153,000	Citibank N.A.		07/18/23		(2,159	)
KRW	198,448,650		USD	153,000	JPMorgan Chase Bank N.A.		07/18/23		(2,315	)
KRW	198,448,650		USD	153,000	JPMorgan Chase Bank N.A.		07/18/23		(2,315	)
MYR	699,504		USD	152,000	Barclays Bank PLC		07/18/23		(1,247	)
MYR	699,504		USD	152,000	Barclays Bank PLC		07/18/23		(1,247	)
NOK	1,652,829		EUR	142,000	HSBC Bank PLC		07/18/23		(992	)
NOK	1,652,829		EUR	142,000	HSBC Bank PLC		07/18/23		(992	)
NOK	1,631,880		EUR	142,000	UBS AG		07/18/23		(2,944	)
NOK	1,631,880		EUR	142,000	UBS AG		07/18/23		(2,944	)
THB	9,402,612		USD	272,500	Citibank N.A.		07/18/23		(6,968	)
THB	9,402,612		USD	272,500	Citibank N.A.		07/18/23		(6,968	)
USD	299,227		AUD	452,000	UBS AG		07/18/23		(1,983	)
USD	299,227		AUD	452,000	UBS AG		07/18/23		(1,983	)
USD	46,000		CAD	61,299	Goldman Sachs International		07/18/23		(281	)
USD	302,000		CAD	402,610	The Bank of New York Mellon		07/18/23		(1,972	)
USD	39,000		COP	165,101,430	BNP Paribas SA		07/18/23		(425	)


SCHEDULE OF INVESTMENTS		31

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	39,000		COP	165,101,430	BNP Paribas SA		07/18/23	$	(425	)
USD	153,000		COP	646,195,500	Citibank N.A.		07/18/23		(1,305	)
USD	153,000		COP	646,195,500	Citibank N.A.		07/18/23		(1,305	)
USD	230,399		EUR	213,000	Goldman Sachs International		07/18/23		(2,172	)
USD	230,399		EUR	213,000	Goldman Sachs International		07/18/23		(2,172	)
USD	154,000		HUF	53,795,449	JPMorgan Chase Bank N.A.		07/18/23		(3,015	)
USD	154,000		HUF	53,795,449	JPMorgan Chase Bank N.A.		07/18/23		(3,015	)
USD	100,000		MXN	1,738,400	State Street Bank and Trust Co.		07/18/23		(1,307	)
USD	100,000		MXN	1,738,400	State Street Bank and Trust Co.		07/18/23		(1,307	)
ZAR	2,730,408		EUR	136,000	Morgan Stanley & Co. International PLC		07/18/23		(3,609	)
ZAR	2,730,816		EUR	136,000	Morgan Stanley & Co. International PLC		07/18/23		(3,588	)
ZAR	2,810,885		USD	154,000	Bank of America N.A.		07/18/23		(4,843	)
ZAR	2,810,885		USD	154,000	Bank of America N.A.		07/18/23		(4,843	)
ZAR	1,446,500		USD	77,000	Deutsche Bank AG		07/18/23		(243	)
ZAR	1,282,870		USD	69,000	Morgan Stanley & Co. International PLC		07/18/23		(925	)
ZAR	1,673,309		USD	90,000	Morgan Stanley & Co. International PLC		07/18/23		(1,207	)
BRL	1,813,587		USD	378,000	Barclays Bank PLC		08/02/23		(1,101	)
BRL	1,813,587		USD	378,000	Barclays Bank PLC		08/02/23		(1,101	)
USD	154,000		BRL	754,138	Citibank N.A.		08/02/23		(2,725	)
USD	154,000		BRL	754,138	Citibank N.A.		08/02/23		(2,725	)
USD	5,433,150		EUR	5,000,000	State Street Bank and Trust Co.		08/08/23		(31,948	)
USD	236,767		MXN	4,332,455	Barclays Bank PLC		08/31/23		(13,621	)
USD	3,106,394		MXN	56,842,041	Barclays Bank PLC		08/31/23		(178,714	)
USD	1,762,286		MXN	31,657,711	JPMorgan Chase Bank N.A.		08/31/23		(67,328	)
USD	2,126,515		MXN	39,826,436	JPMorgan Chase Bank N.A.		08/31/23		(175,199	)
USD	446,880		MXN	8,330,926	Morgan Stanley & Co. International PLC		08/31/23		(34,595	)
USD	1,038,307		MXN	19,945,349	Morgan Stanley & Co. International PLC		08/31/23		(114,407	)
USD	2,376,772		MXN	45,000,000	Morgan Stanley & Co. International PLC		08/31/23		(223,942	)
USD	844,760		MXN	15,669,397	State Street Bank and Trust Co.		08/31/23		(60,831	)
USD	55,422		MXN	1,000,000	UBS AG		08/31/23		(2,371	)
USD	728,255		CZK	16,066,183	Barclays Bank PLC		09/06/23		(7,258	)
CNH	4,350,000		USD	615,729	Citibank N.A.		09/14/23		(13,950	)
CNH	9,430,000		USD	1,309,029	JPMorgan Chase Bank N.A.		09/14/23		(4,484	)
COP	7,886,657,764		USD	1,865,340	State Street Bank and Trust Co.		09/14/23		(11,009	)
IDR	19,587,410,000		USD	1,306,681	Barclays Bank PLC		09/14/23		(5,898	)
KRW	799,535,000		USD	612,969	Citibank N.A.		09/14/23		(3,915	)
SGD	914,789		USD	681,310	JPMorgan Chase Bank N.A.		09/14/23		(3,101	)
THB	31,765,000		USD	925,365	Citibank N.A.		09/14/23		(23,206	)
THB	67,627,890		USD	1,957,959	HSBC Bank PLC		09/14/23		(37,257	)
USD	295,176		BRL	1,443,485	Citibank N.A.		09/14/23		(2,473	)
USD	1,980,109		COP	8,474,867,481	Citibank N.A.		09/14/23		(12,523	)
USD	967,055		CZK	21,159,111	BNP Paribas SA		09/14/23		(1,317	)
USD	289,152		CZK	6,411,874	Deutsche Bank AG		09/14/23		(4,295	)
USD	94,400		EUR	86,518	Citibank N.A.		09/14/23		(341	)
USD	95,030		EUR	87,095	Citibank N.A.		09/14/23		(343	)
USD	3,826,259		MXN	67,663,188	JPMorgan Chase Bank N.A.		09/14/23		(74,017	)
USD	520,839		MXN	9,120,905	State Street Bank and Trust Co.		09/14/23		(4,913	)
USD	677,644		SGD	914,789	Citibank N.A.		09/14/23		(565	)
USD	2,053,629		ZAR	39,636,145	Goldman Sachs International		09/14/23		(37,330	)
AUD	140,000		NZD	153,914	Deutsche Bank AG		09/20/23		(964	)
AUD	1,110,937		USD	760,598	HSBC Bank PLC		09/20/23		(18,951	)
AUD	23,402,433		USD	16,022,368	HSBC Bank PLC		09/20/23		(399,206	)
AUD	190,000		USD	130,873	Morgan Stanley & Co. International PLC		09/20/23		(4,032	)
CNH	2,030,064		USD	286,067	Barclays Bank PLC		09/20/23		(5,088	)
CNH	21,095,738		USD	2,972,692	HSBC Bank PLC		09/20/23		(52,849	)
CNH	21,151,907		USD	2,980,607	HSBC Bank PLC		09/20/23		(52,990	)
CNH	29,805,342		USD	4,200,000	HSBC Bank PLC		09/20/23		(74,669	)
CNH	89,126,140		USD	12,559,151	HSBC Bank PLC		09/20/23		(223,280	)
EUR	120,000		USD	132,099	JPMorgan Chase Bank N.A.		09/20/23		(655	)
EUR	470,000		USD	516,763	JPMorgan Chase Bank N.A.		09/20/23		(1,937	)
EUR	940,000		USD	1,031,669	JPMorgan Chase Bank N.A.		09/20/23		(2,018	)
GBP	241,241		EUR	280,000	HSBC Bank PLC		09/20/23		(263	)


32		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
GBP	507,874		EUR	590,000	HSBC Bank PLC		09/20/23	$	(1,132	)
GBP	774,126		EUR	900,000	HSBC Bank PLC		09/20/23		(2,487	)
GBP	5,427,455		EUR	6,322,998	Toronto-Dominion Bank		09/20/23		(31,707	)
GBP	100,000		USD	128,297	Deutsche Bank AG		09/20/23		(1,270	)
GBP	2,568,149		USD	3,262,921	Natwest Markets PLC		09/20/23		(678	)
IDR	3,810,000,000		USD	255,225	Bank of America N.A.		09/20/23		(2,226	)
IDR	26,928,247,495		USD	1,806,598	Morgan Stanley & Co. International PLC		09/20/23		(18,457	)
INR	125,105,000		USD	1,520,706	Citibank N.A.		09/20/23		(320	)
JPY	271,706,247		AUD	2,888,467	UBS AG		09/20/23		(22,735	)
JPY	376,263,600		AUD	4,000,000	UBS AG		09/20/23		(31,483	)
JPY	3,172,171,647		EUR	21,166,501	State Street Bank and Trust Co.		09/20/23		(937,687	)
JPY	9,000,000		USD	65,503	Bank of America N.A.		09/20/23		(2,383	)
JPY	4,000,000		USD	28,871	BNP Paribas SA		09/20/23		(818	)
JPY	5,000,000		USD	35,707	BNP Paribas SA		09/20/23		(640	)
JPY	220,153,404		USD	1,602,011	Royal Bank of Canada		09/20/23		(58,001	)
JPY	4,974,681,106		USD	36,207,488	State Street Bank and Trust Co.		09/20/23		(1,318,354	)
KRW	758,340,600		USD	600,000	Morgan Stanley & Co. International PLC		09/20/23		(22,109	)
KRW	2,045,905,000		USD	1,617,521	Morgan Stanley & Co. International PLC		09/20/23		(58,445	)
MYR	2,523,675		USD	550,000	State Street Bank and Trust Co.		09/20/23		(4,220	)
NOK	14,678,187		CAD	1,854,366	Toronto-Dominion Bank		09/20/23		(30,306	)
NOK	400,000		EUR	34,139	Goldman Sachs International		09/20/23		(29	)
NOK	170,000		USD	16,214	Citibank N.A.		09/20/23		(333	)
NOK	170,000		USD	16,204	Goldman Sachs International		09/20/23		(323	)
NOK	160,000		USD	15,281	HSBC Bank PLC		09/20/23		(335	)
NOK	5,770,000		USD	548,825	HSBC Bank PLC		09/20/23		(9,822	)
NOK	350,000		USD	33,120	JPMorgan Chase Bank N.A.		09/20/23		(425	)
NOK	180,000		USD	17,011	Morgan Stanley & Co. International PLC		09/20/23		(196	)
NOK	5,423,277		USD	517,015	State Street Bank and Trust Co.		09/20/23		(10,401	)
NOK	19,932,384		USD	1,900,000	State Street Bank and Trust Co.		09/20/23		(38,022	)
NOK	165,000		USD	15,463	Toronto-Dominion Bank		09/20/23		(49	)
NZD	283,189		USD	176,197	Toronto-Dominion Bank		09/20/23		(2,460	)
SEK	150,000		USD	14,049	Barclays Bank PLC		09/20/23		(91	)
SEK	150,000		USD	14,057	Citibank N.A.		09/20/23		(99	)
SEK	380,000		USD	35,715	Morgan Stanley & Co. International PLC		09/20/23		(352	)
SEK	380,000		USD	35,434	Morgan Stanley & Co. International PLC		09/20/23		(71	)
SEK	38,736,368		USD	3,646,000	State Street Bank and Trust Co.		09/20/23		(41,259	)
SGD	2,400,396		USD	1,800,000	Goldman Sachs International		09/20/23		(19,951	)
TRY	556,094		USD	22,000	BNP Paribas SA		09/20/23		(1,360	)
USD	1,273,815		BRL	6,268,176	Citibank N.A.		09/20/23		(17,355	)
USD	2,373,929		BRL	11,685,000	Citibank N.A.		09/20/23		(33,042	)
USD	233,649		CAD	309,879	Natwest Markets PLC		09/20/23		(547	)
USD	7,116		CHF	6,328	Toronto-Dominion Bank		09/20/23		(11	)
USD	515,766		CZK	11,349,606	Morgan Stanley & Co. International PLC		09/20/23		(3,544	)
USD	814		DKK	5,552	State Street Bank and Trust Co.		09/20/23		(4	)
USD	9,055,209		EUR	8,304,459	Commonwealth Bank of Australia		09/20/23		(41,269	)
USD	644,159		EUR	590,000	HSBC Bank PLC		09/20/23		(2,111	)
USD	963,727		EUR	880,000	HSBC Bank PLC		09/20/23		(201	)
USD	4,650,000		EUR	4,261,830	HSBC Bank PLC		09/20/23		(18,292	)
USD	59,972,550		EUR	55,000,000	Morgan Stanley & Co. International PLC		09/20/23		(272,949	)
USD	514,030		EUR	470,000	Societe Generale		09/20/23		(795	)
USD	62,912		GBP	50,000	JPMorgan Chase Bank N.A.		09/20/23		(602	)
USD	3,867,065		MXN	67,377,807	Citibank N.A.		09/20/23		(12,408	)
USD	13,879,421		MXN	242,041,391	Goldman Sachs International		09/20/23		(56,814	)
USD	426,000		MXN	7,426,679	Morgan Stanley & Co. International PLC		09/20/23		(1,613	)
USD	5,425,656		MXN	94,599,088	Toronto-Dominion Bank		09/20/23		(21,160	)
USD	15,812		NOK	170,000	Barclays Bank PLC		09/20/23		(68	)
USD	15,815		NOK	170,000	Barclays Bank PLC		09/20/23		(65	)
USD	16,793		NOK	180,000	Barclays Bank PLC		09/20/23		(21	)
USD	16,754		NOK	180,000	Goldman Sachs International		09/20/23		(60	)
USD	15,842		NOK	170,000	HSBC Bank PLC		09/20/23		(38	)
USD	15,817		NOK	170,000	JPMorgan Chase Bank N.A.		09/20/23		(63	)
USD	39,209		NOK	420,000	JPMorgan Chase Bank N.A.		09/20/23		(25	)


SCHEDULE OF INVESTMENTS		33

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

Forward Foreign Currency Exchange Contracts (continued)



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	15,854		NOK	170,000	Morgan Stanley & Co. International PLC		09/20/23	$	(26	)
USD	303,296		PLN	1,249,338	Morgan Stanley & Co. International PLC		09/20/23		(2,819	)
ZAR	42,910,442		USD	2,320,000	Barclays Bank PLC		09/20/23		(57,696	)
ZAR	208,253,783		USD	11,286,129	Morgan Stanley & Co. International PLC		09/20/23		(306,673	)
COP	660,587,187		USD	153,194	State Street Bank and Trust Co.		12/20/23		(960	)
USD	1,770,979		COP	7,705,088,339	Bank of America N.A.		12/20/23		(4,671	)


									(5,920,101	)


								$	(3,227,079	)

Interest Rate Caps/Floors — Purchased



Description	Exercise Rate			Counterparty	Expiration Date		Notional Amount (000)		Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)

5Y-30Y CMS Index Cap		0.07	%	Goldman Sachs International		09/27/23		USD 125,226	$	18,432	$	219,145	$	(200,713	)

Exchange-Traded Options Purchased



Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value

Call
InvesCo QQQ Trust, Series 1		166		07/07/23		USD	372.00		USD	6,132	$	30,876
SPDR S&P 500 ETF Trust		129		07/07/23		USD	448.00		USD	5,718		7,289
SPDR S&P 500 ETF Trust		64		07/07/23		USD	438.00		USD	2,837		38,240
SPDR S&P 500 ETF Trust		129		07/14/23		USD	442.00		USD	5,718		57,211
2-Year U.S. Treasury Note Future		41		07/21/23		USD	102.25		USD	8,339		5,765
Constellation Brands, Inc., Class A		10		07/21/23		USD	260.00		USD	246		325
Kroger Co.		35		07/21/23		USD	50.00		USD	165		193
Lockheed Martin Corp.		2		07/21/23		USD	460.00		USD	92		1,750
SPDR S&P Regional Banking ETF		369		07/21/23		USD	45.00		USD	1,507		8,302
Uber Technologies, Inc.		55		07/21/23		USD	42.50		USD	237		9,157
Vinci SA		21		07/21/23		EUR	114.00		EUR	223		4,640
Walt Disney Co.		21		07/21/23		USD	95.00		USD	187		767
Waste Management, Inc.		18		07/21/23		USD	175.00		USD	312		2,655
Advanced Micro Devices, Inc.		48		08/18/23		USD	140.00		USD	547		6,984
First Solar, Inc.		7		08/18/23		USD	210.00		USD	133		3,885
L3Harris Technologies, Inc.		4		08/18/23		USD	180.00		USD	78		7,400
McCormick & Co., Inc.		43		08/18/23		USD	95.00		USD	375		1,075
Uber Technologies, Inc.		36		08/18/23		USD	42.50		USD	155		11,070
Valero Energy Corp.		10		08/18/23		USD	120.00		USD	117		4,175
Barclays PLC		65		09/15/23		GBP	1.60		GBP	100		3,715
Delta Air Lines, Inc.		65		09/15/23		USD	50.00		USD	309		11,245
Eli Lilly & Co.		3		09/15/23		USD	480.00		USD	141		4,830
Ford Motor Co.		86		09/15/23		USD	16.00		USD	130		4,386
General Motors Co.		26		09/15/23		USD	40.00		USD	100		4,238
United Rentals, Inc.		5		09/15/23		USD	460.00		USD	223		10,850


												241,023

Put
SPDR S&P 500 ETF Trust		64		07/07/23		USD	438.00		USD	2,837		4,192
SPDR S&P 500 ETF Trust		47		07/14/23		USD	434.00		USD	2,083		4,465
2-Year U.S. Treasury Note Future		41		07/21/23		USD	101.25		USD	8,339		7,688
InvesCo QQQ Trust, Series 1		47		07/21/23		USD	350.00		USD	1,736		4,230
SPDR S&P 500 ETF Trust		68		08/18/23		USD	425.00		USD	3,014		16,796
SPDR S&P 500 ETF Trust		71		09/15/23		USD	430.00		USD	3,147		35,606


												72,977


											$	314,000


34		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Number of

Contracts

Expiration
Date

Exercise Price

Barrier

Price/Range

Notional

Amount (000)

Value

Put

USD Currency

One Touch

Bank of America N.A.

—

09/12/23

USD

1.02

USD

1.02

EUR

1,094

USD Currency

One Touch

HSBC Bank USA N.A.

—

11/16/23

USD

1.05

USD

1.05

EUR

7,583

8,677

OTC Options Purchased



Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value

Call
EUR Currency	JPMorgan Chase Bank N.A.		—		07/11/23		USD	1.10		EUR	560	$	1,036
TOPIX Banks Index	BNP Paribas SA		202,200		07/14/23		JPY	218.87		JPY	44,567		7,950
TOPIX Banks Index	Goldman Sachs International		336,865		07/14/23		JPY	226.71		JPY	74,248		5,553
TOPIX Banks Index	JPMorgan Chase Bank N.A.		134,935		07/14/23		JPY	227.60		JPY	29,741		1,989
USD Currency	Goldman Sachs International		—		07/17/23		ZAR	19.75		USD	464		812
USD Currency	Goldman Sachs International		—		07/18/23		ZAR	18.60		USD	462		8,978
EUR Currency	Deutsche Bank AG		—		07/19/23		USD	1.12		EUR	2,320		392
USD Currency	Barclays Bank PLC		—		07/20/23		CLP	810.00		USD	310		—
ING Groep NV	Goldman Sachs International		21,070		07/21/23		EUR	12.00		EUR	260		11,112
EUR Currency	BNP Paribas SA		—		07/25/23		USD	1.09		EUR	16,800		148,656
USD Currency	Morgan Stanley & Co. International PLC		—		07/25/23		COP	4,200.00		USD	310		4,809
EUR Currency	JPMorgan Chase Bank N.A.		—		08/07/23		USD	1.12		EUR	9,732		20,676
EUR Currency	Barclays Bank PLC		—		12/20/23		USD	1.13		EUR	590		5,752


													217,715

Put
USD Currency	HSBC Bank USA N.A.		—		07/10/23		MXN	17.70		USD	464		15,326
USD Currency	Morgan Stanley & Co. International PLC		—		07/13/23		MXN	17.00		USD	18,953		46,756
USD Currency	JPMorgan Chase Bank N.A.		—		07/17/23		ZAR	19.00		USD	232		3,869
EUR Currency	JPMorgan Chase Bank N.A.		—		07/20/23		NOK	11.60		EUR	284		1,767
EUR Currency	JPMorgan Chase Bank N.A.		—		07/20/23		USD	1.08		EUR	568		1,406
GBP Currency	Bank of America N.A.		—		07/24/23		USD	1.25		GBP	242		855
USD Currency	Barclays Bank PLC		—		08/04/23		MXN	17.50		USD	612		13,351
USD Currency	Citibank N.A.		—		08/10/23		BRL	4.90		USD	610		16,707
AUD Currency	Citibank N.A.		—		08/18/23		USD	0.66		AUD	686		5,494
USD Currency	JPMorgan Chase Bank N.A.		—		10/18/23		CNH	6.90		USD	810		1,282


													106,813


												$	324,528

OTC Interest Rate Swaptions Purchased

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

10-Year Interest Rate Swap,

1-Day SONIA,

4.93%

Quarterly

3.00%

Semi-Annual

Citibank N.A.

07/10/23

3.00

USD

710

10-Year Interest Rate Swap,

1-Day SOFR, 1.09%

Quarterly

2.85%

Semi-Annual

Goldman Sachs International

08/07/23

2.85

USD

9,709

2,915

10-Year Interest Rate Swap,

1-Day SOFR, 1.09%

Quarterly

2.85%

Semi-Annual

JPMorgan Chase Bank N.A.

08/09/23

2.85

USD

12,264

4,333

10-Year Interest Rate Swap,

1-Day SOFR, 1.09%

Quarterly

2.81%

Semi-Annual

Morgan Stanley & Co. International PLC

09/21/23

2.81

USD

7,459

14,592

10-Year Interest Rate Swap,

1-Day SOFR, 1.09%

Quarterly

2.80%

Semi-Annual

Morgan Stanley & Co. International PLC

09/22/23

2.80

USD

3,178

6,168

2-Year Interest Rate Swap,

1-Day SOFR, 1.09%

Quarterly

2.75%

Semi-Annual

Goldman Sachs International

10/19/23

2.75

USD

14,469

28,253

10-Year Interest Rate Swap,

1-Day SOFR, 1.09%

Quarterly

3.05%

Semi-Annual

Citibank N.A.

10/24/23

3.05

USD

10,739

73,569

10-Year Interest Rate Swap,

1-Day SOFR, 1.09%

Quarterly

2.90%

Semi-Annual

JPMorgan Chase Bank N.A.

10/30/23

2.90

USD

10,739

53,590


SCHEDULE OF INVESTMENTS		35

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

OTC Interest Rate Swaptions Purchased (continued)

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call (continued)

10-Year Interest Rate Swap,

1-Day SOFR, 1.09%

Quarterly

2.82%

Semi-Annual

Goldman Sachs International

11/07/23

2.82

USD

4,401

19,718

30-Year Interest Rate Swap,

1-Day SOFR, 1.09%

Quarterly

2.85%

Semi-Annual

Citibank N.A.

11/14/23

2.85

USD

3,286

58,881

262,021

Put

10-Year Interest Rate Swap,

4.55%

Semi-Annual

1-Day SOFR,
1.09%

Quarterly

Citibank N.A.

10/24/23

4.55

USD

10,739

15,326

10-Year Interest Rate Swap,

4.40%

Semi-Annual

1-Day SOFR,
1.09%

Quarterly

JPMorgan Chase Bank N.A.

10/30/23

4.40

USD

10,739

24,905

10-Year Interest Rate Swap,

4.82%

Semi-Annual

1-Day SOFR,
1.09%

Quarterly

Goldman Sachs International

11/07/23

4.82

USD

4,401

4,062

10-Year Interest Rate Swap,

0.80%

Annual

Tokyo
Overnight
Average Rate,
(0.08%)

Annual

Morgan Stanley & Co. International PLC

12/20/23

0.80

JPY

130,205

10-Year Interest Rate Swap,

0.80%

Annual

Tokyo
Overnight
Average Rate,
(0.08%)

Annual

Morgan Stanley & Co. International PLC

12/20/23

0.80

JPY

80,727

10-Year Interest Rate Swap,

0.80%

Annual

Tokyo
Overnight
Average Rate,
(0.08%)

Annual

Morgan Stanley & Co. International PLC

12/20/23

0.80

JPY

49,478

44,453

306,474

Interest Rate Caps/Floors Sold



Description	Exercise Rate			Counterparty		Expiration Date		Notional Amount (000)			Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
5Y-30Y CMS Index Cap		0.57	%		Goldman Sachs International		09/27/23		USD	125,226	$	(2,569	)	$	(64,321	)	$	61,752
5Y-30Y CMS Index Floor		(0.68	%)		Goldman Sachs International		09/27/23		USD	125,226		(183,590	)		(125,226	)		(58,364	)


											$	(186,159	)	$	(189,547	)	$	3,388

Exchange-Traded Options Written



Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value

Call
2-Year U.S. Treasury Note Future		41		07/21/23		USD	102.00		USD	8,339	$	(10,250	)
SPDR S&P Regional Banking ETF		369		07/21/23		USD	48.00		USD	1,507		(2,214	)
Walt Disney Co.		21		07/21/23		USD	105.00		USD	187		(95	)
Advanced Micro Devices, Inc.		48		08/18/23		USD	170.00		USD	547		(1,392	)
Delta Air Lines, Inc.		65		09/15/23		USD	55.00		USD	309		(3,640	)
SPDR S&P 500 ETF Trust		14		12/15/23		USD	420.00		USD	621		(54,985	)


												(72,576	)

Put
SPDR S&P 500 ETF Trust		47		07/14/23		USD	417.00		USD	2,083		(1,199	)
Eli Lilly & Co.		5		07/21/23		USD	390.00		USD	234		(90	)
InvesCo QQQ Trust, Series 1		47		07/21/23		USD	335.00		USD	1,736		(1,527	)
Lockheed Martin Corp.		2		07/21/23		USD	410.00		USD	92		(70	)
Uber Technologies, Inc.		64		07/21/23		USD	32.50		USD	276		(192	)
Uber Technologies, Inc.		55		07/21/23		USD	37.50		USD	237		(440	)
Vinci SA		21		07/21/23		EUR	100.00		EUR	223		(1,776	)
Waste Management, Inc.		18		07/21/23		USD	160.00		USD	312		(270	)


36		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

Exchange-Traded Options Written (continued)



Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value

Put (continued)
First Solar, Inc.		7		08/18/23		USD	160.00		USD	133	$	(1,869	)
L3Harris Technologies, Inc.		4		08/18/23		USD	160.00		USD	78		(180	)
SPDR S&P 500 ETF Trust		68		08/18/23		USD	405.00		USD	3,014		(7,514	)
Uber Technologies, Inc.		36		08/18/23		USD	35.00		USD	155		(1,206	)
Valero Energy Corp.		10		08/18/23		USD	105.00		USD	117		(1,565	)
2-Year U.S. Treasury Note Future		225		08/25/23		USD	102.00		USD	45,763		(281,250	)
Barclays PLC		65		09/15/23		GBP	1.35		GBP	100		(1,857	)
Eli Lilly & Co.		3		09/15/23		USD	430.00		USD	141		(1,972	)
Ford Motor Co.		86		09/15/23		USD	13.00		USD	130		(1,935	)
General Motors Co.		26		09/15/23		USD	35.00		USD	100		(2,080	)
SPDR S&P 500 ETF Trust		71		09/15/23		USD	400.00		USD	3,147		(13,845	)
United Rentals, Inc.		5		09/15/23		USD	400.00		USD	223		(5,225	)


												(326,062	)


											$	(398,638	)

OTC Options Written



Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value

Call
EUR Currency	Deutsche Bank AG		—		07/19/23		USD	1.15		USD	2,320	$	(10	)
EUR Currency	JPMorgan Chase Bank N.A.		—		07/20/23		NOK	11.95		NOK	284		(1,087	)
ING Groep NV	Goldman Sachs International		21,070		07/21/23		EUR	13.00		EUR	260		(1,547	)
USD Currency	HSBC Bank USA N.A.		—		07/25/23		COP	4,400.00		COP	310		(1,136	)
EUR Currency	JPMorgan Chase Bank N.A.		—		08/07/23		USD	1.14		USD	9,732		(2,241	)


													(6,021	)

Put
USD Currency	Morgan Stanley & Co. International PLC		—		07/13/23		MXN	16.80		MXN	18,953		(10,917	)
TOPIX Banks Index	BNP Paribas SA		202,200		07/14/23		JPY	175.10		JPY	44,567		(3	)
TOPIX Banks Index	Goldman Sachs International		336,865		07/14/23		JPY	181.37		JPY	74,248		(17	)
TOPIX Banks Index	JPMorgan Chase Bank N.A.		134,935		07/14/23		JPY	182.08		JPY	29,741		(8	)
USD Currency	Goldman Sachs International		—		07/17/23		USD	19.00		USD	464		(7,739	)
USD Currency	Goldman Sachs International		—		07/18/23		USD	17.75		USD	462		(152	)
USD Currency	Barclays Bank PLC		—		07/20/23		CLP	790.00		CLP	310		—
ING Groep NV	Goldman Sachs International		21,070		07/21/23		EUR	10.00		EUR	260		(320	)
EUR Currency	BNP Paribas SA		—		07/25/23		USD	1.05		USD	8,400		(2,832	)
USD Currency	Morgan Stanley & Co. International PLC		—		07/25/23		COP	4,100.00		COP	310		(1,780	)
USD Currency	Barclays Bank PLC		—		08/04/23		MXN	17.10		MXN	918		(6,846	)
EUR Currency	JPMorgan Chase Bank N.A.		—		08/07/23		USD	1.08		USD	4,866		(21,254	)
USD Currency	Citibank N.A.		—		08/10/23		BRL	4.75		BRL	762		(7,701	)
AUD Currency	Citibank N.A.		—		08/18/23		USD	0.65		USD	686		(2,457	)
USD Currency	JPMorgan Chase Bank N.A.		—		10/18/23		CNH	6.77		CNH	810		(504	)


													(62,530	)


												$	(68,551	)

OTC Interest Rate Swaptions Written

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

10-Year Interest Rate Swap,

2.55%

Semi-Annual

1-Day SOFR, 1.09%

Quarterly

JPMorgan Chase Bank N.A.

08/09/23

2.55

USD

12,264

(817

)

5-Year Interest Rate Swap,

3.06%

Annual

6-mo. EURIBOR, 3.90%

Semi-Annual

Barclays Bank PLC

09/07/23

3.06

EUR

295

(1,765

)

2-Year Interest Rate Swap,

2.45%

Semi-Annual

1-Day SOFR, 1.09%

Quarterly

Goldman Sachs International

10/19/23

2.45

USD

14,469

(15,035

)


SCHEDULE OF INVESTMENTS		37

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

OTC Interest Rate Swaptions Written (continued)



	Paid by the Fund		Received by the Fund			Expiration		Exercise					Notional
Description	Rate	Frequency	Rate	Frequency	Counterparty	Date		Rate			Amount (000)				Value

Call (continued)
2-Year Interest Rate Swap,	3.09%	Semi-Annual	1-Day SOFR, 1.09%	Quarterly	Citibank N.A.		10/24/23		3.09	%		USD		42,956	$	(38,243	)
2-Year Interest Rate Swap,	2.95%	Semi-Annual	1-Day SOFR, 1.09%	Quarterly	JPMorgan Chase Bank N.A.		10/30/23		2.95			USD		42,956		(35,044	)
2-Year Interest Rate Swap,	3.26%	Semi-Annual	1-Day SOFR, 1.09%	Quarterly	Goldman Sachs International		11/07/23		3.26			USD		17,604		(24,456	)
2-Year Interest Rate Swap,	2.75%	Semi-Annual	1-Day SOFR, 1.09%	Quarterly	Citibank N.A.		11/14/23		2.75			USD		32,857		(26,040	)
10-Year Interest Rate Swap,	2.40%	Semi-Annual	1-Day SOFR, 1.09%	Quarterly	Morgan Stanley & Co. International PLC		12/14/23		2.40			USD		2,349		(5,912	)
2-Year Interest Rate Swap,	2.75%	Semi-Annual	1-Day SOFR, 1.09%	Quarterly	Citibank N.A.		01/17/24		2.75			USD		7,410		(11,957	)
2-Year Interest Rate Swap,	2.50%	Semi-Annual	1-Day SOFR, 1.09%	Quarterly	JPMorgan Chase Bank N.A.		03/21/24		2.50			USD		360		(713	)

																(159,982	)

Put
10-Year Interest Rate Swap,	1-Day SOFR, 1.09%	Quarterly	3.85%	Semi-Annual	JPMorgan Chase Bank N.A.		07/03/23		3.85			USD		9,262		(24	)
2-Year Interest Rate Swap,	1-Day SONIA, 4.93%	Annual	4.20%	Annual	Barclays Bank PLC		07/17/23		4.20			GBP		255		(10,218	)
10-Year Interest Rate Swap,	1-Day SOFR, 1.09%	Quarterly	3.75%	Semi-Annual	Goldman Sachs International		08/07/23		3.75			USD		12,136		(54,714	)
2-Year Interest Rate Swap,	1-Day SOFR, 1.09%	Quarterly	4.10%	Semi-Annual	JPMorgan Chase Bank N.A.		08/09/23		4.10			USD		51,486		(645,122	)
2-Year Interest Rate Swap,	1-Day SONIA, 4.93%	Annual	4.75%	Annual	Citibank N.A.		08/25/23		4.75			GBP		1,034		(28,534	)
5-Year Interest Rate Swap,	6-mo. EURIBOR, 3.90%	Semi-Annual	3.06%	Annual	Barclays Bank PLC		09/07/23		3.06			EUR		295		(4,063	)
10-Year Interest Rate Swap,	1-Day SOFR, 1.09%	Quarterly	3.93%	Semi-Annual	Goldman Sachs International		10/02/23		3.93			USD		12,560		(74,769	)
10-Year Interest Rate Swap,	1-Day SOFR, 1.09%	Quarterly	3.50%	Semi-Annual	Goldman Sachs International		10/13/23		3.50			USD		17,463		(329,967	)
2-Year Interest Rate Swap,	1-Day SOFR, 1.09%	Quarterly	4.25%	Semi-Annual	Citibank N.A.		10/13/23		4.25			USD		75,674		(744,389	)
2-Year Interest Rate Swap,	1-Day SOFR, 1.09%	Quarterly	4.05%	Semi-Annual	Goldman Sachs International		10/16/23		4.05			USD		39,525		(497,125	)
2-Year Interest Rate Swap,	1-Day SOFR, 1.09%	Quarterly	3.30%	Semi-Annual	Goldman Sachs International		10/19/23		3.30			USD		7,235		(32,811	)
2-Year Interest Rate Swap,	1-Day SOFR, 1.09%	Quarterly	4.75%	Semi-Annual	Citibank N.A.		11/14/23		4.75			USD		26,285		(121,305	)
2-Year Interest Rate Swap,	1-Day SOFR, 1.09%	Quarterly	3.90%	Semi-Annual	Citibank N.A.		12/01/23		3.90			USD		7,410		(102,182	)
10-Year Interest Rate Swap,	1-Day SOFR, 1.09%	Quarterly	3.60%	Semi-Annual	Morgan Stanley & Co. International PLC		12/14/23		3.60			USD		2,349		(43,270	)
10-Year Interest Rate Swap,	Tokyo Overnight Average Rate, (0.08%)	Annual	1.00%	Annual	Morgan Stanley & Co. International PLC		12/20/23		1.00			JPY		130,205		(51	)
10-Year Interest Rate Swap,	Tokyo Overnight Average Rate, (0.08%)	Annual	1.00%	Annual	Morgan Stanley & Co. International PLC		12/20/23		1.00			JPY		80,727		(32	)


38		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

OTC Interest Rate Swaptions Written (continued)

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Put (continued)

10-Year Interest Rate Swap,

Tokyo Overnight Average Rate, (0.08%)

Annual

1.00%

Annual

Morgan Stanley & Co. International PLC

12/20/23

1.00

JPY

49,478

(20

)

5-Year Interest Rate Swap,

1-Day SOFR, 1.09%

Quarterly

3.79%

Semi-Annual

JPMorgan Chase Bank N.A.

03/27/24

3.79

USD

36,849

(533,808

)

(3,222,404

)

(3,382,386

)

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.V2		5.00	%		Quarterly		12/20/27	USD	638	$	(21,453	)	$	3,665		$	(25,118	)
iTraxx.XO.38.V1		5.00			Quarterly		12/20/27	EUR	527		(29,023	)		(11,961	)		(17,062	)
iTraxx.FINSR.39.V1		1.00			Quarterly		06/20/28	EUR	2,265		(17,180	)		30,088			(47,268	)
iTraxx.XO.39.V1		5.00			Quarterly		06/20/28	EUR	1,688		(76,092	)		(29,105	)		(46,987	)


										$	(143,748	)	$	(7,313	)	$	(136,435	)

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.39.V1	1.00	%	Quarterly	12/20/27	BBB	USD	1,750		$	26,167	$	2,463	$	23,704
CDX.NA.HY.40.V1	5.00		Quarterly	06/20/28	B	USD	6,687			198,844		44,926		153,918
iTraxx.EUR.39.V1	1.00		Quarterly	06/20/28	BB	EUR	2,279			30,143		16,250		13,893


									$	255,154	$	63,639	$	191,515

^(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.


SCHEDULE OF INVESTMENTS		39

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

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	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

2.27%	Monthly	Eurostat Eurozone HICP Ex Tobacco Unrevised	Monthly		01/15/28	EUR	520	$	6,737		$	466		$	6,271
2.56%	Monthly	Eurostat Eurozone HICP Ex Tobacco Unrevised	Monthly		06/15/28	EUR	745		(3,289	)		10			(3,299	)
Eurostat Eurozone HICP Ex Tobacco Unrevised	Monthly	2.69%	Monthly		08/15/32	EUR	535		(9,034	)		11			(9,045	)
Eurostat Eurozone HICP Ex Tobacco Unrevised	Monthly	2.29%	Monthly		01/15/33	EUR	510		(11,387	)		(1,146	)		(10,241	)
2.44%	Monthly	Eurostat Eurozone HICP Ex Tobacco Unrevised	Monthly		05/15/33	EUR	315		1,277			117			1,160
Eurostat Eurozone HICP Ex Tobacco Unrevised	Monthly	2.56%	Monthly		06/15/33	EUR	725		4,875			16			4,859
Eurostat Eurozone HICP Ex Tobacco Unrevised	Monthly	2.57%	Monthly		05/15/38	EUR	172		427			5			422
Eurostat Eurozone HICP Ex Tobacco Unrevised	Monthly	2.60%	Monthly		05/15/43	EUR	315		(1,015	)		245			(1,260	)

								$	(11,409	)	$	(276	)	$	(11,133	)

Centrally Cleared Interest Rate Swaps


Paid by the Fund		Received by the Fund		Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

5.09%	Monthly	1-Day FEDL, 5.08%	Monthly		N/A			07/26/23	USD	59,738	$	(325	)	$	37		$	(362	)
3.75%	Monthly	1-Day SOFR, 1.09%	Monthly		N/A			02/13/24	USD	89,182		1,333,926			110			1,333,816
1-Day SOFR, 1.09%	Monthly	4.40%	Monthly		N/A			02/13/24	USD	178,365		(1,521,532	)		220			(1,521,752	)
28-Day MXIBTIIE, 11.50%	Monthly	4.68%	Monthly		N/A			02/27/24	MXN	24,395		(64,261	)		1			(64,262	)
28-Day MXIBTIIE, 11.50%	Monthly	4.86%	Monthly		N/A			03/01/24	MXN	24,395		(62,430	)		1			(62,431	)
1-Day SOFR, 1.09%	Annual	1.13%	Annual		N/A			03/07/24	USD	53,146		(2,193,741	)		80			(2,193,821	)
1-Day SOFR, 1.09%	Annual	1.13%	Annual		N/A			03/08/24	USD	78,484		(3,240,737	)		119			(3,240,856	)
1-Day SOFR, 1.09%	Monthly	4.50%	Monthly		N/A			03/09/24	USD	86,999		(701,329	)		106			(701,435	)
1-Day SOFR, 1.09%	Annual	1.08%	Annual		N/A			03/18/24	USD	107,840		(4,499,162	)		171			(4,499,333	)
2.47%	Monthly	1-Day SONIA, 4.93%	Monthly		N/A			04/03/24	GBP	46,501		1,788,105			(1,883	)		1,789,988
1-Day SONIA, 4.93%	Monthly	3.22%	Monthly		N/A			04/03/24	GBP	93,003		(2,722,087	)		2,573			(2,724,660	)
1.00%	Semi-Annual	6-mo. EURIBOR, 3.90%	Semi-Annual		N/A			05/04/24	EUR	27,030		851,198			85			851,113
6-mo. EURIBOR, 3.90%	Semi-Annual	1.75%	Semi-Annual		N/A			05/04/24	EUR	54,060		(1,268,494	)		170			(1,268,664	)
3-mo. KRW CDC, 3.75%	Monthly	3.87%	Monthly		N/A			07/03/24	KRW	3,474,090		1,035			9			1,026
1-Day SOFR, 1.09%	Monthly	4.46%	Monthly		07/12/23	^(a)		07/12/24	USD	36,640		(317,851	)		120			(317,971	)
1-Day SONIA, 4.93%	Monthly	4.26%	Monthly		09/06/23	^(a)		09/06/24	GBP	9,663		(228,696	)		53			(228,749	)
1-Day SOFR, 1.09%	Monthly	4.59%	Monthly		12/14/23	^(a)		12/14/24	USD	100,965		(378,133	)		288			(378,421	)
0.23%	Annual	Tokyo Overnight Average Rate, (0.08%)	Annual		N/A			01/11/25	JPY	96,050		(2,874	)		2			(2,876	)
0.24%	Annual	Tokyo Overnight Average Rate, (0.08%)	Annual		N/A			01/19/25	JPY	498,950		(15,095	)		15			(15,110	)
28-Day MXIBTIIE, 11.50%	Monthly	9.95%	Monthly		N/A			02/07/25	MXN	340,889		(70,198	)		73			(70,271	)
2.00%	Annual	1-Day SOFR, 1.09%	Annual		N/A			02/17/25	USD	13,940		809,151			51			809,100
1-Day SOFR, 1.09%	Annual	2.60%	Annual		N/A			02/17/25	USD	49,553		(2,303,262	)		180			(2,303,442	)
1-Day SOFR, 1.09%	Annual	2.70%	Annual		N/A			02/17/25	USD	49,553		(2,207,728	)		180			(2,207,908	)
2.12%	Monthly	1-Day SSARON, 1.71%	Monthly		03/11/24	^(a)		03/11/25	CHF	3,500		(2,840	)		12			(2,852	)
1-Day ESTR, 1,143.69%	Monthly	3.58%	Monthly		03/11/24	^(a)		03/11/25	EUR	3,690		(1,765	)		13			(1,778	)
3.58%	Monthly	1-Day ESTR, 1,143.69%	Monthly		03/11/24	^(a)		03/11/25	EUR	80		38			(456	)		494
3-mo. JIBAR, 8.50%	Quarterly	7.20%	Quarterly		03/20/24	^(a)		03/20/25	ZAR	40,720		(23,339	)		8			(23,347	)
9.84%	Monthly	28-Day MXIBTIIE, 11.50%	Monthly		N/A			05/16/25	MXN	31,603		2,405			8			2,397
1-Day SONIA, 4.93%	Annual	4.50%	Annual		N/A			05/18/25	GBP	540		(17,998	)		(455	)		(17,543	)
4.62%	Quarterly	3-mo. PRIBOR, 7.13%	Quarterly		06/19/24	^(a)		06/19/25	CZK	96,995		(1,635	)		15			(1,650	)
1-Day ESTR, 1,143.69%	Monthly	3.30%	Monthly		07/02/24	^(a)		07/02/25	EUR	6,210		(6,127	)		(527	)		(5,600	)
1-Day ESTR, 1,143.69%	Monthly	3.40%	Monthly		07/02/24	^(a)		07/02/25	EUR	6,200		(54	)		265			(319	)
1-Day SOFR, 1.09%	Annual	3.75%	Annual		N/A			12/15/25	USD	11,532		(286,115	)		42			(286,157	)
1-Day SONIA, 4.93%	Monthly	3.60%	Monthly		03/17/25	^(a)		03/17/26	GBP	860		(15,273	)		(42	)		(15,231	)


40		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 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	Effective Date			Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

1-Day SONIA, 4.93%	Monthly	3.75%	Monthly		03/17/25	^(a)		03/17/26	GBP	440	$	(7,077	)	$	1,581		$	(8,658	)
1-Day SONIA, 4.93%	Monthly	3.70%	Monthly		03/31/25	^(a)		03/31/26	GBP	430		(7,007	)		1			(7,008	)
1-Day SONIA, 4.93%	Annual	4.29%	Annual		N/A			04/28/26	GBP	925		(43,407	)		6			(43,413	)
3.64%	Annual	1-Day SOFR, 1.09%	Annual		N/A			05/02/26	USD	1,140		26,645			8			26,637
1-Day SONIA, 4.93%	Annual	4.26%	Annual		N/A			05/15/26	GBP	549		(26,492	)		5			(26,497	)
3-mo. KRW CDC, 3.75%	Quarterly	3.19%	Quarterly		09/20/23	^(a)		09/20/26	KRW	2,090,435		(18,120	)		16			(18,136	)
3-mo. KRW CDC, 3.75%	Quarterly	3.19%	Quarterly		09/20/23	^(a)		09/20/26	KRW	1,545,104		(13,310	)		11			(13,321	)
3-mo. KRW CDC, 3.75%	Quarterly	3.33%	Quarterly		09/20/23	^(a)		09/20/26	KRW	836,592		(4,676	)		6			(4,682	)
3-mo. KRW CDC, 3.75%	Quarterly	3.38%	Quarterly		09/20/23	^(a)		09/20/26	KRW	836,717		(3,773	)		6			(3,779	)
3-mo. KRW CDC, 3.75%	Quarterly	3.38%	Quarterly		09/20/23	^(a)		09/20/26	KRW	836,718		(3,728	)		6			(3,734	)
3-mo. KRW CDC, 3.75%	Quarterly	3.38%	Quarterly		09/20/23	^(a)		09/20/26	KRW	2,016,852		(9,268	)		16			(9,284	)
3-mo. KRW CDC, 3.75%	Quarterly	3.38%	Quarterly		09/20/23	^(a)		09/20/26	KRW	2,016,852		(8,920	)		15			(8,935	)
3-mo. KRW CDC, 3.75%	Quarterly	3.39%	Quarterly		09/20/23	^(a)		09/20/26	KRW	2,016,549		(8,700	)		15			(8,715	)
1-Day SOFR, 1.09%	Annual	1.56%	Annual		N/A			03/07/27	USD	26,573		(2,634,874	)		182			(2,635,056	)
1-Day SOFR, 1.09%	Annual	3.47%	Annual		03/10/25	^(a)		03/10/27	USD	9,879		7,802			43			7,759
1-Day SONIA, 4.93%	Monthly	3.45%	Monthly		03/16/26	^(a)		03/16/27	GBP	2,050		(22,953	)		4,022			(26,975	)
1-Day SOFR, 1.09%	Annual	2.91%	Annual		N/A			10/06/27	USD	23,492		(1,292,749	)		186			(1,292,935	)
28-Day MXIBTIIE, 11.50%	Monthly	8.42%	Monthly		N/A			01/20/28	MXN	17,038		(1,372	)		8			(1,380	)
1-Day SONIA, 4.93%	Monthly	3.20%	Monthly		01/26/27	^(a)		01/26/28	GBP	2,120		(18,730	)		747			(19,477	)
28-Day MXIBTIIE, 11.50%	Monthly	8.35%	Monthly		N/A			04/28/28	MXN	10,210		(435	)		6			(441	)
1-Day SONIA, 4.93%	Annual	4.86%	Annual		N/A			06/20/28	GBP	2,670		(35,221	)		(7	)		(35,214	)
6-mo. PRIBOR, 7.15%	Semi-Annual	4.32%	Annual		09/20/23	^(a)		09/20/28	CZK	22,745		649			12			637
6-mo. PRIBOR, 7.15%	Semi-Annual	4.54%	Annual		09/20/23	^(a)		09/20/28	CZK	19,341		9,314			10			9,304
5.70%	Annual	6-mo. WIBOR, 6.95%	Semi-Annual		09/20/23	^(a)		09/20/28	PLN	2,736		(23,542	)		7			(23,549	)
5.81%	Monthly	28-Day MXIBTIIE, 11.50%	Monthly		N/A			10/17/30	MXN	60,000		457,315			42			457,273
5.89%	Monthly	28-Day MXIBTIIE, 11.50%	Monthly		N/A			10/22/30	MXN	100,000		732,914			71			732,843
5.52%	Monthly	28-Day MXIBTIIE, 11.50%	Monthly		N/A			02/11/31	MXN	120,000		1,030,159			5,965			1,024,194
0.02%	Annual	6-mo. EURIBOR, 3.90%	Semi-Annual		N/A			08/26/31	EUR	8,789		2,172,574			150			2,172,424
28-Day MXIBTIIE, 11.50%	Monthly	7.61%	Monthly		N/A			01/28/32	MXN	50,000		(87,979	)		34			(88,013	)
28-Day MXIBTIIE, 11.50%	Monthly	7.68%	Monthly		N/A			01/30/32	MXN	29,564		(44,839	)		18			(44,857	)
2.38%	Annual	1-Day SOFR, 1.09%	Annual		N/A			04/08/32	USD	2,064		199,055			29			199,026
2.60%	Annual	1-Day SOFR, 1.09%	Annual		N/A			05/26/32	USD	2,477		190,826			35			190,791
6-mo. EURIBOR, 3.90%	Semi-Annual	2.44%	Annual		07/14/27	^(a)		07/14/32	EUR	772		(8,963	)		10			(8,973	)
1-Day SOFR, 1.09%	Annual	3.47%	Annual		N/A			10/04/32	USD	10,373		(164,405	)		152			(164,557	)
1-Day SOFR, 1.09%	Annual	3.42%	Annual		N/A			10/05/32	USD	4,851		(98,389	)		73			(98,462	)
1-Day SOFR, 1.09%	Annual	3.05%	Annual		N/A			10/28/32	USD	11,502		(594,213	)		174			(594,387	)
1-Day SOFR, 1.09%	Annual	2.88%	Annual		N/A			11/02/32	USD	11,629		(768,774	)		177			(768,951	)
1-Day SOFR, 1.09%	Annual	2.92%	Annual		N/A			11/04/32	USD	11,608		(727,680	)		176			(727,856	)
1-Day SOFR, 1.09%	Annual	2.90%	Annual		N/A			11/15/32	USD	18,194		(1,167,240	)		277			(1,167,517	)
1-Day SOFR, 1.09%	Annual	3.20%	Annual		N/A			11/28/32	USD	11,066		(425,653	)		169			(425,822	)
1-Day ESTR, 1,143.69%	Annual	2.34%	Annual		01/19/28	^(a)		01/19/33	EUR	2,870		(26,678	)		40			(26,718	)
1.91%	Annual	1-Day SSARON, 1.71%	Annual		N/A			03/31/33	CHF	510		(7,811	)		528			(8,339	)
6-mo. EURIBOR, 3.90%	Semi-Annual	2.96%	Annual		N/A			03/31/33	EUR	570		(2,890	)		87			(2,977	)
1-Day SOFR, 1.09%	Annual	3.14%	Annual		05/12/28	^(a)		05/12/33	USD	5,752		369			53			316
28-Day MXIBTIIE, 11.50%	Monthly	8.17%	Monthly		N/A			06/10/33	MXN	60,946		14,681			57			14,624
1-Day SONIA, 4.93%	Annual	3.44%	Annual		06/26/28	^(a)		06/26/33	GBP	170		(386	)		3			(389	)
3.24%	Annual	1-Day SOFR, 1.09%	Annual		08/09/23	^(a)		08/09/33	USD	5,937		141,702			107			141,595
3.24%	Annual	1-Day SOFR, 1.09%	Annual		07/01/25	^(a)		07/01/35	USD	410		(1,783	)		427			(2,210	)
2.67%	Annual	6-mo. EURIBOR, 3.90%	Semi-Annual		N/A			02/04/48	EUR	60		216			2			214
2.81%	Annual	6-mo. EURIBOR, 3.90%	Semi-Annual 09/11/23^(a)					08/15/48	EUR	325		(10,116	)		12			(10,128	)
2.27%	Annual	6-mo. EURIBOR, 3.90%	Semi-Annual		N/A			03/04/53	EUR	90		5,784			3			5,781
1-Day SSARON, 1.71%	Annual	1.86%	Annual		N/A			03/31/53	CHF	210		8,979			(542	)		9,521
2.51%	Annual	6-mo. EURIBOR, 3.90%	Semi-Annual		N/A			03/31/53	EUR	230		2,054			(69	)		2,123

											$	(20,688,338	)	$	16,812		$	(20,705,150	)

^(a)

Forward Swap.


SCHEDULE OF INVESTMENTS		41

Schedule of Investments (unaudited) (continued)

June 30, 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	$	(650	)	$	545	$	(1,195	)
Federal Republic of Brazil		1.00		Quarterly	Barclays Bank PLC		12/20/24		USD	838		(7,465	)		6,135		(13,600	)
Federal Republic of Brazil		1.00		Quarterly	Barclays Bank PLC		12/20/24		USD	509		(4,535	)		3,726		(8,261	)
Credit Suisse Group AG		1.00		Quarterly	Barclays Bank PLC		06/20/28		EUR	125		(79	)		7,172		(7,251	)
Credit Suisse Group AG		1.00		Quarterly	BNP Paribas SA		06/20/28		EUR	100		(63	)		4,467		(4,530	)
Credit Suisse Group AG		1.00		Quarterly	JPMorgan Chase Bank N.A.		06/20/28		EUR	100		(63	)		5,607		(5,670	)
Credit Suisse Group AG		1.00		Quarterly	JPMorgan Chase Bank N.A.		06/20/28		EUR	62		(39	)		3,440		(3,479	)
Credit Suisse Group AG		1.00		Quarterly	JPMorgan Chase Bank N.A.		06/20/28		EUR	63		(40	)		3,356		(3,396	)
Credit Suisse Group AG		1.00		Quarterly	JPMorgan Chase Bank N.A.		06/20/28		EUR	600		(378	)		21,288		(21,666	)
Deutsche Bank AG		1.00		Quarterly	JPMorgan Chase Bank N.A.		06/20/28		EUR	300		8,547			25,038		(16,491	)
Deutsche Bank AG		1.00		Quarterly	JPMorgan Chase Bank N.A.		06/20/28		EUR	176		5,014			9,483		(4,469	)
Deutsche Bank AG		1.00		Quarterly	JPMorgan Chase Bank N.A.		06/20/28		EUR	59		1,681			3,179		(1,498	)
Deutsche Bank AG		1.00		Quarterly	JPMorgan Chase Bank N.A.		06/20/28		EUR	65		1,852			3,701		(1,849	)
Federal Republic of Brazil		1.00		Quarterly	Barclays Bank PLC		06/20/28		USD	1,413		46,212			97,979		(51,767	)
Republic of Colombia		1.00		Quarterly	Barclays Bank PLC		06/20/28		USD	1,160		66,333			111,487		(45,154	)
Republic of Colombia		1.00		Quarterly	Morgan Stanley & Co. International PLC		06/20/28		USD	464		26,545			27,101		(556	)
United Mexican States		1.00		Quarterly	Barclays Bank PLC		06/20/28		USD	994		916			18,191		(17,275	)

											$	143,788		$	351,895	$	(208,107	)

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	$	6,382		$	5,790		$	592
CMBX.NA.9		2.00		Monthly	Goldman Sachs International	09/17/58	N/R		USD	94		(8,903	)		(1,700	)		(7,203	)
CMBX.NA.9		2.00		Monthly	Goldman Sachs International	09/17/58	N/R		USD	89		(8,413	)		(1,606	)		(6,807	)
CMBX.NA.9		2.00		Monthly	Goldman Sachs International	09/17/58	N/R		USD	94		(8,903	)		(1,509	)		(7,394	)
CMBX.NA.9		2.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	187		(17,806	)		(3,261	)		(14,545	)
CMBX.NA.9		3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	118		(28,094	)		(12,846	)		(15,248	)


											$	(65,737)		$	(15,132	)	$	(50,605	)

^(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

1-Day BZDIOVER, 3.34%

Monthly

13.25%

Monthly

Citibank N.A.

N/A

01/02/24

BRL

7,446

1,584

—

1,584

12.37%

Monthly

1-Day COOIS, 12.27%

Monthly

Citibank N.A.

N/A

04/18/24

COP

7,467,468

(1,967

)

—

(1,967

)

1-Day BZDIOVER, 3.34%

Monthly

12.44%

Monthly

Barclays Bank PLC

N/A

07/01/24

BRL

1,131

1,134

—

1,134

1-Day BZDIOVER, 3.34%

Monthly

12.48%

Monthly

Barclays Bank PLC

N/A

07/01/24

BRL

5,914

5,588

—

5,588

1-Day BZDIOVER, 3.34%

Monthly

12.60%

Monthly

Bank of America N.A.

N/A

07/01/24

BRL

7,333

9,357

—

9,357


42		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

OTC Interest Rate Swaps (continued)



Paid by the Fund		Received by the Fund		Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)

1-Day BZDIOVER, 3.34%	Monthly	12.97%	Monthly	Goldman Sachs International		N/A		07/01/24	BRL	2,469	$	5,167		$	—	$	5,167
1-Day BZDIOVER, 3.34%	Monthly	12.97%	Monthly	Citibank N.A.		N/A		07/01/24	BRL	4,083		8,597			—		8,597
11.90%	Monthly	1-Day COOIS, 12.27%	Monthly	Bank of America N.A.		N/A		10/21/24	COP	3,872,457		(6,469	)		—		(6,469	)
1-Day BZDIOVER, 3.34%	Monthly	11.87%	Monthly	Bank of America N.A.		N/A		01/02/25	BRL	8,321		22,689			—		22,689
1-Day BZDIOVER, 3.34%	Monthly	12.78%	Monthly	Morgan Stanley & Co. International PLC		N/A		01/02/25	BRL	90,829		501,619			—		501,619
1-Day BZDIOVER, 3.34%	Monthly	13.78%	Monthly	BNP Paribas SA		N/A		01/02/25	BRL	20,918		200,358			—		200,358
1-Day BZDIOVER, 3.34%	Monthly	11.27%	Monthly	BNP Paribas SA		N/A		01/02/26	BRL	1,151		6,172			—		6,172
1-Day BZDIOVER, 3.34%	Monthly	11.38%	Monthly	Bank of America N.A.		N/A		01/02/26	BRL	4,724		27,827			—		27,827
1-Day BZDIOVER, 3.34%	Monthly	11.56%	Monthly	Barclays Bank PLC		N/A		01/02/26	BRL	1,131		7,594			—		7,594
1-Day BZDIOVER, 3.34%	Monthly	11.75%	Monthly	Citibank N.A.		N/A		01/02/26	BRL	5,365		41,045			—		41,045
1-Day BZDIOVER, 3.34%	Monthly	11.76%	Monthly	Citibank N.A.		N/A		01/02/26	BRL	1,044		8,089			—		8,089
1-Day BZDIOVER, 3.34%	Monthly	11.78%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/02/26	BRL	1,090		8,529			—		8,529
1-Day BZDIOVER, 3.34%	Monthly	11.80%	Monthly	Citibank N.A.		N/A		01/02/26	BRL	5,218		41,579			—		41,579
1-Day BZDIOVER, 3.34%	Monthly	11.82%	Monthly	Barclays Bank PLC		N/A		01/02/26	BRL	1,334		10,776			—		10,776
1-Day BZDIOVER, 3.34%	Monthly	11.83%	Monthly	Morgan Stanley & Co. International PLC		N/A		01/02/26	BRL	1,918		15,601			—		15,601
1-Day BZDIOVER, 3.34%	Monthly	11.92%	Monthly	Citibank N.A.		N/A		01/02/26	BRL	7,809		67,006			—		67,006
1-Day BZDIOVER, 3.34%	Monthly	10.43%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/04/27	BRL	320		717			—		717
1-Day BZDIOVER, 3.34%	Monthly	10.53%	Monthly	Citibank N.A.		N/A		01/02/29	BRL	5,917		15,053			—		15,053
1-Day BZDIOVER, 3.34%	Monthly	10.57%	Monthly	Goldman Sachs International		N/A		01/02/29	BRL	9,268		27,480			—		27,480
1-Day BZDIOVER, 3.34%	Monthly	10.58%	Monthly	Morgan Stanley & Co. International PLC		N/A		01/02/29	BRL	6,493		20,121			—		20,121


											$	1,045,246		$	—	$	1,045,246


SCHEDULE OF INVESTMENTS		43

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

Balances Reported in the Statement 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)	$119,055	$(46,193)	$	9,987,223	$	(30,648,426	)	$	—
OTC Swaps	357,685	(20,922)		1,054,274		(267,740	)		—
Options Written	N/A	N/A		1,124,046		(2,136,251	)		(4,035,734	)

^(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 Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity 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)	$	—	$	—	$	154,495	$	—	$	4,523,272	$	—	$	4,677,767
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		2,693,022		—		—		2,693,022
Options purchased
Investments at value — unaffiliated^(b)		—		—		327,151		306,601		338,359		—		972,111
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)		—		191,515		—		—		9,782,996		12,712		9,987,223
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		358,277		—		—		1,053,682		—		1,411,959

	$	—	$	549,792	$	481,646	$	2,999,623	$	15,698,309	$	12,712	$	19,742,082

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	322,338	$	—	$	523,702	$	—	$	846,040
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		5,920,101		—		—		5,920,101
Options written
Options written at value		—		—		109,033		66,656		3,860,045		—		4,035,734
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		136,435		—		—		30,488,146		23,845		30,648,426
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		280,226		—		—		8,436		—		288,662

	$	—	$	416,661	$	431,371	$	5,986,757	$	34,880,329	$	23,845	$	41,738,963

^(a)

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

^(b)

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

For the period ended June 30, 2023, the effect of derivative financial instruments in the Statement of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(1,912,263	)	$	—		$	(4,067,879	)	$	—		$	(5,980,142	)
Forward foreign currency exchange contracts		—		—		—			(4,128,133	)		—			—			(4,128,133	)
Options purchased^(a)		—		—		(1,013,805	)		(273,433	)		2,010,980			(129,757	)		593,985
Options written		—		—		828,787			287,134			553,612			—			1,669,533
Swaps		—		301,682		—			—			40,981,492			(15,643	)		41,267,531

	$	—	$	301,682	$	(2,097,281	)	$	(4,114,432	)	$	39,478,205		$	(145,400	)	$	33,422,774


44		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.


	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	(1,020,666	)	$	—		$	5,553,942		$	—	$	4,533,276
Forward foreign currency exchange contracts		—		—			—			(4,055,636	)		—			—		(4,055,636	)
Options purchased^(b)		—		—			313,404			(300,191	)		(3,577,956	)		10,204		(3,554,539	)
Options written		—		—			(45,253	)		196,028			5,065,818			—		5,216,593
Swaps		—		(343,560	)		—			—			(50,303,941	)		2,109		(50,645,392	)

	$	—	$	(343,560	)	$	(752,515	)	$	(4,159,799	)	$	(43,262,137	)	$	12,313	$	(48,505,698	)

^(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	$	264,582,233
Average notional value of contracts — short	$	539,684,219
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	316,781,949
Average amounts sold — in USD	$	343,956,636
Options:
Average value of option contracts purchased	$	1,300,543
Average value of option contracts written	$	1,075,586
Average notional value of swaption contracts purchased	$	183,682,458
Average notional value of swaption contracts written	$	666,940,203
Credit default swaps:
Average notional value — buy protection	$	13,177,353
Average notional value — sell protection	$	8,152,145
Interest rate swaps:
Average notional value — pays fixed rate	$	460,657,153
Average notional value — receives fixed rate	$	1,266,620,436
Inflation swaps:
Average notional value — pays fixed rate	$	2,513,199
Average notional value — receives fixed rate	$	3,172,674

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	$	223,687		$	1,035,708
Forward foreign currency exchange contracts		2,693,022			5,920,101
Options		972,111	^(a)		4,035,734
Swaps — centrally cleared		395,854			—
Swaps — OTC^(b)		1,411,959			288,662


Total derivative assets and liabilities in the Statement of Assets and Liabilities		5,696,633			11,280,205


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(933,541	)		(1,434,346	)


Total derivative assets and liabilities subject to an MNA	$	4,763,092		$	9,845,859

^(a)

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

^(b)

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


SCHEDULE OF INVESTMENTS		45

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

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


Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received			Cash Collateral Received	^(b)		Net Amount of Derivative Assets	^(c)(d)
Bank of America N.A.	$	108,712	$	(51,475	)	$	—		$	—		$	57,237
Bank of Montreal		56,548		—			—			—			56,548
Barclays Bank PLC		1,455,135		(440,611	)		—			—			1,014,524
BNP Paribas SA		396,854		(36,283	)		—			(360,571	)		—
Citibank N.A.		881,625		(881,625	)		—			—			—
Commonwealth Bank of Australia		102,340		(41,269	)		—			—			61,071
Deutsche Bank AG		41,475		(11,742	)		—			—			29,733
Goldman Sachs International		159,131		(159,131	)		—			—			—
HSBC Bank PLC		11,963		(11,963	)		—			—			—
HSBC Bank USA N.A.		22,909		(1,136	)		—			—			21,773
JPMorgan Chase Bank N.A.		286,061		(286,061	)		—			—			—
Morgan Stanley & Co. International PLC		792,110		(792,110	)		—			—			—
Natwest Markets PLC		44,088		(1,225	)		—			—			42,863
Nomura International PLC		17,395		—			—			—			17,395
Royal Bank of Canada		133,293		(58,001	)		—			—			75,292
Societe Generale		110		(110	)		—			—			—
Standard Chartered Bank		3,358		(3,358	)		—			—			—
State Street Bank and Trust Co.		102,981		(102,981	)		—			—			—
Toronto-Dominion Bank		111,380		(86,457	)		—			—			24,923
UBS AG		35,624		(35,624	)		—			—			—

	$	4,763,092	$	(3,001,162	)	$	—		$	(360,571	)	$	1,401,359


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.	$	51,475	$	(51,475	)	$	—		$	—		$	—
Barclays Bank PLC		440,611		(440,611	)		—			—			—
BNP Paribas SA		36,283		(36,283	)		—			—			—
Citibank N.A.		1,256,467		(881,625	)		(374,842	)		—			—
Commonwealth Bank of Australia		41,269		(41,269	)		—			—			—
Deutsche Bank AG		11,742		(11,742	)		—			—			—
Goldman Sachs International		1,392,001		(159,131	)		(924,352	)		—			308,518
HSBC Bank PLC		899,121		(11,963	)		—			—			887,158
HSBC Bank USA N.A.		1,136		(1,136	)		—			—			—
JPMorgan Chase Bank N.A.		1,739,420		(286,061	)		(976,611	)		—			476,748
Morgan Stanley & Co. International PLC		1,195,871		(792,110	)		(959	)		—			402,802
Natwest Markets PLC		1,225		(1,225	)		—			—			—
Royal Bank of Canada		58,001		(58,001	)		—			—			—
Societe Generale		795		(110	)		—			—			685
Standard Chartered Bank		6,708		(3,358	)		—			—			3,350
State Street Bank and Trust Co.		2,558,862		(102,981	)		—			—			2,455,881
The Bank of New York Mellon		1,972		—			—			—			1,972
Toronto-Dominion Bank		86,457		(86,457	)		—			—			—
UBS AG		66,443		(35,624	)		—			—			30,819

	$	9,845,859	$	(3,001,162	)	$	(2,276,764	)	$	—		$	4,567,933

^(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 Statement of Assets and Liabilities.


46		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

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	$	—	$	40,096,489	$	—	$	40,096,489
Common Stocks
France		—		212,054		—		212,054
Germany		—		266,587		—		266,587
Japan		—		882,331		—		882,331
Netherlands		12,740		164,471		—		177,211
United Kingdom		133,456		100,554		—		234,010
United States		4,163,666		—		4,570		4,168,236
Corporate Bonds
Argentina		—		448,805		—		448,805
Australia		—		1,312,515		—		1,312,515
Austria		—		282,732		—		282,732
Belgium		—		656,946		—		656,946
Bermuda		—		62,580		—		62,580
Brazil		—		8,345		—		8,345
Canada		—		2,077,389		—		2,077,389
Cayman Islands		—		1,322,401		—		1,322,401
Chile		—		195,295		—		195,295
China		—		39,720		—		39,720
Colombia		—		1,465,336		—		1,465,336
Denmark		—		2,136,983		—		2,136,983
Finland		—		90,033		—		90,033
France		—		5,516,335		373,191		5,889,526
Germany		—		9,555,476		322,041		9,877,517
Hong Kong		—		2,000		—		2,000
India		—		186,602		—		186,602
Indonesia		—		192,556		—		192,556
Ireland		—		2,606,732		—		2,606,732
Israel		—		74,552		—		74,552
Italy		82,072		3,215,449		—		3,297,521
Japan		—		3,349,815		—		3,349,815
Jersey		—		223,399		—		223,399
Lithuania		—		291,052		—		291,052
Luxembourg		—		1,871,500		—		1,871,500
Malaysia		—		196,264		—		196,264
Mexico		—		2,818,451		—		2,818,451
MultiNational		—		2,075,206		—		2,075,206
Netherlands		—		12,307,396		—		12,307,396
New Zealand		—		556,318		—		556,318
Norway		—		109,628		—		109,628
Panama		—		105,874		—		105,874
Portugal		—		99,545		—		99,545
Singapore		—		776,595		—		776,595
Spain		87,028		3,607,115		—		3,694,143
Sweden		—		105,338		—		105,338
Switzerland		—		3,053,731		—		3,053,731
Thailand		—		170,366		—		170,366
United Arab Emirates		—		196,908		—		196,908
United Kingdom		—		20,851,342		—		20,851,342
United States		—		163,432,143		3,924,823		167,356,966
Floating Rate Loan Interests		—		2,660,679		2,084,349		4,745,028
Foreign Agency Obligations		—		159,425,213		—		159,425,213
Investment Companies		15,151,564		—		—		15,151,564


SCHEDULE OF INVESTMENTS		47

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2			Level 3		Total

Municipal Bonds	$	—		$	5,983,757		$	—	$	5,983,757
Non-Agency Mortgage-Backed Securities		—			31,823,673			1,743,376		33,567,049
Preferred Securities
Capital Trusts		—			1,658,282			—		1,658,282
Preferred Stocks		—			—			2,485,701		2,485,701
U.S. Government Sponsored Agency Securities		—			135,512,703			—		135,512,703
U.S. Treasury Obligations		—			17,724,867			—		17,724,867
Warrants
United States		4,378			—			74,008		78,386
Venezuela		—			9,000			—		9,000
Short-Term Securities
Certificates of Deposit		—			1,580,812			—		1,580,812
Commercial Paper		—			6,232,393			—		6,232,393
Foreign Agency Obligations		—			37,914,738			—		37,914,738
Money Market Funds		48,330,614			—			—		48,330,614
U.S. Treasury Obligations		—			21,141,367			—		21,141,367
Options Purchased
Equity Contracts		300,547			26,604			—		327,151
Foreign Currency Exchange Contracts		—			306,601			—		306,601
Interest Rate Contracts		13,453			324,906			—		338,359
Liabilities
Investments
TBA Sale Commitments		—			(17,282,400	)		—		(17,282,400	)

	$	68,279,518		$	694,412,449		$	11,012,059	$	773,704,026

Derivative Financial Instruments^(a)
Assets
Credit Contracts	$	—		$	192,107		$	—	$	192,107
Equity Contracts		100,108			54,387			—		154,495
Foreign Currency Exchange Contracts		—			2,693,022			—		2,693,022
Interest Rate Contracts		4,523,272			10,836,678			—		15,359,950
Other Contracts		—			12,712			—		12,712
Liabilities
Credit Contracts		—			(395,739	)		—		(395,739	)
Equity Contracts		(336,444	)		(94,927	)		—		(431,371	)
Foreign Currency Exchange Contracts		—			(5,986,757	)		—		(5,986,757	)
Interest Rate Contracts		(815,202	)		(34,065,127	)		—		(34,880,329	)
Other Contracts		—			(23,845	)		—		(23,845	)

	$	3,471,734		$	(26,777,489	)	$	—	$	(23,305,755	)

^(a)

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

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




	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		—			—		472,381			—			—			—		—
Transfers out of Level 3		—			—		(307,012	)		(1,139,168	)		—			—		—
Other^(a)		(420,116	)		708,940		(708,940	)		—			—			420,116		—
Accrued discounts/premiums		—			10,173		1,828			7,926			—			—		—
Net realized gain (loss)		—			1,322		(48,786	)		—			(74,495	)		—		—
Net change in unrealized appreciation (depreciation)^(b)(c)		(40	)		8,509		135,743			(90,697	)		17,589			78,378		135


48		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

June 30, 2023

BlackRock Strategic Global Bond Fund, Inc.




	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			Options Purchased		Preferred Stocks		Unfunded Floating Rate Loan Interests

Purchases	$	—		$	1,079,487		$	54,066		$	—		$	—	$	129,747	$	—
Sales		—			(240,494	)		(624,239	)		—			—		—		—

Closing balance, as of June 30, 2023	$	4,570		$	4,620,055		$	2,084,349		$	1,743,376		$	—	$	2,485,701	$	—

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023^(c)	$	(40	)	$	8,509		$	109,362		$	(90,697	)	$	—	$	78,378	$	—




	Warrants			Total

Assets
Opening balance, as of December 31, 2022	$	80,945		$	11,546,643
Transfers into Level 3		—			472,381
Transfers out of Level 3		—			(1,446,180	)
Other^(a)		—			—
Accrued discounts/premiums		—			19,927
Net realized gain (loss)		—			(121,959	)
Net change in unrealized appreciation (depreciation)^(b)(c)		(6,937	)		142,680
Purchases		—			1,263,300
Sales		—			(864,733	)

Closing balance, as of June 30, 2023	$	74,008		$	11,012,059

Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023^(c)	$	(6,937	)	$	98,575

^(a)

Certain Level 3 investments were re-classified between Common Stocks, Corporate Bonds, Floating Rate Loan Interests and Preferred Stocks.

^(b)

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

^(c)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

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

See notes to financial statements.


SCHEDULE OF INVESTMENTS		49

Statement of Assets and Liabilities (unaudited)

June 30, 2023


	BlackRock Strategic Global Bond Fund, Inc.

ASSETS
Investments, at value — unaffiliated^(a)	$	728,963,586
Investments, at value — affiliated^(b)		62,022,840
Cash		289,388
Cash pledged:
Collateral — exchange-traded options written		1,995,000
Futures contracts		11,275,798
Centrally cleared swaps		10,420,230
Foreign currency, at value^(c)		50,872,217
Receivables:
Investments sold		8,574,224
Options written		24,816
TBA sale commitments		17,318,223
Capital shares sold		1,825,177
Dividends — unaffiliated		5,852
Dividends — affiliated		310,336
Interest — unaffiliated		5,930,514
Principal paydowns		19,618
Variation margin on futures contracts		223,687
Variation margin on centrally cleared swaps		395,854
Swap premiums paid		357,685
Unrealized appreciation on:
Forward foreign currency exchange contracts		2,693,022
OTC swaps		1,054,274
Prepaid expenses		66,943

Total assets		904,639,284


LIABILITIES
Cash received as collateral for OTC derivatives		410,000
Options written, at value^(d)		4,035,734
TBA sale commitments, at value^(e)		17,282,400
Payables:
Investments purchased		111,370,167
Swaps		27,013
Accounting services fees		51,746
Capital shares redeemed		1,219,764
Custodian fees		123,058
Deferred foreign capital gain tax		25,844
Foreign taxes		10,613
Income dividend distributions		410,071
Investment advisory fees		460,395
Directors’ and Officer’s fees		1,052
Options written		42,259
Other accrued expenses		54,943
Professional fees		37,751
Service and distribution fees		18,300
Variation margin on futures contracts		1,035,708
Swap premiums received		20,922
Unrealized depreciation on:
Forward foreign currency exchange contracts		5,920,101
OTC swaps		267,740


Total liabilities		142,825,581


Commitments and contingent liabilities
NET ASSETS	$	761,813,703


50		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities (unaudited) (continued)

June 30, 2023


	BlackRock Strategic Global Bond Fund, Inc.

NET ASSETS CONSIST OF
Paid-in capital	$	896,306,177
Accumulated loss		(134,492,474	)

NET ASSETS	$	761,813,703


^(a) Investments, at cost — unaffiliated	$	761,234,527
^(b) Investments, at cost — affiliated	$	62,104,218
^(c) Foreign currency, at cost	$	51,526,199
^(d) Premiums received	$	3,023,529
^(e) Proceeds from TBA sale commitments	$	17,318,223


FINANCIAL STATEMENTS		51

Statement of Assets and Liabilities (unaudited) (continued)

June 30, 2023


	BlackRock Strategic Global Bond Fund, Inc.

NET ASSET VALUE
Institutional
Net assets	$	528,450,137

Shares outstanding		103,541,757

Net asset value	$	5.10

Shares authorized		1 billion

Par value	$	0.10


Investor A
Net assets	$	74,607,149

Shares outstanding		14,628,930

Net asset value	$	5.10

Shares authorized		1 billion

Par value	$	0.10


Investor C
Net assets	$	3,607,106

Shares outstanding		708,054

Net asset value	$	5.09

Shares authorized		1 billion

Par value	$	0.10


Class K
Net assets	$	155,149,311

Shares outstanding		30,424,091

Net asset value	$	5.10

Shares authorized		1 billion

Par value	$	0.10

See notes to financial statements.


52		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statement of Operations (unaudited)

Six Months Ended June 30, 2023


	BlackRock Strategic Global Bond Fund, Inc.

INVESTMENT INCOME
Dividends — unaffiliated	$	221,327
Dividends — affiliated		1,413,263
Interest — unaffiliated		15,684,351
Other income — unaffiliated		66,602
Foreign taxes withheld		(23,939	)

Total investment income		17,361,604


EXPENSES
Investment advisory		1,853,152
Transfer agent — class specific		509,762
Custodian		158,506
Service and distribution — class specific		118,367
Professional		74,922
Accounting services		56,735
Registration		54,378
Printing and postage		12,307
Directors and Officer		5,393
Miscellaneous		70,806

Total expenses excluding interest expense		2,914,328
Interest expense		3,176

Total expenses		2,917,504
Less:
Fees waived and/or reimbursed by the Manager		(504,366	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(359,892	)

Total expenses after fees waived and/or reimbursed		2,053,246

Net investment income		15,308,358


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		(10,351,983	)
Investments — affiliated		(232,906	)
Forward foreign currency exchange contracts		(4,128,133	)
Foreign currency transactions		1,073,152
Futures contracts		(5,980,142	)
Options written		1,669,533
Swaps		41,267,531

		23,317,052

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(b)		15,681,295
Investments — affiliated		761,539
Forward foreign currency exchange contracts		(4,055,636	)
Foreign currency translations		(353,020	)
Futures contracts		4,533,276
Options written		5,216,593
Swaps		(50,645,392	)
Unfunded floating rate loan interests		135

		(28,861,210	)

Net realized and unrealized loss		(5,544,158	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,764,200


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(10,720	)
^(b) Net of increase in deferred foreign capital gain tax of	$	(25,844	)

See notes to financial statements.


FINANCIAL STATEMENTS		53

Statements of Changes in Net Assets


	BlackRock Strategic Global Bond Fund, Inc.
	Six Months Ended 06/30/23 (unaudited)			Year Ended 12/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	15,308,358		$	18,671,943
Net realized gain (loss)		23,317,052			(114,892,336	)
Net change in unrealized appreciation (depreciation)		(28,861,210	)		(38,774,901	)


Net increase (decrease) in net assets resulting from operations		9,764,200			(134,995,294	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income
Institutional		(9,737,384	)		—
Investor A		(1,408,222	)		—
Investor C		(53,547	)		—
Class K		(2,708,671	)		—
Return of capital
Institutional		—			(16,889,603	)
Investor A		—			(2,568,767	)
Investor C		—			(94,796	)
Class K		—			(3,845,543	)


Decrease in net assets resulting from distributions to shareholders		(13,907,824	)		(23,398,709	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		63,619,089			(90,760,732	)


NET ASSETS
Total increase (decrease) in net assets		59,475,465			(249,154,735	)
Beginning of period		702,338,238			951,492,973

End of period	$	761,813,703		$	702,338,238

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

See notes to financial statements.


54		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Strategic Global Bond Fund, Inc.

	Institutional
		Six Months Ended 06/30/23 (unaudited)				Year Ended 12/31/22				Year Ended 12/31/21^(a)				Year Ended 12/31/20^(a)				Year Ended 12/31/19^(a)				Year Ended 12/31/18^(a)


Net asset value, beginning of period			$	5.12			$	6.20			$	6.38			$	6.13			$	5.81			$	6.01

Net investment income^(b)				0.11				0.13				0.12				0.12				0.17				0.17
Net realized and unrealized gain (loss)				(0.03	)			(1.05	)			(0.19	)			0.43				0.30				(0.22	)

Net increase (decrease) from investment operations				0.08				(0.92	)			(0.07	)			0.55				0.47				(0.05	)


Distributions^(c)
From net investment income				(0.10	)			—				(0.09	)			(0.10	)			(0.13	)			(0.12	)
From net realized gain				—				—				(0.01	)			(0.20	)			—				—
Return of capital				—				(0.16	)			(0.01	)			—				(0.02	)			(0.03	)

Total distributions				(0.10	)			(0.16	)			(0.11	)			(0.30	)			(0.15	)			(0.15	)


Net asset value, end of period			$	5.10			$	5.12			$	6.20			$	6.38			$	6.13			$	5.81


Total Return^(d)
Based on net asset value				1.51	%^(e)			(14.85	)%			(1.08	)%			9.04	%			8.20	%^(f)			(0.81	)%


Ratios to Average Net Assets^(g)
Total expenses				0.78	%^(h)			0.82	%⁽ⁱ⁾			0.81	%^(j)			0.80	%			0.98	%			1.08	%

Total expenses after fees waived and/or reimbursed				0.53	%^(h)			0.59	%⁽ⁱ⁾			0.61	%^(j)			0.54	%			0.63	%			0.72	%

Total expenses after fees waived and/or reimbursed and excluding interest expense				0.53	%^(h)			0.57	%⁽ⁱ⁾			0.61	%^(j)			0.53	%			0.53	%			0.53	%

Net investment income				4.16	%^(h)			2.40	%			1.88	%			1.93	%			2.84	%			2.88	%


Supplemental Data
Net assets, end of period (000)			$	528,450			$	479,103			$	717,250			$	671,817			$	171,313			$	160,252

Portfolio turnover rate^(k)				223	%			288	%			354	%			330	%			373	%			344	%

^(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)	Not annualized.

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

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

^(h)	Annualized.

⁽ⁱ⁾	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.

^(j)	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.

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


	Six Months Ended 06/30/23 (unaudited)			Year Ended 12/31/22		Year Ended 12/31/21	^(a)	Year Ended 12/31/20	^(a)	Year Ended 12/31/19	^(a)	Year Ended 12/31/18	^(a)
Portfolio turnover rate (excluding MDRs)		136	%	195	%	228	%	234	%	257	%	269	%

See notes to financial statements.


FINANCIAL HIGHLIGHTS		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Strategic Global Bond Fund, Inc. (continued)

	Investor A
		Six Months Ended 06/30/23 (unaudited)				Year Ended 12/31/22				Year Ended 12/31/21^(a)				Year Ended 12/31/20^(a)				Year Ended 12/31/19^(a)				Year Ended 12/31/18^(a)


Net asset value, beginning of period			$	5.12			$	6.19			$	6.38			$	6.12			$	5.80			$	6.00

Net investment income^(b)				0.10				0.12				0.10				0.11				0.16				0.16
Net realized and unrealized gain (loss)				(0.03	)			(1.04	)			(0.19	)			0.44				0.30				(0.22	)

Net increase (decrease) from investment operations				0.07				(0.92	)			(0.09	)			0.55				0.46				(0.06	)


Distributions^(c)
From net investment income				(0.09	)			—				(0.08	)			(0.09	)			(0.12	)			(0.12	)
From net realized gain				—				—				(0.01	)			(0.20	)			—				—
Return of capital				—				(0.15	)			(0.01	)			—				(0.02	)			(0.02	)

Total distributions				(0.09	)			(0.15	)			(0.10	)			(0.29	)			(0.14	)			(0.14	)


Net asset value, end of period			$	5.10			$	5.12			$	6.19			$	6.38			$	6.12			$	5.80


Total Return^(d)
Based on net asset value				1.38	%^(e)			(14.92	)%			(1.49	)%			8.95	%			7.95	%^(f)			(1.07	)%


Ratios to Average Net Assets^(g)
Total expenses				1.09	%^(h)			1.12	%⁽ⁱ⁾			1.08	%^(j)			1.10	%			1.30	%			1.42	%

Total expenses after fees waived and/or reimbursed				0.78	%^(h)			0.84	%⁽ⁱ⁾			0.86	%^(j)			0.80	%			0.88	%			0.97	%

Total expenses after fees waived and/or reimbursed and excluding interest expense				0.78	%^(h)			0.82	%⁽ⁱ⁾			0.86	%^(j)			0.78	%			0.78	%			0.78	%

Net investment income				3.84	%^(h)			2.15	%			1.65	%			1.74	%			2.60	%			2.66	%


Supplemental Data
Net assets, end of period (000)			$	74,607			$	83,094			$	109,613			$	91,388			$	74,323			$	61,723

Portfolio turnover rate^(k)				223	%			288	%			354	%			330	%			373	%			344	%

^(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)	Not annualized.

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

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

^(h)	Annualized.

⁽ⁱ⁾	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.

^(j)	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.

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


	Six Months Ended 06/30/23 (unaudited)			Year Ended 12/31/22		Year Ended 12/31/21	^(a)	Year Ended 12/31/20	^(a)	Year Ended 12/31/19	^(a)	Year Ended 12/31/18	^(a)
Portfolio turnover rate (excluding MDRs)		136	%	195	%	228	%	234	%	257	%	269	%

See notes to financial statements.


56		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Strategic Global Bond Fund, Inc. (continued)

	Investor C
		Six Months Ended 06/30/23 (unaudited)				Year Ended 12/31/22				Year Ended 12/31/21^(a)				Year Ended 12/31/20^(a)				Year Ended 12/31/19^(a)				Year Ended 12/31/18^(a)


Net asset value, beginning of period			$	5.12			$	6.19			$	6.37			$	6.12			$	5.80			$	6.00

Net investment income^(b)				0.08				0.08				0.06				0.06				0.11				0.11
Net realized and unrealized gain (loss)				(0.04	)			(1.04	)			(0.19	)			0.43				0.30				(0.22	)

Net increase (decrease) from investment operations				0.04				(0.96	)			(0.13	)			0.49				0.41				(0.11	)


Distributions^(c)
From net investment income				(0.07	)			—				(0.03	)			(0.04	)			(0.07	)			(0.07	)
From net realized gain				—				—				(0.01	)			(0.20	)			—				—
Return of capital				—				(0.11	)			(0.01	)			—				(0.02	)			(0.02	)

Total distributions				(0.07	)			(0.11	)			(0.05	)			(0.24	)			(0.09	)			(0.09	)


Net asset value, end of period			$	5.09			$	5.12			$	6.19			$	6.37			$	6.12			$	5.80


Total Return^(d)
Based on net asset value				0.81	%^(e)			(15.56	)%			(2.07	)%			7.97	%			7.14	%^(f)			(1.81	)%


Ratios to Average Net Assets^(g)
Total expenses				1.73	%^(h)			1.79	%⁽ⁱ⁾			1.83	%^(j)			1.93	%			2.11	%			2.19	%

Total expenses after fees waived and/or reimbursed				1.53	%^(h)			1.59	%⁽ⁱ⁾			1.63	%^(j)			1.55	%			1.64	%			1.72	%

Total expenses after fees waived and/or reimbursed and excluding interest expense				1.53	%^(h)			1.57	%⁽ⁱ⁾			1.63	%^(j)			1.53	%			1.53	%			1.53	%

Net investment income				3.10	%^(h)			1.40	%			0.92	%			1.03	%			1.90	%			1.94	%


Supplemental Data
Net assets, end of period (000)			$	3,607			$	4,055			$	5,555			$	3,055			$	4,973			$	6,308

Portfolio turnover rate^(k)				223	%			288	%			354	%			330	%			373	%			344	%

^(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)	Not annualized.

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

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

^(h)	Annualized.

⁽ⁱ⁾	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.

^(j)	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.

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


	Six Months Ended 06/30/23 (unaudited)			Year Ended 12/31/22		Year Ended 12/31/21	^(a)	Year Ended 12/31/20	^(a)	Year Ended 12/31/19	^(a)	Year Ended 12/31/18	^(a)
Portfolio turnover rate (excluding MDRs)		136	%	195	%	228	%	234	%	257	%	269	%

See notes to financial statements.


FINANCIAL HIGHLIGHTS		57

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Strategic Global Bond Fund, Inc. (continued)

	Class K
		Six Months Ended 06/30/23 (unaudited)				Year Ended 12/31/22				Year Ended 12/31/21^(a)				Year Ended 12/31/20^(a)				Year Ended 12/31/19^(a)				Year Ended 12/31/18^(a)


Net asset value, beginning of period			$	5.12			$	6.19			$	6.38			$	6.13			$	5.81			$	6.01

Net investment income^(b)				0.11				0.13				0.12				0.13				0.17				0.17
Net realized and unrealized gain (loss)				(0.03	)			(1.03	)			(0.20	)			0.42				0.31				(0.22	)

Net increase (decrease) from investment operations				0.08				(0.90	)			(0.08	)			0.55				0.48				(0.05	)


Distributions^(c)
From net investment income				(0.10	)			—				(0.09	)			(0.10	)			(0.14	)			(0.12	)
From net realized gain				—				—				(0.01	)			(0.20	)			—				—
Return of capital				—				(0.17	)			(0.01	)			—				(0.02	)			(0.03	)

Total distributions				(0.10	)			(0.17	)			(0.11	)			(0.30	)			(0.16	)			(0.15	)


Net asset value, end of period			$	5.10			$	5.12			$	6.19			$	6.38			$	6.13			$	5.81


Total Return^(d)
Based on net asset value				1.53	%^(e)			(14.67	)%			(1.19	)%			9.10	%			8.26	%^(f)			(0.76	)%


Ratios to Average Net Assets^(g)
Total expenses				0.62	%^(h)			0.67	%⁽ⁱ⁾			0.70	%^(j)			0.69	%			0.89	%			1.01	%

Total expenses after fees waived and/or reimbursed				0.48	%^(h)			0.53	%⁽ⁱ⁾			0.58	%^(j)			0.49	%			0.58	%			0.67	%

Total expenses after fees waived and/or reimbursed and excluding interest expense				0.48	%^(h)			0.51	%⁽ⁱ⁾			0.58	%^(j)			0.48	%			0.48	%			0.48	%

Net investment income				4.20	%^(h)			2.43	%			1.97	%			2.01	%			2.88	%			2.93	%


Supplemental Data
Net assets, end of period (000)			$	155,149			$	136,087			$	119,076			$	55,297			$	33,655			$	34,111

Portfolio turnover rate^(k)				223	%			288	%			354	%			330	%			373	%			344	%

^(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)	Not annualized.

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

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

^(h)	Annualized.

⁽ⁱ⁾	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.

^(j)	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.

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


	Six Months Ended 06/30/23 (unaudited)			Year Ended 12/31/22		Year Ended 12/31/21	^(a)	Year Ended 12/31/20	^(a)	Year Ended 12/31/19	^(a)	Year Ended 12/31/18	^(a)
Portfolio turnover rate (excluding MDRs)		136	%	195	%	228	%	234	%	257	%	269	%

See notes to financial statements.


58		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold without a sales charge and only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).


Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional and Class K Shares	No		No		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 Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

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

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

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2023, if any, are disclosed in the Statement of Assets and Liabilities.

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

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


NOTES TO FINANCIAL STATEMENTS		59

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

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.

•

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.


60		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

•

Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. 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 Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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

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


		Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
Market approach		(i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (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 involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

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

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

•

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

•

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


NOTES TO FINANCIAL STATEMENTS		61

Notes to Financial Statements (unaudited) (continued)

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

4.	*SECURITIES AND OTHER INVESTMENTS*

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

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

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

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

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

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is 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.


62		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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.

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

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedule of Investments. Typically, a fund is


NOTES TO FINANCIAL STATEMENTS		63

Notes to Financial Statements (unaudited) (continued)

permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

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

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

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

For the six months ended June 30, 2023, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Fund were $144,331 and 4.44%, respectively.

Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

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

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

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

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


64		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

•

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

•

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

•

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

•

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

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

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

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

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps


NOTES TO FINANCIAL STATEMENTS		65

Notes to Financial Statements (unaudited) (continued)

in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

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

•

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

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

•

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

•

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

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

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

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

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is


66		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Fund from the counterparties are not fully collateralized, the Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

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

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

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

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


Average Daily Net Assets		Investment Advisory Fees
First $1 billion		0.50%
$1 billion — $3 billion		0.47
$3 billion — $5 billion		0.45
$5 billion — $10 billion		0.44
Greater than $10 billion		0.43

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

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


Share Class	Service Fees			Distribution Fees
Investor A		0.25	%	N/A
Investor C		0.25		0.75%

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

For the six months ended June 30, 2023, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:


	Investor A		Investor C		Total
Service and distribution fees — class specific	$	99,171	$	19,196	$	118,367

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended June 30, 2023, the Fund did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended June 30, 2023, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:


	Institutional		Investor A		Investor C		Class K		Total
Reimbursed amounts	$	2,087	$	1,813	$	142	$	410	$	4,452

For the six months ended June 30, 2023, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:


	Institutional		Investor A		Investor C		Class K		Total
Transfer agent fees — class specific	$	416,027	$	86,422	$	2,253	$	5,060	$	509,762

Other Fees: For the six months ended June 30, 2023, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares for a total of $731.


NOTES TO FINANCIAL STATEMENTS		67

Notes to Financial Statements (unaudited) (continued)

For the six months ended June 30, 2023, affiliates received CDSCs as follows:


		Investor C
CDSC		$ 28

Expense Limitations, Waivers and Reimbursements: With respect to the Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 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 the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended June 30, 2023, the amount waived and/or reimbursed was $18,467.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 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 the Fund. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2023, the Manager waived $31,283 in investment advisory fees pursuant to this arrangement.

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


Share Class		Expense Limitation
Institutional		0.53%
Investor A		0.78
Investor C		1.53
Class K		0.48

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 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 the Fund. For the six months ended June 30, 2023, the Manager waived and/or reimbursed investment advisory fees of $454,616 which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

In addition, these amounts waived and/or reimbursed by the Manager are included in transfer agent fees waived and/or reimbursed — class specific, in the Statement of Operations. For the six months ended June 30, 2023, class specific expense waivers and/or reimbursements were as follows:


	Institutional		Investor A		Investor C		Class K		Total
Transfer agent fees waived and/or reimbursed by the Manager — class specific	$	286,951	$	66,588	$	1,293	$	5,060	$	359,892

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

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 period ended June 30, 2023, the Fund did not participate in the Interfund Lending Program.

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

7.	*PURCHASES AND SALES*

For the six months ended June 30, 2023, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls and excluding short-term securities, were as follows:


	U.S. Government Securities				Other Securities
Fund Name	Purchases		Sales		Purchases		Sales
BlackRock Strategic Global Bond Fund, Inc	$	3,297,597	$	189,665	$	1,528,365,194	$	1,473,602,070

For the six months ended June 30, 2023, purchases and sales related to mortgage dollar rolls were $574,716,314 and $574,367,766, respectively.


68		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

8.	*INCOME TAX INFORMATION*

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

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

Management has analyzed tax laws and regulations and their application to the Fund as of June 30, 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 Fund’s financial statements.

As of December 31, 2022, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

Fund Name

Non-Expiring

Capital Loss

Carryforwards

^(a)

Qualified

Late-Year

Losses

^(b)

BlackRock Strategic Global Bond Fund, Inc.

(100,236,388

)

(3,110,856

)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of June 30, 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)
BlackRock Strategic Global Bond Fund, Inc.	$	824,512,923	$	26,198,197	$	(79,971,097	)	$	(53,772,900	)

9.	*BANK BORROWINGS*

The Fund, 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 Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple 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 six months ended June 30, 2023, the Fund did not borrow under the credit agreement.

10.

PRINCIPAL RISKS

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

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

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


NOTES TO FINANCIAL STATEMENTS		69

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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 the Fund’s portfolio are disclosed in its Schedule of Investments.

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

The Fund invests a significant portion of its 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 Fund invests.

The Fund invests a significant portion of its 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


70		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 Schedule 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 Fund may be exposed to financial instruments that are 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, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:


	Six Months Ended 06/30/23						Year Ended 12/31/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
BlackRock Strategic Global Bond Fund, Inc.
Institutional
Shares sold		24,248,707		$	125,694,142			47,387,967		$	259,150,206
Shares issued in reinvestment of distributions		1,748,109			9,019,636			2,895,182			15,589,443
Shares redeemed		(15,941,672	)		(82,217,387	)		(72,530,991	)		(396,732,385	)

		10,055,144		$	52,496,391			(22,247,842	)	$	(121,992,736	)


Investor A
Shares sold and automatic conversion of shares		1,160,077		$	6,000,153			4,900,448		$	27,095,285
Shares issued in reinvestment of distributions		255,131			1,316,586			447,573			2,399,813
Shares redeemed		(3,013,283	)		(15,562,755	)		(6,821,956	)		(37,373,102	)

		(1,598,075	)	$	(8,246,016	)		(1,473,935	)	$	(7,878,004	)


Investor C
Shares sold		66,874		$	343,521			161,059		$	885,670
Shares issued in reinvestment of distributions		10,428			53,754			17,559			93,566
Shares redeemed and automatic conversion of shares		(161,905	)		(832,372	)		(283,802	)		(1,524,282	)

		(84,603	)	$	(435,097	)		(105,184	)	$	(545,046	)


Class K
Shares sold		6,173,444		$	31,809,528			12,323,881		$	66,741,072
Shares issued in reinvestment of distributions		443,344			2,286,303			605,981			3,228,625
Shares redeemed		(2,769,341	)		(14,292,020	)		(5,582,529	)		(30,314,643	)

		3,847,447		$	19,803,811			7,347,333		$	39,655,054

		12,219,913		$	63,619,089			(16,479,628	)	$	(90,760,732	)

12.

SUBSEQUENT EVENTS

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


NOTES TO FINANCIAL STATEMENTS		71

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Directors (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Strategic Global Bond Fund, Inc. (the “Fund”) met on May 4, 2023 (the “May Meeting”) and June 1-2, 2023 (the “June Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Fund and BlackRock Advisors, LLC (the “Manager”), the Fund’s investment adviser. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager and BlackRock International Limited (“BIL”), with respect to the Fund and (2) the Manager and BlackRock (Singapore) Limited (“BRS” and together with BIL, the “Sub-Advisors”), with respect to the Fund. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for the Fund on an annual basis. The Board members who are not “interested persons” of the Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each of which extended over a two-day period, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and the Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding the Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of the Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and the Fund’s operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to them on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.


72		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund’s portfolio management team discussing the Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of investment personnel generally and the Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans.

The Board noted that the engagement of the Sub-Advisors with respect to the Fund facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit the Fund and its shareholders.

B. The Investment Performance of the Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund’s performance as of December 31, 2022, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the respective Morningstar Category (“Morningstar Category”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-, three- and five-year periods reported, the Fund ranked in the third, second and first quartiles, respectively, against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s underperformance relative to its Morningstar Category during the applicable period.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund

The Board, including the Independent Board Members, reviewed the Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed


DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB - ADVISORY AGREEMENTS		73

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

BlackRock’s estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2022 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio ranked in the first and second quartiles, respectively, relative to the Fund’s Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund’s total expenses as a percentage of the Fund’s average daily net assets on a class-by-class basis.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Fund increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which the Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. The Board considered the Fund’s asset levels and whether the current fee schedule was appropriate.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, distribution, securities lending, and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and the Fund for a one-year term ending June 30, 2024, and the Sub-Advisory Agreements between the Manager and the Sub-Advisors, with respect to the Fund, for a one-year term ending June 30, 2024. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.


74		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Additional Information

Tailored Shareholder Reports for Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require 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 Fund.

General Information

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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


ADDITIONAL INFORMATION		75

Additional Information (continued)

BlackRock Privacy Principles (continued)

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

Sub-Adviser

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited

079912 Singapore

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 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

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Fund

100 Bellevue Parkway

Wilmington, DE 19809


76		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

MXN		Mexican Peso

MYR		Malaysian Ringgit

NOK		Norwegian Krone

NZD		New Zealand Dollar

PLN		Polish Zloty

RUB		New Russian Ruble

SEK		Swedish Krona

SGD		Singapore Dollar

THB		Thai Baht

TRY		Turkish Lira

TWD		New Taiwan Dollar

USD		United States Dollar

ZAR		South African Rand

Portfolio Abbreviation



ADR		American Depositary Receipt

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

BZDIOVER		Overnight Brazil Interbank Deposit (CETIP)

CDI		CREST Depository Interest

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

CR		Custodian Receipt

DAC		Designated Activity Company

ESTR		Euro Short Term Rate

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

FEDL		Fed Funds Effective Rate

FREMF		Freddie Mac Multifamily Securities

FTSE		Financial Times Stock Exchange

GO		General Obligation Bonds

JIBAR		Johannesburg Interbank Average Rate

LIBOR		London Interbank Offered Rate

MSCI		Morgan Stanley Capital International

MXIBTIIE		Mexico Interbank TIIE 28-Day

PCL		Public Company Limited

PIK		Payment-in-Kind

PIPE		Private Investment in Public Equity

PRIBOR		Prague Interbank Offer Rate

PSF		Permanent School Fund

RB		Revenue Bond

S&P		Standard & Poor’s

SAB		Special Assessment Bonds

SCA		Societe en Commandite par Actions

SOFR		Secured Overnight Financing Rate

SONIA		Sterling Overnight Interbank Average Rate

SPDR		Standard & Poor’s Depository Receipt

SSARON		Swiss Average Overnight Rate

TBA		To-Be-Announced

WIBOR		Warsaw Interbank Offered Rate


GLOSSARY OF TERMS USED IN THIS REPORT		77

Want to know more?

blackrock.com | 800-441-7762

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

SGB-06/23-SAR

(b) Not Applicable

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrants – Not Applicable

Item 6 –

Investments

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

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 –

Exhibits attached hereto

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

(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

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Strategic Global Bond Fund, Inc.


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

Date: August 22, 2023

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


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

Date: August 22, 2023


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

Date: August 22, 2023

BlackRock Strategic Global Bond Fund (MKWIX) N-CSRSCertified semi-annual shareholder report (management investment company)