BlackRock 2022 Global Income Opportunity Trust

NPORT-EX 2 NPORT_89KE_4576028480.htm BlackRock 2022 Global Income Opportunity Trust

Schedule of Investments (unaudited)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities

Cayman Islands^(b)(c)— 0.6%
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 3.38%, 04/20/32^(a)	USD		250	$	250,000
Cedar Funding VI CLO Ltd., (3 mo. LIBOR US + 3.31%), 4.59%, 04/20/34^(d)			1,000		992,500

					1,242,500

United States — 14.8%
ALM VII R-2 Ltd., Series 2013-7R2A, Class CR2, (3 mo. LIBOR US + 3.00%), 3.24%, 10/15/27^(b)(c)			500		496,890
Anchorage Capital CLO Ltd., Series 2014-4RA, Class D, (3 mo. LIBOR US + 2.60%), 2.82%, 01/28/31^(b)(c)			1,000		965,739
Apidos CLO XVIII, Series 2018-18A, Class E, (3 mo. LIBOR US + 5.70%), 5.92%, 10/22/30^(b)(c)			1,000		927,201
Apidos CLO XXI, Series 2015-21A, Class DR, (3 mo. LIBOR US + 5.20%), 5.42%, 07/18/27^(b)(c)			500		476,419
Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, (3 mo. LIBOR US + 6.15%), 6.39%, 10/15/30^(b)(c)			250		245,953
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.66%, 07/20/32^(b)(c)			300		297,234
Cedar Funding II CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 3.60%), 3.79%, 06/09/30^(b)(c)			950		949,981
Cedar Funding VI CLO Ltd., Series 2016-6A, Class DR, (3 mo. LIBOR US + 3.00%), 3.22%, 10/20/28^(b)(c)			1,000		1,000,205
Conseco Finance Corp., Series 2001-D, Class B1, (1 mo. LIBOR US + 2.50%), 2.61%, 11/15/32^(b)			786		735,108
Conseco Finance Securitizations Corp., Series 2002-1, Class M2, 9.55%, 12/01/33^(b)			2,500		2,501,379
Credit-Based Asset Servicing & Securitization LLC, Series 2006-MH1, Class B1, 6.25%, 10/25/36^(c)			1,000		1,023,552
CWABS Asset-Backed Certificates Trust, Series 2005- 17, Class 1AF4, 6.05%, 05/25/36.			471		462,125
Deutsche Financial Capital Securitization LLC, Series 1998-I, Class M, 6.80%, 04/15/28			512		526,307
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.24%, 10/15/32^(b)(c)			550		551,159
First Franklin Mortgage Loan Trust, Series 2006-FF16, Class 2A3, (1 mo. LIBOR US + 0.14%), 0.25%, 12/25/36^(b)			558		325,366
Galaxy XXIX CLO Ltd., Series 2018-29A, Class D, (3 mo. LIBOR US + 2.40%), 2.59%, 11/15/26^(b)(c)			750		742,956
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class ER2, (3 mo. LIBOR US + 5.66%), 5.87%, 10/29/29^(b)(c)			500		478,489
Lehman ABS Manufactured Housing Contract Trust, Series 2002-A, Class C, 0.00%, 06/15/33			1,554		1,464,019
Long Beach Mortgage Loan Trust^(b)
Series 2006-5, Class 2A3, (1 mo. LIBOR US + 0.30%), 0.41%, 06/25/36			985		602,818
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.27%, 08/25/36			1,538		825,849
Series 2006-7, Class 2A4, (1 mo. LIBOR US + 0.24%), 0.35%, 08/25/36			1,538		835,694
Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.27%, 10/25/36			1,395		611,365


Security		Par (000)		Value

United States (continued)
Madison Park Funding X Ltd., Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.47%, 01/20/29^(b)(c)	USD		550	$	550,117
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 3.92%, 04/20/26^(b)(c)			1,000		1,000,529
Madison Park Funding XXX Ltd., Series 2018-30X, Class E, 5.19%, 04/15/29^(b)			250		237,840
Mariner CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 7.10%, 04/30/32^(b)(c)			250		250,646
Merrill Lynch Mortgage Investors Trust, Series 2006- OPT1, Class M1, (1 mo. LIBOR US + 0.26%), 0.37%, 08/25/37^(b)(d)			1,529		1,233,233
Nationstar HECM Loan Trust, Series 2019-1A, Class M4, 5.80%, 06/25/29^(b)(c)			750		749,906
Neuberger Berman CLO XV, Series 2013-15A, Class DR, (3 mo. LIBOR US + 3.05%), 3.29%, 10/15/29^(b)(c)			1,000		1,000,208
OCP CLO Ltd., Series 2016-12A, Class CR, (3 mo. LIBOR US + 3.00%), 3.22%, 10/18/28^(b)(c)			250		248,300
OZLM XIV Ltd., Series 2015-14A, Class CR, (3 mo. LIBOR US + 3.00%), 3.24%, 01/15/29^(b)(c)			1,000		974,907
Palmer Square Loan Funding Ltd.^(b)(c)
Series 2018-4A, Class C, (3 mo. LIBOR US + 2.55%), 2.74%, 11/15/26			1,800		1,781,646
Series 2019-2A, Class C, (3 mo. LIBOR US + 3.25%), 3.47%, 04/20/27			1,100		1,100,246
Park Avenue Institutional Advisers CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 5.85%), 6.03%, 08/23/31^(b)(c)			500		461,473
Regatta VI Funding Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 2.70%), 2.92%, 07/20/28^(b)(c)			500		499,934
Rockford Tower CLO Ltd.^(b)(c)
Series 2017-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.89%, 04/15/29			1,000		988,487
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 2.87%, 10/20/30			420		413,673
TICP CLO V Ltd., Series 2016-5A, Class ER, (3 mo. LIBOR US + 5.75%), 5.97%, 07/17/31^(b)(c)			250		242,197
TICP CLO XII Ltd., Series 2018-12A, Class E, (3 mo. LIBOR US + 5.50%), 5.74%, 01/15/31^(b)(c)			1,000		996,018
TRESTLES CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 5.97%, 07/25/31^(b)(c)			250		237,131
Westcott Park CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 3.47%, 07/20/28^(b)(c)			250		249,916

					30,262,215


Total Asset-Backed Securities — 15.4% (Cost: $31,397,656)					31,504,715


		Shares

Common Stocks

United States — 0.7%
CA Resources Corp.			14,589		348,379
Caesars Entertainment, Inc.^(e)			4,060		355,047


S C H E D U L E O F I N V E S T M E N T S		1

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)



Security		Shares		Value

United States (continued)
California Resources Corp.^(e)			29,781	$	716,531
Chesapeake Energy Corp., (Acquired 02/10/21, Cost: $1,771)^(f)			187		7,816
Pioneer Energy Services Corp.^(a)(e)			1,580		9,164
Service Properties Trust			3,000		35,580


Total Common Stocks — 0.7% (Cost: $1,420,671)					1,472,517


		Par (000)

Corporate Bonds

Argentina — 0.4%
Genneia SA, 8.75%, 01/20/22^(c)	USD		347		308,613
Stoneway Capital Corp.^(e)(g)10.00%, 03/01/27^(c)			955		375,897
10.00%, 03/01/27			338		133,203

					817,713

Australia — 0.1%
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27^(c)			15		16,027
Santos Finance Ltd., 5.25%, 03/13/29			200		218,925

					234,952

Austria — 0.1%
Klabin Austria GmbH, 3.20%, 01/12/31^(c)			200		190,000


Bahrain — 0.1%
Oil and Gas Holding Co., 7.63%, 11/07/24			200		222,562


Bermuda — 0.2%
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38^(c)			340		370,175


Brazil — 2.2%
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30^(c)			333		332,284
Gol Finance SA, 7.00%, 01/31/25^(c)			1,000		814,375
Itau Unibanco Holding SA, 5.13%, 05/13/23^(c)			276		291,359
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/30^(c)			31		34,309
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25^(h)			243		253,935
Petrobras Global Finance BV 5.30%, 01/27/25⁽ⁱ⁾			630		691,425
8.75%, 05/23/26⁽ⁱ⁾			659		822,498
6.00%, 01/27/28			374		409,998
5.60%, 01/03/31			447		471,138
Suzano Austria GmbH, 3.75%, 01/15/31			125		129,050
Vale Overseas Ltd., 3.75%, 07/08/30			180		187,182

					4,437,553

British Virgin Islands — 0.1%
New Metro Global Ltd., 4.80%, 12/15/24			200		201,500


Canada — 1.4%
1011778 BC ULC/New Red Finance, Inc., 3.88%, 01/15/28^(c)			19		19,204
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.25%, 09/15/27^(c)			327		341,306



Security		Par (000)		Value

Canada (continued)
Hammerhead Resources, Inc., Series AI, (12.00% PIK), 9.00%, 07/10/22^(a)(h)	USD		891	$	890,724
Mattamy Group Corp., 5.25%, 12/15/27^(c)			12		12,555
NOVA Chemicals Corp., 5.25%, 06/01/27^(c)(i)			1,495		1,568,808

					2,832,597

Cayman Islands — 1.6%
Agile Group Holdings Ltd., (5 year CMT + 11.08%), 7.75%^(b)(j)			300		307,500
Fantasia Holdings Group Co. Ltd., 9.88%, 10/19/23			200		184,750
Kaisa Group Holdings Ltd., 11.95%, 11/12/23			200		210,062
Latam Finance Ltd., 6.88%, 04/11/24^(c)(e)(g)			645		532,125
Melco Resorts Finance Ltd., 5.25%, 04/26/26			200		206,312
Oryx Funding Ltd., 5.80%, 02/03/31^(c)			200		206,750
Ronshine China Holdings Ltd., 5.50%, 02/01/22			200		197,499
Sable International Finance Ltd., 5.75%, 09/07/27			318		333,502
Shui On Development Holding Ltd., 5.50%, 03/03/25			200		201,688
Sunac China Holdings Ltd., 6.50%, 01/10/25			200		202,688
Times China Holdings Ltd., 6.75%, 07/08/25			250		262,344
UPCB Finance VII Ltd., 3.63%, 06/15/29	EUR		100		118,443
Zhenro Properties Group Ltd., 7.88%, 04/14/24	USD		200		201,500

					3,165,163

Chile^(c)— 0.4%
Kenbourne Invest SA, 6.88%, 11/26/24			332		353,165
VTR Comunicaciones SpA 5.13%, 01/15/28			200		208,725
4.38%, 04/15/29			200		200,800

					762,690

China — 3.5%
21Vianet Group, Inc., 7.88%, 10/15/21			200		203,500
CFLD Cayman Investment Ltd. 8.63%, 02/28/21			200		76,438
8.60%, 04/08/24			200		73,938
China Aoyuan Group Ltd., 6.35%, 02/08/24			200		200,438
China Evergrande Group, 11.50%, 01/22/23			200		188,125
China SCE Group Holdings Ltd. 7.45%, 04/17/21			300		300,390
7.25%, 04/19/23			200		205,812
CIFI Holdings Group Co. Ltd., 5.95%, 10/20/25			200		212,562
Country Garden Holdings Co. Ltd., 6.15%, 09/17/25			200		221,687
Easy Tactic Ltd. 9.13%, 07/28/22			200		199,313
8.63%, 02/27/24			200		185,500
Excel Capital Global Ltd., (U.S. Treasury Yield Curve Rate T-Note Contant Maturity + 9.34%), 7.00%^(b)(j)			200		201,008
Fantasia Holdings Group Co. Ltd., 11.75%, 04/17/22			200		203,840
Fortune Star BVI Ltd., 6.85%, 07/02/24			300		316,406
Greenland Global Investment Ltd., (3 mo. LIBOR US + 4.85%), 5.05%, 09/26/21^(b)			200		193,750
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24			200		208,500
Hilong Holding Ltd., 8.25%, 09/26/22^(e)(g)			200		151,938
Jingrui Holdings Ltd., 9.45%, 04/23/21			200		197,875
Kaisa Group Holdings Ltd. 11.50%, 01/30/23			200		206,687
9.38%, 06/30/24			200		192,250
KWG Group Holdings Ltd., 7.40%, 03/05/24			200		209,687
Logan Group Co. Ltd., 6.50%, 07/16/23			200		205,000
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			200		208,437


2

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

China (continued)
Prime Bloom Holdings Ltd., 6.95%, 07/05/22	USD		200	$	37,938
RKPF Overseas Ltd., Series 2020-A, 5.20%, 01/12/26			200		202,188
Ronshine China Holdings Ltd. 8.75%, 10/25/22			200		200,250
8.95%, 01/22/23			200		200,563
Scenery Journey Ltd., 11.50%, 10/24/22			435		397,753
Seazen Group Ltd., 6.00%, 08/12/24			200		211,000
Sunac China Holdings Ltd., 6.65%, 08/03/24			300		307,687
Wanda Group Overseas Ltd., 7.50%, 07/24/22			200		178,688
Yango Justice International Ltd., 8.25%, 11/25/23			200		197,188
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24			200		209,937
Yuzhou Group Holdings Co. Ltd., 7.70%, 02/20/25			300		259,050
Zhejiang Baron BVI Co. Ltd., 6.80%, 08/27/21			200		204,062

					7,169,385

Colombia — 0.3%
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29^(c)			505		506,894


Denmark — 0.2%
Danske Bank A/S, (5 year EUR Swap + 1.40%), 1.00%, 05/15/31^(b)	EUR		350		408,797


Dominican Republic — 0.5%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(c)(i)	USD		928		961,930


France — 2.8%
Altice France SA 2.50%, 01/15/25	EUR		200		228,700
2.13%, 02/15/25			100		113,166
Arkema SA, (5 year EUR Swap + 2.87%), 2.75%^(b)(j)			500		615,933
AXA SA, (3 mo. LIBOR US + 3.88%), 5.13%, 01/17/47^(b)	USD		550		626,266
BNP Paribas SA, (5 year USD Swap + 1.48%), 4.38%, 03/01/33^(b)(i)			800		871,464
CAB SELAS, 3.38%, 02/01/28			300		350,473
CMA CGM SA, 7.50%, 01/15/26			100		127,971
Credit Agricole Assurances SA, (5 year EURIBOR ICE Swap Rate + 2.65%), 2.63%, 01/29/48^(b)			400		500,696
Credit Agricole SA, (5 year USD Swap + 1.64%), 4.00%, 01/10/33^(b)(c)	USD		450		482,394
Loxam SAS, 3.75%, 07/15/26.	EUR		100		117,856
Orano SA, 2.75%, 03/08/28.			100		121,326
Picard Groupe SAS, (3 mo. EURIBOR + 3.00%), 3.00%, 11/30/23^(b)			100		117,105
Societe Generale SA, 4.25%, 04/14/25^(c)	USD		350		378,989
TOTAL SE, Series NC12, (5 year EUR Swap + 2.51%), 2.13%^(b)(j)	EUR		600		693,066
Veolia Environnement SA, (5 year EUR Swap + 2.84%), 2.50%^(b)(j)			300		350,366

					5,695,771

Germany — 1.5%
Adler Group SA, 3.25%, 08/05/25			200		244,559
Adler Real Estate AG, 3.00%, 04/27/26			100		122,530
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24			100		113,166
Fraport AG Frankfurt Airport Services Worldwide, 1.88%, 03/31/28^(d)			175		208,485
IHO Verwaltungs GmbH, (3.63% Cash or 4.38% PIK), 3.63%, 05/15/25^(h)			100		119,329



Security		Par (000)		Value

Germany (continued)
Merck KGaA, (5 year EURIBOR ICE Swap Rate + 2.94%), 2.88%, 06/25/79^(b)	EUR		600	$	767,016
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24			200		235,713
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25			100		121,093
Summit Properties Ltd., 2.00%, 01/31/25			100		115,276
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26			100		121,668
thyssenkrupp AG, 1.88%, 03/06/23			185		217,033
Vertical Midco GmbH 4.38%, 07/15/27			100		123,157
(3 mo. EURIBOR + 4.75%), 4.75%, 07/15/27^(b)			115		137,221
Vertical US Newco, Inc., 5.25%, 07/15/27^(c)	USD		200		209,375
ZF Finance GmbH 3.00%, 09/21/25	EUR		100		123,651
3.75%, 09/21/28			100		127,821

					3,107,093

Guatemala^(c)— 0.6%
Central American Bottling Corp., 5.75%, 01/31/27⁽ⁱ⁾	USD		626		662,778
Energuate Trust, 5.88%, 05/03/27.			503		530,715

					1,193,493

Hong Kong — 0.0%
Pearl Holding III Ltd., 9.50%, 12/11/22			200		62,125


India — 0.7%
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24			200		211,438
Greenko Dutch BV, 5.25%, 07/24/24			200		207,375
Jubilant Pharma Ltd., 6.00%, 03/05/24			200		210,875
Muthoot Finance Ltd., 6.13%, 10/31/22^(c)			200		207,250
ReNew Power Synthetic, 6.67%, 03/12/24			200		210,125
Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22			200		204,875
Vedanta Resources Finance II PLC, 13.88%, 01/21/24			200		215,812

					1,467,750

Indonesia — 0.4%
Alam Synergy Pte Ltd., 11.50%, 04/22/21			131		130,977
Global Prime Capital Pte Ltd., 5.95%, 01/23/25			200		207,000
JGC Ventures Pte Ltd., 10.75%, 08/30/21^(e)(g)			200		80,313
Perusahaan Perseroan Persero PT Perusahaan Listrik
Negara, 4.88%, 07/17/49			200		211,376
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		204,312

					833,978

Ireland^(b)— 0.3%
AIB Group PLC, (5 year EUR Swap + 3.30%), 2.88%, 05/30/31	EUR		350		435,065
Bank of Ireland Group PLC, (5 year CMT + 2.50%), 4.13%, 09/19/27	USD		200		204,016

					639,081

Israel^(c)— 0.2%
Energean Israel Finance Ltd., 4.88%, 03/30/26			170		171,360
Leviathan Bond Ltd., 5.75%, 06/30/23			277		289,584

					460,944

Italy — 1.2%
Assicurazioni Generali SpA, (3 mo. EURIBOR + 5.35%), 5.00%, 06/08/48^(b)	EUR		200		280,768
Autostrade per l’Italia SpA 5.88%, 06/09/24			100		134,980
2.00%, 12/04/28			100		119,987
Centurion Bidco SpA, 5.88%, 09/30/26			100		122,109
International Game Technology PLC, 4.75%, 02/15/23			100		122,547
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(c)	USD		350		382,309


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Italy (continued)
Rossini Sarl, 6.75%, 10/30/25.	EUR		200	$	248,026
Sisal Group SpA, 7.00%, 07/31/23			69		81,992
Telecom Italia Capital SA, 6.38%, 11/15/33	USD		385		453,168
Telecom Italia SpA 1.13%, 03/26/22^(k)	EUR		100		117,438
4.00%, 04/11/24			100		126,490
UniCredit SpA, (5 year EUR Swap + 2.40%), 2.00%, 09/23/29^(b)			200		234,833

					2,424,647

Japan — 0.3%
SoftBank Group Corp. 4.00%, 04/20/23			200		246,112
4.75%, 07/30/25			100		130,023
(5 year USD ICE Swap + 4.23%), 6.00%^(b)(j)	USD		200		200,500

					576,635

Jersey — 0.1%
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24^(h)	EUR		240		285,670


Lithuania — 0.2%
ASG Finance Designated Activity Co., 7.88%, 12/03/24^(c)	USD		429		400,981


Luxembourg — 0.6%
Altice Financing SA, 2.25%, 01/15/25	EUR		100		114,392
ArcelorMittal SA, 1.75%, 11/19/25.			100		121,947
Atento Luxco 1 SA, 8.00%, 02/10/26^(c)	USD		200		209,875
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25	GBP		100		142,446
Millicom International Cellular SA, 4.50%, 04/27/31^(c)	USD		255		265,200
Simpar Europe SA, 5.20%, 01/26/31^(c)			215		210,566
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		123,368

					1,187,794

Macau — 0.2%
MGM China Holdings Ltd., 5.88%, 05/15/26	USD		200		209,375
Wynn Macau Ltd., 5.50%, 01/15/26			200		208,000

					417,375

Mauritius — 0.3%
HTA Group Ltd., 7.00%, 12/18/25^(c)			200		211,750
India Green Energy Holdings, 5.38%, 04/29/24^(c)			250		259,687
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%^(b)(j)			200		211,188

					682,625

Mexico — 1.6%
BBVA Bancomer SA/Texas, 1.88%, 09/18/25^(c)			555		555,694
Cemex SAB de CV, 3.13%, 03/19/26	EUR		200		240,623
Controladora Mabe SA de CV, 5.60%, 10/23/28^(c)	USD		444		516,150
Cydsa SAB de CV, 6.25%, 10/04/27^(c)(i)			800		838,000
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25^(c)			400		404,075
Petroleos Mexicanos 6.35%, 02/12/48			97		79,904
6.95%, 01/28/60			297		253,564
Trust Fibra Uno, 6.95%, 01/30/44			400		464,125

					3,352,135

MultiNational — 0.0%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/29^(c)			35		39,533



Security		Par (000)		Value

Netherlands — 2.6%
ASR Nederland NV, (5 year EUR Swap + 4.00%), 3.38%, 05/02/49^(b)	EUR		400	$	523,540
Equate Petrochemical BV, 4.25%, 11/03/26^(c)	USD		293		319,187
Greenko Dutch BV, 3.85%, 03/29/26			200		200,687
ING Groep NV, (5 year EUR Swap + 2.40%), 2.13%, 05/26/31^(b)	EUR		600		744,254
NN Group NV, (3 mo. Euribor + 4.95%), 4.63%, 01/13/48^(b)			500		697,024
OCI NV, 3.63%, 10/15/25			100		122,254
PPF Telecom Group BV, 3.25%, 09/29/27			100		124,635
Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24			100		111,333
United Group BV, 4.88%, 07/01/24			440		524,476
VEON Holdings BV, 4.00%, 04/09/25^(c)	USD		200		206,300
Vivo Energy Investments BV, 5.13%, 09/24/27^(c)			332		354,410
Ziggo BV, 5.50%, 01/15/27^(c)			1,240		1,291,150

					5,219,250

Panama^(c)— 0.7%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30			210		217,277
Avianca Holdings SA, (10.50% Cash or 12.00% PIK), 12.25%, 11/10/21^(h)			1,275		1,287,505

					1,504,782

Peru — 0.7%
Nexa Resources SA, 5.38%, 05/04/27^(c)(i)			1,350		1,465,087


Portugal — 0.3%
EDP - Energias de Portugal SA, (5 year EUR Swap + 4.29%), 4.50%, 04/30/79^(b)	EUR		500		639,926


Saudi Arabia^(c)— 0.3%
Arabian Centres Sukuk Ltd., 5.63%, 10/07/26			300		300,000
Saudi Arabian Oil Co., 2.25%, 11/24/30	USD		237		227,413

					527,413

Singapore^(c)— 0.6%
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27			200		203,000
Puma International Financing SA, 5.13%, 10/06/24			1,000		999,687

					1,202,687

South Africa — 0.2%
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24^(c)			254		275,352
Sasol Financing USA LLC, 6.50%, 09/27/28			200		215,100

					490,452

Spain — 0.6%
CaixaBank SA, (5 year EUR Swap + 1.68%), 2.25%, 04/17/30^(b)	EUR		300		366,621
Cirsa Finance International Sarl, 7.88%, 12/20/23^(c)	USD		200		202,260
ContourGlobal Power Holdings SA, 4.13%, 08/01/25	EUR		200		239,817
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%^(b)(j)			100		115,651
Iberdrola International BV, (5 year EUR Swap + 2.97%), 3.25%^(b)(j)			200		255,356
Lorca Telecom Bondco SA, 4.00%, 09/18/27			100		120,191

					1,299,896


4

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Sweden — 0.1%
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%^(b)(j)	EUR		100	$	116,083
Verisure Holding AB, 3.50%, 05/15/23			144		170,508

					286,591

Switzerland — 0.1%
ELM BV for Firmenich International SA, (5 year EUR Swap + 4.39%), 3.75%^(b)(j)			130		164,266


Ukraine — 0.5%
MHP Lux SA, 6.25%, 09/19/29^(c)	USD		1,000		991,250


United Arab Emirates — 0.2%
MAF Sukuk Ltd., 4.64%, 05/14/29.			334		370,009


United Kingdom — 2.6%
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		240		333,662
Barclays PLC 4.84%, 05/09/28⁽ⁱ⁾	USD		500		557,334
(5 year EUR Swap + 1.90%), 2.00%, 02/07/28^(b)	EUR		400		481,096
BP Capital Markets PLC, (5 year EUR Swap + 4.12%), 3.63%^(b)(j)			350		444,849
Cabot Financial Luxembourg SA, 7.50%, 10/01/23	GBP		44		62,034
CPUK Finance Ltd., 4.25%, 08/28/22			52		71,700
eG Global Finance PLC 3.63%, 02/07/24	EUR		175		198,680
4.38%, 02/07/25			100		114,505
INEOS Quattro Finance 1 PLC, 3.75%, 07/15/26			170		202,567
Ladbrokes Group Finance PLC 5.13%, 09/16/22	GBP		7		9,629
5.13%, 09/08/23			200		291,160
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26^(c)	USD		238		250,495
Natwest Group PLC, (5 year CMT + 2.10%), 3.75%, 11/01/29^(b)			550		584,557
Pinewood Finance Co. Ltd., 3.25%, 09/30/25	GBP		100		140,617
Premier Foods Finance PLC, 6.25%, 10/15/23			100		141,116
Standard Chartered PLC, (5 year EUR Swap + 2.80%), 2.50%, 09/09/30^(b)	EUR		350		434,485
Synlab Bondco PLC, (3 mo. EURIBOR + 4.75%), 4.75%, 07/01/25^(b)			138		163,962
Thames Water Kemble Finance PLC, 4.63%, 05/19/26	GBP		167		232,979
Vedanta Resources Finance II PLC, 8.95%, 03/11/25^(c)	USD		375		358,313
Vmed O2 UK Financing I PLC, 3.25%, 01/31/31	EUR		133		156,772

					5,230,512

United States — 17.5%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28^(c)	USD		35		36,846
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
5.75%, 03/15/25			5		5,163
3.25%, 03/15/26^(c)			54		53,793
4.63%, 01/15/27^(c)			33		34,203
Ambac Assurance Corp., 5.10%^(c)(j)			23		31,006
Ambac LSNI LLC, (3 mo. LIBOR US + 5.00%), 6.00%, 02/12/23^(b)(c)			460		464,976
AMC Networks, Inc. 5.00%, 04/01/24			10		10,125
4.75%, 08/01/25			20		20,516
American Airlines Group, Inc.^(a)4.87%, 04/22/25			165		161,071
4.00%, 12/15/25^(b)			139		135,950



Security		Par (000)		Value

United States (continued)
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28^(c)	USD		17	$	17,000
AMN Healthcare, Inc., 4.63%, 10/01/27^(c)			148		151,330
Aramark Services, Inc. 4.75%, 06/01/26			12		12,336
5.00%, 02/01/28^(c)			28		29,057
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
2.13%, 08/15/26	EUR		100		116,847
4.75%, 07/15/27	GBP		140		197,346
Ashton Woods USA LLC/Ashton Woods Finance Co.^(c)9.88%, 04/01/27	USD		278		312,055
6.63%, 01/15/28			305		324,825
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25	EUR		100		119,336
Boxer Parent Co., Inc., 6.50%, 10/02/25			100		124,799
Boyd Gaming Corp. 8.63%, 06/01/25^(c)	USD		90		100,080
4.75%, 12/01/27			265		270,096
Bristow Group, Inc., 6.88%, 03/01/28^(c)			197		196,362
Bruin E&P Partners LLC, 8.88%, 08/01/23^(a)(c)(e)(g)			57		362
Buckeye Partners LP 4.13%, 03/01/25^(c)			124		126,516
3.95%, 12/01/26			15		14,827
Caesars Entertainment, Inc.^(c)6.25%, 07/01/25			337		359,247
8.13%, 07/01/27			213		234,885
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(c)			100		105,530
Calpine Corp.^(c)4.50%, 02/15/28			817		823,863
5.13%, 03/15/28			512		514,381
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24^(c)			664		717,784
Carlson Travel, Inc., 6.75%, 12/15/25^(c)			886		810,690
Cedar Fair LP, 5.25%, 07/15/29			12		12,335
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25^(c)			157		165,249
5.38%, 04/15/27			12		12,300
Centennial Resource Production LLC, 5.38%, 01/15/26^(c)			1,000		880,000
Charles River Laboratories International, Inc., 4.25%, 05/01/28^(c)			12		12,360
Cheniere Energy Partners LP, 5.63%, 10/01/26			27		28,234
Cheniere Energy, Inc., (4.88% PIK), 4.88%, 05/28/21^(c)(h)(k)			710		712,295
Chesapeake Energy Corp.^(c)5.50%, 02/01/26			79		82,231
5.88%, 02/01/29			29		30,740
Churchill Downs, Inc.^(c)5.50%, 04/01/27			15		15,678
4.75%, 01/15/28			12		12,411
Citgo Holding, Inc., 9.25%, 08/01/24^(c)			224		222,320
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26^(c)			42		44,606
Clean Harbors, Inc., 4.88%, 07/15/27^(c)			13		13,715
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27^(c)			433		435,490
Colfax Corp., 6.00%, 02/15/24^(c)			15		15,465


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

United States (continued)
Commercial Metals Co., 5.38%, 07/15/27	USD		95	$	99,750
Coty, Inc., 6.50%, 04/15/26^(c)			72		72,559
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(c)			29		29,586
DAE Funding LLC, 3.38%, 03/20/28^(c)			315		311,850
Darling Ingredients, Inc., 5.25%, 04/15/27^(c)			12		12,615
Dave & Buster’s, Inc., 7.63%, 11/01/25^(c)			30		32,062
DCP Midstream Operating LP 5.38%, 07/15/25			20		21,672
5.13%, 05/15/29			15		15,952
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26^(c)			1,113		801,360
Encore Capital Group, Inc., 4.88%, 10/15/25	EUR		100		123,550
Endeavor Energy Resources LP/EER Finance, Inc.^(c)5.50%, 01/30/26	USD		12		12,454
5.75%, 01/30/28			25		26,408
Expedia Group, Inc., 6.25%, 05/01/25^(c)			132		152,686
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(c)(i)			1,050		1,097,381
Forestar Group, Inc.^(c)8.00%, 04/15/24			488		509,350
5.00%, 03/01/28			384		398,519
Full House Resorts, Inc., 8.25%, 02/15/28^(c)			21		22,371
Golden Entertainment, Inc., 7.63%, 04/15/26^(c)			149		158,499
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/22			150		151,312
Hanesbrands, Inc., 4.88%, 05/15/26^(c)			22		23,595
Howard Hughes Corp., 5.38%, 08/01/28^(c)			116		121,945
Howmet Aerospace Inc., 6.75%, 01/15/28⁽ⁱ⁾			1,540		1,817,200
iHeartCommunications, Inc. 6.38%, 05/01/26			20		20,945
5.25%, 08/15/27^(c)			19		19,544
4.75%, 01/15/28^(c)			12		12,090
IRB Holding Corp., 7.00%, 06/15/25^(c)			108		116,257
Jaguar Holding Co. II/PPD Development LP, 5.00%, 06/15/28^(c)			58		60,407
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28^(c)			22		24,035
Lamar Media Corp., 3.75%, 02/15/28			15		14,981
Lamb Weston Holdings, Inc., 4.88%, 11/01/26^(c)			21		21,719
Level 3 Financing, Inc.^(c)4.63%, 09/15/27			25		25,729
4.25%, 07/01/28			399		403,513
3.63%, 01/15/29			325		314,844
M/I Homes, Inc., 4.95%, 02/01/28			314		325,186
Masonite International Corp., 5.38%, 02/01/28^(c)			12		12,735
Matador Resources Co., 5.88%, 09/15/26			26		25,317
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24^(c)			150		152,062
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24			26		27,908
4.63%, 06/15/25^(c)			88		92,814
4.50%, 09/01/26⁽ⁱ⁾			1,612		1,687,103
5.75%, 02/01/27			18		19,844
MGM Resorts International 5.75%, 06/15/25			17		18,530
4.63%, 09/01/26			10		10,487
5.50%, 04/15/27			17		18,275
MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/27			35		36,820
4.63%, 08/01/29			22		23,145



Security		Par (000)		Value

United States (continued)
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27^(c)	USD		15	$	15,562
Nexstar Broadcasting, Inc., 5.63%, 07/15/27^(c)			421		441,259
NRG Energy, Inc. 7.25%, 05/15/26			25		26,000
6.63%, 01/15/27			30		31,200
5.75%, 01/15/28			20		21,250
5.25%, 06/15/29^(c)			18		19,260
OI European Group BV, 2.88%, 02/15/25	EUR		100		118,501
Outfront Media Capital LLC/Outfront Media Capital Corp.^(c)
5.00%, 08/15/27	USD		16		16,160
4.63%, 03/15/30			12		11,550
Owens-Brockway Glass Container, Inc., 6.38%, 08/15/25^(c)(i)			1,495		1,651,975
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25^(c)			281		286,887
PDC Energy, Inc., 5.75%, 05/15/26			15		15,559
Periama Holdings LLC, 5.95%, 04/19/26			200		211,000
Pilgrim’s Pride Corp., 5.88%, 09/30/27^(c)			21		22,506
Pioneer Energy Services Corp.^(a)(c)(h)
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25			638		637,277
(5.00% PIK), 5.00%, 11/15/25^(k)			452		452,190
Playtika Holding Corp., 4.25%, 03/15/29^(c)			46		45,319
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.63%, 03/01/29^(c)			106		102,025
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27			17		17,402
Sasol Financing USA LLC 4.38%, 09/18/26			200		204,030
5.50%, 03/18/31			205		200,900
Scientific Games International, Inc., 7.00%, 05/15/28^(c)			280		299,211
SeaWorld Parks & Entertainment, Inc.^(c)8.75%, 05/01/25			478		517,435
9.50%, 08/01/25			217		235,841
Select Medical Corp., 6.25%, 08/15/26^(c)			515		547,321
Service Properties Trust 4.50%, 06/15/23			359		364,694
7.50%, 09/15/25			41		46,593
SES SA, (5 year EUR Swap + 5.40%), 5.63%^(b)(j)	EUR		700		903,718
Sirius XM Radio, Inc.^(c)5.00%, 08/01/27	USD		37		38,815
5.50%, 07/01/29			31		33,519
SM Energy Co., 10.00%, 01/15/25^(c)			244		274,500
Standard Industries, Inc.^(c)5.00%, 02/15/27			12		12,510
4.75%, 01/15/28			25		25,915
Sunoco LP/Sunoco Finance Corp. 5.50%, 02/15/26			20		20,546
6.00%, 04/15/27			15		15,694
4.50%, 05/15/29^(c)			49		48,816
Talen Energy Supply LLC^(c)7.25%, 05/15/27			730		746,323
6.63%, 01/15/28			386		385,591
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.88%, 04/15/26			25		26,172
5.38%, 02/01/27			12		12,445
6.50%, 07/15/27			19		20,647
5.00%, 01/15/28			19		19,784
6.88%, 01/15/29			19		20,932
5.50%, 03/01/30			25		26,250


6

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

United States (continued)
Taylor Morrison Communities, Inc.^(c)
5.88%, 06/15/27	USD		378	$	417,690
5.75%, 01/15/28⁽ⁱ⁾			1,287		1,417,695
TEGNA, Inc.
4.63%, 03/15/28			210		213,675
5.00%, 09/15/29			27		28,020
Teleflex, Inc., 4.63%, 11/15/27			12		12,705
Tenet Healthcare Corp.
4.63%, 09/01/24^(c)			543		558,611
5.13%, 05/01/25			35		35,492
4.88%, 01/01/26^(c)			924		960,738
6.25%, 02/01/27^(c)			37		39,067
5.13%, 11/01/27^(c)			37		38,691
4.63%, 06/15/28^(c)			34		34,849
Terex Corp., 5.63%, 02/01/25^(c)			15		15,422
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24^(c)(i)			991		961,464
Travel & Leisure Co., 6.63%, 07/31/26^(c)			132		149,866
Tri Pointe Homes, Inc.
5.25%, 06/01/27			295		315,650
5.70%, 06/15/28			27		29,841
Under Armour, Inc., 3.25%, 06/15/26			15		15,009
United Airlines Pass-Through Trust
Series 2019-2, Class B, 3.50%, 05/01/28			154		149,774
Series 2020-1, Class A, 5.88%, 10/15/27			368		407,873
VICI Properties LP/VICI Note Co., Inc.^(c)
3.50%, 02/15/25			19		19,344
4.25%, 12/01/26			31		31,716
3.75%, 02/15/27			19		19,000
4.63%, 12/01/29			277		287,349
4.13%, 08/15/30			25		25,217
Vistra Operations Co. LLC^(c)
5.50%, 09/01/26			25		25,906
5.63%, 02/15/27			32		33,260
William Carter Co., 5.63%, 03/15/27^(c)			12		12,675
William Lyon Homes, Inc., 6.63%, 07/15/27^(c)			853		919,107
WPX Energy, Inc., 5.88%, 06/15/28			16		17,637
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^(c)
5.50%, 03/01/25			44		46,486
5.25%, 05/15/27			22		23,037
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29^(c)			299		306,026
XHR LP, 6.38%, 08/15/25^(c)			104		109,850

					35,695,424

Vietnam — 0.1%
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29			250		250,547


Total Corporate Bonds — 49.2% (Cost: $98,090,298)					100,447,633


Floating Rate Loan Interests^(b)

Canada — 0.7%
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			1,516		1,472,632



Security		Par (000)		Value

Luxembourg — 0.7%
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26	USD		495	$	492,876
Intelsat Jackson Holdings SA 2017 Term Loan B4, (PRIME + 5.50%),
8.75%, 01/02/24			430		438,569
2020 DIP Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 07/13/22			406		410,166

					1,341,611

Netherlands — 0.2%
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.70%, 07/10/25			486		486,087


United States — 8.1%
Advanced Drainage Systems, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 2.38%, 07/31/26			26		26,475
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 02/02/26^(a)			238		230,937
Allegiant Travel Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 3.20%, 02/05/24.			1,114		1,103,292
Applecaramel Buyer LLC, Term Loan B, (6 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			309		308,452
Buckeye Partners LP, 2021 Term Loan B, (3 mo. LIBOR + 2.25%), 2.36%, 11/01/26			773		769,176
Caesars Resort Collection LLC, 2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.61%, 07/20/25			235		235,114
Caprock Midstream LLC, 1st Lien Term Loan, (1 mo. LIBOR + 4.75%), 4.86%, 11/03/25			395		375,697
Circa Resort & Casino, Term Loan B, (3 mo. LIBOR + 8.00%, 1.50% Floor), 9.50%, 08/09/25			1,130		1,141,208
Citgo Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/01/23			394		378,043
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.61%, 04/15/27			245		242,272
Diamond Sports Group LLC, Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 08/24/26			859		586,213
Foundation Building Materials Holding Company LLC
2021 Delayed Draw Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/10/28			17		17,304
2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/10/28			30		29,921
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 03/31/27			1,258		1,254,210
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 2.20%, 12/30/26.			237		235,649
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			305		299,549
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.08%, 11/15/27			486		480,067
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.11%, 12/14/24			866		860,765
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26			44		43,399
Lamar Media Corp., 2020 Term Loan B, (1 mo. LIBOR + 1.50%), 1.60%, 02/06/27.			34		33,455


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

United States (continued)
LBM Acquisition LLC
Delayed Draw Term Loan, 12/18/27^(d)(l)	USD		14	$	13,490
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			61		60,707
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			76		76,047
Pacific Gas & Electric Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 3.50%, 06/23/25			232		231,736
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 2.50%), 2.61%, 05/29/26.			403		399,953
Pisces Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 04/12/25.			1,433		1,434,563
Playtika Holding Corp., 2021 Term Loan, 03/11/28^(d)(l)			366		363,255
PLH Infrastructure Services, Inc., 2018 Term Loan, (3 mo. LIBOR + 6.00%), 6.19%, 08/07/23^(a)			295		276,939
Robertshaw US Holding Corp, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 02/28/25			835		783,310
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.86%, 08/14/24			1,533		1,501,830
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 2.36%, 03/06/25.			141		139,811
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 05/23/25			156		153,771
Summit Materials Companies I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.11%, 11/21/24			837		833,253
The Enterprise Development Authority, Term Loan B, 02/18/28^(a)(d)(l)			287		287,718
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.36%, 12/09/25.			748		731,480
XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 02/24/25.			471		467,584

					16,406,645


Total Floating Rate Loan Interests — 9.7% (Cost: $20,184,969)					19,706,975


Foreign Agency Obligations

Bahrain — 0.4%
Bahrain Government International Bond
6.75%, 09/20/29			200		217,375
5.25%, 01/25/33^(c)			200		190,000
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25			410		473,934

					881,309

Colombia — 0.8%
Colombia Government International Bond
8.13%, 05/21/24			317		378,419
4.50%, 01/28/26⁽ⁱ⁾			340		372,937
3.88%, 04/25/27⁽ⁱ⁾			670		716,272
3.00%, 01/30/30⁽ⁱ⁾			225		219,867

					1,687,495

Dominican Republic — 0.5%
Dominican Republic International Bond
5.95%, 01/25/27			322		361,043
4.50%, 01/30/30^(c)			380		381,781
4.88%, 09/23/32^(c)			215		217,150

					959,974



Security		Par (000)		Value

Egypt — 1.0%
Egypt Government International Bond
5.75%, 05/29/24^(c)	USD		305	$	319,583
5.88%, 06/11/25			700		737,625
6.38%, 04/11/31^(c)	EUR		737		886,967

					1,944,175

Ghana — 0.2%
Ghana Government International Bond, 8.63%, 04/07/34^(c)(d)	USD		300		294,630


Indonesia — 0.1%
Indonesia Government International Bond, 4.10%, 04/24/28			200		221,188


Maldives — 0.1%
Republic of Maldives Ministry of Finance and Treasury Bond, 7.00%, 06/07/22			200		182,688


Morocco — 0.2%
Morocco Government International Bond, 3.00%, 12/15/32^(c)			370		346,412


Oman — 0.2%
Oman Government International Bond
6.50%, 03/08/47			200		188,500
6.75%, 01/17/48			200		192,062

					380,562

Panama — 0.1%
Panama Government International Bond, 3.16%, 01/23/30			275		285,828


Paraguay — 0.1%
Paraguay Government International Bond, 5.40%, 03/30/50^(c)			250		279,688


Peru — 0.1%
Peruvian Government International Bond, 1.86%, 12/01/32			265		241,647


Qatar — 0.2%
Qatar Government International Bond, 4.00%, 03/14/29^(c)(i)			268		304,180


Romania — 0.2%
Romanian Government International Bond, 3.00%, 02/14/31^(c)			334		334,313


Russia — 0.3%
Russian Foreign Bond — Eurobond
4.75%, 05/27/26			400		447,750
4.25%, 06/23/27			200		218,900

					666,650

Saudi Arabia — 0.3%
Saudi Government International Bond, 4.50%, 04/17/30.			508		584,835


Sri Lanka — 0.1%
Sri Lanka Government International Bond
7.85%, 03/14/29			200		122,250
7.55%, 03/28/30			200		122,000

					244,250

Ukraine — 0.6%
Ukraine Government International Bond
7.75%, 09/01/22			100		105,419
7.75%, 09/01/23			230		247,983
8.99%, 02/01/24			224		248,416


8

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

Ukraine (continued)
Ukraine Government International Bond (continued)
7.75%, 09/01/24	USD		160	$	172,350
7.75%, 09/01/25			100		108,400
7.25%, 03/15/33^(c)			400		397,750

					1,280,318


Total Foreign Agency Obligations — 5.5% (Cost: $10,763,820)					11,120,142


Non-Agency Mortgage-Backed Securities

United States — 13.3%
Ajax Mortgage Loan Trust, Series 2017-D, Class A, 3.75%, 12/25/57^(c)			142		144,471
Alternative Loan Trust, Series 2007-AL1, Class A1, (1 mo. LIBOR US + 0.25%), 0.36%, 06/25/37^(b)			643		511,465
ARI Investments LLC, 4.59%, 01/06/25^(a)(b)			722		716,485
Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.50%), 1.61%, 12/25/37^(b)(c)			2,000		1,951,642
BBCMS Mortgage Trust, Series 2018-TALL, Class D, (1 mo. LIBOR US + 1.45%), 1.55%, 03/15/37^(b)(c)			500		487,656
BBCMS Trust, Series 2019-CLP, Class D, (1 mo. LIBOR US + 1.73%), 1.83%, 12/15/31^(b)(c)			364		363,296
BCAP LLC Trust, Series 2012-RR3, Class 1A5, 6.25%, 12/26/37^(b)(c)			888		836,457
Benchmark Mortgage Trust, Series 2018-B7, Class C, 4.86%, 05/15/53^(b)			1,000		1,110,688
BX Commercial Mortgage Trust^(b)(c)
Series 2018-IND, Class H, (1 mo. LIBOR US + 3.00%), 3.11%, 11/15/35			700		700,214
Series 2020-BXLP, Class F, (1 mo. LIBOR US + 2.00%), 2.11%, 12/15/36			387		386,749
BX Trust, Series 2019-OC11, Class E, 4.08%, 12/09/41^(b)(c)			652		648,425
BXP Trust^(b)(c)
Series 2017-CC, Class D, 3.55%, 08/13/37			180		188,297
Series 2017-CC, Class E, 3.55%, 08/13/37			350		351,983
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, (1 mo. LIBOR US + 2.15%), 2.26%, 12/15/37^(b)(c)			633		633,041
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class C, 4.75%, 01/10/48^(b)			1,000		1,041,241
CFK Trust, Series 2019-FAX, Class E, 4.64%, 01/15/39^(b)(c)			1,000		1,028,606
Citigroup Commercial Mortgage Trust^(b)
Series 2015-GC27, Class C, 4.57%, 02/10/48			756		800,495
Series 2016-C1, Class C, 5.11%, 05/10/49			534		556,376
Series 2016-C1, Class D, 4.95%, 05/10/49^(c)			700		641,491
Series 2016-P3, Class D, 2.80%, 04/15/49^(c)			500		346,335
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 3.60%, 11/15/37^(b)(c)			197		197,829
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.19%, 04/10/37^(b)(c)			499		403,949
DBJPM Mortgage Trust, Series 2017-C6, Class XD, 1.00%, 06/10/50^(b)			11,000		538,340
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.53%, 10/10/34^(b)(c)			390		392,855
GS Mortgage Securities Trust^(c)
Series 2017-GS7, Class D, 3.00%, 08/10/50			375		335,504



Security		Par (000)		Value

United States (continued)
GS Mortgage Securities Trust^(c)(continued)
Series 2017-GS7, Class E, 3.00%, 08/10/50	USD		300	$	259,355
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class FFX, 5.54%, 07/05/33^(b)(c)			59		59,387
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D1, 4.11%, 12/15/48^(b)(c)			1,619		1,569,470
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class D, 4.62%, 03/15/50^(b)(c)			240		234,473
LSTAR Commercial Mortgage Trust^(b)(c)
Series 2017-5, Class C, 4.87%, 03/10/50			1,000		982,697
Series 2017-5, Class X, 0.99%, 03/10/50			11,304		331,432
MAD Mortgage Trust^(b)(c)
Series 2017-330M, Class D, 3.71%, 08/15/34			130		132,618
Series 2017-330M, Class E, 3.76%, 08/15/34			180		180,719
MASTR Reperforming Loan Trust, Series 2005-1, Class 1A5, 8.00%, 08/25/34^(c)			866		810,508
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C23, Class D, 4.14%, 07/15/50^(b)(c)			310		304,699
Series 2015-C25, Class D, 3.07%, 10/15/48			39		38,037
Morgan Stanley Capital I Trust
Series 2017-H1, Class D, 2.55%, 06/15/50^(c)			1,010		820,246
Series 2017-H1, Class XD, 2.20%, 06/15/50^(b)(c)			8,625		929,861
Series 2018-H4, Class C, 5.08%, 12/15/51^(b)			711		750,801
Series 2018-MP, Class E, 4.28%, 07/11/40^(b)(c)			250		218,589
Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.55%), 2.66%, 07/15/35^(b)(c)			220		217,257
Series 2019-NUGS, Class E, (1 mo. LIBOR US + 2.24%), 3.74%, 12/15/36^(b)(c)			381		381,935
Natixis Commercial Mortgage Securities Trust, Series 2017-75B, Class E, 4.06%, 04/10/37^(b)(c)			170		148,462
Olympic Tower Mortgage Trust^(b)(c)
Series 2017-OT, Class D, 3.95%, 05/10/39			140		136,924
Series 2017-OT, Class E, 3.95%, 05/10/39			190		167,438
Park Avenue Trust, Series 2017-245P, Class E, 3.66%, 06/05/37^(b)(c)			380		363,616
RALI Trust, Series 2006-QO6, Class A1, (1 mo. LIBOR US + 0.36%), 0.47%, 06/25/46^(b)			2,705		907,648
US 2018-USDC, Series 2018-USDC, Class E, 4.49%, 05/13/38^(b)(c)			270		229,845
Wells Fargo Commercial Mortgage Trust^(b)
Series 2016-C37, Class C, 4.49%, 12/15/49			701		749,855
Series 2016-NXS5, Class D, 4.99%, 01/15/59			500		517,619
Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 2.92%, 03/25/38^(b)			421		306,993


Total Non-Agency Mortgage-Backed Securities — 13.3% (Cost: $26,593,700)					27,064,374


Preferred Securities

Capital Trusts — 2.8%

Belgium — 0.1%
Solvay Finance SA, 5.43%^(b)(j)	EUR		140		180,608


China — 0.1%
King Talent Management Ltd., 5.60%^(b)(j)	USD		200		175,875


Denmark — 0.4%
Orsted A/S, 2.25%, 11/24/17^(b)	EUR		600		735,283


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

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)



Security		Par (000)		Value

France^(b)(j)— 0.7%
Electricite de France SA
5.38%	EUR		100	$	133,149
3.00%			400		492,470
3.38%			200		249,785
Engie SA, 3.25%			400		507,779

					1,383,183


Germany^(b)(j)— 0.2%
ATF Netherlands BV, 3.75%			100		122,254
Volkswagen International Finance NV, 4.49%			300		396,286

					518,540


Hong Kong — 0.1%
FWD Ltd., 5.50%^(b)(j)	USD		200		195,937


Netherlands^(j)— 0.1%
Abertis Infraestructuras Finance BV, 3.25%^(b)	EUR		100		120,135
Koninklijke KPN NV, 2.00%^(b)			100		118,021
Stichting AK Rabobank Certificaten, 2.19%^(m)			45		68,033

					306,189


South Korea — 0.1%
KDB Life Insurance Co. Ltd., 7.50%^(b)(j)	USD		200		201,062


Spain^(b)(j)— 0.5%
Bankia SA, 6.00%.	EUR		200		245,095
Naturgy Finance BV, 4.13%.			100		123,300
Repsol International Finance BV, 3.75%			100		125,785
Telefonica Europe BV
4.38%			100		127,424
3.88%			300		379,075

					1,000,679

Switzerland — 0.3%
Argentum Netherlands BV for Swiss Re Ltd., 5.75%, 08/15/50^(b)	USD		500		558,750


United Kingdom^(b)— 0.1%
BP Capital Markets PLC, 3.25%^(j)	EUR		100		125,625
Vodafone Group PLC, 3.10%, 01/03/79			100		122,186

					247,811


United States — 0.1%
Belden, Inc., 4.13%, 10/15/26			100		120,202


Total Preferred Securities — 2.8% (Cost: $5,290,514)					5,624,119


U.S. Government Sponsored Agency Securities

Collateralized Mortgage Obligations — 0.6%
Fannie Mae Connecticut Avenue Securities, Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.00%), 3.11%, 10/25/29	USD		96		97,737
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class B1, (1 mo. LIBOR US + 5.15%), 5.26%, 10/25/29.			1,000		1,072,659

					1,170,396

Commercial Mortgage-Backed Securities — 0.2%
FREMF Mortgage Trust, Series 2017-KGX1, Class BFX, 3.59%, 10/25/27^(b)(c)			500		512,375


Total U.S. Government Sponsored Agency Securities — 0.8% (Cost: $1,572,517)					1,682,771



Security	Shares		Value

Warrants

United States — 0.1%
Chesapeake Energy Corp. (Expires 02/09/26)		10,706	$	205,236
SM Energy Co. (Expires 06/30/23)		571		9,342


Total Warrants — 0.1% (Cost: $2,445)				214,578


Total Long-Term Investments — 97.5% (Cost: $195,316,590)				198,837,824


Short-Term Securities

Money Market Funds — 7.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%^(n)(o)		15,878,318		15,878,318


Total Short-Term Securities — 7.8% (Cost: $15,878,318)				15,878,318


Options Purchased — 0.1% (Cost: $553,036)				278,544


Total Investments Before Options Written — 105.4% (Cost: $211,747,944)				214,994,686


Options Written — (0.1)% (Premiums Received: $(238,655))				(120,254	)


Total Investments, Net of Options Written — 105.3% (Cost: $211,509,289)				214,874,432

Liabilities in Excess of Other Assets — (5.3)%				(10,900,753	)


Net Assets — 100.0%			$	203,973,679

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

^(b)	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.

^(c)	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.

^(d)	When-issued security.

^(e)	Non-income producing security.

^(f)	Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $7,816, representing less than 0.05% of its net assets as of period end, and an original cost of $1,771.

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

^(h)	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.

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

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

^(l)

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. (m) Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

⁽ⁿ⁾	Affiliate of the Trust.

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


10

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 12/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/21		Shares Held at 03/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	5,995,724	$	9,882,594	^(a)	$	—	$	—	$	—	$	15,878,318		15,878,318	$	542	$	—

^(a)

Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty

Interest
Rate

Trade
Date

Maturity
Date^(a)

Face Value

Face Value
Including
Accrued Interest

Type of Non-Cash
Underlying Collateral

Remaining
Contractual Maturity
of the Agreements^(a)

Credit Suisse Securities (USA) LLC

0.30

%^(b)

04/22/20

Open

296,225

298,141

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/09/20

Open

665,813

668,366

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/10/20

Open

1,060,897

1,064,945

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/10/20

Open

1,282,500

1,287,393

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

624,488

626,574

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

138,375

138,835

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

481,280

482,879

Floating Rate Loan Interests

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/28/20

Open

825,010

827,877

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/28/20

Open

1,237,112

1,241,412

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/28/20

Open

918,750

921,943

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.39

^(b)

10/28/20

Open

218,813

219,178

Foreign Agency Obligations

Open/Demand

Barclays Capital Inc.

0.75

^(b)

01/21/21

Open

733,210

734,264

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.70

^(b)

01/22/21

Open

745,465

746,422

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.38

^(b)

01/22/21

Open

868,000

868,655

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

01/22/21

Open

1,373,531

1,375,218

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

01/22/21

Open

1,520,750

1,522,617

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

01/22/21

Open

466,250

466,822

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

01/22/21

Open

1,384,000

1,385,699

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.70

^(b)

02/08/21

Open

820,120

820,933

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

02/08/21

Open

757,026

757,831

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.25

^(b)

02/22/21

Open

283,075

283,148

Foreign Agency Obligations

Open/Demand

Barclays Capital Inc.

0.55

^(b)

03/05/21

Open

508,000

508,186

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.70

^(b)

03/05/21

Open

460,625

460,840

Capital Trusts

Open/Demand

17,669,315

17,708,178

^(a)

Certain agreements have no stated maturity and can be terminated by either party at any time.

^(b)

Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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
10-Year U.S. Ultra Note		7		06/21/21	$	1,006	$	(9,807	)
U.S. Long Bond		6		06/21/21		928		(24,446	)


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

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts (continued)
U.S. Ultra Bond		3		06/21/21	$	544	$	(6,688	)
2-Year U.S. Treasury Note		1		06/30/21		221		(228	)

								(41,169	)

Short Contracts
Euro-BOBL		2		06/08/21		317		960
10-Year U.S. Treasury Note		9		06/21/21		1,178		13,566
5-Year U.S. Treasury Note		275		06/30/21		33,935		383,675

								398,201

							$	357,032

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	24,236,288	EUR	20,340,000	BNP Paribas S.A.		06/16/21	$	347,857
USD	881,775	EUR	737,000	State Street Bank and Trust Co.		06/16/21		16,201
USD	1,667,958	GBP	1,194,000	Morgan Stanley & Co. International PLC		06/16/21		21,557

							$	385,615

Exchange-Traded Options Purchased


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
10-Year U.S. Treasury Note		50		04/23/21	USD	135.50	USD	9	$	781

Put
iShares iBoxx $ High Yield Corporate Bond ETF		680		04/16/21	USD	84.00	USD	10,462		5,780
iShares iBoxx $ Investment Grade Corporate Bond ETF		1,050		04/16/21	USD	130.00	USD	23,799		107,625
SPDR S&P 500 ETF Trust		88		04/30/21	USD	380.00	USD	6,024		26,752
iShares iBoxx $ High Yield Corporate Bond ETF		2,270		05/21/21	USD	84.00	USD	34,523		97,610
iShares iBoxx $ High Yield Corporate Bond ETF		680		05/21/21	USD	83.00	USD	10,462		21,760
iShares iBoxx $ High Yield Corporate Bond ETF		95		05/21/21	USD	85.00	USD	1,438		5,510
iShares iBoxx $ High Yield Corporate Bond ETF		166		06/18/21	USD	84.00	USD	2,520		12,616

										277,653

									$	278,434

OTC Interest Rate Swaptions Purchased

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration
Date

Exercise
Rate

Notional

Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

30-Year Interest Rate Swap, 04/08/51

3-Month
LIBOR, 0.19

Quarterly

1.53

Semi-Annual

Morgan Stanley & Co.

International PLC

04/06/21

1.53

USD

2,300

—

30-Year Interest Rate Swap, 05/02/51

3-Month
LIBOR, 0.19

Quarterly

1.35

Semi-Annual

Bank Of America N.A.

04/30/21

1.35

USD

5,500

110


12

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

Exchange-Traded Options Written


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
iShares iBoxx $ High Yield Corporate Bond ETF		680		04/16/21	USD	81.00	USD	10,462	$	(4,080	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		1,050		04/16/21	USD	126.00	USD	23,799		(19,425	)
10-Year U.S. Treasury Note		50		04/23/21	USD	129.50	USD	9		(10,937	)
SPDR S&P 500 ETF Trust		88		04/30/21	USD	370.00	USD	6,024		(16,764	)
iShares iBoxx $ High Yield Corporate Bond ETF		680		05/21/21	USD	80.00	USD	10,462		(12,920	)
iShares iBoxx $ High Yield Corporate Bond ETF		95		05/21/21	USD	75.00	USD	1,438		(903	)
iShares iBoxx $ High Yield Corporate Bond ETF		2,270		05/21/21	USD	81.00	USD	34,523		(51,075	)
iShares iBoxx $ High Yield Corporate Bond ETF		166		06/18/21	USD	78.00	USD	2,520		(4,150	)

									$	(120,254	)

OTC Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Counterparty	Termination Date		Credit Rating^(a)	Notional Amount (000)^(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rolls-Royce PLC		1.00	%		Quarterly	Citibank N.A.		06/20/25	BB-	EUR	16	$	(1,120	)	$	(2,372	)	$	1,252
Rolls-Royce PLC		1.00			Quarterly	Citibank N.A.		06/20/25	BB-	EUR	34		(2,458	)		(5,219	)		2,761
CMBX.NA.9		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR	USD	5,000		(548,648	)		(520,459	)		(28,189	)
CMBX.NA.9		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR	USD	3,000		(329,189	)		(308,425	)		(20,764	)

												$	(881,415	)	$	(836,475	)	$	(44,940	)

^(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 Trust may pay should a negative credit event take place as defined under the terms of the agreement.

Fair Value Hierarchy as of Period End

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 Trust 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

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


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

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

Fair Value Hierarchy as of Period End (continued)

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. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s investments categorized in the fair value hierarchy. The breakdown of the Trust’s investments 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	$	—	$	31,254,715	$	250,000	$	31,504,715
Common Stocks
United States		1,107,158		356,195		9,164		1,472,517
Corporate Bonds
Argentina		—		817,713		—		817,713
Australia		—		234,952		—		234,952
Austria		—		190,000		—		190,000
Bahrain		—		222,562		—		222,562
Bermuda		—		370,175		—		370,175
Brazil		—		4,437,553		—		4,437,553
British Virgin Islands		—		201,500		—		201,500
Canada		—		1,941,873		890,724		2,832,597
Cayman Islands		—		3,165,163		—		3,165,163
Chile		—		762,690		—		762,690
China		—		7,169,385		—		7,169,385
Colombia		—		506,894		—		506,894
Denmark		—		408,797		—		408,797
Dominican Republic		—		961,930		—		961,930
France		—		5,695,771		—		5,695,771
Germany		—		3,107,093		—		3,107,093
Guatemala		—		1,193,493		—		1,193,493
Hong Kong		—		62,125		—		62,125
India		—		1,467,750		—		1,467,750
Indonesia		—		833,978		—		833,978
Ireland		—		639,081		—		639,081
Israel		—		460,944		—		460,944
Italy		117,438		2,307,209		—		2,424,647
Japan		—		576,635		—		576,635
Jersey		—		285,670		—		285,670
Lithuania		—		400,981		—		400,981
Luxembourg		—		1,187,794		—		1,187,794
Macau		—		417,375		—		417,375
Mauritius		—		682,625		—		682,625
Mexico		—		3,352,135		—		3,352,135
MultiNational		—		39,533		—		39,533
Netherlands		—		5,219,250		—		5,219,250
Panama		—		1,504,782		—		1,504,782
Peru		—		1,465,087		—		1,465,087
Portugal		—		639,926		—		639,926
Saudi Arabia		—		527,413		—		527,413
Singapore		—		1,202,687		—		1,202,687
South Africa		—		490,452		—		490,452
Spain		—		1,299,896		—		1,299,896
Sweden		—		286,591		—		286,591
Switzerland		—		164,266		—		164,266
Ukraine		—		991,250		—		991,250
United Arab Emirates		—		370,009		—		370,009
United Kingdom		—		5,230,512		—		5,230,512
United States		—		34,308,574		1,386,850		35,695,424
Vietnam		—		250,547		—		250,547
Floating Rate Loan Interests		—		18,911,381		795,594		19,706,975
Foreign Agency Obligations		—		11,120,142		—		11,120,142
Non-Agency Mortgage-Backed Securities		—		26,347,889		716,485		27,064,374


14

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Preferred Securities
Capital Trusts	$	—		$	5,624,119		$	—	$	5,624,119
U.S. Government Sponsored Agency Securities		—			1,682,771			—		1,682,771
Warrants
United States		205,236			9,342			—		214,578
Short-Term Securities
Money Market Funds		15,878,318			—			—		15,878,318
Options Purchased
Equity Contracts		277,653			—			—		277,653
Interest Rate Contracts		781			110			—		891

	$	17,586,584		$	193,359,285		$	4,048,817	$	214,994,686

Derivative Financial Instruments^(a)
Assets
Credit Contracts	$	—		$	4,013		$	—	$	4,013
Foreign Currency Exchange Contracts.		—			385,615			—		385,615
Interest Rate Contracts		398,201			—			—		398,201
Liabilities
Credit Contracts		—			(48,953	)		—		(48,953	)
Equity Contracts		(109,317	)		—			—		(109,317	)
Interest Rate Contracts		(52,106	)		—			—		(52,106	)

	$	236,778		$	340,675		$	—	$	577,453

^(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.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $17,708,178 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments 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:


	Asset-Backed Securities		Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			Total
Assets
Opening balance, as of December 31, 2020	$	—	$	61,356		$	1,848,339		$	43,676		$	964,425		$	2,917,796
Transfers into Level 3^(a)		—		—			29			493,448			—			493,477
Transfers out of Level 3^(b)		—		—			—			(43,676	)		(236,664	)		(280,340	)
Accrued discounts/premiums		—		—			12,637			444			—			13,081
Net realized gain (loss)		—		—			—			—			—			—
Net change in unrealized appreciation (depreciation)^(c)		—		(52,192	)		383,553			16,137			5,668			353,166
Purchases		250,000		—			58,930			285,565			—			594,495
Sales		—		—			(25,914	)		—			(16,944	)		(42,858	)

Closing balance, as of March 31, 2021	$	250,000	$	9,164		$	2,277,574		$	795,594		$	716,485		$	4,048,817

Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2021^(c)	$	—	$	(52,192	)	$	383,553		$	16,137		$	5,668		$	353,166

^(a)

As of December 31, 2020, the Trust used observable inputs in determining the value of certain investments. As of March 31, 2021, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(b)

As of December 31, 2020, the Trust used significant unobservable inputs in determining the value of certain investments. As of March 31, 2021, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(c)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2021 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end. The table does not include Level 3 investments with values based


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

Schedule of Investments (unaudited) (continued)

March 31, 2021

BlackRock 2022 Global Income Opportunity Trust (BGIO)

upon unadjusted third party pricing information in the amount of $1,762,441. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.

Value

Valuation
Approach

Unobservable
Inputs

Range of
Unobservable
Inputs
Utilized^(a)

Weighted
Average of
Unobservable
Inputs Based
on Fair Value

Assets

Common Stocks

9,164

Market

EBITDA Multiple

3.00x

—

Corporate Bonds

2,277,212

Income

Discount Rate

5% - 11%

Market

EBITDA Multiple

3.00x

—

2,286,376

^(a)

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

Currency Abbreviation



EUR		Euro

GBP		British Pound

USD		United States Dollar

Portfolio Abbreviation



ABS		Asset-Backed Security

AMBAC		AMBAC Assurance Corp.

CLO		Collateralized Loan Obligation

CMT		Constant Maturity Treasury

DIP		Debtor-In-Possession

ETF		Exchange-Traded Fund

EURIBOR		Euro Interbank Offered Rate

GOL		General Obligation Ltd.

LIBOR		London Interbank Offered Rate

PIK		Payment-in-Kind

S&P		Standard & Poor’s

SAB		Special Assessment Bonds

SPDR		Standard & Poor’s Depository Receipt


16