BlackRock 2022 Global Income Opportunity Trust NPORTP (Sep 2020 report)

Schedule of Investments (unaudited)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities

United States — 16.3%
Ajax Mortgage Loan Trust , Series 2017-D, Class A, 3.75%, 12/25/57^(a)	USD		155	$	155,949
ALM VII R-2 Ltd., Series 2013-7R2A, Class CR2, (3 mo. LIBOR US + 3.00%), 3.28%, 10/15/27^(a)(b)			500		470,954
Anchorage Capital CLO Ltd., Series 2014-4RA, Class D, (3 mo. LIBOR US + 2.60%), 2.85%, 01/28/31^(a)(b)			1,000		906,451
Apidos CLO XVIII, Series 2018-18A, Class E, (3 mo. LIBOR US + 5.70%), 5.96%, 10/22/30^(a)(b)			1,000		867,293
Apidos CLO XXI, Series 2015-21A, Class DR, (3 mo. LIBOR US + 5.20%), 5.47%, 07/18/27^(a)(b)			500		441,315
Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, (3 mo. LIBOR US + 6.15%), 6.43%, 10/15/30^(a)(b)			250		221,517
CarVal CLO II Ltd.^(a)(b)
Series 2019-1A, Class D, (3 mo. LIBOR US + 4.15%), 4.42%, 04/20/32			250		249,995
Series 2019-1A, Class E, (3 mo. LIBOR US + 6.75%), 7.02%, 04/20/32			250		238,776
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.71%, 07/20/32^(a)(b)			300		278,002
Cedar Funding II CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 3.60%), 3.84%, 06/09/30^(a)(b)			950		934,319
Cedar Funding VI CLO Ltd., Series 2016-6A, Class DR, (3 mo. LIBOR US + 3.00%), 3.27%, 10/20/28^(a)(b)			1,000		938,574
Conseco Finance Corp., Series 2001-D, Class B1, (1 mo. LIBOR + 2.50%), 2.65%, 11/15/32^(b)			1,027		952,013
Conseco Finance Securitizations Corp., Series 2002-1, Class M2, 9.55%, 12/01/33^(c)			2,500		2,586,789
Credit-Based Asset Servicing & Securitization LLC, Series 2006-MH1, Class B1, 6.25%, 10/25/36^(a)(d)			1,000		1,043,761
CWABS Asset-Backed Certificates Trust, Series 2005-17, Class 1AF4, 6.05%, 05/25/36^(d)			475		490,100
Deutsche Financial Capital Securitization LLC, Series 1998-I, Class M, 6.80%, 04/15/28			644		664,170
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.24%, 10/15/32^(a)(b)			550		534,843
First Franklin Mortgage Loan Trust, Series 2006-FF16, Class 2A3, (1 mo. LIBOR US + 0.14%), 0.29%, 12/25/36^(b)			588		363,059
Galaxy XXIX CLO Ltd., Series 2018-29A, Class D, (3 mo. LIBOR US + 2.40%), 2.68%, 11/15/26^(a)(b)			750		727,282
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class ER2, (3 mo. LIBOR US + 5.66%), 5.93%, 10/29/29^(a)(b)			500		455,210
Lehman ABS Manufactured Housing Contract Trust, Series 2002-A, Class C, 0.00%, 06/15/33			1,743		1,541,369
Long Beach Mortgage Loan Trust^(b)
Series 2006-5, Class 2A3, (1 mo. LIBOR US + 0.15%), 0.30%, 06/25/36			1,013		626,078
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.31%, 08/25/36			1,604		840,653
Series 2006-7, Class 2A4, (1 mo. LIBOR US + 0.24%), 0.39%, 08/25/36			1,604		857,521
Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.31%, 10/25/36			1,458		672,500
Madison Park Funding X Ltd., Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.52%, 01/20/29^(a)(b)			550		532,412


Security		Par (000)		Value

United States (continued)
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 3.97%, 04/20/26^(a)(b)	USD		1,000	$	987,920
Madison Park Funding XXX Ltd., Series 2018-30X, Class E, 5.23%, 04/15/29^(c)			250		205,261
Mariner CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 7.16%, 04/30/32^(a)(b)			250		235,563
Merrill Lynch Mortgage Investors Trust, Series 2006- OPT1, Class M1, (1 mo. LIBOR US + 0.26%), 0.41%, 08/25/37^(b)(e)			1,527		822,518
Nationstar HECM Loan Trust, Series 2019-1A, Class M4, 5.80%, 06/25/29^(a)(c)			750		750,149
Neuberger Berman CLO XV, Series 2013-15A, Class DR, (3 mo. LIBOR US + 3.05%), 3.33%, 10/15/29^(a)(b)			1,000		946,930
OCP CLO Ltd., Series 2016-12A, Class CR, (3 mo. LIBOR US + 3.00%), 3.27%, 10/18/28^(a)(b)			250		239,022
OZLM XIV Ltd., Series 2015-14A, Class CR, (3 mo. LIBOR US + 3.00%), 3.28%, 01/15/29^(a)(b)			1,000		945,741
Palmer Square Loan Funding Ltd.^(a)
Series 2018-4A, Class C, (3 mo. LIBOR US + 2.55%), 2.83%, 11/15/26^(b)			1,800		1,641,669
Series 2019-2A, Class C, 3.52%, 04/20/27^(c)			1,100		1,011,654
Park Avenue Institutional Advisers CLO Ltd., Series 2016- 1A, Class DR, (3 mo. LIBOR US + 5.85%), 6.11%, 08/23/31^(a)(b)			500		426,788
Regatta VI Funding Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 2.70%), 2.97%, 07/20/28^(a)(b)			500		467,952
Rockford Tower CLO Ltd.^(a)
Series 2017-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.89%, 04/15/29^(b)			1,000		935,639
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 2.92%, 10/20/30^(b)			420		389,624
Series 2017-3A, Class SUB, 0.00%, 10/20/30			250		122,326
Series 2018-1A, Class SUB, 0.00%, 05/20/31			250		118,768
Series 2018-2A, Class SUB, 0.00%, 10/20/31			250		116,584
TICP CLO V Ltd., Series 2016-5A, Class ER, (3 mo. LIBOR US + 5.75%), 6.02%, 07/17/31^(a)(b)			250		220,428
TICP CLO XII Ltd., Series 2018-12A, Class E, (3 mo. LIBOR US + 5.50%), 5.78%, 01/15/31^(a)(b)			1,000		901,999
TRESTLES CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 5.99%, 07/25/31^(a)(b)			250		219,485
West CLO Ltd., Series 2013-1A, Class C, (3 mo. LIBOR US + 3.65%), 3.89%, 11/07/25^(a)(b)			1,000		968,343
Westcott Park CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 3.52%, 07/20/28^(a)(b)			250		239,634


Total Asset-Backed Securities — 16.3% (Cost: $33,028,625)					31,504,902


		Shares

Common Stocks

United States — 0.3%
CA Resources Corp.^(e)			13,612		176,956
Caesars Entertainment, Inc.^(f)			4,060		227,604


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)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security		Shares		Value

United States (continued)
Pioneer Energy Services Corp.^(f)(g)			1,580	$	61,356
Service Properties Trust			3,000		23,850


Total Common Stocks — 0.3% (Cost: $391,187)					489,766


		Par (000)

Corporate Bonds

Argentina — 0.5%
Genneia SA, 8.75%, 01/20/22^(a)	USD		347		268,599
Stoneway Capital Corp.^(f)(h)
10.00%, 03/01/27^(a)			955		383,952
10.00%, 03/01/27			338		136,057
YPF SA
8.75%, 04/04/24^(a)			79		63,595
8.50%, 07/28/25			240		172,425

					1,024,628

Australia — 0.2%
FMG Resources August 2006 Pty Ltd.^(a)
4.75%, 05/15/22			19		19,451
5.13%, 03/15/23			12		12,522
5.13%, 05/15/24			19		20,283
4.50%, 09/15/27			15		16,013
Santos Finance Ltd., 5.25%, 03/13/29			200		220,211

					288,480

Brazil — 3.4%
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81^(a)(i)			349		351,290
Centrais Eletricas Brasileiras SA^(a)
3.63%, 02/04/25			706		703,352
4.63%, 02/04/30			333		332,168
Gol Finance SA, 7.00%, 01/31/25^(a)			1,000		697,019
Itau Unibanco Holding SA, 5.13%, 05/13/23^(a)			276		290,921
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 01/15/30^(a)			31		33,743
Minerva Luxembourg SA, 6.50%, 09/20/26^(a)			557		578,584
Oi SA, (10% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25^(j)			615		590,880
Petrobras Global Finance BV^(k)
5.30%, 01/27/25			630		682,841
8.75%, 05/23/26			659		823,956
6.00%, 01/27/28			374		414,130
5.60%, 01/03/31			447		477,490
Suzano Austria GmbH, 3.75%, 01/15/31			125		124,875
Ultrapar International SA, 5.25%, 06/06/29^(a)			324		336,454
Vale Overseas Ltd., 3.75%, 07/08/30			180		184,905

					6,622,608

Canada — 1.3%
1011778 BC ULC/New Red Finance, Inc.^(a)
5.00%, 10/15/25			9		9,228
3.88%, 01/15/28			19		19,357
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.25%, 09/15/27^(a)			327		329,755
Hammerhead Resources, Inc., Series AI, 9.00%, 07/10/22^(g)			1,059		796,020


Security		Par (000)		Value

Canada (continued)
Mattamy Group Corp., 5.25%, 12/15/27^(a)	USD		12	$	12,330
NOVA Chemicals Corp., 5.25%, 06/01/27^(a)(k)			1,495		1,407,169

					2,573,859

Chile^(a)— 0.2%
Latam Finance Ltd., 6.88%, 04/11/24^(f)(h)			645		238,851
VTR Comunicaciones SpA, 5.13%, 01/15/28			200		206,119

					444,970

China — 4.7%
21Vianet Group, Inc., 7.88%, 10/15/21			200		204,250
Central China Real Estate Ltd.
6.75%, 11/08/21			—		—
7.25%, 08/13/24			200		193,500
CFLD Cayman Investment Ltd.
8.63%, 02/28/21			200		200,000
8.60%, 04/08/24			200		185,188
China Aoyuan Group Ltd., 6.35%, 02/08/24			200		198,500
China Evergrande Group
11.50%, 01/22/23			200		177,313
4.25%, 02/14/23	HKD		4,000		479,713
China SCE Group Holdings Ltd.
7.45%, 04/17/21	USD		300		301,467
7.25%, 04/19/23			200		203,062
China Shuifa Singyes Energy Holdings Ltd., (2.00% Cash or 4.00% PIK), 6.00%, 12/19/22^(j)			291		265,015
CIFI Holdings Group Co. Ltd., 5.95%, 10/20/25			200		200,687
Country Garden Holdings Co. Ltd., 6.15%, 09/17/25			200		221,750
Easy Tactic Ltd.
9.13%, 07/28/22			200		185,750
8.63%, 02/27/24			200		171,688
Excel Capital Global Ltd., (U.S. Treasury Yield Curve Rate T-Note Contant Maturity + 9.34%), 7.00%^(i)(l)			200		202,432
Fantasia Holdings Group Co. Ltd.
8.38%, 03/08/21			200		198,813
11.75%, 04/17/22			200		204,875
Fortune Star BVI Ltd., 6.85%, 07/02/24			300		309,000
Greenland Global Investment Ltd., (3 mo. LIBOR US + 4.85%), 5.08%, 09/26/21^(b)			200		197,000
Guangxi Financial Investment Group Co. Ltd., 5.75%, 01/23/21			200		198,063
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24			200		206,437
Hilong Holding Ltd., 8.25%, 09/26/22^(f)(h)			200		99,750
Jingrui Holdings Ltd., 9.45%, 04/23/21			200		196,063
Kaisa Group Holdings Ltd.
11.50%, 01/30/23			200		203,812
9.38%, 06/30/24			200		187,750
KWG Group Holdings Ltd., 7.40%, 03/05/24			200		205,562
Logan Group Co. Ltd., 6.50%, 07/16/23			200		203,687
Powerlong Real Estate Holdings Ltd.
6.95%, 04/17/21			300		301,473
7.13%, 11/08/22			200		206,000
Prime Bloom Holdings Ltd., 6.95%, 07/05/22			200		37,625
Ronshine China Holdings Ltd.
8.75%, 10/25/22			200		203,500
8.95%, 01/22/23			200		204,375
Scenery Journey Ltd., 11.50%, 10/24/22			435		393,675
Seazen Group Ltd., 6.00%, 08/12/24			200		199,000
Sunac China Holdings Ltd., 6.65%, 08/03/24			300		288,730
Wanda Group Overseas Ltd., 7.50%, 07/24/22			200		192,750


2

Schedule of Investments (unaudited) (continued)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

China (continued)
Yango Justice International Ltd., 8.25%, 11/25/23	USD		200	$	200,187
Yankuang Group Cayman Ltd., 4.75%, 11/30/20			200		200,494
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24			200		209,500
Yuzhou Group Holdings Co. Ltd., 7.70%, 02/20/25			300		301,500
Zhejiang Baron BVI Co. Ltd., 6.80%, 08/27/21			200		200,000
Zhenro Properties Group Ltd., 9.15%, 03/08/22			200		206,750


				9,146,686

Colombia — 0.3%
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29^(a)			505		504,293


Dominican Republic — 0.4%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(a)(k)			928		825,918


France — 2.3%
Altice France SA
2.50%, 01/15/25	EUR		200		223,352
2.13%, 02/15/25			100		110,503
Arkema SA, (5 year EUR Swap + 2.87%), 2.75%^(i)(l)			500		598,096
AXA SA, (3 mo. LIBOR GBP + 3.27%), 5.63%, 01/16/54⁽ⁱ⁾	GBP		350		557,602
Banijay Entertainment SASU, 3.50%, 03/01/25	EUR		100		114,157
BNP Paribas SA, (5 year USD Swap + 1.48%), 4.38%, 03/01/33^(i)(k)	USD		800		891,254
BPCE SA, 5.15%, 07/21/24^(a)(k)			600		672,014
Credit Agricole SA, (5 year USD Swap + 1.64%), 4.00%, 01/10/33^(a)(i)			750		822,887
Credit Mutuel Arkea SA, 3.38%, 03/11/31	EUR		200		269,914
Orano SA, 2.75%, 03/08/28			100		115,686
Picard Groupe SAS, (3 mo. Euribor + 3.00%), 3.00%, 11/30/23^(b)			100		113,723


				4,489,188

Germany — 1.9%
ADLER Real Estate AG, 3.00%, 04/27/26			100		114,900
ADO Properties SA, 3.25%, 08/05/25			200		236,336
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24			100		107,760
HeidelbergCement Finance Luxembourg SA, 2.50%, 10/09/24			75		94,599
IHO Verwaltungs GmbH, (3.63% Cash or 4.38% PIK), 3.63%, 05/15/25^(j)			100		117,461
Infineon Technologies AG, 1.13%, 06/24/26			100		120,733
KION Group AG, 1.63%, 09/24/25			200		234,678
Merck KGaA, (5 year EURIBOR ICE Swap Rate + 2.94%), 2.88%, 06/25/79⁽ⁱ⁾			600		747,347
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24			200		228,346
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25			100		118,103
Summit Properties Ltd., 2.00%, 01/31/25			100		110,278
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26			100		119,296
thyssenkrupp AG
1.88%, 03/06/23			185		202,371
2.88%, 02/22/24			364		400,205
Vertical Midco GmbH
4.38%, 07/15/27			100		119,062
(3 mo. Euribor + 4.75%), 4.75%, 07/15/27^(b)			115		135,161
Vertical US Newco, Inc., 5.25%, 07/15/27^(a)	USD		200		207,853


Security		Par (000)		Value

Germany (continued)
ZF Finance GmbH
3.00%, 09/21/25	EUR		100	$	114,017
3.75%, 09/21/28			100		113,434


				3,641,940

Guatemala^(a)— 0.6%
Central American Bottling Corp., 5.75%, 01/31/27^(k)	USD		626		648,725
Energuate Trust, 5.88%, 05/03/27			503		522,334


				1,171,059

Hong Kong — 0.1%
New Lion Bridge Co. Ltd., 9.75%, 10/10/20			200		198,500
Pearl Holding III Ltd., 9.50%, 12/11/22			200		48,375


				246,875

India — 0.8%
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24			200		208,312
Greenko Dutch BV, 5.25%, 07/24/24			200		203,437
Jubilant Pharma Ltd., 6.00%, 03/05/24			200		207,875
Muthoot Finance Ltd., 6.13%, 10/31/22^(a)			200		203,063
ReNew Power Synthetic, 6.67%, 03/12/24			200		206,250
Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22			200		188,063
Vedanta Resources Ltd., 7.13%, 05/31/23			500		381,875


				1,598,875

Indonesia — 0.4%
Alam Synergy Pte Ltd., 11.50%, 04/22/21			132		96,354
Global Prime Capital Pte Ltd., 5.95%, 01/23/25			200		193,438
JGC Ventures Pte Ltd., 10.75%, 08/30/21			200		79,750
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.88%, 07/17/49			200		220,312
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		174,875


				764,729

Ireland — 0.1%
Bank of Ireland Group PLC, (5 year CMT + 2.50%), 4.13%, 09/19/27⁽ⁱ⁾			200		198,833


Israel — 0.1%
Leviathan Bond Ltd., 5.75%, 06/30/23^(a)			215		221,450


Italy — 1.8%
Assicurazioni Generali SpA, (3 mo. Euribor + 5.35%), 5.00%, 06/08/48⁽ⁱ⁾	EUR		500		674,891
Autostrade per l’Italia SpA, 5.88%, 06/09/24			100		130,142
Buzzi Unicem SpA, 2.13%, 04/28/23			100		122,244
International Game Technology PLC, 4.75%, 02/15/23			100		119,297
Rossini Sarl, 6.75%, 10/30/25			200		246,332
Sisal Group SpA, 7.00%, 07/31/23			69		81,396
Telecom Italia Capital SA, 6.38%, 11/15/33	USD		385		458,150
Telecom Italia SpA
1.13%, 03/26/22^(m)	EUR		100		116,282
4.00%, 04/11/24			100		124,280
UniCredit SpA
6.57%, 01/14/22^(a)(k)	USD		700		742,853
(5 year EUR Swap + 2.40%), 2.00%, 09/23/29⁽ⁱ⁾	EUR		600		663,020


				3,478,887

Japan — 0.2%
SoftBank Group Corp.
4.00%, 04/20/23			200		242,228
4.75%, 07/30/25			100		124,866


				367,094


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)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Jersey — 0.2%
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24^(j)	EUR		240	$	282,795


Lithuania — 0.2%
ASG Finance Designated Activity Co., 7.88%, 12/03/24^(a)	USD		429		306,735


Luxembourg — 0.2%
Altice Financing SA, 2.25%, 01/15/25	EUR		100		112,192
ArcelorMittal SA, 1.75%, 11/19/25			100		115,586
Garfunkelux Holdco 3 SA, 7.50%, 08/01/22			100		108,100
Summer BC Holdco B Sarl, 5.75%, 10/31/26			100		114,923


				450,801

Macau — 0.1%
Wynn Macau Ltd., 5.50%, 01/15/26	USD		200		197,100


Mauritius — 0.1%
HTA Group Ltd., 7.00%, 12/18/25^(a)			200		208,500
Neerg Energy Ltd., 6.00%, 02/13/22			—		—


				208,500

Mexico — 2.2%
BBVA Bancomer SA, 1.88%, 09/18/25^(a)			555		542,235
Cemex SAB de CV, 3.13%, 03/19/26	EUR		200		234,856
Controladora Mabe SA de CV, 5.60%, 10/23/28^(a)	USD		444		496,259
Cydsa SAB de CV, 6.25%, 10/04/27^(a)(k)			800		806,250
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25^(a)			400		366,250
Orbia Advance Corp. SAB de CV, 5.50%, 01/15/48^(a)			460		515,775
Petroleos Mexicanos, 5.35%, 02/12/28			119		102,423
Trust Fibra Uno, 6.95%, 01/30/44			1,192		1,268,735


				4,332,783

Mongolia — 0.1%
Mongolian Mortgage Corp. Hfc LLC, 9.75%, 01/29/22			200		193,438


MultiNational — 0.0%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/29^(a)			35		38,849


Netherlands — 3.0%
ABN AMRO Bank NV, (5 year USD Swap + 2.20%), 4.40%, 03/27/28⁽ⁱ⁾			800		842,234
ASR Nederland NV, (5 year EUR Swap + 4.00%), 3.38%, 05/02/49⁽ⁱ⁾	EUR		400		500,407
Equate Petrochemical BV, 4.25%, 11/03/26^(a)	USD		293		307,044
ING Groep NV, (5 year USD ICE Swap + 1.94%), 4.70%, 03/22/28⁽ⁱ⁾			800		847,993
NN Group NV, (3 mo. Euribor + 4.95%), 4.63%, 01/13/48⁽ⁱ⁾	EUR		500		685,518
OCI NV, 5.00%, 04/15/23			180		215,883
PPF Telecom Group BV, 3.25%, 09/29/27			100		116,670
United Group BV, 4.88%, 07/01/24			440		521,037
VEON Holdings BV, 4.00%, 04/09/25^(a)	USD		200		207,000
VZ Vendor Financing BV, 2.50%, 01/31/24	EUR		100		114,900
Ziggo BV, 5.50%, 01/15/27^(a)	USD		1,390		1,456,025


				5,814,711

Panama^(a)— 0.2%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30			210		215,184
Avianca Holdings SA, 9.00%, 05/10/23^(f)(h)			500		78,438


				293,622


Security		Par (000)		Value

Peru — 0.7%
Nexa Resources SA, 5.38%, 05/04/27^(a)(k)	USD		1,350	$	1,405,687


Portugal — 0.3%
EDP - Energias de Portugal SA, (5 year EUR Swap + 4.29%), 4.50%, 04/30/79⁽ⁱ⁾	EUR		500		632,383


Saudi Arabia — 0.5%
Saudi Arabian Oil Co., 3.50%, 04/16/29^(a)	USD		215		235,895
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44			600		749,438


				985,333

Singapore — 0.5%
Puma International Financing SA, 5.13%, 10/06/24^(a)			1,000		884,999


South Africa — 0.2%
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24^(a)			254		275,908


Spain — 1.1%
Amadeus IT Group SA, 1.88%, 09/24/28	EUR		200		228,887
Banco Santander SA, 2.13%, 02/08/28			500		614,771
Cirsa Finance International Sarl, 7.88%, 12/20/23^(a)	USD		200		184,500
ContourGlobal Power Holdings SA
3.38%, 08/01/23	EUR		100		116,607
4.13%, 08/01/25			200		236,202
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%^(i)(l)			100		109,934
Hipercor SA, 3.88%, 01/19/22			300		359,814
Iberdrola International BV, (5 year EUR Swap + 2.97%), 3.25%^(i)(l)			200		250,023


				2,100,738

Sweden — 0.2%
Verisure Holding AB, 3.50%, 05/15/23			144		169,525
Verisure Midholding AB, 5.75%, 12/01/23			100		117,051


				286,576

Switzerland — 0.1%
ELM BV for Firmenich International SA, (5 year EUR Swap + 4.39%), 3.75%^(i)(l)			130		159,125


Ukraine — 0.5%
MHP Lux SA, 6.25%, 09/19/29^(a)	USD		1,000		950,000


United Kingdom — 2.2%
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		240		292,150
Barclays Bank PLC, 6.63%, 03/30/22	EUR		300		383,226
Barclays PLC
4.84%, 05/09/28^(k)	USD		500		537,689
(5 year EUR Swap + 1.90%), 2.00%, 02/07/28⁽ⁱ⁾	EUR		400		465,284
(5 year EUR Swap + 2.45%), 2.63%, 11/11/25⁽ⁱ⁾			100		117,328
Cabot Financial Luxembourg II SA, (3 mo. Euribor + 6.38%), 6.38%, 06/14/24^(b)			100		116,966
Cabot Financial Luxembourg SA, 7.50%, 10/01/23	GBP		100		130,110
CPUK Finance Ltd., 4.25%, 08/28/22			51		65,428
eG Global Finance PLC
3.63%, 02/07/24	EUR		175		198,268
4.38%, 02/07/25			100		110,797
HSBC Holdings PLC, 5.25%, 03/14/44^(k)	USD		700		885,968
Ladbrokes Group Finance PLC
5.13%, 09/16/22	GBP		7		8,798
5.13%, 09/08/23			200		265,167
Pinewood Finance Co. Ltd., 3.25%, 09/30/25			100		128,467
Premier Foods Finance PLC, 6.25%, 10/15/23			100		132,209


4

Schedule of Investments (unaudited) (continued)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

United Kingdom (continued)
Rolls-Royce PLC, 0.88%, 05/09/24	EUR		100	$	101,570
Synlab Bondco PLC, (3 mo. Euribor + 4.75%), 4.75%, 07/01/25^(b)			138		163,521
Vmed O2 UK Financing I PLC, 3.25%, 01/31/31			133		154,961


				4,257,907

United States — 27.5%
Acadia Healthcare Co, Inc., 5.50%, 07/01/28^(a)	USD		35		35,998
Albertsons Cos., Inc.
3.50%, 02/15/23^(a)			19		19,318
5.75%, 03/15/25			25		25,789
7.50%, 03/15/26^(a)			15		16,456
5.88%, 02/15/28^(a)			19		20,283
4.88%, 02/15/30^(a)			25		26,063
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.63%, 01/15/27^(a)			33		33,765
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC^(a)
3.25%, 03/15/26			54		53,585
3.50%, 03/15/29			136		132,005
Ambac Assurance Corp., 5.10%^(a)(l)			22		31,006
Ambac LSNI LLC, (3 mo. LIBOR US + 5.00%), 6.00%, 02/12/23^(a)(b)			466		465,647
AMC Networks, Inc.
5.00%, 04/01/24			25		25,563
4.75%, 08/01/25			20		20,674
American Airlines Group, Inc.^(g)
3.93%, 12/15/24			152		132,949
4.87%, 04/22/25			188		158,787
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28^(a)			17		17,276
American Energy- Permian Basin LLC, 12.00%, 10/01/24^(a)(f)(h)			712		7,120
AMN Healthcare, Inc., 4.63%, 10/01/27^(a)			148		151,700
Aramark Services, Inc.
4.75%, 06/01/26			12		12,142
5.00%, 02/01/28^(a)			28		28,210
Arconic, Inc., 6.75%, 01/15/28			1,540		1,697,850
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
6.00%, 02/15/25^(a)(k)			276		286,571
2.13%, 08/15/26	EUR		100		113,715
4.75%, 07/15/27	GBP		140		181,050
Ashton Woods USA LLC/Ashton Woods Finance Co.^(a)
9.88%, 04/01/27	USD		278		305,800
6.63%, 01/15/28			305		306,525
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25	EUR		100		117,158
Ball Corp.
0.88%, 03/15/24			100		115,172
5.25%, 07/01/25	USD		25		28,298
4.88%, 03/15/26			19		21,185
Bausch Health Cos., Inc.
4.50%, 05/15/23	EUR		100		116,150
5.50%, 11/01/25^(a)	USD		43		44,129
9.00%, 12/15/25^(a)(k)			844		918,103
5.75%, 08/15/27^(a)			12		12,735
Berry Global, Inc., 1.00%, 01/15/25	EUR		100		112,516
Boxer Parent Co., Inc., 6.50%, 10/02/25			100		120,894
Boyd Gaming Corp.
8.63%, 06/01/25^(a)	USD		90		98,665


Security		Par (000)		Value

United States (continued)
Boyd Gaming Corp. (continued)
4.75%, 12/01/27	USD		265	$	260,031
Bruin E&P Partners LLC, 8.88%, 08/01/23			57		71
Buckeye Partners LP
4.13%, 03/01/25^(a)			124		117,800
3.95%, 12/01/26			15		13,977
Caesars Entertainment, Inc.^(a)
6.25%, 07/01/25			337		352,248
8.13%, 07/01/27			213		225,780
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25^(a)			100		103,125
Callon Petroleum Co., 6.25%, 04/15/23^(k)			210		67,200
Calpine Corp.^(a)
4.50%, 02/15/28			817		836,722
5.13%, 03/15/28			512		529,920
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24^(a)			664		695,540
Carlson Travel, Inc., 6.75%, 12/15/25^(a)(k)			886		668,930
Cedar Fair LP, 5.25%, 07/15/29			12		11,520
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25^(a)			157		161,710
5.38%, 04/15/27			12		11,940
Centene Corp.
5.38%, 06/01/26^(a)			44		46,365
5.38%, 08/15/26^(a)			18		19,065
4.25%, 12/15/27			62		64,879
4.63%, 12/15/29			86		92,765
Centennial Resource Production LLC, 5.38%, 01/15/26^(a)(k)			1,000		400,000
Charles River Laboratories International, Inc., 4.25%, 05/01/28^(a)			12		12,594
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.05%, 03/30/29^(k)			800		958,867
Cheniere Energy Partners LP
5.63%, 10/01/26			27		28,080
4.50%, 10/01/29			230		235,927
5.25%, 10/01/25			37		37,851
Cheniere Energy, Inc., (4.88% PIK), 4.88%, 05/28/21^(a)(j)(m)			694		693,272
Chesapeake Energy Corp., 11.50%, 01/01/25^(a)(f)(h)			823		111,105
Churchill Downs, Inc.^(a)
5.50%, 04/01/27			15		15,657
4.75%, 01/15/28			12		12,060
Citgo Holding, Inc., 9.25%, 08/01/24^(a)			224		213,360
Citigroup, Inc., 6.68%, 09/13/43^(k)			500		767,564
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26^(a)			42		44,039
Clean Harbors, Inc., 4.88%, 07/15/27^(a)			13		13,488
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27^(a)			433		415,788
Colfax Corp., 6.00%, 02/15/24^(a)			15		15,544
Commercial Metals Co., 5.38%, 07/15/27			95		100,196
Crown European Holdings SA
2.25%, 02/01/23	EUR		100		118,116
0.75%, 02/15/23			200		228,563
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(a)	USD		29		27,332
Darling Ingredients, Inc., 5.25%, 04/15/27^(a)			12		12,600
DaVita, Inc., 4.63%, 06/01/30^(a)			637		652,479


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)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

United States (continued)
DCP Midstream Operating LP
5.38%, 07/15/25		USD	20	$	20,622
5.13%, 05/15/29			15		14,775
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26^(a)			1,113		787,447
Elanco Animal Health, Inc.
5.27%, 08/28/23			19		20,378
5.90%, 08/28/28			18		20,790
Endeavor Energy Resources LP/EER Finance, Inc.^(a)
5.50%, 01/30/26			12		11,910
5.75%, 01/30/28			25		25,125
Expedia Group, Inc., 6.25%, 05/01/25^(a)			299		329,770
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(a)(k)			1,050		1,049,475
Ford Motor Credit Co. LLC, 5.58%, 03/18/24			292		303,749
Forestar Group, Inc.^(a)
8.00%, 04/15/24			488		516,060
5.00%, 03/01/28			230		232,300
Freeport-McMoRan, Inc.
5.00%, 09/01/27			15		15,668
5.25%, 09/01/29			15		16,125
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31			191		198,837
Golden Entertainment, Inc., 7.63%, 04/15/26^(a)			149		147,137
Goldman Sachs Group, Inc., 5.15%, 05/22/45^(k)			700		922,545
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/22			150		153,820
H&E Equipment Services, Inc., 5.63%, 09/01/25			23		23,978
Hanesbrands, Inc.^(a)
4.63%, 05/15/24			22		22,875
4.88%, 05/15/26			22		23,485
HCA, Inc.
5.38%, 02/01/25			64		70,080
5.88%, 02/15/26^(k)			1,577		1,766,240
5.38%, 09/01/26			25		27,625
5.63%, 09/01/28			37		42,326
5.88%, 02/01/29			25		29,125
3.50%, 09/01/30^(k)			765		779,443
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/30			25		25,750
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25			22		22,220
4.88%, 04/01/27			15		15,239
Howard Hughes Corp.^(a)
5.38%, 03/15/25			25		25,403
5.38%, 08/01/28			116		115,941
Hyatt Hotels Corp., 5.38%, 04/23/25			160		172,249
iHeartCommunications, Inc.
6.38%, 05/01/26			20		20,560
5.25%, 08/15/27^(a)			19		18,525
4.75%, 01/15/28^(a)			12		11,309
IQVIA, Inc., 3.25%, 03/15/25		EUR	100		117,916
IRB Holding Corp., 7.00%, 06/15/25^(a)		USD	108		115,155
Jaguar Holding Co. II/PPD Development LP, 5.00%, 06/15/28^(a)			58		60,537
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28^(a)			22		23,870
KB Home, 7.63%, 05/15/23			189		207,427
Kronos Acquisition Holdings, Inc., 9.00%, 08/15/23^(a)			63		63,866
Lamar Media Corp.
5.75%, 02/01/26			16		16,520
3.75%, 02/15/28^(a)			15		14,925


Security	Par (000)			Value

United States (continued)
Lamb Weston Holdings, Inc.^(a)
4.63%, 11/01/24		USD	21	$	21,893
4.88%, 11/01/26			21		21,893
Lennar Corp.
4.75%, 05/30/25			12		13,097
4.75%, 11/29/27			22		25,119
Level 3 Financing, Inc.
5.25%, 03/15/26			19		19,683
4.63%, 09/15/27^(a)			25		25,688
4.25%, 07/01/28^(a)			399		405,113
3.63%, 01/15/29^(a)			325		320,937
M/I Homes, Inc., 4.95%, 02/01/28^(k)			314		323,420
Marriott International, Inc.
4.63%, 06/15/30			75		80,321
3.50%, 10/15/32			357		354,275
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			19		19,508
Masonite International Corp., 5.38%, 02/01/28^(a)			12		12,797
Matador Resources Co., 5.88%, 09/15/26			26		21,735
Mauser Packaging Solutions Holding Co.
4.75%, 04/15/24		EUR	110		125,408
5.50%, 04/15/24^(a)		USD	150		150,531
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24			26		27,567
4.63%, 06/15/25^(a)			88		89,760
4.50%, 09/01/26^(k)			1,612		1,635,398
5.75%, 02/01/27			18		19,395
MGM Resorts International
5.75%, 06/15/25			17		17,830
4.63%, 09/01/26			10		9,950
5.50%, 04/15/27			17		17,765
Molina Healthcare, Inc., 5.38%, 11/15/22			17		17,765
MPT Operating Partnership LP/MPT Finance Corp.
5.25%, 08/01/26			12		12,360
5.00%, 10/15/27			35		36,494
4.63%, 08/01/29			22		22,890
3.33%, 03/24/25		EUR	100		122,466
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27^(a)		USD	15		15,290
Netflix, Inc.
5.88%, 02/15/25			20		22,550
4.38%, 11/15/26			25		27,219
4.88%, 04/15/28			39		43,582
5.88%, 11/15/28			47		56,081
6.38%, 05/15/29			20		24,600
5.38%, 11/15/29^(a)			22		25,930
4.88%, 06/15/30^(a)			25		28,500
Newell Brands, Inc., 4.70%, 04/01/26			49		52,185
Nexstar Broadcasting, Inc., 5.63%, 07/15/27^(a)			421		442,210
NGPL PipeCo LLC, 7.77%, 12/15/37^(a)(k)			925		1,177,436
NRG Energy, Inc.
7.25%, 05/15/26			25		26,607
6.63%, 01/15/27			30		31,725
5.75%, 01/15/28			20		21,575
5.25%, 06/15/29^(a)			18		19,575
OI European Group BV, 2.88%, 02/15/25		EUR	100		115,226
Outfront Media Capital LLC/Outfront Media Capital Corp.^(a)
5.00%, 08/15/27		USD	16		15,600
4.63%, 03/15/30			12		11,520


6

Schedule of Investments (unaudited) (continued)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

United States (continued)
Owens-Brockway Glass Container, Inc., 6.38%, 08/15/25^(a)(k)		USD	1,495	$	1,640,762
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25^(a)			281		288,031
PDC Energy, Inc., 5.75%, 05/15/26			15		13,928
PG&E Corp., 5.00%, 07/01/28			269		260,930
Pilgrim’s Pride Corp., 5.88%, 09/30/27^(a)			21		21,683
Pioneer Energy Services Corp.^(a)(g)(j)
(11.00% PIK), 11.00%, 05/15/25			655		524,022
(5.00% PIK), 5.00%, 11/15/25^(m)			442		238,877
PulteGroup, Inc.
5.50%, 03/01/26			319		363,660
5.00%, 01/15/27			15		16,969
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.^(a)
3.63%, 03/01/29			106		105,072
3.88%, 03/01/31			85		83,937
Quicken Loans, Inc.^(a)(k)
5.75%, 05/01/25			1,638		1,686,321
5.25%, 01/15/28			25		26,342
Refinitiv US Holdings, Inc., 4.50%, 05/15/26		EUR	200		245,075
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27		USD	17		15,673
Rock International Investment Co., 6.63%, 03/27/20^(f)(h)			350		105,000
Scientific Games International, Inc., 7.00%, 05/15/28^(a)			280		280,685
SeaWorld Parks & Entertainment, Inc.^(a)
8.75%, 05/01/25			478		505,485
9.50%, 08/01/25			217		225,454
Select Medical Corp., 6.25%, 08/15/26^(a)			515		535,600
Service Properties Trust
4.50%, 06/15/23			359		352,064
7.50%, 09/15/25			41		43,571
SES SA, (5 year EUR Swap + 5.40%), 5.63%^(i)(l)		EUR	700		866,855
Sirius XM Radio, Inc.^(a)
4.63%, 07/15/24		USD	572		591,662
5.00%, 08/01/27			37		38,572
5.50%, 07/01/29			31		33,247
SM Energy Co., 10.00%, 01/15/25^(a)			244		231,800
Sprint Corp., 7.88%, 09/15/23^(k)			787		904,066
Standard Industries, Inc.^(a)
5.00%, 02/15/27			12		12,480
4.75%, 01/15/28^(k)			25		25,938
Sunoco LP/Sunoco Finance Corp.
4.88%, 01/15/23			25		25,125
5.50%, 02/15/26			20		19,975
6.00%, 04/15/27			15		15,413
Talen Energy Supply LLC^(a)(k)
7.25%, 05/15/27			730		727,533
6.63%, 01/15/28			386		373,937
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.13%, 02/01/25			12		11,970
5.88%, 04/15/26			25		25,668
5.38%, 02/01/27			12		12,067
6.50%, 07/15/27			19		19,808
5.00%, 01/15/28			19		18,525
6.88%, 01/15/29			19		20,324
5.50%, 03/01/30^(a)			25		25,026


Security	Par (000)			Value

United States (continued)
Taylor Morrison Communities, Inc.^(a)(k)
5.88%, 06/15/27		USD	378	$	415,800
5.75%, 01/15/28			1,287		1,399,612
TEGNA, Inc.^(a)
4.63%, 03/15/28			210		205,338
5.00%, 09/15/29			27		26,663
Teleflex, Inc., 4.63%, 11/15/27			12		12,630
Tempur Sealy International, Inc., 5.50%, 06/15/26			15		15,569
Tenet Healthcare Corp.
4.63%, 09/01/24^(a)			543		547,409
5.13%, 05/01/25			35		35,325
4.88%, 01/01/26^(a)			924		940,780
6.25%, 02/01/27^(a)			37		38,192
5.13%, 11/01/27^(a)			37		38,006
4.63%, 06/15/28^(a)			34		34,490
Terex Corp., 5.63%, 02/01/25^(a)			15		15,038
TransDigm, Inc.^(k)
6.50%, 05/15/25			1,540		1,535,187
6.25%, 03/15/26^(a)			611		638,064
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24^(a)(k)			1,074		988,111
TRI Pointe Group, Inc.
5.25%, 06/01/27^(k)			295		314,912
5.70%, 06/15/28			27		29,565
Under Armour, Inc., 3.25%, 06/15/26			15		14,138
United Airlines Pass-Through Trust, Series 2019-2, Class B, 3.50%, 05/01/28			161		117,791
United Rentals North America, Inc.
4.63%, 10/15/25			19		19,428
5.88%, 09/15/26			25		26,344
5.50%, 05/15/27			25		26,531
3.88%, 11/15/27			19		19,570
4.88%, 01/15/28^(k)			1,541		1,618,050
5.25%, 01/15/30			19		20,734
Universal Health Services, Inc., 2.65%, 10/15/30^(a)			96		95,545
VICI Properties LP/VICI Note Co., Inc.^(a)
3.50%, 02/15/25			19		18,810
4.25%, 12/01/26			31		31,144
3.75%, 02/15/27			19		18,682
4.63%, 12/01/29			277		281,847
4.13%, 08/15/30			25		24,594
Vistra Operations Co. LLC^(a)
5.50%, 09/01/26			25		26,094
5.63%, 02/15/27			32		33,766
5.00%, 07/31/27			482		505,136
William Carter Co., 5.63%, 03/15/27^(a)			12		12,525
William Lyon Homes, Inc., 6.63%, 07/15/27^(a)(k)			853		914,371
WPX Energy, Inc., 5.88%, 06/15/28			24		25,080
Wyndham Destinations, Inc., 6.63%, 07/31/26^(a)			132		138,285
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26^(a)			12		12,210
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^(a)
5.50%, 03/01/25			44		41,525
5.25%, 05/15/27			22		20,460
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29^(a)			299		284,797
XPO Logistics, Inc., 6.75%, 08/15/24^(a)			25		26,480

					53,336,273


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)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Vietnam — 0.1%
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29		USD	250	$	253,828


Total Corporate Bonds — 59.5% (Cost: $117,467,048)					115,258,463


Floating Rate Loan Interests^(b)

Canada — 0.7%
WestJet Airlines Ltd., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			1,523		1,316,735


Luxembourg — 0.3%
Intelsat Jackson Holdings SA
2017 Term Loan B4, (PRIME + 5.50%), 8.75%, 01/02/24			430		432,886
2020 DIP Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 07/13/22			203		206,165


				639,051

Netherlands — 0.3%
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.72%, 07/10/25			588		586,364


United Kingdom — 0.2%
Connect Finco Sarl, Term Loan B, (1 mo. LIBOR + 0.45%, 1.00% Floor), 4.65%, 12/12/26			499		482,796


United States — 10.1%
18 Fremont Street Acquisition LLC, Term Loan B, (3 mo. LIBOR + 8.00%), 9.50%, 08/09/25			1,130		1,016,918
Acadia Healthcare Co., Inc., 2018 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.65%, 02/16/23			1,272		1,259,608
Advanced Drainage Systems, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 2.44%, 07/31/26			33		32,576
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.89%, 02/02/26^(g)			239		212,427
Allegiant Travel Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 3.25%, 02/05/24			1,120		1,030,190
BCP Raptor II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 4.75%), 4.90%, 11/03/25			397		276,561
Buckeye Partners LP, 2019 Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 11/01/26			777		761,553
Caesars Resort Collection LLC, 2020 Term Loan, (1 mo. LIBOR + 4.50%), 4.65%, 07/20/25			236		228,068
California Resources Corp.
2017 1st Lien Term Loan, 0.00%, 12/31/22^(f)(h)			893		321,230
2020 Junior DIP Term Loan, (1 mo. LIBOR + 9.00%), 10.00%, 01/15/21^(g)			534		529,083
Chesapeake Energy Corp., 2019 Last Out Term Loan, (1 mo. LIBOR + 8.00%), 9.00%, 06/24/24^(f)(g)(h)			550		374,000
CITGO Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/01/23			396		370,755
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.65%, 04/15/27			247		238,788
Diamond Sports Group LLC, Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 08/24/26			863		666,167
Foundation Building Materials LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 08/13/25			555		546,092
Gates Global LLC, 2017 USD Repriced Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/01/24			1,540		1,515,261


Security	Par (000)			Value

United States (continued)
Genesee & Wyoming Inc. (New), Term Loan, (3 mo. LIBOR + 2.00%), 2.22%, 12/30/26		USD	238	$	233,681
Golden Nugget LLC, 2017 Incremental Term Loan B, (1 mo. LIBOR + 2.50%), 3.25%, 10/04/23			306		272,350
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.10%, 11/15/27			488		477,533
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.15%, 12/14/24			871		844,971
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.44%, 09/19/26^(g)			45		43,004
Lamar Media Corp., 2020 Term Loan B, (1 mo. LIBOR + 1.50%), 1.66%, 02/06/27			34		32,987
Pacific Gas & Electric Co., 2020 Term Loan, (3 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/23/25			233		228,357
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 2.50%), 2.65%, 05/29/26			403		390,862
Pike Corp., 2020 Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 07/24/26			79		78,210
Playtika Holding Corp., Term Loan B, (6 mo. LIBOR + 6.00%, 1.00% Floor), 7.00%, 12/10/24			767		766,973
PLH Infrastructure Services, Inc., 2018 Term Loan, (3 mo. LIBOR + 6.00%), 6.24%, 08/07/23^(g)			305		259,455
Ply Gem Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 04/12/25			1,441		1,411,500
Robertshaw US Holding Corp, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 02/28/25			841		728,421
Roundpoint Mortgage Servicing Corp., Revolver, (1 mo. LIBOR + 3.37%), 3.53%, 08/27/21^(g)			625		625,914
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 3.61%, 08/14/24			1,541		1,445,919
Select Medical Corp., 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 2.78%, 03/06/25			141		136,745
SRS Distribution, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 3.15%, 05/23/25			157		152,366
Summit Materials Companies I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.14%, 11/21/24			841		831,140
Trandigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.40%, 12/09/25			752		709,198
XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 02/24/25			471		461,057

					19,509,920


Total Floating Rate Loan Interests — 11.6% (Cost: $24,521,672)					22,534,866


Foreign Agency Obligations

Bahrain — 0.3%
Bahrain Government International Bond, 6.75%, 09/20/29			200		214,000
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25			410		456,125

					670,125

Colombia — 1.0%
Colombia Government International Bond
8.13%, 05/21/24			317		383,412
4.50%, 01/28/26^(k)			340		375,806
3.88%, 04/25/27^(k)			670		723,600


8

Schedule of Investments (unaudited) (continued)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Colombia (continued)
Colombia Government International Bond (continued)
3.00%, 01/30/30^(k)		USD	225	$	229,359
4.13%, 05/15/51			200		208,500

					1,920,677

Dominican Republic — 0.6%
Dominican Republic International Bond
5.50%, 01/27/25			461		489,812
5.95%, 01/25/27			322		345,446
4.88%, 09/23/32^(a)			215		212,850
6.40%, 06/05/49			168		168,473

					1,216,581

Egypt — 1.0%
Egypt Government International Bond
5.75%, 05/29/24^(a)			305		311,863
5.88%, 06/11/25			700		717,937
6.38%, 04/11/31^(a)		EUR	737		803,879

					1,833,679

Indonesia — 0.1%
Indonesia Government International Bond, 4.10%, 04/24/28		USD	200		227,250


Maldives — 0.1%
Republic of Maldives Ministry of Finance and Treasury Bond, 7.00%, 06/07/22			200		148,500


Panama — 0.3%
Panama Government International Bond
3.16%, 01/23/30			275		298,719
4.50%, 04/16/50			251		313,436

					612,155

Paraguay — 0.2%
Paraguay Government International Bond, 5.40%, 03/30/50^(a)			250		302,656


Peru — 0.2%
Peruvian Government International Bond, 5.63%, 11/18/50			196		312,681


Qatar — 1.1%
Qatar Government International Bond
4.50%, 04/23/28			643		767,581
4.00%, 03/14/29^(a)(k)			862		1,007,463
4.40%, 04/16/50			247		318,321

					2,093,365

Romania — 0.2%
Romanian Government International Bond, 3.00%, 02/14/31^(a)			334		342,768


Russia — 0.4%
Russian Foreign Bond - Eurobond
4.75%, 05/27/26			400		458,000
4.25%, 06/23/27			200		225,000

					683,000

Saudi Arabia — 0.4%
Saudi Government International Bond, 4.50%, 04/17/30^(k)			714		854,122


Security	Par (000)			Value

Sri Lanka — 0.1%
Sri Lanka Government International Bond
7.85%, 03/14/29		USD	200	$	137,813
7.55%, 03/28/30			200		135,000

					272,813

Ukraine — 0.5%
Ukraine Government International Bond
7.75%, 09/01/22			100		102,800
7.75%, 09/01/23			230		233,680
8.99%, 02/01/24			224		233,744
7.75%, 09/01/25			100		100,000
7.25%, 03/15/33^(a)			400		367,000

					1,037,224


Total Foreign Agency Obligations — 6.5% (Cost: $12,068,608)					12,527,596


Non-Agency Mortgage-Backed Securities

United States — 15.4%
Alternative Loan Trust, Series 2007-AL1, Class A1, (1 mo. LIBOR US + 0.25%), 0.40%, 06/25/37^(b)			693		528,615
ARI Investments LLC, 4.59%, 01/06/25^(c)(g)			753		730,618
Bayview Commercial Asset Trust, Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.50%), 1.65%, 12/25/37^(a)(b)			2,000		1,892,267
BBCMS Mortgage Trust, Series 2018-TALL, Class D, (1 mo. LIBOR US + 1.45%), 1.60%, 03/15/37^(a)(b)			500		468,791
BBCMS Trust, Series 2019-CLP, Class D, (1 mo. LIBOR US + 1.73%), 1.88%, 12/15/31^(a)(b)			412		403,301
BCAP LLC Trust, Series 2012-RR3, Class 1A5, 6.40%, 12/26/37^(a)(c)			998		878,788
Benchmark Mortgage Trust, Series 2018-B7, Class C, 5.02%, 05/15/53^(c)			1,000		1,036,167
BX Commercial Mortgage Trust^(a)(b)
Series 2018-IND, Class H, (1 mo. LIBOR US + 3.00%), 3.15%, 11/15/35			700		682,592
Series 2020-BXLP, Class F, (1 mo. LIBOR US + 2.00%), 2.15%, 12/15/36			388		381,346
BX Trust, Series 2019-OC11, Class E, 4.08%, 12/09/41^(a)(c)			652		598,978
BXP Trust^(a)(c)
Series 2017-CC, Class D, 3.55%, 08/13/37			180		179,179
Series 2017-CC, Class E, 3.55%, 08/13/37			350		325,332
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, (1 mo. LIBOR US + 2.15%), 2.30%, 12/15/37^(a)(b)			633		625,119
CFCRE Commercial Mortgage Trust^(c)
Series 2011-C1, Class C, 6.29%, 04/15/44^(a)			1,000		1,015,464
Series 2016-C3, Class C, 4.91%, 01/10/48			1,000		958,528
CFK Trust, Series 2019-FAX, Class E, 4.64%, 01/15/39^(a)(c)			1,000		955,616
Citigroup Commercial Mortgage Trust^(c)
Series 2015-GC27, Class C, 4.57%, 02/10/48			756		769,354
Series 2016-C1, Class C, 5.12%, 05/10/49			534		560,317
Series 2016-C1, Class D, 5.12%, 05/10/49^(a)			1,000		849,935
Series 2016-P3, Class D, 2.80%, 04/15/49^(a)			500		307,130
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.33%, 04/10/37^(a)(c)			499		380,076
DBJPM Mortgage Trust, Series 2017-C6, Class XD, 1.00%, 06/10/50^(c)			11,000		588,170


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)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

United States (continued)
DBUBS Mortgage Trust^(a)(c)
Series 2011-LC1A, Class E, 5.79%, 11/10/46		USD	1,000	$	999,449
Series 2017-BRBK, Class F, 3.53%, 10/10/34			390		387,130
GS Mortgage Securities Corp. Trust^(a)(b)
Series 2017-500K, Class D, (1 mo. LIBOR US + 1.30%), 1.55%, 07/15/32			120		119,112
Series 2017-500K, Class E, (1 mo. LIBOR US + 1.50%), 1.75%, 07/15/32			240		237,582
Series 2017-500K, Class F, (1 mo. LIBOR US + 1.80%), 2.15%, 07/15/32			10		9,875
Series 2017-500K, Class G, (1 mo. LIBOR US + 2.50%), 2.85%, 07/15/32			70		69,005
GS Mortgage Securities Trust^(a)
Series 2017-GS7, Class D, 3.00%, 08/10/50			375		302,222
Series 2017-GS7, Class E, 3.00%, 08/10/50			300		219,963
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-WPT, Class FFX, 5.54%, 07/05/33^(a)			59		55,904
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D1, 4.27%, 12/15/48^(a)(c)			1,619		1,270,367
JPMCC Commercial Mortgage Securities Trust, Series 2017-JP5, Class D, 4.78%, 03/15/50^(a)(c)(g)			1,240		896,272
LSTAR Commercial Mortgage Trust^(a)(c)
Series 2017-5, Class C, 4.87%, 03/10/50			1,000		952,662
Series 2017-5, Class X, 1.15%, 03/10/50			11,349		374,639
MAD Mortgage Trust^(a)(c)
Series 2017-330M, Class D, 3.98%, 08/15/34			130		132,062
Series 2017-330M, Class E, 4.03%, 08/15/34			180		178,945
MASTR Reperforming Loan Trust, Series 2005-1, Class 1A5, 8.00%, 08/25/34^(a)			892		861,280
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C23, Class D, 4.29%, 07/15/50^(a)(c)			310		273,509
Series 2015-C25, Class D, 3.07%, 10/15/48			39		33,958
Morgan Stanley Capital I Trust
Series 2017-H1, Class D, 2.55%, 06/15/50^(a)			1,010		735,898
Series 2017-H1, Class XD, 2.36%, 06/15/50^(a)(c)			8,625		1,019,906
Series 2018-H4, Class C, 5.24%, 12/15/51^(c)			711		738,584
Series 2018-MP, Class E, 4.42%, 07/11/40^(a)(c)			250		197,524
Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.80%), 2.95%, 07/15/35^(a)(b)			220		204,094
Series 2019-NUGS, Class E, (1 mo. LIBOR US + 2.24%), 3.74%, 12/15/36^(a)(b)			500		456,410
Natixis Commercial Mortgage Securities Trust, Series 2017-75B, Class E, 4.19%, 04/10/37^(a)(c)			170		146,150
Olympic Tower Mortgage Trust^(a)(c)
Series 2017-OT, Class D, 3.95%, 05/10/39			140		132,945
Series 2017-OT, Class E, 3.95%, 05/10/39			190		163,549
Park Avenue Trust, Series 2017-245P, Class E, 3.66%, 06/05/37^(a)(c)			380		361,519
RALI Trust, Series 2006-QO6, Class A1, (1 mo. LIBOR US + 0.18%), 0.33%, 06/25/46^(b)			2,806		959,100
US 2018-USDC, Series 2018-USDC, Class E, 4.64%, 05/13/38^(a)(c)			769		638,191


Security	Par (000)			Value

United States (continued)
Wells Fargo Commercial Mortgage Trust
Series 2016-C37, Class C, 4.64%, 12/15/49^(c)		USD	701	$	729,138
Series 2016-NXS5, Class D, 5.14%, 01/15/59^(c)			500		434,263
Series 2018-BXI, Class E, (1 mo. LIBOR US + 2.16%), 2.31%, 12/15/36^(a)(b)			86		84,407
Wells Fargo Mortgage Backed Securities Trust, Series 2008-AR1, Class A2, 4.02%, 03/25/38^(c)			484		422,975


Total Non-Agency Mortgage-Backed Securities — 15.4% (Cost: $31,197,035)					29,914,272


Preferred Securities

Capital Trusts — 4.3%

Belgium — 0.1%
Solvay Finance SA, 5.43%^(i)(l)		EUR	140		178,222


China^(i)(l)— 0.2%
Agile Group Holdings Ltd., 6.88%		USD	200		198,000
King Talent Management Ltd., 5.60%			200		174,312

					372,312

Denmark — 0.4%
Orsted A/S, 2.25%, 11/24/17⁽ⁱ⁾		EUR	600		724,314


France — 1.8%
AXA SA, 3.25%, 05/28/49⁽ⁱ⁾			700		918,462
Electricite de France SA, 5.38%^(i)(l)			100		128,580
Engie SA, 3.25%^(i)(l)			700		878,165
Societe Generale SA, 5.63%, 11/24/45		USD	700		872,113
TOTAL SA, 3.37%^(i)(l)		EUR	600		766,807

					3,564,127

Germany^(i)(l)— 0.5%
Volkswagen International Finance NV
3.88%			500		591,237
4.63%			300		373,894

					965,131

Hong Kong — 0.1%
FWD Ltd., 5.50%^(i)(l)		USD	200		186,056


Netherlands — 0.0%
Koninklijke KPN NV, 2.00%^(i)(l)		EUR	100		114,899


South Korea — 0.1%
KDB Life Insurance Co. Ltd., 7.50%^(i)(l)		USD	200		191,500


Spain^(i)(l)— 0.6%
Bankia SA, 6.00%		EUR	200		236,249
Naturgy Finance BV, 4.13%			100		121,349
Repsol International Finance BV, 3.75%			100		117,835
Telefonica Europe BV
4.38%			100		123,454
3.88%			500		598,421

					1,197,308


10

Schedule of Investments (unaudited) (continued)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Switzerland — 0.3%
Argentum Netherlands BV for Swiss Re Ltd., 5.75%, 08/15/50^(i)(k)		USD	500	$	555,494


United Kingdom⁽ⁱ⁾— 0.1%
BP Capital Markets PLC, 3.25%^(l)		EUR	100		120,395
Vodafone Group PLC, 3.10%, 01/03/79			100		119,150

					239,545

United States — 0.1%
Belden, Inc., 4.13%, 10/15/26			100		119,004


Total Preferred Securities — 4.3% (Cost: $7,798,636)					8,407,912


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%), 3.15%, 10/25/29		USD	98		97,025
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class B1, (1 mo. LIBOR US + 5.15%), 5.30%, 10/25/29			1,000		1,016,262

					1,113,287

Commercial Mortgage-Backed Securities — 0.2%
FREMF Mortgage Trust, Series 2017-KGX1, Class BFX, 3.71%, 10/25/27^(a)(c)			500		525,670


Total U.S. Government Sponsored Agency Securities — 0.8% (Cost: $1,572,935)					1,638,957


	Shares

Warrants

United States — 0.0%
SM Energy Co. (Expires 06/30/23)^(f)			571		902


Total Warrants — 0.0% (Cost: $2,445)					902


Total Long-Term Investments — 114.7% (Cost: $228,048,191)					222,277,636


Security	Shares		Value

Short-Term Securities

Money Market Funds — 1.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.02%^(n)(o)		2,963,688	$	2,963,688


Total Short-Term Securities — 1.5% (Cost: $2,963,688)				2,963,688


Options Purchased — 0.0% (Cost: $19,070)				3,639


Total Investments — 116.2% (Cost: $231,030,949)				225,244,963

Liabilities in Excess of Other Assets — (16.2)%				(31,360,139	)


Net Assets — 100.0%			$	193,884,824

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Variable rate security. Rate shown is the rate in effect as of period end.

^(c)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(d)	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.

^(e)	When-issued security.

^(f)	Non-income producing security.

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

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

⁽ⁱ⁾	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

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

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

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

^(m)	Convertible security.

⁽ⁿ⁾	Affiliate of the Trust.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 12/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/20		Shares Held at 09/30/20		Income		Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	182,194	$	2,781,494	^(a)	$	—	$	—	$	—	$	2,963,688		2,963,688	$	14,501	$	—

^(a)

Represents net amount purchased (sold).

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.


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)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

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)

Barclays Capital, Inc.

0.25

%^(b)

03/02/20

Open

139,125

139,443

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

^(b)

03/02/20

Open

805,000

811,602

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.30

^(b)

03/02/20

Open

689,947

695,810

Corporate Bonds

Open/Demand

Goldman Sachs & Co.

0.50

^(b)

03/02/20

Open

757,054

760,125

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

^(b)

03/03/20

Open

1,068,817

1,077,450

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

03/03/20

Open

986,281

993,772

Corporate Bonds

Open/Demand

Barclays Capital Inc.

1.10

^(b)

03/13/20

Open

834,260

839,507

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.90

^(b)

04/15/20

Open

654,058

656,805

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

04/15/20

Open

642,500

645,498

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

04/15/20

Open

551,250

553,823

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

^(b)

04/15/20

Open

610,160

613,719

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC.

0.30

^(b)

04/22/20

Open

296,225

297,692

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

06/11/20

Open

227,700

228,395

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

^(b)

07/15/20

Open

352,963

353,831

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

^(b)

07/29/20

Open

487,500

488,225

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

^(b)

07/29/20

Open

577,500

578,511

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

^(b)

08/21/20

Open

536,030

536,732

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/09/20

Open

665,813

666,077

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/10/20

Open

1,060,897

1,061,298

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/10/20

Open

847,009

847,329

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/10/20

Open

1,282,500

1,282,984

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.45

^(b)

09/10/20

Open

842,000

842,211

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.45

^(b)

09/10/20

Open

876,750

876,969

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.45

^(b)

09/10/20

Open

878,500

878,720

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

09/10/20

Open

1,407,175

1,407,839

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

09/10/20

Open

447,500

447,711

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

09/10/20

Open

1,434,125

1,434,802

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

09/10/20

Open

1,317,469

1,318,091

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

09/10/20

Open

1,340,000

1,340,633

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

09/10/20

Open

1,253,175

1,253,767

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

^(b)

09/14/20

Open

739,883

740,063

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/21/20

Open

569,400

569,514

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

^(b)

09/21/20

Open

698,394

698,533

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/25/20

Open

624,488

624,521

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

09/25/20

Open

710,680

710,730

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/28/20

Open

211,781

211,787

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

^(b)

09/28/20

Open

699,125

699,142

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

138,375

138,380

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

481,280

481,297

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

1,423,125

1,423,176

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

^(b)

09/28/20

Open

1,071,107

1,071,146

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/28/20

Open

825,010

825,041

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/28/20

Open

1,237,112

1,237,159

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

09/28/20

Open

918,750

918,785

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

09/29/20

Open

602,040

602,054

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

09/29/20

Open

1,167,600

1,167,628

Corporate Bonds

Open/Demand

RBC Capital Markets LLC.

0.85

^(b)

09/29/20

Open

303,975

303,982

Corporate Bonds

Open/Demand

36,291,408

36,352,309

^(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.


12

Schedule of Investments (unaudited) (continued)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

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		5		12/21/20	$	800	$	(1,241	)
U.S. Long Treasury Bond		8		12/21/20		1,410		(2,824	)
U.S. Ultra Treasury Bond		37		12/21/20		8,207		755
2-Year U.S. Treasury Note		14		12/31/20		3,093		1,705

								(1,605	)

Short Contracts
10-Year U.S. Treasury Note		11		12/21/20		1,535		(4,361	)
5-Year U.S. Treasury Note		132		12/31/20		16,636		(21,232	)

								(25,593	)

							$	(27,198	)

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

EUR	10,593,000	USD	12,404,403	UBS AG		10/05/20	$	16,129
GBP	1,440,000	USD	1,850,256	HSBC Bank PLC		10/05/20		7,872
USD	293,717	EUR	245,415	JPMorgan Chase Bank N.A.		10/05/20		5,962
USD	113,866	EUR	96,000	State Street Bank and Trust Co.		10/05/20		1,303
USD	24,645,624	EUR	20,611,000	UBS AG		10/05/20		478,760
USD	1,611,876	GBP	1,211,000	Citibank N.A.		10/05/20		49,242
USD	322,905	GBP	241,108	JPMorgan Chase Bank N.A.		10/05/20		11,788
USD	12,443,862	EUR	10,593,000	BNP Paribas S.A.		11/04/20		15,641
HKD	750,000	USD	96,729	Morgan Stanley & Co. International PLC		12/16/20		19
USD	876,911	EUR	737,000	UBS AG		12/16/20		11,359

								598,075

EUR	10,593,000	USD	12,436,135	BNP Paribas S.A.		10/05/20		(15,602	)
USD	173,350	EUR	148,000	Deutsche Bank AG		10/05/20		(183	)
USD	100,254	EUR	86,000	State Street Bank and Trust Co.		10/05/20		(583	)
EUR	141,749	USD	166,336	Morgan Stanley & Co. International PLC		11/04/20		(29	)
USD	12,412,083	EUR	10,593,000	UBS AG		11/04/20		(16,137	)
USD	1,850,548	GBP	1,440,000	HSBC Bank PLC		11/04/20		(7,873	)
USD	524,112	HKD	4,064,144	Bank of America N.A.		12/16/20		(154	)

								(40,561	)

							$	557,514

OTC Options Purchased

Description

Counterparty

Expiration
Date

Exercise Price

Notional

Amount (000)

Value

Call

USD Currency

Bank of America N.A.

11/03/20

CAD

1.36

USD

1,300

2,453

USD Currency

JPMorgan Chase Bank N.A.

11/03/20

CNH

7.05

USD

970

1,186

3,639


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)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

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		$	(2,999	)	$	(2,674	)	$	(325	)
Rolls-Royce PLC	1.00		Quarterly	Citibank N.A.	06/20/25	BB-		EUR	34			(6,577	)		(5,883	)		(694	)
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR		USD	5,000			(1,313,649	)		(524,394	)		(789,255	)
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR		USD	3,000			(788,190	)		(310,794	)		(477,396	)

											$	(2,111,415	)	$	(843,745	)	$	(1,267,670	)

^(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)

•

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 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 tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure 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	$	—	$	31,504,902	$	—	$	31,504,902
Common Stocks
United States		251,454		176,956		61,356		489,766
Corporate Bonds
Argentina		—		1,024,628		—		1,024,628
Australia		—		288,480		—		288,480
Brazil		—		6,622,608		—		6,622,608
Canada		—		1,777,839		796,020		2,573,859
Chile		—		444,970		—		444,970
China		479,713		8,666,973		—		9,146,686
Colombia		—		504,293		—		504,293
Dominican Republic		—		825,918		—		825,918
France		—		4,489,188		—		4,489,188
Germany		—		3,641,940		—		3,641,940
Guatemala		—		1,171,059		—		1,171,059
Hong Kong		—		246,875		—		246,875


14

Schedule of Investments (unaudited) (continued)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total

Corporate Bonds (continued)

India	$	—		$	1,598,875		$	—	$	1,598,875
Indonesia		—			764,729			—		764,729
Ireland		—			198,833			—		198,833
Israel		—			221,450			—		221,450
Italy		116,282			3,362,605			—		3,478,887
Japan		—			367,094			—		367,094
Jersey		—			282,795			—		282,795
Lithuania		—			306,735			—		306,735
Luxembourg		—			450,801			—		450,801
Macau		—			197,100			—		197,100
Mauritius		—			208,500			—		208,500
Mexico		—			4,332,783			—		4,332,783
Mongolia		—			193,438			—		193,438
MultiNational		—			38,849			—		38,849
Netherlands		—			5,814,711			—		5,814,711
Panama		—			293,622			—		293,622
Peru		—			1,405,687			—		1,405,687
Portugal		—			632,383			—		632,383
Saudi Arabia		—			985,333			—		985,333
Singapore		—			884,999			—		884,999
South Africa		—			275,908			—		275,908
Spain		—			2,100,738			—		2,100,738
Sweden		—			286,576			—		286,576
Switzerland		—			159,125			—		159,125
Ukraine		—			950,000			—		950,000
United Kingdom		—			4,257,907			—		4,257,907
United States		—			52,281,638			1,054,635		53,336,273
Vietnam		—			253,828			—		253,828
Floating Rate Loan Interests		—			20,490,983			2,043,883		22,534,866
Foreign Agency Obligations		—			12,527,596			—		12,527,596
Non-Agency Mortgage-Backed Securities		—			28,287,382			1,626,890		29,914,272
Preferred Securities
Capital Trusts		—			8,407,912			—		8,407,912
U.S. Government Sponsored Agency Securities		—			1,638,957			—		1,638,957
Warrants		—			902			—		902
Short-Term Securities
Money Market Funds		2,963,688			—			—		2,963,688
Options Purchased
Foreign Currency Exchange Contracts		—			3,639			—		3,639
Unfunded Floating Rate Loan Interests^(a)		—			3,213			—		3,213

	$	3,811,137		$	215,854,255		$	5,582,784	$	225,248,176

Derivative Financial Instruments^(b)
Assets
Foreign Currency Exchange Contracts	$	—		$	598,075		$	—	$	598,075
Interest Rate Contracts		2,460			—			—		2,460
Liabilities
Credit Contracts		—			(1,267,670	)		—		(1,267,670	)
Foreign Currency Exchange Contracts		—			(40,561	)		—		(40,561	)
Interest Rate Contracts		(29,658	)		—			—		(29,658	)

	$	(27,198	)	$	(710,156	)	$	—	$	(737,354	)

^(a)

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

^(b)

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

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 $36,352,309 are categorized as Level 2 within the disclosure hierarchy.


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)

September 30, 2020

BlackRock 2022 Global Income Opportunity Trust (BGIO)

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:



	Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			Preferred Stocks			Total

Assets
Opening balance, as of December 31, 2019	$	69,920		$	399,054		$	6,552,615		$	797,483		$	86,562		$	7,905,634
Transfers into Level 3^(a)		—			1,350,000			610,767			1,281,744			—			3,242,511
Transfers out of Level 3^(b)		—			—			(765,083	)		—			—			(765,083	)
Accrued discounts/premiums		—			21,737			15,806			1,095			—			38,638
Net realized gain (loss)		—			(441,710	)		(63,196	)		—			—			(504,906	)
Net change in unrealized appreciation (depreciation)^(c)		53,756			(202,233	)		(237,273	)		(409,163	)		(30,758	)		(825,671	)
Purchases		21,061			773,502			529,120			—			—			1,323,683
Sales		(83,381	)		(49,695	)		(4,598,873	)		(44,269	)		(55,804	)		(4,832,022	)

Closing balance, as of September 30, 2020	$	61,356		$	1,850,655		$	2,043,883		$	1,626,890		$	—		$	5,582,784


Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2020	$	40,295		$	(202,233	)	$	(258,812	)	$	(409,163	)	$	—		$	(829,913	)

^(a)

As of December 31, 2019, the Trust used observable inputs in determining the value of certain investments. As of September 30, 2020, 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, 2019, the Trust used significant unobservable inputs in determining the value of certain investments. As of September 30, 2020, 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 September 30, 2020 is generally due to investments no longer held or categorized as Level 3 at period end.


Currency Abbreviation

CAD		Canadian Dollar

CNH		Chinese Yuan

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

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

EURIBOR		Euro Interbank Offered Rate

GOL		General Obligation Ltd.

LIBOR		London Interbank Offered Rate

PIK		Payment-in-Kind

SAB		Special Assessment Bonds


16

BlackRock 2022 Global Income Opportunity Trust (BGIO) NPORT-PBlackRock 2022 Global Income Opportunity Trust (Sep 2020 report)