UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23357

Name of Fund:  BlackRock Multi-Sector Opportunities Trust II

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Multi-Sector
Opportunities Trust II, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2021

Date of reporting period: 06/30/2021

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JUNE 30, 2021

2021 Semi-Annual Report

(Unaudited)

BlackRock Multi-Sector Opportunities Trust

BlackRock Multi-Sector Opportunities Trust II

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information  (unaudited)

Section 19(a) Notices

BlackRock Multi-Sector Opportunities Trust’s (MSO) and BlackRock Multi-Sector Opportunities Trust II’s (MSO2) (collectively the “Trusts”, or individually a “Trust”) amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

June 30, 2021

	Total Cumulative Distributions for the Fiscal Period											% Breakdown of the Total Cumulative Distributions for the Fiscal Period
Trust Name		Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital	(a)		Total Per Common Share		Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital		Total Per    Common    Share
MSO	$	2.911845	$	—	$	—	$	0.130155		$	3.042000		96	%	—	%	—	%	4	%	100%
MSO2		2.998662		—		—		0.157338			3.156000		95		—		—		5		100

^(a)  Each Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce a Trust’s net asset value per share.

Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at blackrock.com.

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The Markets in Review

Dear Shareholder,

The 12-month reporting period as of June 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States, along with most of the world, began the reporting period emerging from a severe recession, prompted by pandemic-related restrictions that disrupted many aspects of daily life. However, easing restrictions and robust government intervention led to a strong rebound, and the economy grew at a significant pace for the reporting period, recovering much of the output lost at the beginning of the pandemic.

Equity prices rose with the broader economy, as investors became increasingly optimistic about the economic outlook. Stocks rose through the summer of 2020, fed by strong fiscal and monetary support and positive economic indicators. The implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. Late in the period the Fed elaborated on their expected timeline, raising the likelihood of slower bond purchasing and the possibility of higher rates in 2023.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long-term. U.S. small-caps and European equities are likely to benefit from the continuing vaccine-led restart. We are underweight long-term on credit, but inflation-protected U.S. Treasuries, Asian fixed income, and Chinese government bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of June 30, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	15.25%	40.79%
U.S. small cap equities (Russell 2000® Index)	17.54	62.03
International equities (MSCI Europe, Australasia, Far East Index)	8.83	32.35
Emerging market equities (MSCI Emerging Markets Index)	7.45	40.90
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.09
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.10)	(5.89)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.60)	(0.33)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	1.24	4.20
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.61	15.34
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T 3

Table of Contents

	Page
Supplemental Information	2
The Markets in Review	3
Semi-Annual Report:
The Benefits and Risks of Leveraging	5
Derivative Financial Instruments	5
Trust Summary	6
Financial Statements:
Schedules of Investments	10
Statements of Assets and Liabilities	56
Statements of Operations	58
Statements of Changes in Net Assets	59
Statements of Cash Flows	60
Financial Highlights	62
Notes to Financial Statements	64
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements	76
Additional Information	80
Glossary of Terms Used in this Report	83

4

The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.

To illustrate these concepts, assume a Trust’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust’s financing cost of leverage is significantly lower than the income earned on a Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed a Trust’s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Trust had not used leverage. Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of each Trust’s obligations under its leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Trust’s intended leveraging strategy will be successful.

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

Each Trust may utilize leverage through reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Trust is permitted to issue debt up to 33 1/3% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act.

If a Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Trust’s obligations under a reverse repurchase agreement (including accrued interest) then such transaction is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.

Derivative Financial Instruments

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

T H E   B E N E F I T S   A N D   R I S K S   O F   L E V E R A G I N G   /   D E R I V A T I V E   F I N A N C I A L   I N S T R U M E N T S 5

Trust Summary  as of June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

Investment Objective

BlackRock Multi-Sector Opportunities Trust’s (MSO) (the “Trust”) investment objective is to seek to provide high income and total return. The Trust seeks to achieve its investment objective by investing at least 80% of its total assets in fixed income securities and other financial instruments that pay periodic income. The Trust may invest any amount of its assets in securities of any credit quality, including securities that are rated at the time of investment below investment grade — i.e., ‘‘Ba’’ or ‘‘BB’’ or below by Moody’s Investor’s Service, Inc. (“Moody’s”), S&P Global Ratings or Fitch Ratings, or securities that are judged to be of comparable quality by the Trust’s investment advisers. It is anticipated that the Trust will terminate on February 22, 2024 (the “Termination Date”); however, the Board of Trustees may, without shareholder approval, extend the Termination Date by up to one year to a date on or before February 22, 2025. The Trust may invest directly in securities or synthetically through the use of derivatives.

The Trust’s common shares are not listed on any securities exchange. Investors should consider that they may not have access to their investment until the Termination Date. The Trust is designed for long-term investors and an investment in the common shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

Initial Offering Date	February 23, 2018
Termination Date(a)	February 22, 2024
Current Quarterly Distribution per Common Share(b)	$1.5210
Current Annualized Distribution per Common Share(b)	$6.0840
Leverage as of June 30, 2021(c)	21%

^(a)  The Board of Trustees may terminate the Trust, without shareholder approval, prior to the Termination Date and may, without shareholder approval, extend the Termination Date by up to one year to a date on or before February 22, 2025.

^(b)  The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

^(c)  Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Net Asset Value Per Share Summary

	06/30/21		12/31/20		Change			High		Low
Net Asset Value	$	89.28	$	87.75		1.74	%	$	90.85	$	87.68

Performance

Returns for the six months ended June 30, 2021 were as follows:

	Returns Based On
	Net Asset Value
MSO(a)		5.26%
Lipper General Bond Funds(b)		5.25

^(a)  All returns reflect reinvestment of dividends and/or distributions at NAV on the payable date.

^(b)  Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

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

Past performance is not an indication of future results.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

For the six-month period, the largest contributors to the Trust’s performance were exposures to high yield corporate credit and securitized assets, including collateralized loan obligations, commercial mortgage-backed securities (“CMBS”) and non-agency residential mortgage-backed securities. The Trust’s exposures to emerging market debt and European corporate credit also added to performance. Finally, private assets held by the Trust contributed to return over the period.

The Trust’s stance with respect to duration (and corresponding interest rate sensitivity) detracted slightly from performance over the period.

Describe recent portfolio activity.

In the first quarter of 2021, the Trust tactically rotated exposures across various sectors in a deliberate fashion. Given the rich valuations among spread assets, the Trust slightly added to longer-dated U.S. investment grade corporate bonds as a source of durable income, while slightly trimming exposure in European corporate credit. Securitized assets continued to rebound sharply, and the Trust maintained exposures there to benefit from further recovery. The Trust trimmed duration given the diminishing hedging benefit of U.S. duration exposure.

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Trust Summary  as of June 30, 2021 (continued) BlackRock Multi-Sector Opportunities Trust (MSO)

In the second half of the period, the Trust maintained exposures across income-generating sectors while further trimming duration. Allocations to bank loans and high yield corporate credit were reduced given tight spreads. As the fundamental backdrop continued to improve for securitized assets, the Trust added marginally to its CMBS allocation as the sector stands to benefit from the ongoing reopening of economies.

The Trust continued to seek opportunities to harvest the illiquidity premium by adding exposure to private investments.

Describe portfolio positioning at period end.

As of June 30, 2021, the Trust had an effective duration of 1.4 years and approximately 26% leverage, with a nominal yield of 6.5%. The Trust maintained diversified exposure within spread sectors, including emerging markets, high yield corporate bonds, and securitized assets. Private assets comprised close to 20% of total portfolio assets.

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

Overview of the Trust’s Total Investments

PORTFOLIO ALLOCATION
Asset Type	06/30/21	(a)	12/31/20
Corporate Bonds	40	%	36	%
Floating Rate Loan Interests	23		26
Asset-Backed Securities	15		15
Non-Agency Mortgage-Backed Securities	10		10
Preferred Securities	5		6
Foreign Agency Obligations	4		3
U.S. Government Sponsored Agency Securities	1		1
Investment Companies	1		1
Common Stocks	1		—	(b)
Warrants	—	(b)	—
Short-Term Securities	—		2

CREDIT QUALITY ALLOCATION
Credit Rating(a)(c)	06/30/21			12/31/20
AAA/Aaa		1	%(d)		—	%
AA/Aa(b)		—			—
A		1			1
BBB/Baa		12			10
BB/Ba		34			35
B		18			18
CCC/Caa		7			7
C		—	(b)		—
D		1			—	(b)
N/R		26	(e)		29

^(a) Excludes short-term securities, options purchased and options written.

^(b) Rounds to less than 1% of total investments.

^(c) For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(d) Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser.

^(e) The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2021, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Trust’s total investments.

T R U S T   S U M M A R Y 7

Trust Summary  as of June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Investment Objective

BlackRock Multi-Sector Opportunities Trust II’s (MSO2) (the “Trust”) investment objective is to seek to provide high income and total return. The Trust seeks to achieve its investment objective by investing at least 80% of its total assets in fixed income securities and other financial instruments that pay periodic income. The Trust may invest any amount of its assets in securities of any credit quality, including securities that are rated at the time of investment below investment grade — i.e., ‘‘Ba’’ or ‘‘BB’’ or below by Moody’s, S&P Global Ratings or Fitch, or securities that are judged to be of comparable quality by the Trust’s investment advisers. It is anticipated that the Trust will terminate on February 28, 2025 (the “Termination Date”); however, the Board of Trustees may, without shareholder approval, extend the Termination Date by up to one year to a date on or before February 28, 2026. The Board of Trustees may also, without shareholder approval, adopt a plan of liquidation at any time preceding the anticipated Termination Date. The Trust may invest directly in securities or synthetically through the use of derivatives.

The Trust’s common shares are not listed on any securities exchange. Investors should consider that they may not have access to their investment until the Termination Date. The Trust is designed for long-term investors and an investment in the common shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information

Initial Offering Date	April 16, 2019
Termination Date(a)	February 28, 2025
Current Quarterly Distribution per Common Share(b)	$1.5780
Current Annualized Distribution per Common Share(b)	$6.3120
Leverage as of June 30, 2021(c)	26%

^(a)  The Board of Trustees may terminate the Trust, without shareholder approval, prior to the Termination Date and may, without shareholder approval, extend the Termination Date by up to one year to a date on or before February 28, 2026.

^(b)  The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

^(c)  Represents bank overdraft and reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Net Asset Value Per Share Summary

	06/30/21		12/31/20		Change			High		Low
Net Asset Value	$	92.04	$	90.65		1.53	%	$	93.73	$	90.49

Performance

Returns for the six months ended June 30, 2021 were as follows:

	Returns Based On
	Net Asset Value
MSO2(a)		5.06%
Lipper General Bond Funds(b)		5.25

^(a) All returns reflect reinvestment of dividends and/or distributions at NAV on the payable date.

^(b) Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper.

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

Past performance is not an indication of future results.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

For the six-month period, the largest contributors to the Trust’s performance were exposures to high yield corporate credit and securitized assets, including collateralized loan obligations, commercial mortgage-backed securities (“CMBS”) and non-agency residential mortgage-backed securities (“RMBS”). The Trust’s exposures to emerging market debt and European corporate credit also added to performance. Finally, private assets held by the Trust contributed to return over the period.

The Trust’s stance with respect to duration (and corresponding interest rate sensitivity) detracted slightly from performance over the period.

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Trust Summary  as of June 30, 2021 (continued) BlackRock Multi-Sector Opportunities Trust II (MSO2)

Describe recent portfolio activity.

In the first quarter of 2021, the Trust tactically rotated exposures across various sectors in a deliberate fashion. Given the rich valuations among spread assets, the Trust slightly added to longer-dated U.S. investment grade corporate bonds as a source of durable income, while slightly trimming exposure in European corporate credit. Securitized assets continued to rebound sharply, and the Trust maintained exposures there to benefit from further recovery. The Trust trimmed duration given the diminishing hedging benefit of U.S. duration exposure.

In the second half of the period, the Trust maintained exposures across income-generating sectors while further trimming duration. The Trust marginally took profits in U.S. high yield corporate credit and non-agency RMBS. As the fundamental backdrop continued to improve for securitized assets, the Trust added marginally to its CMBS allocation as the sector stands to benefit from the ongoing reopening of economies.

The Trust continued to seek opportunities to harvest the illiquidity premium by adding exposure to private investments.

Describe portfolio positioning at period end.

As of June 30, 2021, the Trust had an effective duration of 1.77 years and approximately 34% leverage, with a nominal yield of 6.5%. The Trust maintained diversified exposure within spread sectors, including emerging markets, high yield corporate bonds and securitized assets. Private assets comprised close to 10% of total portfolio assets.

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

Overview of the Trust’s Total Investments

PORTFOLIO ALLOCATION
Asset Type	06/30/21	(a)	12/31/20
Corporate Bonds	43	%	39	%
Asset-Backed Securities	20		22
Non-Agency Mortgage-Backed Securities	12		11
Floating Rate Loan Interests	11		14
Preferred Securities	5		6
Foreign Agency Obligations	5		4
Investment Companies	2		2
U.S. Government Sponsored Agency Securities	1		1
Common Stocks	1		—	(b)
Warrants	—	(b)	—
Short-Term Securities	—		1

CREDIT QUALITY ALLOCATION
Credit Rating(a)(c)	06/30/21			12/31/20
AAA/Aaa		1	%(d)		—	%
AA/Aa(b)		—			—
A		1			1
BBB/Baa		16			17
BB/Ba		35			36
B		17			18
CCC/Caa		3			3
CC		1			1
C		2			—
D		—			—	(b)
N/R		24	(e)		24

^(a) Excludes short-term securities, options purchased and options written.

^(b) Rounds to less than 1% of total investments.

^(c) For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(d) Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser.

^(e) The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of June 30, 2021, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Trust’s total investments.

T R U S T   S U M M A R Y 9

Schedule of Investments (unaudited) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
AIMCO CLO 10 Ltd., Series 2019-10A, Class SUB, 0.00%, 07/22/32(a)(b)	USD		1,844	$	1,421,256
Ajax Mortgage Loan Trust(b)
Series 2018-A, Class B, 0.00%, 04/25/58			24		20,662
Series 2018-B, Class B, 1.00%, 02/26/57			111		52,034
Anchorage Capital CLO Ltd.(a)(b)
Series 2013-1A, Class DR, (3 mo. LIBOR US + 6.80%), 6.99%, 10/13/30			3,050		2,986,479
Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 5.58%, 01/15/30			1,000		978,257
Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.70%), 5.89%, 04/20/31(a)(b)			1,000		971,127
Apidos CLO XXIX, Series 2018-29A, Class D, (3 mo. LIBOR US + 5.25%), 5.43%, 07/25/30(a)(b)			2,000		1,891,075
Apres Static CLO Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 4.25%), 4.43%, 10/15/28(a)(b)			500		500,148
ARES LI CLO Ltd., Series 2019-51A, Class E, (3 mo. LIBOR US + 6.49%), 6.67%, 04/15/31(a)(b)			700		700,015
Ares LV CLO Ltd.(a)(b)
Series 2020-55A, Class D, (3 mo. LIBOR US + 4.83%), 5.01%, 04/15/31			1,000		1,001,201
Series 2020-55A, Class DR, (3 mo. LIBOR US + 3.15%), 1.00%, 07/15/34(c)			1,000		1,000,000
Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, (3 mo. LIBOR US + 6.15%), 6.33%, 10/15/30(a)(b)			1,450		1,419,608
Assurant CLO Ltd., Series 2019-5A, Class E, (3 mo. LIBOR US + 7.34%), 7.52%, 01/15/33(a)(b)			250		250,476
BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(a)			2,300		1,114,599
Bean Creek CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.75%), 5.94%, 04/20/31(a)(b)			1,500		1,463,244
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class E, (3 mo. LIBOR US + 6.90%), 7.08%, 10/15/32(a)(b)			1,000		999,444
BlueMountain CLO XXV Ltd., Series 2019-25A, Class E, (3 mo. LIBOR US + 6.70%), 6.88%, 07/15/32(a)(b)			250		250,630
BlueMountain CLO XXVI Ltd., Series 2019-26A, Class E, (3 mo. LIBOR US + 7.70%), 7.89%, 10/20/32(a)(b)			250		251,102
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.84%, 01/17/28(a)(b)			250		249,195
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 3.39%, 04/20/32(a)(b)(d)			250		250,975
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.63%, 07/20/32(a)(b)			2,200		2,213,169
Cedar Funding IX CLO Ltd., Series 2018-9A, Class E, (3 mo. LIBOR US + 5.35%), 5.54%, 04/20/31(a)(b)			2,000		1,948,319
Cedar Funding XIV CLO Ltd.(a)(b)(d)
Series 2021-14A, Class D, (3 mo. LIBOR US + 3.25%), 3.41%, 07/15/33			1,000		1,000,100
Series 2021-14A, Class E, (3 mo. LIBOR US + 6.34%), 6.50%, 07/15/33			750		742,725
Series 2021-14A, Class SUB, 0.00%, 07/15/33			1,000		772,900
Deer Creek Clo Ltd., Series 2017-1A, Class E, (3 mo. LIBOR US + 6.35%), 6.54%, 10/20/30(a)(b)			1,000		995,191
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 6.99%, 04/20/34(a)(b)			250		250,849
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.18%, 10/15/32(a)(b)			1,425		1,426,837

Security		Par (000)		Value
Asset-Backed Securities (continued)
Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39(b)	CAD		210	$	167,548
Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 3.13%, 10/15/30(a)(b)	USD		550		549,995
Goldentree Loan Management US Clo 2 Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 4.70%), 4.89%, 11/28/30(a)(b)			1,500		1,444,636
GoldenTree Loan Opportunities IX Ltd., Series 2014- 9A, Class ER2, (3 mo. LIBOR US + 5.66%), 5.84%, 10/29/29(a)(b)			500		486,235
Highbridge Loan Management Ltd., Series 12A-18, Class D, (3 mo. LIBOR US + 5.15%), 5.34%, 07/18/31(a)(b)			1,120		1,085,840
JP Morgan Mortgage Acquisition Corp., Series 2006- FRE2, Class M2, (1 mo. LIBOR US + 0.54%), 0.63%, 02/25/36(a)			2,787		2,576,607
Kayne CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.72%, 01/20/33(a)(b)			500		501,516
Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31(b)			315		352,611
Madison Park Funding X Ltd., Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.44%, 01/20/29(a)(b)			1,270		1,270,319
Madison Park Funding XXX Ltd.
Series 2018-30A, Class E, (3 mo. LIBOR US + 4.95%), 5.13%, 04/15/29(a)(b)			1,250		1,211,642
Series 2018-30X, Class E, 5.13%, 04/15/29			250		242,328
Mariner Finance Issuance Trust(b)
Series 2019-AA, Class D, 5.44%, 07/20/32			2,500		2,524,616
Series 2020-AA, Class D, 5.75%, 08/21/34			250		255,326
MCM Trust, Series 2018-NPL1, Class B, 1.00%, 05/28/58(b)			1,342		607,278
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44(b)			324		344,392
Nationstar HECM Loan Trust, Series 2019-1A, Class M4, 5.80%, 06/25/29(a)(b)			1,500		1,501,278
OCP CLO Ltd.(a)(b)
Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 3.18%, 04/24/29			600		594,834
Series 2019-16A, Class ER, (3 mo. LIBOR US + 6.35%), 6.54%, 04/10/33			500		496,240
Series 2019-17A, Class E, (3 mo. LIBOR US + 6.66%), 6.85%, 07/20/32			1,000		999,126
Series 2019-17A, Class ER, (3 mo. LIBOR US + 6.50%), 1.00%, 07/20/32(c)			1,000		1,000,000
Palmer Square CLO Ltd.(a)(b)
Series 2015-2A, Class CR2, (3 mo. LIBOR US + 2.75%), 2.94%, 07/20/30			250		249,156
Series 2015-2A, Class DR2, (3 mo. LIBOR US + 5.75%), 5.94%, 07/20/30			250		249,579
Series 2018-2A, Class D, (3 mo. LIBOR US + 5.60%), 5.78%, 07/16/31			1,500		1,501,704
Park Avenue Institutional Advisers CLO Ltd.,
Series 2016-1A, Class DR, (3 mo. LIBOR US + 5.85%), 6.00%, 08/23/31(a)(b)			2,000		1,942,135
Republic Finance Issuance Trust, Series 2020-A, Class D, 7.00%, 11/20/30(b)			700		727,645
Rockford Tower CLO Ltd.(a)(b)
Series 2017-2A, Class ER, (3 mo. LIBOR US + 6.25%), 6.43%, 10/15/29			1,150		1,142,545

10 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Asset-Backed Securities (continued)
Rockford Tower CLO Ltd.(a)(b) (continued)
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 2.84%, 10/20/30	USD		970		$	958,265
Series 2017-3A, Class E, (3 mo. LIBOR US + 5.75%), 5.94%, 10/20/30			1,000			970,423
Signal Peak CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 7.08%, 04/30/32(a)(b)			250			250,845
Sofi Professional Loan Program LLC, Series 2016-B, Class RC, 0.00%, 04/25/37(b)(d)			—	(e)		342,514
Sound Point CLO XXIV, Series 2019-3A, Class D, (3 mo. LIBOR US + 4.11%), 4.29%, 10/25/32(a)(b)			2,250			2,256,866
Strata CLO I Ltd.(a)(b)
Series 2018-1A, Class E, (3 mo. LIBOR US + 7.08%), 7.26%, 01/15/31			500			471,422
Series 2018-1A, Class USUB, 0.00%, 01/15/18			1,750			1,017,684
Sun Country, 7.00%, 12/15/23(d)			572			555,261
TICP CLO V Ltd., Series 2016-5A, Class ER, (3 mo. LIBOR US + 5.75%), 5.94%, 07/17/31(a)(b)			250			242,678
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 7.23%, 04/15/33(a)(b)			500			501,792
TICP CLO XII Ltd., Series 2018-12A, Class E, (3 mo. LIBOR US + 5.50%), 5.68%, 01/15/31(a)(b)			2,750			2,739,355
TRESTLES CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 5.93%, 07/25/31(a)(b)			1,900			1,845,769
TRESTLES CLO III Ltd., Series 2020-3A, Class SUB, 0.00%, 01/20/33(a)(b)			500			396,357
Voya CLO Ltd., Series 2014-3A, Class CR, (3 mo. LIBOR US + 2.65%), 2.83%, 07/25/26(a)(b)			350			349,976
York CLO Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 3.01%), 3.19%, 10/22/29(a)(b)			250			249,997
York CLO-2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 5.83%, 01/22/31(a)(b)			500			482,422
Total Asset-Backed Securities — 18.5% (Cost: $67,050,068)						64,778,374
		Shares
Common Stocks
Diversified Financial Services — 0.0%
Bruin Purchaser LLC(d)			4,804			—
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.(d)			400			5,920
Equity Real Estate Investment Trusts (REITs) — 0.0%
Service Properties Trust			4,000			50,400
Hotels, Restaurants & Leisure — 0.2%
Caesars Entertainment, Inc.(f)			6,935			719,506
Oil & Gas Exploration & Production — 0.2%
CA Resources Corp.			19,277			581,009

Security		Shares		Value
Oil, Gas & Consumable Fuels — 0.3%
California Resources Corp.(f)			39,354	$	1,186,130
Chesapeake Energy Corp., (Acquired 02/10/21, Cost: $2,964)(g)			313		16,066
					1,202,196
Total Common Stocks — 0.7% (Cost: $2,004,496)					2,559,031
		Par (000)
Corporate Bonds
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc., 3.38%, 03/01/41	USD		178		184,663
Aerospace & Defense — 1.0%
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b)			491		560,354
Howmet Aerospace, Inc., 6.75%, 01/15/28(h)			1,209		1,456,845
Rolls-Royce PLC, 1.63%, 05/09/28	EUR		100		110,423
TransDigm, Inc., 6.25%, 03/15/26(b)(h)	USD		1,163		1,226,965
					3,354,587
Airlines — 2.7%
Air France-KLM, 3.88%, 07/01/26	EUR		100		116,739
American Airlines Group, Inc.(d)
4.87%, 04/22/25	USD		262		261,673
4.00%, 12/15/25			221		218,846
Avianca Holdings SA(a)(b)(i)
(3 mo. LIBOR US + 10.50% Cash or 3 mo. LIBOR US + 12.00% PIK), 12.15%, 11/10/21(h)			6,797		6,795,418
Series APRL, (3 mo. LIBOR US + 10.50% Cash or 3 mo. LIBOR US + 12.00% PIK), 12.15%, 11/10/21			422		423,055
Azul Investments LLP
5.88%, 10/26/24			200		193,625
7.25%, 06/15/26(b)			220		215,600
Gol Finance SA(b)
7.00%, 01/31/25(h)			500		478,500
8.00%, 06/30/26			200		203,038
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27(h)			510		565,980
					9,472,474
Auto Components — 0.3%
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26(b)(h)			71		75,637
IHO Verwaltungs GmbH, (3.63% Cash or 4.38% PIK), 3.63%, 05/15/25(i)	EUR		113		136,069
ZF Finance GmbH
3.00%, 09/21/25			100		125,668
2.00%, 05/06/27			300		357,504
3.75%, 09/21/28			200		259,537
					954,415
Automobiles — 0.3%
Ford Motor Credit Co. LLC, 5.58%, 03/18/24(h)	USD		612		670,263
General Motors Co., 5.95%, 04/01/49(h)			195		265,450
TML Holdings Pte Ltd., 4.35%, 06/09/26			200		200,750
					1,136,463

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) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks — 1.2%
Banco GNB Sudameris SA, (5 year CMT + 6.66%), 7.50%, 04/16/31(a)(b)	USD		155	$	156,802
Banco Industrial SA, (5 year CMT + 4.44%), 4.88%, 01/29/31(a)(b)			200		208,288
Bancolombia SA, (5 year CMT + 2.94%), 4.63%, 12/18/29(a)			577		584,681
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%			400		421,950
Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83%(a)(j)			250		269,109
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25			200		204,600
BBK BSC, 5.50%, 07/09/24			279		292,915
Grupo Aval Ltd., 4.38%, 02/04/30(b)			580		573,301
Intesa Sanpaolo SpA, (5 year EUR Swap + 6.09%), 5.88%(a)(j)	EUR		250		336,637
Itau Unibanco Holding SA/Cayman Island, 5.13%, 05/13/23(b)(h)	USD		432		456,381
NBK Tier 1 Financing Ltd., (6 year USD Swap + 2.88%), 3.63%(a)(b)(j)			541		543,198
					4,047,862
Beverages — 0.9%
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28(b)			200		200,250
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36			145		177,965
Anheuser-Busch InBev Worldwide, Inc., 4.50%, 06/01/50(h)			245		298,163
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27	GBP		250		352,050
Central American Bottling Corp.
5.75%, 01/31/27(h)	USD		425		442,212
5.75%, 01/31/27(b)			100		104,050
Keurig Dr. Pepper, Inc., 3.80%, 05/01/50			195		219,749
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)(h)			1,092		1,102,920
OI European Group BV, 2.88%, 02/15/25	EUR		100		120,263
					3,017,622
Biotechnology — 0.1%
Gilead Sciences, Inc., 2.80%, 10/01/50(h)	USD		195		187,824
Royalty Pharma PLC, 3.55%, 09/02/50(b)			195		193,956
					381,780
Building Materials — 0.2%
Carrier Global Corp., 3.58%, 04/05/50(h)			195		206,791
Cemex SAB de CV
3.13%, 03/19/26	EUR		300		364,907
3.88%, 07/11/31(b)	USD		230		232,645
Standard Industries, Inc., 4.75%, 01/15/28(b)(h)			46		48,148
					852,491
Building Products — 0.1%
Lowe’s Cos., Inc., 3.00%, 10/15/50(h)			195		192,256
Capital Markets — 0.1%
XP, Inc., 3.25%, 07/01/26(b)(c)			323		319,770
Chemicals — 1.6%
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25	EUR		100		120,603
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(a)(b)(h)	USD		497		578,788
Equate Petrochemical BV, 2.63%, 04/28/28(b)			200		201,937

Security		Par (000)		Value
Chemicals (continued)
INEOS Finance PLC, 3.38%, 03/31/26	EUR		100	$	122,634
LYB International Finance III LLC, 4.20%, 05/01/50	USD		195		224,370
NOVA Chemicals Corp., 4.88%, 06/01/24(b)(h)			1,407		1,484,385
OCI NV, 3.63%, 10/15/25	EUR		100		123,645
OCP SA, 3.75%, 06/23/31(b)	USD		265		267,981
Orbia Advance Corp. SAB de CV(b)
1.88%, 05/11/26			215		216,008
5.88%, 09/17/44(h)			1,000		1,209,562
Sasol Financing USA LLC
4.38%, 09/18/26(h)			200		206,250
6.50%, 09/27/28(h)			576		648,000
5.50%, 03/18/31			315		331,537
					5,735,700
Commercial Services & Supplies — 0.8%
AMN Healthcare, Inc., 4.63%, 10/01/27(b)(h)			210		218,232
DAE Funding LLC, 3.38%, 03/20/28(b)(h)			465		476,044
Loxam SAS, 3.75%, 07/15/26	EUR		200		242,367
United Rentals North America, Inc., 4.88%, 01/15/28(h)	USD		1,396		1,480,458
Verisure Holding AB
3.50%, 05/15/23	EUR		271		323,909
3.88%, 07/15/26			100		121,161
					2,862,171
Construction & Engineering — 0.0%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(a)(j)			100		118,238
SRS Distribution, Inc., 4.63%, 07/01/28(b)	USD		29		29,652
					147,890
Construction Materials — 0.2%
KAR Auction Services, Inc., 5.13%, 06/01/25(b)(h)			816		837,379
Consumer Discretionary — 0.1%
Q-Park Holding I BV
1.50%, 03/01/25	EUR		100		114,283
(3 mo. EURIBOR + 2.00%), 2.00%, 03/01/26(a)			100		113,832
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26			100		122,262
					350,377
Consumer Finance — 0.3%
Encore Capital Group, Inc., 4.88%, 10/15/25			100		125,245
Global Payments, Inc., 4.15%, 08/15/49	USD		195		223,599
Muthoot Finance Ltd.
6.13%, 10/31/22(b)			453		469,082
4.40%, 09/02/23			200		205,350
					1,023,276
Containers & Packaging — 0.5%
Klabin Austria GmbH, 3.20%, 01/12/31(b)(h)			305		299,983
Suzano Austria GmbH
3.13%, 01/15/32			290		287,216
7.00%, 03/16/47(b)(h)			1,000		1,346,050
					1,933,249
Diversified Financial Services — 1.6%
Alfa SAB de CV
6.88%, 03/25/44(b)(h)			400		526,700
6.88%, 03/25/44			200		263,350
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		310		431,512
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)	USD		944		917,745
Bank of America Corp., (3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51(a)(h)			325		388,347

12 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Financial Services (continued)
Citigroup, Inc., 4.65%, 07/23/48	USD		195	$	255,342
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25	GBP		100		144,001
HSBC Holdings PLC, (5 year USD ICE Swap + 4.37%), 6.38%(a)(h)(j)	USD		800		891,840
Intrum AB
2.75%, 07/15/22	EUR		10		11,857
4.88%, 08/15/25			100		124,516
JPMorgan Chase & Co., (SOFR + 2.44%), 3.11%, 04/22/51(a)(h)	USD		195		201,183
Manappuram Finance Ltd., 5.90%, 01/13/23			200		206,350
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(b)(h)			661		659,265
Shriram Transport Finance Co. Ltd.
5.95%, 10/24/22			200		204,610
5.10%, 07/16/23			400		405,200
					5,631,818
Diversified Telecommunication Services — 1.4%
AT&T, Inc., 3.30%, 02/01/52(h)			195		189,717
Axtel SAB de CV, 6.38%, 11/14/24(b)(h)			800		834,150
Level 3 Financing, Inc.(b)(h)
4.25%, 07/01/28			575		583,487
3.63%, 01/15/29			460		443,900
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)(i)			375		384,600
SoftBank Group Corp.
4.75%, 07/30/25	EUR		200		260,865
(5 year USD ICE Swap + 4.23%), 6.00%(a)(j)	USD		200		202,020
Telecom Italia Capital SA, 6.38%, 11/15/33(h)			1,239		1,477,507
Verizon Communications, Inc.
2.88%, 11/20/50(h)			195		185,234
3.55%, 03/22/51			198		211,537
					4,773,017
Education — 0.1%
Bright Scholar Education Holdings Ltd., 7.45%, 07/31/22			200		203,000
Electric Utilities — 0.9%
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(b)			505		498,624
Oryx Funding Ltd., 5.80%, 02/03/31(b)			200		210,750
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.88%, 07/17/49(h)			250		272,000
Talen Energy Supply LLC(b)(h)
7.25%, 05/15/27			1,591		1,484,499
6.63%, 01/15/28			675		618,199
					3,084,072
Electrical Equipment — 0.0%
Pearl Holding III Ltd., 9.50%, 12/11/22			200		74,162
Energy Equipment & Services(b) — 0.5%
Bristow Group, Inc., 6.88%, 03/01/28(h)			269		274,380
Pioneer Energy Services Corp.(d)(i)
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25			158		159,174
(5.00% PIK), 5.00%, 11/15/25			117		130,365
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24(h)			1,011		1,046,281
					1,610,200
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp., 3.10%, 06/15/50(h)			195		190,512
Crown Castle International Corp., 2.90%, 04/01/41			195		189,681

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
LMIRT Capital Pte Ltd., 7.25%, 06/19/24	USD		200	$	208,290
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24(h)			1,895		2,052,195
4.63%, 06/15/25(b)			123		131,409
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29(b)			87		89,997
Service Properties Trust
4.50%, 06/15/23(h)			512		524,800
7.50%, 09/15/25			58		65,668
Trust Fibra Uno, 5.25%, 01/30/26(b)			230		257,600
XHR LP(b)
6.38%, 08/15/25(h)			148		157,435
4.88%, 06/01/29			27		27,877
					3,895,464
Food & Staples Retailing — 0.9%
Bellis Acquisition Co. PLC, 3.25%, 02/16/26	GBP		320		443,209
BRF GmbH, 4.35%, 09/29/26	USD		200		210,413
Cydsa SAB de CV, 6.25%, 10/04/27(b)			1,000		1,053,950
Grupo KUO SAB de CV, 5.75%, 07/07/27(b)			800		834,900
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24			200		206,100
Kroger Co., 3.95%, 01/15/50(h)			195		221,895
Picard Groupe SAS, (3 mo. EURIBOR + 3.00%), 3.00%, 11/30/23(a)	EUR		100		118,466
					3,088,933
Food Products(b)(h) — 0.3%
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28	USD		43		47,031
MHP Lux SA, 6.25%, 09/19/29			1,000		994,250
					1,041,281
Health Care Providers & Services — 2.1%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28(b)			55		58,712
Anthem, Inc., 3.13%, 05/15/50			195		197,976
DaVita, Inc., 4.63%, 06/01/30(b)(h)			890		915,116
HCA, Inc.
3.50%, 09/01/30(h)			1,210		1,289,098
5.25%, 06/15/49			195		248,565
Select Medical Corp., 6.25%, 08/15/26(b)(h)			780		830,716
Tenet Healthcare Corp.(b)
4.63%, 09/01/24(h)			901		924,750
4.88%, 01/01/26			1,488		1,543,353
4.63%, 06/15/28			49		50,431
4.25%, 06/01/29(h)			1,124		1,138,050
Universal Health Services, Inc., 2.65%, 10/15/30(b)(h)			137		137,758
					7,334,525
Health Care Technology — 0.1%
CAB SELAS, 3.38%, 02/01/28	EUR		300		353,946
Chrome Bidco SASU, 3.50%, 05/31/28			100		120,206
					474,152
Hotels, Restaurants & Leisure — 4.1%
7-Eleven, Inc., 2.80%, 02/10/51(b)(h)	USD		260		242,549
Boyd Gaming Corp.
8.63%, 06/01/25(b)			82		90,394
4.75%, 12/01/27(h)			443		458,505
Caesars Entertainment, Inc.(b) 6.25%, 07/01/25(h)			486		515,160

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) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Caesars Entertainment, Inc.(b) (continued) 8.13%, 07/01/27	USD		314	$	349,231
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)(h)			144		151,740
Carlson Travel, Inc., 6.75%, 12/15/25(b)			2,704		2,486,004
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(b)(h)			220		229,625
Champion Path Holdings Ltd.
4.50%, 01/27/26			200		208,000
4.85%, 01/27/28			200		208,475
Cirsa Finance International Sarl, 7.88%, 12/20/23(b)			400		407,240
Dave & Buster’s, Inc., 7.63%, 11/01/25(b)			43		46,279
Fortune Star BVI Ltd.
5.95%, 01/29/23			200		204,975
6.75%, 07/02/23			200		209,850
6.85%, 07/02/24			600		639,562
Full House Resorts, Inc., 8.25%, 02/15/28(b)			29		31,610
Golden Entertainment, Inc., 7.63%, 04/15/26(b)(h)			274		291,125
International Game Technology PLC, 6.50%, 02/15/25(b)(h)			1,150		1,289,437
IRB Holding Corp., 7.00%, 06/15/25(b)(h)			151		163,083
Ladbrokes Group Finance PLC, 5.13%, 09/16/22	GBP		26		37,980
Marriott International, Inc.(h)
Series FF, 4.63%, 06/15/30	USD		106		122,080
Series GG, 3.50%, 10/15/32			508		539,649
Marriott Ownership Resorts, Inc., 6.13%, 09/15/25(b)(h)			555		590,215
Melco Resorts Finance Ltd., 5.25%, 04/26/26			300		311,306
MGM China Holdings Ltd., 5.88%, 05/15/26(h)			300		314,306
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b)			218		218,273
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(b)			746		801,204
Playtika Holding Corp., 4.25%, 03/15/29(b)			61		60,958
Scientific Games International, Inc., 7.00%, 05/15/28(b)(h)			464		506,781
SeaWorld Parks & Entertainment, Inc.(b)
8.75%, 05/01/25(h)			669		724,795
9.50%, 08/01/25			279		299,227
Sisal Group SpA, 7.00%, 07/31/23	EUR		69		82,058
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25	GBP		100		144,555
Studio City Finance Ltd., 5.00%, 01/15/29(b)	USD		200		201,796
Travel + Leisure Co., 6.63%, 07/31/26(b)(h)			189		214,137
Wynn Macau Ltd., 5.50%, 01/15/26(h)			400		417,825
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)(h)			482		509,112
					14,319,101
Household Durables — 3.4%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)(h)
9.88%, 04/01/27			602		672,735
6.63%, 01/15/28			495		527,175
Brookfield Residential Properties, Inc./Brookfield Residential US LLC(b)
6.25%, 09/15/27			541		571,431
5.00%, 06/15/29			27		27,203
Century Communities, Inc., 6.75%, 06/01/27			110		116,738
Controladora Mabe SA de CV, 5.60%, 10/23/28(b)(h)			1,000		1,165,187
Forestar Group, Inc.(b)
3.85%, 05/15/26			187		188,692

Security		Par (000)		Value
Household Durables (continued)
Forestar Group, Inc.(b) (continued)
5.00%, 03/01/28(h)	USD		669	$	692,415
M/I Homes, Inc., 4.95%, 02/01/28(h)			510		532,057
PulteGroup, Inc.
5.50%, 03/01/26			231		269,693
7.88%, 06/15/32(h)			1,138		1,633,599
Taylor Morrison Communities, Inc.(b)(h)
5.88%, 06/15/27			647		731,919
5.75%, 01/15/28			2,269		2,561,701
Tri Pointe Homes, Inc.
5.25%, 06/01/27(h)			505		547,925
5.70%, 06/15/28			38		41,895
William Lyon Homes, Inc., 6.63%, 07/15/27(b)(h)			1,489		1,593,230
					11,873,595
Independent Power and Renewable Electricity Producers — 1.5%
Calpine Corp.(b)
5.25%, 06/01/26			943		970,111
4.50%, 02/15/28(h)			1,365		1,392,300
5.13%, 03/15/28(h)			722		734,635
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27(b)(h)			225		230,386
Greenko Dutch BV, 3.85%, 03/29/26			200		205,000
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26			300		323,213
India Green Energy Holdings
5.38%, 04/29/24(b)			300		314,156
5.38%, 04/29/24			250		261,797
Investment Energy Resources Ltd., 6.25%, 04/26/29(b)			220		237,875
ReNew Power Synthetic, 6.67%, 03/12/24(h)			500		524,781
Renewable Energy Group, Inc., 5.88%, 06/01/28(b)			14		14,683
					5,208,937
Insurance — 0.1%
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%(a)(j)			400		431,200
Interactive Media & Services — 0.3%
21Vianet Group, Inc., 7.88%, 10/15/21			200		199,850
Adevinta ASA, 3.00%, 11/15/27	EUR		200		245,154
United Group BV, 4.88%, 07/01/24			430		515,354
					960,358
Internet Software & Services — 0.1%
Expedia Group, Inc., 6.25%, 05/01/25(b)(h)	USD		183		212,876
IT Services — 0.1%
Centurion Bidco SpA, 5.88%, 09/30/26	EUR		100		123,832
International Business Machines Corp., 2.95%, 05/15/50(h)	USD		195		196,249
					320,081
Machinery — 0.2%
TK Elevator Midco GmbH
4.38%, 07/15/27	EUR		115		142,403
(3 mo. EURIBOR + 4.75%), 4.75%, 07/15/27(a)			173		207,444
TK Elevator US Newco Inc., 5.25%, 07/15/27(b)(h)	USD		274		288,728
					638,575
Media — 2.2%
Altice Financing SA, 2.25%, 01/15/25	EUR		180		207,034
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23	GBP		133		188,854
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 04/01/51	USD		195		192,868

14 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(b)(h)	USD		738	$	756,612
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(b)(h)			1,831		1,185,573
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(b)(h)			400		407,875
Lorca Telecom Bondco SA, 4.00%, 09/18/27	EUR		200		241,300
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(a)(j)	USD		434		463,295
Nexstar Broadcasting, Inc., 5.63%, 07/15/27(b)(h)			733		776,980
Sable International Finance Ltd., 5.75%, 09/07/27(h)			460		484,012
SES SA, (5 year EUR Swap + 5.40%), 5.63%(a)(j)	EUR		100		129,395
Sirius XM Radio, Inc.(b)(h)
5.00%, 08/01/27	USD		70		73,343
5.50%, 07/01/29			66		71,920
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		200		248,107
TEGNA, Inc., 4.63%, 03/15/28(h)	USD		301		312,288
UPCB Finance VII Ltd., 3.63%, 06/15/29	EUR		100		121,073
ViacomCBS, Inc., 4.95%, 05/19/50	USD		195		246,226
VTR Comunicaciones SpA, 4.38%, 04/15/29(b)			290		289,609
Ziggo BV, 5.50%, 01/15/27(b)(h)			1,300		1,350,700
					7,747,064
Metals & Mining — 1.7%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24			300		323,494
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200		207,100
Commercial Metals Co.(h)
4.88%, 05/15/23			181		190,828
5.38%, 07/15/27			1,374		1,453,005
HTA Group Ltd., 7.00%, 12/18/25(b)(h)			415		440,497
JSW Steel Ltd., 5.38%, 04/04/25			200		212,913
Nexa Resources SA, 5.38%, 05/04/27(b)(h)			1,198		1,283,956
Periama Holdings LLC, 5.95%, 04/19/26			200		217,100
Steel Dynamics, Inc., 3.25%, 10/15/50			195		194,308
thyssenkrupp AG, 1.88%, 03/06/23	EUR		127		150,873
Usiminas International Sarl, 5.88%, 07/18/26(b)(h)	USD		200		216,525
Vale Overseas Ltd., 3.75%, 07/08/30			275		292,462
Vedanta Resources Finance II PLC
13.88%, 01/21/24			200		217,400
8.95%, 03/11/25(b)(h)			320		313,600
Vedanta Resources Ltd., 7.13%, 05/31/23			270		249,885
					5,963,946
Multi-line Retail — 0.2%
Dufry One BV, 2.00%, 02/15/27	EUR		100		111,759
Grupo Axo SAPI de CV, 5.75%, 06/08/26(b)	USD		316		314,894
InRetail Consumer, 3.25%, 03/22/28(b)			200		196,740
					623,393
Oil, Gas & Consumable Fuels — 4.9%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(h)(k)			698		526,299
BP Capital Markets PLC, (5 year EUR Swap + 4.12%), 3.63%(a)(j)	EUR		300		386,787
Buckeye Partners LP, 4.13%, 03/01/25(b)(h)	USD		195		202,069
Centennial Resource Production LLC(b)(h)
5.38%, 01/15/26			1,841		1,804,180
6.88%, 04/01/27			127		129,871
Cheniere Energy Partners LP, 4.50%, 10/01/29(h)			335		360,125
Chesapeake Energy Corp.(b)
5.50%, 02/01/26			110		116,050
5.88%, 02/01/29			40		43,298

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Citgo Holding, Inc., 9.25%, 08/01/24(b)	USD		306	$	312,120
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)			54		55,890
eG Global Finance PLC
4.38%, 02/07/25	EUR		211		246,596
6.25%, 10/30/25			100		121,421
Energean Israel Finance Ltd., 4.88%, 03/30/26(b)	USD		255		261,375
Energy Transfer LP, 5.00%, 05/15/50(h)			195		225,384
Geopark Ltd., 5.50%, 01/17/27(b)			205		207,537
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/24			200		207,038
Hammerhead Resources, Inc., Series AI, (12.00% PIK), 9.00%, 07/10/22(d)			759		759,490
Hilong Holding Ltd., 9.75%, 11/18/24			207		182,160
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26			200		209,788
Leviathan Bond Ltd., 5.75%, 06/30/23(b)(h)			390		406,071
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26			200		217,788
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25			200		209,663
Neptune Energy Bondco PLC, 6.63%, 05/15/25(b)(h)			200		205,340
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(h)			1,032		1,476,279
Oil and Gas Holding Co., 7.63%, 11/07/24			263		292,883
OQ SAOC, 5.13%, 05/06/28(b)			286		287,930
Petrobras Global Finance BV(h)
6.00%, 01/27/28			699		801,884
5.60%, 01/03/31			689		769,096
Petroleos Mexicanos(h)
6.50%, 03/13/27			1,012		1,075,756
6.35%, 02/12/48			402		340,574
Puma International Financing SA, 5.13%, 10/06/24(b)			1,000		1,006,250
Rockies Express Pipeline LLC, 6.88%, 04/15/40(b)(h)			1,000		1,057,500
Rubis Terminal Infra SAS, 5.63%, 05/15/25	EUR		150		187,220
Santos Finance Ltd., 5.25%, 03/13/29(h)	USD		400		455,019
SM Energy Co., 10.00%, 01/15/25(b)(h)			320		361,069
Stoneway Capital Corp.(f)(l)
10.00%, 03/01/27(b)			1,948		526,645
10.00%, 03/01/27			691		186,720
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27(h)			27		28,235
4.50%, 05/15/29(b)			67		68,173
Transocean Guardian Ltd., 5.88%, 01/15/24(b)(h)			175		170,625
Vivo Energy Investments BV, 5.13%, 09/24/27(b)(h)			200		213,100
Zhejiang Baron BVI Co. Ltd., 6.80%, 08/27/21			385		382,305
					17,083,603
Personal Products — 0.0%
Coty, Inc., 6.50%, 04/15/26(b)			98		99,279
Pharmaceuticals — 0.8%
Bausch Health Cos., Inc., 4.88%, 06/01/28(b)			46		47,081
Bayer AG, (5 year EUR Swap + 2.55%), 3.75%, 07/01/74(a)	EUR		350		438,357
Cheplapharm Arzneimittel GmbH
3.50%, 02/11/27			100		119,747
4.38%, 01/15/28			200		246,340
Cigna Corp., 3.40%, 03/15/51(h)	USD		195		203,590
CVS Health Corp., 5.05%, 03/25/48			195		253,281
Jaguar Holding Co. II/PPD Development LP, 5.00%, 06/15/28(b)			82		88,881
Jubilant Pharma Ltd., 6.00%, 03/05/24			200		210,225
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24	EUR		221		261,332

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) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Pharmaceuticals (continued)
Rossini Sarl
6.75%, 10/30/25	EUR		400	$	496,620
(3 mo. EURIBOR + 3.88%), 3.88%, 10/30/25(a)			100		118,463
Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24			200		222,076
					2,705,993
Producer Durables: Miscellaneous — 0.2%
Oracle Corp.
3.60%, 04/01/50(h)	USD		650		667,454
3.95%, 03/25/51			48		52,392
					719,846
Real Estate Management & Development — 5.6%
Adler Group SA
3.25%, 08/05/25	EUR		200		244,653
2.75%, 11/13/26			100		119,909
Agile Group Holdings Ltd.
5.75%, 01/02/25(h)	USD		500		503,750
(5 year CMT + 11.29%), 7.88%(a)(j)			200		204,038
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(b)			510		540,441
CFLD Cayman Investment Ltd., 8.60%, 04/08/24(f)(l)			200		69,850
China Aoyuan Group Ltd.
7.95%, 02/19/23(h)			400		395,000
6.35%, 02/08/24			200		188,000
6.20%, 03/24/26			206		179,066
China Evergrande Group
11.50%, 01/22/23			200		158,975
7.50%, 06/28/23(h)			200		141,475
12.00%, 01/22/24			400		298,075
10.50%, 04/11/24			200		143,350
China SCE Group Holdings Ltd., 7.25%, 04/19/23			200		205,412
CIFI Holdings Group Co. Ltd.
6.00%, 07/16/25			200		210,225
5.95%, 10/20/25(h)			400		423,075
5.25%, 05/13/26			200		205,725
Country Garden Holdings Co. Ltd., 6.15%, 09/17/25			200		219,000
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24	EUR		100		115,504
Easy Tactic Ltd.
9.13%, 07/28/22(h)	USD		200		197,975
12.38%, 11/18/22			200		202,250
5.88%, 02/13/23			200		180,244
8.63%, 02/27/24			300		265,087
Fantasia Holdings Group Co. Ltd., 9.25%, 07/28/23			200		163,100
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)(h)			750		792,150
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%(a)(j)	EUR		100		117,063
Hopson Development Holdings Ltd., 7.50%, 06/27/22	USD		200		202,600
Howard Hughes Corp., 5.38%, 08/01/28(b)(h)			981		1,041,459
JGC Ventures Pte Ltd., 10.75%, 08/30/21(f)(l)			200		105,438
Kaisa Group Holdings Ltd.
11.95%, 10/22/22(h)			200		205,912
11.50%, 01/30/23			222		224,470
9.75%, 09/28/23			200		196,350
11.95%, 11/12/23			200		204,600
9.38%, 06/30/24(h)			200		188,300
11.70%, 11/11/25			200		188,058
KWG Group Holdings Ltd. 7.40%, 03/05/24			200		208,600

Security		Par (000)		Value
Real Estate Management & Development (continued)
KWG Group Holdings Ltd. (continued)
5.95%, 08/10/25	USD		270	$	269,325
Logan Group Co. Ltd.
6.50%, 07/16/23			200		204,600
5.75%, 01/14/25			200		207,287
5.25%, 10/19/25			295		302,891
MAF Sukuk Ltd., 4.64%, 05/14/29			509		571,607
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			200		207,500
Redsun Properties Group Ltd., 10.50%, 10/03/22			200		203,725
RKPF Overseas Ltd.
Series 2019-A, 6.70%, 09/30/24			200		212,287
Series 2019-A, 6.00%, 09/04/25			515		534,956
Series 2020-A, 5.20%, 01/12/26			200		201,000
Ronshine China Holdings Ltd.
5.50%, 02/01/22			200		195,496
8.75%, 10/25/22			200		200,100
8.95%, 01/22/23			200		197,788
7.35%, 12/15/23			200		189,038
Scenery Journey Ltd., 11.50%, 10/24/22(h)			1,086		868,936
Seazen Group Ltd., 6.00%, 08/12/24			200		207,500
Shimao Group Holdings Ltd., 3.45%, 01/11/31			200		186,000
Shui On Development Holding Ltd.
6.15%, 08/24/24			240		249,000
5.50%, 03/03/25			200		202,250
Summit Properties Ltd., 2.00%, 01/31/25	EUR		100		117,686
Sunac China Holdings Ltd.
6.50%, 07/09/23	USD		200		203,850
7.50%, 02/01/24			200		204,413
6.65%, 08/03/24			300		301,087
7.00%, 07/09/25			400		393,080
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		206,412
Times China Holdings Ltd.
6.75%, 07/16/23			200		205,037
6.75%, 07/08/25			200		202,850
6.20%, 03/22/26			600		589,987
Wanda Group Overseas Ltd., 7.50%, 07/24/22			200		192,475
Wanda Properties International Co. Ltd., 7.25%, 01/29/24			200		199,788
Yango Justice International Ltd.
10.00%, 02/12/23			250		252,000
9.25%, 04/15/23			200		197,850
7.88%, 09/04/24			200		184,938
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24			200		209,725
Yuzhou Group Holdings Co. Ltd.
7.70%, 02/20/25(h)			400		341,200
8.30%, 05/27/25			200		169,913
7.38%, 01/13/26			400		314,000
Zhenro Properties Group Ltd.
9.15%, 05/06/23			200		207,475
8.30%, 09/15/23			200		204,475
7.88%, 04/14/24			200		199,600
					19,758,306
Road & Rail — 0.1%
Autostrade per l’Italia SpA, 5.88%, 06/09/24	EUR		200		273,315
CMA CGM SA, 7.50%, 01/15/26			100		131,854
					405,169

16 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc., 3.75%, 02/15/51(b)(h)	USD		195	$	203,562
Intel Corp., 3.25%, 11/15/49			195		207,461
					411,023
Software — 0.0%
Boxer Parent Co., Inc., 6.50%, 10/02/25	EUR		100		125,776
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc., 2.65%, 02/08/51(h)	USD		195		190,627
Dell International LLC/EMC Corp., 8.35%, 07/15/46(h)			195		318,942
HP, Inc., 6.00%, 09/15/41			195		256,430
					765,999
Textiles, Apparel & Luxury Goods — 0.0%
Prime Bloom Holdings Ltd., 6.95%, 07/05/22			470		93,853
Thrifts & Mortgage Finance(b) — 0.1%
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27			24		24,870
Quicken Loans LLC, 5.25%, 01/15/28(h)			46		48,300
Quicken Loans LLC/Quicken Loans Co.Issuer, Inc., 3.88%, 03/01/31			122		122,914
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.63%, 03/01/29(h)			152		150,100
					346,184
Tobacco(h) — 0.1%
Altria Group, Inc., 3.40%, 02/04/41			195		185,921
BAT Capital Corp., 3.98%, 09/25/50			195		189,918
					375,839
Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28	EUR		100		123,377
Transportation Infrastructure — 0.5%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)(h)	USD		547		572,743
Delhi International Airport Ltd., 6.13%, 10/31/26			200		204,537
FedEx Corp., 4.05%, 02/15/48			195		223,823
Fraport AG Frankfurt Airport Services Worldwide, 1.88%, 03/31/28	EUR		175		217,135
Mexico City Airport Trust, 5.50%, 07/31/47	USD		300		302,625
Simpar Europe SA, 5.20%, 01/26/31(b)			320		327,200
					1,848,063
Utilities — 1.6%
Centrais Eletricas Brasileiras SA(b)
3.63%, 02/04/25			248		256,494
4.63%, 02/04/30			280		288,960
Electricite de France SA, (12 year EUR Swap + 3.04%), 5.00%(a)(j)	EUR		100		133,101
FEL Energy VI Sarl, 5.75%, 12/01/40	USD		299		315,971
Genneia SA, 8.75%, 01/20/22(b)			539		521,752
Inkia Energy Ltd., 5.88%, 11/09/27(b)			1,000		1,029,875
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29(h)			325		325,366
Orano SA, 2.75%, 03/08/28	EUR		100		123,792
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(b)(h)	USD		480		527,640
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33			177		202,312
Thames Water Kemble Finance PLC, 4.63%, 05/19/26	GBP		167		236,368

Security		Par (000)		Value
Utilities (continued)
Veolia Environnement SA, (5 year EUR Swap + 2.84%), 2.50%(a)(j)	EUR		700	$	834,175
Vistra Operations Co. LLC, 5.00%, 07/31/27(b)(h)	USD		792		813,091
					5,608,897
Wireless Telecommunication Services — 1.7%
Altice France SA
2.50%, 01/15/25	EUR		341		398,211
2.13%, 02/15/25			148		170,970
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31(h)	USD		350		377,118
Kenbourne Invest SA(b)
6.88%, 11/26/24			473		501,617
4.70%, 01/22/28			200		201,250
Millicom International Cellular SA, 4.50%, 04/27/31(b)(h)			380		395,271
Sprint Corp., 7.88%, 09/15/23(h)			1,343		1,525,750
T-Mobile USA, Inc., 3.30%, 02/15/51(h)			195		194,678
VEON Holdings BV, 4.00%, 04/09/25(b)(h)			388		408,370
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/01/29(b)(h)			422		448,375
Vmed O2 UK Financing I PLC
3.25%, 01/31/31	EUR		133		158,077
4.50%, 07/15/31(c)	GBP		100		138,861
Vodafone Group PLC
4.25%, 09/17/50	USD		195		227,761
(5 year EUR Swap + 3.23%), 3.00%, 08/27/80(a)	EUR		450		548,282
VTR Comunicaciones SpA, 5.13%, 01/15/28(b)	USD		178		185,396
					5,879,987
Total Corporate Bonds — 49.3% (Cost: $166,684,450)					172,665,369
Floating Rate Loan Interests
Aerospace & Defense — 0.4%
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.35%, 12/09/25(a)			1,325		1,304,022
Air Freight & Logistics(a) — 1.0%
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			2,578		2,526,190
XPO Logistics, Inc., 2018 Term Loan B, (3 mo. LIBOR + 1.75%), 1.88%, 02/24/25			809		805,301
				3,331,491
Airlines — 0.2%
Allegiant Travel Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 3.16%, 02/05/24(a)			727		722,351
Building Materials — 0.6%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/12/28(a)			1,960		1,956,599
Building Products(a) — 0.3%
Advanced Drainage Systems, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 2.38%, 07/31/26			44		44,101

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Building Products (continued)
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.10%, 12/14/24	USD		1,061	$	1,059,357
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			105		105,537
					1,208,995
Capital Markets — 5.6%
A10 Capital LLC, Mezzanine Term Loan, (1 mo. LIBOR + 6.50%), 6.57%, 03/31/23(d)			19,400		19,594,000
Chemicals — 0.1%
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27(a)			328		328,548
Commercial Services & Supplies — 0.3%
Interface Security Systems LLC, Term Loan, (1.00% PIK), 4.88%, 08/07/23(d)(i)			1,032		1,025,777
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26(a)			76		74,825
					1,100,602
Construction & Engineering — 0.5%
Summit Materials Companies I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.10%, 11/21/24(a)			1,744		1,736,466
Diversified Financial Services — 8.1%
Colorado Plaza, Term Loan, (1 mo. LIBOR + 2.90%), 3.00%, 05/15/24(d)			4,118		3,829,412
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 3.90%, 02/17/23(d)			160		150,400
LBM Acquisition LLC(a)
Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			12		12,475
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			85		84,204
Luxembourg Life Fund, 2021 Term Loan, (3 mo. LIBOR + 9.25%), 9.43%, 04/01/23(d)			7,080		7,009,200
Opendoor GP II LLC, Term Loan, (Fixed + 10.00%), 10.00%, 01/23/26(d)			16,000		16,000,000
Spectacle Gary Holdings LLC(a)
Delayed Draw Term Loan, (3 mo. LIBOR + 9.00%), 11.00%, 12/23/25			62		67,014
Term Loan B, (3 mo. LIBOR + 9.00%), 11.00%, 12/23/25			850		924,786
White Cap Buyer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27(a)			434		434,362
					28,511,853
Electric Utilities — 0.1%
Pacific Gas & Electric Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 06/23/25(a)			334		328,836
Electrical Equipment — 0.4%
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 03/31/27(a)			1,537		1,533,504
Equity Real Estate Investment Trusts (REITs) — 1.5%
Magnum Intermediate Holdings I LLC, 2nd Lien Term Loan, 13.25%, 10/26/21(d)(f)(l)(m)			17,000		5,312,500

Security		Par (000)		Value
Health Care Providers & Services — 0.1%
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 2.36%, 03/06/25(a)	USD		240	$	237,720
Hotels, Restaurants & Leisure(a) — 2.1%
18 Fremont Street Acquisition LLC, Term Loan B, (3 mo. LIBOR + 8.00%, 1.50% Floor), 9.50%, 08/09/25			1,998		2,037,860
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 02/02/26			405		395,191
Caesars Resort Collection LLC, 2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.60%, 07/20/25			339		340,284
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.25%, 03/31/28(d)			272		277,440
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			517		512,649
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.75%, 08/25/25(d)			330		332,155
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 03/11/28			498		495,209
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.85%, 08/14/24			1,877		1,863,010
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.65%, 07/10/25			966		965,755
					7,219,553
Industrial Conglomerates — 0.5%
Robertshaw US Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 02/28/25(a)			1,739		1,678,155
Media(a) — 0.8%
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			838		839,070
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.57%, 04/15/27			415		410,371
Diamond Sports Group LLC, Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 08/24/26			1,503		900,251
Lamar Media Corp., 2020 Term Loan B, (1 mo. LIBOR + 1.50%), 1.58%, 02/06/27			58		56,958
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 2.50%), 2.60%, 05/29/26			710		706,360
					2,913,010
Oil, Gas & Consumable Fuels(a) — 0.6%
Buckeye Partners LP, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.35%, 11/01/26			1,310		1,300,634
Citgo Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 2.00%, 1.00% Floor), 8.00%, 08/01/23			983		973,657
					2,274,291
Pharmaceuticals(a) — 0.8%
Bausch Health Cos., Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 11/27/25			1,915		1,899,505
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.09%, 11/15/27			803		794,551
					2,694,056

18 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Road & Rail — 0.1%
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 2.15%, 12/30/26(a)	USD		401	$	397,027
Software — 4.3%
Severin Acquisition LLC, 2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.82%, 08/01/26(a)(d)			15,000		14,981,250
Thrifts & Mortgage Finance — 0.4%
Caliber Home Loans, Inc., 2018 Revolver, (1 mo. LIBOR + 3.25%), 3.19%, 07/24/25(d)			1,505		1,501,691
Trading Companies & Distributors(a) — 0.1%
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/03/28			67		65,971
The Enterprise Development Authority, Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/18/28(d)			382		383,118
					449,089
Utilities — 0.1%
PLH Infrastructure Services, Inc., 2018 Term Loan, (3 mo. LIBOR + 6.00%), 6.19%, 08/07/23(a)(d)			334		335,252
Total Floating Rate Loan Interests — 29.0% (Cost: $108,158,062)					101,650,861
Foreign Agency Obligations
Bahrain — 0.3%
Bahrain Government International Bond, 5.25%, 01/25/33(b)			200		194,750
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(h)			844		975,611
					1,170,361
Colombia — 0.3%
Colombia Government International Bond(h)
3.88%, 04/25/27			773		821,216
4.13%, 05/15/51			350		331,581
					1,152,797
Dominican Republic — 0.6%
Dominican Republic International Bond
5.95%, 01/25/27(h)			494		555,750
4.50%, 01/30/30(b)			571		582,705
4.88%, 09/23/32(b)			310		319,300
6.40%, 06/05/49			518		557,595
					2,015,350
Egypt — 1.2%
Egypt Government International Bond
5.58%, 02/21/23(h)			795		833,657
5.75%, 05/29/24(b)(h)			465		494,876
7.50%, 01/31/27(h)			640		718,320
7.50%, 01/31/27(b)			350		392,831
6.38%, 04/11/31(b)	EUR		264		326,010
8.50%, 01/31/47(h)	USD		1,394		1,451,764
7.50%, 02/16/61(b)			200		186,437
					4,403,895

Security		Par (000)		Value
Ghana — 0.3%
Ghana Government International Bond(b)
7.75%, 04/07/29	USD		367	$	374,684
8.63%, 04/07/34			515		530,289
					904,973
Indonesia — 0.1%
Indonesia Government International Bond, 5.35%, 02/11/49(h)			315		409,264
Mexico — 0.1%
Mexico Government International Bond, 4.35%, 01/15/47(h)			230		240,609
Morocco — 0.2%
Morocco Government International Bond(b)
3.00%, 12/15/32			564		544,260
4.00%, 12/15/50			215		199,144
					743,404
Oman — 0.2%
Oman Government International Bond
6.50%, 03/08/47			300		292,650
6.75%, 01/17/48			300		298,181
					590,831
Pakistan — 0.1%
Pakistan Government International Bond, 7.38%, 04/08/31			260		267,150
Pakistan Water & Power Development Authority, 7.50%, 06/04/31			200		199,250
					466,400
Panama — 0.1%
Panama Government International Bond, 4.50%, 04/16/50			210		237,930
Paraguay — 0.2%
Paraguay Government International Bond
5.40%, 03/30/50(b)(h)			500		583,531
5.40%, 03/30/50			200		233,413
					816,944
Peru — 0.1%
Peruvian Government International Bond, 3.30%, 03/11/41			240		242,760
Romania — 0.2%
Romanian Government International Bond
3.00%, 02/14/31(b)(h)			500		518,531
4.00%, 02/14/51			230		241,975
					760,506
Saudi Arabia — 0.1%
Saudi Government International Bond, 3.75%, 01/21/55			230		243,052
Sri Lanka — 0.3%
Sri Lanka Government International Bond
5.75%, 04/18/23			200		148,850
6.85%, 03/14/24			400		274,950
6.35%, 06/28/24			400		273,450
7.85%, 03/14/29(h)			263		166,397
7.55%, 03/28/30(h)			200		126,475
					990,122

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Ukraine — 0.4%
Ukraine Government International Bond
7.75%, 09/01/22	USD		129		$	135,386
8.99%, 02/01/24(h)			447			495,723
7.75%, 09/01/24			250			272,703
7.75%, 09/01/25(h)			369			404,055
7.25%, 03/15/33(b)			280			291,165
						1,599,032
Total Foreign Agency Obligations — 4.8% (Cost: $16,726,863)						16,988,230
		Shares
Investment Companies
Fixed Income Funds — 0.8%
iShares iBoxx $ High Yield Corporate Bond ETF(n)			30,000			2,641,200
Total Investment Companies — 0.8% (Cost: $2,390,729)						2,641,200
		Par (000)
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(a) — 1.6%
BCAP LLC Trust, Series 2012-RR3, Class 1A5, 6.25%, 12/26/37(b)	USD		1,473			1,359,406
Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69(b)			2,035			2,032,638
Seasoned Credit Risk Transfer Trust, Series 2018-1, Class BX, 2.22%, 05/25/57			4,434			2,325,186
						5,717,230
Commercial Mortgage-Backed Securities — 11.4%
Barclays Commercial Mortgage Trust, Series 2019-C3, Class D, 3.00%, 05/15/52(b)			1,629			1,575,346
BBCMS Trust, Series 2019-CLP, Class E, (1 mo. LIBOR US + 2.11%), 2.22%, 12/15/31(a)(b)			—	(e)		21
Benchmark Mortgage Trust(b)
Series 2018-B2, Class D, 2.85%, 02/15/51(a)			3,000			2,644,733
Series 2018-B3, Class D, 3.21%, 04/10/51(a)			2,500			2,337,157
Series 2019-B9, Class XD, 2.17%, 03/15/52(a)			11,550			1,534,688
Series 2020-B16, Class D, 2.50%, 02/15/53			129			114,866
BX Commercial Mortgage Trust(a)(b)
Series 2018-IND, Class H, (1 mo. LIBOR US + 3.00%), 3.07%, 11/15/35			1,400			1,402,608
Series 2020-BXLP, Class F, (1 mo. LIBOR US + 2.00%), 2.07%, 12/15/36			792			791,918
BX Trust, Series 2021-MFM1, Class G, (1 mo. LIBOR US + 3.90%), 3.97%, 01/15/34(a)(b)			205			204,877
CFK Trust, Series 2019-FAX, Class E, 4.79%, 01/15/39(a)(b)			2,000			2,131,570
Citigroup Commercial Mortgage Trust(a)(b)
Series 2016-P3, Class D, 2.80%, 04/15/49			1,000			757,994
Series 2019-PRM, Class F, 4.89%, 05/10/36			2,000			2,015,086
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 3.57%, 11/15/37(a)(b)			265			268,235

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
CSAIL Commercial Mortgage Trust, Series 2019-C15, Class D, 3.00%, 03/15/52(b)	USD		539	$	482,757
CSMC Trust, Series 2020-NET, Class E, 3.83%, 08/15/37(a)(b)			1,500		1,508,653
CSMC-FACT, Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 6.23%, 10/15/37(a)(b)			700		712,178
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.33%, 04/10/37(a)(b)			999		837,841
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.65%, 10/10/34(a)(b)			575		582,958
GS Mortgage Securities Trust, Series 2012-GCJ9, Class C, 4.45%, 11/10/45(a)(b)			982		1,009,072
JP Morgan Chase Commercial Mortgage Securities Trust(a)(b)
Series 2015-JP1, Class E, 4.39%, 01/15/49			1,031		876,931
Series 2020-MKST, Class E, (1 mo. LIBOR US + 2.25%), 2.32%, 12/15/36			217		209,746
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D1, 4.27%, 12/15/48(a)(b)			857		846,758
JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class XD, 1.50%, 06/15/51(a)(b)			11,427		971,833
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 4.74%, 03/10/49(a)(b)			476		496,675
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50			250		222,575
Morgan Stanley Capital I Trust(b)
Series 2017-H1, Class D, 2.55%, 06/15/50			1,000		842,890
Series 2018-H3, Class D, 3.00%, 07/15/51			1,000		934,100
Series 2018-MP, Class E, 4.42%, 07/11/40(a)			1,000		920,442
Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.55%), 2.62%, 07/15/35(a)			1,800		1,792,066
Series 2019-H7, Class D, 3.00%, 07/15/52			1,250		1,137,286
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class MCR1, (1 mo. LIBOR US + 2.35%), 2.42%, 06/15/35(a)(b)			1,705		1,681,700
One New York Plaza Trust, Series 2020-1NYP, Class D, (1 mo. LIBOR US + 2.75%), 2.82%, 01/15/26(a)(b)			100		101,123
UBS-Barclays Commercial Mortgage Trust, Series 2012- C3, Class D, 5.21%, 08/10/49(a)(b)			600		614,568
Velocity Commercial Capital Loan Trust(b)
Series 2018-1, Class M5, 6.26%, 04/25/48			323		330,422
Series 2018-1, Class M6, 7.26%, 04/25/48			430		441,929
Wells Fargo Commercial Mortgage Trust
Series 2015-C28, Class D, 4.23%, 05/15/48(a)			750		729,758
Series 2017-C41, Class D, 2.60%, 11/15/50(a)(b)			967		788,474
Series 2018-C44, Class D, 3.00%, 05/15/51(b)			3,000		2,658,951
Series 2018-C45, Class D, 3.00%, 06/15/51(b)			2,100		1,839,689
Series 2020-SDAL, Class E, (1 mo. LIBOR US + 2.74%), 2.81%, 02/15/37(a)(b)			400		379,929
					39,730,403
Total Non-Agency Mortgage-Backed Securities — 13.0% (Cost: $43,567,683)					45,447,633
Preferred Securities
Capital Trusts — 6.5%
Automobiles — 0.1%
Volkswagen International Finance NV, 3.88%(a)(j)	EUR		400		524,064

20 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks — 2.9%
ABN AMRO Bank NV, 4.75%(a)(j)	EUR		800	$	1,046,367
AIB Group PLC, 6.25%(a)(j)			600		809,274
Banco Davivienda SA, 6.65%(a)(b)(j)	USD		200		209,000
Banco Mercantil del Norte SA, 6.75%(a)(b)(j)			1,000		1,075,000
Bank of East Asia Ltd., 5.88%(a)(j)			250		267,078
BAWAG Group AG, 5.00%(a)(j)	EUR		400		514,616
BBVA Bancomer SA, 5.13%, 01/18/33(a)(h)	USD		400		416,250
Burgan Bank SAK, 5.75%(a)(j)			200		201,975
CaixaBank SA(a)(j)
6.00%	EUR		200		247,509
6.38%			400		517,547
6.75%			200		267,387
Cooperatieve Rabobank UA, 4.38%(a)(j)			400		525,581
Emirates NBD Bank PJSC, 6.13%(a)(j)	USD		200		219,912
Erste Group Bank AG, 5.13%(a)(j)	EUR		600		785,940
ING Groep NV, 6.75%(a)(h)(j)	USD		600		661,500
Intesa Sanpaolo SpA, 7.75%(a)(j)	EUR		500		725,481
Kasikornbank PCL, 5.28%(a)(j)	USD		490		519,186
KBC Group NV, 4.25%(a)(j)	EUR		600		755,026
Rizal Commercial Banking Corp., 6.50%(a)(j)	USD		200		207,725
Stichting AK Rabobank Certificaten, 2.19%(j)(o)	EUR		61		97,368
TMBThanachart Bank PCL, 4.90%(a)(j)	USD		200		202,913
					10,272,635
Building Materials — 0.1%
Cemex SAB de CV, 5.13%(a)(b)(j)			345		355,453
Chemicals(a)(j) — 0.3%
Lenzing AG, 5.75%	EUR		500		630,213
Solvay SA, 2.50%			300		366,842
					997,055
Diversified Financial Services(a)(j) — 1.6%
Banco Santander SA
4.38%			600		734,574
6.75%			400		494,458
BNP Paribas SA, 7.38%(h)	USD		200		233,124
Credit Suisse Group AG(b)(h)
6.38%			800		891,704
6.25%			400		438,000
Societe Generale SA, 7.38%(h)			800		874,000
UBS Group AG, 3.88%(b)(h)			850		851,589
UniCredit SpA
6.75%	EUR		200		239,770
6.63%			200		254,936
7.50%			400		562,212
					5,574,367
Diversified Telecommunication Services(a)(j) — 0.2%
Telefonica Europe BV
4.38%			200		257,263
3.88%			400		510,156
					767,419
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26			100		121,525
Insurance(a)(j) — 0.2%
Allianz SE, 3.50%(b)(h)	USD		400		413,500
KDB Life Insurance Co. Ltd., 7.50%			300		303,244
					716,744

Security		Par (000)		Value
Media — 0.1%
SES SA, 2.88%(a)(j)	EUR		250	$	298,542
Oil, Gas & Consumable Fuels(a)(j) — 0.4%
Abertis Infraestructuras Finance BV, 3.25%			100		122,577
BP Capital Markets PLC, 3.25%			100		126,638
Eni SpA, Series NC9, 2.75%			450		536,255
Repsol International Finance BV, 2.50%			250		297,920
Wintershall Dea Finance 2 BV, Series NC5, 2.50%			200		236,311
					1,319,701
Real Estate Management & Development — 0.1%
ATF Netherlands BV, 3.75%(a)(j)			200		246,340
Utilities(a)(j) — 0.3%
Electricite de France SA
5.38%			300		398,967
3.00%			400		490,191
					889,158
Wireless Telecommunication Services(a) — 0.2%
Vodafone Group PLC
4.13%, 06/04/81	USD		700		698,950
4.20%, 10/03/78	EUR		100		133,100
					832,050
Total Capital Trusts — 6.5%					22,915,053
		Shares
Preferred Stocks — 0.1%
Wireless Telecommunication Services — 0.1%
Cash Mandatory Exchangeable Trust, 5.25%, 06/01/23(b)			295		371,724
Total Preferred Securities — 6.6% (Cost: $21,637,289)					23,286,777
		Par (000)
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.6%1⁄8
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA1, Class B1, (1 mo. LIBOR US + 3.15%), 3.24%, 07/25/30(a)	USD		2,000		2,002,394
Commercial Mortgage-Backed Securities — 0.4%
FREMF Mortgage Trust, Series 2017-KGX1, Class BFX, 3.71%, 10/25/27(a)(b)			1,500		1,585,380
Total U.S. Government Sponsored Agency Securities — 1.0% (Cost: $3,383,310)					3,587,774

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security	Shares		Value
Warrants
Oil, Gas & Consumable Fuels — 0.1%
Chesapeake Energy Corp. (Expires 02/09/26)(f)		11,290	$	274,076
Total Warrants — 0.1% (Cost: $ — )				274,076
Total Long-Term Investments — 123.8% (Cost: $431,602,950)				433,879,325
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(n)(p)		3,584,049		3,584,049
Total Short-Term Securities — 1.0% (Cost: $3,584,049)				3,584,049
Options Purchased — 0.1% (Cost: $620,942)				245,490
Total Investments Before Options Written — 124.9% (Cost: $435,807,941)				437,708,864
Options Written — (0.0)% (Premiums Received: $(333,202))				(165,449	)
Total Investments, Net of Options Written — 124.9% (Cost: $435,474,739)				437,543,415
Liabilities in Excess of Other Assets — (24.9)%				(87,107,017	)
Net Assets — 100.0%			$	350,436,398

^(a) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

^(c) When-issued security.

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

^(e) Amount is less than 500.

^(f) Non-income producing security.

^(g) Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $16,066, representing less than 0.05% of its net assets as of period end, and an original cost of $2,964.

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

⁽ⁱ⁾ 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.

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

^(k) Zero-coupon bond.

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

^(m) Fixed rate.

⁽ⁿ⁾ Affiliate of the Trust.

^(o)  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

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

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 six-months ended June 30, 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 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	8,448,432	$	—		$ (4,864,383	)(a)	$	—	$	—	$	3,584,049		3,584,049	$	733	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		2,619,000		—		—			—		22,200		2,641,200		30,000		45,105		—
								$	—	$	22,200	$	6,225,249			$	45,838	$	—

^(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)

Barclays Capital, Inc.

0.40

%(b)

03/31/21

Open

$

170,625

$

170,799

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

259,394

259,659

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

231,806

232,043

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

165,750

165,919

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

196,824

197,025

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

161,606

161,771

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

165,019

165,187

Corporate Bonds

Open/Demand

22 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

Reverse Repurchase Agreements (continued)

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.

0.40

%(b)

03/31/21

Open

$

169,163

$

169,335

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

168,431

168,603

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

169,894

170,067

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

357,500

357,865

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

215,475

215,695

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

194,513

194,711

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

166,481

166,651

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

176,963

177,143

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/31/21

Open

163,069

163,235

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/31/21

Open

255,056

255,382

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

03/31/21

Open

840,835

840,835

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

03/31/21

Open

244,888

245,263

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

03/31/21

Open

633,041

634,012

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

03/31/21

Open

311,600

312,078

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

03/31/21

Open

228,986

229,337

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

03/31/21

Open

195,750

196,050

Corporate Bonds

Open/Demand

BNP Paribas

0.59

(b)

04/05/21

Open

250,000

250,352

Corporate Bonds

Open/Demand

BNP Paribas

0.50

(b)

04/06/21

Open

761,405

762,304

Foreign Agency Obligations

Open/Demand

BNP Paribas

0.55

(b)

04/06/21

Open

657,060

657,913

Corporate Bonds

Open/Demand

BNP Paribas

0.68

(b)

04/06/21

Open

583,875

584,812

Corporate Bonds

Open/Demand

BNP Paribas

0.68

(b)

04/06/21

Open

400,372

401,015

Corporate Bonds

Open/Demand

BNP Paribas

0.68

(b)

04/06/21

Open

1,091,250

1,093,002

Corporate Bonds

Open/Demand

BNP Paribas

0.68

(b)

04/06/21

Open

694,000

695,114

Capital Trusts

Open/Demand

BNP Paribas

0.68

(b)

04/06/21

Open

2,203,766

2,207,305

Corporate Bonds

Open/Demand

BNP Paribas

0.75

(b)

04/06/21

Open

475,000

475,841

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

04/06/21

Open

469,800

470,188

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/06/21

Open

830,790

831,673

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/06/21

Open

288,000

288,306

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/06/21

Open

426,312

426,765

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/06/21

Open

371,190

371,585

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/06/21

Open

275,602

275,895

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/06/21

Open

332,048

332,400

Capital Trusts

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

04/06/21

Open

373,162

373,559

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.00

(b)

04/07/21

Open

436,842

436,842

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

351,140

351,468

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

398,500

398,872

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/07/21

Open

1,000,091

1,001,024

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

283,969

284,366

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

1,197,709

1,199,386

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

485,462

486,142

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

1,072,382

1,073,884

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

04/07/21

Open

392,609

393,158

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

04/07/21

Open

514,350

514,710

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

990,004

991,043

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

172,699

172,880

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

407,740

408,168

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

226,296

226,534

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

23,355

23,380

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

599,625

600,255

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

1,171,335

1,172,565

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

1,238,917

1,240,218

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

39,503

39,544

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

38,813

38,853

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

838,755

839,636

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

1,112,475

1,113,643

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

589,332

589,951

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

428,794

429,244

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

984,637

985,671

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

648,750

649,431

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

241,463

241,716

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

541,800

542,369

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

38,270

38,310

Corporate Bonds

Open/Demand

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

Reverse Repurchase Agreements (continued)

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)

RBC Capital Markets LLC

0.45

%(b)

04/07/21

Open

$

585,535

$

586,150

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

441,875

442,339

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

1,193,580

1,194,833

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

127,958

128,092

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

59,413

59,475

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

154,529

154,691

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

677,280

677,991

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

58,163

58,224

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/07/21

Open

906,360

907,312

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

04/12/21

Open

165,250

165,413

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.20

(b)

04/13/21

Open

184,250

184,330

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

(b)

04/13/21

Open

947,001

947,514

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/13/21

Open

210,113

210,295

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/13/21

Open

197,438

197,609

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/13/21

Open

177,938

178,092

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

04/13/21

Open

195,488

195,657

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

04/14/21

Open

577,500

578,426

Capital Trusts

Open/Demand

BNP Paribas

0.65

(b)

04/21/21

Open

1,114,140

1,115,548

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(0.15

)(b)

05/06/21

Open

156,000

155,975

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

05/06/21

Open

436,875

437,209

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.65

(b)

05/06/21

Open

411,911

412,320

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

05/06/21

Open

485,355

485,837

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.65

(b)

05/06/21

Open

611,487

612,095

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

1,321,502

1,322,613

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

1,065,862

1,066,758

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

662,747

663,304

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

630,380

630,910

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

324,187

324,460

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

1,208,460

1,209,475

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

540,750

541,204

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

900,000

900,756

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

361,000

361,303

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

1,228,425

1,229,457

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

412,110

412,456

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

1,217,317

1,218,340

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

92,393

92,470

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

05/07/21

Open

705,870

706,463

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

05/07/21

Open

1,252,857

1,254,102

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.65

(b)

05/07/21

Open

232,188

232,418

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

05/07/21

Open

485,625

486,107

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.65

(b)

05/07/21

Open

165,250

165,414

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

05/07/21

Open

143,993

144,136

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.65

(b)

05/07/21

Open

833,750

834,578

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

05/13/21

Open

168,500

168,500

Corporate Bonds

Open/Demand

BNP Paribas

0.50

(b)

05/14/21

Open

837,930

838,489

Corporate Bonds

Open/Demand

BNP Paribas

0.50

(b)

05/14/21

Open

603,585

603,987

Corporate Bonds

Open/Demand

BNP Paribas

0.53

(b)

05/14/21

Open

1,239,875

1,240,751

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.42

(b)

05/14/21

Open

423,040

423,277

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.42

(b)

05/14/21

Open

283,075

283,234

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

05/25/21

Open

167,071

167,140

Corporate Bonds

Open/Demand

BNP Paribas

0.55

(b)

06/02/21

Open

715,650

716,010

Corporate Bonds

Open/Demand

BNP Paribas

0.55

(b)

06/02/21

Open

1,174,437

1,175,028

Corporate Bonds

Open/Demand

BNP Paribas

0.55

(b)

06/02/21

Open

447,120

447,345

Corporate Bonds

Open/Demand

BNP Paribas

0.55

(b)

06/02/21

Open

801,000

801,403

Corporate Bonds

Open/Demand

BNP Paribas

0.55

(b)

06/02/21

Open

516,062

516,322

Corporate Bonds

Open/Demand

BNP Paribas

0.55

(b)

06/02/21

Open

1,847,625

1,848,554

Corporate Bonds

Open/Demand

BNP Paribas

0.55

(b)

06/02/21

Open

404,225

404,428

Corporate Bonds

Open/Demand

BNP Paribas

0.65

(b)

06/02/21

Open

488,962

489,210

Corporate Bonds

Open/Demand

BNP Paribas

0.45

(b)

06/03/21

Open

198,784

198,851

Corporate Bonds

Open/Demand

BNP Paribas

0.60

(b)

06/03/21

Open

134,710

134,771

Corporate Bonds

Open/Demand

BNP Paribas

0.60

(b)

06/03/21

Open

532,800

533,040

Corporate Bonds

Open/Demand

BNP Paribas

0.60

(b)

06/03/21

Open

563,934

564,188

Corporate Bonds

Open/Demand

24 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

Reverse Repurchase Agreements (continued)

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)

BNP Paribas

0.60

%(b)

06/03/21

Open

$

446,200

$

446,401

Corporate Bonds

Open/Demand

BNP Paribas

0.60

(b)

06/03/21

Open

409,594

409,778

Corporate Bonds

Open/Demand

BNP Paribas

0.60

(b)

06/03/21

Open

122,786

122,842

Corporate Bonds

Open/Demand

BNP Paribas

0.60

(b)

06/03/21

Open

196,613

196,701

Corporate Bonds

Open/Demand

BNP Paribas

0.60

(b)

06/03/21

Open

284,250

284,378

Corporate Bonds

Open/Demand

BNP Paribas

0.60

(b)

06/03/21

Open

194,670

194,758

Corporate Bonds

Open/Demand

BNP Paribas

0.60

(b)

06/03/21

Open

460,000

460,207

Corporate Bonds

Open/Demand

BNP Paribas

0.62

(b)

06/03/21

Open

579,600

579,870

Corporate Bonds

Open/Demand

BNP Paribas

0.62

(b)

06/03/21

Open

189,250

189,338

Corporate Bonds

Open/Demand

BNP Paribas

0.63

(b)

06/03/21

Open

378,500

378,679

Corporate Bonds

Open/Demand

BNP Paribas

0.63

(b)

06/03/21

Open

207,625

207,723

Corporate Bonds

Open/Demand

BNP Paribas

0.63

(b)

06/03/21

Open

139,500

139,566

Corporate Bonds

Open/Demand

BNP Paribas

0.63

(b)

06/03/21

Open

140,230

140,296

Corporate Bonds

Open/Demand

BNP Paribas

0.63

(b)

06/03/21

Open

150,811

150,883

Corporate Bonds

Open/Demand

BNP Paribas

0.63

(b)

06/03/21

Open

183,544

183,631

Corporate Bonds

Open/Demand

BNP Paribas

0.63

(b)

06/03/21

Open

378,000

378,179

Corporate Bonds

Open/Demand

BNP Paribas

0.30

(b)

06/04/21

Open

610,187

610,310

Corporate Bonds

Open/Demand

BNP Paribas

0.30

(b)

06/04/21

Open

353,031

353,102

Corporate Bonds

Open/Demand

BNP Paribas

0.50

(b)

06/04/21

Open

799,000

799,300

Corporate Bonds

Open/Demand

BNP Paribas

0.50

(b)

06/04/21

Open

739,500

739,777

Capital Trusts

Open/Demand

BNP Paribas

0.55

(b)

06/04/21

Open

612,971

613,196

Corporate Bonds

Open/Demand

BNP Paribas

0.55

(b)

06/04/21

Open

351,025

351,154

Corporate Bonds

Open/Demand

BNP Paribas

0.55

(b)

06/04/21

Open

356,000

356,131

Corporate Bonds

Open/Demand

BNP Paribas

0.55

(b)

06/04/21

Open

980,690

981,095

Corporate Bonds

Open/Demand

BNP Paribas

0.55

(b)

06/04/21

Open

1,313,276

1,313,818

Corporate Bonds

Open/Demand

BNP Paribas

0.65

(b)

06/04/21

Open

275,415

275,534

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

06/04/21

Open

5,040,585

5,042,875

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

06/07/21

Open

60,173

60,191

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/08/21

Open

113,288

113,308

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/08/21

Open

525,135

525,232

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/08/21

Open

526,199

526,343

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/08/21

Open

355,000

355,098

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/08/21

Open

201,750

201,812

Capital Trusts

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

06/08/21

Open

344,137

344,201

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/09/21

Open

1,228,080

1,228,295

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

06/09/21

Open

284,813

284,871

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

06/09/21

Open

636,000

636,148

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

06/09/21

Open

1,002,627

1,002,861

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

06/09/21

Open

408,649

408,745

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/09/21

Open

419,150

419,260

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

722,456

722,667

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

188,750

188,805

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/09/21

Open

174,500

174,556

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/09/21

Open

115,500

115,537

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/09/21

Open

334,002

334,109

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

06/09/21

Open

335,026

335,114

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/11/21

Open

440,006

440,069

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/22/21

Open

275,204

275,224

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

687,918

687,929

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

339,653

339,658

Corporate Bonds

Open/Demand

$

93,811,277

$

93,886,191

^(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.

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

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. Treasury Note		126		09/21/21	$	16,685	$	60,766
5-Year U.S. Treasury Note		21		09/30/21		2,591		(703	)
								60,063
Short Contracts
Euro Bund		1		09/08/21		205		(1,246	)
Euro-BOBL		2		09/08/21		318		(263	)
10-Year U.S. Ultra Long Treasury Note		243		09/21/21		35,736		(519,139	)
U.S. Long Bond		3		09/21/21		482		(12,567	)
Ultra U.S. Treasury Bond		37		09/21/21		7,123		(290,152	)
2-Year U.S. Treasury Note		114		09/30/21		25,117		485
								(822,882	)
							$	(762,819	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	4,721,099	USD	910,000	BNP Paribas S.A.		09/15/21	$	30,603
USD	11,105,857	AUD	14,427,500	Morgan Stanley & Co. International PLC		09/15/21		282,554
USD	166,896	CAD	202,000	Bank of America N.A.		09/15/21		3,946
USD	11,867,665	EUR	9,790,000	BNP Paribas S.A.		09/15/21		241,501
USD	446,723	EUR	375,000	Deutsche Bank AG		09/15/21		1,390
USD	25,606,995	EUR	21,008,058	Deutsche Bank AG		09/15/21		658,771
USD	67,860	EUR	57,000	State Street Bank and Trust Co.		09/15/21		170
USD	120,107	EUR	101,000	State Street Bank and Trust Co.		09/15/21		163
USD	222,436	EUR	187,297	UBS AG		09/15/21		11
USD	1,940,251	GBP	1,372,073	Morgan Stanley & Co. International PLC		09/15/21		41,946
USD	270,000	RUB	19,789,081	UBS AG		09/15/21		2,450
USD	322,419	EUR	264,000	UBS AG		09/16/21		8,898
								1,272,403
AUD	14,427,500	USD	11,140,745	Morgan Stanley & Co. International PLC		09/15/21		(317,443	)
EUR	8,466,060	USD	10,324,655	Morgan Stanley & Co. International PLC		09/15/21		(270,743	)
RUB	39,530,430	USD	540,000	HSBC Bank USA N.A.		09/15/21		(5,546	)
USD	455,000	BRL	2,307,824	Citibank N.A.		09/15/21		(4,797	)
USD	455,000	BRL	2,305,399	UBS AG		09/15/21		(4,314	)
USD	270,000	RUB	19,981,513	UBS AG		09/15/21		(151	)
								(602,994	)
							$	669,409

Exchange-Traded Options Purchased

Description	Number of Contracts	Expiration Date	Exercise Price		Notional Amount (000)		Value
Put
iShares iBoxx $ High Yield Corporate Bond ETF	5,845	10/15/21		USD     82.00		USD   51,459	$	245,490

26 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

Exchange-Traded Options Written

Description	Number of Contracts	Expiration Date	Exercise Price		Notional Amount (000)		Value
Put
iShares iBoxx $ High Yield Corporate Bond ETF	5,845	10/15/21		USD     75.00		USD   51,459	$	(134,435	)

OTC Interest Rate Swaptions Written

Paid by the Trust

Received by the Trust

Expiration Date

Exercise Rate

Notional Amount (000)

Description

Rate

Frequency

Rate

Frequency

Counterparty

Value

Put

10-Year Interest Rate Swap, 07/28/31

3-Month LIBOR, 0.15%

Quarterly

1.73%

Semi-Annual

Morgan Stanley & Co. International PLC

07/26/21

1.73%

USD    2,373

$

(1,714

)

10-Year Interest Rate Swap, 09/02/31

3-Month LIBOR, 0.15%

Quarterly

1.75%

Semi-Annual

Morgan Stanley & Co. International PLC

08/31/21

1.75

USD    2,757

(8,273

)

30-Year Interest Rate Swap, 09/02/51

3-Month LIBOR, 0.15%

Quarterly

2.19%

Semi-Annual

Morgan Stanley & Co. International PLC

08/31/21

2.19

USD    1,379

(5,056

)

10-Year Interest Rate Swap, 11/28/31

3-Month LIBOR, 0.15%

Quarterly

1.85%

Semi-Annual

Morgan Stanley & Co. International PLC

11/26/21

1.85

USD    2,374

(15,971

)

$

(31,014

)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Termination Date	Credit Rating	(a)	Notional Amount (000	)(b)		Value		Upfront Premium Paid (Received	)		Unrealized Appreciation (Depreciation	)
CDX.NA.HY.30.V14	5.00	%	Quarterly	06/20/23	CC		USD     10,875		$	762,201	$	330,202		$	431,999
CDX.NA.HY.32.V12	5.00		Quarterly	06/20/24	CC+		USD       9,025			832,804		349,358			483,446
CDX.NA.HY.34.V9	5.00		Quarterly	06/20/25	CCC		USD     13,892			1,393,621		(43,438	)		1,437,059
									$	2,988,626	$	636,122		$	2,352,504

^(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.

Centrally Cleared Interest Rate Swaps

Paid by the Trust		Received by the Trust		Effective		Termination		Notional				Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date		Date		Amount (000)	Value			(Received)		(Depreciation)
0.52%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A		06/21/24	USD     5,000	$	6,116		$	59	$	6,057
1.54%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A		05/28/31	USD        230		(2,129	)		4		(2,133	)
1.97%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A		05/28/51	USD        110		(5,011	)		3		(5,014	)
									$	(1,024	)	$	66	$	(1,090	)

OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index

Financing Rate Paid by the Trust

Payment Frequency

Counterparty

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Broadcom, Inc.

1.00%

Quarterly

JPMorgan Chase Bank N.A.

12/20/24

USD         70

$

(1,300

)

$

1,515

$

(2,815

)

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

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	)
Broadcom, Inc.	1.00%	Quarterly	Citibank N.A.	06/20/24	BBB-		USD       790		$	14,264		$	(36,535	)	$	50,799
CMBX.NA.9.BBB-	3.00	Monthly	Deutsche Bank AG	09/17/58	NR		USD  10,000			(772,671	)		(1,229,728	)		457,057
			Morgan Stanley & Co.
CMBX.NA.9.BBB-	3.00	Monthly	International PLC	09/17/58	NR		USD  10,000			(772,671	)		(1,071,961	)		299,290
			Morgan Stanley & Co.
CMBX.NA.9.BBB-	3.00	Monthly	International PLC	09/17/58	NR		USD  15,000			(1,159,005	)		(1,075,926	)		(83,079	)
									$	(2,690,083	)	$	(3,414,150	)	$	724,067

^(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.

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

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps(a)	$	679,626		$  (43,438	)	$	2,358,561	$	(7,147	)	$	—
OTC Swaps		1,515		(3,414,150	)		807,146		(85,894	)		—
Options Written		N/A		N/A			167,753		—			(165,449	)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	61,251	$	—	$	61,251
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		1,272,403		—		—		1,272,403
Options purchased
Investments at value — unaffiliated(b)		—		—		245,490		—		—		—		245,490
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)		—		2,352,504		—		—		6,057		—		2,358,561
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		808,661		—		—		—		—		808,661
	$	—	$	3,161,165	$	245,490	$	1,272,403	$	67,308	$	—	$	4,746,366
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	824,070	$	—	$	824,070
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		602,994		—		—		602,994
Options written
Options written at value		—		—		134,435		—		31,014		—		165,449

28 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	7,147	$	—	$	7,147
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		3,500,044		—		—		—		—		3,500,044
	$	—	$	3,500,044	$	134,435	$	602,994	$	862,231	$	—	$	5,099,704

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

^(b)  Includes options purchased at value as reported in the Schedule of Investments.

For the six months ended June 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	—		$	—		$	(1,921,444	)	$	—	$	(1,921,444	)
Forward foreign currency exchange contracts		—		—		—			(607,581	)		—			—		(607,581	)
Options purchased(a)		—		—		(1,176,186	)		(137,460	)		(405,001	)		—		(1,718,647	)
Options written		—		—		500,059			—			86,032			—		586,091
Swaps		—		1,305,871		—			—			14,832			—		1,320,703
	$	—	$	1,305,871	$	(676,127	)	$	(745,041	)	$	(2,225,581	)	$	—	$	(2,340,878	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	—		$	—		$	(557,827	)	$	—	$	(557,827	)
Forward foreign currency exchange contracts		—		—		—			1,657,082			—			—		1,657,082
Options purchased(b)		—		—		(146,302	)		108,460			125,468			—		87,626
Options written		—		—		34,334			—			22,287			—		56,621
Swaps		—		1,632,587		—			—			(1,090	)		—		1,631,497
	$	—	$	1,632,587	$	(111,968	)	$	1,765,542		$	(411,162	)	$	—	$	2,874,999

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

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	11,191,192
Average notional value of contracts — short	$	48,389,786
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	57,262,486
Average amounts sold — in USD	$	16,846,758
Options
Average value of option contracts purchased	$	365,390
Average value of option contracts written	$	170,226
Average notional value of swaption contracts purchased	$	7,045,000
Average notional value of swaption contracts written	$	4,441,621
Credit default swaps
Average notional value — buy protection	$	70,000
Average notional value — sell protection	$	69,628,508
Interest rate swaps
Average notional value — pays fixed rate	$	2,670,046

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

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	—		$	104,661
Forward foreign currency exchange contracts.		1,272,403			602,994
Options		245,490	(a)		165,449
Swaps — centrally cleared		11,954			—
Swaps — OTC(b)		808,661			3,500,044
Total derivative assets and liabilities in the Statements of Assets and Liabilities.		2,338,508			4,373,148
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(257,444	)		(239,096	)
Total derivative assets and liabilities subject to an MNA	$	2,081,064		$	4,134,052

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

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

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a	)		Non-Cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets(b	)(c)
Bank of America N.A	$	3,946	$	—		$	—	$	—		$	3,946
BNP Paribas S.A		272,104		—			—		—			272,104
Citibank N.A		50,799		(41,332	)		—		—			9,467
Deutsche Bank AG		1,117,218		(1,117,218	)		—		—			—
JPMorgan Chase Bank N.A		1,515		(1,515	)		—		—			—
Morgan Stanley & Co. International PLC		623,790		(623,790	)		—		—			—
State Street Bank and Trust Co		333		—			—		—			333
UBS AG		11,359		(4,465	)		—		—			6,894
	$	2,081,064	$	(1,788,320	)	$	—	$	—		$	292,744
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a	)		Non-Cash Collateral Pledged		Cash Collateral Pledged(d	)		Net Amount of Derivative Liabilities(b	)(e)
Citibank N.A	$	41,332	$	(41,332	)	$	—	$	—		$	—
Deutsche Bank AG		1,229,728		(1,117,218	)		—		(112,510	)		—
HSBC Bank USA N.A		5,546		—			—		—			5,546
JPMorgan Chase Bank N.A		2,815		(1,515	)		—		—			1,300
Morgan Stanley & Co. International PLC		2,850,166		(623,790	)		—		(2,122,000	)		104,376
UBS AG		4,465		(4,465	)		—		—			—
	$	4,134,052	$	(1,788,320	)	$	—	$	(2,234,510	)	$	111,222

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

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

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

^(d)  Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

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

30 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—		$	61,113,899		$	3,664,475	$	64,778,374
Common Stocks
Diversified Financial Services		—			—			—		—
Energy Equipment & Services		—			—			5,920		5,920
Equity Real Estate Investment Trusts (REITs)		50,400			—			—		50,400
Hotels, Restaurants & Leisure		719,506			—			—		719,506
Oil & Gas Exploration & Production		—			581,009			—		581,009
Oil, Gas & Consumable Fuels		1,186,130			16,066			—		1,202,196
Corporate Bonds		—			171,135,821			1,529,548		172,665,369
Floating Rate Loan Interests		—			30,918,666			70,732,195		101,650,861
Foreign Agency Obligations		—			16,988,230			—		16,988,230
Investment Companies		2,641,200			—			—		2,641,200
Non-Agency Mortgage-Backed Securities		—			45,447,633			—		45,447,633
Preferred Securities
Capital Trusts		—			22,915,053			—		22,915,053
Preferred Stocks		—			371,724			—		371,724
U.S. Government Sponsored Agency Securities		—			3,587,774			—		3,587,774
Warrants		274,076			—			—		274,076
Short-Term Securities
Money Market Funds		3,584,049			—			—		3,584,049
Options Purchased
Equity Contracts		245,490			—			—		245,490
Unfunded Floating Rate Loan Interests(a)		—			14			—		14
	$	8,700,851		$	353,075,889		$	75,932,138	$	437,708,878
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—		$	3,159,650		$	—	$	3,159,650
Foreign Currency Exchange Contracts		—			1,272,403			—		1,272,403
Interest Rate Contracts		61,251			6,057			—		67,308
Liabilities
Credit Contracts		—			(85,894	)		—		(85,894	)
Equity Contracts		(134,435	)		—			—		(134,435	)
Foreign Currency Exchange Contracts		—			(602,994	)		—		(602,994	)
Interest Rate Contracts		(824,070	)		(38,161	)		—		(862,231	)
	$	(897,254	)	$	3,711,061		$	—	$	2,813,807

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

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

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 $93,886,191 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			Total
Assets
Opening balance, as of December 31, 2020	$	1,518,013	$	15,533	$	1,372,033	$	84,632,800		$	87,538,379
Transfers into Level 3		—		—		—		650,541			650,541
Transfers out of Level 3		—		—		—		(75,015	)		(75,015	)

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Total
Accrued discounts/premiums	$	1,007		$	—		$	8,732		$	9,545		$	19,284
Net realized gain (loss)		4,316			—			569			2,112,355			2,117,240
Net change in unrealized appreciation (depreciation)(a)(b)		(74,386	)		(119,613	)		172,628			(112,072	)		(133,443	)
Purchases		2,765,525			110,000			47,863			18,337,247			21,260,635
Sales		(550,000	)		—			(72,277	)		(34,823,206	)		(35,445,483	)
Closing balance, as of June 30, 2021	$	3,664,475		$	5,920		$	1,529,548		$	70,732,195		$	75,932,138
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(b)	$	(76,321	)	$	(119,613	)	$	172,628		$	168,835		$	145,529

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

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 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 Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third party pricing information in the amount of $24,899,932. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted     Average of         Unobservable     Inputs Based     on Fair Value
Assets
Common Stocks	$	5,920	Market	EBITDA Multiple	3.50x		—
Asset-Backed Securities		555,261	Income	Discount Rate	9%		—
Corporate Bonds		1,529,548	Income	Discount Rate	4%-11%		9%
			Market	EBITDA Multiple	3.50x		—
Floating Rate Loan Interests(b)		48,941,477	Income	Discount Rate	5%-11%		8%
			Market	Estimated Recovery Value	—		—
	$	51,032,206

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

^(b)  During the period ended June 30, 2021, the valuation technique for an investment classified as Floating Rate Loan Interests with a value of $5,312,500 changed from Income Approach, Discounted Cash Flow to the Market Approach, Estimated Recovery Value. The change was made as the Estimated Recovery Value Approach was deemed more appropriate with respect to the circumstances of this investment.

See notes to financial statements.

32 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
AIMCO CLO 10 Ltd., Series 2019-10A, Class SUB, 0.00%, 07/22/32(a)(b)	USD		772	$	595,401
Ajax Mortgage Loan Trust, Series 2019-C, Class A, 3.95%, 10/25/58(a)(b)			1,104		1,104,448
Anchorage Capital CLO Ltd., Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 3.68%, 01/28/31(a)(b)			250		250,225
ARES LI CLO Ltd., Series 2019-51A, Class E, (3 mo. LIBOR US + 6.49%), 6.67%, 04/15/31(a)(b)			300		300,006
Ares LV CLO Ltd.(a)(b)
Series 2020-55A, Class D, (3 mo. LIBOR US + 4.83%), 5.01%, 04/15/31			750		750,901
Series 2020-55A, Class DR, (3 mo. LIBOR US + 3.15%), 1.00%, 07/15/34(c)			750		750,000
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class E, (3 mo. LIBOR US + 6.90%), 7.08%, 10/15/32(a)(b)			500		499,722
BlueMountain CLO XXVI Ltd., Series 2019-26A, Class E, (3 mo. LIBOR US + 7.70%), 7.89%, 10/20/32(a)(b)			250		251,102
CarVal CLO I Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.89%), 3.02%, 07/16/31(a)(b)			250		249,998
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 3.39%, 04/20/32(a)(b)(d)			2,000		2,007,800
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.63%, 07/20/32(a)(b)			1,300		1,307,782
Cedar Funding XIV CLO Ltd.(a)(b)(d)
Series 2021-14A, Class D, (3 mo. LIBOR US + 3.25%), 3.41%, 07/15/33			500		500,050
Series 2021-14A, Class E, (3 mo. LIBOR US + 6.34%), 6.50%, 07/15/33			375		371,363
Series 2021-14A, Class SUB, 0.00%, 07/15/33			500		386,450
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 6.99%, 04/20/34(a)(b)			250		250,849
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.18%, 10/15/32(a)(b)			500		500,644
Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39(b)	CAD		150		119,677
Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 3.13%, 10/15/30(a)(b)	USD		1,500		1,499,987
GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.70%), 0.79%, 12/25/35(a)			3,371		1,485,019
Kayne CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.72%, 01/20/33(a)(b)			250		250,758
Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31(b)			400		447,760
Madison Park Funding X Ltd., Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.44%, 01/20/29(a)(b)			560		560,141
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 3.89%, 04/20/26(a)(b)			800		799,996
Mariner Finance Issuance Trust(b)
Series 2019-AA, Class D, 5.44%, 07/20/32			900		908,862
Series 2020-AA, Class D, 5.75%, 08/21/34			200		204,261
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44(b)			324		344,392
Nationstar HECM Loan Trust, Series 2019-1A, Class M4, 5.80%, 06/25/29(a)(b)			1,500		1,501,278

Security		Par (000)			Value
Asset-Backed Securities (continued)
OCP CLO Ltd.(a)(b)
Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 3.18%, 04/24/29	USD		300		$	297,417
Series 2014-7A, Class B1RR, (3 mo. LIBOR US + 2.25%), 2.44%, 07/20/29			500			500,095
Series 2019-17A, Class E, (3 mo. LIBOR US + 6.66%), 6.85%, 07/20/32			1,500			1,498,688
Series 2019-17A, Class ER, (3 mo. LIBOR US + 6.50%), 1.00%, 07/20/32(c)			1,500			1,500,000
Palmer Square Loan Funding Ltd.(a)(b)
Series 2019-2A, Class C, (3 mo. LIBOR US + 3.25%), 3.44%, 04/20/27			1,025			1,025,254
Series 2019-3A, Class C, (3 mo. LIBOR US + 3.40%), 3.56%, 08/20/27			1,750			1,751,377
Series 2019-4A, Class C, (3 mo. LIBOR US + 3.25%), 3.43%, 10/24/27			600			600,181
Recette Clo Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 3.25%), 3.44%, 04/20/34(a)(b)(d)			1,000			998,500
Rockford Tower CLO Ltd., Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 2.84%, 10/20/30(a)(b)			430			424,798
Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.29%), 0.38%, 01/25/47(a)			2,763			2,738,592
Signal Peak CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 7.08%, 04/30/32(a)(b)			1,250			1,254,223
Sofi Professional Loan Program LLC, Series 2016-B, Class RC, 0.00%, 04/25/37(b)(d)			—	(e)		85,629
Sound Point CLO XXIV, Series 2019-3A, Class D, (3 mo. LIBOR US + 4.11%), 4.29%, 10/25/32(a)(b)			1,500			1,504,577
Sun Country, 7.00%, 12/15/23(d)			245			237,969
TICP CLO XII Ltd., Series 2018-12A, Class E, (3 mo. LIBOR US + 5.50%), 5.68%, 01/15/31(a)(b)			2,450			2,440,517
TRESTLES CLO II Ltd.(a)(b)
Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 3.10%, 04/25/32			1,000			996,142
Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 5.93%, 07/25/31			250			242,864
TRESTLES CLO III Ltd., Series 2020-3A, Class SUB, 0.00%, 01/20/33(a)(b)			250			198,179
Voya CLO Ltd., Series 2014-3A, Class CR, (3 mo. LIBOR US + 2.65%), 2.83%, 07/25/26(a)(b)			250			249,983
York CLO Ltd., Series 2016-2A, Class ER, (3 mo. LIBOR US + 6.75%), 6.94%, 04/20/32(a)(b)			500			500,969
York Clo-3 Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 3.79%, 10/20/29(a)(b)			500			500,445
Total Asset-Backed Securities — 27.1% (Cost: $37,072,139)						37,745,271
		Shares
Common Stocks
Diversified Financial Services — 0.0%
Bruin Purchaser LLC(d)			13,888			—
Equity Real Estate Investment Trusts (REITs) — 0.0%
Service Properties Trust			2,000			25,200
Hotels, Restaurants & Leisure — 0.2%
Caesars Entertainment, Inc.(f)			2,850			295,688

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Shares		Value
Oil & Gas Exploration & Production — 0.2%
CA Resources Corp.			7,759	$	233,856
Oil, Gas & Consumable Fuels — 0.3%
California Resources Corp.(f)			15,841		477,448
Chesapeake Energy Corp., (Acquired 02/10/21, Cost: $1,288)(g)			136		6,980
					484,428
Total Common Stocks — 0.7% (Cost: $1,075,075)					1,039,172
		Par (000)
Corporate Bonds
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc., 3.38%, 03/01/41	USD		73		75,733
Aerospace & Defense(b)(h) — 0.8%
Embraer Netherlands Finance BV, 6.95%, 01/17/28			250		285,312
TransDigm, Inc., 6.25%, 03/15/26			730		770,150
					1,055,462
Air Freight & Logistics — 0.0%
XPO Logistics, Inc., 6.75%, 08/15/24(b)(h)			17		17,659
Airlines — 3.2%
Air France-KLM, 3.88%, 07/01/26	EUR		100		116,739
American Airlines Group, Inc., 4.00%, 12/15/25(a)(d)	USD		90		88,928
Avianca Holdings SA(a)(b)(i)
(3 mo. LIBOR US + 10.50% Cash or 3 mo. LIBOR US + 12.00% PIK), 12.15%, 11/10/21(h)			2,711		2,710,567
Series APRL, (3 mo. LIBOR US + 10.50% Cash or 3 mo. LIBOR US + 12.00% PIK), 12.15%, 11/10/21			168		168,420
Gol Finance SA, 7.00%, 01/31/25(b)(h)			400		382,800
Latam Finance Ltd., 6.88%, 04/11/24(b)(f)(h)(j)			750		697,500
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27(h)			235		260,816
					4,425,770
Auto Components — 0.5%
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26(b)(h)			130		138,490
IHO Verwaltungs GmbH, (3.63% Cash or 4.38% PIK), 3.63%, 05/15/25(i)	EUR		100		120,415
ZF Finance GmbH
2.00%, 05/06/27			200		238,336
3.75%, 09/21/28			100		129,769
					627,010
Automobiles — 0.6%
Ford Motor Credit Co. LLC, 5.58%, 03/18/24(h)	USD		597		653,835
General Motors Co., 5.95%, 04/01/49			85		115,709
					769,544
Banks — 1.6%
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%(a)(h)(k)			400		432,000
Banco Industrial SA, (5 year CMT + 4.44%), 4.88%, 01/29/31(a)(b)(h)			150		156,216
Bancolombia SA, (5 year CMT + 2.94%), 4.63%, 12/18/29(a)(h)			250		253,328

Security		Par (000)		Value
Banks (continued)
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%(k)	USD		200	$	210,975
Grupo Aval Ltd., 4.38%, 02/04/30(b)(h)			200		197,690
Intesa Sanpaolo SpA, (5 year EUR Swap + 6.09%), 5.88%(a)(k)	EUR		250		336,637
Itau Unibanco Holding SA/Cayman Island, 5.13%, 05/13/23(b)(h)	USD		212		223,965
Kasikornbank PCL, (5 year CMT + 1.70%), 3.34%, 10/02/31(a)			200		204,038
NBK Tier 1 Financing Ltd., (6 year USD Swap + 2.88%), 3.63%(a)(b)(h)(k)			277		278,125
					2,292,974
Beverages — 1.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36			63		77,322
Anheuser-Busch InBev Worldwide, Inc., 4.50%, 06/01/50(h)			107		130,218
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27	GBP		100		140,820
Ball Corp.
5.25%, 07/01/25	USD		17		19,189
4.88%, 03/15/26			13		14,479
Central American Bottling Corp., 5.75%, 01/31/27(b)(h)			600		624,300
Keurig Dr. Pepper, Inc., 3.80%, 05/01/50			80		90,154
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)(h)			402		406,020
OI European Group BV, 2.88%, 02/15/25	EUR		100		120,262
					1,622,764
Biotechnology — 0.1%
Gilead Sciences, Inc., 2.80%, 10/01/50	USD		85		81,872
Royalty Pharma PLC, 3.55%, 09/02/50(b)			85		84,545
					166,417
Building Materials — 0.3%
Carrier Global Corp., 3.58%, 04/05/50			80		84,837
Cemex SAB de CV
3.13%, 03/19/26	EUR		100		121,636
5.45%, 11/19/29(h)	USD		200		219,850
Masonite International Corp., 5.38%, 02/01/28(b)			9		9,537
Standard Industries, Inc. (b)
5.00%, 02/15/27			9		9,321
4.75%, 01/15/28(h)			35		36,634
					481,815
Building Products — 0.1%
Lowe’s Cos., Inc., 3.00%, 10/15/50			80		78,874
Capital Markets — 0.1%
Intercorp Peru Ltd., 3.88%, 08/15/29(b)(h)			200		192,600
Chemicals — 1.9%
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25	EUR		100		120,603
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(a)(b)(h)	USD		245		285,318
LYB International Finance III LLC, 4.20%, 05/01/50			80		92,049
NOVA Chemicals Corp., 4.88%, 06/01/24(b)(h)			621		655,155
OCI NV, 3.63%, 10/15/25	EUR		100		123,645
OCP SA, 3.75%, 06/23/31(b)	USD		200		202,250
Orbia Advance Corp. SAB de CV(b) 1.88%, 05/11/26			200		200,937

34 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
Orbia Advance Corp. SAB de CV(b) (continued)
5.88%, 09/17/44(h)	USD		400	$	483,825
Sasol Financing USA LLC
6.50%, 09/27/28(h)			287		322,875
5.50%, 03/18/31			200		210,500
					2,697,157
Commercial Services & Supplies — 0.7%
AMN Healthcare, Inc., 4.63%, 10/01/27(b)(h)			99		102,881
DAE Funding LLC, 3.38%, 03/20/28(b)			240		245,700
Loxam SAS, 3.75%, 07/15/26	EUR		100		121,184
United Rentals North America, Inc.
5.88%, 09/15/26	USD		17		17,591
5.50%, 05/15/27			17		18,020
3.88%, 11/15/27			13		13,659
4.88%, 01/15/28(h)			479		507,980
5.25%, 01/15/30			13		14,240
					1,041,255
Construction & Engineering — 0.1%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(a)(k)	EUR		100		118,238
SRS Distribution, Inc., 4.63%, 07/01/28(b)	USD		11		11,247
					129,485
Construction Materials(b) — 0.3%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28			12		12,296
KAR Auction Services, Inc., 5.13%, 06/01/25(h)			444		455,633
					467,929
Consumer Discretionary — 0.2%
Atento Luxco 1 SA, 8.00%, 02/10/26(b)(h)			200		217,225
Consumer Finance — 0.9%
Encore Capital Group, Inc., 4.88%, 10/15/25	EUR		100		125,245
Global Payments, Inc., 4.15%, 08/15/49	USD		80		91,733
Muthoot Finance Ltd.(h)
6.13%, 10/31/22(b)			750		776,625
4.40%, 09/02/23			200		205,350
					1,198,953
Containers & Packaging — 0.6%
Klabin Austria GmbH, 3.20%, 01/12/31(b)(h)			200		196,710
Suzano Austria GmbH
3.13%, 01/15/32			150		148,560
7.00%, 03/16/47(b)(h)			400		538,420
					883,690
Diversified Financial Services — 1.7%
Alfa SAB de CV, 6.88%, 03/25/44(b)(h)			200		263,350
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		139,197
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)(h)	USD		214		208,048
Bank of America Corp., (3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51(a)			130		155,339
Citigroup, Inc., 4.65%, 07/23/48			80		104,756
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25	GBP		100		144,002
HSBC Holdings PLC, (5 year USD ICE Swap + 4.37%), 6.38%(a)(k)	USD		400		445,920
Intrum AB, 2.75%, 07/15/22	EUR		10		11,857
JPMorgan Chase & Co., (SOFR + 2.44%), 3.11%, 04/22/51(a)	USD		80		82,536

Security		Par (000)		Value
Diversified Financial Services (continued)
Manappuram Finance Ltd., 5.90%, 01/13/23	USD		200	$	206,350
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(b)(h)			400		398,950
Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22			200		204,610
					2,364,915
Diversified Telecommunication Services — 0.8%
AT&T, Inc., 3.30%, 02/01/52			80		77,832
Level 3 Financing, Inc. 5.25%, 03/15/26			13		13,397
4.63%, 09/15/27(b)			17		17,645
4.25%, 07/01/28(b)(h)			267		270,941
3.63%, 01/15/29(b)(h)			216		208,440
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)(i)			200		205,120
SoftBank Group Corp., 4.75%, 07/30/25	EUR		100		130,432
Verizon Communications, Inc. 2.88%, 11/20/50	USD		80		75,993
3.55%, 03/22/51			84		89,743
					1,089,543
Electric Utilities(h) — 1.5%
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(b)			253		249,806
Energuate Trust, 5.88%, 05/03/27(b)			750		780,609
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.88%, 07/17/49			200		217,600
Talen Energy Supply LLC (b)
7.25%, 05/15/27			642		599,025
6.63%, 01/15/28			274		250,943
					2,097,983
Energy Equipment & Services(b)(h) — 0.4%
Bristow Group, Inc., 6.88%, 03/01/28			120		122,400
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24			401		415,552
					537,952
Environmental, Maintenance, & Security Service — 0.0%
Clean Harbors, Inc., 4.88%, 07/15/27(b)			9		9,427
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp., 3.10%, 06/15/50			80		78,159
Crown Castle International Corp., 2.90%, 04/01/41			85		82,682
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24(h)			450		487,329
4.63%, 06/15/25(b)			59		63,034
4.50%, 09/01/26			9		9,607
5.75%, 02/01/27			13		14,464
MPT Operating Partnership LP/MPT Finance Corp.
5.25%, 08/01/26			9		9,270
5.00%, 10/15/27(e)(h)			—		—
4.63%, 08/01/29(h)			16		17,127
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29(b)			37		38,275
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27			12		12,325
Service Properties Trust
4.50%, 06/15/23(h)			242		248,050
7.50%, 09/15/25			27		30,569

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
XHR LP (b)
6.38%, 08/15/25	USD		68	$	72,335
4.88%, 06/01/29			11		11,357
					1,174,583
Food & Staples Retailing — 1.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.50%, 02/15/23(b)			13		13,345
5.75%, 03/15/25			4		4,090
7.50%, 03/15/26(b)			10		10,975
4.63%, 01/15/27(b)(h)			23		24,057
5.88%, 02/15/28(b)			13		14,006
4.88%, 02/15/30(b)(h)			17		18,131
Bellis Acquisition Co. PLC, 3.25%, 02/16/26	GBP		110		152,353
Cydsa SAB de CV, 6.25%, 10/04/27(b)(h)	USD		400		421,580
Grupo KUO SAB de CV, 5.75%, 07/07/27(b)(h)			600		626,175
Kroger Co., 3.95%, 01/15/50			80		91,034
Lamb Weston Holdings, Inc.(b)(h)
4.63%, 11/01/24			14		14,487
4.88%, 11/01/26			14		14,472
Picard Groupe SAS, (3 mo. EURIBOR + 3.00%), 3.00%, 11/30/23(a)	EUR		100		118,466
					1,523,171
Food Products(b) — 0.3%
Aramark Services, Inc., 5.00%, 02/01/28(h)	USD		20		20,944
Darling Ingredients, Inc., 5.25%, 04/15/27			9		9,450
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28			33		36,094
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
6.50%, 04/15/29			24		26,970
5.50%, 01/15/30			22		24,604
MHP Lux SA, 6.25%, 09/19/29(h)			300		298,275
Pilgrim’s Pride Corp., 5.88%, 09/30/27(h)			15		15,975
					432,312
Health Care Providers & Services — 2.6%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28(b)			20		21,350
Anthem, Inc., 3.13%, 05/15/50			80		81,221
Centene Corp.
5.38%, 06/01/26(b)(h)			31		32,395
5.38%, 08/15/26(b)			13		13,585
4.25%, 12/15/27(h)			43		45,311
4.63%, 12/15/29(h)			61		67,086
DaVita, Inc., 4.63%, 06/01/30(b)(h)			422		433,909
HCA, Inc.
5.38%, 02/01/25(h)			45		50,760
5.88%, 02/15/26(h)			26		30,047
5.38%, 09/01/26(h)			17		19,563
5.63%, 09/01/28(h)			26		30,810
5.88%, 02/01/29(h)			17		20,528
3.50%, 09/01/30(h)			535		569,973
5.25%, 06/15/49			85		108,349
Molina Healthcare, Inc., 5.38%, 11/15/22			12		12,555
Select Medical Corp., 6.25%, 08/15/26(b)(h)			360		383,407
Teleflex, Inc., 4.63%, 11/15/27			9		9,587
Tenet Healthcare Corp. (b)
4.63%, 09/01/24(h)			384		394,122
4.88%, 01/01/26(h)			654		678,329
6.25%, 02/01/27(h)			26		27,138

Security		Par (000)		Value
Health Care Providers & Services (continued)
Tenet Healthcare Corp.(b) (continued)	USD		26	$	27,267
5.13%, 11/01/27(h)
4.63%, 06/15/28			23		23,672
4.25%, 06/01/29			507		513,337
Universal Health Services, Inc., 2.65%, 10/15/30(b)			63		63,348
					3,657,649
Health Care Technology — 0.2%
CAB SELAS, 3.38%, 02/01/28	EUR		200		235,964
Charles River Laboratories International, Inc., 4.25%, 05/01/28(b)	USD		9		9,304
					245,268
Hotels, Restaurants & Leisure — 4.3%
1011778 BC ULC/New Red Finance, Inc., 3.88%, 01/15/28(b)			13		13,163
7-Eleven, Inc., 2.80%, 02/10/51(b)(h)			110		102,617
Boyd Gaming Corp.
8.63%, 06/01/25(b)			39		42,992
4.75%, 12/01/27(h)			186		192,510
Caesars Entertainment, Inc. (b)(h)
6.25%, 07/01/25			228		241,680
8.13%, 07/01/27			146		162,381
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)			68		71,655
Carlson Travel, Inc., 6.75%, 12/15/23(b)(f)(h)(j)			754		625,720
Cedar Fair LP, 5.25%, 07/15/29			9		9,270
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25(b)(h)			102		106,463
5.38%, 04/15/27			9		9,270
Champion Path Holdings Ltd., 4.85%, 01/27/28			200		208,475
Churchill Downs, Inc.(b)
5.50%, 04/01/27			10		10,421
4.75%, 01/15/28			9		9,312
Fortune Star BVI Ltd.
6.75%, 07/02/23			200		209,850
6.85%, 07/02/24			200		213,187
Full House Resorts, Inc., 8.25%, 02/15/28(b)			13		14,170
Golden Entertainment, Inc., 7.63%, 04/15/26(b)(h)			34		36,125
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/30(h)			17		18,148
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			10		10,425
International Game Technology PLC, 6.50%, 02/15/25(b)(h)			582		652,567
IRB Holding Corp., 7.00%, 06/15/25(b)			72		77,761
Marriott International, Inc.
Series FF, 4.63%, 06/15/30			50		57,585
Series GG, 3.50%, 10/15/32(h)			232		246,454
Marriott Ownership Resorts, Inc., 6.13%, 09/15/25(b)(h)			266		282,878
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			13		13,504
Melco Resorts Finance Ltd., 5.25%, 04/26/26			200		207,537
MGM China Holdings Ltd., 5.88%, 05/15/26(h)			200		209,537
MGM Resorts International
5.75%, 06/15/25(h)			12		13,233
4.63%, 09/01/26			7		7,394
5.50%, 04/15/27(h)			12		13,170
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b)			102		102,128
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(b)(h)			344		369,456

36 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Playtika Holding Corp., 4.25%, 03/15/29(b)	USD		29	$	28,980
Scientific Games International, Inc., 7.00%, 05/15/28(b)(h)			194		211,887
SeaWorld Parks & Entertainment, Inc.(b)(h)
8.75%, 05/01/25			310		335,854
9.50%, 08/01/25			148		158,730
Sisal Group SpA, 7.00%, 07/31/23	EUR		69		82,058
Travel + Leisure Co., 6.63%, 07/31/26(b)	USD		90		101,970
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(b)(h)
5.50%, 03/01/25			31		33,383
5.25%, 05/15/27			16		17,186
Wynn Macau Ltd., 5.50%, 01/15/26(h)			200		208,912
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)(h)			213		224,981
					5,964,979
Household Durables — 4.0%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)(h)
9.88%, 04/01/27			456		509,580
6.63%, 01/15/28			216		230,040
Brookfield Residential Properties, Inc./Brookfield Residential US LLC(b)
6.25%, 09/15/27(h)			234		247,163
5.00%, 06/15/29			10		10,075
Century Communities, Inc., 6.75%, 06/01/27(h)			44		46,695
Controladora Mabe SA de CV, 5.60%, 10/23/28(b)(h)			600		699,112
Forestar Group, Inc.(b)
3.85%, 05/15/26			92		92,833
5.00%, 03/01/28(h)			319		330,165
Lennar Corp.
4.75%, 05/30/25			9		10,091
4.75%, 11/29/27(h)			16		18,494
M/I Homes, Inc., 4.95%, 02/01/28(h)			225		234,731
Mattamy Group Corp., 5.25%, 12/15/27(b)			9		9,405
Newell Brands, Inc., 4.70%, 04/01/26(h)			35		39,029
PulteGroup, Inc.
5.50%, 03/01/26(h)			275		321,062
5.00%, 01/15/27			6		7,017
Taylor Morrison Communities, Inc.(b)(h)
5.88%, 06/15/27			270		305,438
5.75%, 01/15/28			914		1,031,906
Tri Pointe Homes, Inc.
5.25%, 06/01/27(h)			705		764,925
5.70%, 06/15/28			18		19,845
William Lyon Homes, Inc., 6.63%, 07/15/27(b)(h)			604		646,280
					5,573,886
Independent Power and Renewable Electricity Producers — 1.7%
Calpine Corp.(b)(h)
4.50%, 02/15/28			588		599,760
5.13%, 03/15/28			578		588,115
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27(b)(h)			200		204,787
Greenko Dutch BV, 3.85%, 03/29/26			200		205,000
India Green Energy Holdings, 5.38%, 04/29/24(b)(h)			250		261,797
Investment Energy Resources Ltd., 6.25%, 04/26/29(b)			200		216,250
NRG Energy, Inc.
7.25%, 05/15/26			17		17,622
6.63%, 01/15/27(h)			21		21,740
5.75%, 01/15/28			14		14,910

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc. (continued) 5.25%, 06/15/29(b)	USD		13	$	13,829
ReNew Power Synthetic, 6.67%, 03/12/24(h)			200		209,912
Renewable Energy Group, Inc., 5.88%, 06/01/28(b)			6		6,293
					2,360,015
Insurance — 0.2%
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%(a)(h)(k)			200		215,600
Interactive Media & Services — 0.2%
Netflix, Inc.(h)
5.88%, 02/15/25			14		16,178
4.38%, 11/15/26			17		19,333
4.88%, 04/15/28			28		32,550
5.88%, 11/15/28			33		40,505
6.38%, 05/15/29			14		17,881
5.38%, 11/15/29(b)			16		19,434
4.88%, 06/15/30(b)			17		20,218
United Group BV, 4.88%, 07/01/24	EUR		100		119,850
					285,949
Internet Software & Services — 0.1%
Expedia Group, Inc., 6.25%, 05/01/25(b)(h)	USD		85		98,877
IT Services — 0.2%
Centurion Bidco SpA, 5.88%, 09/30/26	EUR		100		123,831
International Business Machines Corp., 2.95%, 05/15/50(h)	USD		100		100,641
					224,472
Machinery — 0.3%
TK Elevator Midco GmbH
4.38%, 07/15/27	EUR		100		123,829
(3 mo. EURIBOR + 4.75%), 4.75%, 07/15/27(a)			100		119,910
TK Elevator US Newco Inc., 5.25%, 07/15/27(b)(h)	USD		200		210,750
					454,489
Media — 2.3%
Altice Financing SA, 2.25%, 01/15/25	EUR		100		115,019
AMC Networks, Inc.
5.00%, 04/01/24	USD		7		7,089
4.75%, 08/01/25(h)			14		14,374
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 04/01/51			85		84,071
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(b)(h)			306		313,717
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(b)(h)			791		512,172
iHeartCommunications, Inc.
6.38%, 05/01/26			14		14,797
5.25%, 08/15/27(b)			13		13,590
4.75%, 01/15/28(b)			9		9,259
Lamar Media Corp., 3.75%, 02/15/28			10		10,175
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(b)			200		203,938
Lorca Telecom Bondco SA, 4.00%, 09/18/27	EUR		100		120,650
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(a)(k)	USD		250		266,875
Nexstar Broadcasting, Inc., 5.63%, 07/15/27(b)(h)			300		318,000
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) 5.00%, 08/15/27			11		11,389

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) (continued) 4.63%, 03/15/30	USD		9	$	9,135
Sable International Finance Ltd., 5.75%, 09/07/27(h)			226		237,797
SES SA, (5 year EUR Swap + 5.40%), 5.63%(a)(k)	EUR		100		129,395
Sirius XM Radio, Inc.(b)(h)
5.00%, 08/01/27	USD		54		56,579
5.50%, 07/01/29			48		52,306
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		124,053
TEGNA, Inc.
4.63%, 03/15/28	USD		150		155,625
5.00%, 09/15/29(h)			19		19,883
UPCB Finance VII Ltd., 3.63%, 06/15/29	EUR		100		121,073
ViacomCBS, Inc., 4.95%, 05/19/50	USD		80		101,016
VTR Comunicaciones SpA, 4.38%, 04/15/29(b)			200		199,730
					3,221,707
Metals & Mining — 1.6%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24			200		215,662
Commercial Metals Co.(h)
4.88%, 05/15/23			72		75,910
5.38%, 07/15/27			541		572,107
FMG Resources August 2006 Pty Ltd.(b)
5.13%, 05/15/24			13		14,154
4.50%, 09/15/27			10		10,875
Freeport-McMoRan, Inc.
5.00%, 09/01/27			10		10,563
5.25%, 09/01/29			10		11,038
HTA Group Ltd., 7.00%, 12/18/25(b)(h)			200		212,287
Nexa Resources SA, 5.38%, 05/04/27(b)(h)			400		428,700
Periama Holdings LLC, 5.95%, 04/19/26			200		217,100
Steel Dynamics, Inc., 3.25%, 10/15/50			80		79,716
thyssenkrupp AG, 1.88%, 03/06/23	EUR		43		51,083
Vale Overseas Ltd., 3.75%, 07/08/30	USD		135		143,573
Vedanta Resources Finance II PLC, 13.88%, 01/21/24			200		217,400
					2,260,168
Multi-line Retail — 0.1%
Dufry One BV, 2.00%, 02/15/27	EUR		100		111,759
Oil, Gas & Consumable Fuels — 5.6%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(h)(l)	USD		242		182,519
BP Capital Markets PLC, (5 year EUR Swap + 4.12%), 3.63%(a)(k)	EUR		150		193,393
Buckeye Partners LP
4.13%, 03/01/25(b)(h)	USD		87		90,154
3.95%, 12/01/26			10		10,175
Centennial Resource Production LLC(b)(h)
5.38%, 01/15/26			834		817,320
6.88%, 04/01/27			51		52,153
Cheniere Energy Partners LP(h)
5.63%, 10/01/26			19		19,713
4.50%, 10/01/29			165		177,375
Chesapeake Energy Corp.(b)
5.50%, 02/01/26			51		53,805
5.88%, 02/01/29			19		20,567
Citgo Holding, Inc., 9.25%, 08/01/24(b)(h)			38		38,760
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)(h)			42		43,470
DCP Midstream Operating LP 5.38%, 07/15/25(h)			14		15,592

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
DCP Midstream Operating LP (continued) 5.13%, 05/15/29	USD		10	$	11,050
eG Global Finance PLC, 4.38%, 02/07/25	EUR		100		116,870
Endeavor Energy Resources LP/EER Finance, Inc.(b)
5.50%, 01/30/26	USD		9		9,349
5.75%, 01/30/28			17		18,126
Energean Israel Finance Ltd., 4.88%, 03/30/26(b)			135		138,375
Energy Transfer LP, 5.00%, 05/15/50			80		92,465
Geopark Ltd., 5.50%, 01/17/27(b)			200		202,475
Hilong Holding Ltd., 9.75%, 11/18/24			207		182,160
Leviathan Bond Ltd., 5.75%, 06/30/23(b)(h)			192		200,530
Matador Resources Co., 5.88%, 09/15/26(h)			18		18,540
Neptune Energy Bondco PLC, 6.63%, 05/15/25(b)(h)			200		205,340
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(h)			346		494,954
Oil and Gas Holding Co., 7.63%, 11/07/24			200		222,725
OQ SAOC, 5.13%, 05/06/28(b)			200		201,350
PDC Energy, Inc., 5.75%, 05/15/26			10		10,447
Petrobras Global Finance BV (h)
5.30%, 01/27/25			700		785,881
6.00%, 01/27/28			253		290,238
5.60%, 01/03/31			338		377,293
Petroleos Mexicanos
6.50%, 03/13/27			555		589,965
6.35%, 02/12/48(h)			220		186,384
Puma International Financing SA, 5.13%, 10/06/24(b)			400		402,500
Rockies Express Pipeline LLC, 6.88%, 04/15/40(b)(h)			353		373,298
Santos Finance Ltd., 5.25%, 03/13/29(h)			200		227,510
SM Energy Co., 10.00%, 01/15/25(b)(h)			168		189,561
Stoneway Capital Corp.(f)(j)
10.00%, 03/01/27(b)			709		191,507
10.00%, 03/01/27			252		67,985
Sunoco LP/Sunoco Finance Corp.
5.50%, 02/15/26			14		14,427
6.00%, 04/15/27(h)			21		21,961
4.50%, 05/15/29(b)			32		32,560
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.88%, 04/15/26			17		17,855
5.38%, 02/01/27			9		9,371
6.50%, 07/15/27			13		14,088
5.00%, 01/15/28			13		13,715
6.88%, 01/15/29			13		14,646
5.50%, 03/01/30			17		18,694
Transocean Guardian Ltd., 5.88%, 01/15/24(b)(h)			70		68,391
					7,747,582
Personal Products — 0.0%
Coty, Inc., 6.50%, 04/15/26(b)			40		40,522
Pharmaceuticals — 0.9%
Bausch Health Cos., Inc.(b)
5.50%, 11/01/25(h)			30		30,780
5.75%, 08/15/27			9		9,552
4.88%, 06/01/28			18		18,423
Bayer AG, (5 year EUR Swap + 2.55%), 3.75%, 07/01/74(a)	EUR		150		187,867
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28			100		123,170
Cigna Corp., 3.40%, 03/15/51	USD		80		83,524
CVS Health Corp., 5.05%, 03/25/48			85		110,404
Elanco Animal Health, Inc.
5.27%, 08/28/23			13		13,983
5.90%, 08/28/28			13		15,214

38 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Pharmaceuticals (continued)
Jaguar Holding Co. II/PPD Development LP, 5.00%, 06/15/28(b)	USD		39	$	42,273
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24	EUR		200		236,500
Rossini Sarl, 6.75%, 10/30/25			200		248,310
Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24			100		111,038
					1,231,038
Producer Durables: Miscellaneous — 0.2%
Oracle Corp.
3.60%, 04/01/50	USD		285		292,653
3.95%, 03/25/51			23		25,104
					317,757
Real Estate Management & Development — 7.4%
Adler Group SA, 3.25%, 08/05/25	EUR		100		122,326
Agile Group Holdings Ltd., 5.75%, 01/02/25(h)	USD		200		201,500
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(b)			270		286,116
CFLD Cayman Investment Ltd., 8.60%, 04/08/24(f)(h)(j)			200		69,850
China Aoyuan Group Ltd.
7.95%, 02/19/23(h)			200		197,500
6.35%, 02/08/24			200		188,000
China Evergrande Group
12.00%, 01/22/24			200		149,038
10.50%, 04/11/24			200		143,350
China SCE Group Holdings Ltd., 7.25%, 04/19/23(h)			200		205,412
CIFI Holdings Group Co. Ltd.
6.55%, 03/28/24			200		209,787
5.95%, 10/20/25(h)			200		211,537
Country Garden Holdings Co. Ltd., 6.15%, 09/17/25			200		219,000
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24	EUR		100		115,504
Easy Tactic Ltd.(h)
8.63%, 02/27/24	USD		200		176,725
8.13%, 07/11/24			200		173,225
Fantasia Holdings Group Co. Ltd., 11.75%, 04/17/22(h)			400		375,400
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)(h)			467		493,245
Global Prime Capital Pte Ltd., 5.95%, 01/23/25			200		207,350
Howard Hughes Corp., 5.38%, 08/01/28(b)(h)			451		478,795
JGC Ventures Pte Ltd., 10.75%, 08/30/21(f)(j)			200		105,438
Kaisa Group Holdings Ltd.
11.95%, 10/22/22(h)			200		205,912
11.50%, 01/30/23			200		202,225
11.70%, 11/11/25			200		188,058
KWG Group Holdings Ltd., 7.40%, 03/05/24			200		208,600
Logan Group Co. Ltd., 6.50%, 07/16/23			200		204,600
MAF Sukuk Ltd., 4.64%, 05/14/29			267		299,841
New Metro Global Ltd., 4.80%, 12/15/24			200		201,038
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			200		207,500
Redsun Properties Group Ltd., 10.50%, 10/03/22			200		203,725
RKPF Overseas Ltd.
Series 2019-A, 6.70%, 09/30/24			200		212,287
Series 2019-A, 6.00%, 09/04/25			200		207,750
Ronshine China Holdings Ltd.
5.50%, 02/01/22			200		195,496
8.95%, 01/22/23			200		197,788
Scenery Journey Ltd., 11.50%, 10/24/22(h)			400		320,050
Seazen Group Ltd., 6.00%, 08/12/24			200		207,500
Shimao Group Holdings Ltd. 5.60%, 07/15/26(h)			200		210,250

Security		Par (000)		Value
Real Estate Management & Development (continued)
Shimao Group Holdings Ltd. (continued) 3.45%, 01/11/31	USD		200	$	186,000
Shui On Development Holding Ltd., 6.15%, 08/24/24			200		207,500
Sunac China Holdings Ltd.
6.50%, 07/09/23			200		203,850
7.00%, 07/09/25			200		196,540
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		206,412
Times China Holdings Ltd.
6.75%, 07/16/23			200		205,038
6.20%, 03/22/26			200		196,663
Wanda Group Overseas Ltd., 7.50%, 07/24/22			200		192,475
Yango Justice International Ltd., 8.25%, 11/25/23			200		193,600
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24			200		209,725
Yuzhou Group Holdings Co. Ltd.
8.30%, 05/27/25			200		169,913
7.38%, 01/13/26			200		157,000
Zhenro Properties Group Ltd., 8.35%, 03/10/24			200		203,163
					10,329,597
Road & Rail — 0.1%
Autostrade per l’Italia SpA, 5.88%, 06/09/24	EUR		100		136,658
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc., 3.75%, 02/15/51(b)	USD		85		88,732
Intel Corp., 3.25%, 11/15/49			80		85,112
					173,844
Software — 0.1%
Boxer Parent Co., Inc., 6.50%, 10/02/25	EUR		100		125,776
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc., 2.65%, 02/08/51	USD		80		78,206
Dell International LLC/EMC Corp., 8.35%, 07/15/46			85		139,026
HP, Inc., 6.00%, 09/15/41			80		105,202
					322,434
Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc.(b)(h)
4.63%, 05/15/24			16		16,960
4.88%, 05/15/26			16		17,280
Under Armour, Inc., 3.25%, 06/15/26			10		10,361
William Carter Co., 5.63%, 03/15/27(b)			9		9,470
					54,071
Thrifts & Mortgage Finance(b) — 0.1%
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27			11		11,399
Quicken Loans LLC, 5.25%, 01/15/28(h)			36		37,800
Quicken Loans LLC/Quicken Loans Co.Issuer, Inc., 3.88%, 03/01/31			56		56,419
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.63%, 03/01/29			69		68,138
					173,756
Tobacco — 0.1%
Altria Group, Inc., 3.40%, 02/04/41			85		81,042
BAT Capital Corp., 3.98%, 09/25/50			85		82,785
					163,827
Transportation Infrastructure — 0.5%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)(h)			400		418,825
FedEx Corp., 4.05%, 02/15/48			80		91,825
Simpar Europe SA, 5.20%, 01/26/31(b)(h)			200		204,500
					715,150

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Utilities — 1.9%
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(b)(h)	USD		256	$	264,192
Genneia SA, 8.75%, 01/20/22(b)			265		256,520
Huachen Energy Co. Ltd., 6.63%, 05/18/22(f)(j)			200		97,100
Inkia Energy Ltd., 5.88%, 11/09/27(b)(h)			400		411,950
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29			250		250,281
Orano SA, 2.75%, 03/08/28	EUR		100		123,792
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(b)(h)	USD		240		263,820
Thames Water Kemble Finance PLC, 4.63%, 05/19/26	GBP		167		236,368
Veolia Environnement SA, (5 year EUR Swap + 2.84%), 2.50%(a)(k)	EUR		300		357,504
Vistra Operations Co. LLC(b)(h)
5.50%, 09/01/26	USD		17		17,531
5.63%, 02/15/27			23		23,863
5.00%, 07/31/27			343		352,134
					2,655,055
Wireless Telecommunication Services — 1.9%
Altice France SA
2.50%, 01/15/25	EUR		200		233,555
2.13%, 02/15/25			100		115,520
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31(h)	USD		164		176,707
Kenbourne Invest SA, 6.88%, 11/26/24(b)			234		248,157
Millicom International Cellular SA
5.13%, 01/15/28			242		253,494
4.50%, 04/27/31(b)(h)			200		208,037
Sprint Corp., 7.88%, 09/15/23(h)			295		335,142
T-Mobile USA, Inc., 3.30%, 02/15/51			85		84,860
VEON Holdings BV, 4.00%, 04/09/25(b)(h)			200		210,500
VICI Properties LP/VICI Note Co., Inc.(b)
3.50%, 02/15/25			13		13,257
4.25%, 12/01/26			22		22,885
3.75%, 02/15/27			13		13,222
4.63%, 12/01/29(h)			200		212,500
4.13%, 08/15/30			17		17,456
Vmed O2 UK Financing I PLC, 3.25%, 01/31/31	EUR		100		118,855
Vodafone Group PLC
4.25%, 09/17/50	USD		80		93,440
(5 year EUR Swap + 3.23%), 3.00%, 08/27/80(a)	EUR		200		243,681
					2,601,268
Total Corporate Bonds — 56.8% (Cost: $76,653,006)					79,135,355
Floating Rate Loan Interests(a)
Aerospace & Defense — 0.4%
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.35%, 12/09/25	USD		606		596,435
Air Freight & Logistics — 1.0%
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			1,070		1,048,316
XPO Logistics, Inc., 2018 Term Loan B, (3 mo. LIBOR + 1.75%), 1.88%, 02/24/25			335		333,227
					1,381,543

Security		Par (000)		Value
Airlines — 0.4%
Allegiant Travel Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 3.16%, 02/05/24	USD		603	$	598,990
Building Materials — 0.5%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/12/28			618		617,298
Building Products — 0.1%
Advanced Drainage Systems, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 2.38%, 07/31/26			19		18,900
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.10%, 12/14/24			28		28,371
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			49		48,786
					96,057
Chemicals — 0.1%
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27			131		131,219
Commercial Services & Supplies — 1.3%
Galaxy Universal LLC, Term Loan, (3 mo. LIBOR + 7.00%), 7.15%, 12/29/26(d)			1,398		1,389,146
Interface Security Systems LLC, Term Loan, (1.00% PIK), 4.88%, 08/07/23(d)(i)			427		424,426
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26			31		30,931
					1,844,503
Diversified Financial Services — 6.8%
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 3.90%, 02/17/23(d)			60		56,400
LBM Acquisition LLC
Delayed Draw Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			6		5,725
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			39		38,645
Luxembourg Life Fund, 2021 Term Loan, (3 mo. LIBOR + 9.25%), 9.43%, 04/01/23(d)			2,805		2,776,950
Opendoor GP II LLC, Term Loan, (Fixed + 10.00%), 10.00%, 01/23/26(d)			6,000		6,000,000
Spectacle Gary Holdings LLC
Delayed Draw Term Loan, (3 mo. LIBOR + 9.00%), 11.00%, 12/23/25			27		29,759
Term Loan B, (3 mo. LIBOR + 9.00%), 11.00%, 12/23/25			378		410,678
White Cap Buyer LLC, Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			202		202,238
					9,520,395
Diversified Telecommunication Services — 0.4%
Intelsat Jackson Holdings SA
2017 Term Loan B4, (PRIME + 5.50%), 8.75%, 01/02/24			306		311,014
2020 DIP Term Loan, (PRIME + 4.75%, 1.00% Floor), 6.50%, 07/13/22			288		290,204
					601,218

40 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electric Utilities — 0.1%
Pacific Gas & Electric Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 06/23/25	USD		156	$	154,172
Health Care Providers & Services — 0.1%
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 2.36%, 03/06/25			102		100,506
Hotels, Restaurants & Leisure — 1.3%
18 Fremont Street Acquisition LLC, Term Loan B, (3 mo. LIBOR + 8.00%, 1.50% Floor), 9.50%, 08/09/25			798		814,145
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.85%, 02/02/26			171		166,650
Caesars Resort Collection LLC, 2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.60%, 07/20/25			161		161,187
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.25%, 03/31/28(d)			110		112,200
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			218		216,052
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.75%, 08/25/25(d)			151		151,614
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 2.85%, 03/11/28			229		228,253
					1,850,101
Media — 0.9%
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			354		354,561
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.57%, 04/15/27			176		173,919
Diamond Sports Group LLC, Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 08/24/26			607		363,631
Lamar Media Corp., 2020 Term Loan B, (1 mo. LIBOR + 1.50%), 1.58%, 02/06/27			24		23,591
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 2.50%), 2.60%, 05/29/26			288		285,948
					1,201,650
Oil, Gas & Consumable Fuels — 0.7%
Buckeye Partners LP, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.35%, 11/01/26			552		547,893
Citgo Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 2.00%, 1.00% Floor), 8.00%, 08/01/23			393		389,463
					937,356
Pharmaceuticals — 0.8%
Bausch Health Cos., Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 11/27/25			784		777,920
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.09%, 11/15/27			350		346,320
					1,124,240

Security		Par (000)		Value
Road & Rail — 0.1%
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 2.15%, 12/30/26	USD		170	$	168,198
Trading Companies & Distributors — 0.2%
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/03/28			30		30,321
The Enterprise Development Authority, Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/18/28(d)			177		177,204
					207,525
Total Floating Rate Loan Interests — 15.2% (Cost: $21,341,863)					21,131,406
Foreign Agency Obligations
Bahrain — 0.6%
Bahrain Government International Bond, 6.75%, 09/20/29			200		219,287
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(h)			481		556,006
					775,293
Colombia — 0.3%
Colombia Government International Bond, 4.13%, 05/15/51(h)			400		378,950
Dominican Republic — 0.6%
Dominican Republic International Bond
5.95%, 01/25/27(h)			241		271,125
4.50%, 01/30/30(b)			294		300,027
4.88%, 09/23/32(b)(h)			155		159,650
6.40%, 06/05/49			150		161,466
					892,268
Egypt — 1.2%
Egypt Government International Bond(h)
5.58%, 02/21/23(b)			520		545,285
5.58%, 02/21/23			351		368,068
5.75%, 05/29/24(b)			230		244,778
7.50%, 01/31/27(b)			257		288,450
8.50%, 01/31/47			284		295,768
					1,742,349
Ghana — 0.3%
Ghana Government International Bond (b)
7.75%, 04/07/29			200		204,187
8.63%, 04/07/34			270		278,016
					482,203
Indonesia — 0.8%
Indonesia Government International Bond(h) 3.50%, 01/11/28			565		616,132

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Indonesia (continued)
Indonesia Government International Bond(h) (continued) 4.10%, 04/24/28	USD		200	$	225,913
4.75%, 02/11/29			200		234,709
					1,076,754
Mexico — 0.3%
Mexico Government International Bond(h)
3.75%, 01/11/28			200		218,412
4.35%, 01/15/47			200		209,225
					427,637
Morocco — 0.3%
Morocco Government International Bond(b)
3.00%, 12/15/32			296		285,640
4.00%, 12/15/50(h)			200		185,250
					470,890
Oman — 0.2%
Oman Government International Bond, 6.50%, 03/08/47			306		298,503
Panama — 0.2%
Panama Government International Bond, 4.50%, 04/16/50			200		226,600
Paraguay — 0.3%
Paraguay Government International Bond, 5.40%, 03/30/50(b)(h)			300		350,119
Peru — 0.1%
Peruvian Government International Bond, 3.30%, 03/11/41			170		171,955
Romania — 0.2%
Romanian Government International Bond, 3.00%, 02/14/31(b)(h)			250		259,266
Saudi Arabia — 0.3%
Saudi Government International Bond
4.50%, 04/17/30(h)			206		242,668
3.75%, 01/21/55			200		211,350
					454,018
Sri Lanka — 0.3%
Sri Lanka Government International Bond
5.75%, 04/18/23			200		148,850
6.85%, 03/14/24			200		137,475
7.55%, 03/28/30			200		126,475
					412,800
Ukraine — 0.7%
Ukraine Government International Bond
7.75%, 09/01/23			150		161,625
8.99%, 02/01/24(h)			200		221,800

Security		Par (000)		Value
Ukraine (continued)
Ukraine Government International Bond (continued)
7.75%, 09/01/25	USD		110	$	120,450
7.25%, 03/15/33(b)(h)			400		415,950
					919,825
Total Foreign Agency Obligations — 6.7% (Cost: $9,107,064)					9,339,430
		Shares
Investment Companies
Fixed Income Funds — 2.0%
iShares iBoxx $ High Yield Corporate Bond ETF(m)			32,255		2,839,730
Total Investment Companies — 2.0% (Cost: $2,612,620)					2,839,730
		Par (000)
Non-Agency Mortgage-Backed Securities
Banks — 2.5%
Western Alliance Bank, 5.65%, 12/28/24	USD		3,510		3,510,000
Collateralized Mortgage Obligations(b) — 3.6%
Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69(a)			996		994,696
Credit Suisse Mortgage Capital Certificates(a)(d)
Series 2021-JR1, Class A2, 3.50%, 09/27/66			507		487,669
Series 2021-JR1, Class B2, 34.61%, 09/27/66			885		764,050
Series 2021-JR1, Class PT2, 8.94%, 07/26/60			916		359,706
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36			1,902		1,219,097
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, (1 mo. LIBOR), 3.81%, 02/25/38(a)			3,762		1,131,937
					4,957,155
Commercial Mortgage-Backed Securities — 10.2%
Barclays Commercial Mortgage Trust
Series 2019-C3, Class C, 4.18%, 05/15/52			482		525,631
Series 2019-C3, Class D, 3.00%, 05/15/52(b)			770		744,639
Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 02/15/53(b)			57		50,755
BX Commercial Mortgage Trust(a)(b)
Series 2019-XL, Class J, (1 mo. LIBOR US + 2.65%), 2.72%, 10/15/36			1,539		1,540,414
Series 2020-BXLP, Class F, (1 mo. LIBOR US + 2.00%), 2.07%, 12/15/36			388		388,195
BX Trust(a)(b)
Series 2021-MFM1, Class G, (1 mo. LIBOR US + 3.90%), 3.97%, 01/15/34			100		99,940

42 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
BX Trust(a)(b) (continued)
Series 2021-VIEW, Class E, (1 mo. LIBOR US + 3.60%), 3.75%, 06/15/23	USD		130	$	130,000
Citigroup Commercial Mortgage Trust(a)(b)
Series 2019-PRM, Class E, 4.89%, 05/10/36			500		514,077
Series 2019-PRM, Class F, 4.89%, 05/10/36			750		755,657
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 3.57%, 11/15/37(a)(b)			127		128,157
COMM GAM, Series 2013-GAM, Class E, 3.53%, 02/10/28(a)(b)			500		470,247
CSAIL Commercial Mortgage Trust
Series 2018-C14, Class C, 5.05%, 11/15/51(a)			750		830,117
Series 2019-C17, Class D, 2.50%, 09/15/52(b)			227		203,294
CSMC Trust, Series 2020-NET, Class E, 3.83%, 08/15/37(a)(b)			750		754,326
CSMC-FACT, Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 6.23%, 10/15/37(a)(b)			300		305,219
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.65%, 10/10/34(a)(b)			275		278,806
Del Amo Fashion Center Trust, Series 2017-AMO, Class D, 3.76%, 06/05/35(a)(b)			500		382,922
Hudson Yards Mortgage Trust, Series 2019-55HY, Class F, 3.04%, 12/10/41(a)(b)			700		670,569
JP Morgan Chase Commercial Mortgage Securities Trust(a)(b)
Series 2019-BKWD, Class E, (1 mo. LIBOR US + 2.60%), 2.67%, 09/15/29			166		163,604
Series 2020-MKST, Class E, (1 mo. LIBOR US + 2.25%), 2.32%, 12/15/36			125		120,821
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR5, Class D, 3.00%, 06/13/52(b)			750		709,183
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50			625		556,436
Morgan Stanley Capital I Trust(b)
Series 2014-150E, Class F, 4.44%, 09/09/32(a)			700		671,593
Series 2017-H1, Class D, 2.55%, 06/15/50			753		634,696
Series 2018-MP, Class E, 4.42%, 07/11/40(a)			450		414,199
Series 2019-H7, Class D, 3.00%, 07/15/52			750		682,372
Series 2019-NUGS, Class E, (1 mo. LIBOR US + 2.24%), 3.74%, 12/15/36(a)			400		401,581
TPGI Trust, Series 2021-DGWD, Class G, (1 mo. LIBOR US + 3.85%), 3.95%, 06/15/26(a)(b)			130		130,000
UBS-Barclays Commercial Mortgage Trust, Series 2012- C3, Class D, 5.21%, 08/10/49(a)(b)			270		276,556
US 2018-USDC, Series 2018-USDC, Class E, 4.64%, 05/13/38(a)(b)			350		301,411
Wells Fargo Commercial Mortgage Trust(a)
Series 2015-C28, Class D, 4.23%, 05/15/48			325		316,229
Series 2020-SDAL, Class E, (1 mo. LIBOR US + 2.74%), 2.81%, 02/15/37(b)			150		142,473
					14,294,119
Total Non-Agency Mortgage-Backed Securities — 16.3% (Cost: $23,047,378)					22,761,274

Security		Par (000)		Value
Preferred Securities
Capital Trusts — 7.4%
Automobiles — 0.2%
Volkswagen International Finance NV, 3.88%(a)(k)	EUR		200	$	262,032
Banks — 3.1%
ABN AMRO Bank NV, 4.75%(a)(k)			200		261,592
AIB Group PLC, 6.25%(a)(k)			400		539,516
Banco Mercantil del Norte SA, 6.75%(a)(b)(h)(k)	USD		300		322,500
Bank of East Asia Ltd., 5.88%(a)(k)			250		267,078
BAWAG Group AG, 5.00%(a)(k)	EUR		200		257,308
BBVA Bancomer SA, 5.13%, 01/18/33(a)(h)	USD		250		260,156
Burgan Bank SAK, 5.75%(a)(k)			200		201,975
CaixaBank SA, 6.38%(a)(k)	EUR		200		258,773
Cooperatieve Rabobank UA, 4.38%(a)(k)			200		262,791
Erste Group Bank AG, 5.13%(a)(k)			200		261,980
ING Groep NV, 6.75%(a)(h)(k)	USD		400		441,000
Intesa Sanpaolo SpA, 7.75%(a)(k)	EUR		200		290,192
KBC Group NV, 4.25%(a)(k)			200		251,676
Rizal Commercial Banking Corp., 6.50%(a)(k)	USD		200		207,725
Stichting AK Rabobank Certificaten, 2.19%(k)	EUR		25		39,968
TMBThanachart Bank PCL, 4.90%(a)(k)	USD		200		202,913
					4,327,143
Building Materials — 0.1%
Cemex SAB de CV, 5.13%(a)(b)(k)			200		206,060
Chemicals — 0.2%
Solvay SA, 2.50%(a)(k)	EUR		200		244,561
Diversified Financial Services(a)(k) — 1.9%
Banco Santander SA 4.38%			200		244,858
6.75%			200		247,229
BNP Paribas SA, 7.38%(h)	USD		200		233,124
Credit Suisse Group AG (b)(h) 6.38%			350		390,120
6.25%			200		219,000
Societe Generale SA, 7.38%(h)			300		327,750
UBS Group AG, 3.88%(b)			400		400,748
UniCredit SpA 6.63%	EUR		200		254,936
7.50%			200		281,106
					2,598,871
Diversified Telecommunication Services(a)(k) — 0.4%
Telefonica Europe BV 4.38%			200		257,263
3.88%			200		255,078
					512,341
Insurance — 0.1%
Allianz SE, 3.50%(a)(b)(h)(k)	USD		200		206,750
Media — 0.1%
SES SA, 2.88%(a)(k)	EUR		100		119,417
Oil, Gas & Consumable Fuels(a)(k) — 0.4%
BP Capital Markets PLC, 3.25%			100		126,638
Eni SpA, Series NC9, 2.75%			200		238,336
Repsol International Finance BV, 2.50%			100		119,168
Wintershall Dea Finance 2 BV, Series NC5, 2.50%			100		118,155
					602,297

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate Management & Development — 0.1%
ATF Netherlands BV, 3.75%(a)(k)	EUR		100	$	123,170
Utilities(a)(k) — 0.5%
Electricite de France SA
5.38%			100		132,989
3.00%			200		245,096
3.38%			200		247,525
					625,610
Wireless Telecommunication Services(a) — 0.3%
Vodafone Group PLC
4.13%, 06/04/81	USD		300		299,550
4.20%, 10/03/78	EUR		100		133,100
					432,650
Total Capital Trusts — 7.4%					10,260,902
Total Preferred Securities — 7.4% (Cost: $9,673,840)					10,260,902
U.S. Government Sponsored Agency Securities
Commercial Mortgage-Backed Securities(a)(b) — 1.1%
FREMF Mortgage Trust
Series 2017-KGX1, Class BFX, 3.71%, 10/25/27	USD		500		528,460
Series 2019-K99, Class C, 3.77%, 10/25/52			1,000		1,062,789
					1,591,249
Total U.S. Government Sponsored Agency Securities — 1.1% (Cost: $1,477,996)					1,591,249
		Shares
Warrants
Oil, Gas & Consumable Fuels — 0.1%
Chesapeake Energy Corp. (Expires 02/09/26)(f)			6,217		150,926
Total Warrants — 0.1% (Cost: $ — )					150,926
Total Long-Term Investments — 133.4% (Cost: $182,060,981)					185,994,715

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(m)(n)		281,800	$	281,800
Total Short-Term Securities — 0.2% (Cost: $281,800)				281,800
Options Purchased — 0.1% (Cost: $246,996)				97,650
Total Investments Before Options Written — 133.7% (Cost: $182,589,777)				186,374,165
Options Written — (0.1)% (Premiums Received: $(131,766))				(65,573	)
Total Investments, Net of Options Written — 133.6% (Cost: $182,458,011)				186,308,592
Liabilities in Excess of Other Assets — (33.6)%				(46,906,234	)
Net Assets — 100.0%			$	139,402,358

^(a)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

^(c)  When-issued security.

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

^(e)  Amount is less than 500.

^(f)  Non-income producing security.

^(g)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $6,980, representing less than 0.05% of its net assets as of period end, and an original cost of $1,288.

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

⁽ⁱ⁾  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.

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

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

^(l)  Zero-coupon bond.

^(m)  Affiliate of the Trust.

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

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 six-months ended June 30, 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 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	2,613,036	$	—	$	(2,331,236	)(a)	$	—	$	—	$	281,800		281,800	$	333	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		2,815,862		—		—			—		23,868		2,839,730		32,255		48,495		—
								$	—	$	23,868	$	3,121,530			$	48,828	$	—

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

44 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

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.	0.35	%(b)	03/31/21	Open		$	200,219	$          200,396	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			99,000	99,100	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			123,451	123,576	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			94,000	94,095	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/31/21	Open			346,812	347,338	Corporate Bonds	Open/Demand
BNP Paribas	0.49	(b)	04/06/21	Open			211,750	211,995	Foreign Agency Obligations	Open/Demand
BNP Paribas	0.49	(b)	04/06/21	Open			217,500	217,752	Foreign Agency Obligations	Open/Demand
BNP Paribas	0.55	(b)	04/06/21	Open			254,897	255,228	Corporate Bonds	Open/Demand
BNP Paribas	0.68	(b)	04/06/21	Open			175,500	175,782	Corporate Bonds	Open/Demand
BNP Paribas	0.85	(b)	04/06/21	Open			251,860	252,365	Foreign Agency Obligations	Open/Demand
BNP Paribas	0.85	(b)	04/06/21	Open			331,256	331,921	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	04/06/21	Open			1,591,507	1,593,184	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	04/06/21	Open			207,530	207,750	Capital Trusts	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	04/06/21	Open			195,600	195,808	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	04/06/21	Open			150,827	150,987	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	04/06/21	Open			184,575	184,771	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	04/06/21	Open			185,595	185,792	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	04/07/21	Open			205,742	205,935	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			445,567	446,191	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			10,020	10,034	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			13,536	13,555	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			13,260	13,279	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			10,043	10,057	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			597,300	598,136	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			551,444	552,216	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			597,352	598,189	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			11,130	11,146	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			17,064	17,088	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			540,082	540,839	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			375,037	375,563	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			10,020	10,034	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			14,684	14,704	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			12,113	12,129	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			10,780	10,795	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			12,760	12,778	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			10,903	10,918	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			7,950	7,961	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			7,775	7,786	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			13,388	13,406	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			11,130	11,146	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			13,855	13,874	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			164,843	165,073	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			13,120	13,138	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			12,100	12,117	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	04/07/21	Open			14,000	14,020	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			164,750	164,923	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			316,825	317,158	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			616,875	617,523	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			384,750	385,154	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			309,952	310,278	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			256,125	256,394	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			385,605	386,010	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			351,315	351,684	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			236,205	236,453	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			461,202	461,687	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			315,935	316,267	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			223,310	223,544	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			435,356	435,813	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			410,400	410,831	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			333,660	334,010	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			248,625	248,886	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			266,800	267,080	Corporate Bonds	Open/Demand

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Reverse Repurchase Agreements (continued)

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)
RBC Capital Markets LLC	0.45	%(b)	04/07/21	Open		$	190,120	$           190,320	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			368,520	368,907	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	04/07/21	Open			403,955	404,379	Corporate Bonds	Open/Demand
BNP Paribas	0.32	(b)	04/12/21	Open			203,500	203,643	Corporate Bonds	Open/Demand
BNP Paribas	0.85	(b)	04/12/21	Open			359,000	359,670	Corporate Bonds	Open/Demand
BNP Paribas	0.85	(b)	04/12/21	Open			491,221	492,138	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.70	(b)	04/14/21	Open			192,500	192,788	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.55	(b)	05/07/21	Open			863,730	864,456	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	05/07/21	Open			315,437	315,703	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.55	(b)	05/07/21	Open			62,980	63,033	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	05/07/21	Open			245,250	245,456	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.55	(b)	05/07/21	Open			510,825	511,254	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	05/07/21	Open			396,360	396,693	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	05/07/21	Open			498,300	498,719	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	05/07/21	Open			278,775	279,009	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	05/07/21	Open			669,375	669,937	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	05/07/21	Open			405,674	406,046	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	05/07/21	Open			552,000	552,506	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	05/07/21	Open			568,991	569,556	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	05/07/21	Open			415,000	415,412	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	05/07/21	Open			350,500	350,848	Corporate Bonds	Open/Demand
BNP Paribas	0.30	(b)	06/02/21	Open			648,723	648,962	Corporate Bonds	Open/Demand
BNP Paribas	0.45	(b)	06/02/21	Open			226,780	226,859	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			94,223	94,270	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			577,972	578,276	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			518,032	518,305	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			191,500	191,596	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			68,400	68,434	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			41,745	41,766	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			67,550	67,584	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			21,448	21,458	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			594,367	594,666	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			91,080	91,126	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			44,434	44,461	Corporate Bonds	Open/Demand
BNP Paribas	0.55	(b)	06/02/21	Open			170,933	171,031	Corporate Bonds	Open/Demand
BNP Paribas	0.60	(b)	06/02/21	Open			36,053	36,069	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			704,062	704,418	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			189,810	189,906	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			22,920	22,932	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			209,760	209,866	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			19,025	19,035	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			239,632	239,754	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			27,690	27,704	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			33,381	33,398	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			51,638	51,664	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			17,124	17,132	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			21,103	21,113	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			21,390	21,401	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			133,961	134,029	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			50,063	50,092	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			28,058	28,072	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			30,186	30,201	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			27,788	27,802	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			36,371	36,390	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			27,203	27,216	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			29,190	29,205	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			255,027	255,156	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			35,613	35,630	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			19,609	19,619	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/02/21	Open			19,451	19,461	Corporate Bonds	Open/Demand
BNP Paribas	0.68	(b)	06/02/21	Open			209,027	209,138	Corporate Bonds	Open/Demand
BNP Paribas	0.70	(b)	06/02/21	Open			140,525	140,601	Corporate Bonds	Open/Demand

46 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Reverse Repurchase Agreements (continued)

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)
BNP Paribas	0.45	%(b)	06/03/21	Open		$	91,269	$             91,300	Corporate Bonds	Open/Demand
BNP Paribas	0.45	(b)	06/03/21	Open			215,000	215,073	Corporate Bonds	Open/Demand
BNP Paribas	0.58	(b)	06/03/21	Open			288,794	288,919	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/03/21	Open			191,362	191,455	Capital Trusts	Open/Demand
BNP Paribas	0.65	(b)	06/03/21	Open			216,677	216,783	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/03/21	Open			188,000	188,092	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/03/21	Open			246,875	246,995	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/03/21	Open			189,500	189,592	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/03/21	Open			173,500	173,585	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/03/21	Open			156,750	156,826	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/03/21	Open			154,000	154,075	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/03/21	Open			189,250	189,342	Corporate Bonds	Open/Demand
BNP Paribas	0.65	(b)	06/03/21	Open			159,600	159,678	Corporate Bonds	Open/Demand
BNP Paribas	0.70	(b)	06/03/21	Open			141,525	141,599	Corporate Bonds	Open/Demand
BNP Paribas	0.70	(b)	06/03/21	Open			288,917	289,069	Corporate Bonds	Open/Demand
BNP Paribas	0.75	(b)	06/03/21	Open			65,000	65,037	Corporate Bonds	Open/Demand
BNP Paribas	0.75	(b)	06/03/21	Open			180,750	180,852	Corporate Bonds	Open/Demand
BNP Paribas	0.75	(b)	06/03/21	Open			328,927	329,112	Corporate Bonds	Open/Demand
BNP Paribas	0.85	(b)	06/07/21	Open			125,450	125,521	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.30	(b)	06/08/21	Open			241,993	242,038	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.30	(b)	06/08/21	Open			220,937	220,978	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.45	(b)	06/08/21	Open			228,166	228,229	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.45	(b)	06/08/21	Open			306,735	306,819	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.45	(b)	06/08/21	Open			237,385	237,450	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.45	(b)	06/08/21	Open			272,640	272,715	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.45	(b)	06/08/21	Open			177,500	177,549	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			351,932	352,040	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			190,000	190,058	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			330,300	330,401	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			152,725	152,772	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.50	(b)	06/08/21	Open			184,317	184,373	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.35	(b)	06/09/21	Open			325,500	325,566	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.35	(b)	06/09/21	Open			258,169	258,221	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	06/09/21	Open			178,750	178,792	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.45	(b)	06/09/21	Open			202,000	202,053	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			77,648	77,670	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			164,243	164,290	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			23,270	23,277	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			45,120	45,133	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			16,605	16,610	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			23,660	23,667	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			15,449	15,453	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			32,625	32,634	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			201,690	201,749	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			16,129	16,133	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			12,985	12,989	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			14,088	14,092	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			43,538	43,550	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			12,218	12,221	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			23,075	23,082	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			37,275	37,286	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			15,258	15,262	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			15,560	15,565	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			27,474	27,482	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			16,981	16,986	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			458,437	458,571	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			31,195	31,204	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			33,013	33,022	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			13,680	13,684	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			180,420	180,473	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			33,208	33,217	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	06/09/21	Open			152,513	152,561	Corporate Bonds	Open/Demand

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Reverse Repurchase Agreements (continued)

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.

0.55

%(b)

06/09/21

Open

$

289,500

$           289,593

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/09/21

Open

169,500

169,554

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/09/21

Open

228,597

228,670

Capital Trusts

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

06/09/21

Open

163,638

163,680

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/09/21

Open

256,162

256,204

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/11/21

Open

4,750

4,751

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/11/21

Open

185,750

185,776

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

06/11/21

Open

534,631

534,720

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

06/11/21

Open

188,728

188,764

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

67,558

67,573

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

172,500

172,541

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

331,862

331,941

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

362,500

362,586

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

39,184

39,193

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

183,500

183,543

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

240,187

240,244

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

562,672

562,805

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

181,250

181,293

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/11/21

Open

682,500

682,661

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/11/21

Open

175,500

175,546

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/11/21

Open

255,375

255,441

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/11/21

Open

337,500

337,588

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/11/21

Open

318,649

318,732

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/11/21

Open

473,200

473,323

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/11/21

Open

182,000

182,047

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/11/21

Open

215,682

215,739

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/11/21

Open

220,312

220,370

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.28

(b)

06/11/21

Open

469,262

469,325

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/29/21

Open

186,750

186,752

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/29/21

Open

166,750

166,752

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/29/21

Open

188,500

188,502

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/29/21

Open

142,213

142,214

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

285,106

285,110

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

348,000

348,005

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

28,178

28,178

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

105,900

105,901

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

178,500

178,503

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

148,500

148,502

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

183,750

183,753

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

135,563

135,565

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

185,750

185,753

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

231,875

231,879

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

207,296

207,300

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

180,000

180,003

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.60

(b)

06/29/21

Open

247,569

247,573

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

06/29/21

Open

181,148

181,151

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

06/29/21

Open

286,500

286,505

Corporate Bonds

Open/Demand

$

48,889,276

$

48,922,839

^(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.

48 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

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. Treasury Note		46		09/21/21	$	6,091	$	22,184
U.S. Long Bond		4		09/21/21		642		14,038
5-Year U.S. Treasury Note		5		09/30/21		617		(128	)
								36,094
Short Contracts 10-Year U.S. Ultra Long Treasury Note		97		09/21/21		14,265		(166,363	)
Ultra U.S. Treasury Bond		17		09/21/21		3,273		(121,349	)
2-Year U.S. Treasury Note		46		09/30/21		10,135		848
								(286,864	)
							$	(250,770	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	1,836,559	USD	354,000	BNP Paribas S.A.		09/15/21	$	11,905
USD	4,212,566	AUD	5,472,500	Morgan Stanley & Co. International PLC		09/15/21		107,176
USD	118,973	CAD	144,000	Bank of America N.A.		09/15/21		2,810
USD	6,272,043	EUR	5,174,000	BNP Paribas S.A.		09/15/21		127,633
USD	5,864,476	EUR	4,811,234	Deutsche Bank AG		09/15/21		150,871
USD	261,611	EUR	220,000	JPMorgan Chase Bank N.A.		09/15/21		349
USD	86,908	EUR	73,000	Morgan Stanley & Co. International PLC		09/15/21		216
USD	190,605	EUR	160,000	Morgan Stanley & Co. International PLC		09/15/21		596
USD	96,528	EUR	81,279	UBS AG		09/15/21		5
USD	985,629	GBP	697,000	Morgan Stanley & Co. International PLC		09/15/21		21,308
USD	107,000	RUB	7,842,339	UBS AG		09/15/21		971
								423,840
AUD	5,472,500	USD	4,225,800	Morgan Stanley & Co. International PLC		09/15/21		(120,409	)
RUB	15,658,794	USD	214,000	UBS AG		09/15/21		(2,292	)
USD	177,000	BRL	897,682	Deutsche Bank AG		09/15/21		(1,849	)
USD	177,000	BRL	896,826	UBS AG		09/15/21		(1,678	)
USD	107,000	RUB	7,918,571	UBS AG		09/15/21		(60	)
								(126,288	)
							$	297,552

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put iShares iBoxx $ High Yield Corporate Bond ETF		2,325		10/15/21	USD	82.00	USD	20,469	$	97,650

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put iShares iBoxx $ High Yield Corporate Bond ETF		2,325		10/15/21	USD	75.00	USD	20,469	$	(53,475	)

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

OTC Interest Rate Swaptions Written

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Put

10-Year Interest Rate Swap, 07/28/31

3-Month LIBOR, 0.15%

Quarterly

1.73

%

Semi-Annual

Morgan Stanley & Co. International PLC

07/26/21

1.73

%

USD

940

$

(678

)

10-Year Interest Rate Swap, 09/02/31

3-Month LIBOR, 0.15%

Quarterly

1.75

%

Semi-Annual

Morgan Stanley & Co. International PLC

08/31/21

1.75

USD

1,054

(3,163

)

30-Year Interest Rate Swap, 09/02/51

3-Month LIBOR, 0.15%

Quarterly

2.19

%

Semi-Annual

Morgan Stanley & Co. International PLC

08/31/21

2.19

USD

527

(1,933

)

10-Year Interest Rate Swap, 11/28/31

3-Month LIBOR, 0.15%

Quarterly

1.85

%

Semi-Annual

Morgan Stanley & Co. International PLC

11/26/21

1.85

USD

940

(6,324

)

$

(12,098

)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Termination Date	Credit Rating	(a)	Notional Amount (000)	(b)		Value		Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.33.V12	5.00	%	Quarterly	12/20/24	CCC-		USD     6,453		$	643,831	$	(392,844	)	$	1,036,675
CDX.NA.HY.34.V9	5.00		Quarterly	06/20/25	CCC		USD     5,336			535,299		(11,261	)		546,560
									$	1,179,130	$	(404,105	)	$	1,583,235

^(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.

Centrally Cleared Interest Rate Swaps

Paid by the Trust		Received by the Trust		Effective Date		Termination Date		Notional Amount (000)				Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency						Value
0.52%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A		06/21/24	USD     2,250	$	2,752		$	26	$	2,726
1.54%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A		05/28/31	USD          88		(814	)		2		(816	)
1.97%	Semi-Annual	3-Month LIBOR, 0.15%	Quarterly		N/A		05/28/51	USD          42		(1,916	)		1		(1,917	)
									$	22		$	29	$	(7	)

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)
CMBX.NA.9	3.00	%	Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR		USD     5,000		$	(386,335	)	$	(7,855	)	$	(378,480	)
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR		USD     5,000			(386,335	)		(20,134	)		(366,201	)
										$	(772,670	)	$	(27,989	)	$	(744,681	)

^(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.

50 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

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

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps(a)	$	29	$	(404,105	)	$	1,585,961	$	(2,733	)	$	—
OTC Swaps		—		(27,989	)		—		(744,681	)		—
Options Written		N/A		N/A			66,193		—			(65,573	)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	37,070	$	—	$	37,070
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		423,840		—		—		423,840
Options purchased
Investments at value — unaffiliated(b)		—		—		97,650		—		—		—		97,650
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)		—		1,583,235		—		—		2,726		—		1,585,961
	$	—	$	1,583,235	$	97,650	$	423,840	$	39,796	$	—	$	2,144,521
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	287,840	$	—	$	287,840
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		126,288		—		—		126,288
Options written
Options written at value		—		—		53,475		—		12,098		—		65,573
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)		—		—		—		—		2,733		—		2,733
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		772,670		—		—		—		—		772,670
	$	—	$	772,670	$	53,475	$	126,288	$	302,671	$	—	$	1,255,104

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

^(b)  Includes options purchased at value as reported in the Schedule of Investments.

For the six months ended June 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	—		$	—		$	(660,485	)	$	—	$	(660,485	)
Forward foreign currency exchange contracts		—		—		—			(295,401	)		—			—		(295,401	)
Options purchased(a)		—		—		(465,616	)		(54,036	)		(174,465	)		—		(694,117	)
Options written		—		—		198,088			—			37,657			—		235,745
Swaps		—		508,511		—			—			5,854			—		514,365
	$	—	$	508,511	$	(267,528	)	$	(349,437	)	$	(791,439	)	$	—	$	(899,893	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	—		$	—		$	(180,101	)	$	—	$	(180,101	)

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Forward foreign currency exchange contracts	$	—	$	—	$	—		$	722,959	$	—		$	—	$	722,959
Options purchased(b)		—		—		(59,323	)		42,636		58,124			—		41,437
Options written		—		—		14,028			—		6,084			—		20,112
Swaps		—		419,392		—			—		(7	)		—		419,385
	$	—	$	419,392		$    (45,295	)	$	765,595		$    (115,900	)	$	—	$	1,023,792

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

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	4,103,582
Average notional value of contracts — short	$	19,206,516
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	20,161,482
Average amounts sold — in USD	$	2,396,900
Options
Average value of option contracts purchased	$	145,180
Average value of option contracts written	$	68,010
Average notional value of swaption contracts purchased	$	2,805,000
Average notional value of swaption contracts written	$	1,730,458
Credit default swaps
Average notional value — sell protection	$	21,788,500
Interest rate swaps
Average notional value — pays fixed rate	$	1,190,006
Average notional value — receives fixed rate	$	—	(a)

^(a)  Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	9,061		$	50,815
Forward foreign currency exchange contracts		423,840			126,288
Options		97,650	(a)		65,573
Swaps — centrally cleared		6,210			—
Swaps — OTC(b)		—			772,670
Total derivative assets and liabilities in the Statements of Assets and Liabilities		536,761			1,015,346
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(112,921	)		(104,290	)
Total derivative assets and liabilities subject to an MNA	$	423,840		$	911,056

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

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

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Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets	(b)(c)
Bank of America N.A	$	2,810	$	—		$	—	$	—		$	2,810
BNP Paribas S.A.		139,538		—			—		—			139,538
Deutsche Bank AG		150,871		(1,849	)		—		—			149,022
JPMorgan Chase Bank N.A.		349		—			—		—			349
Morgan Stanley & Co. International PLC		129,296		(129,296	)		—		—			—
UBS AG		976		(976	)		—		—			—
	$	423,840	$	(132,121	)	$	—	$	—		$	291,719
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	(d)		Net Amount of Derivative Liabilities	(b)(e)
Deutsche Bank AG	$	1,849	$	(1,849	)	$	—	$	—		$	—
Morgan Stanley & Co. International PLC		905,177		(129,296	)		—		(775,881	)		—
UBS AG		4,030		(976	)		—		—			3,054
	$	911,056	$	(132,121	)	$	—		$  (775,881	)	$	3,054

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

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

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

^(d)  Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	33,157,510	$	4,587,761	$	37,745,271
Common Stocks
Diversified Financial Services		—		—		—		—
Equity Real Estate Investment Trusts (REITs)		25,200		—		—		25,200
Hotels, Restaurants & Leisure		295,688		—		—		295,688
Oil & Gas Exploration & Production		—		233,856		—		233,856
Oil, Gas & Consumable Fuels		477,448		6,980		—		484,428
Corporate Bonds		—		79,046,427		88,928		79,135,355
Floating Rate Loan Interests		—		10,043,466		11,087,940		21,131,406
Foreign Agency Obligations		—		9,339,430		—		9,339,430
Investment Companies		2,839,730		—		—		2,839,730
Non-Agency Mortgage-Backed Securities		—		21,149,849		1,611,425		22,761,274
Preferred Securities
Capital Trusts		—		10,260,902		—		10,260,902
U.S. Government Sponsored Agency Securities		—		1,591,249		—		1,591,249
Warrants		150,926		—		—		150,926
Short-Term Securities
Money Market Funds		281,800		—		—		281,800

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

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Options Purchased
Equity Contracts	$	97,650		$	—		$	—	$	97,650
Unfunded Floating Rate Loan Interests(a)		—			7			—		7
	$	4,168,442		$	164,829,676		$	17,376,054	$	186,374,172
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—		$	1,583,235		$	—	$	1,583,235
Foreign Currency Exchange Contracts		—			423,840			—		423,840
Interest Rate Contracts		37,070			2,726			—		39,796
Liabilities
Credit Contracts		—			(744,681	)		—		(744,681	)
Equity Contracts		(53,475	)		—			—		(53,475	)
Foreign Currency Exchange Contracts		—			(126,288	)		—		(126,288	)
Interest Rate Contracts		(287,840	)		(14,831	)		—		(302,671	)
	$	(304,245	)	$	1,124,001		$	—	$	819,756

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

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

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 $48,922,839 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	$	357,078		$	—		$	536,285		$	14,790,968		$	1,844,977		$	17,529,308
Transfers into Level 3		—			—			—			152,378			—			152,378
Transfers out of Level 3		—			—			—			(31,009	)		—			(31,009	)
Accrued discounts/premiums		504			—			—			8,942			12,235			21,681
Net realized gain (loss)		—			—			28,482			803,838			(151,301	)		681,019
Net change in unrealized appreciation (depreciation)(a)(b)		(6,156	)		(309,376	)		113,843			(497,032	)		716,145			17,424
Purchases		4,257,763			309,376			—			8,452,866			1,617,158			14,637,163
Sales		(21,428	)		—			(589,682	)		(12,593,011	)		(2,427,789	)		(15,631,910	)
Closing balance, as of June 30, 2021	$	4,587,761		$	—		$	88,928		$	11,087,940		$	1,611,425		$	17,376,054
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2021(d)	$	(6,156	)	$	(309,376	)	$	5,443		$	1,964		$	(3,967	)	$	(312,092	)

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

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 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

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Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

upon unadjusted third party pricing information in the amount of $6,458,635. 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
Asset-Backed Securities	$	237,969	Income	Discount Rate	9%		—
Corporate Bonds		88,928	Income	Discount Rate	4%		—
Floating Rate Loan Interests		10,590,522	Income	Discount Rate	5% - 11%		9%
	$	10,917,419

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

June 30, 2021

	BlackRock Multi-Sector Opportunities Trust		BlackRock Multi-Sector Opportunities Trust II
ASSETS
Investments, at value — unaffiliated(a)	$	431,483,615	$	183,252,635
Investments, at value — affiliated(b)		6,225,249		3,121,530
Cash		68,623		—
Cash pledged:
Collateral — exchange-traded options written		2,700,000		1,100,000
Collateral — OTC derivatives		2,262,000		1,130,000
Futures contracts		770,000		313,000
Centrally cleared swaps		2,154,000		865,000
Foreign currency, at value(c)		402,673		304,241
Receivables:
Investments sold		949,553		472,751
Reverse repurchase agreements		—		286,500
Dividends — affiliated		44		18
Interest — unaffiliated		4,730,096		2,069,361
Principal paydowns		236,586		—
Variation margin on futures contracts		—		9,061
Variation margin on centrally cleared swaps		11,954		6,210
Swap premiums paid		1,515		—
Unrealized appreciation on:
Forward foreign currency exchange contracts		1,272,403		423,840
OTC swaps		807,146		—
Unfunded floating rate loan interests		14		7
Prepaid expenses		1,364		539
Total assets		454,076,835		193,354,693
LIABILITIES
Bank overdraft		—		143,568
Cash received as collateral for reverse repurchase agreements		1,055,329		872,241
Options written, at value(d)		165,449		65,573
Reverse repurchase agreements, at value		93,886,191		48,922,839
Payables:
Investments purchased		3,597,217		2,598,190
Investment advisory fees		454,000		191,397
Trustees’ and Officer’s fees		1,027		379
Other accrued expenses		273,525		172,753
Principal payups		—		3,201
Distribution fees		—		32,421
Variation margin on futures contracts		104,661		50,815
Swap premiums received		3,414,150		27,989
Unrealized depreciation on:
Forward foreign currency exchange contracts		602,994		126,288
OTC swaps		85,894		744,681
Total liabilities		103,640,437		53,952,335
NET ASSETS	$	350,436,398	$	39,402,358

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Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2021

	BlackRock Multi-Sector Opportunities Trust			BlackRock Multi-Sector Opportunities Trust II
NET ASSETS CONSIST OF
Paid-in capital(e)(f)(g)	$	385,268,014		$	147,595,598
Accumulated loss		(34,831,616	)		(8,193,240	)
NET ASSETS	$	350,436,398		$	139,402,358
Net asset value	$	89.28		$	92.04
(a) Investments, at cost — unaffiliated	$	429,833,163		$	179,695,357
(b) Investments, at cost — affiliated	$	5,974,778		$	2,894,420
(c)  Foreign currency, at cost	$	409,008		$	310,110
(d) Premiums received	$	333,202		$	131,766
(e) Shares outstanding		3,925,328			1,514,629
(f)  Shares authorized		Unlimited			Unlimited
(g) Par value	$	0.001		$	0.001

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended June 30, 2021

	BlackRock Multi-Sector Opportunities Trust			BlackRock Multi-Sector Opportunities Trust II
INVESTMENT INCOME
Dividends — unaffiliated	$	—		$	124,397
Dividends — affiliated		45,838			48,828
Interest — unaffiliated		14,034,145			5,176,698
Total investment income		14,079,983			5,349,923
EXPENSES
Investment advisory		2,854,280			1,185,963
Professional		73,750			57,832
Transfer agent		59,712			6,553
Custodian		38,945			18,250
Accounting services		37,523			20,558
Trustees and Officer		11,034			4,832
Distribution		—			175,015
Miscellaneous		69,475			32,289
Total expenses excluding interest expense		3,144,719			1,501,292
Interest expense		336,729			165,869
Total expenses		3,481,448			1,667,161
Less:
Fees waived and/or reimbursed by the Manager		(18,167	)		(18,269	)
Total expenses after fees waived and/or reimbursed		3,463,281			1,648,892
Net investment income		10,616,702			3,701,031
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		2,885,455			924,412
Forward foreign currency exchange contracts		(607,581	)		(295,401	)
Foreign currency transactions		106,972			65,224
Futures contracts		(1,921,444	)		(660,485	)
Options written		586,091			235,745
Swaps		1,320,703			514,365
		2,370,196			783,860
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		2,591,688			1,526,740
Investments — affiliated		22,200			23,868
Forward foreign currency exchange contracts		1,657,082			722,959
Foreign currency translations		(46,015	)		(23,305	)
Futures contracts		(557,827	)		(180,101	)
Options written		56,621			20,112
Swaps		1,631,497			419,385
Unfunded floating rate loan interests		14			7
		5,355,260			2,509,665
Net realized and unrealized gain		7,725,456			3,293,525
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,342,158		$	6,994,556

See notes to financial statements.    

58 2 0 2 1   B L A C K R O C K   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets

	BlackRock Multi-Sector Opportunities Trust							BlackRock Multi-Sector Opportunities Trust II
	Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20			Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	10,616,702		$	22,860,364			$	3,701,031		$	7,441,451
Net realized gain (loss)			2,370,196			(26,785,229	)			783,860			(11,761,456	)
Net change in unrealized appreciation (depreciation)			5,355,260			(12,767,246	)			2,509,665			(1,168,377	)
Net increase (decrease) in net assets resulting from operations			18,342,158			(16,692,111	)			6,994,556			(5,488,382	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income			(12,044,285	)(b)		(24,573,452	)			(4,783,790	)(b)		(8,099,658	)
Return of capital			—			(5,438,560	)			—			(3,291,237	)
Decrease in net assets resulting from distributions to shareholders			(12,044,285	)		(30,012,012	)			(4,783,790	)		(11,390,895	)
CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions			1,940,255			4,954,746				2,206,325			5,245,281
Repurchase of shares resulting from tender offers			(18,152,233	)		(28,822,439	)			(7,170,871	)		(6,907,124	)
Net decrease in net assets derived from capital share transactions			(16,211,978	)		(23,867,693	)			(4,964,546	)		(1,661,843	)
NET ASSETS
Total decrease in net assets			(9,914,105	)		(70,571,816	)			(2,753,780	)		(18,541,120	)
Beginning of period			360,350,503			430,922,319				142,156,138			160,697,258
End of period		$	350,436,398		$	360,350,503			$	139,402,358		$	142,156,138

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

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

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

Statements of Cash Flows (unaudited)

Six Months Ended June 30, 2021

	BlackRock Multi-Sector Opportunities Trust			BlackRock Multi-Sector Opportunities Trust II
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	18,342,158		$	6,994,556
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities
Proceeds from sales of long-term investments and principal paydowns/payups		103,821,749			49,161,849
Purchases of long-term investments		(76,490,445	)		(43,857,017	)
Net proceeds from sales of short-term securities		3,438,417			1,861,318
Amortization of premium and accretion of discount on investments and other fees		(76,733	)		5,045
Premiums paid on closing options written		(262,353	)		(104,064	)
Premiums received from options written		1,023,365			406,148
Net realized gain on investments and options written		(3,471,546	)		(1,160,157	)
Net unrealized appreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests		(5,722,855	)		(2,701,793	)
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		255			66
Interest — unaffiliated		759,491			38,939
Variation margin on futures contracts		89,750			23,002
Variation margin on centrally cleared swaps		35,240			11,738
Swap premiums paid		206			—
Prepaid expenses		1,938			760
Other assets		327,273			—
Increase (Decrease) in Liabilities
Collateral — reverse repurchase agreements		(3,788,000	)		(1,538,000	)
Payables
Interest expense		(217,912	)		(117,835	)
Investment advisory fees		(34,131	)		(7,157	)
Trustees’ and Officer’s fees		64			46
Other accrued expenses		73,630			41,519
Distribution fees		—			(1,278	)
Variation margin on futures contracts		90,450			47,419
Swap premiums received		(43,698	)		(242	)
Net cash provided by operating activities		37,896,313			9,104,862
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(10,104,030	)		(2,577,465	)
Net payments on redemption of capital shares		(18,152,233	)		(7,170,871	)
Increase in bank overdraft		—			120,458
Net borrowing of reverse repurchase agreements		(12,651,658	)		211,134
Net cash used for financing activities		(40,907,921	)		(9,416,744	)
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(25,442	)		(13,909	)
CASH AND FOREIGN CURRENCY
Net decrease in restricted and unrestricted cash and foreign currency		(3,037,050	)		(325,791	)
Restricted and unrestricted cash and foreign currency at beginning of period		11,394,346			4,038,032
Restricted and unrestricted cash and foreign currency at end of period	$	8,357,296		$	3,712,241
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	554,641		$	283,704
NON-CASH FINANCING ACTIVITIES
Capital shares issued in reinvestment of distributions paid to shareholders	$	1,940,255		$	2,206,325

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Statements of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2021

	BlackRock Multi-Sector Opportunities Trust		BlackRock Multi-Sector Opportunities Trust II
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES
Cash	$	68,623	$	—
Cash pledged
Collateral — exchange-traded options written		2,700,000		1,100,000
Collateral — OTC derivatives		2,262,000		1,130,000
Futures contracts		770,000		313,000
Centrally cleared swaps		2,154,000		865,000
Foreign currency at value		402,673		304,241
	$	8,357,296	$	3,712,241

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 61

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Multi-Sector Opportunities Trust
	Six Months Ended										Period from
			06/30/21 (unaudited)			Year Ended December 31,						02/23/18	(a)
					2020			2019			to 12/31/18
Net asset value, beginning of period		$	87.75		$	98.42		$	90.55		$	100.00
Net investment income(b)			2.65			5.41			5.99			4.29
Net realized and unrealized gain (loss)			1.92			(8.93	)		9.38			(8.11	)
Net increase (decrease) from investment operations			4.57			(3.52	)		15.37			(3.82	)
Distributions(c)
From net investment income			(3.04	)(d)		(5.86	)		(7.32	)		(4.19	)
From net realized gain			—			—			(0.18	)		(1.44	)
Return of capital			—			(1.29	)		—			—
Total distributions			(3.04	)		(7.15	)		(7.50	)		(5.63	)
Net asset value, end of period		$	89.28		$	87.75		$	98.42		$	90.55
Total Return(e)
Based on net asset value			5.26	%(f)		(2.50	)%		17.35	%		(3.95	)%(f)(g)
Ratios to Average Net Assets(h)
Total expenses			1.97	%(i)		2.29	%		2.67	%		1.78	%(i)(j)
Total expenses after fees waived and/or reimbursed			1.96	%(i)		2.28	%		2.67	%		1.77	%(i)
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs			1.77	%(i)		1.83	%		1.75	%		1.50	%(i)
Net investment income			6.01	%(i)		6.42	%		6.20	%		5.23	%(i)
Supplemental Data
Net assets, end of period (000)		$	350,436		$	360,351		$	430,922		$	421,764
Borrowings outstanding, end of period (000)		$	93,886		$	106,756		$	160,085		$	117,177
Portfolio turnover rate			17	%		31	%		47	%		57	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. No secondary market for the Trust’s common shares exists.

^(f)  Aggregate total return.

^(g)  Includes proceeds received from a settlement of litigation, which had no impact on the Trust’s total return.

^(h)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended									Period from
		06/30/21 (unaudited)			Year Ended December 31,						02/23/18	(a)
				2020			2019			to 12/31/18
Investments in underlying funds		0.01	%		0.01	%		—	%		0.04	%

⁽ⁱ⁾  Annualized.

^(j)  Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the expense ratio would have been 1.78%.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Multi-Sector Opportunities Trust II
	Six Months Ended									Period from
		06/30/21				Year Ended					04/16/19	(a)
			(unaudited)			December 31, 2020				to 12/31/19
Net asset value, beginning of period			$	90.65			$	101.48		$	100.00
Net investment income(b)				2.41				4.68			3.07
Net realized and unrealized gain (loss)				2.14				(8.31	)		2.84
Net increase (decrease) from investment operations				4.55				(3.63	)		5.91
Distributions(c)
From net investment income				(3.16	)(d)			(5.13	)		(3.69	)
From net realized gain				—				—			(0.18	)
Return of capital				—				(2.07	)		(0.56	)
Total distributions				(3.16	)			(7.20	)		(4.43	)
Net asset value, end of period			$	92.04			$	90.65		$	101.48
Total Return(e)
Based on net asset value				5.06	%(f)			(2.45	)%		5.99	%(f)
Ratios to Average Net Assets(g)
Total expenses				2.38	%(h)			2.63	%		2.07	%(h)(i)
Total expenses after fees waived and/or reimbursed				2.36	%(h)			2.60	%		2.04	%(h)
Total expenses after fees waived and/or reimbursed and excluding interest expense, fees, and amortization of offering costs				2.12	%(h)			2.11	%		1.77	%(h)
Net investment income				5.29	%(h)			5.41	%		4.30	%(h)
Supplemental Data
Net assets, end of period (000)			$	139,402			$	142,156		$	160,697
Borrowings outstanding, end of period (000)			$	48,923			$	48,543		$	55,798
Portfolio turnover rate				24	%			39	%		29	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

^(d)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

^(e)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. No secondary market for the Trust’s common shares exists.

^(f)  Aggregate total return.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended							Period from
	06/30/21				Year Ended December 31,				04/16/19	(a)
	(unaudited)			2020				to 12/31/19
Investments in underlying funds		0.01	%			0.03	%		0.05	%

^(h)  Annualized.

⁽ⁱ⁾  Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the expense ratio would have been 2.09%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 63

Notes to Financial Statements (unaudited) 

1. ORGANIZATION

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:

Trust Name	Herein Referred To As	Organized	Diversification Classification
BlackRock Multi-Sector Opportunities Trust	MSO	Delaware	Diversified*
BlackRock Multi-Sector Opportunities Trust II	MSO2	Delaware	Non-diversified

* The Trust’s classification changed from non-diversified to diversified during the reporting period.    

The Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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

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

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts, options written and swaps) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowings to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

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

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.

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Notes to Financial Statements (unaudited) (continued)

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

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Trusts’ net assets. Each business day, the Trusts use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset- backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

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

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

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

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

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

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in

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Notes to Financial Statements (unaudited) (continued)

determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

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

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

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

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

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each 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 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 Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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Notes to Financial Statements (unaudited) (continued)

the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

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

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

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

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.

Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

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

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

In connection with floating rate loan interests, the Trusts may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Trusts had the following unfunded floating rate loan interests:

Trust Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)
MSO	LBM Acquisition LLC	$	6,286	$	6,223	$	6,237	$	14
MSO2	LBM Acquisition LLC		2,885		2,856		2,863		7

Forward Commitments, When-Issued and Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A Trust may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a Trust may be required to pay more at settlement than the security is worth. In addition, a Trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a Trust assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a Trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

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

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

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Notes to Financial Statements (unaudited) (continued)

For the six months ended June 30, 2021, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Trusts were as follows:

Trust Name	Average Amount Outstanding		Daily Weighted Average Interest Rate
MSO	$	104,026,224		0.65	%
MSO2		50,246,416		0.66

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

As of period end, the following table is a summary of the Trusts’ open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:

Trust Name/Counterparty		Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	(a)		Cash Collateral Pledged/Received		Net Amount
MSO
Barclays Capital, Inc.	$	(39,182,057	)	$	39,182,057		$	—	$	—
BNP Paribas		(29,612,230	)		29,612,230			—		—
Credit Suisse Securities (USA) LLC		(9,092,561	)		9,092,561			—		—
RBC Capital Markets LLC		(15,999,343	)		15,999,343			—		—
	$	(93,886,191	)	$	93,886,191		$	—	$	—

^(a)  Collateral with a value of $109,004,498 has been pledged in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.

Trust Name/Counterparty		Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	(a)		Cash Collateral Pledged/Received		Net Amount
MSO2
Barclays Capital, Inc.	$	(26,554,467	)	$	26,554,467		$	—	$	—
BNP Paribas		(12,089,197	)		12,089,197			—		—
Credit Suisse Securities (USA) LLC		(2,866,345	)		2,866,345			—		—
RBC Capital Markets LLC		(7,412,830	)		7,412,830			—		—
	$	(48,922,839	)	$	48,922,839		$	—	$	—

^(a)  Collateral with a value of $56,333,406 has been pledged in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market

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Notes to Financial Statements (unaudited) (continued)

value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

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

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

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

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

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For such services, each Trust pays the Manager a monthly fee at an annual rate equal to 1.25% of the average daily value of each Trust’s managed assets. For purposes of calculating these fees, “managed assets” are determined as total assets of the Trust (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

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Notes to Financial Statements (unaudited) (continued)

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

Service and Distribution Fees: MSO2 entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution Agreement, MSO2 pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at an annual rate of 0.25% based upon the month-end net assets of the common shares of MSO2.

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

Expense Waivers: With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2022. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2021, the amounts waived were as follows:

Trust Name	Fees Waived and/or Reimbursed by the Manager
MSO	$	1,960
MSO2		844

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2022. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2021, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

Trust Name	Fees Waived and/or Reimbursed     by the Manager
MSO	$	16,207
MSO2		17,425

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

Other Transactions: The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2021, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Trust Name	Purchases		Sales		Net Realized Gain (Loss)
MSO	$	229,512	$	21,437	$	1,625
MSO2		162,571		11,612		880

7. PURCHASES AND SALES

For the six months ended June 30, 2021, purchases and sales of investments, including paydowns/payups and excluding short-term investments, were as follows:

Trust Name	Purchases		Sales
MSO	$	77,219,576	$	98,966,504
MSO2		45,229,509		49,487,734

8. INCOME TAX INFORMATION

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

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

Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

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Notes to Financial Statements (unaudited) (continued)

As of December 31, 2020, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

Trust Name	Non-Expiring
MSO	$	38,444,879
MSO2		11,639,669

As of June 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Trust Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSO	$	436,017,460	$	22,877,785	$	(18,039,372	)	$	4,838,413
MSO2		182,744,479		9,940,376		(5,359,168	)		4,581,208

9. BANK BORROWINGS

Each Trust is a party to an existing 364-day, $2.25 billion credit agreement with a group of lenders, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”). Under this agreement, the Trusts may borrow to fund shareholder tender offers. Excluding commitments designated for certain individual funds, the Participating Funds, including the Trusts, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2022 unless extended or renewed. During the six months ended June 30, 2021, the Trusts did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

MSO will terminate at the close of business on February 22, 2024; however, the Board may, without shareholder approval, extend the Termination Date by up to one year to a date on or before February 22, 2025. MSO2 will terminate at the close of business on February 28, 2025; however, the Board may, without shareholder approval, extend the Termination Date by up to one year to a date on or before February 28, 2026. Each Trust is not a target term fund and thus does not seek to return its initial public offering price of $100 per common share upon termination. The final distribution of net assets upon termination may be more than, equal to or less than $100 per common share. Because each Trust does not list its common shares on any securities exchange, an investment in the Trust, unlike an investment in a traditional listed closed-end fund, should be considered illiquid.

The Trusts may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Trusts may not be able to readily dispose of such investments at prices that approximate those at which the Trusts could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trusts may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet their obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting each Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and

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Notes to Financial Statements (unaudited) (continued)

assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

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

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

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

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

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

Certain Trusts invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

Certain Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Trusts may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Trusts may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trusts is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Each Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. Each Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

With respect to MSO, for the period ended June 30, 2021, common shares issued and outstanding had a net decrease of 181,146 as a result of 21,894 shares issued from dividend reinvestment and 203,040 shares repurchased in tender offers. For the year ended December 31, 2020, common shares issued and outstanding had a net decrease of 271,989 as a result of 62,695 shares issued from dividend reinvestment and 334,684 shares repurchased in tender offers.

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Notes to Financial Statements (unaudited) (continued)

With respect to MSO2, for the period ended June 30, 2021, common shares issued and outstanding had a net decrease of 53,553 as a result of 24,157 shares issued from dividend reinvestment and 77,710 shares repurchased in tender offers. For the year ended December 31, 2020, common shares issued and outstanding had a net decrease of 15,345 as a result of 65,035 shares issued from dividend reinvestment and 80,380 shares repurchased in tender offers.

Each Trust intends, but is not obligated, to conduct quarterly tender offers for up to 2.5% of the common shares then outstanding in the sole discretion of its Board until it adopts a plan of liquidation. In a tender offer, each Trust repurchases outstanding common shares at its NAV on the valuation date for the tender offer. In any given year, the Advisor may or may not recommend to the Board that a Trust conduct tender offers. Accordingly, there may be years in which no tender offer is made. Therefore, common shares will not be redeemable at an investor’s option nor will they be exchangeable for shares of any other trust.

With respect to MSO, tender offers for the six months ended June 30, 2021 were as follows:

Commencement Date of Tender Offer Period(a)	Valuation Date		Number of Shares Tendered		Tendered Shares as a Percentage of   Outstanding Shares			Number of Tendered Shares Purchased		Tendered Shares Purchased as a Percentage of   Outstanding Shares			Purchase Price		Total Amount of     Purchases
January 8, 2021		February 8, 2021		164,362		4.0	%		102,661		2.5	%		$89.1600		$9,153,256
April 9, 2021		May 10, 2021		155,811		3.9			100,379		2.5			89.6500		8,998,977

^(a) Date the tender offer period began.

With respect to MSO2, tender offers for the six months ended June 30, 2021 were as follows:

Commencement Date of Tender Offer Period(a)	Valuation Date		Number of Shares Tendered		Tendered Shares as a Percentage of   Outstanding Shares			Number of Tendered Shares Purchased		Tendered Shares Purchased as a Percentage of   Outstanding Shares			Purchase Price		Total Amount of     Purchases
January 8, 2021		February 8, 2021		262,893		16.8	%		39,197		2.5	%		$91.9500		$3,604,198
April 9, 2021		May 10, 2021		217,341		14.1			38,513		2.5			92.6100		3,566,673

^(a) Date the tender offer period began.

Tendered share amounts are shown as repurchase of shares resulting from tender offers in the Statements of Changes in Net Assets.

As of June 30, 2021, BlackRock Financial Management, Inc., an affiliate of MSO2, owned 1,181 shares of MSO2.

12. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

MSO and MSO2 each commenced a quarterly tender offer on July 9, 2021 for up to 2.5% of its issued and outstanding common shares. The expiration date of each tender offer is August 25, 2021, unless otherwise extended.

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements  

The Boards of Trustees (together, the “Board,” the members of which are referred to as “Board Members”) of BlackRock Multi-Sector Opportunities Trust (“MSO”) and BlackRock Multi-Sector Opportunities Trust II (“MSO II” and together with MSO, the “Funds” and each, a “Fund”) met on May 4, 2021 (the “May Meeting”) and June 8-9, 2021 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each Fund and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval of the sub-advisory agreements (the “Sub-Advisory Agreements”) between (1) the Manager, BlackRock International Limited (“BIL”) and each Fund and (2) the Manager and BlackRock (Singapore) Limited (“BRS” and together with BIL, the “Sub-Advisors”) and each Fund. The Manager and the Sub-Advisors are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

The Approval Process

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

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

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

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting.

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

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to

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

engage in open, candid discussions with the Board. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

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

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

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

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing COVID-19 pandemic.

B. The Investment Performance of each Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2020, as compared to its Performance Peers. The performance information is based on net asset value (NAV), and utilizes Lipper data. Lipper’s methodology calculates a fund’s total return assuming distributions are reinvested on the ex-date at a fund’s ex-date NAV. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and, in light of each Fund’s outcome-oriented investment objective, certain performance metrics (“Outcome-Oriented Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

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

The Board reviewed and considered MSO’s performance relative to MSO’s Outcome-Oriented Performance Metrics including a total return target. The Board noted that for each of the one-year and since-inception periods reported, MSO underperformed its total return target. The Board noted that BlackRock believes that the Outcome-Oriented Performance Metrics are an appropriate performance metric for MSO, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed MSO’s underperformance relative to its total return target during the applicable periods.

The Board reviewed and considered MSO II’s performance relative to MSO II’s Outcome-Oriented Performance Metrics including a total return target. The Board noted that for each of the one-year and since-inception periods reported, MSO II underperformed its total return target. The Board noted that BlackRock believes that the Outcome-Oriented Performance Metrics are an appropriate performance metric for MSO II, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed MSO II’s underperformance relative to its total return target during the applicable periods.

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

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund’s accrued liabilities (other than money borrowed for investment purposes) to

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

those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2020 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

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

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

The Board noted that MSO’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile, relative to the Expense Peers. The Board also noted, however, that given the comparability limitations of the Expense Peers, BlackRock provided the Board a supplemental peer group consisting of funds that are generally similar to MSO. The Board noted that MSO’s contractual management fee rate and total expense ratio each ranked in the second quartile relative to the supplemental peer group.

The Board noted that MSO II’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile, relative to the Expense Peers. The Board also noted, however, that given the comparability limitations of the Expense Peers, BlackRock provided the Board a supplemental peer group consisting of funds that are generally similar to MSO II. The Board noted that MSO II’s contractual management fee rate and total expense ratio ranked in the second and third quartiles, respectively, relative to the supplemental peer group.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee was appropriate.

Based on the Board’s review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund’s inception.

E. Other Factors Deemed Relevant by the Board Members

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

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

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

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

Conclusion

The Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2022, and the Sub-Advisory Agreements among the Manager, the Sub-Advisors and each Fund for a one-year term ending June 30, 2022. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

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Additional Information  

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trusts will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Environmental, Social and Governance (“ESG”) Integration

Although a Trust does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Trust management will consider ESG characteristics as part of the investment process for actively managed Trusts. These considerations will vary depending on a Trust’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Trust management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Trust. The ESG characteristics utilized in a Trust’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Trust. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Trust may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Trust’s exposure to certain companies or industries and a Trust may forego certain investment opportunities. While Trust management views ESG considerations as having the potential to contribute to a Trust’s long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a quarterly basis. In order to provide shareholders with a more stable level of dividend distributions, the distributions paid by a Trust for any particular quarter may be more or less than the amount of net investment income earned by a Trust during such quarter. The portion of distributions that exceeds a Trust current and accumulated earnings and profits, which are measured on a tax basis, will constitute a nontaxable return of capital. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed as accumulated earnings (loss) in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

MSO2 generally expects to be treated as a “publicly offered regulated investment company” for U.S. federal income tax purposes. However, MSO2 cannot assure you that it will be treated as a “publicly offered regulated investment company” for all years. To be treated as a “publicly offered regulated investment company”, MSO2’s shares must, among other things, be held by or for at least 500 persons at all times during the taxable year. As of June 30, 2021, MSO2’s shares were held by 507 persons. If MSO2 is not treated as a “publicly offered regulated investment company” for any taxable year, for purposes of computing the taxable income of U.S. shareholders that are individuals, trusts or estates, (i) MSO2’s earnings and profits will be computed without taking into account such U.S. shareholders’ allocable shares of the management fees paid by MSO2 and certain other MSO2 expenses, (ii) each such U.S. shareholder will be treated as having received or accrued a dividend from MSO2 in the amount of such U.S. shareholder’s allocable share of these fees and expenses for the year, (iii) each such U.S. shareholder will be treated as having paid or incurred such its allocable share of these fees and expenses for the year and (iv) each such U.S. shareholder’s allocable share of these fees and expenses will be treated as miscellaneous itemized deductions by such U.S. shareholder. Miscellaneous itemized deductions are not deductible for taxable years that begin after December 31, 2017, and before January 1, 2026, and thereafter generally (i) will be deductible only to the extent that they exceed 2% of the adjusted gross income of the taxpayer, (ii) will not be deductible for purposes of the alternative minimum tax, and (iii) will be subject to the overall limitation on itemized deductions under Section 68 of the Code.

The following information is a summary of certain changes since December 31, 2020. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.

Except if noted otherwise herein, there were no changes to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

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

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Additional Information  (continued)

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

BlackRock Privacy Principles

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

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

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

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

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

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Additional Information  (continued)

Trust and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited

079912 Singapore

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.^(a)

Canton, MA 02021

BNY Mellon Investment Servicing (US) Inc.^(b)

Wilmington, DE 19809

^(a) For MSO.

^(b) For MSO2.

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809

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Glossary of Terms Used in this Report

Currency Abbreviation
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
RUB	New Russian Ruble
USD	United States Dollar

Portfolio Abbreviation
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
CR	Custodian Receipt
DIP	Debtor-In-Possession
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
PCL	Public Company Limited
PIK	Payment-in-Kind
PJSC	Public Joint Stock Company
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 83

Want to know more?

blackrock.com    |    800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

MSO-06/21-SAR

(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments

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

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 – Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers -- Not Applicable due to no applicable purchases during the period covered by this report.

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

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable to this semi-annual report

Item 13 – Exhibits attached hereto

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

(a)(2) Section 302 Certifications are attached

2

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

3

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

	BlackRock Multi-Sector Opportunities Trust II
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Multi-Sector Opportunities Trust II

Date: September 2, 2021

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

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Multi-Sector Opportunities Trust II

Date: September 2, 2021

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of
	BlackRock Multi-Sector Opportunities Trust II

Date: September 2, 2021

4