BlackRock Multi-Sector Opportunities Trust (MSO) NPORT-P BlackRock Multi-Sector Opportunities Trust (Sep 2020 report)

Schedule of Investments  (unaudited) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
522 Funding Clo I Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 7.34%), 7.58%, 01/15/33(a)(b)	USD		250	$	241,302
AIMCO CLO 10 Ltd., Series 2019-10A, Class SUB, 0.00%, 07/22/32(a)(c)			1,844		971,897
Ajax Mortgage Loan Trust(a)
Series 2018-A, Class B, 0.00%, 04/25/58			444		227,425
Series 2018-B, Class B, 0.00%, 02/26/57			467		129,383
Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 5.68%, 01/15/30(a)(b)			1,000		856,049
Anchorage Capital CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 6.80%), 7.07%, 10/13/30(a)(b)			3,050		2,910,034
Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.70%), 5.97%, 04/20/31(a)(b)			1,000		842,598
Apidos CLO XXIX, Series 2018-29A, Class D, (3 mo. LIBOR US + 5.25%), 5.49%, 07/25/30(a)(b)			2,000		1,689,197
Apres Static CLO Ltd., Series 2019-1A, Class C, (3 mo. LIBOR US + 3.65%), 3.93%, 01/15/27(a)(b)			500		442,437
ARES LI CLO Ltd., Series 2019-51A, Class E, (3 mo. LIBOR US + 6.49%), 6.77%, 04/15/31(a)(b)			700		637,925
Ares LV CLO Ltd., Series 2020-55A, Class D, (3 mo. LIBOR US + 4.83%), 5.07%, 04/15/31(a)(b)			1,000		998,739
Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, (3 mo. LIBOR US + 6.15%), 6.43%, 10/15/30(a)(b)			1,450		1,284,801
BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(c)			2,300		1,362,473
Battalion CLO XI Ltd., Series 2017-11A, Class E, (3 mo. LIBOR US + 5.98%), 6.24%, 10/24/29(a)(b)			1,000		912,087
Bean Creek CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.75%), 6.02%, 04/20/31(a)(b)			1,500		1,200,660
Benefit Street Partners CLO XVIII Ltd., Series 2019- 18A, Class E, (3 mo. LIBOR US + 6.90%), 7.18%, 10/15/32(a)(b)			1,000		943,920
BlueMountain CLO XXV Ltd., Series 2019-25A, Class E, (3 mo. LIBOR US + 6.70%), 6.98%, 07/15/32(a)(b)			250		234,525
BlueMountain CLO XXVI Ltd., Series 2019-26A, Class E, (3 mo. LIBOR US + 7.70%), 7.97%, 10/20/32(a)(b)			250		250,838
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.92%, 01/17/28(a)(b)			250		233,242
CarVal CLO II Ltd.(a)(b)
Series 2019-1A, Class D, (3 mo. LIBOR US + 4.15%), 4.42%, 04/20/32			250		249,995
Series 2019-1A, Class E, (3 mo. LIBOR US + 6.75%), 7.02%, 04/20/32			825		787,961
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.71%, 07/20/32(a)(b)			2,200		2,038,679
Cedar Funding IX CLO Ltd., Series 2018-9A, Class E, (3 mo. LIBOR US + 5.35%), 5.62%, 04/20/31(a)(b)			2,000		1,696,293
CFMT LLC(a)(c)(d)
Series 2019-HB1, Class M4, 4.49%, 12/25/29			250		198,750
Series 2019-HB1, Class M5, 6.00%, 12/25/29			250		225,000
Deer Creek Clo Ltd., Series 2017-1A, Class E, (3 mo. LIBOR US + 6.35%), 6.62%, 10/20/30(a)(b)			1,000		905,059
Elmwood CLO II Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.80%), 7.07%, 04/20/31(a)(b)			500		474,453

Security		Par (000)		Value
Asset-Backed Securities (continued)
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.24%, 10/15/32(a)(b)	USD		1,425	$	1,385,729
Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 3.23%, 10/15/30(a)(b)			550		524,590
Goldentree Loan Management US Clo 2 Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 4.70%), 4.97%, 11/28/30(a)(b)			1,500		1,279,956
GoldenTree Loan Opportunities IX Ltd., Series 2014- 9A, Class ER2, (3 mo. LIBOR US + 5.66%), 5.93%, 10/29/29(a)(b)			500		455,210
GoldentTree Loan Management US CLO 1 Ltd., Series 2017-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.92%, 04/20/29(a)(b)			700		649,753
Highbridge Loan Management Ltd., Series 12A-18, Class D, (3 mo. LIBOR US + 5.15%), 5.42%, 07/18/31(a)(b)			1,120		943,578
JP Morgan Mortgage Acquisition Corp., Series 2006- FRE2, Class M2, (1 mo. LIBOR US + 0.36%), 0.51%, 02/25/36(b)			2,788		2,322,203
Kayne CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.80%, 01/20/33(a)(b)			500		461,725
Madison Park Funding X Ltd., Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.52%, 01/20/29(a)(b)			1,270		1,229,388
Madison Park Funding XXX Ltd.
Series 2018-30A, Class E, (3 mo. LIBOR US + 4.95%), 5.23%, 04/15/29(a)(b)			1,250		1,026,306
Series 2018-30X, Class E, 5.23%, 04/15/29			250		205,261
Madison Park Funding XXXII Ltd., Series 2018-32A, Class E, (3 mo. LIBOR US + 7.10%), 7.36%, 01/22/31(a)(b)			250		240,827
Mariner CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 7.16%, 04/30/32(a)(b)			250		235,563
Mariner Finance Issuance Trust(a)
Series 2019-AA, Class D, 5.44%, 07/20/32			2,500		2,338,827
Series 2020-AA, Class D, 5.75%, 08/21/34			250		242,261
MCM Trust, Series 2018-NPL1, Class B, 0.00%, 05/28/58(a)			2,565		1,808,484
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44(a)			378		371,412
Nationstar HECM Loan Trust, Series 2019-1A, Class M4, 5.80%, 06/25/29(a)(c)			1,500		1,500,298
OCP CLO Ltd.(a)
Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 3.26%, 04/24/29(b)			600		569,603
Series 2019-16A, Class E, 6.89%, 01/20/32			250		231,814
Series 2019-17A, Class E, (3 mo. LIBOR US + 6.66%), 6.93%, 07/20/32(b)			1,000		936,930
Palmer Square CLO Ltd.(a)(b)
Series 2015-2A, Class CR2, (3 mo. LIBOR US + 2.75%), 3.02%, 07/20/30			250		233,951
Series 2015-2A, Class DR2, (3 mo. LIBOR US + 5.75%), 6.02%, 07/20/30			250		224,282
Series 2018-2A, Class D, (3 mo. LIBOR US + 5.60%), 5.87%, 07/16/31			1,500		1,335,879
Park Avenue Institutional Advisers CLO Ltd.,
Series 2016-1A, Class DR, (3 mo. LIBOR US + 5.85%), 6.11%, 08/23/31(a)(b)			2,000		1,707,152

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Asset-Backed Securities (continued)
Regatta VI Funding Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 5.00%), 5.27%, 07/20/28(a)(b)	USD		250		$	234,526
Rockford Tower CLO Ltd.(a)
Series 2017-1A, Class E, (3 mo. LIBOR US + 5.40%), 5.64%, 04/15/29(b)			2,000			1,785,082
Series 2017-2A, Class ER, (3 mo. LIBOR US + 6.25%), 6.53%, 10/15/29(b)			1,150			1,000,174
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 2.92%, 10/20/30(b)			970			899,847
Series 2017-3A, Class E, (3 mo. LIBOR US + 5.75%), 6.02%, 10/20/30(b)			1,000			850,479
Series 2017-3A, Class SUB, 0.00%, 10/20/30(c)			350			171,256
Series 2018-1A, Class SUB, 0.00%, 05/20/31(c)			350			166,275
Series 2018-2A, Class SUB, 0.00%, 10/20/31(c)			350			163,217
Sofi Professional Loan Program LLC, Series 2016-B, Class RC, 0.00%, 04/25/37(a)(d)			—	(e)		497,614
Sound Point CLO XXIV, Series 2019-3A, Class D, (3 mo. LIBOR US + 4.11%), 4.35%, 10/25/32(a)(b)			2,250			2,190,191
Strata CLO I Ltd.(a)
Series 2018-1A, Class E, (3 mo. LIBOR US + 7.08%), 7.36%, 01/15/31(b)			500			430,347
Series 2018-1A, Class USUB, 0.00%, 01/15/18(c)			1,750			994,240
Sun Country, 7.00%, 12/15/23(d)			672			551,396
TICP CLO V Ltd., Series 2016-5A, Class ER, (3 mo. LIBOR US + 5.75%), 6.02%, 07/17/31(a)(b)			250			220,428
TICP CLO VI Ltd., Series 2016-6A, Class ER, (3 mo. LIBOR US + 6.40%), 6.68%, 01/15/29(a)(b)			1,500			1,411,927
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 7.29%, 04/15/33(a)(b)			500			436,540
TICP CLO XII Ltd., Series 2018-12A, Class E, (3 mo. LIBOR US + 5.50%), 5.78%, 01/15/31(a)(b)			2,750			2,480,496
TRESTLES CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 5.99%, 07/25/31(a)(b)			1,900			1,668,087
TRESTLES CLO III Ltd., Series 2020-3A, Class SUB, 0.00%, 01/20/33(a)(c)			500			377,565
Voya CLO Ltd., Series 2014-3A, Class CR, (3 mo. LIBOR US + 2.65%), 2.89%, 07/25/26(a)(b)			350			327,985
Westcott Park CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 3.52%, 07/20/28(a)(b)			750			718,902
York CLO 1 Ltd., Series 2014-1A, Class DRR, 3.27%, 10/22/29(a)			250			235,311
York CLO-2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 5.91%, 01/22/31(a)(b)			500			404,898
Total Asset-Backed Securities — 18.7% (Cost: $70,954,897)						63,623,487
		Shares
Common Stocks
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.(d)(f)			400			15,533
Equity Real Estate Investment Trusts (REITs) — 0.0%
Service Properties Trust			4,000			31,800

Security		Shares		Value
Hotels, Restaurants & Leisure — 0.1%
Caesars Entertainment, Inc.(f)			6,935	$	388,776
Oil, Gas & Consumable Fuels — 0.1%
CA Resources Corp.(g)			17,987		233,831
Total Common Stocks — 0.2% (Cost: $561,150)					669,940
		Par (000)
Corporate Bonds
Aerospace & Defense — 1.3%
Arconic, Inc., 6.75%, 01/15/28(h)	USD		1,209		1,332,922
Embraer Netherlands Finance BV, 6.95%, 01/17/28(a)			241		243,649
Rolls-Royce PLC
0.88%, 05/09/24	EUR		100		101,570
1.63%, 05/09/28			100		93,754
TransDigm, Inc.(h)
6.50%, 05/15/25	USD		1,330		1,325,844
6.25%, 03/15/26(a)			1,163		1,214,515
					4,312,254
Airlines — 0.4%
American Airlines Group, Inc.(d)
3.93%, 12/15/24			268		233,960
4.87%, 04/22/25			345		291,006
Avianca Holdings SA, 9.00%, 05/10/23(a)(f)(i)			2,508		393,443
Gol Finance SA, 7.00%, 01/31/25(a)(h)			500		348,509
					1,266,918
Auto Components — 0.2%
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26(a)(h)			79		82,835
IHO Verwaltungs GmbH, (3.63% Cash or 4.38% PIK), 3.63%, 05/15/25(j)	EUR		113		132,731
ZF Finance GmbH
3.00%, 09/21/25			100		114,018
3.75%, 09/21/28			200		226,869
					556,453
Automobiles — 0.2%
Ford Motor Credit Co. LLC, 5.58%, 03/18/24(h)	USD		612		636,626
Nissan Motor Co. Ltd., 3.20%, 09/17/28	EUR		100		118,168
					754,794
Banks — 0.2%
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%(k)(l)	USD		200		200,000
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25			200		198,812
Itau Unibanco Holding SA, 5.13%, 05/13/23(a)(h)			432		455,355
					854,167
Beverages — 0.8%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27	GBP		250		323,304
Ball Corp., 0.88%, 03/15/24	EUR		100		115,172
Central American Bottling Corp.
5.75%, 01/31/27	USD		425		440,429
5.75%, 01/31/27(a)(h)			100		103,630

2

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Beverages (continued)
Crown European Holdings SA, 0.75%, 02/15/23	EUR		100	$	114,281
Mauser Packaging Solutions Holding Co.
4.75%, 04/15/24			200		228,015
5.50%, 04/15/24(a)(h)	USD		1,092		1,095,866
OI European Group BV, 2.88%, 02/15/25	EUR		100		115,226
Silgan Holdings, Inc.
3.25%, 03/15/25			100		118,387
2.25%, 06/01/28			100		114,021
					2,768,331
Building Materials — 0.1%
Cemex SAB de CV, 3.13%, 03/19/26			300		352,284
Standard Industries, Inc., 4.75%, 01/15/28(a)(h)	USD		46		47,725
US Concrete, Inc., 6.38%, 06/01/24(h)			27		27,844
					427,853
Capital Markets — 0.2%
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(j)	EUR		470		553,807
Chemicals — 1.5%
Arkema SA, (5 year EUR Swap + 2.87%), 2.75%(k)(l)			700		837,334
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25			100		117,157
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(a)(l)	USD		497		500,262
ELM BV for Firmenich International SA, (5 year EUR Swap + 4.39%), 3.75%(k)(l)	EUR		150		183,606
Equate Petrochemical BV, 4.25%, 11/03/26(a)(h)	USD		457		478,904
NOVA Chemicals Corp., 4.88%, 06/01/24(a)(h)			1,407		1,396,905
OCI NV, 5.00%, 04/15/23	EUR		300		359,805
Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44(a)(h)	USD		1,000		1,160,312
Rock International Investment Co., 6.63%, 03/27/20(f)(i)			550		165,000
					5,199,285
Commercial Services & Supplies — 1.1%
AMN Healthcare, Inc., 4.63%, 10/01/27(a)			210		215,250
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24(a)(h)			1,152		1,206,720
United Rentals North America, Inc., 4.88%, 01/15/28(h)			1,396		1,465,800
Verisure Holding AB
3.50%, 05/15/23	EUR		271		319,037
3.88%, 07/15/26			100		117,304
Verisure Midholding AB, 5.75%, 12/01/23			300		351,152
					3,675,263
Construction & Engineering — 0.0%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(k)(l)			100		109,934
Construction Materials — 0.2%
KAR Auction Services, Inc., 5.13%, 06/01/25(a)(h)	USD		816		815,984
Consumer Discretionary — 0.2%
Amadeus IT Group SA, 1.88%, 09/24/28	EUR		300		343,331
Q-Park Holding I BV
1.50%, 03/01/25			100		106,680
(3 mo. Euribor + 2.00%), 2.00%, 03/01/26(b)			100		105,361
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26			100		119,295
					674,667

Security		Par (000)		Value
Consumer Finance — 0.2%
Muthoot Finance Ltd., 6.13%, 10/31/22(a)(h)	USD		453	$	459,936
Refinitiv US Holdings, Inc., 4.50%, 05/15/26	EUR		200		245,075
					705,011
Containers & Packaging — 0.6%
Berry Global, Inc., 1.00%, 01/15/25			100		112,516
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 7.00%, 07/15/24(a)(h)	USD		610		620,980
Suzano Austria GmbH, 7.00%, 03/16/47(a)(h)			1,000		1,173,460
					1,906,956
Diversified Financial Services — 1.1%
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		310		377,360
ASG Finance Designated Activity Co., 7.88%, 12/03/24(a)(h)	USD		1,144		817,960
Barclays PLC, (5 year EUR Swap + 2.45%), 2.63%, 11/11/25(l)	EUR		200		234,655
Cabot Financial Luxembourg II SA, (3 mo. Euribor + 6.38%), 6.38%, 06/14/24(b)			100		116,966
Cabot Financial Luxembourg SA, 7.50%, 10/01/23	GBP		200		260,220
Credit Agricole SA, (5 year USD Swap + 4.90%), 7.88%(h)(k)(l)	USD		600		663,000
Garfunkelux Holdco 3 SA, 7.50%, 08/01/22	EUR		200		216,200
Intrum AB, 2.75%, 07/15/22			10		11,693
Manappuram Finance Ltd., 5.90%, 01/13/23	USD		200		195,625
New Lion Bridge Co. Ltd., 9.75%, 10/10/20			400		397,000
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(a)			261		238,978
Shriram Transport Finance Co. Ltd.
5.95%, 10/24/22			200		188,062
5.10%, 07/16/23			200		183,438
					3,901,157
Diversified Telecommunication Services — 1.5%
Axtel SAB de CV, 6.38%, 11/14/24(a)(h)			1,000		1,038,750
Level 3 Financing, Inc.(a)(h)
4.25%, 07/01/28			575		583,809
3.63%, 01/15/29			460		454,250
Oi SA, (10% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)(j)			1,028		987,683
SoftBank Group Corp.
4.00%, 04/20/23	EUR		210		254,339
4.75%, 07/30/25			200		249,732
Telecom Italia Capital SA, 6.38%, 11/15/33(h)	USD		1,239		1,474,410
					5,042,973
Education — 0.1%
Bright Scholar Education Holdings Ltd., 7.45%, 07/31/22			200		204,500
Electric Utilities — 1.2%
Consorcio Transmantaro SA, 4.70%, 04/16/34(a)			200		235,819
EDP - Energias de Portugal SA, (5 year EUR Swap + 4.29%), 4.50%, 04/30/79(l)	EUR		500		632,383
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(a)(h)	USD		505		504,293
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.88%, 07/17/49(h)			250		275,391
PG&E Corp., 5.00%, 07/01/28(h)			390		378,300

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electric Utilities (continued)
Talen Energy Supply LLC(a)(h)
7.25%, 05/15/27	USD		1,591	$	1,585,622
6.63%, 01/15/28			675		653,906
					4,265,714
Electrical Equipment — 0.0%
Pearl Holding III Ltd., 9.50%, 12/11/22(h)			200		48,375
Energy Equipment & Services(a) — 0.4%
Pioneer Energy Services Corp.(d)(j)
(11.00% PIK), 11.00%, 05/15/25			166		132,730
(5.00% PIK), 5.00%, 11/15/25(m)			112		60,530
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24(h)			1,195		1,099,363
					1,292,623
Equity Real Estate Investment Trusts (REITs) — 1.4%
Fortune Star BVI Ltd.
6.75%, 07/02/23			200		206,250
6.85%, 07/02/24			400		412,000
Hyatt Hotels Corp., 5.38%, 04/23/25			224		241,148
Marriott International, Inc.
4.63%, 06/15/30			106		113,520
3.50%, 10/15/32(h)			508		504,122
Marriott Ownership Resorts, Inc., 6.13%, 09/15/25(a)			555		571,650
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 5.63%, 05/01/24(h) .			1,895		2,009,231
Service Properties Trust
4.50%, 06/15/23(h)			512		502,108
7.50%, 09/15/25			58		61,637
Wyndham Destinations, Inc., 6.63%, 07/31/26(a)			189		197,998
					4,819,664
Food & Staples Retailing — 0.6%
BRF GmbH, 4.35%, 09/29/26			200		206,813
Cydsa SAB de CV, 6.25%, 10/04/27(a)(h)			1,000		1,007,812
Grupo KUO SAB de CV, 5.75%, 07/07/27(a)(h)			800		772,500
Picard Groupe SAS, (3 mo. Euribor + 3.00%), 3.00%, 11/30/23(b)	EUR		100		113,723
					2,100,848
Food Products(a)(h) — 0.7%
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28	USD		43		46,655
MHP Lux SA, 6.25%, 09/19/29			1,000		950,000
Minerva Luxembourg SA, 6.50%, 09/20/26			1,300		1,350,375
					2,347,030
Health Care Providers & Services — 1.7%
Acadia Healthcare Co, Inc., 5.50%, 07/01/28(a)			55		56,568
DaVita, Inc., 4.63%, 06/01/30(a)(h)			890		911,627
HCA, Inc., 3.50%, 09/01/30(h)			1,210		1,232,845
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25	EUR		100		118,103
Select Medical Corp., 6.25%, 08/15/26(a)(h)	USD		780		811,200
Tenet Healthcare Corp.(a)
4.63%, 09/01/24(h)			901		908,316
4.88%, 01/01/26(h)			1,488		1,515,022
4.63%, 06/15/28			49		49,706
Universal Health Services, Inc., 2.65%, 10/15/30(a)			137		136,351
					5,739,738
Hotels, Restaurants & Leisure — 2.7%
1011778 BC ULC/New Red Finance, Inc., 5.00%, 10/15/25(a)			12		12,304

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Boyd Gaming Corp.
8.63%, 06/01/25(a)	USD		82	$	89,895
4.75%, 12/01/27(h)			443		434,694
Caesars Entertainment, Inc.(a)(h)
6.25%, 07/01/25			486		507,989
8.13%, 07/01/27			314		332,840
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(a)			144		148,500
Carlson Travel, Inc., 6.75%, 12/15/25(a)(h)			2,704		2,041,520
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(a)			220		226,600
Cirsa Finance International Sarl, 7.88%, 12/20/23(a)(h)			400		369,000
CPUK Finance Ltd., 4.25%, 08/28/22	GBP		104		130,857
Golden Entertainment, Inc., 7.63%, 04/15/26(a)(h)	USD		274		270,575
International Game Technology PLC, 6.50%, 02/15/25(a)(h)			1,150		1,223,312
IRB Holding Corp., 7.00%, 06/15/25(a)			151		161,004
Ladbrokes Group Finance PLC, 5.13%, 09/16/22	GBP		26		34,666
MGM China Holdings Ltd., 5.88%, 05/15/26	USD		300		310,500
Scientific Games International, Inc., 7.00%, 05/15/28(a)(h)			464		465,136
SeaWorld Parks & Entertainment, Inc.(a)
8.75%, 05/01/25			669		707,467
9.50%, 08/01/25			310		322,078
Sisal Group SpA, 7.00%, 07/31/23	EUR		69		81,396
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25	GBP		100		119,350
Studio City Finance Ltd., 7.25%, 02/11/24(h)	USD		300		309,315
Wynn Macau Ltd., 5.50%, 01/15/26			400		394,600
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(a)(h)			482		459,105
					9,152,703
Household Durables — 3.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.(a)(h)
9.88%, 04/01/27			602		662,200
6.63%, 01/15/28			495		497,475
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.25%, 09/15/27(a)(h)			541		545,558
Century Communities, Inc., 6.75%, 06/01/27(h)			110		116,050
Controladora Mabe SA de CV, 5.60%, 10/23/28(a)(h)			1,000		1,117,700
Forestar Group, Inc., 8.00%, 04/15/24(a)(h)			1,495		1,580,962
M/I Homes, Inc., 4.95%, 02/01/28(h)			510		525,300
PulteGroup, Inc.(h)
5.50%, 03/01/26			500		570,000
7.88%, 06/15/32			1,138		1,564,750
Taylor Morrison Communities, Inc.(a)(h)
5.88%, 06/15/27			647		711,700
5.75%, 01/15/28			2,269		2,467,537
TRI Pointe Group, Inc.
5.25%, 06/01/27(h)			505		539,088
5.70%, 06/15/28			38		41,610
William Lyon Homes, Inc., 6.63%, 07/15/27(a)(h)			1,489		1,596,130
					12,536,060
Household Products — 0.0%
Kronos Acquisition Holdings, Inc., 9.00%, 08/15/23(a)			89		90,224

4

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers — 1.5%
Calpine Corp.(a)(h)
5.25%, 06/01/26	USD		1,406	$	1,460,665
4.50%, 02/15/28			1,365		1,397,951
5.13%, 03/15/28			722		747,270
China Shuifa Singyes Energy Holdings Ltd., (2.00% Cash or 4.00% PIK), 6.00%, 12/19/22(j)			214		194,344
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26			300		310,500
Neerg Energy Ltd., 6.00%, 02/13/22(h)			600		598,688
ReNew Power Synthetic, 6.67%, 03/12/24(h)			500		515,625
					5,225,043
Insurance(l) — 0.7%
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%(k)			400		429,000
ASR Nederland NV, (5 year EUR Swap + 4.00%), 3.38%, 05/02/49	EUR		400		500,407
Assicurazioni Generali SpA, (3 mo. Euribor + 5.35%), 5.00%, 06/08/48			500		674,892
AXA SA, (3 mo. LIBOR GBP + 3.27%), 5.63%, 01/16/54	GBP		400		637,259
					2,241,558
Interactive Media & Services — 0.2%
21Vianet Group, Inc., 7.88%, 10/15/21	USD		200		204,250
United Group BV
4.88%, 07/01/24	EUR		430		509,195
(3 mo. Euribor + 3.25%), 3.25%, 02/15/26(b)			100		110,536
					823,981
Internet Software & Services — 0.1%
Expedia Group, Inc., 6.25%, 05/01/25(a)(h)	USD		416		458,810
Machinery — 0.2%
KION Group AG, 1.63%, 09/24/25	EUR		200		234,677
Vertical Midco GmbH
4.38%, 07/15/27			115		136,922
(3 mo. Euribor + 4.75%), 4.75%, 07/15/27(b)			173		203,329
Vertical US Newco, Inc., 5.25%, 07/15/27(a)	USD		274		284,759
					859,687
Media — 2.1%
Altice Financing SA, 2.25%, 01/15/25	EUR		180		201,945
Banijay Entertainment SASU, 3.50%, 03/01/25			121		138,131
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(a)(h)	USD		738		708,664
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(a)(h)			1,831		1,295,432
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(k)(l)			200		198,812
Nexstar Broadcasting, Inc., 5.63%, 07/15/27(a)(h)			733		769,929
Pinewood Finance Co. Ltd., 3.25%, 09/30/25	GBP		300		385,402
SES SA, (5 year EUR Swap + 5.40%), 5.63%(k)(l)	EUR		800		990,692
Sirius XM Radio, Inc.(a)(h)
5.00%, 08/01/27	USD		70		72,975
5.50%, 07/01/29			66		70,785
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		200		229,847
TEGNA, Inc., 4.63%, 03/15/28(a)(h)	USD		301		294,318
VZ Vendor Financing BV, 2.50%, 01/31/24	EUR		259		297,591
Ziggo BV, 5.50%, 01/15/27(a)(h)	USD		1,300		1,361,750
					7,016,273
Metals & Mining — 1.8%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24			300		307,498
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200		205,165

Security			Par (000)		Value
Metals & Mining (continued)
Commercial Metals Co.(h)
4.88%, 05/15/23	USD			181	$	188,240
5.75%, 04/15/26				51		53,040
5.38%, 07/15/27				1,374		1,449,158
HTA Group Ltd., 7.00%, 12/18/25(a)				415		432,637
Nexa Resources SA, 5.38%, 05/04/27(a)(h)				2,000		2,082,500
thyssenkrupp AG
1.88%, 03/06/23	EUR			127		138,925
2.88%, 02/22/24				145		159,422
Usiminas International Sarl, 5.88%, 07/18/26(a)(h)	USD			200		203,687
Vale Overseas Ltd., 3.75%, 07/08/30				275		282,494
Vedanta Resources Finance II PLC, 8.00%, 04/23/23				230		180,622
Vedanta Resources Ltd., 7.13%, 05/31/23				270		206,212
Yankuang Group Cayman Ltd., 4.75%, 11/30/20(h)				210		210,519
						6,100,119
Multiline Retail — 0.1%
Hipercor SA, 3.88%, 01/19/22	EUR			200		239,876
Oil, Gas & Consumable Fuels — 5.7%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(n)	USD			713		532,404
Buckeye Partners LP, 4.13%, 03/01/25(a)				195		185,250
Callon Petroleum Co., 6.25%, 04/15/23(h)				1,458		466,560
Centennial Resource Production LLC(a)(h)
5.38%, 01/15/26				1,841		736,400
6.88%, 04/01/27				127		51,752
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27(h)				890		990,696
Cheniere Energy Partners LP, 4.50%, 10/01/29(h)				335		343,633
Cheniere Energy, Inc., (4.88% PIK), 4.88%, 05/28/21(a)(j)(m)				1,682		1,680,922
Chesapeake Energy Corp., 11.50%, 01/01/25(a)(f)(i)				868		117,180
Citgo Holding, Inc., 9.25%, 08/01/24(a)				306		291,465
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(a)				54		50,895
eG Global Finance PLC
3.63%, 02/07/24	EUR			337		381,807
4.38%, 02/07/25				211		233,781
6.25%, 10/30/25				100		116,717
Geopark Ltd., 6.50%, 09/21/24(a)(h)	USD			519		487,860
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/24				200		197,466
Hammerhead Resources, Inc., Series AI, 9.00%, 07/10/22(d)				903		678,739
Hilong Holding Ltd., 8.25%, 09/26/22(f)(i)		��		200		99,750
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26				200		201,562
Infrastrutture Wireless Italiane SpA, 1.88%, 07/08/26	EUR			100		118,796
Leviathan Bond Ltd., 5.75%, 06/30/23(a)	USD			330		339,900
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25				200		191,000
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.63%, 06/15/25(a) .				123		125,460
Neptune Energy Bondco PLC, 6.63%, 05/15/25(a)(h)				200		178,384
NGPL PipeCo LLC, 7.77%, 12/15/37(a)(h)				1,032		1,313,636
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25(a)(h)				393		402,833
Petrobras Global Finance BV(h)
6.00%, 01/27/28				699		774,003
5.60%, 01/03/31				689		735,997
7.25%, 03/17/44				450		511,931
Petroleos Mexicanos(h)
6.88%, 08/04/26				950		914,280

SCHEDULE OF INVESTMENTS 5

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
6.50%, 03/13/27	USD		543	$	506,582
6.50%, 01/23/29			400		358,168
Puma International Financing SA, 5.13%, 10/06/24(a)			1,000		884,999
Rockies Express Pipeline LLC, 6.88%, 04/15/40(a)(h)			1,000		1,030,800
Santos Finance Ltd., 5.25%, 03/13/29(h)			400		440,423
SM Energy Co., 10.00%, 01/15/25(a)			320		304,000
Stoneway Capital Corp.(f)(i)
10.00%, 03/01/27(a)			1,948		783,575
10.00%, 03/01/27			691		277,813
Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27(h)			27		27,743
Transocean Guardian Ltd., 5.88%, 01/15/24(a)(h)			189		121,750
Ultrapar International SA, 5.25%, 06/06/29(a)			490		508,834
WPX Energy, Inc., 5.88%, 06/15/28			34		35,530
YPF SA, 8.50%, 03/23/25(a)(h)			224		175,840
Zhejiang Baron BVI Co. Ltd., 6.80%, 08/27/21			385		385,000
					19,292,116
Pharmaceuticals — 0.4%
Bausch Health Cos., Inc., 4.50%, 05/15/23	EUR		100		116,150
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27			100		112,848
Jaguar Holding Co. II/PPD Development LP, 5.00%, 06/15/28(a)	USD		82		85,588
Jubilant Pharma Ltd., 6.00%, 03/05/24			200		207,875
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24	EUR		221		252,323
Rossini Sarl
6.75%, 10/30/25			300		369,498
(3 mo. Euribor + 3.88%), 3.88%, 10/30/25(b)			100		114,900
Synlab Bondco PLC, (3 mo. Euribor + 4.75%), 4.75%, 07/01/25(b)			137		162,336
					1,421,518
Producer Durables: Miscellaneous — 0.0%
Boxer Parent Co., Inc., 6.50%, 10/02/25			100		120,894
Real Estate Management & Development — 5.9%
ADO Properties SA, 3.25%, 08/05/25			200		236,336
Agile Group Holdings Ltd., 5.75%, 01/02/25	USD		500		490,000
Alam Synergy Pte Ltd., 11.50%, 04/22/21(h)			131		96,354
Central China Real Estate Ltd.
6.75%, 11/08/21(h)			200		200,838
7.25%, 07/16/24			200		194,500
7.25%, 08/13/24			200		193,500
CFLD Cayman Investment Ltd.
8.63%, 02/28/21(h)			200		200,000
8.60%, 04/08/24			400		370,375
China Aoyuan Group Ltd.
7.95%, 02/19/23			400		414,000
6.35%, 02/08/24			200		198,500
China Evergrande Group
4.25%, 02/14/23	HKD		6,000		719,570
7.50%, 06/28/23(h)	USD		200		159,125
12.00%, 01/22/24			400		350,750
10.50%, 04/11/24			200		160,500
China SCE Group Holdings Ltd.
8.75%, 01/15/21(h)			200		201,000
7.45%, 04/17/21			500		502,445
7.25%, 04/19/23			200		203,062
CIFI Holdings Group Co. Ltd.
7.63%, 02/28/23			200		208,687
5.95%, 10/20/25			400		401,375

Security		Par (000)		Value
Real Estate Management & Development (continued)
Country Garden Holdings Co. Ltd., 6.15%, 09/17/25	USD		200	$	221,750
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24	EUR		100		107,760
Easy Tactic Ltd.
9.13%, 07/28/22(h)	USD		200		185,750
8.63%, 02/27/24			300		257,531
Excel Capital Global Ltd., (U.S. Treasury Yield Curve Rate T-Note Contant Maturity + 9.34%), 7.00%(k)(l)			500		506,080
Fantasia Holdings Group Co. Ltd.
8.38%, 03/08/21(h)			200		198,813
7.38%, 10/04/21			400		393,000
9.25%, 07/28/23			200		189,813
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(a)(h)			750		749,625
Global Prime Capital Pte Ltd., 7.25%, 04/26/21(h)			200		201,944
Greenland Global Investment Ltd., (3 mo. LIBOR US + 4.85%), 5.08%, 09/26/21(b)			300		295,500
Howard Hughes Corp.(a)
5.38%, 03/15/25			260		264,186
5.38%, 08/01/28(h)			981		980,500
JGC Ventures Pte Ltd., 10.75%, 08/30/21			200		79,750
Jingrui Holdings Ltd., 9.45%, 04/23/21(h)			200		196,063
Kaisa Group Holdings Ltd.
11.95%, 10/22/22(h)			200		206,500
9.75%, 09/28/23			200		194,063
9.38%, 06/30/24(h)			400		375,500
KWG Group Holdings Ltd.
7.40%, 03/05/24			200		205,562
5.95%, 08/10/25			270		263,250
Logan Group Co. Ltd., 6.50%, 07/16/23			200		203,687
New Metro Global Ltd., 6.50%, 04/23/21(h)			500		502,445
No Va Land Investment Group Corp., 5.50%, 04/27/23(m)			600		608,874
Powerlong Real Estate Holdings Ltd.
6.95%, 04/17/21			300		301,473
7.13%, 11/08/22			200		206,000
Redsun Properties Group Ltd., 10.50%, 10/03/22			200		205,687
RKPF Overseas Ltd.
Series 2019-A, 6.70%, 09/30/24			200		205,937
Series 2019-A, 6.00%, 09/04/25			515		511,137
Ronshine China Holdings Ltd.
8.75%, 10/25/22			200		203,500
8.95%, 01/22/23			200		204,375
7.35%, 12/15/23			200		194,938
Scenery Journey Ltd., 11.50%, 10/24/22			1,086		982,830
Seazen Group Ltd.
7.50%, 01/22/21(h)			200		200,938
6.00%, 08/12/24			200		199,000
Shui On Development Holding Ltd., 6.15%, 08/24/24			240		240,000
Summit Properties Ltd., 2.00%, 01/31/25	EUR		100		110,278
Sunac China Holdings Ltd.
6.50%, 07/09/23	USD		200		194,500
6.65%, 08/03/24			300		288,730
7.00%, 07/09/25			200		192,990
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		174,875
Times China Holdings Ltd., 6.20%, 03/22/26			400		393,500
Wanda Group Overseas Ltd., 7.50%, 07/24/22			200		192,750
Yango Justice International Ltd.
10.00%, 02/12/23			250		260,859
9.25%, 04/15/23			200		205,312

6

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate Management & Development (continued)
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24	USD		200	$	209,500
Yuzhou Group Holdings Co. Ltd.
7.70%, 02/20/25			400		402,000
7.38%, 01/13/26			200		192,438
Zhenro Properties Group Ltd.
9.15%, 03/08/22			200		206,750
9.15%, 05/06/23			200		207,312
7.88%, 04/14/24			200		198,125
					19,974,597
Road & Rail — 0.1%
Autostrade per l’Italia SpA, 5.88%, 06/09/24	EUR		200		260,284
Textiles, Apparel & Luxury Goods — 0.0%
Prime Bloom Holdings Ltd., 6.95%, 07/05/22	USD		470		88,419
Thrifts & Mortgage Finance — 0.7%
Mongolian Mortgage Corp. Hfc LLC, 9.75%, 01/29/22(h)			400		386,875
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27(a)			24		24,465
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.(a)
3.63%, 03/01/29			152		150,670
3.88%, 03/01/31			122		120,475
Quicken Loans, Inc.(a)(h)
5.75%, 05/01/25			1,531		1,576,164
5.25%, 01/15/28			46		48,468
					2,307,117
Transportation Infrastructure — 0.2%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(a)(h)			547		486,829
Delhi International Airport Ltd., 6.13%, 10/31/26			200		201,463
					688,292
Utilities — 1.2%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30(a)			310		317,653
Bruin E&P Partners LLC, 8.88%, 08/01/23(a)(f)			110		138
Centrais Eletricas Brasileiras SA(a)
3.63%, 02/04/25(h)			702		699,367
4.63%, 02/04/30			280		279,300
ContourGlobal Power Holdings SA, 3.38%, 08/01/23	EUR		100		116,607
Electricite de France SA, (12 year EUR Swap + 3.04%), 5.00%(k)(l)			100		127,791
Genneia SA, 8.75%, 01/20/22(a)	USD		539		417,220
Inkia Energy Ltd., 5.88%, 11/09/27(a)(h)			1,000		1,044,062
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29(h)			325		329,977
Orano SA, 2.75%, 03/08/28	EUR		100		115,686
Vistra Operations Co. LLC, 5.00%, 07/31/27(a)(h)	USD		792		830,016
					4,277,817
Wireless Telecommunication Services — 2.1%
Altice France SA
2.50%, 01/15/25	EUR		341		380,815
2.13%, 02/15/25			148		163,545
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24(a)(h)	USD		2,000		2,022,540
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31(h)			350		364,360
Sprint Corp., 7.88%, 09/15/23(h)			1,343		1,542,771
T-Mobile USA, Inc., 6.50%, 01/15/26(h)			1,286		1,343,870
VEON Holdings BV, 4.00%, 04/09/25(a)(h)			388		401,580

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/01/29(a)(h)	USD		422	$	429,385
Vmed O2 UK Financing I PLC, 3.25%, 01/31/31	EUR		133		154,961
VTR Comunicaciones SpA, 5.13%, 01/15/28(a)	USD		200		206,119
					7,009,946
Total Corporate Bonds — 45.3% (Cost: $160,703,430)					154,529,633
Floating Rate Loan Interests(b)
Aerospace & Defense — 0.4%
Trandigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.40%, 12/09/25			1,335		1,259,616
Air Freight & Logistics — 0.9%
WestJet Airlines Ltd., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			2,598		2,244,883
XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 2.15%, 02/24/25			809		792,336
					3,037,219
Airlines — 0.2%
Allegiant Travel Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 3.25%, 02/05/24			733		674,213
Banks — 0.3%
Roundpoint Mortgage Servicing Corp., Revolver, (1 mo. LIBOR + 3.37%), 3.53%, 08/27/21(d)			938		938,871
Building Products — 0.3%
Advanced Drainage Systems, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 2.44%, 07/31/26			55		54,294
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.15%, 12/14/24			1,069		1,037,580
					1,091,874
Capital Markets — 5.6%
A10 Capital LLC, Mezzanine Term Loan, (1 mo. LIBOR + 6.50%), 7.50%, 03/31/23(d)			19,400		19,050,800
Commercial Services & Supplies(d) — 0.3%
Interface Security Systems LLC, Term Loan, (3 mo. LIBOR + 7.00%), 7.25%, 08/07/23			1,077		1,041,025
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.44%, 09/19/26			77		73,674
					1,114,699
Construction & Engineering — 1.2%
Pike Corp., 2020 Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 07/24/26			112		110,880
Ply Gem Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 3.90%, 04/12/25			1,974		1,934,447
SRS Distribution, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 3.15%, 05/23/25			309		299,970
Summit Materials Companies I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.14%, 11/21/24			1,757		1,736,202
					4,081,499
Diversified Financial Services — 5.1%
Colorado Plaza, Term Loan, (1 mo. LIBOR + 2.90%), 3.06%, 06/09/21(d)			5,000		4,500,000
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 4.00%, 02/17/23(d)			160		142,880

SCHEDULE OF INVESTMENTS 7

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Financial Services (continued)
Luxembourg Life Fund, Long Term Loan G, (Fixed + 9.00%), 9.00%, 08/03/27(d)	USD		6,804	$	6,744,805
Opendoor GP II LLC, Term Loan, (Fixed + 10.00%), 10.00%, 01/23/26(d)			5,333		5,333,334
Spectacle Gary Holdings LLC, Term Loan B, (3 mo. LIBOR + 9.00%), 11.00%, 12/23/25			851		804,143
					17,525,162
Electric Utilities — 0.1%
Pacific Gas & Electric Co., 2020 Term Loan, (3 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/23/25			336		328,873
Energy Equipment & Services — 0.6%
Gates Global LLC, 2017 USD Repriced Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 3.75%, 04/01/24			1,891		1,860,661
Equity Real Estate Investment Trusts (REITs) — 3.2%
Magnum Intermediate Holdings I LLC, 2nd Lien Term Loan, (Fixed + 13.25%), 13.25%, 10/26/21(d)			17,000		11,050,000
Food Products — 2.9%
Arnott’s Biscuits Ltd., AUD 2nd Lien Term Loan, (BBSY + 8.50%, 1.00% Floor), 9.50%, 12/17/27(d)	AUD		14,500		9,990,968
Health Care Providers & Services — 0.7%
Acadia Healthcare Co., Inc., 2018 Term Loan B4, (1 mo. LIBOR + 2.50%), 2.65%, 02/16/23	USD		2,034		2,013,107
Select Medical Corp., 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 2.78%, 03/06/25			240		233,364
					2,246,471
Hotels, Restaurants & Leisure — 2.2%
18 Fremont Street Acquisition LLC, Term Loan B, (3 mo. LIBOR + 8.00%), 9.50%, 08/09/25			2,003		1,802,618
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.89%, 02/02/26(d)			408		363,492
Caesars Resort Collection LLC, 2020 Term Loan, (1 mo. LIBOR + 4.50%), 4.65%, 07/20/25			342		330,505
Golden Nugget LLC, 2017 Incremental Term Loan B, (1 mo. LIBOR + 2.50%), 3.25%, 10/04/23			521		463,337
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 5.75%, 1.00% Floor), 6.75%, 08/25/25(d)			333		318,015
Playtika Holding Corp., Term Loan B, (6 mo. LIBOR + 6.00%, 1.00% Floor), 7.00%, 12/10/24			1,247		1,246,332
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 3.61%, 08/14/24			1,892		1,775,512
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.72%, 07/10/25			1,177		1,172,729
					7,472,540
Industrial Conglomerates — 0.5%
Robertshaw US Holding Corp, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 02/28/25			1,752		1,517,736
IT Services — 0.3%
Aligned Energy LLC, Term Loan, 10/09/23(d)(o)			1,019		993,652
Media — 0.9%
Connect Finco Sarl, Term Loan B, (1 mo. LIBOR + 0.45%, 1.00% Floor), 4.65%, 12/12/26			847		820,044

Security		Par (000)		Value
Media (continued)
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.65%, 04/15/27	USD		418	$	404,398
Diamond Sports Group LLC, Term Loan, (1 mo. LIBOR + 3.25%), 3.40%, 08/24/26			1,515		1,168,849
Lamar Media Corp., 2020 Term Loan B, (1 mo. LIBOR + 1.50%), 1.66%, 02/06/27			58		56,643
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 2.50%), 2.65%, 05/29/26			729		706,788
					3,156,722
Oil, Gas & Consumable Fuels — 1.3%
BCP Raptor II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 4.75%), 4.90%, 11/03/25			742		516,659
Buckeye Partners LP, 2019 Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 11/01/26			1,320		1,293,958
California Resources Corp.
2017 1st Lien Term Loan, 0.00%, 12/31/22(f)(i)			1,180		424,470
2020 Junior DIP Term Loan, (1 mo. LIBOR + 9.00%), 10.00%, 01/15/21(d)			706		699,124
Chesapeake Energy Corp., 2019 Last Out Term Loan, (1 mo. LIBOR + 8.00%), 9.00%, 06/24/24(d)(f)(i)			919		624,920
CITGO Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/01/23			990		926,887
					4,486,018
Pharmaceuticals — 0.8%
Bausch Health Cos., Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 2.90%, 11/27/25			2,042		1,991,356
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.10%, 11/15/27			809		791,202
					2,782,558
Road & Rail — 0.1%
Genesee & Wyoming Inc. (New), Term Loan, (3 mo. LIBOR + 2.00%), 2.22%, 12/30/26			404		396,965
Software — 4.3%
Severin Acquisition LLC, 2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.91%, 08/01/26(d)			15,000		14,700,000
Thrifts & Mortgage Finance — 0.5%
Caliber Home Loans, Inc., 2018 Revolver, (1 mo. LIBOR + 3.00%), 3.16%, 04/24/21(d)			1,680		1,671,600
Trading Companies & Distributors — 0.2%
Foundation Building Materials LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.15%, 08/13/25			737		724,901
Utilities — 0.1%
PLH Infrastructure Services, Inc., 2018 Term Loan, (3 mo. LIBOR + 6.00%), 6.24%, 08/07/23(d)			359		305,241
Total Floating Rate Loan Interests — 33.0% (Cost: $122,460,245)					112,458,859
Foreign Agency Obligations
Bahrain — 0.3%
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(h)			844		938,950

8

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO)
(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Colombia — 1.1%
Colombia Government International Bond 8.13%, 05/21/24	USD		791	$	956,714
4.50%, 01/28/26			1,750		1,934,297
3.88%, 04/25/27			773		834,840
					3,725,851
Dominican Republic — 0.2%
Dominican Republic International Bond 5.95%, 01/25/27(h)			494		529,969
4.88%, 09/23/32(a)			310		306,900
					836,869
Egypt — 1.2%
Egypt Government International Bond 5.58%, 02/21/23(h)			795		815,620
5.75%, 05/29/24(a)			465		475,462
7.50%, 01/31/27(h)			640		671,200
7.50%, 01/31/27(a)(h)			350		367,063
6.38%, 04/11/31(a)	EUR		264		287,957
8.50%, 01/31/47(h)	USD		1,394		1,345,210
					3,962,512
Indonesia — 0.1%
Indonesia Government International Bond, 5.35%, 02/11/49(h)			315		417,080
Panama — 0.3%
Panama Government International Bond 3.16%, 01/23/30			429		466,001
4.50%, 04/16/50			379		473,276
					939,277
Paraguay — 0.2%
Paraguay Government International Bond, 5.40%, 03/30/50(a)(h)			500		605,313
Peru — 0.1%
Peruvian Government International Bond, 5.63%, 11/18/50(h)			296		472,213
Romania — 0.1%
Romanian Government International Bond, 3.00%, 02/14/31(a)(h)			500		513,125
Sri Lanka — 0.1%
Sri Lanka Government International Bond 6.35%, 06/28/24			200		144,313
7.85%, 03/14/29(h)			263		181,223
7.55%, 03/28/30(h)			200		135,000
					460,536
Ukraine — 0.4%
Ukraine Government International Bond 7.75%, 09/01/22			129		132,612
8.99%, 02/01/24(h)			447		466,444

Security		Par (000)		Value
Ukraine (continued)
Ukraine Government International Bond (continued) 7.75%, 09/01/25(h)	USD		369	$	369,000
7.25%, 03/15/33(a)			280		256,900
					1,224,956
Total Foreign Agency Obligations — 4.1% (Cost: $14,008,211)					14,096,682
		Shares
Investment Companies
Fixed Income Funds — 0.7%
iShares iBoxx $ High Yield Corporate Bond ETF(p)			30,000		2,517,000
Total Investment Companies — 0.7% (Cost: $2,390,729)					2,517,000
		Par (000)
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(c) — 1.6%
BCAP LLC Trust, Series 2012-RR3, Class 1A5, 6.40%, 12/26/37(a)	USD		1,995		1,757,577
Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69(a)(g)			1,976		1,684,694
Seasoned Credit Risk Transfer Trust Series, Series 2018-1, Class BX, 1.53%, 05/25/57			4,487		2,075,820
					5,518,091
Commercial Mortgage-Backed Securities — 13.0%
Barclays Commercial Mortgage Trust, Series 2019-C3, Class D, 3.00%, 05/15/52(a)			1,629		1,318,681
BBCMS Trust, Series 2019-CLP, Class E, (1 mo. LIBOR US + 2.11%), 2.27%, 12/15/31(a)(b)			1,393		1,282,937
Benchmark Mortgage Trust(a)
Series 2018-B2, Class D, 2.84%, 02/15/51(c)			3,000		2,454,027
Series 2018-B3, Class D, 3.21%, 04/10/51(c)			2,500		1,956,631
Series 2019-B9, Class XD, 2.17%, 03/15/52(c)			11,550		1,571,316
Series 2020-B16, Class D, 2.50%, 02/15/53			619		521,705
BX Commercial Mortgage Trust(a)(b)
Series 2018-IND, Class H, (1 mo. LIBOR US + 3.00%), 3.15%, 11/15/35			1,400		1,365,184
Series 2020-BXLP, Class F, (1 mo. LIBOR US + 2.00%), 2.15%, 12/15/36			815		802,006
CFK Trust, Series 2019-FAX, Class E, 4.64%, 01/15/39(a)(c)			2,000		1,911,231
Citigroup Commercial Mortgage Trust(a)(c)
Series 2016-P3, Class D, 2.80%, 04/15/49			1,000		614,260
Series 2019-PRM, Class F, 4.89%, 05/10/36			2,000		2,012,475
CSAIL Commercial Mortgage Trust, Series 2019-C15, Class D, 3.00%, 03/15/52(a)			1,939		1,427,172
CSMC Trust, Series 2020-NET, Class E, 3.83%, 08/15/37(a)(c)			1,500		1,478,247

SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.33%, 04/10/37(a)(c)	USD		999	$	760,913
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.53%, 10/10/34(a)(c)			575		570,769
GS Mortgage Securities Corp. Trust, Series 2017-500K, Class G, (1 mo. LIBOR US + 2.50%), 2.85%, 07/15/32(a)(b)			400		394,313
GS Mortgage Securities Trust, Series 2012-GCJ9, Class C, 4.45%, 11/10/45(a)(c)			982		995,701
JP Morgan Chase Commercial Mortgage Securities Trust(a)
Series 2015-JP1, Class E, 4.37%, 01/15/49(c)			2,031		1,417,412
Series 2020-MKST, Class E, (1 mo. LIBOR US + 2.25%), 2.40%, 12/15/36(b)			625		557,049
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D1, 4.27%, 12/15/48(a)(c)			857		672,455
JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class XD, 1.50%, 06/15/51(a)(c)			11,427		1,049,388
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 4.74%, 03/10/49(a)(c)			476		435,628
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50			250		202,175
Morgan Stanley Capital I Trust(a)
Series 2017-H1, Class D, 2.55%, 06/15/50			1,000		728,612
Series 2018-H3, Class D, 3.00%, 07/15/51			3,000		2,154,391
Series 2018-MP, Class E, 4.42%, 07/11/40(c)			2,000		1,580,189
Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.80%), 2.95%, 07/15/35(b)			1,800		1,669,860
Series 2019-H7, Class D, 3.00%, 07/15/52			1,250		978,259
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class MCR1, (1 mo. LIBOR US + 2.35%), 2.51%, 06/15/35(a)(b)			1,705		1,604,740
Velocity Commercial Capital Loan Trust(a)
Series 2018-1, Class M5, 6.26%, 04/25/48			338		293,081
Series 2018-1, Class M6, 7.26%, 04/25/48			635		527,439
Wells Fargo Commercial Mortgage Trust
Series 2015-C28, Class D, 4.24%, 05/15/48(c)			2,400		2,006,660
Series 2017-C41, Class D, 2.60%, 11/15/50(a)(c)			1,967		1,385,310
Series 2018-C44, Class D, 3.00%, 05/15/51(a)			3,000		2,222,161
Series 2018-C45, Class D, 3.00%, 06/15/51(a)			2,100		1,547,586
Series 2020-SDAL, Class E, (1 mo. LIBOR US + 2.74%), 2.89%, 02/15/37(a)(b)			2,200		1,827,489
					44,297,452
Total Non-Agency Mortgage-Backed Securities — 14.6% (Cost: $53,797,382)					49,815,543
Preferred Securities
Capital Trusts — 7.6%
Automobiles — 0.3%
Volkswagen International Finance NV, 3.88%(k)(l)	EUR		900		1,064,227
Banks(k)(l) — 3.3%
ABN AMRO Bank NV, 4.75%			800		940,305
AIB Group PLC, 6.25%			400		467,807
Allied Irish Banks PLC, 7.38%			200		235,090
Banco Bilbao Vizcaya Argentaria SA, Series 9, 6.50%(h)	USD		400		398,000

Security		Par (000)		Value
Banks (continued)
Banco Mercantil del Norte SA, 6.75%(a)(h)	USD		1,000	$	983,125
Bank of East Asia Ltd., 5.88%			250		250,312
Bankia SA
6.00%	EUR		200		236,249
6.38%			400		479,068
BAWAG Group AG, 5.00%			800		923,759
Burgan Bank SAK, 5.75%	USD		200		197,875
CaixaBank SA, 6.75%	EUR		200		243,570
Cooperatieve Rabobank UA
4.63%			800		962,829
4.38%			400		480,118
Emirates NBD Bank PJSC, 6.13%	USD		200		208,500
Erste Group Bank AG
5.13%	EUR		800		939,699
8.88%			200		250,216
ING Groep NV, 6.75%(h)	USD		1,000		1,057,500
Intesa Sanpaolo SpA, 7.75%	EUR		500		658,510
KBC Group NV, 4.25%			1,000		1,145,286
Rizal Commercial Banking Corp., 6.50%	USD		200		199,000
					11,256,818
Chemicals — 0.1%
Solvay Finance SA, 5.43%(k)(l)	EUR		190		241,873
Diversified Financial Services(k) — 2.8%
Banco Santander SA, 6.75%(l)			400		489,321
Barclays PLC, 7.75%(h)(l)	USD		400		413,320
BNP Paribas SA(l)
6.13%	EUR		400		491,257
6.63%(h)	USD		500		529,375
7.38%			200		222,750
Credit Agricole SA, 6.88%(l)			500		538,440
Credit Suisse Group AG(a)(h)(l)
6.38%			600		641,250
6.25%			400		428,455
7.50%			900		949,779
HSBC Holdings PLC, 6.25%(h)(l)			1,400		1,408,750
Societe Generale SA, 7.38%(h)			800		823,000
UBS Group AG, 7.00%(h)(l)			1,400		1,555,750
UniCredit SpA(l)
6.75%	EUR		200		234,675
6.63%			700		812,403
					9,538,525
Diversified Telecommunication Services(k)(l) — 0.3%
Telefonica Europe BV
4.38%			200		246,908
3.88%			600		718,105
					965,013
Electric Utilities(l) — 0.2%
Naturgy Finance BV, 4.13%(k)			200		242,697
RWE AG, 2.75%, 04/21/75			200		234,490
					477,187
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26			100		119,004

10

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Insurance(l) — 0.4%
Argentum Netherlands BV for Swiss Re Ltd., 5.75%, 08/15/50(h)	USD		800	$	888,790
KDB Life Insurance Co. Ltd., 7.50%(k)			500		478,750
					1,367,540
Oil, Gas & Consumable Fuels — 0.0%
BP Capital Markets PLC, 3.25%(k)(l)	EUR		100		120,395
Utilities — 0.1%
Electricite de France SA, 5.38%(k)(l)			300		385,741
Wireless Telecommunication Services — 0.1%
Vodafone Group PLC, 3.10%, 01/03/79(l)			200		238,301
Total Capital Trusts — 7.6%					25,774,624
		Shares
Preferred Stocks — 0.1%
Wireless Telecommunication Services — 0.1%
Cash Mandatory Exchangeable Trust, 5.25%, 06/01/23(a)(m)			295		317,355
Total Preferred Securities — 7.7% (Cost: $25,273,182)					26,091,979
		Par (000)
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.5%
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA1, Class B1, (1 mo. LIBOR US + 3.15%), 3.30%, 07/25/30(b)	USD		2,000		1,779,653
Commercial Mortgage-Backed Securities — 0.5%
FREMF Mortgage Trust, Series 2017-KGX1, Class BFX, 3.71%, 10/25/27(a)(c)			1,500		1,577,010
Total U.S. Government Sponsored Agency Securities — 1.0% (Cost: $3,376,571)					3,356,663
Total Long-Term Investments — 125.3% (Cost: $453,525,797)					427,159,786

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class,
0.02%(p)(q)		6,520,422	$	6,520,422
Total Short-Term Securities — 1.9% (Cost: $6,520,422)				6,520,422
Options Purchased — 0.0% (Cost: $33,793)				6,398
Total Investments — 127.2% (Cost: $460,080,012)				433,686,606
Liabilities in Excess of Other Assets — (27.2)%				(92,752,561	)
Net Assets — 100.0%			$	340,934,045

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

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

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

^(d)  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)  When-issued security.

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

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

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

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

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

^(m)  Convertible security.

⁽ⁿ⁾  Zero-coupon bond.

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

^(p)  Affiliate of the Trust.

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

Affiliates

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

Affiliated Issuer	Value at 12/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/20		Shares Held at 09/30/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	9,307,423	$	—	$	(2,787,001	)(a)	$	—	$	—	$	6,520,422		6,520,422	$	38,180	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		—		15,921,059		(14,189,356	)		659,026		126,271		2,517,000		30,000		45,889		—
								$	659,026	$	126,271	$	9,037,422			$	84,069	$	—

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

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

SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO)

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.

1.10

%(b)

02/06/20

Open

$

171,250

$

172,742

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

(b)

02/06/20

Open

158,750

160,133

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

(b)

02/06/20

Open

170,750

172,238

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

(b)

02/06/20

Open

885,170

892,883

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.15

(b)

02/06/20

Open

177,750

179,368

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

(b)

02/06/20

Open

180,075

181,763

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

(b)

02/06/20

Open

172,250

173,864

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

(b)

02/14/20

Open

1,129,375

1,138,355

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

(b)

02/21/20

Open

90,746

91,547

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

03/02/20

Open

354,375

355,707

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

(b)

03/03/20

Open

1,141,650

1,150,870

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

03/03/20

Open

782,087

788,027

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

(b)

03/26/20

Open

426,750

428,979

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

03/26/20

Open

390,915

393,266

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

04/15/20

Open

235,625

236,175

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

(b)

04/15/20

Open

541,600

544,127

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

(b)

04/15/20

Open

234,375

235,469

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

(b)

04/15/20

Open

258,395

��

259,601

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

(b)

04/15/20

Open

829,312

833,182

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

(b)

04/15/20

Open

165,750

166,601

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

(b)

04/15/20

Open

362,713

364,575

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

(b)

04/15/20

Open

150,500

151,273

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

(b)

04/15/20

Open

172,250

173,134

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.15

(b)

04/15/20

Open

172,000

172,923

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.15

(b)

04/15/20

Open

653,887

657,397

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

(b)

04/15/20

Open

757,500

761,742

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

(b)

04/15/20

Open

700,613

704,537

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

(b)

04/15/20

Open

167,250

168,187

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

(b)

04/15/20

Open

174,500

175,477

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.20

(b)

04/15/20

Open

544,552

547,602

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

(b)

04/15/20

Open

369,761

371,918

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

(b)

04/15/20

Open

635,456

639,162

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

(b)

04/15/20

Open

831,250

836,099

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

(b)

04/15/20

Open

82,875

83,358

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.45

(b)

04/15/20

Open

722,675

727,565

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

04/22/20

Open

286,563

287,524

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

(b)

04/22/20

Open

642,160

645,750

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

(b)

04/27/20

Open

279,518

281,032

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

(b)

05/12/20

Open

402,500

404,457

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.05

(b)

05/29/20

Open

444,975

446,597

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

(b)

07/08/20

Open

286,342

287,018

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

07/14/20

Open

1,106,235

1,108,298

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

(b)

07/15/20

Open

629,100

630,647

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

(b)

07/21/20

Open

164,839

165,218

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

(b)

07/22/20

Open

442,688

443,634

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

(b)

07/28/20

Open

824,617

826,084

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

(b)

07/29/20

Open

897,487

898,823

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

(b)

07/29/20

Open

92,558

92,695

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.00

(b)

07/29/20

Open

924,000

925,617

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.50

(b)

07/29/20

Open

711,984

713,853

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

(b)

08/20/20

Open

384,920

385,302

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

08/21/20

Open

1,646,060

1,647,653

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

08/31/20

Open

502,487

502,855

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.50

(b)

09/09/20

Open

768,169

768,393

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

688,000

688,273

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

853,597

853,936

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

580,500

580,730

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

488,813

489,006

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

2,203,766

2,204,640

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

1,007,500

1,007,900

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/09/20

Open

472,806

472,999

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/10/20

Open

396,153

396,302

Corporate Bonds

Open/Demand

12

Schedule of Investments  (unaudited) (continued) September 30, 2020 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 S.A.

0.70

%(b)

09/10/20

Open

$

484,195

$

484,383

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

09/10/20

Open

832,299

832,646

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

09/10/20

Open

522,235

522,453

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

09/10/20

Open

1,378,260

1,378,834

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

09/10/20

Open

483,125

483,326

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

(b)

09/14/20

Open

443,754

443,921

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.15

(b)

09/14/20

Open

465,803

466,041

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

09/21/20

Open

1,003,702

1,003,878

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/21/20

Open

772,875

773,030

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/21/20

Open

334,500

334,567

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/21/20

Open

1,210,917

1,211,160

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/21/20

Open

1,130,876

1,131,102

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

1,230,524

1,230,785

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

581,491

581,615

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

665,040

665,181

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

105,875

105,898

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

174,484

174,521

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

552,335

552,452

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

223,943

223,990

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

1,260,630

1,260,898

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

1,177,875

1,178,125

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

974,012

974,219

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

22,579

22,584

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

38,755

38,763

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

22,748

22,752

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

40,020

40,029

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

1,082,287

1,082,518

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

43,350

43,359

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

157,548

157,581

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

898,170

898,361

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

583,942

584,067

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

38,123

38,131

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

67,446

67,461

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

57,173

57,185

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

436,194

436,286

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

1,166,182

1,166,430

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

220,913

220,959

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

58,888

58,900

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

152,719

152,751

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

37,894

37,902

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

625,312

625,430

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.15

(b)

09/23/20

Open

148,500

148,496

Corporate Bond

Open/Demand

Barclays Capital, Inc.

0.50

(b)

09/23/20

Open

1,188,250

1,188,366

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,275,982

1,276,181

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,237,451

1,237,644

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

41,275

41,281

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

536,250

536,333

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

385,600

385,660

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

160,000

160,025

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

483,750

483,825

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

357,500

357,556

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

886,250

886,388

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,022,897

1,023,057

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,162,247

1,162,428

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

613,887

613,983

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

736,797

736,912

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,296,750

1,296,952

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

236,250

236,287

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,202,880

1,203,067

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,211,674

1,211,862

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

528,750

528,832

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

828,750

828,879

Corporate Bonds

Open/Demand

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) September 30, 2020 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.

0.80

%(b)

09/23/20

Open

$

1,103,177

$

1,103,349

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

699,930

700,039

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

09/24/20

Open

481,965

482,007

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

09/24/20

Open

437,320

437,358

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/24/20

Open

1,099,587

1,099,726

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/24/20

Open

827,719

827,828

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/25/20

Open

333,500

333,522

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/25/20

Open

34,750

34,752

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

(b)

09/25/20

Open

161,745

161,756

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

(b)

09/25/20

Open

176,500

176,513

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

256,979

256,993

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/25/20

Open

368,600

368,620

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/25/20

Open

831,071

831,118

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/25/20

Open

1,247,269

1,247,339

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/25/20

Open

306,313

306,330

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/25/20

Open

650,702

650,739

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/25/20

Open

543,000

543,031

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/25/20

Open

389,500

389,523

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/25/20

Open

419,393

419,417

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/25/20

Open

455,625

455,652

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/25/20

Open

441,169

441,194

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/25/20

Open

417,020

417,044

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

09/25/20

Open

317,000

317,020

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/25/20

Open

143,000

143,010

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

09/28/20

Open

438,750

438,762

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

09/28/20

Open

385,633

385,643

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

09/28/20

Open

422,154

422,165

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

09/28/20

Open

381,840

381,851

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

09/28/20

Open

412,376

412,388

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

09/28/20

Open

303,000

303,011

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

09/28/20

Open

606,320

606,342

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

09/28/20

Open

452,628

452,644

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

09/28/20

Open

409,950

409,965

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/28/20

Open

314,125

314,139

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

09/28/20

Open

1,855,000

1,855,046

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

805,450

805,479

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

432,540

432,556

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

325,163

325,174

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

405,375

405,390

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

692,250

692,275

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

346,000

346,013

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

1,831,044

1,831,110

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

1,845,000

1,845,067

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

517,500

517,519

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

1,105,437

1,105,477

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

1,191,125

1,191,168

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

1,870,000

1,870,068

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

09/28/20

Open

1,223,307

1,223,352

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/28/20

Open

420,480

420,496

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/28/20

Open

344,366

344,380

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/28/20

Open

281,423

281,433

Corporate Bonds

Open/Demand

$

102,184,822

$

102,316,363

^(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.

14

Schedule of Investments  (unaudited) (continued) September 30, 2020 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		48		12/21/20	$	6,698	$	14,669
10-Year U.S. Ultra Note		7		12/21/20		1,119		(2,384	)
U.S. Long Treasury Bond		13		12/21/20		2,292		(5,206	)
U.S. Ultra Treasury Bond		106		12/21/20		23,512		7,743
								14,822
Short Contracts
5-Year U.S. Treasury Note		229		12/31/20		28,861		(37,327	)
							$	(22,505	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	33,952,058	USD	39,744,245	Deutsche Bank AG		10/05/20	$	65,311
EUR	1,056,000	USD	1,236,576	UBS AG		10/05/20		1,608
GBP	153,000	USD	196,590	HSBC Bank USA N.A.		10/05/20		836
GBP	1,628,073	USD	2,092,748	Morgan Stanley & Co. International PLC		10/05/20		8,063
USD	40,395,310	EUR	33,952,058	Deutsche Bank AG		10/05/20		585,754
USD	766,771	EUR	640,675	JPMorgan Chase Bank N.A.		10/05/20		15,565
USD	93,394	EUR	79,000	State Street Bank and Trust Co.		10/05/20		765
USD	111,490	EUR	94,000	UBS AG		10/05/20		1,273
USD	1,553,280	EUR	1,299,000	UBS AG		10/05/20		30,174
USD	346,057	GBP	260,000	Citibank N.A.		10/05/20		10,562
USD	2,159,978	GBP	1,628,073	Morgan Stanley & Co. International PLC		10/05/20		59,167
EUR	9,629,060	USD	11,276,974	Morgan Stanley & Co. International PLC		11/04/20		20,305
USD	1,240,510	EUR	1,056,000	BNP Paribas S.A.		11/04/20		1,559
HKD	630,000	USD	81,253	Morgan Stanley & Co. International PLC		12/16/20		16
USD	10,499,571	AUD	14,427,500	Morgan Stanley & Co. International PLC		12/16/20		163,801
USD	314,117	EUR	264,000	UBS AG		12/16/20		4,069
								968,828
EUR	1,056,000	USD	1,239,739	BNP Paribas S.A.		10/05/20		(1,555	)
EUR	9,629,060	USD	11,447,448	Morgan Stanley & Co. International PLC		10/05/20		(157,158	)
USD	11,269,984	EUR	9,629,060	Morgan Stanley & Co. International PLC		10/05/20		(20,307	)
EUR	434,916	USD	510,355	Morgan Stanley & Co. International PLC		11/04/20		(90	)
USD	39,768,725	EUR	33,952,058	Deutsche Bank AG		11/04/20		(65,474	)
USD	1,237,342	EUR	1,056,000	UBS AG		11/04/20		(1,609	)
USD	196,621	GBP	153,000	HSBC Bank USA N.A.		11/04/20		(837	)
USD	2,093,075	GBP	1,628,073	Morgan Stanley & Co. International PLC		11/04/20		(8,068	)
USD	737,437	HKD	5,718,345	Bank of America N.A.		12/16/20		(216	)
								(255,314	)
							$	713,514

OTC Options Purchased

Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
USD Currency	Bank of America N.A.		11/03/20		CAD	1.36		USD	2,250	$	4,246
USD Currency	JPMorgan Chase Bank N.A.		11/03/20		CNH	7.05		USD	1,760		2,152
										$	6,398

SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO)

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.V1	5.00	%	Quarterly	06/20/23	C+	USD    10,875		$	478,434	$	451,115		$	27,319
CDX.NA.HY.32.V1	5.00		Quarterly	06/20/24	CCC-	USD      9,025			448,612		433,728			14,884
CDX.NA.HY.34.V9	5.00		Quarterly	06/20/25	B-	USD    13,892			702,072		(51,213	)		753,285
								$	1,629,118	$	833,630		$	795,488

^(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.

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	$	(1,419	)	$	1,831	$	(3,250	)

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		$	6,053		$	(45,454	)	$	51,507
Rolls-Royce PLC	1.00		Quarterly	Citibank N.A.	06/20/25	BB-	EUR           25			(4,799	)		(4,279	)		(520	)
Rolls-Royce PLC	1.00		Quarterly	Citibank N.A.	06/20/25	BB-	EUR           55			(10,524	)		(9,413	)		(1,111	)
CMBX.NA.9.BBB-	3.00		Monthly	Deutsche Bank AG	09/17/58	NR	USD    10,000			(2,627,299	)		(1,243,531	)		(1,383,768	)
CMBX.NA.9.BBB-	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR	USD    10,000			(2,627,298	)		(1,084,563	)		(1,542,735	)
CMBX.NA.9.BBB-	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR	USD    15,000			(3,940,948	)		(1,087,634	)		(2,853,314	)
									$	(9,204,815	)	$	(3,474,874	)	$	(5,729,941	)

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

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

Fair Value Hierarchy as of Period End

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

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments)

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

16

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO)

Fair Value Hierarchy as of Period End (continued)

is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	62,150,727	$	1,472,760	$	63,623,487
Common Stocks
Energy Equipment & Services		—		—		15,533		15,533
Equity Real Estate Investment Trusts (REITs)		31,800		—		—		31,800
Hotels, Restaurants & Leisure		388,776		—		—		388,776
Oil, Gas & Consumable Fuels		—		233,831		—		233,831
Corporate Bonds
Aerospace & Defense		—		4,312,254		—		4,312,254
Airlines		—		741,952		524,966		1,266,918
Auto Components		—		556,453		—		556,453
Automobiles		—		754,794		—		754,794
Banks		—		854,167		—		854,167
Beverages		—		2,768,331		—		2,768,331
Building Materials		—		427,853		—		427,853
Capital Markets		—		553,807		—		553,807
Chemicals		—		5,199,285		—		5,199,285
Commercial Services & Supplies		—		3,675,263		—		3,675,263
Construction & Engineering		—		109,934		—		109,934
Construction Materials		—		815,984		—		815,984
Consumer Discretionary		—		674,667		—		674,667
Consumer Finance		—		705,011		—		705,011
Containers & Packaging		—		1,906,956		—		1,906,956
Diversified Financial Services		—		3,901,157		—		3,901,157
Diversified Telecommunication Services		—		5,042,973		—		5,042,973
Education		—		204,500		—		204,500
Electric Utilities		—		4,265,714		—		4,265,714
Electrical Equipment		—		48,375		—		48,375
Energy Equipment & Services		—		1,099,363		193,260		1,292,623
Equity Real Estate Investment Trusts (REITs)		—		4,819,664		—		4,819,664
Food & Staples Retailing		—		2,100,848		—		2,100,848
Food Products		—		2,347,030		—		2,347,030
Health Care Providers & Services		—		5,739,738		—		5,739,738
Hotels, Restaurants & Leisure		—		9,152,703		—		9,152,703
Household Durables		—		12,536,060		—		12,536,060
Household Products		—		90,224		—		90,224
Independent Power and Renewable Electricity Producers		—		5,225,043		—		5,225,043
Insurance		—		2,241,558		—		2,241,558
Interactive Media & Services		—		823,981		—		823,981
Internet Software & Services		—		458,810		—		458,810
Machinery		—		859,687		—		859,687
Media		—		7,016,273		—		7,016,273
Metals & Mining		—		6,100,119		—		6,100,119
Multiline Retail		—		239,876		—		239,876
Oil, Gas & Consumable Fuels		—		18,613,377		678,739		19,292,116
Pharmaceuticals		—		1,421,518		—		1,421,518
Producer Durables: Miscellaneous		—		120,894		—		120,894
Real Estate Management & Development		1,328,444		18,646,153		—		19,974,597
Road & Rail		—		260,284		—		260,284
Textiles, Apparel & Luxury Goods		—		88,419		—		88,419
Thrifts & Mortgage Finance		—		2,307,117		—		2,307,117
Transportation Infrastructure		—		688,292		—		688,292
Utilities		—		4,277,817		—		4,277,817
Wireless Telecommunication Services		—		7,009,946		—		7,009,946
Floating Rate Loan Interests		—		33,916,458		78,542,401		112,458,859
Foreign Agency Obligations		—		14,096,682		—		14,096,682

SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3			Total
Corporate Bonds (continued)
Investment Companies	$	2,517,000		$	—		$	—		$	2,517,000
Non-Agency Mortgage-Backed Securities		—			49,815,543			—			49,815,543
Preferred Securities
Capital Trusts		—			25,774,624			—			25,774,624
Preferred Stocks		—			317,355			—			317,355
U.S. Government Sponsored Agency Securities		—			3,356,663			—			3,356,663
Short-Term Securities
Money Market Funds		6,520,422			—			—			6,520,422
Options Purchased
Foreign Currency Exchange Contracts		—			6,398			—			6,398
Unfunded Floating Rate Loan Interests		—			—			—			—
Liabilities
Unfunded Floating Rate Loan Interests(a)		—			(1,726	)		—			(1,726	)
	$	10,786,442		$	341,470,779		$	81,427,659		$	433,684,880
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—		$	795,488		$	51,507		$	846,995
Foreign Currency Exchange Contracts		—			968,828			—			968,828
Interest Rate Contracts		22,412			—			—			22,412
Liabilities
Credit Contracts		—			(5,781,448	)		(3,250	)		(5,784,698	)
Foreign Currency Exchange Contracts		—			(255,314	)		—			(255,314	)
Interest Rate Contracts		(44,917	)		—			—			(44,917	)
	$	(22,505	)	$	(4,272,446	)	$	48,257		$	(4,246,694	)

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

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $102,316,363 are categorized as Level 2 within the disclosure 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			Preferred Stocks			Total
Assets
Opening balance, as of December 31, 2019	$	3,938,928		$	130,179		$	718,193		$	88,031,644		$	161,138		$	92,980,082
Transfers into Level 3		1,195,684			—			1,151,100			1,022,642			—			3,369,426
Transfers out of Level 3(a)		(965,078	)		—			—			(2,519,334	)		—			(3,484,412	)
Accrued discounts/premiums		920			—			10,298			58,078			—			69,296
Net realized gain (loss)		70,258			—			(376,633	)		35,367			—			(271,008	)
Net change in unrealized appreciation (depreciation)(b)		(740,386	)		35,200			(218,275	)		(7,611,156	)		(57,247	)		(8,591,864	)
Purchases		—			5,332			201,400			14,651,095			—			14,857,827
Sales		(2,027,566	)		(155,178	)		(89,118	)		(15,125,935	)		(103,891	)		(17,501,688	)
Closing balance, as of September 30, 2020	$	1,472,760		$	15,533		$	1,396,965		$	78,542,401		$	—		$	81,427,659
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2020(b)	$	(682,809	)	$	10,201		$	(218,275	)	$	(7,553,340	)	$	—		$	(8,444,223	)

^(a)  As of December 31, 2019, the Trust used observable inputs in determining the value of certain investments. As of September 30, 2020, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2020 is generally due to investments no longer held or categorized as Level 3 at period end.

	Credit Contracts Assets		Credit Contracts Liabilities		Total
Opening Balance as of December 31, 2019	$	59,578	$	—	$	59,578
Transfers in Level 3		—		—		—

18

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Multi-Sector Opportunities Trust (MSO)

	Credit Contracts Assets			Credit Contracts Liabilities			Total
Transfers out of Level 3	$	—		$	—		$	—
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)(a)		(8,071	)		601			(7,470	)
Purchases		—			(3,851	)		(3,851	)
Issues		—			—			—
Sales		—			—			—
Closing Balance, as of September 30, 2020	$	51,507		$	(3,250	)	$	48,257
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2020(a)	$	(8,071	)	$	601		$	(7,470	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on derivative financial instruments still held at September 30, 2020 is generally due to derivative financial instruments 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 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $26,461,626. 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 Unobserable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Asset-Backed Securities	$	551,396	Income	Discount Rate	17%		—
Corporate Bonds		1,203,705	Income	Discount Rate	10% - 21%		18%
Floating Rate Loan Interests(b) (c)		53,210,932	Income	Discount Rate	9% - 13%		10%
			Market	Estimated Recovery Value	—		—
	$	54,966,033

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

^(b)  For the period end September 30, 2020, the valuation technique for investments classified as Floating Rate Interests amounting to $9,990,968 changed to income approach. The investments were previously valued utilizing Transaction Price. The change was due to consideration of the information that was available at the time the investments were valued.

^(c)  For the period end September 30, 2020, the valuation technique for investments classified as Floating Rate Interests amounting to $11,050,000 changed to estimated recovery value. The investments were previously valued utilizing income approach. The change was due to consideration of the information that was available at the time the investments were valued.

Currency Abbreviation		Portfolio Abbreviation (continued)
AUD	Australian Dollar	PIK	Payment-in-Kind
CAD	Canadian Dollar	PJSC	Public Joint Stock Company
CNH	Chinese Yuan	SAB	Special Assessment Bonds
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
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
LIBOR	London Interbank Offered Rate
PCL	Public Company Limited

SCHEDULE OF INVESTMENTS 19