BlackRock Multi-Sector Opportunities Trust (MSO) NPORT-P BlackRock Multi-Sector Opportunities Trust (Mar 2021 report)

Schedule of Investments (unaudited) March 31, 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	$	1,462,281
Ajax Mortgage Loan Trust(b)
Series 2018-A, Class B, 0.00%, 04/25/58			444		243,062
Series 2018-B, Class B, 1.00%, 02/26/57			456		132,107
Anchorage Capital CLO Ltd.(a)(b)
Series 2013-1A, Class DR, (3 mo. LIBOR US + 6.80%), 7.02%, 10/13/30			3,050		2,986,389
Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 5.64%, 01/15/30			1,000		938,489
Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.70%), 5.92%, 04/20/31(a)(b)			1,000		939,270
Apidos CLO XXIX, Series 2018-29A, Class D, (3 mo. LIBOR US + 5.25%), 5.47%, 07/25/30(a)(b)			2,000		1,868,676
Apres Static CLO Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 4.25%), 4.49%, 10/15/28(a)(b)			500		500,152
ARES LI CLO Ltd., Series 2019-51A, Class E, (3 mo. LIBOR US + 6.49%), 6.73%, 04/15/31(a)(b)			700		700,500
Ares LV CLO Ltd., Series 2020-55A, Class D, (3 mo. LIBOR US + 4.83%), 5.07%, 04/15/31(a)(b)			1,000		1,004,992
Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, (3 mo. LIBOR US + 6.15%), 6.39%, 10/15/30(a)(b)			1,450		1,426,527
Assurant CLO Ltd., Series 2019-5A, Class E, (3 mo. LIBOR US + 7.34%), 7.58%, 01/15/33(a)(b)			250		250,652
BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(a)			2,300		1,187,496
Battalion CLO XI Ltd., Series 2017-11A, Class E, (3 mo. LIBOR US + 5.98%), 6.20%, 10/24/29(a)(b)			1,000		967,112
Bean Creek CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.75%), 5.97%, 04/20/31(a)(b)			1,500		1,417,530
Benefit Street Partners CLO XVIII Ltd., Series 2019- 18A, Class E, (3 mo. LIBOR US + 6.90%), 7.14%, 10/15/32(a)(b)			1,000		999,431
BlueMountain CLO XXV Ltd., Series 2019-25A, Class E, (3 mo. LIBOR US + 6.70%), 6.94%, 07/15/32(a)(b)			250		250,645
BlueMountain CLO XXVI Ltd., Series 2019-26A, Class E, (3 mo. LIBOR US + 7.70%), 7.92%, 10/20/32(a)(b)			250		251,127
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.87%, 01/17/28(a)(b)			250		241,307
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 3.38%, 04/20/32(a)(b)(c)			250		250,000
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.66%, 07/20/32(a)(b)			2,200		2,179,719
Cedar Funding IX CLO Ltd., Series 2018-9A, Class E, (3 mo. LIBOR US + 5.35%), 5.57%, 04/20/31(a)(b)			2,000		1,909,893
CFMT LLC(a)(b)(c)
Series 2019-HB1, Class M4, 4.49%, 12/25/29			250		249,250
Series 2019-HB1, Class M5, 6.00%, 12/25/29			250		245,500
Deer Creek Clo Ltd., Series 2017-1A, Class E, (3 mo. LIBOR US + 6.35%), 6.57%, 10/20/30(a)(b)			1,000		995,124
Elmwood CLO II Ltd.(a)(b)
Series 2019-2A, Class E, (3 mo. LIBOR US + 6.80%), 7.02%, 04/20/31			500		500,029
Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 1.00%, 04/20/34(d)			250		250,000
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.24%, 10/15/32(a)(b)			1,425		1,428,002

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	$	161,957
Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 3.19%, 10/15/30(a)(b)	USD		550		546,350
Goldentree Loan Management US Clo 2 Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 4.70%), 4.92%, 11/28/30(a)(b)			1,500		1,375,410
GoldenTree Loan Opportunities IX Ltd., Series 2014- 9A, Class ER2, (3 mo. LIBOR US + 5.66%), 5.87%, 10/29/29(a)(b)			500		478,489
GoldentTree Loan Management US CLO 1 Ltd., Series 2017-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.87%, 04/20/29(a)(b)			700		699,976
Highbridge Loan Management Ltd., Series 12A-18, Class D, (3 mo. LIBOR US + 5.15%), 5.37%, 07/18/31(a)(b)			1,120		1,047,669
JP Morgan Mortgage Acquisition Corp., Series 2006- FRE2, Class M2, (1 mo. LIBOR US + 0.54%), 0.48%, 02/25/36(a)			2,788		2,558,240
Kayne CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.75%, 01/20/33(a)(b)			500		502,064
Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31(b)			315		349,355
Madison Park Funding X Ltd., Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.47%, 01/20/29(a)(b)			1,270		1,270,270
Madison Park Funding XXX Ltd.(a)
Series 2018-30A, Class E, (3 mo. LIBOR US + 4.95%), 5.19%, 04/15/29(b)			1,250		1,189,200
Series 2018-30X, Class E, 5.19%, 04/15/29			250		237,840
Mariner CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 7.10%, 04/30/32(a)(b)			250		250,646
Mariner Finance Issuance Trust(b)
Series 2019-AA, Class D, 5.44%, 07/20/32			2,500		2,474,163
Series 2020-AA, Class D, 5.75%, 08/21/34			250		254,989
MCM Trust, Series 2018-NPL1, Class B, 1.00%, 05/28/58(b)			2,083		1,113,295
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44(b)			345		359,637
Nationstar HECM Loan Trust, Series 2019-1A, Class M4, 5.80%, 06/25/29(a)(b)			1,500		1,499,813
OCP CLO Ltd.(a)(b)
Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 3.22%, 04/24/29			600		586,811
Series 2019-16A, Class ER, (3 mo. LIBOR US + 6.35%), 6.54%, 04/10/33			500		500,000
Series 2019-17A, Class E, (3 mo. LIBOR US + 6.66%), 6.88%, 07/20/32			1,000		999,105
Palmer Square CLO Ltd.(a)(b)
Series 2015-2A, Class CR2, (3 mo. LIBOR US + 2.75%), 2.97%, 07/20/30			250		246,295
Series 2015-2A, Class DR2, (3 mo. LIBOR US + 5.75%), 5.97%, 07/20/30			250		250,269
Series 2018-2A, Class D, (3 mo. LIBOR US + 5.60%), 5.83%, 07/16/31			1,500		1,449,102
Park Avenue Institutional Advisers CLO Ltd.,
Series 2016-1A, Class DR, (3 mo. LIBOR US + 5.85%), 6.03%, 08/23/31(a)(b)			2,000		1,845,892
Regatta VI Funding Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 5.00%), 5.22%, 07/20/28(a)(b)			250		244,864

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

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Asset-Backed Securities (continued)
Republic Finance Issuance Trust, Series 2020-A, Class D, 7.00%, 11/20/30(b)	USD		700		$	727,548
Rockford Tower CLO Ltd.(a)(b)
Series 2017-1A, Class E, (3 mo. LIBOR US + 5.40%), 5.64%, 04/15/29			2,000			1,879,027
Series 2017-2A, Class ER, (3 mo. LIBOR US + 6.25%), 6.49%, 10/15/29			1,150			1,139,303
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 2.87%, 10/20/30			970			955,387
Series 2017-3A, Class E, (3 mo. LIBOR US + 5.75%), 5.97%, 10/20/30			1,000			942,477
Sofi Professional Loan Program LLC, Series 2016-B, Class RC, 0.00%, 04/25/37(b)(c)			—	(e)		402,112
Sound Point CLO XXIV, Series 2019-3A, Class D, (3 mo. LIBOR US + 4.11%), 4.33%, 10/25/32(a)(b)			2,250			2,264,261
Strata CLO I Ltd.(a)(b)
Series 2018-1A, Class E, (3 mo. LIBOR US + 7.08%), 7.32%, 01/15/31			500			467,859
Series 2018-1A, Class USUB, 0.00%, 01/15/18			1,750			1,076,281
Sun Country, 7.00%, 12/15/23(c)			622			599,092
TICP CLO V Ltd., Series 2016-5A, Class ER, (3 mo. LIBOR US + 5.75%), 5.97%, 07/17/31(a)(b)			250			242,197
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 7.29%, 04/15/33(a)(b)			500			502,268
TICP CLO XII Ltd., Series 2018-12A, Class E, (3 mo. LIBOR US + 5.50%), 5.74%, 01/15/31(a)(b)			2,750			2,739,048
TRESTLES CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 5.97%, 07/25/31(a)(b)			1,900			1,802,193
TRESTLES CLO III Ltd., Series 2020-3A, Class SUB, 0.00%, 01/20/33(a)(b)			500			394,860
Voya CLO Ltd., Series 2014-3A, Class CR, (3 mo. LIBOR US + 2.65%), 2.87%, 07/25/26(a)(b)			350			349,974
Westcott Park CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 3.47%, 07/20/28(a)(b)			750			749,747
York CLO Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 3.01%), 3.23%, 10/22/29(a)(b)			250			247,554
York CLO-2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 5.87%, 01/22/31(a)(b)			500			469,473
Total Asset-Backed Securities — 18.8% (Cost: $68,981,386)						66,217,624
		Shares
Common Stocks
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.(c)(f)			400			2,320
Equity Real Estate Investment Trusts (REITs) — 0.0%
Service Properties Trust			4,000			47,440
Hotels, Restaurants & Leisure — 0.2%
Caesars Entertainment, Inc.(f)			6,935			606,466

Security		Shares		Value
Oil & Gas Exploration & Production — 0.1%
CA Resources Corp.(f)			19,277	$	460,326
Oil, Gas & Consumable Fuels(f) — 0.3%
California Resources Corp.			39,354		946,857
Chesapeake Energy Corp., (Acquired 02/10/21, Cost: $2,964)(g)			313		13,083
					959,940
Total Common Stocks — 0.6% (Cost: $1,894,536)					2,076,492
		Par (000)
Corporate Bonds
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc., 3.38%, 03/01/41	USD		178		173,000
Aerospace & Defense — 1.5%
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b)			491		537,792
General Electric Co., 4.35%, 05/01/50(h)			595		660,417
Howmet Aerospace Inc., 6.75%, 01/15/28(h)			1,209		1,426,620
Rolls-Royce PLC, 1.63%, 05/09/28	EUR		100		106,846
TransDigm, Inc.(h)
6.50%, 05/15/25	USD		1,330		1,354,937
6.25%, 03/15/26(b)			1,163		1,233,013
					5,319,625
Airlines — 2.3%
American Airlines Group, Inc.(c)
4.87%, 04/22/25			303		295,193
4.00%, 12/15/25			244		239,243
Avianca Holdings SA(b)(i)
(10.50% Cash or 12.00% PIK), 12.25%, 11/10/21(h)			5,975		6,032,498
(10.50% Cash or 12.00% PIK), 12.25%, 11/10/21			422		425,692
Gol Finance SA, 7.00%, 01/31/25(b)(h)			500		407,188
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27(h)			523		579,893
					7,979,707
Auto Components — 0.2%
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26(b)(h)			79		83,901
IHO Verwaltungs GmbH, (3.63% Cash or 4.38% PIK), 3.63%, 05/15/25(i)	EUR		113		134,842
ZF Finance GmbH
3.00%, 09/21/25			100		123,651
3.75%, 09/21/28			200		255,642
					598,036
Automobiles(h) — 0.3%
Ford Motor Credit Co. LLC, 5.58%, 03/18/24	USD		612		660,525
General Motors Co., 5.95%, 04/01/49			195		247,439
					907,964
Banks — 1.1%
Banco Industrial SA, (5 year CMT + 4.44%), 4.88%, 01/29/31(a)(b)			200		205,125

2

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
Bancolombia SA, (5 year CMT + 2.94%), 4.63%, 12/18/29(a)	USD		577	$	581,327
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%(a)(j)			400		420,375
Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83%(a)(j)			250		268,047
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25			200		203,063
BBK BSC, 5.50%, 07/09/24			279		293,473
Grupo Aval Ltd., 4.38%, 02/04/30(b)			580		583,444
Intesa Sanpaolo SpA, (5 year EUR Swap + 6.09%), 5.88%(a)(j)	EUR		250		328,722
Itau Unibanco Holding SA, 5.13%, 05/13/23(b)(h)	USD		432		456,041
NBK Tier 1 Financing Ltd., (6 year USD Swap + 2.88%), 3.63%(a)(b)(j)			541		537,749
					3,877,366
Beverages — 0.8%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36			145		169,863
Anheuser-Busch InBev Worldwide, Inc., 4.50%, 06/01/50(h)			245		277,981
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27	GBP		250		352,404
Central American Bottling Corp.(h)
5.75%, 01/31/27	USD		425		449,969
5.75%, 01/31/27(b)			100		105,875
Keurig Dr. Pepper, Inc., 3.80%, 05/01/50			195		207,257
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)(h)			1,092		1,107,015
OI European Group BV, 2.88%, 02/15/25	EUR		100		118,501
					2,788,865
Biotechnology — 0.1%
Gilead Sciences, Inc., 2.80%, 10/01/50	USD		195		173,313
Royalty Pharma PLC, 3.55%, 09/02/50(b)			195		185,825
					359,138
Building Materials — 0.4%
Carrier Global Corp., 3.58%, 04/05/50			195		191,489
Cemex SAB de CV
3.13%, 03/19/26	EUR		300		360,935
5.45%, 11/19/29(h)	USD		443		481,984
3.88%, 07/11/31(b)			230		224,595
Standard Industries, Inc., 4.75%, 01/15/28(b)(h)			46		47,684
US Concrete, Inc., 6.38%, 06/01/24(h)			13		13,276
					1,319,963
Building Products — 0.0%
Lowe’s Cos., Inc., 3.00%, 10/15/50(h)			195		181,880
Capital Markets — 0.2%
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(i)	EUR		470		559,437
Chemicals — 1.5%
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25			100		119,336
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(a)(b)(h)	USD		497		564,095
Equate Petrochemical BV, 4.25%, 11/03/26(b)(h)			457		497,845
INEOS Finance PLC, 3.38%, 03/31/26	EUR		100		120,495
LYB International Finance III LLC, 4.20%, 05/01/50	USD		195		209,631
NOVA Chemicals Corp., 4.88%, 06/01/24(b)(h)			1,407		1,470,315

Security		Par (000)		Value
Chemicals (continued)
OCI NV, 3.63%, 10/15/25	EUR		100	$	122,254
Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44(b)(h)	USD		1,000		1,172,188
Sasol Financing USA LLC
4.38%, 09/18/26			200		204,030
6.50%, 09/27/28(h)			576		619,488
5.50%, 03/18/31			315		308,700
					5,408,377
Commercial Services & Supplies — 1.1%
AMN Healthcare, Inc., 4.63%, 10/01/27(b)(h)			210		214,725
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24(b)(h)			1,152		1,245,312
DAE Funding LLC, 3.38%, 03/20/28(b)(h)			465		460,350
United Rentals North America, Inc., 4.88%, 01/15/28(h)			1,396		1,470,505
Verisure Holding AB
3.50%, 05/15/23	EUR		271		320,887
3.88%, 07/15/26			100		120,888
					3,832,667
Construction & Engineering — 0.0%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(a)(j)			100		115,651
Construction Materials — 0.2%
KAR Auction Services, Inc., 5.13%, 06/01/25(b)(h)	USD		816		830,729
Consumer Discretionary — 0.1%
Q-Park Holding I BV
1.50%, 03/01/25	EUR		100		112,579
(3 mo. Euribor + 2.00%), 2.00%, 03/01/26(a)			100		112,732
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26			100		121,667
					346,978
Consumer Finance — 0.3%
Encore Capital Group, Inc., 4.88%, 10/15/25			100		123,550
Global Payments, Inc., 4.15%, 08/15/49	USD		195		212,778
Muthoot Finance Ltd.
6.13%, 10/31/22(b)(h)			453		469,421
4.40%, 09/02/23			200		202,875
					1,008,624
Containers & Packaging(b)(h) — 0.4%
Klabin Austria GmbH, 3.20%, 01/12/31			305		289,750
Suzano Austria GmbH, 7.00%, 03/16/47			1,000		1,282,490
					1,572,240
Diversified Financial Services — 1.5%
Alfa SAB de CV
6.88%, 03/25/44(b)(h)			400		493,750
6.88%, 03/25/44			200		246,875
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		310		430,980
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)(h)	USD		944		882,345
Bank of America Corp., (3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51(a)(h)			325		360,850
Cabot Financial Luxembourg SA, 7.50%, 10/01/23	GBP		88		124,067
Citigroup, Inc., 4.65%, 07/23/48	USD		195		239,278
Credit Agricole SA, (5 year USD Swap + 4.90%), 7.88%(a)(h)(j)			600		672,750
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25	GBP		100		142,447
Intrum AB 2.75%, 07/15/22	EUR		10		11,712

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

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Financial Services (continued)
Intrum AB (continued)
4.88%, 08/15/25	EUR		100	$	122,401
JPMorgan Chase & Co., (SOFR + 2.44%), 3.11%, 04/22/51(a)(h)	USD		195		190,976
Manappuram Finance Ltd., 5.90%, 01/13/23			200		206,812
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(b)(h)			661		667,734
Shriram Transport Finance Co. Ltd.
5.95%, 10/24/22			200		204,875
5.10%, 07/16/23			400		406,375
					5,404,227
Diversified Telecommunication Services — 1.1%
AT&T, Inc., 3.30%, 02/01/52(h)			195		175,626
Level 3 Financing, Inc.(b)(h)
4.25%, 07/01/28			575		581,503
3.63%, 01/15/29			460		445,625
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)(i)			375		391,875
SoftBank Group Corp.
4.00%, 04/20/23	EUR		100		123,056
4.75%, 07/30/25			200		260,046
Telecom Italia Capital SA, 6.38%, 11/15/33(h)	USD		1,239		1,458,378
Verizon Communications, Inc.
2.88%, 11/20/50(h)			195		173,313
3.55%, 03/22/51			198		197,722
					3,807,144
Education — 0.1%
Bright Scholar Education Holdings Ltd., 7.45%, 07/31/22			200		207,437
Electric Utilities — 0.9%
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(b)(h)			505		506,894
Oryx Funding Ltd., 5.80%, 02/03/31(b)			200		206,750
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.88%, 07/17/49(h)			250		264,220
Talen Energy Supply LLC(b)(h)
7.25%, 05/15/27			1,591		1,626,575
6.63%, 01/15/28			675		674,284
					3,278,723
Electrical Equipment — 0.0%
Pearl Holding III Ltd., 9.50%, 12/11/22			200		62,125
Energy Equipment & Services(b) — 0.5%
Bristow Group, Inc., 6.88%, 03/01/28(h)			269		268,129
Pioneer Energy Services Corp.(c)(i)
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25			162		161,416
(5.00% PIK), 5.00%, 11/15/25			114		114,582
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24(h)			1,103		1,069,716
					1,613,843
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp., 3.10%, 06/15/50(h)			195		179,258
Crown Castle International Corp., 2.90%, 04/01/41			195		179,400
LMIRT Capital Pte Ltd., 7.25%, 06/19/24			200		204,188
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24(h)			1,895		2,034,033
4.63%, 06/15/25(b)			123		129,728
Service Properties Trust 4.50%, 06/15/23(h)			512		520,120

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Service Properties Trust (continued) 7.50%, 09/15/25	USD		58	$	65,912
Trust Fibra Uno, 5.25%, 01/30/26(b)			230		253,287
XHR LP, 6.38%, 08/15/25(b)(h)			148		156,325
					3,722,251
Food & Staples Retailing — 0.9%
Bellis Acquisition Co. PLC, 3.25%, 02/16/26	GBP		320		442,828
BRF GmbH, 4.35%, 09/29/26	USD		200		204,563
Cydsa SAB de CV, 6.25%, 10/04/27(b)(h)			1,000		1,047,500
Grupo KUO SAB de CV, 5.75%, 07/07/27(b)(h)			800		839,250
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24			200		208,500
Kroger Co., 3.95%, 01/15/50(h)			195		210,708
Picard Groupe SAS, (3 mo. EURIBOR + 3.00%), 3.00%, 11/30/23(a)	EUR		100		117,105
					3,070,454
Food Products(b)(h) — 0.3%
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28	USD		43		46,977
MHP Lux SA, 6.25%, 09/19/29			1,000		991,250
					1,038,227
Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28(b)			55		57,901
Anthem, Inc., 3.13%, 05/15/50			195		186,078
DaVita, Inc., 4.63%, 06/01/30(b)(h)			890		906,785
HCA, Inc.
3.50%, 09/01/30(h)			1,210		1,220,248
5.25%, 06/15/49			195		238,615
Select Medical Corp., 6.25%, 08/15/26(b)(h)			780		828,953
Tenet Healthcare Corp.(b)
4.63%, 09/01/24(h)			901		926,904
4.88%, 01/01/26(h)			1,488		1,547,163
4.63%, 06/15/28			49		50,224
Universal Health Services, Inc., 2.65%, 10/15/30(b)(h)			137		132,276
					6,095,147
Health Care Technology — 0.1%
CAB SELAS, 3.38%, 02/01/28			300		350,473
Synlab Bondco PLC, (3 mo. EURIBOR + 4.75%), 4.75%, 07/01/25(a)			137		162,774
					513,247
Hotels, Restaurants & Leisure — 4.0%
7-Eleven, Inc., 2.80%, 02/10/51(b)(h)	USD		260		232,863
Boyd Gaming Corp.
8.63%, 06/01/25(b)			82		91,184
4.75%, 12/01/27(h)			443		451,519
Caesars Entertainment, Inc.(b)(h)
6.25%, 07/01/25			486		518,083
8.13%, 07/01/27			314		346,262
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)(h)			144		151,963
Carlson Travel, Inc., 6.75%, 12/15/25(b)(h)			2,704		2,474,160
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(b)(h)			220		231,559
Champion Path Holdings Ltd.
4.50%, 01/27/26			200		207,938
4.85%, 01/27/28			200		208,910
Cirsa Finance International Sarl, 7.88%, 12/20/23(b)(h)			400		404,520

4

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
CPUK Finance Ltd., 4.25%, 08/28/22	GBP		104	$	143,401
Dave & Buster’s, Inc., 7.63%, 11/01/25(b)	USD		43		45,956
Fortune Star BVI Ltd.
5.95%, 01/29/23			200		204,625
6.75%, 07/02/23			200		209,563
6.85%, 07/02/24			600		632,812
Full House Resorts, Inc., 8.25%, 02/15/28(b)			29		30,894
Golden Entertainment, Inc., 7.63%, 04/15/26(b)(h)			274		291,468
Hyatt Hotels Corp., 5.38%, 04/23/25(h)			224		251,320
International Game Technology PLC, 6.50%, 02/15/25(b)(h)			1,150		1,262,125
IRB Holding Corp., 7.00%, 06/15/25(b)(h)			151		162,544
Ladbrokes Group Finance PLC, 5.13%, 09/16/22	GBP		26		37,942
Marriott International, Inc.(h)
Series FF, 4.63%, 06/15/30	USD		106		118,582
Series GG, 3.50%, 10/15/32			508		527,149
Marriott Ownership Resorts, Inc., 6.13%, 09/15/25(b)(h)			555		589,481
Melco Resorts Finance Ltd., 5.25%, 04/26/26			300		309,469
MGM China Holdings Ltd., 5.88%, 05/15/26(h)			300		314,062
Peninsula Pacific Entertainment LLC/Peninsula Pacific
Entertainment Finance, Inc., 8.50%, 11/15/27(b)(h)			706		758,950
Scientific Games International, Inc., 7.00%, 05/15/28(b)(h)			464		495,835
SeaWorld Parks & Entertainment, Inc.(b)(h)
8.75%, 05/01/25			669		724,192
9.50%, 08/01/25			310		336,916
Sisal Group SpA, 7.00%, 07/31/23	EUR		69		81,991
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25	GBP		100		145,442
Travel & Leisure Co., 6.63%, 07/31/26(b)(h)	USD		189		214,581
Wynn Macau Ltd., 5.50%, 01/15/26(h)			400		416,000
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)(h)			482		493,327
					14,117,588
Household Durables — 3.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)(h)
9.88%, 04/01/27			602		675,745
6.63%, 01/15/28			495		527,175
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.25%, 09/15/27(b)(h)			541		564,669
Century Communities, Inc., 6.75%, 06/01/27(h)			110		116,923
Controladora Mabe SA de CV, 5.60%, 10/23/28(b)(h)			1,000		1,162,500
Forestar Group, Inc.(b)(h)
8.00%, 04/15/24			1,495		1,560,406
5.00%, 03/01/28			669		694,295
M/I Homes, Inc., 4.95%, 02/01/28(h)			510		528,169
PulteGroup, Inc.(h)
5.50%, 03/01/26			231		269,525
7.88%, 06/15/32			1,138		1,601,086
Taylor Morrison Communities, Inc.(b)(h)
5.88%, 06/15/27			647		714,935
5.75%, 01/15/28			2,269		2,499,417
Tri Pointe Homes, Inc.
5.25%, 06/01/27(h)			505		540,350
5.70%, 06/15/28			38		41,998
William Lyon Homes, Inc., 6.63%, 07/15/27(b)(h)			1,489		1,604,398
					13,101,591

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers — 1.5%
Calpine Corp.(b)(h)
5.25%, 06/01/26	USD		943	$	969,640
4.50%, 02/15/28			1,365		1,376,466
5.13%, 03/15/28			722		725,357
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27(b)(h)			225		228,375
Greenko Dutch BV
5.25%, 07/24/24			200		207,375
3.85%, 03/29/26			200		200,688
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26			300		320,062
India Green Energy Holdings
5.38%, 04/29/24(b)			300		311,625
5.38%, 04/29/24			250		259,688
Neerg Energy Ltd., 6.00%, 02/13/22(h)			200		202,188
ReNew Power Synthetic, 6.67%, 03/12/24(h)			500		525,312
					5,326,776
Insurance(a) — 0.3%
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%(j)			400		428,798
Assicurazioni Generali SpA, (3 mo. EURIBOR + 5.35%), 5.00%, 06/08/48	EUR		500		701,921
					1,130,719
Interactive Media & Services — 0.3%
21Vianet Group, Inc., 7.88%, 10/15/21	USD		200		203,500
Adevinta ASA, 3.00%, 11/15/27	EUR		200		242,163
United Group BV, 4.88%, 07/01/24			430		512,556
					958,219
Internet Software & Services — 0.1%
Expedia Group, Inc., 6.25%, 05/01/25(b)(h)	USD		183		211,678
IT Services — 0.1%
Centurion Bidco SpA, 5.88%, 09/30/26	EUR		100		122,109
International Business Machines Corp., 2.95%, 05/15/50(h)	USD		195		181,250
					303,359
Machinery — 0.2%
Loxam SAS, 3.75%, 07/15/26	EUR		200		235,713
Vertical Midco GmbH
4.38%, 07/15/27			115		141,630
(3 mo. EURIBOR + 4.75%), 4.75%, 07/15/27(a)			173		206,427
Vertical US Newco, Inc., 5.25%, 07/15/27(b)(h)	USD		274		286,844
					870,614
Media — 2.4%
Altice Financing SA, 2.25%, 01/15/25	EUR		180		205,906
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 04/01/51	USD		195		182,384
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(b)(h)			738		742,243
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(b)(h)			1,831		1,318,320
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(b)(h)			400		421,000
Lorca Telecom Bondco SA, 4.00%, 09/18/27	EUR		200		240,382
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(a)(j)	USD		434		458,277
Nexstar Broadcasting, Inc., 5.63%, 07/15/27(b)(h)			733		768,272
Sable International Finance Ltd., 5.75%, 09/07/27(h)			460		482,425

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

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
SES SA, (5 year EUR Swap + 5.40%), 5.63%(a)(j)	EUR		800	$	1,032,820
Sirius XM Radio, Inc.(b)(h)
5.00%, 08/01/27	USD		70		73,434
5.50%, 07/01/29			66		71,363
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		200		246,736
TEGNA, Inc., 4.63%, 03/15/28(h)	USD		301		306,268
UPCB Finance VII Ltd., 3.63%, 06/15/29	EUR		100		118,443
ViacomCBS, Inc., 4.95%, 05/19/50	USD		195		228,570
VTR Comunicaciones SpA, 4.38%, 04/15/29(b)			290		291,160
Ziggo BV, 5.50%, 01/15/27(b)(h)			1,300		1,353,625
					8,541,628
Metals & Mining — 2.0%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24			300		323,531
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200		200,438
Commercial Metals Co.(h)
4.88%, 05/15/23			181		189,145
5.38%, 07/15/27			1,374		1,442,700
HTA Group Ltd., 7.00%, 12/18/25(b)(h)			415		439,381
JSW Steel Ltd., 5.38%, 04/04/25			200		209,500
Nexa Resources SA, 5.38%, 05/04/27(b)(h)			2,000		2,170,500
Periama Holdings LLC, 5.95%, 04/19/26			200		211,000
Steel Dynamics, Inc., 3.25%, 10/15/50			195		181,967
thyssenkrupp AG, 1.88%, 03/06/23	EUR		127		148,990
Usiminas International Sarl, 5.88%, 07/18/26(b)(h)	USD		200		210,688
Vale Overseas Ltd., 3.75%, 07/08/30			275		285,972
Vedanta Resources Finance II PLC
13.88%, 01/21/24			200		215,812
8.95%, 03/11/25(b)(h)			600		573,300
Vedanta Resources Ltd., 7.13%, 05/31/23			270		241,566
					7,044,490
Multi-line Retail — 0.1%
InRetail Consumer, 3.25%, 03/22/28(b)			200		199,702
Oil & Gas Exploration & Production — 0.0%
Bruin E&P Partners LLC, 8.88%, 08/01/23(c)(f)(k)			110		699
Oil, Gas & Consumable Fuels — 6.1%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(h)(l)			707		519,106
BP Capital Markets America, Inc., 2.94%, 06/04/51(h)			195		173,918
BP Capital Markets PLC, (5 year EUR Swap + 4.12%), 3.63%(a)(j)	EUR		300		381,299
Buckeye Partners LP, 4.13%, 03/01/25(b)(h)	USD		195		198,957
Callon Petroleum Co., 6.25%, 04/15/23			—		—
Centennial Resource Production LLC(b)(h)
5.38%, 01/15/26			1,841		1,620,080
6.88%, 04/01/27			127		113,030
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27(h)			890		1,017,821
Cheniere Energy Partners LP, 4.50%, 10/01/29(h)			335		347,402
Cheniere Energy, Inc., (4.88% PIK), 4.88%, 05/28/21(b)(i)			1,723		1,727,048
Chesapeake Energy Corp.(b)
5.50%, 02/01/26			110		114,498
5.88%, 02/01/29			40		42,400
Citgo Holding, Inc., 9.25%, 08/01/24(b)			306		303,705
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)			54		55,092
eG Global Finance PLC
3.63%, 02/07/24	EUR		337		382,601
4.38%, 02/07/25			211		241,605

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
eG Global Finance PLC (continued) 6.25%, 10/30/25	EUR		100	$	119,369
Energean Israel Finance Ltd., 4.88%, 03/30/26(b)	USD		255		257,040
Energy Transfer Operating LP, 5.00%, 05/15/50			195		201,678
Enterprise Products Operating LLC, 3.20%, 02/15/52			195		177,877
Geopark Ltd., 6.50%, 09/21/24(b)(h)			519		537,976
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/24			200		205,500
Hammerhead Resources, Inc., Series AI, (12.00% PIK), 9.00%, 07/10/22(c)(i)			759		759,490
Hess Corp., 5.60%, 02/15/41			195		224,952
Hilong Holding Ltd., 8.25%, 09/26/22(f)(k)			200		151,937
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26			200		209,250
Kinder Morgan, Inc., 3.60%, 02/15/51(h)			595		554,394
Leviathan Bond Ltd., 5.75%, 06/30/23(b)(h)			390		407,936
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26			200		212,687
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25			200		208,750
Neptune Energy Bondco PLC, 6.63%, 05/15/25(b)(h)			200		200,750
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(h)			1,032		1,368,826
Oil and Gas Holding Co., 7.63%, 11/07/24			263		292,670
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25(b)(h)			393		401,233
Petrobras Global Finance BV(h)
6.00%, 01/27/28			699		766,279
5.60%, 01/03/31			689		726,206
Petroleos Mexicanos(h)
6.35%, 02/12/48			402		331,147
6.95%, 01/28/60			1,233		1,052,674
Puma International Financing SA, 5.13%, 10/06/24(b)			1,000		999,687
Rockies Express Pipeline LLC, 6.88%, 04/15/40(b)(h)			1,000		1,080,000
Rubis Terminal Infra SAS, 5.63%, 05/15/25	EUR		150		185,149
Santos Finance Ltd., 5.25%, 03/13/29(h)	USD		400		437,851
SM Energy Co., 10.00%, 01/15/25(b)(h)			320		360,000
Stoneway Capital Corp.(f)(k)
10.00%, 03/01/27(b)			1,948		767,136
10.00%, 03/01/27			691		271,985
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27(h)			27		28,249
4.50%, 05/15/29(b)			67		66,749
Transocean Guardian Ltd., 5.88%, 01/15/24(b)(h)			175		153,519
Vivo Energy Investments BV, 5.13%, 09/24/27(b)(h)			200		213,500
WPX Energy, Inc., 5.88%, 06/15/28			22		24,251
Zhejiang Baron BVI Co. Ltd., 6.80%, 08/27/21			385		392,820
					21,588,079
Personal Products — 0.0%
Coty, Inc., 6.50%, 04/15/26(b)			98		98,761
Pharmaceuticals — 0.6%
Cheplapharm Arzneimittel GmbH
3.50%, 02/11/27	EUR		100		118,795
4.38%, 01/15/28			200		245,094
Cigna Corp., 3.40%, 03/15/51	USD		195		191,720
CVS Health Corp., 5.05%, 03/25/48			195		239,390
Jaguar Holding Co. II/PPD Development LP, 5.00%, 06/15/28(b)			82		85,403
Jubilant Pharma Ltd., 6.00%, 03/05/24			200		210,875
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24	EUR		221		260,463
Rossini Sarl 6.75%, 10/30/25			300		372,039

6

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Pharmaceuticals (continued)
Rossini Sarl (continued)
(3 mo. Euribor + 3.88%), 3.88%, 10/30/25(a)	EUR		100	$	117,387
Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24			200		222,666
					2,063,832
Producer Durables: Miscellaneous — 0.2%
Oracle Corp.
3.60%, 04/01/50(h)	USD		650		629,578
3.95%, 03/25/51			48		49,482
					679,060
Real Estate Management & Development — 6.5%
Adler Group SA
3.25%, 08/05/25	EUR		200		244,560
2.75%, 11/13/26			100		119,669
Agile Group Holdings Ltd.
5.75%, 01/02/25(h)	USD		500		511,094
(5 year CMT + 11.29%), 7.88%(a)(j)			200		206,750
Alam Synergy Pte Ltd., 11.50%, 04/22/21(h)			132		130,977
Arabian Centres Sukuk Ltd., 5.63%, 10/07/26(b)			510		510,000
CFLD Cayman Investment Ltd.(f)(k)
8.63%, 02/28/21			200		76,438
8.60%, 04/08/24			200		73,938
China Aoyuan Group Ltd.
7.95%, 02/19/23(h)			400		413,000
6.35%, 02/08/24			200		200,438
6.20%, 03/24/26			206		197,309
China Evergrande Group
11.50%, 01/22/23			200		188,125
7.50%, 06/28/23(h)			200		172,813
12.00%, 01/22/24			400		370,625
10.50%, 04/11/24			200		178,063
China SCE Group Holdings Ltd.
7.45%, 04/17/21			500		500,650
7.25%, 04/19/23			200		205,812
CIFI Holdings Group Co. Ltd.
7.63%, 02/28/23			200		208,250
6.00%, 07/16/25			200		212,250
5.95%, 10/20/25(h)			400		425,125
5.25%, 05/13/26			200		205,247
Country Garden Holdings Co. Ltd., 6.15%, 09/17/25			200		221,687
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24	EUR		100		113,166
Easy Tactic Ltd.
9.13%, 07/28/22(h)	USD		200		199,313
12.38%, 11/18/22			200		206,937
5.88%, 02/13/23			200		184,522
8.63%, 02/27/24			300		278,250
Excel Capital Global Ltd., (U.S. Treasury Yield Curve Rate T-Note Contant Maturity + 9.34%), 7.00%(a)(h)(j)			500		502,519
Fantasia Holdings Group Co. Ltd.
7.38%, 10/04/21			400		398,500
9.25%, 07/28/23			200		184,375
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)(h)			750		783,844
Global Prime Capital Pte Ltd., 7.25%, 04/26/21(h)			200		200,082
Greenland Global Investment Ltd., (3 mo. LIBOR US + 4.85%), 5.05%, 09/26/21(a)			300		290,625

Security		Par (000)		Value
Real Estate Management & Development (continued)
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%(a)(j)	EUR		100	$	116,083
Hopson Development Holdings Ltd., 7.50%, 06/27/22	USD		200		204,187
Howard Hughes Corp., 5.38%, 08/01/28(b)(h)			981		1,031,276
JGC Ventures Pte Ltd., 10.75%, 08/30/21(f)(k)			200		80,313
Jingrui Holdings Ltd., 9.45%, 04/23/21(h)			200		197,875
Kaisa Group Holdings Ltd.
11.95%, 10/22/22(h)			200		209,812
11.50%, 01/30/23			222		229,423
9.75%, 09/28/23			200		203,500
11.95%, 11/12/23			200		210,062
9.38%, 06/30/24(h)			400		384,500
KWG Group Holdings Ltd.
7.40%, 03/05/24			200		209,687
5.95%, 08/10/25			270		265,950
Logan Group Co. Ltd.
6.50%, 07/16/23			200		205,000
5.75%, 01/14/25			200		209,937
5.25%, 10/19/25			295		305,694
MAF Sukuk Ltd., 4.64%, 05/14/29			509		563,877
Powerlong Real Estate Holdings Ltd.
6.95%, 04/17/21			300		300,480
7.13%, 11/08/22			200		208,437
Redsun Properties Group Ltd., 10.50%, 10/03/22			200		210,000
RKPF Overseas Ltd.
Series 2019-A, 6.70%, 09/30/24			200		212,625
Series 2019-A, 6.00%, 09/04/25			515		534,152
Series 2020-A, 5.20%, 01/12/26			200		202,188
Ronshine China Holdings Ltd.
5.50%, 02/01/22			200		197,499
8.75%, 10/25/22			200		200,250
8.95%, 01/22/23			200		200,563
7.35%, 12/15/23			200		189,125
Scenery Journey Ltd., 11.50%, 10/24/22(h)			1,086		993,011
Seazen Group Ltd., 6.00%, 08/12/24			200		211,000
Shimao Group Holdings Ltd., 3.45%, 01/11/31			200		190,188
Shui On Development Holding Ltd.
6.15%, 08/24/24			240		249,825
5.50%, 03/03/25			200		201,688
Summit Properties Ltd., 2.00%, 01/31/25	EUR		100		115,276
Sunac China Holdings Ltd.
6.50%, 07/09/23	USD		200		204,687
7.50%, 02/01/24			200		210,437
6.65%, 08/03/24			300		307,687
7.00%, 07/09/25			400		409,875
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		204,312
Times China Holdings Ltd.
6.75%, 07/16/23			200		207,750
6.75%, 07/08/25			200		209,875
6.20%, 03/22/26			600		608,062
Wanda Group Overseas Ltd., 7.50%, 07/24/22			200		178,688
Wanda Properties International Co. Ltd., 7.25%, 01/29/24			200		195,750
Yango Justice International Ltd.
10.00%, 02/12/23			250		256,641
9.25%, 04/15/23			200		201,813
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24			200		209,937
Yuzhou Group Holdings Co. Ltd. 7.70%, 02/20/25(h)			400		345,400

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

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate Management & Development (continued)
Yuzhou Group Holdings Co. Ltd. (continued)
8.30%, 05/27/25	USD		200	$	173,500
7.38%, 01/13/26			400		340,000
Zhenro Properties Group Ltd.
9.15%, 05/06/23			200		209,375
8.30%, 09/15/23			200		205,875
7.88%, 04/14/24			200		201,500
					22,839,600
Road & Rail — 0.1%
Autostrade per l’Italia SpA, 5.88%, 06/09/24	EUR		200		269,961
CMA CGM SA, 7.50%, 01/15/26			100		127,971
					397,932
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc., 3.75%, 02/15/51(b)(h)	USD		195		186,462
Intel Corp., 3.25%, 11/15/49			195		196,114
					382,576
Software — 0.0%
Boxer Parent Co., Inc., 6.50%, 10/02/25	EUR		100		124,799
Playtika Holding Corp., 4.25%, 03/15/29(b)	USD		61		60,097
					184,896
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc., 2.65%, 02/08/51(h)			195		178,187
Dell International LLC/EMC Corp., 8.35%, 07/15/46(b)(h)			195		296,672
HP, Inc., 6.00%, 09/15/41			195		245,656
					720,515
Textiles, Apparel & Luxury Goods — 0.0%
Prime Bloom Holdings Ltd., 6.95%, 07/05/22			470		89,153
Thrifts & Mortgage Finance(b) — 0.1%
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27			24		24,900
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		117,425
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.63%, 03/01/29(h)			152		146,300
					336,925
Tobacco(h) — 0.1%
Altria Group, Inc., 3.40%, 02/04/41			195		180,927
BAT Capital Corp., 3.98%, 09/25/50			195		182,748
					363,675
Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28	EUR		100		119,987
Transportation Infrastructure — 0.5%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)(h)	USD		547		567,000
Delhi International Airport Ltd., 6.13%, 10/31/26			200		203,937
FedEx Corp., 4.05%, 02/15/48			195		212,511
Fraport AG Frankfurt Airport Services Worldwide, 1.88%, 03/31/28(d)	EUR		175		208,486
Mexico City Airport Trust, 5.50%, 07/31/47	USD		300		295,590
Simpar Europe SA, 5.20%, 01/26/31(b)			320		313,400
					1,800,924
Utilities — 1.6%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30(b)			310		320,742

Security		Par (000)		Value
Utilities (continued)
Centrais Eletricas Brasileiras SA(b)
3.63%, 02/04/25(h)	USD		248	$	249,473
4.63%, 02/04/30			280		279,398
Electricite de France SA, (12 year EUR Swap + 3.04%), 5.00%(a)(j)	EUR		100		133,280
FEL Energy VI Sarl, 5.75%, 12/01/40	USD		300		306,000
Genneia SA, 8.75%, 01/20/22(b)			539		479,373
Inkia Energy Ltd., 5.88%, 11/09/27(b)(h)			1,000		1,050,000
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29(h)			325		325,711
Orano SA, 2.75%, 03/08/28	EUR		100		121,326
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(b)(h)	USD		480		522,600
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33			182		202,544
Thames Water Kemble Finance PLC, 4.63%, 05/19/26	GBP		167		232,979
Veolia Environnement SA, (5 year EUR Swap + 2.84%), 2.50%(a)(j)	EUR		500		583,944
Vistra Operations Co. LLC, 5.00%, 07/31/27(b)(h)	USD		792		815,776
					5,623,146
Wireless Telecommunication Services — 1.5%
Altice France SA
2.50%, 01/15/25	EUR		341		389,933
2.13%, 02/15/25			148		167,485
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31(h)	USD		350		361,716
Kenbourne Invest SA(b)
6.88%, 11/26/24			473		503,154
4.70%, 01/22/28			200		204,000
Millicom International Cellular SA, 4.50%, 04/27/31(b)(h)			380		395,200
Sprint Corp., 7.88%, 09/15/23(h)			1,343		1,535,049
T-Mobile USA, Inc., 3.30%, 02/15/51(b)(h)			195		182,241
VEON Holdings BV, 4.00%, 04/09/25(b)(h)			388		400,222
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/01/29(b)(h)			422		437,766
Vmed O2 UK Financing I PLC, 3.25%, 01/31/31	EUR		133		156,771
Vodafone Group PLC, 4.25%, 09/17/50	USD		195		214,827
VTR Comunicaciones SpA, 5.13%, 01/15/28(b)			200		208,725
					5,157,089
Total Corporate Bonds — 51.0% (Cost: $174,707,225)					180,246,285
Floating Rate Loan Interests(a)
Aerospace & Defense — 0.4%
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.36%, 12/09/25			1,328		1,299,191
Air Freight & Logistics — 0.9%
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			2,585		2,504,329
XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 02/24/25			809		803,553
					3,307,882
Airlines — 0.2%
Allegiant Travel Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 3.20%, 02/05/24			729		722,055

8

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Building Products — 0.4%
Advanced Drainage Systems, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 2.38%, 07/31/26	USD		44	$	44,125
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.11%, 12/14/24			1,063		1,056,975
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			106		106,066
					1,207,166
Capital Markets — 5.5%
A10 Capital LLC, Mezzanine Term Loan, (1 mo. LIBOR + 6.50%), 7.50%, 03/31/23(c)			19,400		19,535,800
Commercial Services & Supplies — 2.6%
HSE24 Trading GmbH, EUR Term Loan, (3 mo. LIBOR + 6.50%), 6.50%, 12/31/25(c)	EUR		6,912		8,055,584
Interface Security Systems LLC, Term Loan, (PIK + 3.00%), 3.00%, 08/07/23(c)(i)	USD		1,033		1,036,741
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26			76		74,539
					9,166,864
Construction & Engineering — 1.1%
Pisces Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 04/12/25			1,965		1,961,012
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 05/23/25			307		302,736
Summit Materials Companies I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.11%, 11/21/24			1,748		1,740,615
					4,004,363
Diversified Financial Services — 5.2%
Applecaramel Buyer LLC, Term Loan B, (6 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			435		433,823
Colorado Plaza, Term Loan, (1 mo. LIBOR + 2.90%), 3.01%, 06/09/21(c)			5,000		4,600,000
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 3.93%, 02/17/23(c)			160		156,480
LBM Acquisition LLC
Delayed Draw Term Loan, 4.50%, 12/18/27(d)(m)			19		18,767
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			85		84,449
Luxembourg Life Fund, Long Term Loan G, (Fixed + 9.00%), 9.00%, 08/03/27(c)			6,612		6,800,080
Opendoor GP II LLC, Term Loan, 3.33%, 01/23/26(c)			5,333		5,333,333
Spectacle Gary Holdings LLC
Delayed Draw Term Loan, (3 mo. LIBOR + 9.00%, 2.00% Floor), 11.00%, 12/23/25			62		67,168
Term Loan B, (3 mo. LIBOR + 9.00%, 2.00% Floor), 11.00%, 12/23/25			850		926,912
					18,421,012
Electric Utilities — 0.1%
Pacific Gas & Electric Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 3.50%, 06/23/25			334		333,740
Electrical Equipment — 0.4%
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 3.50%, 03/31/27			1,545		1,540,103
Equity Real Estate Investment Trusts (REITs) — 3.1%
Magnum Intermediate Holdings I LLC, 2nd Lien Term Loan, (Defaulted), 0.00%, 10/26/21(c)(f)(k)			17,000		10,795,000

Security		Par (000)		Value
Food Products — 3.1%
Arnott’s Biscuits Ltd., AUD 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%, 1.00% Floor), 9.50%, 12/17/27(c)	AUD		14,500	$	10,947,394
Health Care Providers & Services — 0.1%
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 2.36%, 03/06/25	USD		240		238,597
Hotels, Restaurants & Leisure — 1.9%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 02/02/26(c)			407		394,165
Caesars Resort Collection LLC, 2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.61%, 07/20/25			340		340,715
Circa Resort & Casino, Term Loan B, (3 mo. LIBOR + 8.00%, 1.50% Floor), 9.50%, 08/09/25			2,003		2,022,938
ECL Entertainment, LLC, Term Loan, 03/31/28(c)(d)(m)			272		272,000
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			518		509,610
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 5.75%, 1.00% Floor), 6.75%, 08/25/25(c)			331		336,305
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.86%, 08/14/24			1,882		1,844,168
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.70%, 07/10/25			972		972,174
					6,692,075
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			1,744		1,636,288
Media — 1.0%
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			840		837,165
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.61%, 04/15/27			416		410,299
Diamond Sports Group LLC, Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 08/24/26			1,507		1,028,562
Lamar Media Corp., 2020 Term Loan B, (1 mo. LIBOR + 1.50%), 1.60%, 02/06/27			58		57,447
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 2.50%), 2.61%, 05/29/26			729		723,227
Playtika Holding Corp., 2021 Term Loan, (3 mo. LIBOR +0.1%, 2.75% Floor), 2.86%, 03/11/28(d)			499		495,881
					3,552,581
Oil, Gas & Consumable Fuels — 0.8%
Buckeye Partners LP, 2021 Term Loan B, (3 mo. LIBOR + 2.25%), 2.36%, 11/01/26			1,314		1,306,910
California Resources Corp., 2017 1st Lien Term Loan, (Defaulted), 0.00%, 12/31/22			—		—
Caprock Midstream LLC, 1st Lien Term Loan, (1 mo. LIBOR + 4.75%), 4.86%, 11/03/25			738		700,041
Citgo Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/01/23			985		945,108
					2,952,059

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

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Pharmaceuticals — 0.8%
Bausch Health Cos., Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 11/27/25	USD		1,915	$	1,902,568
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 11/15/27			805		795,401
					2,697,969
Road & Rail — 0.1%
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 2.20%, 12/30/26			402		400,308
Software — 4.2%
Severin Acquisition LLC, 2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.86%, 08/01/26			15,000		14,812,500
Thrifts & Mortgage Finance — 0.4%
Caliber Home Loans, Inc., 2018 Revolver, (1 mo. LIBOR + 3.25%), 3.37%, 04/24/21(c)			1,505		1,500,938
Trading Companies & Distributors — 0.1%
Foundation Building Materials Holding Company LLC
2021 Delayed Draw Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/10/28			24		24,096
2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/10/28			42		41,665
The Enterprise Development Authority, Term Loan B, 5.00%, 02/18/28(c)(d)(m)			387		387,968
					453,729
Utilities — 0.1%
PLH Infrastructure Services, Inc., 2018 Term Loan, (3 mo. LIBOR + 6.00%), 6.19%, 08/07/23(c)			347		325,811
Total Floating Rate Loan Interests — 33.0% (Cost: $122,432,901)					116,543,425
Foreign Agency Obligations
Bahrain — 0.3%
Bahrain Government International Bond, 5.25%, 01/25/33(b)			200		190,000
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(h)			844		975,611
					1,165,611
Colombia — 0.3%
Colombia Government International Bond
3.88%, 04/25/27			773		826,385
4.13%, 05/15/51			350		332,938
					1,159,323
Dominican Republic — 0.5%
Dominican Republic International Bond
5.95%, 01/25/27(h)			494		553,897
4.50%, 01/30/30(b)			571		573,677
4.88%, 09/23/32(b)			310		313,100
6.40%, 06/05/49			518		542,443
					1,983,117
Egypt — 1.2%
Egypt Government International Bond
5.58%, 02/21/23(h)			795		827,545
5.75%, 05/29/24(b)(h)			465		487,233
7.50%, 01/31/27(h)			640		693,800
7.50%, 01/31/27(b)(h)			350		379,422

Security		Par (000)		Value
Egypt (continued)
Egypt Government International Bond (continued)
6.38%, 04/11/31(b)	EUR		264	$	317,719
8.50%, 01/31/47(h)	USD		1,394		1,382,674
7.50%, 02/16/61(b)			200		180,250
					4,268,643
Ghana — 0.1%
Ghana Government International Bond, 8.63%, 04/07/34(b)(d)			515		505,782
Indonesia — 0.1%
Indonesia Government International Bond, 5.35%, 02/11/49(h)			315		390,797
Mexico — 0.1%
Mexico Government International Bond, 4.35%, 01/15/47(h)			230		227,556
Morocco — 0.2%
Morocco Government International Bond
3.00%, 12/15/32			564		528,045
4.00%, 12/15/50			215		190,275
					718,320
Oman — 0.2%
Oman Government International Bond
6.50%, 03/08/47			300		282,750
6.75%, 01/17/48			300		288,094
					570,844
Pakistan — 0.1%
Pakistan Government International Bond, 7.38%, 04/08/31(d)			260		265,200
Panama — 0.1%
Panama Government International Bond, 4.50%, 04/16/50			210		230,934
Paraguay — 0.2%
Paraguay Government International Bond
5.40%, 03/30/50(b)(h)			500		559,375
5.40%, 03/30/50			200		223,750
					783,125
Peru — 0.1%
Peruvian Government International Bond, 3.30%, 03/11/41			240		234,600
Romania — 0.2%
Romanian Government International Bond
3.00%, 02/14/31(b)(h)			500		500,469
4.00%, 02/14/51			230		221,878
					722,347
Saudi Arabia — 0.1%
Saudi Government International Bond, 3.75%, 01/21/55			230		225,544
Sri Lanka — 0.3%
Sri Lanka Government International Bond
5.75%, 04/18/23			200		136,062
6.85%, 03/14/24			400		254,875
6.35%, 06/28/24			400		255,375

10

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Sri Lanka (continued)
Sri Lanka Government International Bond (continued)
7.85%, 03/14/29(h)	USD		263	$	160,759
7.55%, 03/28/30(h)			200		122,000
					929,071
Ukraine — 0.4%
Ukraine Government International Bond 7.75%, 09/01/22			129		135,990
8.99%, 02/01/24(h)			447		495,723
7.75%, 09/01/24			250		269,297
7.75%, 09/01/25(h)			369		399,996
7.25%, 03/15/33(b)			280		278,425
					1,579,431
Total Foreign Agency Obligations — 4.5% (Cost: $16,143,853)					15,960,245
		Shares
Investment Companies
Fixed Income Funds — 0.7%
iShares iBoxx $ High Yield Corporate Bond ETF(n)(o)			30,000		2,615,400
Total Investment Companies — 0.7% (Cost: $2,390,729)					2,615,400
		Par (000)
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(a) — 1.7%
BCAP LLC Trust, Series 2012-RR3, Class 1A5, 6.25%, 12/26/37(b)	USD		1,777		1,672,913
Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69(b)			2,015		2,019,222
Seasoned Credit Risk Transfer Trust, Series 2018-1, Class BX, 1.47%, 05/25/57			4,454		2,094,350
					5,786,485
Commercial Mortgage-Backed Securities — 11.3%
Barclays Commercial Mortgage Trust, Series 2019-C3, Class D, 3.00%, 05/15/52(b)			1,629		1,365,224
BBCMS Trust, Series 2019-CLP, Class E, (1 mo. LIBOR US + 2.11%), 2.23%, 12/15/31(a)(b)			1,231		1,231,262
Benchmark Mortgage Trust(b)
Series 2018-B2, Class D, 2.70%, 02/15/51(a)			3,000		2,601,445
Series 2018-B3, Class D, 3.06%, 04/10/51(a)			2,500		2,248,055
Series 2019-B9, Class XD, 2.00%, 03/15/52(a)			11,550		1,529,051
Series 2020-B16, Class D, 2.50%, 02/15/53			129		108,768
BX Commercial Mortgage Trust(a)(b)
Series 2018-IND, Class H, (1 mo. LIBOR US + 3.00%), 3.11%, 11/15/35			1,400		1,400,428
Series 2020-BXLP, Class F, (1 mo. LIBOR US + 2.00%), 2.11%, 12/15/36			814		813,370
BX Trust, Series 2021-MFM1, Class G, (1 mo. LIBOR US + 3.90%), 4.01%, 01/15/34(a)(b)			205		204,877
CFK Trust, Series 2019-FAX, Class E, 4.64%, 01/15/39(a)(b)			2,000		2,057,213

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Citigroup Commercial Mortgage Trust(a)(b)
Series 2016-P3, Class D, 2.80%, 04/15/49	USD		1,000	$	692,670
Series 2019-PRM, Class F, 4.73%, 05/10/36			2,000		2,013,018
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 3.60%, 11/15/37(a)(b)			265		267,070
CSAIL Commercial Mortgage Trust, Series 2019-C15,Class D, 3.00%, 03/15/52(b)			540		455,185
CSMC Trust, Series 2020-NET, Class E, 3.70%, 08/15/37(a)(b)			1,500		1,485,857
CSMC-FACT, Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 6.26%, 10/15/37(a)(b)			700		711,931
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.19%, 04/10/37(a)(b)			999		808,707
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.53%, 10/10/34(a)(b)			575		579,209
GS Mortgage Securities Trust, Series 2012-GCJ9, Class C, 4.45%, 11/10/45(a)(b)			982		1,019,491
JP Morgan Chase Commercial Mortgage Securities Trust(a)(b)
Series 2015-JP1, Class E, 4.23%, 01/15/49			1,031		853,968
Series 2020-MKST, Class E, (1 mo. LIBOR US + 2.25%), 2.36%, 12/15/36.			325		312,657
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D1, 4.11%, 12/15/48(a)(b)			857		830,782
JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class XD, 1.50%, 06/15/51(a)(b)			11,427		973,651
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 4.59%, 03/10/49(a)(b)			476		453,902
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50			250		214,068
Morgan Stanley Capital I Trust(b)
Series 2017-H1, Class D, 2.55%, 06/15/50			1,000		812,125
Series 2018-H3, Class D, 3.00%, 07/15/51			1,000		886,166
Series 2018-MP, Class E, 4.28%, 07/11/40(a)			1,000		874,357
Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.55%), 2.66%, 07/15/35(a)			1,800		1,777,556
Series 2019-H7, Class D, 3.00%, 07/15/52			1,250		1,082,803
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class MCR1, (1 mo. LIBOR US +2.35%), 2.46%, 06/15/35(a)(b)			1,705		1,678,094
One New York Plaza Trust, Series 2020-1NYP, Class D, (1 mo. LIBOR US + 2.75%), 2.86%, 01/15/26(a)(b)			100		101,000
UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class D, 5.03%, 08/10/49(a)(b)			600		613,630
Velocity Commercial Capital Loan Trust(b)
Series 2018-1, Class M5, 6.26%, 04/25/48			338		340,975
Series 2018-1, Class M6, 7.26%, 04/25/48			487		476,712
Wells Fargo Commercial Mortgage Trust
Series 2015-C28, Class D, 4.09%, 05/15/48(a)			750		717,647
Series 2017-C41, Class D, 2.60%, 11/15/50(a)(b)			967		765,082
Series 2018-C44, Class D, 3.00%, 05/15/51(b)			3,000		2,551,758

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

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust (continued)
Series 2018-C45, Class D, 3.00%, 06/15/51(b)	USD		2,100	$	1,722,145
Series 2020-SDAL, Class E, (1 mo. LIBOR US + 2.74%), 2.85%, 02/15/37(a)(b)			400		365,982
					39,997,891
Total Non-Agency Mortgage-Backed Securities — 13.0% (Cost: $45,317,589)					45,784,376
Preferred Securities
Capital Trusts — 7.2%
Automobiles — 0.1%
Volkswagen International Finance NV, 3.88%(a)(j)	EUR		400		511,884
Banks — 3.7%
ABN AMRO Bank NV, 4.75%(a)(j)			800		1,015,324
AIB Group PLC, 6.25%(a)(j)			600		788,961
Banco Bilbao Vizcaya Argentaria SA, Series 9, 6.50%(a)(h)(j)	USD		400		432,640
Banco Mercantil del Norte SA, 6.75%(a)(b)(h)(j)			1,000		1,036,550
Bank of East Asia Ltd., 5.88%(a)(j)			250		266,797
Bankia SA(a)(j) 6.00%	EUR		200		245,094
6.38%			400		509,243
BAWAG Group AG, 5.00%(a)(j)			800		980,377
BBVA Bancomer SA, 5.13%, 01/18/33(a)(h)	USD		400		411,125
Burgan Bank SAK, 5.75%(a)(j)			200		197,937
CaixaBank SA, 6.75%(a)(j)	EUR		200		259,495
Cooperatieve Rabobank UA(a)(j) 4.63%			800		1,025,544
4.38%			400		516,565
Emirates NBD Bank PJSC, 6.13%(a)(j)	USD		200		217,125
Erste Group Bank AG, 5.13%(a)(j)	EUR		800		1,024,940
ING Groep NV, 6.75%(a)(h)(j)	USD		1,000		1,090,000
Intesa Sanpaolo SpA, 7.75%(a)(j)	EUR		500		717,575
Kasikornbank PCL, 5.28%(a)(j)	USD		490		515,266
KBC Group NV, 4.25%(a)(j)	EUR		1,000		1,235,756
Rizal Commercial Banking Corp., 6.50%(a)(j)	USD		200		207,375
Stichting AK Rabobank Certificaten, 2.19%(j)	EUR		61		92,672
TMB Bank PCL, 4.90%(a)(j)	USD		200		200,625
					12,986,986
Chemicals — 0.2%
Lenzing AG, 5.75%(a)(j)	EUR		500		608,713
Diversified Financial Services(a)(j) — 2.3%
Banco Santander SA, 6.75%			400		494,035
BNP Paribas SA(h) 6.63%	USD		500		545,710
7.38%			200		232,000
Credit Agricole SA, 6.88%(h)			500		555,000
Credit Suisse Group AG(b)(h) 6.38%			600		639,000
6.25%			400		425,489
7.50%			200		211,472
HSBC Holdings PLC, 6.38%(h)			1,200		1,305,240
Societe Generale SA, 7.38%(h)			800		865,000
UBS Group AG, 7.00%(h)			1,400		1,596,000

Security		Par (000)		Value
Diversified Financial Services (continued)
UniCredit SpA
6.75%	EUR		200	$	239,397
6.63%			700		882,457
					7,990,800
Diversified Telecommunication Services(a)(j) — 0.2%
Telefonica Europe BV
4.38%			200		254,848
3.88%			400		505,434
					760,282
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26			100		120,202
Insurance(a)(h)(j) — 0.3%
Allianz SE, 3.50%(b)	USD		400		406,000
KDB Life Insurance Co. Ltd., 7.50%			500		502,656
					908,656
Oil, Gas & Consumable Fuels(a)(j) — 0.1%
Abertis Infraestructuras Finance BV, 3.25%	EUR		100		120,135
BP Capital Markets PLC, 3.25%			100		125,625
					245,760
Real Estate Management & Development — 0.1%
ATF Netherlands BV, 3.75%(a)(j)			200		244,508
Utilities(a)(j) — 0.2%
Electricite de France SA
5.38%			300		399,445
3.00%			400		492,470
					891,915
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 4.20%, 10/03/78(a)			100		132,011
Total Capital Trusts — 7.2%					25,401,717
		Shares
Preferred Stocks — 0.1%
Wireless Telecommunication Services — 0.1%
Cash Mandatory Exchangeable Trust, 5.25%, 06/01/23(b)(f)			295		331,772
Total Preferred Securities — 7.3% (Cost: $23,964,732)					25,733,489
		Par (000)
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.6%
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA1, Class B1, (1 mo. LIBOR US + 3.15%), 3.26%, 07/25/30(a)	USD		2,000		1,972,976

12

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities — 0.4%
FREMF Mortgage Trust, Series 2017-KGX1, Class BFX, 3.59%, 10/25/27(a)(b)	USD		1,500	$	1,537,125
Total U.S. Government Sponsored Agency Securities — 1.0% (Cost: $3,381,039)					3,510,101
		Shares
Warrants
Oil, Gas & Consumable Fuels — 0.1%
Chesapeake Energy Corp. (Expires 02/09/26)			11,290		216,432
Total Warrants — 0.1% (Cost: $ — )					216,432
Total Long-Term Investments — 130.0% (Cost: $459,213,990)					458,903,869
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(n)(o)			3,957,602		3,957,602
Total Short-Term Securities — 1.1% (Cost: $3,957,602)					3,957,602
Options Purchased — 0.1% (Cost: $967,898)					485,491
Total Investments Before Options Written — 131.2% (Cost: $464,139,490)					463,346,962
Options Written — (0.1)% (Premiums Received: $(413,340))					(206,016	)
Total Investments, Net of Options Written — 131.1% (Cost: $463,726,150)					463,140,946
Liabilities in Excess of Other Assets — (31.1)%					(109,993,249	)
Net Assets — 100.0%				$	353,147,697

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

^(d)  When-issued security.

^(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 $13,083, 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)  Issuer filed for bankruptcy and/or is in default.

^(l)  Zero-coupon bond.

^(m)  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.

⁽ⁿ⁾  Affiliate of the Trust.

^(o)  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 period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/21		Shares Held at 03/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	8,448,432	$	—	$	(4,490,830	)(a)	$	—	$	—		$	3,957,602		3,957,602	$	436	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		2,619,000		—		—			—		(3,600	)		2,615,400		30,000		18,752		—
								$	—	$	(3,600	)	$	6,573,002			$	19,188	$	—

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

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

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock 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)

BNP Paribas S.A.

0.55

%(b)

07/15/20

Open

$

629,100

$

634,294

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

(b)

07/29/20

Open

897,487

902,679

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

(b)

08/20/20

Open

384,920

386,956

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.50

(b)

09/09/20

Open

768,169

770,335

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

688,000

690,638

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

853,597

856,871

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

580,500

582,726

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

488,812

490,687

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

2,203,766

2,212,216

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/09/20

Open

1,007,500

1,011,363

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/09/20

Open

472,806

474,673

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

09/10/20

Open

396,153

397,664

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

(b)

09/10/20

Open

484,195

486,097

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

09/10/20

Open

832,299

835,801

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

09/10/20

Open

522,235

524,433

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

09/10/20

Open

1,378,260

1,384,060

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

09/10/20

Open

483,125

485,158

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

(b)

09/14/20

Open

443,754

445,828

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

09/14/20

Open

465,802

468,742

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.70

(b)

09/21/20

Open

1,003,702

1,007,430

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/21/20

Open

772,875

776,155

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/21/20

Open

1,130,876

1,135,676

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

1,230,524

1,236,073

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

581,491

584,114

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

665,040

668,039

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

105,875

106,352

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

174,484

175,271

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

552,335

554,826

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

223,943

224,952

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

1,260,630

1,266,315

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

1,177,875

1,183,187

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

974,012

978,405

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

38,755

38,930

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

22,748

22,850

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

40,020

40,200

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

1,082,287

1,087,168

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

898,170

902,220

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

583,942

586,576

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

38,123

38,294

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

67,446

67,750

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

57,173

57,430

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

436,194

438,161

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

1,166,182

1,171,442

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

220,913

221,909

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

58,888

59,153

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

152,719

153,407

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

37,894

38,065

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.85

(b)

09/21/20

Open

625,312

628,132

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(0.15

)(b)

09/23/20

Open

148,500

148,383

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,275,982

1,281,342

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,237,451

1,242,649

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

41,275

41,448

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

536,250

538,502

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

385,600

387,220

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

357,500

359,001

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

886,250

889,972

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,022,897

1,027,194

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,162,247

1,167,129

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

613,887

616,466

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

736,797

739,892

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

1,296,750

1,302,196

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.80

(b)

09/23/20

Open

236,250

237,242

Corporate Bonds

Open/Demand

14

Schedule of Investments (unaudited) (continued) March 31, 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.	0.80	%(b)	09/23/20	Open		$	1,211,674	$	1,216,763	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			528,750		530,971	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			828,750		832,231	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			1,103,177		1,107,811	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			699,930		702,870	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.45	(b)	09/24/20	Open			481,965		483,104	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	09/24/20	Open			1,099,587		1,103,338	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	09/24/20	Open			827,719		830,674	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/25/20	Open			333,500		334,871	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.85	(b)	09/25/20	Open			161,745		162,452	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.85	(b)	09/25/20	Open			176,500		177,271	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/25/20	Open			368,600		369,831	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	09/25/20	Open			1,247,269		1,251,627	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	09/25/20	Open			306,313		307,383	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	09/25/20	Open			650,702		652,976	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/25/20	Open			389,500		390,901	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/25/20	Open			419,393		420,901	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/25/20	Open			441,169		442,756	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/25/20	Open			417,020		418,520	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/25/20	Open			143,000		143,625	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	09/28/20	Open			438,750		439,871	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.50	(b)	09/28/20	Open			422,154		423,233	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	09/28/20	Open			303,000		304,007	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	09/28/20	Open			606,320		608,334	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	09/28/20	Open			452,627		454,131	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.65	(b)	09/28/20	Open			409,950		411,312	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/28/20	Open			314,125		315,409	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			805,450		808,126	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			432,540		433,977	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			405,375		406,722	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			692,250		694,550	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			1,831,044		1,837,127	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			517,500		519,219	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			1,105,437		1,109,110	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			1,870,000		1,876,213	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	09/28/20	Open			420,480		421,941	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/28/20	Open			344,366		345,598	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/28/20	Open			281,423		282,429	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/30/20	Open			476,850		478,417	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	10/08/20	Open			11,001		11,046	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	10/21/20	Open			185,000		185,563	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.45	(b)	10/29/20	Open			106,663		106,868	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.45	(b)	10/29/20	Open			514,158		515,148	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	10/29/20	Open			811,012		813,942	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	10/29/20	Open			517,905		519,776	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.45	(b)	10/30/20	Open			458,125		458,984	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.60	(b)	10/30/20	Open			347,500		348,369	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	10/30/20	Open			192,250		192,851	Capital Trusts	Open/Demand
BNP Paribas S.A.	0.38	(b)	10/30/20	Open			228,760		229,122	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	10/30/20	Open			134,710		135,047	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	10/30/20	Open			123,471		123,780	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	10/30/20	Open			446,250		447,366	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	10/30/20	Open			180,495		180,946	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	10/30/20	Open			516,295		517,586	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	10/30/20	Open			193,988		194,472	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	10/30/20	Open			530,025		531,350	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.63	(b)	10/30/20	Open			166,969		167,407	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.63	(b)	10/30/20	Open			199,925		200,450	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.63	(b)	10/30/20	Open			130,610		130,953	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.63	(b)	10/30/20	Open			148,358		148,747	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.63	(b)	10/30/20	Open			135,540		135,896	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.63	(b)	10/30/20	Open			384,000		385,008	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 15

Schedule of Investments (unaudited) (continued) March 31, 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 S.A.	0.68	%(b)	10/30/20	Open		$	613,337	$	615,075	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	10/30/20	Open			283,263		284,065	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.35	(b)	10/30/20	Open			443,400		444,047	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			398,125		398,871	Capital Trusts	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			365,606		366,292	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			3,772,489		3,779,562	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			761,557		762,985	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			323,500		324,107	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			250,562		251,032	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			321,382		321,984	Capital Trusts	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			388,750		389,479	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			420,927		421,717	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			352,376		353,036	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	11/02/20	Open			280,125		280,821	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	11/02/20	Open			445,625		446,732	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	11/02/20	Open			405,344		406,350	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	11/02/20	Open			417,718		418,755	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.63	(b)	11/02/20	Open			346,000		346,902	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	12/17/20	Open			819,231		820,889	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.35	(b)	01/07/21	Open			318,063		318,319	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.45	(b)	01/07/21	Open			504,455		504,978	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	01/07/21	Open			412,925		413,449	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	01/21/21	Open			1,163,580		1,164,472	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			89,100		89,220	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			1,124,500		1,126,009	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	01/21/21	Open			167,000		167,240	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	01/21/21	Open			106,500		106,653	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.75	(b)	01/21/21	Open			165,500		165,738	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	01/21/21	Open			162,250		162,483	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.30	(b)	01/21/21	Open			369,731		369,944	Foreign Agency Obligations	Open/Demand
RBC Capital Markets LLC	0.85	(b)	01/21/21	Open			1,926,600		1,929,739	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	01/21/21	Open			1,171,219		1,173,127	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	01/22/21	Open			512,250		512,626	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	01/22/21	Open			647,200		647,793	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.50	(b)	01/22/21	Open			396,875		397,239	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	01/22/21	Open			1,019,414		1,020,349	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	01/22/21	Open			182,000		182,200	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	01/22/21	Open			174,000		174,191	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	01/22/21	Open			728,419		729,287	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			710,005		710,916	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			890,000		891,142	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	01/22/21	Open			940,000		941,292	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.75	(b)	01/22/21	Open			92,500		92,627	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	01/22/21	Open			406,567		407,127	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.95	(b)	01/22/21	Open			846,110		847,584	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/08/21	Open			344,562		344,903	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/08/21	Open			450,000		450,446	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.75	(b)	02/08/21	Open			346,938		347,306	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.75	(b)	02/08/21	Open			812,221		813,084	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	02/12/21	Open			232,444		232,692	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	02/18/21	Open			443,494		443,701	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/18/21	Open			345,000		345,282	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/18/21	Open			659,620		660,159	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.62	(b)	02/18/21	Open			576,720		577,137	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.62	(b)	02/18/21	Open			191,500		191,639	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	02/18/21	Open			911,543		912,022	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	02/19/21	Open			333,081		333,239	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.45	(b)	03/03/21	Open			201,529		201,602	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	03/05/21	Open			355,938		356,104	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	03/05/21	Open			205,581		205,684	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	03/05/21	Open			339,809		339,979	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	03/15/21	Open			268,266		268,349	Corporate Bonds	Open/Demand

16

Schedule of Investments (unaudited) (continued) March 31, 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 S.A.	0.30	%(b)	03/24/21	Open		$	342,063	$	342,082	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.30	(b)	03/24/21	Open			621,775		621,811	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.30	(b)	03/24/21	Open			521,369		521,399	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.30	(b)	03/24/21	Open			606,125		606,160	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.55	(b)	03/24/21	Open			597,082		597,146	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.55	(b)	03/24/21	Open			355,775		355,813	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.55	(b)	03/24/21	Open			360,500		360,539	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.59	(b)	03/24/21	Open			463,500		463,553	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			170,625		170,627	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			259,394		259,397	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			231,806		231,809	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			165,750		165,752	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			196,824		196,826	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			161,606		161,608	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			1,074,000		1,074,012	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			165,019		165,021	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			169,163		169,164	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			274,950		274,953	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			168,431		168,433	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			169,894		169,896	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			357,500		357,504	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			215,475		215,477	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			194,513		194,515	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			166,969		166,971	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			166,481		166,483	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			176,963		176,964	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			161,363		161,364	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/31/21	Open			163,069		163,071	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	03/31/21	Open			255,056		255,060	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/31/21	Open			244,888		244,892	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/31/21	Open			633,041		633,052	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/31/21	Open			311,600		311,605	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/31/21	Open			228,986		228,990	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/31/21	Open			195,750		195,753	Corporate Bonds	Open/Demand
						$	114,129,089	$	114,449,093

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year U.S. Treasury Note		19		06/21/21	$	2,488	$	(30,510	)
U.S. Long Bond		4		06/21/21		618		(15,006	)
								(45,516	)
Short Contracts
Euro-BOBL		2		06/08/21		317		960
10-Year U.S. Ultra Long Treasury Note		47		06/21/21		6,753		18,692
U.S. Ultra Bond		31		06/21/21		5,618		19,529
2-Year U.S. Treasury Note		12		06/30/21		2,649		(201	)
5-Year U.S. Treasury Note		101		06/30/21		12,463		93,380
								132,360
							$	86,844

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) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	11,200,634	AUD	14,427,500	Morgan Stanley & Co. International PLC		06/16/21	$	238,838
USD	165,143	CAD	206,000	Citibank N.A.		06/16/21		1,206
USD	12,856,910	EUR	10,790,000	BNP Paribas S.A.		06/16/21		184,532
USD	201,143	EUR	170,000	Deutsche Bank AG		06/16/21		1,486
USD	24,960,661	EUR	21,008,058	Deutsche Bank AG		06/16/21		287,626
USD	121,381	EUR	103,000	Morgan Stanley & Co. International PLC		06/16/21		412
USD	8,931,341	EUR	7,457,800	Morgan Stanley & Co. International PLC		06/16/21		172,484
USD	315,846	EUR	264,000	State Street Bank and Trust Co.		06/16/21		5,790
USD	204,481	EUR	174,000	UBS AG		06/16/21		126
USD	2,250,222	GBP	1,628,073	Morgan Stanley & Co. International PLC		06/16/21		5,279
								897,779
EUR	8,466,060	USD	10,061,906	Morgan Stanley & Co. International PLC		06/16/21		(118,893	)
EUR	300,000	USD	358,930	UBS AG		06/16/21		(6,593	)
GBP	256,000	USD	357,280	Morgan Stanley & Co. International PLC		06/16/21		(4,283	)
								(129,769	)
							$	768,010

Exchange-Traded Options Purchased

Description	Number of Contracts	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call 10-Year U.S. Treasury Note	70		04/23/21		USD	135.50		USD	9,485	$	1,094
Put iShares iBoxx $ High Yield Corporate Bond ETF	1,200		04/16/21		USD	84.00		USD	10,080		10,200
iShares iBoxx $ Investment Grade Corporate Bond ETF	1,830		04/16/21		USD	130.00		USD	23,790		187,575
SPDR S&P 500 ETF Trust	152		04/30/21		USD	380.00		USD	5,776		46,208
iShares iBoxx $ High Yield Corporate Bond ETF	3,960		05/21/21		USD	84.00		USD	33,264		170,280
iShares iBoxx $ High Yield Corporate Bond ETF	1,200		05/21/21		USD	83.00		USD	9,960		38,400
iShares iBoxx $ High Yield Corporate Bond ETF	165		05/21/21		USD	85.00		USD	1,402		9,570
iShares iBoxx $ High Yield Corporate Bond ETF	289		06/18/21		USD	84.00		USD	2,428		21,964
											484,197
										$	485,291

OTC Interest Rate Swaptions Purchased

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

30-Year Interest Rate Swap, 04/08/51

3-Month LIBOR, 0.00%

Quarterly

1.53%

Semi-Annual

Morgan Stanley And Co International Lond

04/06/21

1.53

%

USD

4,090

$

—

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

3-Month LIBOR, 0.00%

Quarterly

1.35%

Semi-Annual

Bank of America N.A.

04/30/21

1.35

USD

10,000

200

$

200

18

Schedule of Investments (unaudited) (continued) March 31, 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	1,200		04/16/21		USD	81.00		USD	9,720	$	(7,200	)
iShares iBoxx $ Investment Grade Corporate Bond ETF	1,830		04/16/21		USD	126.00		USD	23,058		(33,855	)
10-Year U.S. Treasury Note	70		04/23/21		USD	129.50		USD	9,065		(15,312	)
SPDR S&P 500 ETF Trust	152		04/30/21		USD	370.00		USD	5,624		(28,956	)
iShares iBoxx $ High Yield Corporate Bond ETF	1,200		05/21/21		USD	80.00		USD	9,600		(22,800	)
iShares iBoxx $ High Yield Corporate Bond ETF	165		05/21/21		USD	75.00		USD	1,238		(1,568	)
iShares iBoxx $ High Yield Corporate Bond ETF	3,960		05/21/21		USD	81.00		USD	32,076		(89,100	)
iShares iBoxx $ High Yield Corporate Bond ETF	289		06/18/21		USD	78.00		USD	2,254		(7,225	)
										$	(206,016	)

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	CC		USD	10,875	$	805,390	$	370,785		$	434,605
CDX.NA.HY.32.V1	5.00		Quarterly	06/20/24	CC+		USD	9,025		825,055		377,646			447,409
CDX.NA.HY.34.V9	5.00		Quarterly	06/20/25	CCC		USD	11,280		1,300,429		(46,044	)		1,346,473
									$	2,930,874	$	702,387		$	2,228,487

^(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	$	(847	)	$	1,621	$	(2,468	)

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)
AVGO		1.00	%		Quarterly	Citibank N.A.		06/20/24	BBB-		USD	790	$	11,617		$	(39,521	)	$	51,138
Rolls-Royce PLC		1.00			Quarterly	Citibank N.A.		06/20/25	BB-		EUR	29		(1,792	)		(3,794	)		2,002
Rolls-Royce PLC		1.00			Quarterly	Citibank N.A.		06/20/25	BB-		EUR	65		(3,931	)		(8,350	)		4,419
CMBX.NA.9.BBB-		3.00			Monthly	Deutsche Bank AG		09/17/58	NR		USD	10,000		(1,097,297	)		(1,234,321	)		137,024
CMBX.NA.9.BBB-		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	10,000		(1,097,297	)		(1,076,153	)		(21,144	)
CMBX.NA.9.BBB-		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	15,000		(1,645,946	)		(1,079,825	)		(566,121	)
													$	(3,834,646	)	$	(3,441,964	)	$	(392,682	)

^(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.

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) March 31, 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. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

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

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

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

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

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—		$	64,471,670		$	1,745,954	$	66,217,624
Common Stocks
Energy Equipment & Services		—			—			2,320		2,320
Equity Real Estate Investment Trusts (REITs)		47,440			—			—		47,440
Hotels, Restaurants & Leisure		606,466			—			—		606,466
Oil & Gas Exploration & Production		—			460,326			—		460,326
Oil, Gas & Consumable Fuels		946,857			13,083			—		959,940
Corporate Bonds		—			178,675,662			1,570,623		180,246,285
Floating Rate Loan Interests		—			46,065,826			70,477,599		116,543,425
Foreign Agency Obligations		—			15,960,245			—		15,960,245
Investment Companies		2,615,400			—			—		2,615,400
Non-Agency Mortgage-Backed Securities		—			45,784,376			—		45,784,376
Preferred Securities
Capital Trusts		—			25,401,717			—		25,401,717
Preferred Stocks		—			331,772			—		331,772
U.S. Government Sponsored Agency Securities		—			3,510,101			—		3,510,101
Warrants		216,432			—			—		216,432
Short-Term Securities
Money Market Funds		3,957,602			—			—		3,957,602
Options Purchased
Equity Contracts		484,197			—			—		484,197
Interest Rate Contracts		1,094			200			—		1,294
Unfunded Floating Rate Loan Interests		—			—			—		—
	$	8,875,488		$	380,674,978		$	73,796,496	$	463,346,962
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	2,423,070		$	—	$	2,423,070
Foreign Currency Exchange Contracts		—			897,779			—		897,779
Interest Rate Contracts		132,561			—			—		132,561
Liabilities
Credit Contracts		—			(589,733	)		—		(589,733	)
Equity Contracts		(190,704	)		—			—		(190,704	)

20

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Liabilities (continued)
Foreign Currency Exchange Contracts	$	—		$	(129,769	)	$	—	$	(129,769	)
Interest Rate Contracts		(61,029	)		—			—		(61,029	)
	$	(119,172	)	$	2,601,347		$	—	$	2,482,175

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $114,449,093 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		—			—			55			1,034,250			1,034,305
Transfers out of Level 3		—			—			—			(14,775,015	)		(14,775,015	)
Accrued discounts/premiums		—			—			4,291			10,765			15,056
Net realized gain (loss)		—			—			—			25,483			25,483
Net change in unrealized appreciation (depreciation)(a)		(22,059	)		(13,213	)		152,407			480,386			597,521
Purchases		250,000			—			44,999			662,019			957,018
Sales		—			—			(3,162	)		(1,593,089	)		(1,596,251	)
Closing balance, as of March 31, 2021	$	1,745,954		$	2,320		$	1,570,623		$	70,477,599		$	73,796,496
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2021(a)	$	(22,058	)	$	(13,213	)	$	152,407		$	480,386		$	597,522

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

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the 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 $9,121,228. 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	$	2,320	Market	EBITDA Multiple	3.00x		—
Asset-Backed Securities		599,092	Income	Discount Rate	9%		—
Corporate Bonds		1,569,924	Income	Discount Rate	5% - 11%		9%
			Market	EBITDA Multiple	3.00x		—
Floating Rate Loan Interests(b)		62,503,932	Income	Discount Rate	7%-11%		9%
			Market	Estimated Recovery Value	—		—
				Recent Transactions	—		—
	$	64,675,268

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

^(b)  For the period end March 31, 2021, the valuation technique for investments classified as Floating Rate Interests amounting to $6,800,080 changed to Transaction Price approach. The investments were previously valued utilizing Discounted Cash Flow. The change was due to consideration of the information that was available at the time the investments were valued.

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) March 31, 2021 BlackRock Multi-Sector Opportunities Trust (MSO)

Currency Abbreviation
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar

Portfolio Abbreviation
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
CR	Custodian Receipt
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
S&P	Standard & Poor’s
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate
SPDR	Standard & Poor’s Depository Receipt

22