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

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

Security		Par (000)		Value
Asset-Backed Securities
AIMCO CLO Ltd., Series 2019-10A, Class SUB, 0.00%, 07/22/32(a)(b)	USD		1,844	$	1,610,902
Ajax Mortgage Loan Trust(b)
Series 2018-A, Class B, 0.00%, 04/25/58			19		16,937
Series 2018-B, Class B, 1.00%, 02/26/57			77		34,732
Anchorage Capital CLO Ltd.(a)(b)
Series 2013-1A, Class DR, (3 mo. LIBOR US + 6.80%), 6.92%, 10/13/30			3,050		3,037,054
Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 5.52%, 01/15/30			1,000		984,333
Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.70%), 5.83%, 04/20/31(a)(b)			1,000		960,033
Apidos CLO XXIX, Series 2018-29A, Class D, (3 mo. LIBOR US + 5.25%), 5.38%, 07/25/30(a)(b)			2,000		1,892,985
Apres Static CLO Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 4.25%), 4.38%, 10/15/28(a)(b)			500		500,161
ARES LI CLO Ltd., Series 2019-51A, Class ER, (3 mo. LIBOR US + 6.85%), 6.97%, 07/15/34(a)(b)			700		704,178
Ares LV CLO Ltd., Series 2020-55A, Class DR, (3 mo. LIBOR US + 3.15%), 3.27%, 07/15/34(a)(b)			1,000		1,004,403
Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, (3 mo. LIBOR US + 6.15%), 6.27%, 10/15/30(a)(b)			1,450		1,443,980
Assurant CLO Ltd., Series 2019-5A, Class E, (3 mo. LIBOR US + 7.34%), 7.46%, 01/15/33(a)(b)			250		250,247
BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(a)			2,300		1,056,442
Bean Creek CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.75%), 5.88%, 04/20/31(a)(b)			1,500		1,454,145
Benefit Street Partners CLO XVIII Ltd., Series 2019- 18A, Class E, (3 mo. LIBOR US + 6.90%), 7.02%, 10/15/32(a)(b)			1,000		999,457
BlueMountain CLO XXVI Ltd., Series 2019-26A, Class E, (3 mo. LIBOR US + 7.70%), 7.83%, 10/20/32(a)(b)			250		251,075
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.77%, 01/17/28(a)(b)			250		249,875
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 3.33%, 04/20/32(a)(b)			250		250,869
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.57%, 07/20/32(a)(b)			2,200		2,172,623
Cedar Funding IX CLO Ltd., Series 2018-9A, Class E, (3 mo. LIBOR US + 5.35%), 5.48%, 04/20/31(a)(b)			2,000		1,948,356
Cedar Funding XIV CLO Ltd.(a)(b)
Series 2021-14A, Class D, (3 mo. LIBOR US + 3.25%), 3.37%, 07/15/33			1,000		1,002,749
Series 2021-14A, Class E, (3 mo. LIBOR US + 6.34%), 6.46%, 07/15/33			750		749,494
Series 2021-14A, Class SUB, 0.00%, 07/15/33			1,000		794,160
Deer Creek Clo Ltd., Series 2017-1A, Class E, (3 mo. LIBOR US + 6.35%), 6.48%, 10/20/30(a)(b)			1,000		995,251
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 6.93%, 04/20/34(a)(b)			250		251,102
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.13%, 10/15/32(a)(b)			1,425		1,425,000
Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39(b)	CAD		210		177,070
Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 3.07%, 10/15/30(a)(b)	USD		550		550,008

Security		Par (000)		Value
Asset-Backed Securities (continued)
Goldentree Loan Management US Clo 2 Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 4.70%), 4.83%, 11/28/30(a)(b)	USD		1,500	$	1,429,622
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class ER2, (3 mo. LIBOR US + 5.66%), 5.79%, 10/29/29(a)(b)			500		492,101
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 6.57%, 04/15/33(a)(b)			250		249,391
Highbridge Loan Management Ltd., Series 12A-18, Class D, (3 mo. LIBOR US + 5.15%), 5.27%, 07/18/31(a)(b)			1,120		1,086,537
JP Morgan Mortgage Acquisition Corp., Series 2006- FRE2, Class M2, (1 mo. LIBOR US + 0.54%), 0.63%, 02/25/36(a)			2,788		2,653,520
Kayne CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.66%, 01/20/33(a)(b)			500		500,788
Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31(b)			315		349,863
Madison Park Funding X Ltd., Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.38%, 01/20/29(a)(b)			1,270		1,270,246
Madison Park Funding XXX Ltd.
Series 2018-30A, Class E, (3 mo. LIBOR US + 4.95%), 5.07%, 04/15/29(a)(b)			1,250		1,217,557
Series 2018-30X, Class E, 5.07%, 04/15/29			250		243,511
Mariner Finance Issuance Trust(b)
Series 2019-AA, Class D, 5.44%, 07/20/32			2,500		2,572,350
Series 2020-AA, Class D, 5.75%, 08/21/34			250		254,660
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44(b)			303		319,962
OCP CLO Ltd.(a)(b)
Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 3.13%, 04/24/29			600		600,035
Series 2019-16A, Class ER, (3 mo. LIBOR US + 6.35%), 6.47%, 04/10/33			500		496,351
Series 2019-17A, Class ER, (3 mo. LIBOR US + 6.50%), 6.63%, 07/20/32			1,000		999,951
Palmer Square CLO Ltd.(a)(b)
Series 2015-2A, Class CR2, (3 mo. LIBOR US + 2.75%), 2.88%, 07/20/30			250		249,750
Series 2015-2A, Class DR2, (3 mo. LIBOR US + 5.75%), 5.88%, 07/20/30			250		249,587
Series 2018-2A, Class D, (3 mo. LIBOR US + 5.60%), 5.72%, 07/16/31			1,500		1,501,667
Park Avenue Institutional Advisers CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 5.85%), 5.98%, 08/23/31(a)(b)			2,000		1,943,243
Republic Finance Issuance Trust, Series 2020-A, Class D, 7.00%, 11/20/30(b)			700		725,118
Rockford Tower CLO Ltd.(a)(b)
Series 2017-2A, Class ER, (3 mo. LIBOR US + 6.25%), 6.37%, 10/15/29			1,150		1,142,737
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 2.78%, 10/20/30			970		958,513
Series 2017-3A, Class E, (3 mo. LIBOR US + 5.75%), 5.88%, 10/20/30			1,000		971,100
Signal Peak CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 7.02%, 04/30/32(a)(b)			250		250,819

1

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

Security		Par (000)			Value
Asset-Backed Securities (continued)
Sofi Professional Loan Program LLC, Series 2016-B, Class RC, 0.00%, 04/25/37(b)(c)	USD		—	(d) $		295,062
Sound Point CLO XXIV, Series 2019-3A, Class D, (3 mo. LIBOR US + 4.11%), 4.24%, 10/25/32(a)(b)			2,250			2,251,089
Strata CLO I Ltd.(a)(b)
Series 2018-1A, Class E, (3 mo. LIBOR US + 7.08%), 7.20%, 01/15/31			500			479,565
Series 2018-1A, Class USUB, 0.00%, 01/15/2118			1,750			1,207,539
TICP CLO V Ltd., Series 2016-5A, Class ER, (3 mo. LIBOR US + 5.75%), 5.87%, 07/17/31(a)(b)			250			242,884
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 7.17%, 04/15/33(a)(b)			500			501,456
TICP CLO XII Ltd., Series 2018-12A, Class ER, (3 mo. LIBOR US + 6.25%), 6.36%, 07/15/34(a)(b)			725			725,001
TRESTLES CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 5.88%, 07/25/31(a)(b)			1,900			1,866,418
TRESTLES CLO III Ltd., Series 2020-3A, Class SUB, 0.13%, 01/20/33(a)(b)			500			406,245
Voya CLO Ltd., Series 2014-3A, Class CR, (3 mo. LIBOR US + 2.65%), 2.78%, 07/25/26(a)(b)			350			349,978
York CLO Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 3.01%), 3.15%, 10/22/29(a)(b)			250			250,015
York CLO-2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 5.79%, 01/22/31(a)(b)			500			488,176
Total Asset-Backed Securities — 17.4% (Cost: $60,727,828)						58,560,028
		Shares
Common Stocks
Diversified Financial Services — 0.0%
Bruin Purchaser LLC(c)			4,804			—
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp.			400			6,224
Equity Real Estate Investment Trusts (REITs) — 0.0%
Service Properties Trust			4,000			44,840
Hotels, Restaurants & Leisure — 0.1%
Caesars Entertainment, Inc.(e)			3,435			385,682
Oil & Gas Exploration & Production — 0.2%
CA Resources Corp.			19,277			790,357
Oil, Gas & Consumable Fuels — 0.3%
California Resources Corp.(e)			23,854			978,014
Total Common Stocks — 0.6% (Cost: $1,025,060)						2,205,117
		Par (000)
Corporate Bonds
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc., 3.38%, 03/01/41	USD		178			186,782
Aerospace & Defense — 1.1%
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b)(f)			491			555,837
General Electric Co., 4.35%, 05/01/50			300			362,234

Security		Par (000)		Value
Aerospace & Defense (continued)
Howmet Aerospace, Inc., 6.75%, 01/15/28(f)	USD		1,209	$	1,471,957
Rolls-Royce PLC, 1.63%, 05/09/28(g)	EUR		100		111,491
TransDigm, Inc., 6.25%, 03/15/26(b)(f)	USD		1,163		1,212,428
					3,713,947
Airlines — 2.9%
Air France-KLM, 3.88%, 07/01/26(g)	EUR		100		114,985
American Airlines Group, Inc.(c)
4.00%, 12/15/24(a)	USD		220		219,684
4.87%, 04/22/25			262		262,013
Avianca Holdings SA, Series IAI, (9.00% PIK), 9.00%, 03/31/22(h)			7,562		7,531,443
Azul Investments LLP
5.88%, 10/26/24(g)			200		188,538
7.25%, 06/15/26(b)			220		210,100
Gol Finance SA(b)
7.00%, 01/31/25(f)			500		473,687
8.00%, 06/30/26			200		201,000
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27(f)			497		556,306
					9,757,756
Auto Components — 0.3%
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26(b)(f)			71		74,596
IHO Verwaltungs GmbH, (3.63% Cash or 4.38% PIK), 3.63%, 05/15/25(g)(h)	EUR		113		133,009
ZF Finance GmbH(g)
3.00%, 09/21/25			100		121,916
2.00%, 05/06/27			300		349,243
3.75%, 09/21/28			200		252,520
					931,284
Automobiles — 0.4%
China Grand Automotive Services Ltd., 8.63%, 04/08/22(g)	USD		200		187,162
Constellation Automotive Financing PLC, 4.88%, 07/15/27(g)	GBP		100		133,676
Ford Motor Credit Co. LLC, 5.58%, 03/18/24(f)	USD		612		657,802
General Motors Co., 5.95%, 04/01/49(f)			195		256,994
TML Holdings Pte Ltd., 4.35%, 06/09/26(g)			200		201,250
					1,436,884
Banks — 1.1%
Banco GNB Sudameris SA, (5 year CMT + 6.66%), 7.50%, 04/16/31(a)(b)			155		158,178
Banco Industrial SA, (5 year CMT + 4.44%), 4.88%, 01/29/31(a)(b)			200		202,563
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%			400		415,950
Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83%(a)(g)(i)			250		261,250
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25(g)			200		203,772
BBK BSC, 5.50%, 07/09/24(g)			279		288,817
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%(a)(g)(i)	EUR		200		253,968
Grupo Aval Ltd., 4.38%, 02/04/30(b)	USD		580		570,503
Intesa Sanpaolo SpA, (5 year EUR Swap + 6.09%), 5.88%(a)(g)(i)	EUR		250		338,455

SCHEDULE   OF   INVESTMENTS 2

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

Security		Par (000)		Value
Banks (continued)
Itau Unibanco Holding SA/Cayman Island, 5.13%, 05/13/23(b)(f)	USD		432	$	452,142
NBK Tier 1 Financing Ltd., (6 year USD Swap + 2.88%), 3.63%(a)(b)(i)			541		541,338
					3,686,936
Beverages — 0.9%
Anadolu Efes Biracilik Ve Malt Sanayii AS, 3.38%, 06/29/28(b)			200		203,250
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36			145		175,224
Anheuser-Busch InBev Worldwide, Inc., 4.50%, 06/01/50(f)			245		292,462
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27(g)	GBP		250		344,429
Central American Bottling Corp.
5.75%, 01/31/27(f)(g)	USD		425		436,103
5.75%, 01/31/27(b)			100		102,612
Keurig Dr. Pepper, Inc., 3.80%, 05/01/50			195		218,498
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)(f)			1,092		1,101,555
OI European Group BV, 2.88%, 02/15/25(g)	EUR		100		117,375
					2,991,508
Biotechnology — 0.2%
Amgen, Inc., 3.00%, 01/15/52	USD		195		187,067
Gilead Sciences, Inc., 2.80%, 10/01/50(f)			195		183,826
Royalty Pharma PLC, 3.55%, 09/02/50			195		191,554
					562,447
Building Materials — 0.2%
Carrier Global Corp., 3.58%, 04/05/50(f)			195		207,177
Cemex SAB de CV
3.13%, 03/19/26(g)	EUR		300		355,063
3.88%, 07/11/31(b)	USD		230		229,563
Standard Industries, Inc., 4.75%, 01/15/28(b)(f)			46		47,725
					839,528
Building Products — 0.1%
Lowe’s Cos., Inc., 3.00%, 10/15/50(f)			195		190,150
SRS Distribution, Inc., 4.63%, 07/01/28(b)			29		29,586
					219,736
Capital Markets — 0.1%
XP, Inc., 3.25%, 07/01/26(b)			323		314,117
Chemicals — 1.7%
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25(g)	EUR		100		117,629
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(a)(b)(f)	USD		497		569,158
Equate Petrochemical BV, 2.63%, 04/28/28(b)			200		200,750
INEOS Finance PLC, 3.38%, 03/31/26(g)	EUR		100		118,325
International Flavors & Fragrances, Inc., 3.47%, 12/01/50(b)	USD		165		173,164
LYB International Finance III LLC, 4.20%, 05/01/50			195		222,097
NOVA Chemicals Corp., 4.88%, 06/01/24(b)(f)			1,407		1,470,315
OCI NV, 3.63%, 10/15/25(g)	EUR		100		120,132
OCP SA, 3.75%, 06/23/31(b)	USD		265		264,337
Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44(b)(f)			1,000		1,226,775
Sasol Financing USA LLC(f) 4.38%, 09/18/26			200		202,410

Security		Par (000)		Value
Chemicals (continued)
Sasol Financing USA LLC(f) (continued)
6.50%, 09/27/28	USD		576	$	635,040
5.50%, 03/18/31			315		321,379
UPL Corp. Ltd., (5 year CMT + 3.87%), 5.25%(a)(g)(i)			200		203,940
					5,845,451
Commercial Services & Supplies — 0.8%
AMN Healthcare, Inc., 4.63%, 10/01/27(b)(f)			210		217,875
DAE Funding LLC, 3.38%, 03/20/28(b)(f)			465		477,206
Loxam SAS, 3.75%, 07/15/26(g)	EUR		200		236,651
United Rentals North America, Inc., 4.88%, 01/15/28(f)	USD		1,396		1,475,907
Verisure Holding AB(g)
3.50%, 05/15/23	EUR		271		316,430
3.88%, 07/15/26			100		118,731
					2,842,800
Construction & Engineering — 0.0%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(a)(g)(i)			100		115,973
Construction Materials — 0.2%
KAR Auction Services, Inc., 5.13%, 06/01/25(b)(f)	USD		816		825,180
Consumer Discretionary(g) — 0.1%
Q-Park Holding I BV
1.50%, 03/01/25	EUR		100		111,202
(3 mo. EURIBOR + 2.00%), 2.00%, 03/01/26(a)			100		111,468
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26			88		104,843
					327,513
Consumer Finance — 0.3%
Encore Capital Group, Inc., 4.88%, 10/15/25(g)			100		121,363
Global Payments, Inc., 4.15%, 08/15/49	USD		195		218,914
Muthoot Finance Ltd.
6.13%, 10/31/22(b)			453		466,675
4.40%, 09/02/23(g)			200		203,100
					1,010,052
Containers & Packaging — 0.6%
Klabin Austria GmbH, 3.20%, 01/12/31(b)(f)			305		291,275
Suzano Austria GmbH
3.13%, 01/15/32			290		279,524
7.00%, 03/16/47(b)(f)			1,000		1,308,800
					1,879,599
Diversified Financial Services — 2.1%
Alfa SAB de CV
6.88%, 03/25/44(b)(f)			400		532,000
6.88%, 03/25/44(g)			200		266,000
Arrow Global Finance PLC, 5.13%, 09/15/24(g)	GBP		310		417,694
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)	USD		944		929,545
Bank of America Corp., (3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51(a)(f)			325		384,581
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25(g)	GBP		100		140,747
Goldman Sachs Group, Inc., 4.80%, 07/08/44	USD		195		249,418
Intrum AB, 4.88%, 08/15/25(g)	EUR		100		121,275
Manappuram Finance Ltd., 5.90%, 01/13/23(g)	USD		200		205,288
Morgan Stanley, (SOFR + 1.36%), 2.48%, 09/16/36(a)			165		161,490
Oceana Australian Trust Pvt. Ltd., 10.00%, 08/31/23(c)	AUD		2,424		1,752,430

3

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

Security		Par (000)		Value
Diversified Financial Services (continued)
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(b)(f)	USD		661	$	664,635
Shriram Transport Finance Co. Ltd.(g)
5.95%, 10/24/22			200		203,225
5.10%, 07/16/23			400		406,575
Sun Country, 7.00%, 12/15/23(c)			573		560,985
					6,995,888
Diversified Telecommunication Services — 1.4%
AT&T, Inc., 3.30%, 02/01/52(f)			195		188,810
Axtel SAB de CV, 6.38%, 11/14/24(b)(f)			800		824,150
Level 3 Financing, Inc.(b)(f)
4.25%, 07/01/28			575		579,445
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(f)(h)			375		351,094
SoftBank Group Corp.(g)
4.75%, 07/30/25	EUR		200		244,539
(5 year USD ICE Swap + 4.23%), 6.00%(a)(i)	USD		200		199,520
Telecom Italia Capital SA, 6.38%, 11/15/33(f)			1,239		1,441,824
Verizon Communications, Inc.
2.88%, 11/20/50(f)			195		181,769
3.55%, 03/22/51			198		208,810
					4,665,586
Electric Utilities(b) — 0.8%
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29			505		501,907
Oryx Funding Ltd., 5.80%, 02/03/31			200		211,000
Talen Energy Supply LLC(f)
7.25%, 05/15/27			1,591		1,500,894
6.63%, 01/15/28			675		626,062
					2,839,863
Electrical Equipment — 0.0%
Pearl Holding III Ltd., 9.50%, 12/11/22(e)(g)(j)			200		74,350
Energy Equipment & Services — 0.5%
Bristow Group, Inc., 6.88%, 03/01/28(b)(f)			269		279,900
Pioneer Energy Services Corp.(b)(c)(h)
(11.00% Cash or 11.00% PIK), 11.00%, 05/15/25			157		173,876
(5.00% PIK), 5.00%, 11/15/25			117		137,118
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24(b)(f)			1,011		1,031,118
Vallourec SA, 8.50%, 06/30/26(g)	EUR		42		49,799
					1,671,811
Equity Real Estate Investment Trusts (REITs) — 1.2%
American Tower Corp., 3.10%, 06/15/50(f)	USD		195		190,879
Crown Castle International Corp., 2.90%, 04/01/41			195		187,964
Equinix, Inc., 2.95%, 09/15/51			195		183,089
LMIRT Capital Pte Ltd., 7.25%, 06/19/24(g)			200		207,725
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24(f)			1,895		2,060,813
4.63%, 06/15/25(b)			123		132,533
Mid-America Apartments LP, 2.88%, 09/15/51			28		27,048
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29(b)			87		89,543
Service Properties Trust
4.50%, 06/15/23(f)			512		522,250
7.50%, 09/15/25			58		65,119

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Trust Fibra Uno, 5.25%, 01/30/26(b)	USD		230	$	254,610
XHR LP(b)
6.38%, 08/15/25(f)			148		157,010
4.88%, 06/01/29			27		27,731
					4,106,314
Food & Staples Retailing — 0.9%
Bellis Acquisition Co. PLC, 3.25%, 02/16/26(g)	GBP		320		423,498
BRF GmbH, 4.35%, 09/29/26(g)	USD		200		205,912
Cydsa SAB de CV, 6.25%, 10/04/27(b)			1,000		1,038,000
Grupo KUO SAB de CV, 5.75%, 07/07/27(b)			800		822,650
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24(g)			200		204,850
Kroger Co., 3.95%, 01/15/50(f)			195		221,302
					2,916,212
Food Products — 0.4%
Frigorifico Concepcion SA, 7.70%, 07/21/28(b)			200		206,750
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(b)(f)			43		46,515
MHP Lux SA, 6.25%, 09/19/29(b)(f)			1,000		1,012,950
Tereos Finance Groupe I SA, 7.50%, 10/30/25(g)	EUR		100		124,339
					1,390,554
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co., 3.79%, 05/20/50	USD		195		217,871
Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28(b)			55		57,816
Anthem, Inc., 3.13%, 05/15/50			195		197,225
DaVita, Inc., 4.63%, 06/01/30(b)(f)			890		915,464
HCA, Inc.
3.50%, 09/01/30(f)			1,210		1,281,862
5.25%, 06/15/49			195		248,888
Select Medical Corp., 6.25%, 08/15/26(b)(f)			780		820,248
Tenet Healthcare Corp.(b)
4.63%, 09/01/24(f)			901		921,272
4.88%, 01/01/26(f)			1,488		1,539,961
4.63%, 06/15/28			49		50,772
4.25%, 06/01/29(f)			1,124		1,140,860
Universal Health Services, Inc., 2.65%, 10/15/30(b)(f)			137		137,622
					7,311,990
Health Care Technology(g) — 0.1%
CAB SELAS, 3.38%, 02/01/28	EUR		300		350,522
Chrome Bidco SASU, 3.50%, 05/31/28			100		118,296
					468,818
Hotels, Restaurants & Leisure — 3.9%
Boyd Gaming Corp.
8.63%, 06/01/25(b)	USD		82		88,868
4.75%, 12/01/27(f)			443		456,596
Caesars Entertainment, Inc.(b)
6.25%, 07/01/25(f)			486		511,640
8.13%, 07/01/27			314		353,007
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)(f)			144		151,808
Carlson Travel, Inc., 6.75%, 12/15/25(b)			2,704		2,406,560

SCHEDULE   OF   INVESTMENTS 4

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

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(b)(f)	USD		220	$	228,525
Champion Path Holdings Ltd.(g)
4.50%, 01/27/26			200		204,000
4.85%, 01/27/28			200		202,413
Dave & Buster’s, Inc., 7.63%, 11/01/25(b)			39		41,728
Fortune Star BVI Ltd.(g)
5.95%, 01/29/23			200		202,975
6.75%, 07/02/23			200		206,787
6.85%, 07/02/24			600		622,500
Full House Resorts, Inc., 8.25%, 02/15/28(b)			29		31,175
Golden Entertainment, Inc., 7.63%, 04/15/26(b)(f)			274		289,070
International Game Technology PLC, 6.50%, 02/15/25(b)(f)			1,150		1,283,342
IRB Holding Corp., 7.00%, 06/15/25(b)(f)			151		160,320
Ladbrokes Group Finance PLC, 5.13%, 09/16/22(g)	GBP		26		36,994
Marriott International, Inc.(f)
Series FF, 4.63%, 06/15/30	USD		106		121,101
Series GG, 3.50%, 10/15/32			508		539,722
Marriott Ownership Resorts, Inc., 6.13%, 09/15/25(b)(f)			555		586,219
Melco Resorts Finance Ltd.(g)
5.25%, 04/26/26			300		301,650
5.38%, 12/04/29			200		203,300
MGM China Holdings Ltd., 5.88%, 05/15/26(f)(g)			300		306,431
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b)			218		222,087
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(b)			746		801,017
Scientific Games International, Inc., 7.00%, 05/15/28(b)(f)			464		500,540
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/25(b)(f)			669		718,436
Sisal Group SpA, 7.00%, 07/31/23(g)	EUR		69		79,637
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25(g)	GBP		100		141,612
Studio City Finance Ltd., 5.00%, 01/15/29(b)	USD		200		184,375
Travel + Leisure Co., 6.63%, 07/31/26(b)(f)			189		215,228
Wynn Macau Ltd., 5.50%, 01/15/26(f)(g)			400		386,500
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)(f)			482		485,615
					13,271,778
Household Durables — 3.5%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
9.88%, 04/01/27(f)			602		674,240
6.63%, 01/15/28(f)			495		525,938
4.63%, 08/01/29			66		66,642
Brookfield Residential Properties, Inc./Brookfield Residential US LLC(b)
6.25%, 09/15/27(f)			541		568,737
5.00%, 06/15/29			27		27,609
Century Communities, Inc., 6.75%, 06/01/27			110		117,424
Controladora Mabe SA de CV, 5.60%, 10/23/28(b)(f)			1,000		1,159,875
Forestar Group, Inc.(b)
3.85%, 05/15/26			187		186,766
5.00%, 03/01/28(f)			669		690,742
M/I Homes, Inc., 4.95%, 02/01/28(f)			510		533,588
PulteGroup, Inc.
5.50%, 03/01/26			231		267,743
7.88%, 06/15/32(f)			1,138		1,637,297

Security		Par (000)		Value
Household Durables (continued)
Taylor Morrison Communities, Inc.(b)(f)
5.88%, 06/15/27	USD		647	$	737,580
5.75%, 01/15/28			2,269		2,527,666
Tri Pointe Homes, Inc.
5.25%, 06/01/27(f)			505		545,400
5.70%, 06/15/28			38		41,325
William Lyon Homes, Inc., 6.63%, 07/15/27(b)(f)			1,298		1,369,390
					11,677,962
Independent Power and Renewable Electricity Producers — 1.3%
Azure Power Energy Ltd., 3.58%, 08/19/26(b)			200		202,000
Calpine Corp.(b)(f)
4.50%, 02/15/28			1,365		1,392,300
5.13%, 03/15/28			722		731,194
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27(b)(f)			223		229,454
Greenko Dutch BV, 3.85%, 03/29/26(g)			197		200,177
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26(g)			300		316,837
India Green Energy Holdings
5.38%, 04/29/24(b)			300		311,250
5.38%, 04/29/24(g)			250		259,375
Investment Energy Resources Ltd., 6.25%, 04/26/29(b)			220		238,425
ReNew Power Synthetic, 6.67%, 03/12/24(f)(g)			500		520,719
Renewable Energy Group, Inc., 5.88%, 06/01/28(b)			14		14,472
					4,416,203
Interactive Media & Services(g) — 0.3%
21Vianet Group, Inc., 7.88%, 10/15/21			200		199,680
Adevinta ASA, 3.00%, 11/15/27	EUR		200		238,161
United Group BV, 4.88%, 07/01/24			430		503,789
					941,630
IT Services — 0.2%
Centurion Bidco SpA, 5.88%, 09/30/26(g)			100		121,260
Fidelity National Information Services, Inc., 4.50%, 08/15/46	USD		165		200,217
Fiserv, Inc., 4.40%, 07/01/49.			195		233,482
International Business Machines Corp., 2.95%, 05/15/50(f)			195		192,106
					747,065
Machinery — 0.2%
TK Elevator Midco GmbH(g)
4.38%, 07/15/27	EUR		115		139,040
(3 mo. EURIBOR + 4.75%), 4.75%, 07/15/27(a)			173		202,186
TK Elevator US Newco Inc., 5.25%, 07/15/27(b)(f)	USD		274		287,145
					628,371
Media — 2.4%
Altice Financing SA, 2.25%, 01/15/25(g)	EUR		180		200,767
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23(g)	GBP		133		182,812
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 04/01/51	USD		195		189,857
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(b)(f)			738		763,690
Comcast Corp., 2.89%, 11/01/51(b)			195		187,040
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(b)(f)			1,831		1,208,460
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(b)(f)			400		412,000
Lorca Telecom Bondco SA, 4.00%, 09/18/27(g)	EUR		200		232,854
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(a)(g)(i)	USD		434		461,749
Nexstar Media, Inc., 5.63%, 07/15/27(b)(f)			733		775,496

5

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

Security	Par (000)			Value
Media (continued)
Sable International Finance Ltd., 5.75%, 09/07/27(f)(g)		USD	460	$	483,000
SES SA, (5 year EUR Swap + 5.40%), 5.63%(a)(g)(i)		EUR	100		125,970
Sirius XM Radio, Inc.(b)(f)
5.00%, 08/01/27		USD	70		73,150
5.50%, 07/01/29			66		71,362
Summer BC Holdco B Sarl, 5.75%, 10/31/26(g)		EUR	200		242,674
TEGNA, Inc., 4.63%, 03/15/28(f)		USD	301		307,727
UPCB Finance VII Ltd., 3.63%, 06/15/29(g)		EUR	100		118,876
ViacomCBS, Inc., 4.95%, 05/19/50		USD	195		244,134
VTR Comunicaciones SpA, 4.38%, 04/15/29(b)			290		297,250
Ziggo BV, 5.50%, 01/15/27(b)(f)			1,300		1,343,875
					7,922,743
Metals & Mining — 1.8%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(g)			300		324,056
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200		204,500
Commercial Metals Co., 5.38%, 07/15/27(f)			1,374		1,441,882
HTA Group Ltd., 7.00%, 12/18/25(b)(f)			415		435,179
JSW Steel Ltd., 5.38%, 04/04/25(g)			200		210,288
Mongolian Mining Corp/Energy Resources LLC, 9.25%, 04/15/24(g)			200		179,500
Nexa Resources SA, 5.38%, 05/04/27(b)(f)			1,198		1,252,883
Periama Holdings LLC, 5.95%, 04/19/26(g)			200		214,100
Steel Dynamics, Inc., 3.25%, 10/15/50			195		192,628
thyssenkrupp AG, 1.88%, 03/06/23(g)		EUR	127		147,992
Usiminas International Sarl, 5.88%, 07/18/26(b)(f)		USD	200		210,200
Vale Overseas Ltd., 3.75%, 07/08/30			275		283,855
Vedanta Resources Finance II PLC
13.88%, 01/21/24(g)			200		214,750
8.95%, 03/11/25(b)(f)			320		319,200
8.95%, 03/11/25(g)			200		199,500
Vedanta Resources Ltd., 7.13%, 05/31/23(g)			270		258,323
					6,088,836
Multi-line Retail — 0.2%
Dufry One BV, 2.00%, 02/15/27(g)		EUR	100		110,356
Grupo Axo SAPI de CV, 5.75%, 06/08/26(b)		USD	316		323,762
InRetail Consumer, 3.25%, 03/22/28(b)			200		199,037
					633,155
Oil, Gas & Consumable Fuels — 4.9%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(f)(g)(k)			698		530,659
BP Capital Markets PLC, (5 year EUR Swap + 4.12%), 3.63%(a)(g)(i)		EUR	300		376,174
Buckeye Partners LP, 4.13%, 03/01/25(b)(f)		USD	195		202,071
Centennial Resource Production LLC(b)(f)
5.38%, 01/15/26			1,841		1,806,573
6.88%, 04/01/27			127		129,379
Cheniere Energy Partners LP
4.50%, 10/01/29(f)			335		356,149
3.25%, 01/31/32(b)			38		38,125
Chesapeake Energy Corp.(b)
5.50%, 02/01/26			110		114,950
5.88%, 02/01/29			40		42,738
Citgo Holding, Inc., 9.25%, 08/01/24(b)			306		308,295
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)			54		55,266
eG Global Finance PLC(g)
4.38%, 02/07/25		EUR	211		242,845

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
eG Global Finance PLC(g) (continued)
6.25%, 10/30/25		EUR	100	$	118,325
Energean Israel Finance Ltd., 4.88%, 03/30/26(b)(g)		USD	255		260,738
Energy Transfer LP, 5.00%, 05/15/50(f)			195		224,976
Geopark Ltd., 5.50%, 01/17/27(b)			205		202,604
GMR Hyderabad International Airport Ltd., 5.38%, 04/10/24(g)			200		204,475
Hammerhead Resources, Inc., Series AI, (12.00% PIK), 9.00%, 07/10/22(c)(h)			805		805,059
Hilong Holding Ltd., 9.75%, 11/18/24(g)			407		358,160
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(g)			200		207,600
Leviathan Bond Ltd., 5.75%, 06/30/23(b)(f)(g)			292		303,634
MC Brazil Downstream Trading Sarl, 7.25%, 06/30/31(b)			315		316,733
Medco Oak Tree Pte Ltd., 7.38%, 05/14/26(g)			200		212,725
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25(g)			200		207,163
Neptune Energy Bondco PLC, 6.63%, 05/15/25(b)(f)			200		205,750
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(f)			1,032		1,478,978
Oil and Gas Holding Co., 7.63%, 11/07/24(g)			263		287,577
OQ SAOC, 5.13%, 05/06/28(b)			286		288,503
Petrobras Global Finance BV, 6.00%, 01/27/28(f)			699		785,414
Petroleos Mexicanos(f)
6.50%, 03/13/27			952		999,600
6.35%, 02/12/48			402		343,308
Puma International Financing SA, 5.13%, 10/06/24(b)			1,000		1,003,750
Rockies Express Pipeline LLC, 6.88%, 04/15/40(b)(f)			1,000		1,110,000
Rubis Terminal Infra SAS, 5.63%, 05/15/25(g)		EUR	150		182,440
SM Energy Co., 10.00%, 01/15/25(b)(f)		USD	320		356,922
Stoneway Capital Corp.(e)(j)
10.00%, 03/01/27(b)			1,948		496,812
10.00%, 03/01/27(g)			691		176,142
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27(f)			27		28,114
4.50%, 05/15/29			67		67,956
TotalEnergies SE, Series NC7, (5 year EUR Swap + 1.99%), 1.63%(a)(g)(i)		EUR	500		579,893
Transocean Guardian Ltd., 5.88%, 01/15/24(b)(f)		USD	162		161,329
Vivo Energy Investments BV, 5.13%, 09/24/27(b)(f)			200		211,163
					16,389,067
Personal Products — 0.0%
Coty, Inc., 6.50%, 04/15/26(b)			98		100,416
Pharmaceuticals — 0.9%
AbbVie, Inc., 4.88%, 11/14/48			300		384,841
Bausch Health Cos., Inc., 4.88%, 06/01/28(b)			46		47,667
Bayer AG, (5 year EUR Swap + 2.55%), 3.75%, 07/01/74(a)(g)		EUR	350		425,694
Cheplapharm Arzneimittel GmbH(g)
3.50%, 02/11/27			100		117,138
4.38%, 01/15/28			200		240,937
Cigna Corp., 3.40%, 03/15/51(f)		USD	195		200,446
CVS Health Corp., 5.05%, 03/25/48			195		251,004
Jaguar Holding Co. II/PPD Development LP, 5.00%, 06/15/28(b)			82		88,260
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24(g)		EUR	321		369,227
Rossini Sarl(g)
6.75%, 10/30/25			400		480,669

SCHEDULE   OF   INVESTMENTS 6

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

Security	Par (000)			Value
Pharmaceuticals (continued)
Rossini Sarl(g) (continued)
(3 mo. EURIBOR + 3.88%), 3.88%, 10/30/25(a)		EUR	100	$	116,125
Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24(g)			200		220,999
					2,943,007
Producer Durables: Miscellaneous — 0.2%
Oracle Corp.
3.60%, 04/01/50(f)		USD	650		650,779
3.95%, 03/25/51			48		50,622
					701,401
Professional Services — 0.2%
Mozart Debt Merger Sub, Inc., 3.88%, 04/01/29(b)			663		663,000
Real Estate Management & Development — 6.5%
Adler Group SA(g)
3.25%, 08/05/25		EUR	200		203,870
2.75%, 11/13/26			100		99,039
Agile Group Holdings Ltd.(g)
5.75%, 01/02/25(f)		USD	500		468,750
(5 year CMT + 11.29%), 7.88%(a)(i)			200		181,000
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(b)			510		531,037
Central China Real Estate Ltd.(g)
7.90%, 11/07/23			200		123,000
7.25%, 08/13/24			200		121,500
CFLD Cayman Investment Ltd., 8.60%, 04/08/24(e)(g)(j)			200		82,350
China Aoyuan Group Ltd.(g)
7.95%, 02/19/23(f)			600		540,000
6.35%, 02/08/24			200		169,600
5.98%, 08/18/25			200		154,000
6.20%, 03/24/26			206		156,560
China Evergrande Group(e)(g)(j)
8.25%, 03/23/22			200		51,750
9.50%, 04/11/22			200		49,750
11.50%, 01/22/23			200		48,000
7.50%, 06/28/23(f)			200		48,250
12.00%, 01/22/24			400		95,000
10.50%, 04/11/24			200		47,500
China SCE Group Holdings Ltd., 7.25%, 04/19/23(g)			200		194,350
China South City Holdings Ltd., 10.88%, 06/26/22(g)			200		162,000
CIFI Holdings Group Co. Ltd.(g)
6.00%, 07/16/25			200		198,500
5.95%, 10/20/25(f)			400		396,000
5.25%, 05/13/26			200		194,000
Country Garden Holdings Co. Ltd., 6.15%, 09/17/25(g)			200		209,000
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24(g)		EUR	100		110,032
Dexin China Holdings Co. Ltd., 11.88%, 04/23/22(g)		USD	200		193,350
Easy Tactic Ltd.(g)
9.13%, 07/28/22(f)			200		157,400
12.38%, 11/18/22			200		156,000
5.88%, 02/13/23			200		145,000
11.75%, 08/02/23			200		145,000
8.63%, 02/27/24			300		199,500
8.63%, 03/05/24			200		133,000
Fantasia Holdings Group Co. Ltd.(g)
11.75%, 04/17/22(f)			400		156,000
9.25%, 07/28/23			200		63,500
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)(f)			750		783,750

Security	Par (000)			Value
Real Estate Management & Development (continued)
GLP Pte Ltd., (5 year CMT + 3.74%), 4.50%(a)(g)(i)		USD	202	$	198,212
Greenland Global Investment Ltd.(g)
5.60%, 11/13/22			200		138,000
6.75%, 09/26/23			200		122,000
Haimen Zhongnan Investment Development International Co. Ltd., 12.00%, 06/08/22(g)			200		179,975
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%(a)(g)(i)		EUR	100		112,939
Hopson Development Holdings Ltd., 7.00%, 05/18/24(g)		USD	250		235,437
Howard Hughes Corp., 5.38%, 08/01/28(b)(f)			981		1,033,729
JGC Ventures Pte Ltd., 10.75%, 08/30/21(e)(g)(j)			200		105,500
Jingrui Holdings Ltd., 12.00%, 07/25/22(g)			200		179,413
Kaisa Group Holdings Ltd.(g)
11.95%, 10/22/22(f)			200		169,760
11.50%, 01/30/23			222		187,423
9.75%, 09/28/23			200		157,500
11.95%, 11/12/23			200		164,000
9.38%, 06/30/24(f)			400		308,000
11.25%, 04/16/25			200		154,500
11.70%, 11/11/25(f)			200		152,500
KWG Group Holdings Ltd.(g)
7.40%, 03/05/24			200		193,000
5.95%, 08/10/25			270		243,810
Logan Group Co. Ltd.(g)
6.50%, 07/16/23			200		199,350
5.75%, 01/14/25			200		198,500
5.25%, 10/19/25			295		285,412
MAF Sukuk Ltd., 4.64%, 05/14/29(g)			509		578,129
Modern Land China Co. Ltd.(g)
11.50%, 11/13/22			240		199,695
9.80%, 04/11/23			200		166,000
New Metro Global Ltd., 4.50%, 05/02/26(g)			430		394,525
Powerlong Real Estate Holdings Ltd.(g)
7.13%, 11/08/22			200		199,162
5.95%, 04/30/25			220		210,925
Redsun Properties Group Ltd., 10.50%, 10/03/22(g)			200		184,788
RKPF Overseas Ltd.(g)
Series 2019-A, 6.70%, 09/30/24			200		198,500
Series 2019-A, 6.00%, 09/04/25			515		496,975
Series 2020-A, 5.20%, 01/12/26			200		184,750
RongXingDa Development BVI Ltd., 8.00%, 04/24/22(g)			230		118,206
Ronshine China Holdings Ltd.(g)
5.50%, 02/01/22			200		184,288
8.75%, 10/25/22			200		156,288
8.95%, 01/22/23			400		292,000
7.35%, 12/15/23			200		149,000
7.10%, 01/25/25			200		136,000
Scenery Journey Ltd., 11.50%, 10/24/22(e)(f)(g)(j)			1,086		192,765
Seazen Group Ltd., 6.00%, 08/12/24(g)			200		193,000
Shimao Group Holdings Ltd., 3.45%, 01/11/31(f)(g)			200		178,750
Shui On Development Holding Ltd.(g)
6.15%, 08/24/24			240		238,200
5.50%, 03/03/25			200		194,500
Sinic Holdings Group Co. Ltd., 10.50%, 06/18/22(g)			200		30,000
Summit Properties Ltd., 2.00%, 01/31/25(g)		EUR	100		114,457
Sunac China Holdings Ltd.(g)
6.50%, 07/09/23		USD	200		165,000
7.50%, 02/01/24			200		162,500
6.65%, 08/03/24			300		240,000
7.00%, 07/09/25(f)			400		319,000

7

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

Security	Par (000)			Value
Real Estate Management & Development (continued)
Theta Capital Pte Ltd., 8.13%, 01/22/25(g)		USD	200	$	207,725
Times China Holdings Ltd.(g)
6.75%, 07/16/23			200		193,787
6.75%, 07/08/25			200		183,000
6.20%, 03/22/26			600		541,500
Wanda Group Overseas Ltd.(g)
7.50%, 07/24/22			200		188,000
8.88%, 03/21/23			200		185,500
Wanda Properties International Co. Ltd., 7.25%, 01/29/24(g)			200		193,000
Yango Justice International Ltd.(g)
10.00%, 02/12/23			250		232,500
9.25%, 04/15/23			200		160,000
7.88%, 09/04/24			200		130,000
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24(g)			200		199,500
Yuzhou Group Holdings Co. Ltd.(g)
8.50%, 02/04/23			200		170,350
8.38%, 10/30/24			200		153,500
7.70%, 02/20/25(f)			400		286,000
8.30%, 05/27/25			200		146,500
7.38%, 01/13/26			400		268,000
Zhenro Properties Group Ltd.(g)
9.15%, 05/06/23			200		194,912
8.30%, 09/15/23			200		190,662
7.88%, 04/14/24			200		180,538
7.35%, 02/05/25			240		207,000
Zhongliang Holdings Group Co. Ltd., 8.50%, 05/19/22(g)			200		162,000
					21,737,675
Road & Rail — 0.1%
Autostrade per l’Italia SpA, 5.88%, 06/09/24		EUR	200		264,518
CMA CGM SA, 7.50%, 01/15/26(g)			100		128,171
					392,689
Semiconductors & Semiconductor Equipment — 0.1%
Analog Devices, Inc., 2.95%, 10/01/51(l)		USD	104		103,964
Broadcom, Inc., 3.75%, 02/15/51(b)(f)			195		194,590
Intel Corp., 3.25%, 11/15/49			195		202,112
					500,666
Software — 0.1%
Boxer Parent Co., Inc., 6.50%, 10/02/25(g)		EUR	100		121,616
Playtika Holding Corp., 4.25%, 03/15/29(b)		USD	61		61,194
					182,810
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc., 2.65%, 02/08/51(f)			195		186,539
Dell International LLC/EMC Corp., 8.35%, 07/15/46(f)			195		316,262
HP, Inc., 6.00%, 09/15/41			195		251,753
					754,554
Textiles, Apparel & Luxury Goods — 0.0%
Prime Bloom Holdings Ltd., 6.95%, 07/05/22(g)			470		94,000
Thrifts & Mortgage Finance(b) — 0.1%
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27			24		25,123
Quicken Loans LLC, 5.25%, 01/15/28(f)			46		49,565

Security	Par (000)			Value
Thrifts & Mortgage Finance (continued)
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.63%, 03/01/29(f)		USD	152	$	153,710
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 3.88%, 03/01/31			122		123,068
					351,466
Tobacco(f) — 0.1%
Altria Group, Inc., 3.40%, 02/04/41			195		184,673
BAT Capital Corp., 3.98%, 09/25/50			195		187,578
					372,251
Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28(g)		EUR	100		121,570
Transportation Infrastructure — 0.6%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(b)		USD	310		325,170
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)(f)			547		571,034
Delhi International Airport Ltd., 6.13%, 10/31/26(g)			200		201,100
FedEx Corp., 4.05%, 02/15/48			195		218,146
Mexico City Airport Trust, 5.50%, 07/31/47(g)			300		304,875
Simpar Europe SA, 5.20%, 01/26/31(b)			320		318,064
					1,938,389
Utilities — 1.7%
Centrais Eletricas Brasileiras SA(b)
3.63%, 02/04/25			248		247,504
4.63%, 02/04/30			280		278,180
Electricite de France SA, (12 year EUR Swap + 3.04%), 5.00%(a)(g)(i)		EUR	100		129,999
FEL Energy VI Sarl, 5.75%, 12/01/40		USD	299		311,309
Genneia SA, 8.75%, 09/02/27(b)			383		366,234
India Cleantech Energy, 4.70%, 08/10/26(b)			250		252,813
Inkia Energy Ltd., 5.88%, 11/09/27(b)			1,000		1,033,400
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29(f)(g)			325		323,541
Orano SA, 2.75%, 03/08/28(g)		EUR	100		122,206
Star Energy Geothermal Darajat II/Star Energy
Geothermal Salak, 4.85%, 10/14/38(b)(f)		USD	480		535,890
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(g)			177		203,088
Thames Water Kemble Finance PLC, 4.63%, 05/19/26(g)		GBP	167		234,430
Veolia Environnement SA, (5 year EUR Swap + 2.84%), 2.50%(a)(g)(i)		EUR	700		822,716
Vistra Operations Co. LLC, 5.00%, 07/31/27(b)(f)		USD	792		817,740
					5,679,050
Wireless Telecommunication Services — 1.3%
Altice France SA(g)
2.50%, 01/15/25		EUR	341		387,690
2.13%, 02/15/25			148		166,286
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31(f)		USD	350		377,510
Kenbourne Invest SA(b)
6.88%, 11/26/24(f)			473		497,478
4.70%, 01/22/28			200		200,700
Millicom International Cellular SA, 4.50%, 04/27/31(b)(f)			380		399,000
T-Mobile USA, Inc., 3.30%, 02/15/51(f)			195		188,538
VEON Holdings BV, 4.00%, 04/09/25(b)(f)			388		406,915

SCHEDULE   OF   INVESTMENTS 8

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

Security	Par (000)			Value
Wireless Telecommunication Services (continued)
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/01/29(b)(f)		USD	422	$	453,650
Vmed O2 UK Financing I PLC(g)
3.25%, 01/31/31		EUR	133		158,026
4.50%, 07/15/31		GBP	100		137,435
Vodafone Group PLC
4.25%, 09/17/50		USD	195		224,719
(5 year EUR Swap + 3.23%), 3.00%, 08/27/80(a)(g)		EUR	450		536,496
VTR Comunicaciones SpA, 5.13%, 01/15/28(b)		USD	178		187,990
					4,322,433
Total Corporate Bonds — 51.6% (Cost: $176,133,364)					173,718,937
Floating Rate Loan Interests(a)
Aerospace & Defense — 0.4%
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.33%, 12/09/25			1,321		1,304,729
Air Freight & Logistics — 1.0%
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			2,571		2,506,640
XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.83%, 02/24/25			809		804,710
					3,311,350
Airlines — 0.2%
Allegiant Travel Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 3.12%, 02/05/24			725		721,171
Building Materials — 0.6%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 04/12/28			1,955		1,948,119
Building Products — 0.0%
Advanced Drainage Systems, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 2.38%, 07/31/26			44		43,775
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			105		105,336
					149,111
Chemicals — 0.1%
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27			270		269,712
Commercial Services & Supplies(c) — 0.3%
Interface Security Systems LLC, Term Loan, (1.00% PIK), 7.12%, 08/07/23(h)			1,035		1,031,071
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26			76		73,877
					1,104,948
Construction & Engineering — 0.5%
Summit Materials Companies I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.08%, 11/21/24			1,739		1,735,411
Diversified Financial Services — 8.5%
Colorado Plaza, Term Loan, (1 mo. LIBOR + 2.90%), 7.27%, 05/15/24(c)			4,118		3,870,588
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 3.88%, 02/17/23(c)			112		104,832

Security	Par (000)			Value
Diversified Financial Services (continued)
LBM Acquisition LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/17/27		USD	103	$	102,213
Luxembourg Life Fund, 2021 Term Loan, (3 mo. LIBOR + 9.25%), 9.38%, 04/01/23(c)			7,080		7,044,600
Opendoor GP II LLC, Term Loan, (Fixed + 10.00%), 10.00%, 01/23/26(c)			16,000		16,000,000
Spectacle Gary Holdings LLC
Delayed Draw Term Loan, (3 mo. LIBOR + 11.00%), 11.00%, 12/23/25			61		66,731
Term Loan B, (1 mo. LIBOR + 9.00%, 2.00% Floor), 11.00%, 12/23/25			848		920,888
White Cap Buyer LLC, Term Loan B, (1 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			433		433,713
					28,543,565
Electric Utilities — 0.1%
Pacific Gas & Electric Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 06/23/25			333		326,860
Electrical Equipment — 0.4%
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 03/31/27			1,538		1,534,244
Equity Real Estate Investment Trusts (REITs) — 1.0%
Magnum Intermediate Holdings I LLC, 2nd Lien Term Loan, 13.00%, 10/26/21(c)(e)(j)			17,000		3,442,500
Health Care Providers & Services — 0.1%
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 2.34%, 03/06/25			240		238,409
Hotels, Restaurants & Leisure — 2.0%
18 Fremont Street Acquisition LLC, Term Loan B, (PRIME + 7.00%), 10.25%, 08/09/25			1,793		1,824,540
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.83%, 02/02/26			404		397,048
Caesars Resort Collection LLC, 2020 Term Loan B1, (3 mo. LIBOR + 3.50%), 3.58%, 07/21/25			339		338,702
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.50%, 03/31/28(c)			271		277,425
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			515		512,643
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 2.83%, 03/13/28			497		496,108
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 2.83%, 08/14/24			1,872		1,863,120
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 3.63%, 07/21/26			966		962,008
					6,671,594
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			1,735		1,678,155
Media — 0.9%
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/11/26			836		836,720
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.58%, 04/15/27			414		408,434

9

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

Security	Par (000)			Value
Media (continued)
Diamond Sports Group LLC, Term Loan, (1 mo. LIBOR + 3.25%), 3.34%, 08/24/26		USD	1,499	$	930,663
Lamar Media Corp., 2020 Term Loan B, (1 mo. LIBOR + 1.50%), 1.58%, 02/05/27			58		57,447
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 2.50%), 2.58%, 05/29/26			710		706,793
					2,940,057
Oil, Gas & Consumable Fuels — 0.7%
Buckeye Partners LP, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.33%, 11/01/26			1,307		1,300,163
Citgo Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/01/23			980		966,280
					2,266,443
Pharmaceuticals — 0.7%
Bausch Health Cos., Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 2.83%, 11/27/25			1,688		1,683,477
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.07%, 11/15/27			801		787,394
					2,470,871
Road & Rail — 0.1%
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 2.13%, 12/30/26			400		397,275
Thrifts & Mortgage Finance — 0.8%
Caliber Home Loans, Inc., 2018 Revolver, 2.96%, 07/24/25(c)			2,636		2,629,659
Trading Companies & Distributors — 0.1%
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 3.75%, 02/03/28			66		65,790
The Enterprise Development Authority, Term Loan B, (1 mo. LIBOR + 4.25%), 5.00%, 02/18/28(c)			378		377,778
					443,568
Utilities — 0.1%
PLH Infrastructure Services, Inc., 2018 Term Loan, (3 mo. LIBOR + 6.00%), 6.19%, 08/07/23(c)			334		330,766
Total Floating Rate Loan Interests — 19.1% (Cost: $71,698,321)					64,458,517
Foreign Agency Obligations
Argentina — 0.1%
Argentine Republic Government International Bond, 3.50%, 07/09/41(f)(m)			907		330,601
Bahrain — 0.4%
Bahrain Government International Bond
7.00%, 01/26/26(g)			295		325,661
5.25%, 01/25/33(b)			200		189,750
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(f)(g)			844		962,160
					1,477,571
Colombia — 0.5%
Colombia Government International Bond 3.88%, 04/25/27(f)			773		801,408

Security	Par (000)			Value
Colombia (continued)
Colombia Government International Bond (continued)
3.13%, 04/15/31		USD	658	$	615,148
4.13%, 05/15/51(f)			350		301,612
					1,718,168
Dominican Republic — 0.6%
Dominican Republic International Bond
5.95%, 01/25/27(f)(g)			494		554,515
4.50%, 01/30/30(b)(f)			571		579,315
4.88%, 09/23/32(b)			310		316,258
6.40%, 06/05/49(g)			518		548,530
					1,998,618
Egypt — 1.2%
Egypt Government International Bond
5.58%, 02/21/23(f)(g)			795		815,948
5.75%, 05/29/24(b)(f)			465		481,275
7.50%, 01/31/27(f)(g)			640		672,800
7.50%, 01/31/27(b)			350		367,937
6.38%, 04/11/31(b)		EUR	264		298,924
8.50%, 01/31/47(f)(g)		USD	1,394		1,334,755
7.50%, 02/16/61(b)			200		174,000
					4,145,639
Ghana — 0.3%
Ghana Government International Bond
6.38%, 02/11/27(g)			297		276,581
7.75%, 04/07/29(b)			367		348,650
8.63%, 04/07/34(b)(f)			515		486,675
					1,111,906
Guatemala — 0.1%
Guatemala Government Bond, 4.65%, 10/07/41(b)			200		194,916
Indonesia — 0.1%
Indonesia Government International Bond, 5.35%, 02/11/49(f)			315		405,917
Mexico — 0.1%
Mexico Government International Bond, 4.35%, 01/15/47(f)			230		230,331
Mongolia — 0.1%
Mongolia Government International Bond, 5.13%, 04/07/26(g)			200		209,522
Morocco — 0.2%
Morocco Government International Bond(b)
3.00%, 12/15/32(f)			564		535,095
4.00%, 12/15/50			215		195,919
					731,014
Oman — 0.2%
Oman Government International Bond(g)
6.50%, 03/08/47			300		288,525
6.75%, 01/17/48			300		295,744
					584,269
Pakistan — 0.2%
Pakistan Government International Bond, 7.38%, 04/08/31(g)			260		259,054
Pakistan Water & Power Development Authority, 7.50%, 06/04/31(g)			400		395,640
					654,694

SCHEDULE   OF   INVESTMENTS 10

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

Security	Par (000)				Value
Panama — 0.1%
Panama Government International Bond, 4.50%, 04/16/50		USD		210	$	228,021
Paraguay — 0.3%
Paraguay Government International Bond 4.70%, 03/27/27(g)				298		329,532
5.40%, 03/30/50(b)(f)				500		573,063
5.40%, 03/30/50(g)				200		229,225
						1,131,820
Peru — 0.1%
Peruvian Government International Bond, 3.30%, 03/11/41				240		232,680
Romania — 0.2%
Romanian Government International Bond 3.00%, 02/14/31(b)(f)				500		509,625
4.00%, 02/14/51(g)				230		228,534
						738,159
Saudi Arabia — 0.1%
Saudi Government International Bond, 3.75%, 01/21/55(g)				230		239,775
Sri Lanka — 0.2%
Sri Lanka Government International Bond(g) 6.85%, 03/14/24				200		127,038
6.35%, 06/28/24				400		255,075
7.85%, 03/14/29(f)				263		160,068
						542,181
Ukraine — 0.3%
Ukraine Government International Bond(g) 8.99%, 02/01/24(f)				447		492,147
7.75%, 09/01/24				250		270,437
7.75%, 09/01/25(f)				369		401,103
						1,163,687
Total Foreign Agency Obligations — 5.4% (Cost: $18,372,582)						18,069,489
			Shares
Investment Companies
Fixed Income Funds — 0.8%
iShares iBoxx $ High Yield Corporate Bond ETF(n)				30,000		2,624,700
Total Investment Companies — 0.8% (Cost: $2,390,729)						2,624,700
	Par (000)
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(a) — 1.8%
BCAP LLC Trust, Series 2012-RR3, Class 1A5, 6.44%, 12/26/37(b)		USD		1,463		1,349,414

Security	Par (000)				Value
Collateralized Mortgage Obligations (continued)
Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69(b)		USD	2,043		$	2,050,974
Seasoned Credit Risk Transfer Trust, Series 2018-1, Class BX, 4.27%, 05/25/57			4,407			2,528,604
						5,928,992
Commercial Mortgage-Backed Securities — 11.7%
Barclays Commercial Mortgage Trust, Series 2019-C3, Class D, 3.00%, 05/15/52(b)			1,629			1,562,224
BBCMS Trust, Series 2019-CLP, Class E, (1 mo. LIBOR US + 2.11%), 2.22%, 12/15/31(a)(b)			—	(d)		21
Benchmark Mortgage Trust(b)
Series 2018-B2, Class D, 2.70%, 02/15/51(a)			3,000			2,636,123
Series 2018-B3, Class D, 3.06%, 04/10/51(a)			2,500			2,334,744
Series 2019-B9, Class XD, 2.00%, 03/15/52(a)			11,550			1,495,854
Series 2020-B16, Class D, 2.50%, 02/15/53			129			112,390
BX Commercial Mortgage Trust(a)(b)
Series 2018-IND, Class H, (1 mo. LIBOR US + 3.00%), 3.08%, 11/15/35			1,400			1,404,924
Series 2020-BXLP, Class F, (1 mo. LIBOR US + 2.00%), 2.09%, 12/15/36			752			752,728
BX Trust, Series 2021-MFM1, Class G, (1 mo. LIBOR US + 3.90%), 3.99%, 01/15/34(a)(b)			205			205,064
CFK Trust, Series 2019-FAX, Class E, 4.64%, 01/15/39(a)(b)			2,000			2,122,360
Citigroup Commercial Mortgage Trust(a)(b)
Series 2016-P3, Class D, 2.80%, 04/15/49			500			412,138
Series 2019-PRM, Class F, 4.73%, 05/10/36			2,000			2,023,795
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 3.58%, 11/15/37(a)(b)			265			266,728
CSAIL Commercial Mortgage Trust, Series 2019-C15, Class D, 3.00%, 03/15/52(b)			540			478,448
CSMC Trust, Series 2020-NET, Class E, 3.70%, 08/15/37(a)(b)			1,500			1,546,793
CSMC-FACT, Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 6.25%, 10/15/37(a)(b)			700			715,872
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.19%, 04/10/37(a)(b)			999			837,119
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.53%, 10/10/34(a)(b)			575			576,816
GS Mortgage Securities Trust, Series 2012-GCJ9, Class C, 4.45%, 11/10/45(a)(b)			982			1,009,751
HONO Mortgage Trust, Series 2021-LULU, Class F, (1 mo. LIBOR US + 4.40%), 4.50%, 10/15/36(a)(b)			310			310,000
JP Morgan Chase Commercial Mortgage Securities Trust(a)(b)
Series 2015-JP1, Class E, 4.23%, 01/15/49			1,031			891,048
Series 2020-MKST, Class E, (1 mo. LIBOR US + 2.25%), 2.34%, 12/15/36			217			211,864
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D1, 4.11%, 12/15/48(a)(b)			857			843,707
JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class XD, 1.50%, 06/15/51(a)(b)			11,427			945,830
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 4.59%, 03/10/49(a)(b)			476			505,542
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50			250			228,824
Morgan Stanley Capital I Trust(b)
Series 2017-H1, Class D, 2.55%, 06/15/50			1,000			842,927
Series 2018-H3, Class D, 3.00%, 07/15/51			1,000			928,655

11

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

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust(b) (continued)
Series 2018-MP, Class E, 4.28%, 07/11/40(a)		USD	826	$	764,906
Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.55%), 2.64%, 07/15/35(a)			1,800		1,789,807
Series 2019-H7, Class D, 3.00%, 07/15/52			1,250		1,137,211
Natixis Commercial Mortgage Securities Trust,
Series 2018-FL1, Class MCR1, (1 mo. LIBOR US + 2.35%), 2.44%, 06/15/35(a)(b)			1,705		1,684,444
One New York Plaza Trust, Series 2020-1NYP, Class D, (1 mo. LIBOR US + 2.75%), 2.84%, 01/15/26(a)(b)			100		100,750
UBS-Barclays Commercial Mortgage Trust, Series 2012- C3, Class D, 5.04%, 08/10/49(a)(b)			600		611,790
Velocity Commercial Capital Loan Trust(b)
Series 2018-1, Class M5, 6.26%, 04/25/48			286		291,999
Series 2018-1, Class M6, 7.26%, 04/25/48			389		399,161
Wells Fargo Commercial Mortgage Trust
Series 2015-C28, Class D, 4.09%, 05/15/48(a)			750		728,622
Series 2017-C41, Class D, 2.60%, 11/15/50(a)(b)			967		794,841
Series 2018-C44, Class D, 3.00%, 05/15/51(b)			3,000		2,753,288
Series 2018-C45, Class D, 3.00%, 06/15/51(b)			2,100		1,832,858
Series 2020-SDAL, Class E, (1 mo. LIBOR US + 2.74%), 2.83%, 02/15/37(a)(b)			400		386,469
					39,478,435
Total Non-Agency Mortgage-Backed Securities — 13.5% (Cost: $43,122,978)					45,407,427
Preferred Securities
Capital Trusts — 7.0%
Automobiles — 0.2%
Volkswagen International Finance NV, 3.88%(a)(g)(i)		EUR	400		513,439
Banks(a) — 2.9%
ABN AMRO Bank NV, 4.75%(g)(i)			800		1,017,031
AIB Group PLC, 6.25%(g)(i)			600		774,241
Banco Davivienda SA, 6.65%(b)(i)		USD	200		212,412
Banco Mercantil del Norte SA, 6.75%(b)(i)			1,000		1,056,125
Bank of East Asia Ltd., 5.88%(g)(i)			250		258,437
BAWAG Group AG, 5.00%(g)(i)		EUR	400		495,195
BBVA Bancomer SA, 5.13%, 01/18/33(f)(g)		USD	400		415,500
Burgan Bank SAK, 5.75%(g)(i)			200		203,788
CaixaBank SA(g)(i)
6.00%		EUR	200		239,565
6.38%			400		500,329
6.75%			200		259,470
Cooperatieve Rabobank UA, 4.38%(g)(i)			400		514,302
Erste Group Bank AG, Series PERP, 4.25%(g)(i)			600		736,947
ING Groep NV, 5.75%(i)		USD	600		656,628
Intesa Sanpaolo SpA, 7.75%(g)(i)		EUR	500		705,998
Kasikornbank PCL, 5.28%(g)(i)		USD	490		512,754
KBC Group NV, 4.25%(g)(i)		EUR	600		734,487
Nanyang Commercial Bank Ltd., 5.00%(g)(i)		USD	200		201,938
Rizal Commercial Banking Corp., 6.50%(g)(i)			200		211,537
TMBThanachart Bank PCL, 4.90%(g)(i)			200		201,913
					9,908,597

Security	Par (000)			Value
Building Materials — 0.1%
Cemex SAB de CV, 5.13%(a)(b)(f)(i)		USD	345	$	349,313
Chemicals(a)(g)(i) — 0.3%
Lenzing AG, 5.75%		EUR	500		622,613
Solvay SA, 2.50%			300		359,231
					981,844
Diversified Financial Services(a)(i) — 1.5%
Banco Santander SA(g)
4.38%			600		725,611
6.75%			400		476,174
Credit Suisse Group AG(b)(f)
6.38%		USD	800		878,000
6.25%			400		430,955
HSBC Holdings PLC, 6.00%			750		822,188
Societe Generale SA, 8.00%(b)			700		819,616
UniCredit SpA(g)
6.63%		EUR	200		245,860
7.50%			400		545,583
Woori Bank, 4.25%(g)		USD	200		207,850
					5,151,837
Diversified Telecommunication Services(a)(g)(i) — 0.2%
Telefonica Europe BV
4.38%		EUR	200		251,086
2.38%			500		563,213
					814,299
Electric Utilities — 0.2%
Iberdrola International BV, 1.83%(a)(g)(i)			500		580,623
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26(g)			100		118,232
Health Care Providers & Services — 0.1%
BUPA Finance PLC, 4.00%(a)(g)(i)		GBP	230		304,937
Insurance(a)(i) — 0.2%
Allianz SE, 3.50%(b)(f)		USD	400		404,680
KDB Life Insurance Co. Ltd., 7.50%(g)			300		302,213
					706,893
Media — 0.1%
SES SA, 2.88%(a)(g)(i)		EUR	250		294,937
Oil, Gas & Consumable Fuels(a)(g)(i) — 0.3%
Abertis Infraestructuras Finance BV, 3.25%			100		118,804
BP Capital Markets PLC, 3.25%			100		123,612
Eni SpA, Series NC9, 2.75%			450		527,518
Repsol International Finance BV, 4.25%			200		253,702
					1,023,636
Real Estate Management & Development(a)(g)(i) — 0.2%
ATF Netherlands BV, 3.75%			200		240,358
NWD Finance BVI Ltd., 4.13%		USD	478		472,025
					712,383

SCHEDULE   OF   INVESTMENTS 12

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

Security	Par (000)				Value
Tobacco(a)(g)(i) — 0.2%
British American Tobacco PLC
Series 5.25, 3.00%		EUR		260	$	298,535
Series NC8, 3.75%				230		264,689
						563,224
Utilities(a)(g)(i) — 0.3%
Electricite de France SA
5.38%				300		387,033
3.00%				400		481,480
						868,513
Wireless Telecommunication Services(a) — 0.2%
Vodafone Group PLC
4.13%, 06/04/81		USD		700		708,778
4.20%, 10/03/78(g)		EUR		100		130,894
						839,672
Total Capital Trusts — 7.0%						23,732,379
			Shares
Preferred Stocks — 0.1%
Wireless Telecommunication Services — 0.1%
Cash Mandatory Exchangeable Trust, 5.25%, 06/01/23(b)				295		333,577
Total Preferred Securities — 7.1% (Cost: $23,356,364)						24,065,956
			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%), 3.24%, 07/25/30(a)		USD		2,000		2,039,796
Commercial Mortgage-Backed Securities — 0.5%
FREMF Mortgage Trust, Series 2017-KGX1, Class BFX, 3.71%, 10/25/27(a)(b)				1,500		1,574,145
Total U.S. Government Sponsored Agency Securities — 1.1% (Cost: $3,385,608)						3,613,941
Total Long-Term Investments — 116.6% (Cost: $400,212,834)						392,724,112

Security	Shares		Value
Short-Term Securities
Money Market Funds — 8.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(n)(o)		27,110,295		$    27,110,295
Total Short-Term Securities — 8.0% (Cost: $27,110,295)				27,110,295
Options Purchased — 0.1% (Cost: $984,401)				203,971
Total Investments Before Options Written — 124.7% (Cost: $428,307,530)				420,038,378
Options Written — (0.0)% (Premiums Received: $(373,855))				(150,966	)
Total Investments, Net of Options Written — 124.7% (Cost: $427,933,675)				419,887,412
Liabilities in Excess of Other Assets — (24.7)%				(83,186,587	)
Net Assets — 100.0%				$  336,700,825

^(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)  Rounds to less than 1,000.

^(e)  Non-income producing security.

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

^(g)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

⁽ⁱ⁾  Perpetual security with no stated maturity date.

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

^(k)  Zero-coupon bond.

^(l)  When-issued security.

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

⁽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.

13

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund	$	8,448,432	$	18,661,863	(a)	$	—	$	—	$	—	$	27,110,295		27,110,295	$	976	$	—
iShares iBoxx $High Yield Corporate Bond ETF		2,619,000		—			—		—		5,700		2,624,700		30,000		70,589		—
								$	—	$	5,700	$	29,734,995			$	71,565	$	—

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

Reverse Repurchase Agreements

Interest

Trade

Maturity

Face Value Including

Type of Non-Cash Underlying

Remaining Contractual Maturity

Counterparty

Rate

Date

Date

(a)

Face Value

Accrued Interest

Collateral

of the Agreements

(a)

BNP Paribas S.A.

0.55

%(b)

06/02/21

Open

$

715,650

$          717,016

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

1,174,437

1,176,679

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

447,120

447,973

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

801,000

802,529

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

516,062

517,047

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

1,847,625

1,851,151

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/02/21

Open

404,225

404,996

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/02/21

Open

488,962

490,022

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

134,710

134,977

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

532,800

533,857

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

563,934

565,053

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

446,200

447,085

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

409,594

410,406

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

122,786

123,030

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

196,613

197,002

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

284,250

284,814

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

194,670

195,056

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.60

(b)

06/03/21

Open

460,000

460,912

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.62

(b)

06/03/21

Open

579,600

580,788

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.62

(b)

06/03/21

Open

189,250

189,638

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

378,500

379,288

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

207,625

208,057

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

139,500

139,791

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

140,230

140,522

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

150,811

151,125

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

183,544

183,926

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.63

(b)

06/03/21

Open

378,000

378,787

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.30

(b)

06/04/21

Open

610,187

610,777

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.30

(b)

06/04/21

Open

353,031

353,373

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/04/21

Open

612,971

614,058

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/04/21

Open

351,025

351,647

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/04/21

Open

356,000

356,631

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/04/21

Open

980,690

982,473

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

06/04/21

Open

1,313,276

1,315,664

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

06/04/21

Open

275,415

275,992

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.45

(b)

06/07/21

Open

60,173

60,260

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/08/21

Open

113,288

113,395

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/08/21

Open

525,135

525,634

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/08/21

Open

526,199

526,949

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/08/21

Open

355,000

355,506

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.30

(b)

06/08/21

Open

344,138

344,464

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/09/21

Open

1,228,080

1,229,236

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

06/09/21

Open

284,813

285,125

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

06/09/21

Open

636,000

636,799

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

06/09/21

Open

1,002,627

1,003,886

Corporate Bonds

Open/Demand

SCHEDULE   OF   INVESTMENTS 14

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

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity   Date(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining   Contractual Maturity   of the Agreements(a)

Barclays Capital, Inc.

0.40

%(b)

06/09/21

Open

$

408,649

$

409,162

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/09/21

Open

419,150

419,742

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

722,456

723,590

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/09/21

Open

188,750

189,046

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/09/21

Open

174,500

174,801

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/09/21

Open

840,835

842,287

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/11/21

Open

440,006

440,406

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

06/22/21

Open

275,204

275,435

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

687,918

688,896

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

339,653

340,136

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(0.15

)(b)

07/16/21

Open

117,250

117,214

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.00

(b)

07/16/21

Open

451,566

451,566

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.20

(b)

07/16/21

Open

187,250

187,327

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

174,281

174,389

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

364,000

364,224

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

179,156

179,267

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

175,744

175,852

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

192,319

192,437

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

178,913

179,023

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

280,219

280,392

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

184,275

184,389

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

207,919

208,047

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

195,731

195,852

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

247,650

247,803

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

176,231

176,340

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

182,813

182,925

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

181,106

181,218

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

181,106

181,218

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

178,913

179,023

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

190,125

190,242

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

206,213

206,340

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

07/16/21

Open

1,057,748

1,058,618

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

07/16/21

Open

355,020

355,312

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

07/16/21

Open

208,228

208,399

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

970,430

971,427

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

260,775

261,043

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

199,125

199,330

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

305,600

305,914

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

446,875

447,334

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

241,764

242,012

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

558,750

559,324

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

622,170

622,809

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

390,947

391,349

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

246,600

246,853

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

622,134

622,773

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

1,334,305

1,335,676

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

326,375

326,710

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

421,147

421,580

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

97,631

97,732

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

1,221,964

1,223,220

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

711,810

712,542

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

890,000

890,915

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

1,166,734

1,167,933

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

889,045

889,959

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

361,000

361,371

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

672,004

672,694

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

279,500

279,787

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

07/16/21

Open

1,197,709

1,199,186

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.60

(b)

07/16/21

Open

482,727

483,323

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

07/16/21

Open

1,275,510

1,277,214

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

07/16/21

Open

404,451

404,991

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

07/16/21

Open

513,125

513,811

Foreign Agency Obligations

Open/Demand

15

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

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity    Date(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining   Contractual Maturity   of the  Agreements(a)

Barclays Capital, Inc.

0.65

%(b)

07/16/21

Open

$

863,750

$

864,904

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

07/16/21

Open

161,750

161,966

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

07/16/21

Open

165,500

165,721

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

07/16/21

Open

485,355

486,004

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

07/16/21

Open

137,418

137,601

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

07/16/21

Open

157,250

157,460

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.50

(b)

07/16/21

Open

609,705

610,332

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.50

(b)

07/16/21

Open

744,012

744,777

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.50

(b)

07/16/21

Open

843,561

844,428

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.53

(b)

07/16/21

Open

1,209,000

1,210,317

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

07/16/21

Open

688,515

689,293

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.59

(b)

07/16/21

Open

256,800

257,111

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

07/16/21

Open

1,153,075

1,154,616

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

07/16/21

Open

497,812

498,508

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

07/16/21

Open

2,220,784

2,223,888

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

07/16/21

Open

1,147,500

1,149,104

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

(b)

07/16/21

Open

409,867

410,440

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

(b)

07/16/21

Open

483,125

483,870

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.35

(b)

07/16/21

Open

479,400

479,745

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

07/16/21

Open

332,894

333,202

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

07/16/21

Open

284,035

284,298

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

07/16/21

Open

678,750

679,378

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

07/16/21

Open

426,312

426,707

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

07/16/21

Open

290,000

290,268

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

07/16/21

Open

373,744

374,089

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

07/16/21

Open

403,569

403,943

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

07/16/21

Open

524,510

524,780

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

23,018

23,036

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

640,312

640,839

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

237,353

237,548

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

995,819

996,638

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

423,225

423,573

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

59,938

59,987

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

895,440

896,176

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

406,000

406,334

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

669,120

669,670

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

38,468

38,499

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

1,166,182

1,167,141

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

38,985

39,017

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

123,420

123,522

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

1,143,187

1,144,127

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

419,840

420,185

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

293,125

293,366

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

441,244

441,607

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

596,552

597,043

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

852,244

852,945

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

587,152

587,635

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

616,230

616,737

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

164,250

164,385

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

193,008

193,166

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

57,750

57,798

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

1,048,162

1,049,024

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

552,335

552,789

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

1,179,620

1,180,590

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

161,989

162,122

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

38,808

38,839

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(0.25

)(b)

07/19/21

Open

177,500

177,410

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.45

(b)

07/19/21

Open

244,185

244,408

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.15

(b)

07/21/21

Open

340,500

340,602

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/21/21

Open

551,729

552,060

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/21/21

Open

444,831

445,098

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/21/21

Open

514,322

514,631

Corporate Bonds

Open/Demand

SCHEDULE   OF   INVESTMENTS 16

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

Reverse Repurchase Agreements (continued)

Interest

Trade

Maturity

Face Value Including

Type of Non-Cash Underlying

Remaining   Contractual Maturity

Counterparty

Rate

Date

Date

(a)

Face Value

Accrued Interest

Collateral

of the Agreements(a

)

Barclays Capital, Inc.

0.30

%(b)

07/21/21

Open

$

435,751

$

436,013

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/21/21

Open

312,500

312,688

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/21/21

Open

300,825

301,006

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/21/21

Open

505,485

505,788

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

07/21/21

Open

269,077

269,292

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/21/21

Open

495,015

495,510

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/21/21

Open

1,303,860

1,305,164

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.45

(b)

07/21/21

Open

317,603

317,888

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.25

(b)

07/28/21

Open

910,692

911,096

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

09/06/21

Open

334,002

334,578

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

09/23/21

Open

1,044,890

1,044,992

Corporate Bonds

Open/Demand

$

88,270,386

$

88,372,438

^(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		127		12/21/21	$	16,728	$	(163,406	)
5-Year U.S. Treasury Note		166		12/31/21		20,384		(127,728	)
								(291,134	)
Short Contracts
Euro BOBL		2		12/08/21		313		2,060
Euro Bund		1		12/08/21		197		3,358
10-Year U.S. Ultra Long Treasury Note		234		12/21/21		34,036		533,938
U.S. Long Bond		1		12/21/21		160		2,883
Ultra U.S. Treasury Bond		9		12/21/21		1,724		1,959
2-Year U.S. Treasury Note		193		12/31/21		42,475		13,459
								557,657
							$	266,523

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	312,438	EUR	264,000	The Bank of New York Mellon		10/20/21	$	6,543
USD	1,773,569	AUD	2,424,000	Morgan Stanley & Co. International PLC		12/02/21		20,729
USD	157,289	CAD	198,000	Bank of America N.A.		12/15/21		967
USD	7,081,689	EUR	5,978,500	BNP Paribas SA		12/15/21		146,244
USD	24,881,482	EUR	21,008,058	Deutsche Bank AG		12/15/21		510,783
USD	7,086,806	EUR	5,978,500	HSBC Bank PLC		12/15/21		151,362
USD	475,596	EUR	405,000	The Bank of New York Mellon		12/15/21		5,770
USD	301,877	GBP	221,000	Citibank N.A.		12/15/21		4,072
USD	1,890,483	GBP	1,372,073	Morgan Stanley & Co. International PLC		12/15/21		41,563
USD	27,698	GBP	20,000	State Street Bank and Trust Co.		12/15/21		747
								888,780

17

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

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	8,466,060	USD	10,025,339	Morgan Stanley & Co. International PLC		12/15/21	$	(204,165	)
USD	135,744	GBP	101,000	Bank of America N.A.		12/15/21		(357	)
								(204,522	)
							$	684,258

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
SPDR S&P 500 ETF Trust		145		11/19/21	USD	452.00	USD	6,223	$	26,390
SPDR S&P 500 ETF Trust		130		12/17/21	USD	455.00	USD	5,579		36,660
SPDR S&P 500 ETF Trust		60		12/17/21	USD	450.00	USD	2,575		30,540
										93,590
Put
iShares iBoxx $ High Yield Corporate Bond ETF		5,845		10/15/21	USD	82.00	USD	51,138		23,380
iShares iBoxx $ High Yield Corporate Bond ETF		750		11/19/21	USD	86.00	USD	6,562		47,250
iShares iBoxx $ High Yield Corporate Bond ETF		450		12/17/21	USD	85.00	USD	3,937		36,450
										107,080
									$	200,670

OTC Interest Rate Swaptions Purchased

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

30-Year Interest Rate Swap, 12/17/51

3-Month LIBOR, 0.13

%

Quarterly

1.40

%

Semi-Annual

Morgan Stanley & Co. International PLC

12/15/21

1.40

%

USD    703

$

3,301

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
SPDR S&P 500 ETF Trust		60		12/17/21		USD	465.00		USD	2,575	$	(7,860	)
Put
iShares iBoxx $ High Yield Corporate Bond ETF		5,845		10/15/21		USD	75.00		USD	51,138		(17,535	)
iShares iBoxx $ High Yield Corporate Bond ETF		750		11/19/21		USD	83.00		USD	6,562		(21,000	)
10-Year U.S. Treasury Note Future		55		11/26/21		USD	131.00		USD	7,245		(35,234	)
iShares iBoxx $ High Yield Corporate Bond ETF		450		12/17/21		USD	82.00		USD	3,937		(20,025	)
												(93,794	)
											$	(101,654	)

SCHEDULE   OF   INVESTMENTS 18

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

OTC Interest Rate Swaptions Written

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Put

10-Year Interest Rate Swap, 11/28/31

3-Month LIBOR, 0.13

%

Quarterly

1.85%

Semi-Annual

Morgan Stanley & Co. International PLC

11/26/21

1.85

%

USD

2,374

$

(6,669

)

30-Year Interest Rate Swap, 12/17/51

3-Month LIBOR, 0.13

%

Quarterly

1.90%

Semi-Annual

Morgan Stanley & Co. International PLC

12/15/21

1.90

USD

703

(18,258

)

30-Year Interest Rate Swap, 12/19/51

3-Month LIBOR, 0.13

%

Quarterly

1.97%

Semi-Annual

Morgan Stanley & Co. International PLC

12/17/21

1.97

USD

702

(14,112

)

5-Year Interest Rate Swap, 12/19/26

3-Month LIBOR, 0.13

%

Quarterly

1.31%

Semi-Annual

Morgan Stanley & Co. International PLC

12/17/21

1.31

USD

3,556

(10,273

)

$

(49,312

)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Termination Date	Credit   Rating	(a)	Notional   Amount (000)	(b)		Value		Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.30.V14	5.00	%	Quarterly	06/20/23	CC-		USD   10,875		$	638,846	$	288,887		$	349,959
CDX.NA.HY.32.V12	5.00		Quarterly	06/20/24	CC		USD     9,025			735,638		320,588			415,050
CDX.NA.HY.34.V9	5.00		Quarterly	06/20/25	CCC-		USD   13,892			1,241,742		(40,788	)		1,282,530
									$	2,616,226	$	568,687		$	2,047,539

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

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

Centrally Cleared Interest Rate Swaps

Paid by the Trust		Received by the Trust		Effective Date		Termination Date		Notional Amount (000)					Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency							Value
0.52%	Semi-Annual	3-Month LIBOR, 0.13%	Quarterly		N/A		06/21/24	USD	5,000	$	1,023		$	54	$	969
1.54%	Semi-Annual	3-Month LIBOR, 0.13%	Quarterly		N/A		05/28/31	USD	230		(1,329	)		4		(1,333	)
1.97%	Semi-Annual	3-Month LIBOR, 0.13%	Quarterly		N/A		05/28/51	USD	110		(3,904	)		3		(3,907	)
										$	(4,210	)	$	61	$	(4,271	)

OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Broadcom, Inc.		1.00	%		Quarterly		JPMorgan Chase Bank N.A.		12/20/24	USD	70	$	(1,366	)	$	1,408	$	(2,774	)

19

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

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Counterparty	Termination Date		Credit   Rating(a)		Notional   Amount (000)(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Broadcom, Inc.		1.00	%		Quarterly	Citibank N.A.		06/20/24		BBB-	USD	790	$	14,260		$	(33,502	)	$	47,762
Trust Fibrauno		1.00			Quarterly	Citibank N.A.		06/20/26		N/R	USD	654		(44,145	)		(68,877	)		24,732
Trust Fibrauno		1.00			Quarterly	Citibank N.A.		06/20/26		N/R	USD	183		(12,352	)		(19,310	)		6,958
CMBX.NA.9.BBB-		3.00			Monthly	Deutsche Bank AG		09/17/58		N/R	USD	10,000		(767,819	)		(1,225,061	)		457,242
CMBX.NA.9.BBB-		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58		N/R	USD	10,000		(767,820	)		(1,067,705	)		299,885
CMBX.NA.9.BBB-		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58		N/R	USD	15,000		(1,151,729	)		(1,071,966	)		(79,763	)
													$	(2,729,605	)	$	(3,486,421	)	$	756,816

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

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

Fair Value Hierarchy as of Period End

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

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

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

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	58,264,966	$	295,062	$	58,560,028
Common Stocks
Diversified Financial Services		—		—		—		—
Energy Equipment & Services		—		6,224		—		6,224
Equity Real Estate Investment Trusts (REITs)		44,840		—		—		44,840
Hotels, Restaurants & Leisure		385,682		—		—		385,682
Oil & Gas Exploration & Production		—		790,357		—		790,357
Oil, Gas & Consumable Fuels		978,014		—		—		978,014
Corporate Bonds		—		169,807,772		3,911,165		173,718,937
Floating Rate Loan Interests		—		29,275,421		35,183,096		64,458,517
Foreign Agency Obligations		—		18,069,489		—		18,069,489
Investment Companies		2,624,700		—		—		2,624,700
Non-Agency Mortgage-Backed Securities		—		45,407,427		—		45,407,427

SCHEDULE   OF   INVESTMENTS 20

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

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Preferred Securities
Capital Trusts	$	—		$	23,732,379		$	—	$	23,732,379
Preferred Stocks		—			333,577			—		333,577
U.S. Government Sponsored Agency Securities		—			3,613,941			—		3,613,941
Short-Term Securities
Money Market Funds		27,110,295			—			—		27,110,295
Options Purchased
Equity Contracts		200,670			—			—		200,670
Interest Rate Contracts		—			3,301			—		3,301
	$	31,344,201		$	349,304,854		$	39,389,323	$	420,038,378
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	2,884,118		$	—	$	2,884,118
Foreign Currency Exchange Contracts		—			888,780			—		888,780
Interest Rate Contracts		557,657			969			—		558,626
Liabilities
Credit Contracts		—			(82,537	)		—		(82,537	)
Equity Contracts		(66,420	)		—			—		(66,420	)
Foreign Currency Exchange Contracts		—			(204,522	)		—		(204,522	)
Interest Rate Contracts		(326,368	)		(54,552	)		—		(380,920	)
	$	164,869		$	3,432,256		$	—	$	3,597,125

^(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 $88,372,438 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		—			—			—			316,712			316,712
Transfers out of Level 3		—			(15,533	)		—			—			(15,533	)
Other(a)		(565,667	)		—			565,667			—			—
Accrued discounts/premiums		—			—			13,345			19,083			32,428
Net realized gain (loss)		4,316			—			741			2,407,920			2,412,977
Net change in unrealized appreciation (depreciation)(b)		(161,599	)		(110,000	)		220,813			(862,479	)		(913,265	)
Purchases		—			110,000			1,861,861			19,665,426			21,637,287
Sales		(500,001	)		—			(123,295	)		(70,996,366	)		(71,619,662	)
Closing balance, as of September 30, 2021	$	295,062		$	—		$	3,911,165		$	35,183,096		$	39,389,323
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2021(b)	$	(163,533	)	$	(110,000	)	$	220,813		$	300,198		$	247,478

^(a) Certain Level 3 investments were re-classified between Asset-Backed Securities and Corporate Bonds

^(b) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2021 is generally due to investments no longer held or categorized as Level 3 at period end.

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

21

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

with values based upon unadjusted third-party pricing information in the amount of $23,959,987. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

			Valuation		Unobservable		Range of Unobservable Inputs			Weighted Average of Unobservable Inputs Based
		Value		Approach		Inputs		Utilized	(a)		on Fair Value
Assets
Corporate Bonds	$	3,911,165		Income		Discount Rate		4% - 10%			8%
				Market		EBITDA Multiple		6.25x			—
						Recent Transactions	$	72.23 - $ 110.37			$  75.77
Floating Rate Loan Interests		11,518,171		Income		Discount Rate		10% - 15%			11%
				Market		Estimated Recovery Value		—			—
	$	15,429,336

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

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
FREMF	Freddie Mac Multifamily Securities
LIBOR	London Interbank Offered Rate
PCL	Public Company Limited
PIK	Payment-in-Kind
S&P	Standard & Poor’s
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate
SPDR	Standard & Poor’s Depository Receipt

SCHEDULE   OF   INVESTMENTS 22