BlackRock Multi-Sector Opportunities Trust (MSO) NPORT-P BlackRock Multi-Sector Opportunities Trust (Mar 2022 report)

Schedule of Investments (unaudited)  March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
AIMCO CLO 10 Ltd., Series 2019-10A, Class SUB, 0.00%, 07/22/32(a)(b)	USD		1,844	$	1,519,214
Ajax Mortgage Loan Trust(b)
Series 2018-A, Class B, 0.00%, 04/25/58(c)			13		12,134
Series 2018-B, Class B, 0.00%, 02/26/57			38		22,405
Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 5.64%, 01/15/30(a)(b)			1,000		982,103
Anchorage Capital CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 6.80%), 7.04%, 10/13/30(a)(b)			3,050		2,967,557
Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.70%), 5.95%, 04/20/31(a)(b)			1,000		924,671
Apidos CLO XXIX, Series 2018-29A, Class D, (3 mo. LIBOR US + 5.25%), 5.51%, 07/25/30(a)(b)			2,000		1,817,232
Apres Static CLO Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 4.25%), 4.49%, 10/15/28(a)(b)			500		498,614
ARES LI CLO Ltd., Series 2019-51A, Class ER, (3 mo. LIBOR US + 6.85%), 7.09%, 07/15/34(a)(b)			700		693,128
Ares LV CLO Ltd., Series 2020-55A, Class DR, (3 mo. LIBOR US + 3.15%), 3.39%, 07/15/34(a)(b)			1,000		992,421
Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, (3 mo. LIBOR US + 6.15%), 6.39%, 10/15/30(a)(b)			1,450		1,321,731
BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(a)			2,300		871,811
Bean Creek CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.75%), 6.00%, 04/20/31(a)(b)			1,500		1,401,516
Brookside Mill CLO Ltd, Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.89%, 01/17/28(a)(b)			250		249,344
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 3.45%, 04/20/32(a)(b)			250		247,919
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.69%, 07/20/32(a)(b)			2,200		2,091,786
Cedar Funding IX CLO Ltd., Series 2018-9A, Class E, (3 mo. LIBOR US + 5.35%), 5.60%, 04/20/31(a)(b)			2,000		1,869,043
Cedar Funding XIV CLO Ltd.(a)(b)
Series 2021-14A, Class D, (3 mo. LIBOR US + 3.25%), 3.49%, 07/15/33			1,000		994,033
Series 2021-14A, Class E, (3 mo. LIBOR US + 6.34%), 6.58%, 07/15/33			750		722,437
Series 2021-14A, Class SUB, 0.00%, 07/15/33			1,000		777,182
Deer Creek CLO Ltd, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.35%), 6.60%, 10/20/30(a)(b)			1,000		955,159
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 7.05%, 04/20/34(a)(b)			250		246,674
Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39(b)(d)	CAD		210		167,586
Generate CLO 2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 5.91%, 01/22/31(a)(b)	USD		500		469,471
Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 3.19%, 10/15/30(a)(b)			550		540,232
Goldentree Loan Management U.S. CLO 2 Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 4.70%), 4.95%, 11/28/30(a)(b)			1,500		1,345,357
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class ER2, (3 mo. LIBOR US + 5.66%), 5.96%, 10/29/29(a)(b)			500		481,916
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 6.69%, 04/15/33(a)(b)			250		246,937

Security		Par (000)		Value
Asset-Backed Securities (continued)
Highbridge Loan Management 12-2018 Ltd., Series 12A- 18, Class D, (3 mo. LIBOR US + 5.15%), 5.39%, 07/18/31(a)(b)	USD		1,120	$	1,019,989
JP Morgan Mortgage Acquisition Corp., Series 2006- FRE2, Class M2, (1 mo. LIBOR US + 0.54%), 1.00%, 02/25/36(a)			2,787		2,609,647
Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31(b)			315		322,318
Madison Park Funding XXX Ltd.(a)
Series 2018-30A, Class E, (3 mo. LIBOR US + 4.95%), 5.19%, 04/15/29(b)			1,250		1,211,666
Series 2018-30X, Class E, 5.19%, 04/15/29			250		242,333
Mariner Finance Issuance Trust(b)
Series 2019-AA, Class D, 5.44%, 07/20/32			2,500		2,428,586
Series 2020-AA, Class D, 5.75%, 08/21/34			250		234,016
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44(b)			266		257,538
Oafit A Note Upsize, 1.00%, 09/28/23	AUD		1,210		905,443
OCP CLO Ltd.(a)(b)
Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 3.26%, 04/24/29
	USD		600		594,725
Series 2019-16A, Class ER, (3 mo. LIBOR US + 6.35%), 6.58%, 04/10/33			500		473,602
Series 2019-17A, Class ER, (3 mo. LIBOR US + 6.50%), 6.75%, 07/20/32			1,000		969,994
Palmer Square CLO Ltd.(a)(b)
Series 2015-2A, Class CR2, (3 mo. LIBOR US + 2.75%), 3.00%, 07/20/30			250		244,385
Series 2015-2A, Class DR2, (3 mo. LIBOR US + 5.75%), 6.00%, 07/20/30			250		238,962
Series 2018-2A, Class D, (3 mo. LIBOR US + 5.60%), 5.84%, 07/16/31			1,500		1,429,685
Park Avenue Institutional Advisers CLO Ltd, Series 2016- 1A, Class DR, (3 mo. LIBOR US + 5.85%), 6.31%, 08/23/31(a)(b)			2,000		1,878,543
Rad CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.78%, 01/20/33(a)(b)			500		487,137
Republic Finance Issuance Trust, Series 2020-A, Class D, 7.00%, 11/20/30(b)			700		697,392
Rockford Tower CLO Ltd.(a)(b)
Series 2017-2A, Class ER, (3 mo. LIBOR US + 6.25%), 6.49%, 10/15/29			1,150		1,085,204
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 2.90%, 10/20/30			970		936,965
Series 2017-3A, Class E, (3 mo. LIBOR US + 5.75%), 6.00%, 10/20/30			1,000		957,107
Signal Peak CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 7.19%, 04/30/32(a)(b)			250		238,402
Sofi Professional Loan Program LLC, Series 2016-B, Class RC, 0.00%, 04/25/37(b)(d)			—		276,000
Strata CLO I Ltd.(a)(b)
Series 2018-1A, Class E, (3 mo. LIBOR US + 7.08%), 7.32%, 01/15/31			500		483,892
Series 2018-1A, Class USUB, 0.00%, 01/15/2118			1,750		1,192,625
TICP CLO V Ltd., Series 2016-5A, Class ER, (3 mo. LIBOR US + 5.75%), 5.99%, 07/17/31(a)(b)			250		236,975
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 7.29%, 04/15/33(a)(b)			500		487,517

1

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities (continued)
TICP CLO XII Ltd., Series 2018-12A, Class ER, (3 mo. LIBOR US + 6.25%), 6.49%, 07/15/34(a)(b)	USD		725	$	695,373
TRESTLES CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 6.01%, 07/25/31(a)(b)			1,900		1,796,976
TRESTLES CLO III Ltd., Series 2020-3A, Class SUB, 0.25%, 01/20/33(a)(b)			500		392,417
York CLO 1 Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 3.01%), 3.27%, 10/22/29(a)(b)			250		248,611
Total Asset-Backed Securities — 18.1% (Cost: $54,930,377)					50,703,638
		Shares
Common Stocks
Equity Real Estate Investment Trusts (REITs) — 0.0%
Service Properties Trust			4,000		35,320
Hotels, Restaurants & Leisure(e) — 0.2%
Caesars Entertainment, Inc.			3,435		265,732
Carlson Travel, Inc.(d)			5,800		171,100
					436,832
Oil, Gas & Consumable Fuels — 0.3%
California Resources Corp.(f)			19,725		882,299
Total Common Stocks — 0.5% (Cost: $1,314,701)					1,354,451

		Par (000)
Corporate Bonds
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc., 3.38%, 03/01/41	USD		178	158,447
Aerospace & Defense — 0.8%
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b)(g)			291	306,878
Rolls-Royce PLC, 1.63%, 05/09/28(h)	EUR		100	97,704
TransDigm, Inc.
6.25%, 03/15/26(b)(g)	USD		1,505	1,545,093
6.38%, 06/15/26			348	351,141
				2,300,816
Airlines — 3.3%
Air France-KLM, 3.88%, 07/01/26(h)	EUR		100	100,669
American Airlines, Inc.(d)
4.87%, 04/22/25	USD		220	218,442
4.00%, 12/15/25			197	193,430
Avianca Midco 2 Ltd., 9.00%, 12/01/28(b)			7,803	7,473,485
Azul Investments LLP
5.88%, 10/26/24(h)			200	175,163
7.25%, 06/15/26(b)			220	183,975
Deutsche Lufthansa AG(h)
2.00%, 07/14/24	EUR		100	108,556
2.88%, 05/16/27			100	102,724
Gol Finance SA(b)
7.00%, 01/31/25(g)	USD		500	409,375

Security		Par (000)		Value
Airlines (continued)
Gol Finance SA(b) (continued)
8.00%, 06/30/26	USD		200	$	178,860
International Consolidated Airlines Group SA, 2.75%, 03/25/25(h)	EUR		100		105,081
					9,249,760
Auto Components — 0.6%
Aptiv PLC, 3.10%, 12/01/51	USD		250		198,746
Clarios Global LP/Clarios U.S. Finance Co., 6.25%, 05/15/26(b)(g)			71		73,041
Dana, Inc., 5.63%, 06/15/28			352		355,696
Faurecia SE, 2.75%, 02/15/27(h)	EUR		100		101,084
IHO Verwaltungs GmbH(h)(i)
(3.63% Cash or 4.38% PIK), 3.63%, 05/15/25			113		123,456
(4.63% PIK), 3.88%, 05/15/27			100		106,615
ZF Finance GmbH(h)
3.00%, 09/21/25			100		108,558
2.00%, 05/06/27			300		298,545
3.75%, 09/21/28			300		314,866
					1,680,607
Automobiles — 0.5%
Constellation Automotive Financing PLC, 4.88%, 07/15/27(h)	GBP		100		119,871
Ford Motor Credit Co. LLC, 5.58%, 03/18/24(g)	USD		612		629,460
General Motors Co., 5.95%, 04/01/49(g)			295		327,832
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28(h)	EUR		100		99,915
TML Holdings Pte. Ltd., 4.35%, 06/09/26(h)	USD		200		188,500
					1,365,578
Banks — 1.2%
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%(a)(j)			200		194,250
Banco de Sabadell SA, (Update Replacements.xls: EUSA3 + 2.20%), 2.63%, 03/24/26(a)(h)	EUR		100		110,595
Banco GNB Sudameris SA, (5 year CMT + 6.66%), 7.50%, 04/16/31(a)(b)	USD		155		143,088
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%(a)(j)			200		195,350
Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83%(a)(h)(j)			250		248,125
BBK BSC, 5.50%, 07/09/24(h)			279		284,109
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%(a)(h)(j)	EUR		400		453,492
Freedom Mortgage Corp., 8.25%, 04/15/25(b)	USD		352		350,937
Grupo Aval Ltd., 4.38%, 02/04/30(b)			580		502,268
Intesa Sanpaolo SpA, (5 year EUR Swap + 6.09%), 5.88%(a)(h)(j)	EUR		250		273,648
NBK Tier 1 Ltd., 3.63%(a)(b)(j)	USD		541		505,497
					3,261,359
Beverages — 1.0%
Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36.			145		155,515
Anheuser-Busch InBev Worldwide, Inc., 4.50%, 06/01/50(g)			245		261,768
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28(b)			493		447,398
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27(h)	GBP		190		227,318
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)(g)	USD		1,092		1,087,662

SCHEDULE    OF   INVESTMENTS 2

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Beverages (continued)
OI European Group BV, 2.88%, 02/15/25(h)	EUR		260	$	281,856
Trivium Packaging Finance BV, 5.50%, 08/15/26(b)	USD		446		444,162
					2,905,679
Biotechnology — 0.4%
Amgen, Inc., 3.00%, 01/15/52			390		329,851
Cidron Aida Finco Sarl, 6.25%, 04/01/28(h)	GBP		200		244,996
Gilead Sciences, Inc., 2.80%, 10/01/50(g)	USD		380		310,963
Royalty Pharma PLC, 3.55%, 09/02/50			195		161,983
					1,047,793
Building Materials — 0.1%
Cemex SAB de CV, 3.13%, 03/19/26(h)	EUR		300		329,448
Standard Industries, Inc., 4.75%, 01/15/28(b)(g)	USD		46		43,988
				373,436
Building Products — 0.3%
Home Depot, Inc.
2.75%, 09/15/51			335		288,600
3.63%, 04/15/52			107		106,178
Lowe’s Cos., Inc.
3.00%, 10/15/50(g)			390		331,793
4.25%, 04/01/52			100		103,433
SRS Distribution, Inc., 4.63%, 07/01/28(b)			29		27,701
					857,705
Capital Markets — 0.3%
Intercorp Peru Ltd., 3.88%, 08/15/29(b)			200		181,925
Kane Bidco Ltd., 6.50%, 02/15/27(h)	GBP		100		127,771
Sherwood Financing PLC(h)
4.50%, 11/15/26	EUR		100		105,499
6.00%, 11/15/26	GBP		156		193,658
(3 mo. EURIBOR + 4.63%), 4.63%, 11/15/27(a)	EUR		100		109,187
				718,040
Chemicals — 1.6%
Alpek SAB de CV, 3.25%, 02/25/31(b)	USD		324		292,410
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25(h)	EUR		100		108,667
Braskem Idesa SAPI, 6.99%, 02/20/32(b)	USD		300		293,250
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(a)(b)(g)			297		324,844
Chemours Co., 4.00%, 05/15/26	EUR		100		106,255
Equate Petrochemical BV, 2.63%, 04/28/28(b)	USD		200		184,750
International Flavors & Fragrances, Inc., 3.47%, 12/01/50(b)			165		145,542
Lune Holdings Sarl, 5.63%, 11/15/28(h)	EUR		100		98,884
LYB International Finance III LLC, 4.20%, 05/01/50	USD		195		192,592
NOVA Chemicals Corp., 4.88%, 06/01/24(b)(g)			1,407		1,422,822
OCI NV, 3.63%, 10/15/25(h)	EUR		90		101,056
Sasol Financing USA LLC(g)
4.38%, 09/18/26	USD		200		192,000
6.50%, 09/27/28			200		203,000
5.50%, 03/18/31			315		293,738
SCIL IV LLC/SCIL USA Holdings LLC, 4.38%, 11/01/26(h)	EUR		100		105,923
Sherwin-Williams Co., 2.90%, 03/15/52	USD		195		159,816
UPL Corp. Ltd., (5 year CMT + 3.87%), 5.25%(a)(h)(j)			200		184,850
					4,410,399
Commercial Services & Supplies — 0.9%
AMN Healthcare, Inc., 4.63%, 10/01/27(b)(g)			210		204,185
Avis Budget Finance PLC, 4.13%, 11/15/24(h)	EUR		100		110,791

Security		Par (000)		Value
Commercial Services & Supplies (continued)
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(h)	EUR		100	$	105,862
Loxam SAS, 3.75%, 07/15/26(h)			200		218,372
United Rentals North America, Inc., 4.88%, 01/15/28(g)	USD		1,396		1,418,050
Verisure Holding AB(h)
3.50%, 05/15/23	EUR		271		298,984
3.88%, 07/15/26			100		107,859
Verisure Midholding AB, 5.25%, 02/15/29(h)			150		152,879
					2,616,982
Construction & Engineering — 0.0%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(a)(h)(j)			100		107,611
Construction Materials — 0.3%
KAR Auction Services, Inc., 5.13%, 06/01/25(b)(g)	USD		816		826,200
Consumer Discretionary(h) — 0.2%
Carnival Corp., 10.13%, 02/01/26	EUR		110		135,791
Q-Park Holding I BV
1.50%, 03/01/25			100		103,695
(3 mo. Euribor + 2.00%), 2.00%, 03/01/26(a)			100		105,232
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26			88		97,162
					441,880
Consumer Finance — 0.1%
Encore Capital Group, Inc., 4.88%, 10/15/25(h)			200		222,356
Muthoot Finance Ltd., 6.13%, 10/31/22(b)	USD		200		201,413
					423,769
Containers & Packaging — 0.5%
Klabin Austria GmbH, 3.20%, 01/12/31(b)(g)			305		264,206
Suzano Austria GmbH
3.13%, 01/15/32			290		256,955
7.00%, 03/16/47(b)(g)			773		866,871
					1,388,032
Diversified Consumer Services — 0.1%
Rekeep SpA, 7.25%, 02/01/26(h)	EUR		200		230,100
Diversified Financial Services — 2.3%
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)	USD		728		691,600
Bank of America Corp., (3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51(a)(g)			325		336,320
doValue SpA, 3.38%, 07/31/26(h)	EUR		259		275,069
Garfunkelux Holdco 3 SA(h)
6.75%, 11/01/25			300		330,302
7.75%, 11/01/25	GBP		100		130,380
Goldman Sachs Group, Inc., 4.80%, 07/08/44	USD		195		216,200
Intrum AB, 4.88%, 08/15/25(h)	EUR		100		111,342
JPMorgan Chase & Co., (SOFR + 1.58%), 3.33%, 04/22/52(a)	USD		380		351,257
Lloyds Banking Group PLC, (5 year USD Swap + 4.76%), 7.50%(a)(j)			500		524,985
Morgan Stanley, (SOFR + 1.36%), 2.48%, 09/16/36(a)			165		141,462
Nigeria Government International Bond, 8.38%, 03/24/29(b)			200		200,750
Oceana Australian Trust, 10.00%, 08/31/23(d)	AUD		2,424		1,863,761
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(b)(g)	USD		661		493,395
ProGroup AG, 3.00%, 03/31/26(h)	EUR		100		106,015

3

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Financial Services (continued)
Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22(h)	USD		200	$	200,500
Sun Country Airlines Holdings, Inc., 7.00%, 12/15/23(d)			523		511,985
					6,485,323
Diversified Telecommunication Services — 1.6%
AT&T, Inc., 3.30%, 02/01/52			62		53,146
Axtel SAB de CV, 6.38%, 11/14/24(b)(g)			600		612,488
Level 3 Financing, Inc.(b)(g)
4.25%, 07/01/28			963		884,041
3.63%, 01/15/29			865		756,875
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(g)(i)			375		282,656
SoftBank Group Corp.(h)
4.75%, 07/30/25	EUR		200		216,553
3.13%, 09/19/25			200		207,546
Telecom Italia Capital SA, 6.38%, 11/15/33(g)	USD		1,239		1,184,149
Verizon Communications, Inc.
2.88%, 11/20/50(g)			195		162,927
3.55%, 03/22/51			198		186,060
					4,546,441
Electric Utilities — 1.1%
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(b)			305		269,986
NextEra Energy Capital Holdings, Inc., 3.00%, 01/15/52			387		330,394
NPC Ukrenergo, 6.88%, 11/09/26(b)			235		88,125
Oryx Funding Ltd., 5.80%, 02/03/31(b)			200		200,000
Talen Energy Supply LLC(b)(g)
7.25%, 05/15/27			1,591		1,486,901
6.63%, 01/15/28			675		627,750
					3,003,156
Electrical Equipment(h) — 0.0%
Pearl Holding II Ltd., (6.00% PIK), 6.00%(i)(j)			95		3,047
Pearl Holding III Ltd., 9.00%, 10/22/25			76		27,170
					30,217
Energy Equipment & Services — 0.3%
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24(b)(g)			919		925,891
Vallourec SA, 8.50%, 06/30/26(h)	EUR		42		47,527
					973,418
Environmental, Maintenance & Security Service — 0.1%
Republic Services, Inc., 3.05%, 03/01/50	USD		345		301,723
Equity Real Estate Investment Trusts (REITs) — 1.5%
American Tower Corp., 3.10%, 06/15/50(g)			195		157,570
Crown Castle International Corp., 2.90%, 04/01/41			195		161,413
Equinix, Inc., 2.95%, 09/15/51			195		155,363
LMIRT Capital Pte. Ltd., 7.25%, 06/19/24(h)			200		198,000
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.
5.63%, 05/01/24			1,895		1,950,865
4.63%, 06/15/25(b)			123		123,923
Mid-America Apartments LP, 2.88%, 09/15/51			28		23,451
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.Issuer, 4.88%, 05/15/29(b)			87		81,558
Service Properties Trust
4.50%, 06/15/23(g)			865		855,096
7.50%, 09/15/25			58		60,845
Trust Fibra Uno, 5.25%, 01/30/26(b)			230		236,368

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
XHR LP(b)
6.38%, 08/15/25(g)	USD		148	$	152,525
4.88%, 06/01/29			27		26,229
					4,183,206
Food & Staples Retailing — 1.0%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.63%, 01/15/27(b)			360		348,017
Bellis Acquisition Co. PLC, 3.25%, 02/16/26(h)	GBP		200		242,411
BRF GmbH, 4.35%, 09/29/26(h)	USD		200		194,725
Cydsa SAB de CV, 6.25%, 10/04/27(b)			200		191,000
General Mills, Inc., 3.00%, 02/01/51			385		331,705
Grupo KUO SAB de CV, 5.75%, 07/07/27(b)			600		588,863
Kraft Heinz Foods Co., 4.38%, 06/01/46			380		375,303
Kroger Co., 3.95%, 01/15/50(g)			195		197,263
Ocado Group PLC, 3.88%, 10/08/26(h)	GBP		100		116,910
Picard Groupe SAS, 3.88%, 07/01/26(h)	EUR		100		107,276
					2,693,473
Food Products — 0.2%
Frigorifico Concepcion SA, 7.70%, 07/21/28(b)	USD		200		177,350
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(b)			21		22,139
Louis Dreyfus Co. Finance BV, 1.63%, 04/28/28(h)	EUR		200		205,214
Tereos Finance Groupe I SA, 7.50%, 10/30/25(h)			238		272,810
					677,513
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co., 3.79%, 05/20/50	USD		195		188,948
Health Care Providers & Services — 2.9%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28(b)			55		55,275
Anthem, Inc., 3.13%, 05/15/50			195		171,721
DaVita, Inc., 4.63%, 06/01/30(b)(g)			1,266		1,182,191
GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/52(b)			315		315,603
HCA, Inc.
3.50%, 09/01/30(g)			696		672,381
5.25%, 06/15/49			195		213,556
Mozart Debt Merger Sub, Inc., 3.88%, 04/01/29(b)			1,041		962,925
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25(h)	EUR		100		108,195
Select Medical Corp., 6.25%, 08/15/26(b)(g)	USD		780		807,487
Tenet Healthcare Corp.(b)
4.63%, 09/01/24(g)			901		907,167
4.88%, 01/01/26(g)			1,488		1,501,020
4.63%, 06/15/28			49		48,081
4.25%, 06/01/29(g)			1,124		1,077,635
4.38%, 01/15/30			111		106,552
Universal Health Services, Inc., 2.65%, 10/15/30(b)(g)			137		124,370
					8,254,159
Health Care Technology(h) — 0.1%
CAB SELAS, 3.38%, 02/01/28	EUR		149		156,571
Chrome Bidco SASU, 3.50%, 05/31/28			100		105,691
					262,262
Hotels, Restaurants & Leisure — 4.2%
Affinity Gaming, 6.88%, 12/15/27(b)	USD		360		350,100
Boyd Gaming Corp.
8.63%, 06/01/25(b)			41		43,065
4.75%, 12/01/27(g)			797		793,015
Caesars Entertainment, Inc.(b)
6.25%, 07/01/25(g)			486		501,766

SCHEDULE    OF   INVESTMENTS 4

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Caesars Entertainment, Inc.(b) (continued) 8.13%, 07/01/27	USD		314	$	336,437
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)(g)			144		146,964
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(b)(g)			220		225,921
Cirsa Finance International Sarl, 4.75%, 05/22/25(h)	EUR		100		108,191
CPUK Finance Ltd., 6.50%, 08/28/26(h)	GBP		100		132,153
Dave & Buster’s, Inc., 7.63%, 11/01/25(b)	USD		35		36,825
Fortune Star BVI Ltd., 6.85%, 07/02/24(h)			400		388,000
Full House Resorts, Inc., 8.25%, 02/15/28(b)			29		29,653
Golden Entertainment, Inc., 7.63%, 04/15/26(b)(g)			274		285,303
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29(b)			361		344,501
International Game Technology PLC, 6.50%, 02/15/25(b)(g)			1,150		1,205,953
IRB Holding Corp., 7.00%, 06/15/25(b)(g)			151		157,040
Marriott International, Inc.(g)
Series FF, 4.63%, 06/15/30			106		109,783
Series GG, 3.50%, 10/15/32			508		483,549
Marriott Ownership Resorts, Inc.(b)
6.13%, 09/15/25(g)			278		284,950
4.50%, 06/15/29			370		348,725
Melco Resorts Finance Ltd., 5.25%, 04/26/26(h)			300		270,000
MGM China Holdings Ltd., 5.88%, 05/15/26(g)(h)			300		274,181
MGM Resorts International
4.63%, 09/01/26			355		349,675
5.50%, 04/15/27			348		351,480
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b)			218		200,965
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(b)			746	��	825,262
Scientific Games International, Inc., 7.00%, 05/15/28(b)(g)			464		480,934
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/25(b)(g)			669		694,087
Stonegate Pub Co. Financing 2019 PLC(h)
8.00%, 07/13/25	GBP		100		133,375
8.25%, 07/31/25			200		267,328
Studio City Finance Ltd., 5.00%, 01/15/29(b)	USD		200		153,413
Travel + Leisure Co., 6.63%, 07/31/26(b)(g)			189		197,033
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25(b)			349		349,007
Wynn Macau Ltd., 5.50%, 01/15/26(g)(h)			400		358,000
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)(g)			482		453,682
					11,670,316
Household Durables — 3.6%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
6.63%, 01/15/28(g)			495		507,152
4.63%, 08/01/29			66		58,201
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b)
6.25%, 09/15/27(g)			541		529,674
5.00%, 06/15/29			27		24,516
Century Communities, Inc., 6.75%, 06/01/27			110		114,136
Controladora Mabe SA de CV, 5.60%, 10/23/28(b)(g)			773		823,322

Security		Par (000)		Value
Household Durables (continued)
Forestar Group, Inc.(b)
3.85%, 05/15/26	USD		560	$	522,200
5.00%, 03/01/28(g)			669		627,188
M/I Homes, Inc., 4.95%, 02/01/28(g)			510		480,675
Nobel Bidco BV, 3.13%, 06/15/28(h)	EUR		100		98,318
PulteGroup, Inc., 7.88%, 06/15/32(g)	USD		1,138		1,470,105
Taylor Morrison Communities, Inc.(b)(g)
5.88%, 06/15/27			647		672,880
5.75%, 01/15/28			2,269		2,337,070
Tri Pointe Homes, Inc.
5.25%, 06/01/27(g)			505		501,422
5.70%, 06/15/28			38		37,935
William Lyon Homes, Inc., 6.63%, 07/15/27(b)(g)			1,298		1,333,695
					10,138,489
Independent Power and Renewable Electricity Producers — 1.4%
Azure Power Energy Ltd., 3.58%, 08/19/26(b)			193		181,657
Calpine Corp.(b)(g)
4.50%, 02/15/28			1,523		1,485,656
5.13%, 03/15/28			722		687,763
Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27(b)(g)			419		400,294
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26(h)			300		302,250
India Green Energy Holdings, 5.38%, 04/29/24(b)			300		302,280
Investment Energy Resources Ltd., 6.25%, 04/26/29(b)			220		222,200
ReNew Power Synthetic, 6.67%, 03/12/24(g)(h)			250		253,797
Renewable Energy Group, Inc., 5.88%, 06/01/28(b)			14		15,038
					3,850,935
Industrial Conglomerates — 0.0%
Metalloinvest Finance DAC, 3.38%, 10/22/28(b)			648		129,600
Insurance — 0.4%
American International Group, Inc., 4.38%, 06/30/50			250		274,005
Galaxy Bidco Ltd., 6.50%, 07/31/26(h)	GBP		220		283,945
Prudential PLC, (5 year CMT + 1.52%), 2.95%, 11/03/33(a)(h)	USD		750		690,188
					1,248,138
Interactive Media & Services(h) — 0.2%
Adevinta ASA, 3.00%, 11/15/27	EUR		331		354,027
United Group BV, 4.88%, 07/01/24			130		143,272
					497,299
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc., 3.10%, 05/12/51	USD		355		333,165
Very Group Funding PLC, 6.50%, 08/01/26(h)	GBP		100		124,271
					457,436
IT Services — 0.4%
CA Magnum Holdings, 5.38%, 10/31/26(h)	USD		200		195,000
Centurion Bidco SpA, 5.88%, 09/30/26(h)	EUR		200		214,896
Fidelity National Information Services, Inc., 4.50%, 08/15/46	USD		165		170,855
International Business Machines Corp., 2.95%, 05/15/50(g)			195		170,532
La Financiere Atalian SASU, 6.63%, 05/15/25(h)	GBP		200		242,474
					993,757
Machinery — 0.2%
TK Elevator Midco GmbH(h) 4.38%, 07/15/27	EUR		115		125,500

5

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Machinery (continued)
TK Elevator Midco GmbH(h) (continued) (3 mo. Euribor + 4.75%), 4.75%, 07/15/27(a)	EUR		173	$	190,679
TK Elevator US Newco Inc., 5.25%, 07/15/27(b)(g)	USD		274		270,994
					587,173
Media — 1.9%
Altice Financing SA(h)
2.25%, 01/15/25	EUR		180		189,667
4.25%, 08/15/29			100		98,506
Arqiva Broadcast Finance PLC, 6.75%, 09/30/23(h)	GBP		133		174,715
Charter Communications Operating LLC/Charter Communications Operating Capital
3.70%, 04/01/51	USD		195		160,699
3.90%, 06/01/52			200		168,662
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(b)(g)			738		730,022
Comcast Corp., 2.89%, 11/01/51(b)			235		198,113
CSC Holdings LLC, 5.38%, 02/01/28(b)			360		349,402
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(b)(g)			400		379,000
Lorca Telecom Bondco SA, 4.00%, 09/18/27(h)	EUR		150		159,715
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(a)(h)(j)	USD		200		198,850
Nexstar Media, Inc., 5.63%, 07/15/27(b)(g)			733		741,943
Sable International Finance Ltd., 5.75%, 09/07/27(g)(h)			260		261,807
SES SA, (5 year EUR Swap + 5.40%), 5.63%(a)(h)(j)	EUR		100		114,635
Sirius XM Radio, Inc.(b)(g)
5.00%, 08/01/27	USD		70		69,825
5.50%, 07/01/29			66		66,990
Summer BC Holdco B Sarl, 5.75%, 10/31/26(h)	EUR		331		370,883
TEGNA, Inc., 4.63%, 03/15/28(g)	USD		301		299,411
Tele Columbus AG, 3.88%, 05/02/25(h)	EUR		100		102,496
UPCB Finance VII Ltd., 3.63%, 06/15/29(h)			100		108,159
VTR Comunicaciones SpA, 4.38%, 04/15/29(b)	USD		290		263,900
					5,207,400
Metals & Mining — 1.8%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24(h)			300		312,375
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200		186,160
Commercial Metals Co.
4.13%, 01/15/30			1,356		1,266,165
3.88%, 02/15/31			381		346,112
JSW Steel Ltd., 5.38%, 04/04/25(h)			200		200,750
Metinvest BV(h)
8.50%, 04/23/26			296		128,760
7.65%, 10/01/27			400		174,000
Mongolian Mining Corp./Energy Resources LLC, 9.25%, 04/15/24(h)			200		143,788
Nexa Resources SA, 5.38%, 05/04/27(b)(g)			925		938,875
Periama Holdings LLC, 5.95%, 04/19/26(h)			200		202,900
Steel Dynamics, Inc., 3.25%, 10/15/50			195		166,634
thyssenkrupp AG, 1.88%, 03/06/23(h)	EUR		127		139,683
Usiminas International Sarl, 5.88%, 07/18/26(b)(g)	USD		200		204,575
Vedanta Resources Finance II PLC
13.88%, 01/21/24(h)			200		209,250
8.95%, 03/11/25(b)(g)			320		310,400
Vedanta Resources Ltd., 7.13%, 05/31/23(h)			270		254,947
					5,185,374
Oil, Gas & Consumable Fuels — 5.8%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(g)(h)(k)			531		385,502

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
BP Capital Markets PLC, (5 year EUR Swap + 4.12%), 3.63%(a)(h)(j)	EUR		300	$	326,891
Buckeye Partners LP, 4.13%, 03/01/25(b)(g)	USD		195		192,307
California Resources Corp., 7.13%, 02/01/26(b)			336		349,363
Centennial Resource Production LLC(b)(g)
5.38%, 01/15/26			1,841		1,785,770
6.88%, 04/01/27			127		127,648
Cheniere Energy Partners LP
4.50%, 10/01/29(g)			335		336,675
3.25%, 01/31/32(b)			38		34,553
Chesapeake Energy Corp.(b)
5.50%, 02/01/26			110		112,649
5.88%, 02/01/29			40		41,300
Citgo Holding, Inc., 9.25%, 08/01/24(b)			306		309,060
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)			54		55,039
Ecopetrol SA, 4.63%, 11/02/31			531		480,555
eG Global Finance PLC, 4.38%, 02/07/25(h)	EUR		144		154,601
EG Global Finance PLC, 6.25%, 10/30/25(h)			100		110,170
Energean Israel Finance Ltd., 4.88%, 03/30/26(b)	USD		255		247,860
Energy Transfer LP, 5.00%, 05/15/50(g)			195		197,309
Geopark Ltd., 5.50%, 01/17/27(b)			205		194,212
Hammerhead Resources, Inc., Series AI, (12.00% PIK), 9.00%, 07/10/22(d)(i)			853		853,362
Hilong Holding Ltd., 9.75%, 11/18/24(h)			200		124,000
HTA Group Ltd., 7.00%, 12/18/25(b)(g)			415		410,072
IHS Holding Ltd., 6.25%, 11/29/28(b)			305		284,412
Leviathan Bond Ltd., 5.75%, 06/30/23(b)(g)			292		295,051
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(b)			315		286,650
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26(h)			200		202,000
Medco Platinum Road Pte. Ltd., 6.75%, 01/30/25(h)			200		200,538
Neptune Energy Bondco PLC, 6.63%, 05/15/25(b)(g)			200		201,098
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(g)			1,032		1,295,188
Oil and Gas Holding Co., 7.63%, 11/07/24(h)			263		276,807
OQ SAOC, 5.13%, 05/06/28(b)			286		282,300
Petroleos Mexicanos
6.50%, 03/13/27(g)			734		742,624
5.95%, 01/28/31			514		473,882
6.70%, 02/16/32			381		361,950
6.38%, 01/23/45			288		228,900
6.75%, 09/21/47			510		409,504
7.69%, 01/23/50			200		174,000
Puma International Financing SA, 5.13%, 10/06/24(b)			754		716,300
Rubis Terminal Infra SAS, 5.63%, 05/15/25(h)	EUR		150		170,086
SM Energy Co.
10.00%, 01/15/25(b)(g)	USD		320		349,331
6.75%, 09/15/26			341		350,642
Stoneway Capital Corp.(e)(l)
10.00%, 03/01/27(b)			1,948		541,014
10.00%, 03/01/27(h)			691		191,814
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27(g)			27		27,506
4.50%, 05/15/29			67		63,210
4.50%, 04/30/30(b)			427		393,389
Transocean Guardian Ltd., 5.88%, 01/15/24(b)(g)			147		140,514
UGI International LLC, 2.50%, 12/01/29(h)	EUR		100		93,367

SCHEDULE    OF   INVESTMENTS 6

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Vivo Energy Investments BV, 5.13%, 09/24/27(b)(g)	USD		400	$	396,000
Wintershall Dea Finance BV, 0.84%, 09/25/25(h)	EUR		200		207,125
					16,184,100
Personal Products — 0.1%
Coty, Inc.
3.88%, 04/15/26(h)			100		107,445
6.50%, 04/15/26(b)	USD		98		97,439
					204,884
Pharmaceuticals — 0.8%
AbbVie, Inc., 4.88%, 11/14/48.			300		339,063
AstraZeneca PLC, 3.00%, 05/28/51			320		294,033
Bausch Health Cos., Inc., 4.88%, 06/01/28(b)			46		44,045
Cheplapharm Arzneimittel GmbH(h)
3.50%, 02/11/27	EUR		100		107,583
4.38%, 01/15/28			331		361,606
Cigna Corp., 3.40%, 03/15/51(g)	USD		195		175,698
CVS Health Corp., 5.05%, 03/25/48			195		220,836
Merck & Co., Inc., 2.75%, 12/10/51			103		89,717
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24(h)	EUR		172		182,188
Rossini Sarl(h)
6.75%, 10/30/25			100		113,236
(3 mo. Euribor + 3.88%), 3.88%, 10/30/25(a)			100		109,720
Teva Pharmaceutical Finance Netherlands II BV
3.75%, 05/09/27			100		104,181
4.38%, 05/09/30			100		102,833
					2,244,739
Producer Durables: Miscellaneous — 0.1%
salesforce.com, Inc., 2.90%, 07/15/51	USD		340		301,889
Real Estate Management & Development — 2.7%
Adler Group SA(h)
3.25%, 08/05/25	EUR		300		290,623
2.75%, 11/13/26			100		92,283
Agile Group Holdings Ltd., 5.75%, 01/02/25(g)(h)	USD		300		99,000
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(b)			710		670,950
Central China Real Estate Ltd., 7.25%, 08/13/24(h)			200		86,000
China Aoyuan Group Ltd., 7.95%, 02/19/23(e)(g)(h)(l)			400		64,000
China Evergrande Group(e)(l)
8.25%, 03/23/22			200		26,000
9.50%, 04/11/22			200		25,000
11.50%, 01/22/23(h)			200		25,000
China SCE Group Holdings Ltd., 7.25%, 04/19/23(h)			200		146,412
CIFI Holdings Group Co. Ltd., 5.95%, 10/20/25(g)(h)			400		326,000
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24(h)	EUR		100		107,564
DIC Asset AG, 2.25%, 09/22/26(h)			100		96,797
Easy Tactic Ltd.(h)
9.13%, 07/28/22(g)	USD		200		51,000
12.38%, 11/18/22			200		46,788
Fantasia Holdings Group Co. Ltd.(e)(l)
11.75%, 04/17/22			400		54,000
9.25%, 07/28/23(h)			200		28,663
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)(g)			750		767,475
Greenland Global Investment Ltd., 6.75%, 09/26/23(h)			200		138,000
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%(a)(h)(j)	EUR		100		93,452
Howard Hughes Corp., 5.38%, 08/01/28(b)(g)	USD		981		984,904
JGC Ventures Pte. Ltd.(i)
3.00%, 06/30/25(e)(h)(l)			239		124,110

Security		Par (000)			Value
Real Estate Management & Development (continued)
JGC Ventures Pte. Ltd.(i) (continued)
(3.00% PIK), 0.00%, 06/30/25	USD		—	(m)	$	136
Jingrui Holdings Ltd., 12.00%, 07/25/22(h)			200			80,000
Kaisa Group Holdings Ltd.(e)(h)(l)
11.95%, 10/22/22(g)			200			39,000
11.95%, 11/12/23			200			39,000
KWG Group Holdings Ltd.(h)
7.40%, 03/05/24			200			81,000
5.95%, 08/10/25			270			99,900
Logan Group Co. Ltd., 5.25%, 10/19/25(h)			295			59,000
MAF Sukuk Ltd.(h)
4.64%, 05/14/29			250			259,109
3.93%, 02/28/30			443			441,145
Modern Land China Co. Ltd.(e)(h)(l)
11.50%, 11/13/22			240			43,200
9.80%, 04/11/23			200			36,000
New Metro Global Ltd., 4.50%, 05/02/26(h)			200			128,000
Powerlong Real Estate Holdings Ltd., 5.95%, 04/30/25(h)			220			79,200
Redsun Properties Group Ltd., 10.50%, 10/03/22(h)			200			53,146
RKPF Overseas 2019 A Ltd., Series 2019-A, 6.00%, 09/04/25(h)			315			245,700
Ronshine China Holdings Ltd.(h)
8.75%, 10/25/22			200			72,000
7.35%, 12/15/23			200			34,000
7.10%, 01/25/25			200			30,000
Shimao Group Holdings Ltd., 3.45%, 01/11/31(g)(h)			200			50,000
Shui On Development Holding Ltd., 6.15%, 08/24/24(h)			240			224,400
Sinic Holdings Group Co. Ltd., 10.50%, 06/18/22(e)(h)(l)			200			4,000
Sunac China Holdings Ltd.(h)
6.50%, 07/09/23			200			54,000
7.50%, 02/01/24			200			49,000
6.65%, 08/03/24			300			73,500
Theta Capital Pte. Ltd., 8.13%, 01/22/25(h)			200			201,000
Times China Holdings Ltd., 6.20%, 03/22/26(h)			400			148,000
Wanda Group Overseas Ltd., 7.50%, 07/24/22(h)			200			190,000
Yango Justice International Ltd.(e)(l)
10.25%, 09/15/22			250			12,500
7.88%, 09/04/24(h)			200			10,000
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24(h)			200			190,000
Yuzhou Group Holdings Co. Ltd.(e)(h)(l)
7.70%, 02/20/25(g)			200			28,000
7.38%, 01/13/26			400			52,200
						7,450,157
Road & Rail — 0.4%
Canadian Pacific Railway Co., 3.10%, 12/02/51			340			300,608
CMA CGM SA, 7.50%, 01/15/26(h)	EUR		236			281,843
Getlink SE, 3.50%, 10/30/25(h)			175			197,466
Norfolk Southern Corp., 2.90%, 08/25/51	USD		340			294,265
						1,074,182
Semiconductors & Semiconductor Equipment — 0.2%
ams-OSRAM AG, Series AMS, 0.00%, 03/05/25(h)(k)	EUR		200			188,220
Analog Devices, Inc., 2.95%, 10/01/51	USD		104			94,082
Broadcom, Inc., 3.75%, 02/15/51(b)(g)			390			349,221
						631,523
Software — 0.5%
Boxer Parent Co., Inc., 6.50%, 10/02/25(h)	EUR		100			111,538
Microsoft Corp., 2.92%, 03/17/52	USD		310			290,901
Oracle Corp.
3.60%, 04/01/50(g)			650			539,085

7

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
Oracle Corp. (continued)
3.95%, 03/25/51	USD		48	$	41,962
Playtika Holding Corp., 4.25%, 03/15/29(b)			436		402,210
					1,385,696
Specialty Retail — 0.1%
Goldstory SASU, 5.38%, 03/01/26(h)	EUR		254		280,987
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc., 2.65%, 02/08/51(g)	USD		195		168,204
Dell International LLC/EMC Corp.
8.35%, 07/15/46(g)			49		71,608
3.45%, 12/15/51(b)			195		158,416
HP, Inc., 6.00%, 09/15/41			195		227,257
					625,485
Thrifts & Mortgage Finance — 0.4%
Jerrold Finco PLC(h)
4.88%, 01/15/26	GBP		100		126,285
5.25%, 01/15/27			100		126,176
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27(b)	USD		24		24,422
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.(b)
3.63%, 03/01/29(g)			541		494,393
3.88%, 03/01/31			122		110,410
United Wholesale Mortgage LLC, 5.75%, 06/15/27(b)			374		347,055
					1,228,741
Tobacco(g) — 0.1%
Altria Group, Inc., 3.40%, 02/04/41			195		160,026
BAT Capital Corp., 3.98%, 09/25/50			195		158,026
					318,052
Transportation Infrastructure — 0.5%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(b)			310		282,642
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)(g)			347		335,506
Delhi International Airport Ltd., 6.13%, 10/31/26(h)			200		194,913
DP World Salaam, (5 year CMT + 5.75%), 6.00%(a)(h)(j)			200		206,937
FedEx Corp., 4.05%, 02/15/48			195		192,617
Mexico City Airport Trust, 5.50%, 07/31/47(h)			300		265,125
					1,477,740
Utilities — 1.7%
Centrais Eletricas Brasileiras SA(b)
3.63%, 02/04/25			248		242,978
4.63%, 02/04/30			280		261,800
Electricite de France SA, (12 year EUR Swap + 3.04%), 5.00%(a)(h)(j)	EUR		100		113,114
FEL Energy VI Sarl, 5.75%, 12/01/40	USD		290		259,468
Genneia SA, 8.75%, 09/02/27(b)			237		223,832
India Cleantech Energy, 4.70%, 08/10/26(b)			243		226,339
Inkia Energy Ltd., 5.88%, 11/09/27(b)			705		678,254
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(g)(h)			325		290,834
Orano SA, 2.75%, 03/08/28(h)	EUR		100		107,729
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(b)(g)	USD		280		277,690
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(h)			168		176,892

Security		Par (000)		Value
Utilities (continued)
Thames Water Kemble Finance PLC
4.63%, 05/19/26(h)	GBP		167	$	211,416
4.63%, 05/19/26			126		159,511
Veolia Environnement SA, (5 year EUR Swap + 2.84%), 2.50%(a)(h)(j)	EUR		700		713,393
Vistra Operations Co. LLC, 5.00%, 07/31/27(b)(g)	USD		792		779,177
					4,722,427
Wireless Telecommunication Services — 1.2%
Altice France SA(h)
2.50%, 01/15/25	EUR		141		149,857
2.13%, 02/15/25			148		155,591
5.88%, 02/01/27			100		113,114
4.25%, 10/15/29			200		200,508
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31(g)	USD		350		339,458
Kenbourne Invest SA(b)
6.88%, 11/26/24(g)			400		392,050
4.70%, 01/22/28			200		175,000
Millicom International Cellular SA, 4.50%, 04/27/31(b)(g)			380		353,069
T-Mobile USA, Inc., 3.30%, 02/15/51(g)			390		328,156
VICI Properties LP/VICI Note Co., Inc., 4.63%, 12/01/29(b)(g)			422		420,945
Vmed O2 U.K. Financing I PLC(h)
3.25%, 01/31/31	EUR		133		135,361
4.50%, 07/15/31	GBP		300		361,681
VTR Comunicaciones SpA, 5.13%, 01/15/28(b)	USD		378		358,226
					3,483,016
Total Corporate Bonds — 52.6% (Cost: $161,345,701)					147,543,567
Floating Rate Loan Interests(a)
Aerospace & Defense — 0.5%
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.71%, 12/09/25			1,314		1,291,516
Air Freight & Logistics — 0.7%
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			1,318		1,266,753
XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.99%, 02/24/25			809		800,995
					2,067,748
Airlines — 0.3%
Allegiant Travel Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 3.47%, 02/05/24			722		711,158
Building Materials — 0.7%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 3.75%, 04/12/28			1,945		1,878,352
MI Windows & Doors LLC, 2022 Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 12/18/27			65		64,473
					1,942,825
Building Products — 0.0%
Advanced Drainage Systems, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 2.48%, 07/31/26			43		43,127

SCHEDULE    OF   INVESTMENTS 8

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals — 0.1%
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27	USD		268	$	263,018
Commercial Services & Supplies(d) — 0.4%
Interface Security Systems LLC, Term Loan, (1.00% PIK), 7.51%, 08/07/23(i)			1,038		1,002,458
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.75%, 09/19/26			75		74,631
					1,077,089
Construction & Engineering — 0.6%
Summit Materials Cos. I LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 2.46%, 11/21/24			1,730		1,722,157
Diversified Consumer Services — 0.3%
Spectacle Gary Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.25%), 5.26%, 11/19/28			902		893,605
Diversified Financial Services — 5.2%
Colorado Plaza, Term Loan, (1 mo. LIBOR + 2.90%), 7.27%, 05/15/24(d)			4,118		3,788,235
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 4.23%, 02/17/23(d)			112		22,400
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.21%, 12/18/27			103		100,322
Luxembourg Life Fund, 2021 Term Loan, (LIBOR + 9.25%), 10.26%, 04/01/23(d)			7,080		7,062,300
Oafit A Note Upsize, (1 mo. LIBOR + 5.50%), 8.00%, 01/21/24(d)	AUD		4,300		3,217,691
White Cap Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.75%), 4.25%, 10/19/27	USD		430		424,987
					14,615,935
Electric Utilities — 0.1%
Pacific Gas & Electric Co., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.50%, 06/23/25			331		326,550
Electrical Equipment — 0.5%
Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.01% Floor), 3.25%, 03/31/27			1,530		1,506,046
Equity Real Estate Investment Trusts (REITs) — 0.0%
Magnum Intermediate Holdings I LLC, 2nd Lien Term Loan, 0.00%, 01/01/59(d)(e)(l)			17,000		85,000
Health Care Providers & Services — 0.1%
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 03/06/25			240		237,119
Hotels, Restaurants & Leisure — 1.7%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 4.21%, 02/02/26			402		393,304
Caesars Resort Collection LLC, 2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 3.96%, 07/20/25			337		335,354
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.25%, 03/31/28			270		270,373
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 4.50%, 01/27/29			591		587,122
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 3.21%, 03/11/28			494		486,037

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 3.21%, 08/14/24	USD		1,862	$	1,854,398
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 3.26%, 07/21/26			961		952,193
					4,878,781
Industrial Conglomerates — 0.6%
Robertshaw U.S. Holding Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 0.01% Floor), 4.50%, 02/28/25			1,726		1,549,293
Media — 0.9%
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			832		824,268
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.90%, 04/15/27			412		403,772
Diamond Sports Group LLC, Term Loan, (PRIME + 2.25%), 5.75%, 08/24/26			1,492		512,862
Lamar Media Corp., 2020 Term Loan B, (1 mo. LIBOR + 1.50%), 1.97%, 02/06/27			58		57,537
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 2.50%), 2.96%, 05/29/26			671		665,519
					2,463,958
Oil, Gas & Consumable Fuels — 0.7%
Buckeye Partners LP, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 11/01/26			1,301		1,289,816
Citgo Holding, Inc., 2019 Term Loan B, (1 mo. LIBOR + 7.00%, 0.01% Floor), 8.00%, 08/01/23			751		740,192
					2,030,008
Pharmaceuticals — 0.9%
Bausch Health Cos., Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 3.21%, 11/27/25			1,689		1,671,657
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.46%, 11/15/27			754		740,754
					2,412,411
Road & Rail — 0.1%
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 3.01%, 12/30/26			398		393,030
Thrifts & Mortgage Finance — 1.1%
Caliber Home Loans, Inc., 2018 Revolver, (1 mo. LIBOR + 2.87%), 3.11%, 07/24/25(d)			3,000		2,992,500
Trading Companies & Distributors — 0.2%
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 3.75%, 01/31/28			66		64,707
The Enterprise Development Authority, Term Loan B, (1 mo. LIBOR + 4.25%, 0.01% Floor), 5.00%, 02/28/28			368		363,974
					428,681
Utilities — 0.1%
PLH Infrastructure Services, Inc., 2018 Term Loan, (3 mo. LIBOR + 6.00%), 6.39%, 08/07/23(d)			322		316,783
Total Floating Rate Loan Interests — 15.8% (Cost: $52,354,528)					44,248,338

9

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Foreign Agency Obligations
Argentina — 0.1%
Argentine Republic Government International Bond, 2.50%, 07/09/41(g)(n)	USD		709	$	249,926
Bahrain — 0.1%
Bahrain Government International Bond, 7.00%, 01/26/26(h)			295		318,932
Chile — 0.1%
Chile Government International Bond, 4.34%, 03/07/42			213		218,751
Colombia — 0.5%
Colombia Government International Bond
3.88%, 04/25/27(g)			573		551,620
3.13%, 04/15/31			620		524,598
4.13%, 05/15/51(g)			350		264,206
					1,340,424
Dominican Republic — 0.6%
Dominican Republic International Bond
5.95%, 01/25/27(g)(h)			379		381,842
5.50%, 02/22/29(b)			240		237,045
4.50%, 01/30/30(b)(g)			421		386,610
4.88%, 09/23/32(b)			360		326,205
6.40%, 06/05/49(h)			368		344,034
					1,675,736
Egypt — 0.2%
Egypt Government International Bond(b)
5.75%, 05/29/24(g)			265		262,681
8.50%, 01/31/47			200		170,000
7.50%, 02/16/61			200		158,500
					591,181
Guatemala — 0.3%
Guatemala Government Bond
5.38%, 04/24/32(b)			200		209,163
3.70%, 10/07/33(h)			361		333,316
4.65%, 10/07/41(b)			219		203,300
					745,779
Indonesia — 0.4%
Indonesia Government International Bond, 5.35%, 02/11/49(g)			315		362,679
Indonesia Treasury Bond
8.38%, 03/15/34	IDR		6,500,000		496,014
7.50%, 06/15/35			3,250,000		232,280
					1,090,973
Mexico — 0.1%
Mexico Government International Bond, 4.35%, 01/15/47(g)	USD		230		213,210
Mongolia — 0.1%
Mongolia Government International Bond, 5.13%, 04/07/26(h)			200		197,022
Morocco — 0.2%
Morocco Government International Bond
3.00%, 12/15/32(b)(g)			340		293,250
4.00%, 12/15/50(h)			294		234,833
4.00%, 12/15/50(b)			215		171,731
					699,814

Security		Par (000)		Value
Nigeria — 0.1%
Nigeria Government International Bond, 7.88%, 02/16/32(h)	USD		343	$	321,991
Oman — 0.5%
Oman Government International Bond(h)
6.50%, 03/08/47			457		447,860
6.75%, 01/17/48			648		645,570
7.00%, 01/25/51			329		335,991
					1,429,421
Pakistan — 0.2%
Pakistan Government International Bond, 7.38%, 04/08/31(h)			260		191,129
Pakistan Water & Power Development Authority, 7.50%, 06/04/31(h)			400		259,044
					450,173
Panama — 0.1%
Panama Government International Bond, 4.50%, 04/16/50			410		406,617
Paraguay — 0.4%
Paraguay Government International Bond
4.70%, 03/27/27(h)			298		310,069
5.60%, 03/13/48(h)			321		329,286
5.40%, 03/30/50(b)(g)			300		301,744
5.40%, 03/30/50(h)			200		201,162
					1,142,261
Peru — 0.1%
Peruvian Government International Bond, 3.30%, 03/11/41			240		218,400
Romania — 0.1%
Romanian Government International Bond
3.00%, 02/14/31(b)(g)			192		177,840
4.00%, 02/14/51(h)			230		201,250
					379,090
Saudi Arabia — 0.1%
Saudi Government International Bond, 3.75%, 01/21/55(h)			230		220,800
South Africa — 0.5%
Republic of South Africa Government Bond, 8.50%, 01/31/37	ZAR		10,500		613,582
Republic of South Africa Government International Bond
5.65%, 09/27/47	USD		381		331,899
5.75%, 09/30/49			523		456,089
					1,401,570
Sri Lanka — 0.1%
Sri Lanka Government International Bond(h)
6.85%, 03/14/24			200		98,022
6.35%, 06/28/24			400		196,044
7.85%, 03/14/29(g)			263		124,296
					418,362

SCHEDULE    OF   INVESTMENTS 10

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ukraine — 0.1%
Ukraine Government International Bond(g)(h)
8.99%, 02/01/24	USD	447	$	196,680
7.75%, 09/01/25		369		156,825
				353,505
Total Foreign Agency Obligations — 5.0% (Cost: $15,668,182)				14,083,938
	Shares
Investment Companies
Fixed Income Funds — 0.9%
iShares iBoxx $ High Yield Corporate Bond ETF(f)(o)		30,000		2,468,700
Total Investment Companies — 0.9% (Cost: $2,390,729)				2,468,700
	Par (000)
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(a) — 2.5%
BCAP LLC Trust, Series 2012-RR3, Class 1A5, 12.48%, 12/26/37(b)	USD	1,102		1,088,476
Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69(b)		2,097		2,033,307
Connecticut Avenue Securities Trust(b)
Series 2021-R01, Class 1B2, (30 day SOFR + 6.00%), 6.10%, 10/25/41		457		411,077
Series 2022-R01, Class 1B2, (30 day SOFR + 6.00%), 6.10%, 12/25/41		423		375,218
Freddie Mac, Series 2021-DNA7, Class B2, (30 day SOFR + 7.80%), 7.90%, 11/25/41(b)		449		418,744
Freddie Mac STACR REMIC Trust, Series 2022-DNA1, Class B2, (30 day SOFR + 7.10%), 7.20%, 01/25/42(b)		350		308,892
Seasoned Credit Risk Transfer Trust, Series 2018-1, Class BX, 4.27%, 05/25/57		4,372		2,400,077
				7,035,791
Commercial Mortgage-Backed Securities — 12.7%
Ashford Hospitality Trust 2018-ASHF, Series 2018-ASHF, Class E, (1 mo. LIBOR US + 3.10%), 3.50%, 04/15/35(a)(b)		315		297,655
Barclays Commercial Mortgage Trust, Series 2019-C3, Class D, 3.00%, 05/15/52(b)		1,629		1,337,625
Benchmark Mortgage Trust(b)
Series 2018-B2, Class D, 2.70%, 02/15/51(a)		3,000		2,407,717
Series 2018-B3, Class D, 3.04%, 04/10/51(a)		2,500		2,124,002
Series 2019-B9, Class XD, 2.00%, 03/15/52(a)		11,550		1,332,872
Series 2020-B16, Class D, 2.50%, 02/15/53		129		100,887
BX Commercial Mortgage Trust, Series 2018-IND, Class H, (1 mo. LIBOR US + 3.00%), 3.40%, 11/15/35(a)(b)		1,400		1,382,680
BX Trust, Series 2021-MFM1, Class G, (1 mo. LIBOR US + 3.90%), 4.30%, 01/15/34(a)(b)		205		200,604
CFK Trust, Series 2019-FAX, Class E, 4.64%, 01/15/39(a)(b)		2,000		1,879,593
Citigroup Commercial Mortgage Trust, Series 2019-PRM, Class F, 4.73%, 05/10/36(a)(b)		2,000		1,920,652

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 3.89%, 11/15/37(a)(b)	USD	265	$	263,211
Credit Suisse Mortgage Capital Certificates Trust(a)(b)
(1 mo. LIBOR US + 3.50%), 3.90%, 11/15/38		250		250,000
Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 6.55%, 10/15/37		700		703,256
Series 2020-NET, Class E, 3.71%, 08/15/37		1,500		1,434,620
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.19%, 04/10/37(a)(b)		999		830,343
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.53%, 10/10/34(a)(b)		575		535,721
ELP Commercial Mortgage Trust, Series 2021-ELP, Class J, (1 mo. LIBOR US + 3.61%), 4.01%, 11/15/38(a)(b)		300		293,252
GS Mortgage Securities Corp. Trust 2021-DM, Series 2021-DM, Class F, (1 mo. LIBOR US + 3.44%), 3.83%, 11/15/36(a)(b)		310		302,006
GS Mortgage Securities Trust, Series 2012-GCJ9, Class C, 4.45%, 11/10/45(a)(b)		982		984,649
HONO Mortgage Trust(a)(b)
Series 2021-LULU, Class E, (1 mo. LIBOR US + 3.35%), 3.75%, 10/15/36		200		196,239
Series 2021-LULU, Class F, (1 mo. LIBOR US + 4.40%), 4.80%, 10/15/36		110		107,851
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2015-JP1, Class E, 4.22%, 01/15/49(a)(b)		1,031		837,861
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D1, 4.11%, 12/15/48(a)(b)		857		781,506
JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class XD, 1.50%, 06/15/51(a)(b)		11,427		840,767
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 4.59%, 03/10/49(a)(b)		476		465,827
MED Trust, (1 mo. LIBOR US + 5.25%), 5.65%, 11/15/38(a)(b)		300		292,921
MF1 2021-W10X, Series 2021-W10, Class G, 4.52%, 12/15/34(a)(b)		310		309,613
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50		250		206,513
Morgan Stanley Capital I Trust(b)
Series 2017-H1, Class D, 2.55%, 06/15/50		1,000		842,760
Series 2018-H3, Class D, 3.00%, 07/15/51		1,000		844,615
Series 2018-MP, Class E, 4.28%, 07/11/40(a)		826		691,097
Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.55%), 2.95%, 07/15/35(a)		1,800		1,745,734
Series 2019-H7, Class D, 3.00%, 07/15/52		1,250		1,024,364
MTN Commercial Mortgage Trust, 5.34%, 03/15/39(a)(b)		275		273,299
One New York Plaza Trust, Series 2020-1NYP, Class D, (1 mo. LIBOR US + 2.75%), 3.15%, 01/15/36(a)(b)		100		98,498
SREIT Trust, Series 2021-MFP2, Class J, (1 mo. LIBOR US + 3.92%), 4.31%, 11/15/36(a)(b)		250		244,519
STWD 2021-LIH Mortgage Trust, Series 2021-LIH, Class G, (1 mo. LIBOR US + 4.20%), 4.60%, 11/15/36(a)(b)		250		244,105
UBS-Barclays Commercial Mortgage Trust, Series 2012- C3, Class D, 5.05%, 08/10/49(a)(b)		600		599,829
Velocity Commercial Capital Loan Trust(b)
Series 2018-1, Class M5, 6.26%, 04/25/48		226		221,542
Series 2018-1, Class M6, 7.26%, 04/25/48		308		296,315
Wells Fargo Commercial Mortgage Trust
Series 2015-C28, Class D, 4.08%, 05/15/48(a)		750		693,888
Series 2017-C41, Class D, 2.60%, 11/15/50(a)(b)		967		756,271

11

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust (continued)
Series 2018-C44, Class D, 3.00%, 05/15/51(b)	USD	3,000	$	2,429,994
Series 2018-C45, Class D, 3.00%, 06/15/51(b)		2,100		1,677,208
Series 2020-SDAL, Class E, (1 mo. LIBOR US + 2.74%), 3.14%, 02/15/37(a)(b)		400		378,786
				35,683,267
Total Non-Agency Mortgage-Backed Securities — 15.2% (Cost: $43,288,170)				42,719,058
Preferred Securities
Capital Trusts — 7.3%(a)
Automobiles(j) — 0.2%
Volkswagen International Finance NV
4.38%, 12/31/49	EUR	100		110,167
3.88%(h)		400		435,309
				545,476
Banks(j) — 2.1%
ABN AMRO Bank NV, 4.75%(h)		800		885,848
AIB Group PLC(h)
5.25%		200		222,277
6.25%		400		457,434
Banco Bilbao Vizcaya Argentaria SA, 6.00%(h)		200		228,441
Banco Davivienda SA, 6.65%(b)	USD	200		183,225
Banco Mercantil del Norte SA(b)
5.88%		350		322,503
6.75%		770		750,172
BAWAG Group AG, 5.00%(h)	EUR	200		215,028
Burgan Bank SAK, 5.75%(h)	USD	200		192,788
CaixaBank SA(h)
6.00%	EUR	200		223,186
6.38%		600		689,888
6.75%		200		232,866
ING Groep NV, 3.88%	USD	400		348,000
Intesa Sanpaolo SpA, 7.75%(h)	EUR	300		368,529
Kasikornbank PCL, 5.28%(h)	USD	290		282,079
Rizal Commercial Banking Corp., 6.50%(h)		200		190,100
TMBThanachart Bank PCL, 4.90%(h)		200		191,663
				5,984,027
Chemicals(h)(j) — 0.3%
Lenzing AG, 5.75%	EUR	300		340,172
Solvay SA, 2.50%		600		622,265
				962,437
Diversified Financial Services(j) — 2.0%
Banco Santander SA(h)
3.63%		800		752,250
4.38%		200		214,985
Barclays PLC
8.00%	USD	850		898,025
6.13%		273		278,801
Credit Agricole S.A., 4.75%(b)		1,055		957,339
Credit Suisse Group AG, 6.38%(b)(g)		800		789,656
Natwest Group PLC, 8.00%		400		434,520
UBS Group AG, 4.88%(b)		525		506,468

Security	Par (000)		Value
Diversified Financial Services (continued)
UniCredit SpA(h)
6.63%	EUR	200	$	227,887
7.50%		200		238,950
Woori Bank, 4.25%(h)	USD	200		195,225
				5,494,106
Diversified Telecommunication Services — 0.6%
British Telecommunications PLC, 4.25%, 11/23/81(b)		200		190,914
Telefonica Europe BV(h)(j)
4.38%	EUR	200		228,994
2.38%		1,400		1,339,439
				1,759,347
Electric Utilities(h)(j) — 0.2%
Iberdrola International BV, 1.83%		500		501,961
Naturgy Finance BV, 2.37%		100		101,700
				603,661
Insurance(h)(j) — 0.4%
Allianz SE, 3.20%	USD	400		347,000
BUPA Finance PLC, 4.00%	GBP	430		475,181
KDB Life Insurance Co. Ltd., 7.50%	USD	300		298,500
				1,120,681
Internet & Direct Marketing Retail — 0.1%
Rakuten Group, Inc., 4.25%(h)(j)	EUR	200		191,215
Media — 0.1%
SES SA, 2.88%(h)(j)		250		255,993
Oil, Gas & Consumable Fuels(h)(j) — 0.3%
Abertis Infraestructuras Finance BV, 3.25%		100		108,181
Eni SpA, Series NC9, 2.75%		450		449,130
Repsol International Finance BV
3.75%		200		222,909
4.25%		200		222,068
				1,002,288
Pharmaceuticals — 0.3%
Bayer AG
5.38%, 03/25/82		200		227,242
3.13%, 11/12/79(h)		500		525,590
				752,832
Real Estate Management & Development(h)(j) — 0.3%
ATF Netherlands BV, 3.75%		300		335,609
NWD Finance BVI Ltd., 4.13%	USD	478		434,980
				770,589
Tobacco(h)(j) — 0.2%
British American Tobacco PLC
Series 5.25, 3.00%	EUR	260		261,020
Series NC8, 3.75%		230		222,531
				483,551
Utilities(h)(j) — 0.2%
Electricite de France SA
5.38%		300		344,287
3.38%		200		198,848
				543,135

SCHEDULE    OF   INVESTMENTS 12

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 4.20%, 10/03/78(h)	EUR	100	$	112,771
				20,582,109
	Shares
Preferred Stocks — 0.1%
Wireless Telecommunication Services — 0.1%
2020 Cash Mandatory Exchangeable Trust, 5.25%, 06/01/23(b)		295		328,925
				328,925
Total Preferred Securities — 7.4% (Cost: $22,583,056)				20,911,034
	Par (000)
U.S. Government Sponsored Agency Securities
Agency Obligations — 0.3%
Chile Government International Bond, 4.00%, 01/31/52	USD	200		197,100
Dominican Republic International Bond, 6.00%, 02/22/33(b)		325		316,327
Romanian Government International Bond, 3.63%, 03/27/32(b)		370		350,112
				863,539
Collateralized Mortgage Obligations — 0.7%
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA1, Class B1, (1 mo. LIBOR US + 3.15%), 3.61%, 07/25/30(a)		2,000		1,925,052
Commercial Mortgage-Backed Securities — 0.1%
FREMF Mortgage Trust, Series 2017-KGX1, Class BFX, 3.59%, 10/25/27(a)(b)		370		352,902
Total U.S. Government Sponsored Agency Securities — 1.1% (Cost: $3,190,993)				3,141,493
Total Long-Term Investments — 116.6% (Cost: $357,066,437)				327,174,217
	Shares
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%(o)(p)		3,953,744		3,953,744
Total Short-Term Securities — 1.4% (Cost: $3,953,744)				3,953,744
Options Purchased — 0.1% (Cost: $507,312)				266,311
Total Investments Before Options Written — 118.1% (Cost: $361,527,493)				331,394,272
Options Written — (0.0)%
(Premiums Received: $(169,900))				(60,967	)
Total Investments, Net of Options Written — 118.1% (Cost: $361,357,593)				331,333,305
Liabilities in Excess of Other Assets — (18.1)%				(50,668,590	)
Net Assets — 100.0%			$	280,664,715

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

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

^(c)  When-issued security.

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

^(e)  Non-income producing security.

^(f)  All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

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

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

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

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

^(k)  Zero-coupon bond.

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

^(m)  Rounds to less than 1,000.

⁽ⁿ⁾  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.

^(o)  Affiliate of the Trust.

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

13

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	24,175,756	$	—	$	(20,222,012	)(a)	$	—	$	—		$	3,953,744		3,953,744	$	1,197	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		2,610,300		—		—			—		(141,600	)		2,468,700		30,000		18,386		—
iShares iBoxx $ Investment Grade Corporate Bond ETF(b)		—		7,246,109		(7,402,643	)		156,534		—			—		—		—		—
								$	156,534	$	(141,600	)	$	6,422,444			$	19,583	$	—

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

^(b)  As of period end, the entity is no longer held.

Reverse Repurchase Agreements

Counterparty	Interest Rate		Trade Date	Maturity Date	(a)		Face Value		Face Value Including Accrued Interest	Type of Non-Cash Underlying Collateral	Remaining     Contractual Maturity     of the Agreements(a)
Barclays Capital, Inc.	0.80	%(b)	06/29/21	Open		$	339,653	$	341,080	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	07/16/21	Open			208,228		208,820	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.45	(b)	07/16/21	Open			187,250		187,516	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			174,281		174,653	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			179,156		179,538	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			175,744		176,119	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			192,319		192,729	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			280,219		280,817	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			184,275		184,668	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			207,919		208,362	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			247,650		248,178	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			176,231		176,607	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			182,813		183,203	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			181,106		181,493	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			181,106		181,493	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			178,913		179,294	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			190,125		190,531	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	07/16/21	Open			206,213		206,652	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	07/16/21	Open			137,418		138,053	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			260,775		261,702	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			199,125		199,833	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			305,600		306,687	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			558,750		560,737	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			622,170		624,382	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			390,947		392,338	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			246,600		247,477	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			622,134		624,346	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			1,334,305		1,339,049	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			326,375		327,535	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			421,147		422,645	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			97,631		97,978	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			1,221,964		1,226,308	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			711,810		714,341	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			1,166,734		1,170,882	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			889,045		892,206	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			672,004		674,393	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	07/16/21	Open			279,500		280,494	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/16/21	Open			1,197,709		1,202,819	Corporate Bonds	Open/Demand

SCHEDULE    OF   INVESTMENTS 14

Schedule of Investments (unaudited) (continued) March 31, 2022 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.	0.90	%(b)	07/16/21	Open		$	165,500	$	166,265	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.50	(b)	07/16/21	Open			524,510		525,442	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			23,018		23,083	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			640,312		642,134	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			237,352		238,028	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			995,819		998,651	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			423,225		424,429	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			59,938		60,108	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			895,440		897,987	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			406,000		407,155	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			669,120		671,023	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			38,468		38,577	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			123,420		123,771	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			1,143,187		1,146,439	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			419,840		421,034	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			293,125		293,959	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			441,244		442,499	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			596,552		598,249	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			852,244		854,668	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			587,152		588,823	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			616,230		617,983	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			164,250		164,717	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			193,008		193,557	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			57,750		57,914	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			1,179,620		1,182,975	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	07/16/21	Open			161,989		162,450	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	09/23/21	Open			1,044,890		1,047,633	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	12/21/21	Open			75,276		75,340	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.65	(b)	01/25/22	Open			567,240		567,650	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	02/08/22	Open			117,750		117,850	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	02/11/22	Open			758,725		759,258	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	02/11/22	Open			430,110		430,412	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	02/11/22	Open			474,375		474,708	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	02/11/22	Open			1,122,687		1,123,477	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	02/11/22	Open			369,725		369,985	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	02/11/22	Open			688,350		688,834	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.90	(b)	02/11/22	Open			458,362		458,743	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.55	(b)	02/14/22	Open			327,437		327,560	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.55	(b)	02/14/22	Open			520,000		520,195	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	02/14/22	Open			316,825		317,043	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	02/14/22	Open			351,000		351,241	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	02/14/22	Open			937,135		937,779	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	02/14/22	Open			584,539		584,941	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	02/14/22	Open			265,875		266,074	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	02/14/22	Open			190,575		190,718	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	02/14/22	Open			116,279		116,366	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	02/14/22	Open			127,490		127,586	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	02/14/22	Open			177,660		177,793	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	02/14/22	Open			457,237		457,580	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.87	(b)	02/14/22	Open			181,750		181,891	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.88	(b)	02/14/22	Open			63,000		63,050	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.88	(b)	02/14/22	Open			142,506		142,618	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.88	(b)	02/14/22	Open			133,570		133,675	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.88	(b)	02/14/22	Open			205,975		206,137	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.88	(b)	02/14/22	Open			132,840		132,945	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.88	(b)	02/14/22	Open			326,000		326,257	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.88	(b)	02/14/22	Open			175,988		176,126	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.00	(b)	02/16/22	Open			51,000		50,985	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.00	(b)	02/22/22	Open			282,065		282,065	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.55	(b)	02/22/22	Open			227,953		228,082	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A.	0.90	(b)	03/01/22	Open			269,771		269,917	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.63	(b)	03/01/22	Open			59,729		59,748	Corporate Bonds	Open/Demand

15

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

Reverse Repurchase Agreements (continued)

Counterparty	Interest Rate		Trade Date	Maturity Date	(a)		Face Value		Face Value Including Accrued Interest	Type of Non-Cash Underlying Collateral	Remaining    Contractual Maturity    of the Agreements(a)
Barclays Capital, Inc.	0.80	%(b)	03/03/22	Open		$	40,750	$	40,767	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.35	(b)	03/03/22	Open			221,813		221,873	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.55	(b)	03/03/22	Open			1,157,130		1,157,400	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	03/03/22	Open			106,398		106,422	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/03/22	Open			382,500		382,619	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	03/03/22	Open			255,500		255,589	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	03/03/22	Open			390,619		390,755	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	03/03/22	Open			175,000		175,068	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	03/03/22	Open			236,562		236,664	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	03/04/22	Open			276,412		276,470	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	03/04/22	Open			476,080		476,245	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	03/04/22	Open			1,277,820		1,278,264	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	03/04/22	Open			816,531		816,815	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	03/04/22	Open			585,990		586,193	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.84	(b)	03/04/22	Open			239,600		239,698	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.93	(b)	03/04/22	Open			508,781		509,022	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.93	(b)	03/04/22	Open			2,067,626		2,068,603	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.93	(b)	03/04/22	Open			392,987		393,173	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	03/08/22	Open			262,362		262,463	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	03/15/22	Open			644,681		644,753	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/15/22	Open			189,900		189,934	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.30	(b)	03/16/22	Open			345,220		345,263	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.30	(b)	03/16/22	Open			264,775		264,808	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.50	(b)	03/16/22	Open			146,880		146,911	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.55	(b)	03/16/22	Open			270,994		271,028	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/16/22	Open			330,204		330,293	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/16/22	Open			252,000		252,068	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.70	(b)	03/16/22	Open			281,407		281,460	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	03/16/22	Open			508,866		508,983	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	03/16/22	Open			503,524		503,629	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A.	0.87	(b)	03/16/22	Open			182,750		182,797	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.90	(b)	03/16/22	Open			837,125		837,352	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.93	(b)	03/16/22	Open			704,396		704,596	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/17/22	Open			716,228		716,409	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	03/17/22	Open			237,575		237,654	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.55	(b)	03/17/22	Open			305,550		305,615	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC	0.70	(b)	03/17/22	Open			12,250		12,253	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.70	(b)	03/17/22	Open			313,575		313,660	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.70	(b)	03/17/22	Open			198,088		198,141	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC	0.70	(b)	03/17/22	Open			237,980		238,045	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	03/21/22	Open			347,000		347,053	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.60	(b)	03/21/22	Open			246,750		246,791	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	03/30/22	Open			281,504		281,510	Corporate Bonds	Open/Demand
						$	58,204,629	$	58,305,249

^(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		160		06/21/22	$	19,640	$	(554,447	)
U.S. Long Bond		10		06/21/22		1,502		(23,886	)
2-Year U.S. Treasury Note		208		06/30/22		44,054		(557,026	)
								(1,135,359	)

SCHEDULE    OF   INVESTMENTS 16

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Ultra Long Treasury Note		319		06/21/22	$	43,205	$	1,253,189
Ultra U.S. Treasury Bond		39		06/21/22		6,903		177,616
5-Year U.S. Treasury Note		178		06/30/22		20,391		44,127
								1,474,932
							$	339,573

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	297,996	USD	329,500	Deutsche Bank AG		05/20/22	$	667
USD	339,731	EUR	297,996	The Bank of New York Mellon		05/20/22		9,563
BRL	1,304,412	USD	254,000	Citibank N.A.		06/15/22		14,439
EUR	15,009,000	USD	16,588,172	BNP Paribas SA		06/15/22		60,378
EUR	8,466,060	USD	9,265,341	Morgan Stanley & Co. International PLC		06/15/22		125,533
MXN	11,750,803	USD	551,000	UBS AG		06/15/22		32,295
USD	768,974	IDR	11,012,474,108	JPMorgan Chase Bank N.A.		06/15/22		2,981
								245,856
USD	1,778,192	AUD	2,424,000	State Street Bank and Trust Co.		06/15/22		(37,874	)
USD	149,818	CAD	191,000	Morgan Stanley & Co. International PLC		06/15/22		(2,935	)
USD	16,515,498	EUR	15,009,000	BNP Paribas SA		06/15/22		(133,051	)
USD	22,988,067	EUR	21,008,058	Deutsche Bank AG		06/15/22		(314,864	)
USD	218,776	EUR	198,000	HSBC Bank USA N.A.		06/15/22		(854	)
USD	330,174	EUR	298,000	HSBC Bank USA N.A.		06/15/22		(379	)
USD	16,476,161	EUR	14,873,000	Morgan Stanley & Co. International PLC		06/15/22		(21,533	)
USD	66,223	EUR	60,000	State Street Bank and Trust Co.		06/15/22		(331	)
USD	322,084	EUR	292,000	UBS AG		06/15/22		(1,814	)
USD	2,500,550	GBP	1,917,000	Bank of America N.A.		06/15/22		(16,986	)
USD	1,797,525	GBP	1,372,073	Morgan Stanley & Co. International PLC		06/15/22		(4,375	)
USD	7,956	MXN	169,000	HSBC Bank USA N.A.		06/15/22		(433	)
USD	199,557	ZAR	3,034,635	State Street Bank and Trust Co.		06/15/22		(6,236	)
USD	400,000	ZAR	6,082,751	State Street Bank and Trust Co.		06/15/22		(12,500	)
								(554,165	)
							$	(308,309	)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
iShares iBoxx $ High Yield Corporate Bond ETF		631		05/20/22		USD	82.00		USD	5,192	$	63,416
Put
iShares iBoxx $ Investment Grade Corporate Bond ETF		295		04/14/22		USD	122.00		USD	3,568		52,215
iShares iBoxx $ Investment Grade Corporate Bond ETF		597		04/14/22		USD	121.00		USD	7,220		67,162
iShares iBoxx $ Investment Grade Corporate Bond ETF		597		05/20/22		USD	118.00		USD	7,220		68,655
												188,032
											$	251,448

17

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

OTC Options Purchased

Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)		Value
Put
EUR Currency	Bank of America N.A.		04/08/22		USD	1.08	EUR	9,633	$	5,296

OTC Interest Rate Swaptions Purchased

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

30-Year Interest Rate Swap, 07/08/52

3-Month LIBOR, 0.96%

Quarterly

1.55%

Semi-Annual

Deutsche Bank AG

07/06/22

1.55%

USD

1,041

$

4,784

30-Year Interest Rate Swap, 07/08/52

3-Month LIBOR, 0.96%

Quarterly

1.55%

Semi-Annual

Deutsche Bank AG

07/06/22

1.55

USD

1,041

4,783

$

9,567

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date	Exercise Price			Notional Amount (000)		Value
Put
iShares iBoxx $ Investment Grade Corporate Bond ETF		295	04/14/22		USD	119.00	USD	3,568	$	(12,980	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		597	04/14/22		USD	116.00	USD	7,220		(10,746	)
iShares iBoxx $ High Yield Corporate Bond ETF		631	05/20/22		USD	75.00	USD	5,192		(14,513	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		597	05/20/22		USD	113.00	USD	7,220		(22,387	)
									$	(60,626	)

OTC Options Written

Description	Counterparty		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
EUR Currency		Bank of America N.A.		04/08/22	USD	1.05	EUR	9,633	$	(341	)

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	C+		USD	10,875		$	376,339	$	(32,202	)	$	408,541
CDX.NA.HY.32.V12	5.00		Quarterly	06/20/24	CC-		USD	9,025			481,729		(28,626	)		510,355
CDX.NA.HY.34.V9	5.00		Quarterly	06/20/25	CC+		USD	13,892			830,447		(45,327	)		875,774
										$	1,688,515	$	(106,155	)	$	1,794,670

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

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

SCHEDULE    OF   INVESTMENTS 18

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

Centrally Cleared Interest Rate Swaps

Paid by the Trust		Received by the Trust			Effective		Termination	Notional						Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency		Date		Date	Amount (000)			Value			(Received)			(Depreciation)
0.52%	Semi-Annual	3-Month LIBOR, 0.96%		Quarterly		N/A	06/21/24		USD	5,000	$	215,141		$	78,426		$	136,715
3-Month LIBOR, 0.96%	Quarterly	1.42%		Semi- Annual		N/A	01/11/27		USD	7,808		(372,094	)		(58,134	)		(313,960	)
1-Day SOFR, 0.33%	Annual	1.56%		Annual		N/A	03/08/27		USD	8,805		(274,316	)		80			(274,396	)
1.54%	Semi-Annual	3-Month LIBOR, 0.96%		Quarterly		N/A	05/28/31		USD	230		15,441			4,732			10,709
1-Month MXIBOR, 6.72%	Monthly	7.61%		Monthly		N/A	01/28/32		MXN	17,956		(34,322	)		14			(34,336	)
1-Month MXIBOR, 6.72%	Monthly	7.68%		Monthly		N/A	01/30/32		MXN	9,441		(15,908	)		7			(15,915	)
1.97%	Semi-Annual	3-Month LIBOR, 0.96%		Quarterly		N/A	05/30/51		USD	110		7,131			(1,354	)		8,485
											$	(458,927	)	$	23,771		$	(482,698	)

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)		Notional Amount (000)	(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.9	3.00	%	Monthly	Deutsche Bank AG	09/17/58	N/R		USD	10,000		$	(1,015,085	)	$	(1,215,587	)	$	200,502
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	10,000			(1,015,085	)		(1,059,070	)		43,985
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	15,000			(1,522,627	)		(1,063,921	)		(458,706	)
											$	(3,552,797	)	$	(3,338,578	)	$	(214,219	)

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

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

OTC Interest Rate Swaps

Paid by the Trust		Received by the Trust				Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate		Frequency	Counterparty
1-Day BZDIOVER, 0.04%	Monthly		11.31%	Monthly	Morgan Stanley & Co. International PLC		N/A		01/02/24		BRL	6,179	$	(14,525	)	$	—	$	(14,525	)
1-Day BZDIOVER, 0.04%	Monthly		11.77%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/02/24		BRL	3,362		(2,404	)		—		(2,404	)
													$	(16,929	)	$	—	$	(16,929	)

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

19

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

Fair Value Hierarchy as of Period End (continued)

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	$	—	$	50,260,052	$	443,586	$	50,703,638
Common Stocks		1,183,351		—		171,100		1,354,451
Corporate Bonds
Advertising Agencies		—		158,447		—		158,447
Aerospace & Defense		—		2,300,816		—		2,300,816
Airlines		—		8,837,888		411,872		9,249,760
Auto Components		—		1,680,607		—		1,680,607
Automobiles		—		1,365,578		—		1,365,578
Banks		—		3,261,359		—		3,261,359
Beverages		—		2,905,679		—		2,905,679
Biotechnology		—		1,047,793		—		1,047,793
Building Materials		—		373,436		—		373,436
Building Products		—		857,705		—		857,705
Capital Markets		—		718,040		—		718,040
Chemicals		—		4,410,399		—		4,410,399
Commercial Services & Supplies		—		2,616,982		—		2,616,982
Construction & Engineering		—		107,611		—		107,611
Construction Materials		—		826,200		—		826,200
Consumer Discretionary		—		441,880		—		441,880
Consumer Finance		—		423,769		—		423,769
Containers & Packaging		—		1,388,032		—		1,388,032
Diversified Consumer Services		—		230,100		—		230,100
Diversified Financial Services		—		4,109,577		2,375,746		6,485,323
Diversified Telecommunication Services		—		4,546,441		—		4,546,441
Electric Utilities		—		3,003,156		—		3,003,156
Electrical Equipment		—		30,217		—		30,217
Energy Equipment & Services		—		973,418		—		973,418
Environmental, Maintenance & Security Service		—		301,723		—		301,723
Equity Real Estate Investment Trusts (REITs)		—		4,183,206		—		4,183,206
Food & Staples Retailing		—		2,693,473		—		2,693,473
Food Products		—		677,513		—		677,513
Health Care Equipment & Supplies		—		188,948		—		188,948
Health Care Providers & Services		—		8,254,159		—		8,254,159
Health Care Technology		—		262,262		—		262,262
Hotels, Restaurants & Leisure		—		11,670,316		—		11,670,316
Household Durables		—		10,138,489		—		10,138,489
Independent Power and Renewable Electricity Producers		—		3,850,935		—		3,850,935
Industrial Conglomerates		—		129,600		—		129,600
Insurance		—		1,248,138		—		1,248,138
Interactive Media & Services		—		497,299		—		497,299
Internet & Direct Marketing Retail		—		457,436		—		457,436
IT Services		—		993,757		—		993,757
Machinery		—		587,173		—		587,173
Media		—		5,207,400		—		5,207,400
Metals & Mining		—		5,185,374	��	—		5,185,374
Oil, Gas & Consumable Fuels		—		15,330,738		853,362		16,184,100
Personal Products		—		204,884		—		204,884
Pharmaceuticals		—		2,244,739		—		2,244,739
Producer Durables: Miscellaneous		—		301,889		—		301,889
Real Estate Management & Development		—		7,450,157		—		7,450,157
Road & Rail		—		1,074,182		—		1,074,182
Semiconductors & Semiconductor Equipment		188,220		443,303		—		631,523

SCHEDULE    OF   INVESTMENTS 20

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Corporate Bonds (continued)
Software	$	—		$	1,385,696		$	—	$	1,385,696
Specialty Retail		—			280,987			—		280,987
Technology Hardware, Storage & Peripherals		—			625,485			—		625,485
Thrifts & Mortgage Finance		—			1,228,741			—		1,228,741
Tobacco		—			318,052			—		318,052
Transportation Infrastructure		—			1,477,740			—		1,477,740
Utilities		—			4,722,427			—		4,722,427
Wireless Telecommunication Services		—			3,483,016			—		3,483,016
Floating Rate Loan Interests		—			25,686,340			18,561,998		44,248,338
Foreign Agency Obligations		—			14,083,938			—		14,083,938
Investment Companies		2,468,700			—			—		2,468,700
Non-Agency Mortgage-Backed Securities		—			42,719,058			—		42,719,058
Preferred Securities
Capital Trusts		—			20,582,109			—		20,582,109
Preferred Stocks		—			328,925			—		328,925
U.S. Government Sponsored Agency Securities		—			3,141,493			—		3,141,493
Short-Term Securities
Money Market Funds		3,953,744			—			—		3,953,744
Options Purchased
Equity Contracts		251,448			—			—		251,448
Foreign Currency Exchange Contracts		—			5,296			—		5,296
Interest Rate Contracts		—			9,567			—		9,567
	$	8,045,463		$	300,531,145		$	22,817,664	$	331,394,272
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	2,039,157		$	—	$	2,039,157
Foreign Currency Exchange Contracts		—			245,856			—		245,856
Interest Rate Contracts		1,474,932			155,909			—		1,630,841
Liabilities
Credit Contracts		—			(458,706	)		—		(458,706	)
Equity Contracts		(60,626	)		—			—		(60,626	)
Foreign Currency Exchange Contracts		—			(554,506	)		—		(554,506	)
Interest Rate Contracts		(1,135,359	)		(655,536	)		—		(1,790,895	)
	$	278,947		$	772,174		$	—	$	1,051,121

^(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 reporting purposes. As of period end, reverse repurchase agreements of $58,305,249 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, 2021	$	260,152	$	—		$	3,510,918		$	16,135,486		$	19,906,556
Transfers into Level 3		174,894		—			—			—			174,894
Transfers out of Level 3		—		—			(3,817	)		—			(3,817	)
Accrued discounts/premiums		—		—			1,708			10,764			12,472
Net realized gain (loss)		—		—			—			71			71
Net change in unrealized appreciation (depreciation)(a)		8,540		(627,104	)		83,868			13,095			(521,601	)
Purchases		—		798,204			48,303			3,226,119			4,072,626
Sales		—		—			—			(823,537	)		(823,537	)
Closing balance, as of March 31, 2022	$	443,586	$	171,100		$	3,640,980		$	18,561,998		$	22,817,664
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022(a)	$	8,540	$	(627,104	)	$	83,868		$	13,095		$	(521,601	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

21

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $7,809,235. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Corporate Bonds	$	3,640,980	Income	Discount Rate	5%-11%		9%
Floating Rate Loan Interests		11,367,449	Income	Discount Rate	8%-12%		10%
			Estimated Recovery Value	Discount Rate	15%		—
	$	15,008,429

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

Currency Abbreviation
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
MXN	Mexican Peso
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviation
BZDIOVER	Overnight Brazil CETIP — Interbank Rate
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FREMF	Freddie Mac Multifamily Securities
LIBOR	London Interbank Offered Rate
MTN	Medium-Term Note
MXIBOR	Mexico Interbank Offered Rate
PCL	Public Company Limited
PIK	Payment-in-Kind
REMIC	Real Estate Mortgage Investment Conduit
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate
STACR	Structured Agency Credit Risk

SCHEDULE    OF   INVESTMENTS 22