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

Schedule of Investments (unaudited)  September 30, 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	$	1,180,529
Ajax Mortgage Loan Trust(b)
Series 2018-A, Class B, 0.00%, 04/25/58(c)			13		12,784
Series 2018-B, Class B, 0.00%, 02/26/57			31		22,353
Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 7.91%, 01/15/30(a)(b)			1,000		842,502
Anchorage Capital CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 6.80%), 9.26%, 10/13/30(a)(b)			3,050		2,733,778
Apidos CLO XV, Series 2013-15A, Class ERR, (3 mo. LIBOR US + 5.70%), 8.41%, 04/20/31(a)(b)			1,000		828,660
Apres Static CLO Ltd., Series 2019-1A, Class CR, (3 mo. LIBOR US + 4.25%), 6.76%, 10/15/28(a)(b)			500		472,481
ARES LI CLO Ltd., Series 2019-51A, Class ER, (3 mo. LIBOR US + 6.85%), 9.36%, 07/15/34(a)(b)			700		612,911
Ares LV CLO Ltd., Series 2020-55A, Class DR, (3 mo. LIBOR US + 3.15%), 5.66%, 07/15/34(a)(b)			1,000		876,554
Ares XXXVII CLO Ltd., Series 2015-4A, Class DR, (3 mo. LIBOR US + 6.15%), 8.66%, 10/15/30(a)(b)			1,450		1,205,509
BankAmerica Manufactured Housing Contract Trust, Series 1997-2, Class B1, 7.07%, 02/10/22(a)			2,300		737,603
Bean Creek CLO Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.75%), 8.46%, 04/20/31(a)(b)			1,500		1,263,443
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 5.39%, 01/17/28(a)(b)			250		235,296
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 5.91%, 04/20/32(a)(b)			250		221,530
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 9.15%, 07/20/32(a)(b)			2,200		1,900,850
Cedar Funding IX CLO Ltd., Series 2018-9A, Class E, (3 mo. LIBOR US + 5.35%), 8.06%, 04/20/31(a)(b)			2,000		1,672,161
Cedar Funding XIV CLO Ltd.(a)(b)
Series 2021-14A, Class D, (3 mo. LIBOR US + 3.25%), 5.76%, 07/15/33			1,000		879,971
Series 2021-14A, Class E, (3 mo. LIBOR US + 6.34%), 8.85%, 07/15/33			750		643,778
Series 2021-14A, Class SUB, 0.00%, 07/15/33			750		433,500
Deer Creek CLO Ltd., Series 2017-1A, Class E, (3 mo. LIBOR US + 6.35%), 9.06%, 10/20/30(a)(b)			1,000		861,325
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 9.51%, 04/20/34(a)(b)			250		225,865
Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39(b)	CAD		210		138,483
Generate CLO 2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 8.41%, 01/22/31(a)(b)	USD		500		425,312
Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 5.46%, 10/15/30(a)(b)			550		502,312
Goldentree Loan Management U.S. CLO 2 Ltd., Series 2017-2A, Class E, (3 mo. LIBOR US + 4.70%), 7.41%, 11/28/30(a)(b)			1,500		1,222,277
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class ER2, (3 mo. LIBOR US + 5.66%), 8.47%, 10/29/29(a)(b)			500		427,453
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 8.96%, 04/15/33(a)(b)			250		223,827

Security		Par (000)			Value
Asset-Backed Securities (continued)
Highbridge Loan Management Ltd., Series 12A-18, Class D, (3 mo. LIBOR US + 5.15%), 7.89%, 07/18/31(a)(b)	USD		1,120		$	926,999
JP Morgan Mortgage Acquisition Corp., Series 2006- FRE2, Class M2, (1 mo. LIBOR US + 0.54%), 3.62%, 02/25/36(a)			2,787			2,499,916
Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31(b)			315			273,898
Madison Park Funding XXX Ltd.
Series 2018-30A, Class E, (3 mo. LIBOR US + 4.95%), 7.46%, 04/15/29(a)(b)			1,250			1,072,108
Series 2018-30X, Class E, 7.46%, 04/15/29			250			214,422
Mariner Finance Issuance Trust(b)
Series 2019-AA, Class D, 5.44%, 07/20/32			2,500			2,308,618
Series 2020-AA, Class D, 5.75%, 08/21/34			250			225,271
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44(b)			237			218,858
Oceana Australian Fixed Income Trust, A Note Upsize, 8.00%, 09/28/23(d)	AUD		1,210			761,438
OCP CLO Ltd.(a)(b)
Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 5.78%, 04/24/29	USD		600			564,067
Series 2019-16A, Class ER, (3 mo. LIBOR US + 6.35%), 8.78%, 04/10/33			250			218,862
Series 2019-17A, Class ER, (3 mo. LIBOR US + 6.50%), 9.21%, 07/20/32			1,000			834,043
Palmer Square CLO Ltd.(a)(b)
Series 2015-2A, Class CR2, (3 mo. LIBOR US + 2.75%), 5.46%, 07/20/30			250			224,575
Series 2015-2A, Class DR2, (3 mo. LIBOR US + 5.75%), 8.46%, 07/20/30			250			210,665
Series 2018-2A, Class D, (3 mo. LIBOR US + 5.60%), 8.34%, 07/16/31			1,500			1,283,922
Park Avenue Institutional Advisers CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 5.85%), 8.81%, 08/23/31(a)(b)			2,000			1,608,302
Rad CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 10.24%, 01/20/33(a)(b)			500			449,774
Republic Finance Issuance Trust, Series 2020-A, Class D, 7.00%, 11/20/30(b)			700			644,235
Rockford Tower CLO Ltd.(a)(b)
Series 2017-2A, Class ER, (3 mo. LIBOR US + 6.25%), 8.76%, 10/15/29			1,150			967,469
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 5.36%, 10/20/30			970			859,181
Signal Peak CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 9.67%, 04/30/32(a)(b)			250			208,686
Sofi Professional Loan Program LLC, Series 2016-B, Class RC, 0.00%, 04/25/37(b)(d)			—	(e)		224,000
Strata CLO I Ltd.(a)(b)
Series 2018-1A, Class E, (3 mo. LIBOR US + 7.08%), 9.59%, 01/15/31			500			457,794
Series 2018-1A, Class USUB, 0.00%, 01/15/2118			1,750			848,575
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 9.56%, 04/15/33(a)(b)			500			455,206

1

Schedule of Investments (unaudited) (continued) September 30, 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%), 8.76%, 07/15/34(a)(b)	USD		725	$	617,810
Trestles CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 8.53%, 07/25/31(a)(b)			1,900		1,579,099
York CLO 1 Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 3.01%), 5.77%, 10/22/29(a)(b)			250		227,465
Total Asset-Backed Securities — 19.0% (Cost: $50,861,781)					41,788,305
		Shares
Common Stocks
Equity Real Estate Investment Trusts (REITs) — 0.0%
Service Properties Trust			4,000		20,760
Hotels, Restaurants & Leisure — 0.1%
Caesars Entertainment, Inc.(f)			3,435		110,813
Carlson Travel, Inc.			5,800		49,300
					160,113
Oil, Gas & Consumable Fuels — 0.3%
California Resources Corp.(g)			19,725		758,032
Total Common Stocks — 0.4% (Cost: $1,311,348)					938,905
		Par (000)
Corporate Bonds
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc., 3.38%, 03/01/41	USD		178		117,744
Aerospace & Defense — 1.0%
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b)(h)			291		273,140
Rolls-Royce PLC, 1.63%, 05/09/28(i)	EUR		100		69,209
TransDigm, Inc.
6.25%, 03/15/26(b)(h)	USD		1,505		1,459,850
6.38%, 06/15/26			348		328,777
					2,130,976
Airlines — 0.8%
Air France-KLM, 3.88%, 07/01/26(i)	EUR		100		79,599
Allegiant Travel Co., 7.25%, 08/15/27(b)	USD		56		52,780
American Airlines, Inc.(d)
4.87%, 04/22/25			178		175,268
3.93%, 12/15/25			173		166,545
Avianca Midco 2 Ltd., 9.00%, 12/01/28(b)			615		465,234
Azul Investments LLP
5.88%, 10/26/24(i)			200		145,500
7.25%, 06/15/26(b)			220		132,000
Deutsche Lufthansa AG, 2.88%, 05/16/27(i)	EUR		100		76,405
Gol Finance SA(b)
7.00%, 01/31/25	USD		500		231,813
8.00%, 06/30/26			200		120,725
International Consolidated Airlines Group SA, 2.75%, 03/25/25(i)	EUR		100		81,526
					1,727,395

Security		Par (000)		Value
Auto Components — 0.5%
Aptiv PLC, 3.10%, 12/01/51	USD		273	$	152,878
Clarios Global LP/Clarios U.S. Finance Co., 6.25%, 05/15/26(b)(h)			71		67,805
Dana, Inc., 5.63%, 06/15/28			352		290,453
Faurecia SE(i)
3.13%, 06/15/26	EUR		100		82,206
2.75%, 02/15/27			100		75,219
IHO Verwaltungs GmbH, (4.5% PIK), 3.75%, 09/15/26(i)(j)			113		91,088
ZF Finance GmbH(i)
3.00%, 09/21/25			100		86,737
2.00%, 05/06/27			100		75,701
3.75%, 09/21/28			300		228,672
					1,150,759
Automobiles — 0.4%
Constellation Automotive Financing PLC, 4.88%, 07/15/27(i)	GBP		100		75,646
Ford Motor Co., 6.10%, 08/19/32	USD		197		173,675
Ford Motor Credit Co. LLC, 5.58%, 03/18/24			612		599,944
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28(i)	EUR		100		63,463
					912,728
Banks — 1.0%
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%	USD		200		176,475
BBK BSC, 5.50%, 07/09/24(i)			279		270,072
BNP Paribas SA, (5 year CMT + 3.34%), 4.63%, 12/31/99			400		256,078
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%(a)(i)(k)	EUR		400		329,787
Freedom Mortgage Corp., 8.25%, 04/15/25(b)	USD		357		294,967
Grupo Aval Ltd., 4.38%, 02/04/30(b)			580		417,237
Intesa Sanpaolo SpA, (5 year EUR Swap + 6.09%), 5.88%(a)(i)(k)	EUR		250		173,959
NBK Tier 1 Ltd., 3.63%(a)(b)(k)	USD		341		290,340
					2,208,915
Beverages — 1.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36			145		130,680
Anheuser-Busch InBev Worldwide, Inc., 4.50%, 06/01/50(h)			245		201,887
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27(i)	GBP		190		137,416
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)	USD		1,092		1,037,400
OI European Group BV, 2.88%, 02/15/25(i)	EUR		260		228,058
Trivium Packaging Finance BV, 5.50%, 08/15/26(b)	USD		446		398,889
					2,134,330
Biotechnology — 0.2%
Amgen, Inc.
3.00%, 01/15/52			390		243,795
2.77%, 09/01/53			23		13,401
Gilead Sciences, Inc., 2.80%, 10/01/50(h)			403		248,879
					506,075
Building Materials — 0.1%
Cemex SAB de CV, 3.13%, 03/19/26(i)	EUR		300		265,128
Standard Industries, Inc., 4.75%, 01/15/28(b)(h)	USD		46		38,865
					303,993

S C H E D U L E   O F   I N V E S T M E N T  S 2

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Building Products — 0.3%
Home Depot, Inc.
2.38%, 03/15/51	USD		23	$	13,458
2.75%, 09/15/51			335		213,007
3.63%, 04/15/52			107		80,855
Lowe’s Cos., Inc.
3.00%, 10/15/50(h)			413		252,900
4.25%, 04/01/52			100		76,570
SRS Distribution, Inc., 4.63%, 07/01/28(b)			29		24,911
					661,701
Capital Markets — 0.4%
Intercorp Peru Ltd., 3.88%, 08/15/29(b)			200		162,000
Sherwood Financing PLC(i)
4.50%, 11/15/26	EUR		100		74,426
6.00%, 11/15/26	GBP		156		130,419
(3 mo. EURIBOR + 4.63%), 4.95%, 11/15/27(a)	EUR		100		86,650
SURA Asset Management SA, 4.88%, 04/17/24(i)	USD		417		405,220
					858,715
Chemicals — 1.4%
Alpek SAB de CV, 3.25%, 02/25/31(b)			324		238,707
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25(i)	EUR		100		89,674
Braskem Idesa SAPI, 6.99%, 02/20/32(b)	USD		300		198,750
Chemours Co., 4.00%, 05/15/26	EUR		100		84,652
Equate Petrochemical BV, 2.63%, 04/28/28(b)	USD		200		168,725
NOVA Chemicals Corp., 4.88%, 06/01/24(b)			1,407		1,322,045
OCI NV, 3.63%, 10/15/25(i)	EUR		90		85,889
Sasol Financing USA LLC
4.38%, 09/18/26(h)	USD		200		175,350
6.50%, 09/27/28			200		176,975
5.50%, 03/18/31(h)			315		235,620
SCIL IV LLC/SCIL USA Holdings LLC, 4.38%, 11/01/26(i)	EUR		100		77,914
Sherwin-Williams Co., 2.90%, 03/15/52	USD		195		117,194
					2,971,495
Commercial Services & Supplies — 1.0%
AMN Healthcare, Inc., 4.63%, 10/01/27(b)			210		188,387
Avis Budget Finance PLC, 4.13%, 11/15/24(i)	EUR		100		93,364
Loxam SAS, 3.75%, 07/15/26(i)			200		165,414
United Rentals North America, Inc., 4.88%, 01/15/28(h)	USD		1,396		1,279,909
Verisure Holding AB, 3.50%, 05/15/23(i)	EUR		271		264,930
Verisure Midholding AB, 5.25%, 02/15/29(i)			150		108,050
					2,100,054
Construction & Engineering — 0.0%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(a)(i)(k)			100		80,374
Construction Materials — 0.1%
KAR Auction Services, Inc., 5.13%, 06/01/25(b)(h)	USD		180		173,770
Consumer Discretionary(i) — 0.2%
Carnival Corp., 10.13%, 02/01/26	EUR		110		106,189
Q-Park Holding I BV
1.50%, 03/01/25			100		84,732
(3 mo. EURIBOR + 2.00%), 2.62%, 03/01/26(a)			100		84,897
Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26			88		77,226
					353,044
Consumer Finance — 0.2%
Encore Capital Group, Inc., 4.88%, 10/15/25(i)			200		182,291

Security		Par (000)		Value
Consumer Finance (continued)
Moody’s Corp.
2.55%, 08/18/60	USD		6	$	3,258
3.10%, 11/29/61			17		10,358
Muthoot Finance Ltd., 6.13%, 10/31/22(b)			200		198,663
Visa, Inc., 2.00%, 08/15/50			23		13,165
					407,735
Containers & Packaging — 0.7%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal
Packaging Finance PLC, 3.25%, 09/01/28(b)			493		402,268
Klabin Austria GmbH, 3.20%, 01/12/31(b)			305		221,888
Suzano Austria GmbH
3.13%, 01/15/32			290		207,531
7.00%, 03/16/47(b)			773		695,893
					1,527,580
Diversified Consumer Services — 0.1%
Rekeep SpA, 7.25%, 02/01/26(i)	EUR		200		171,509
Diversified Financial Services — 2.0%
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)	USD		428		399,110
Bank of America Corp.(a)
(1 day SOFR + 1.56%), 2.97%, 07/21/52			23		14,106
(3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51(h)			325		245,142
Garfunkelux Holdco 3 SA(i)
6.75%, 11/01/25	EUR		300		226,774
7.75%, 11/01/25	GBP		100		87,091
Goldman Sachs Group, Inc.
4.80%, 07/08/44	USD		195		161,511
(1 day SOFR + 1.47%), 2.91%, 07/21/42(a)			23		14,788
Intercontinental Exchange, Inc., 3.00%, 09/15/60			23		13,748
Intrum AB, 4.88%, 08/15/25(i)	EUR		100		86,356
JPMorgan Chase & Co.(a)
(1 day SOFR + 1.51%), 2.53%, 11/19/41	USD		23		14,359
(1 day SOFR + 1.58%), 3.33%, 04/22/52			380		250,506
Lloyds Banking Group PLC, (5 year USD Swap + 4.76%), 7.50%(a)(k)			500		464,115
Morgan Stanley, (1 day SOFR + 1.43%), 2.80%, 01/25/52(a)			23		13,885
Oceana Australian Fixed Income Trust, 10.00%, 08/31/23(d)	AUD		2,424		1,556,403
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(b)	USD		661		387,635
ProGroup AG, 3.00%, 03/31/26(i)	EUR		100		80,266
Sun Country Airlines Holdings, Inc., 7.00%, 12/15/23(d)	USD		473		459,442
					4,475,237
Diversified Telecommunication Services — 1.4%
Level 3 Financing, Inc.(b)
4.25%, 07/01/28			975		760,510
3.63%, 01/15/29			865		640,437
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(j)			375		107,578
SoftBank Group Corp.(i)
4.75%, 07/30/25	EUR		300		266,374
3.13%, 09/19/25			200		167,868
Telecom Italia Capital SA, 6.38%, 11/15/33	USD		1,239		963,236
Verizon Communications, Inc. 2.88%, 11/20/50(h)			195		119,244

3

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. (continued)
3.55%, 03/22/51	USD		198	$	139,226
2.99%, 10/30/56			23		13,672
					3,178,145
Electric Utilities — 1.3%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30(i)			212		166,950
Comision Federal de Electricidad, 4.88%, 01/15/24			400		391,000
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(b) .			305		218,456
Oryx Funding Ltd., 5.80%, 02/03/31(b)			200		177,663
Talen Energy Supply LLC(b)(f)(l)
7.25%, 05/15/27			1,243		1,270,967
6.63%, 01/15/28			675		683,438
					2,908,474
Electrical Equipment(i) — 0.0%
Pearl Holding II Ltd., (6.00% PIK), 6.00%(j)(k)			95		2,659
Pearl Holding III Ltd., 9.00%, 10/22/25			76		27,170
					29,829
Energy Equipment & Services — 0.7%
Petroleos Mexicanos
8.75%, 06/02/29(b)			406		344,325
6.70%, 02/16/32			381		266,090
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24(b)(h)			827		802,287
Vallourec SA, 8.50%, 06/30/26(i)	EUR		42		38,378
					1,451,080
Environmental, Maintenance & Security Service — 0.1%
Covanta Holding Corp., 4.88%, 12/01/29(b)	USD		22		17,782
Republic Services, Inc., 3.05%, 03/01/50			345		232,775
					250,557
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp., 3.10%, 06/15/50(h)			218		135,744
Crown Castle, Inc., 2.90%, 04/01/41			195		126,604
Equinix, Inc.
3.00%, 07/15/50			11		6,740
2.95%, 09/15/51			195		116,800
Mid-America Apartments LP, 2.88%, 09/15/51			28		17,490
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.Issuer, 4.88%, 05/15/29(b)			87		70,470
Service Properties Trust
4.50%, 06/15/23(h)			865		844,456
4.35%, 10/01/24			24		21,246
7.50%, 09/15/25			69		64,515
Trust Fibra Uno, 5.25%, 01/30/26(b)			230		208,193
XHR LP(b)
6.38%, 08/15/25			148		142,038
4.88%, 06/01/29			27		22,262
					1,776,558
Food & Staples Retailing — 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.63%, 01/15/27(b)			360		321,776
Bellis Acquisition Co. PLC, 3.25%, 02/16/26(i)	GBP		200		168,045
General Mills, Inc., 3.00%, 02/01/51	USD		385		249,769
Market Bidco Finco PLC, 5.50%, 11/04/27(i)	GBP		100		86,354
Ocado Group PLC, 3.88%, 10/08/26(i)			100		81,443

Security		Par (000)		Value
Food & Staples Retailing (continued)
Picard Groupe SAS, 3.88%, 07/01/26(i)	EUR		100	$	81,834
Walmart, Inc., 2.65%, 09/22/51	USD		23		15,431
					1,004,652
Food Products — 0.1%
Frigorifico Concepcion SA, 7.70%, 07/21/28(b)			200		156,412
Louis Dreyfus Co. Finance BV, 1.63%, 04/28/28(i)	EUR		200		158,705
					315,117
Health Care Equipment & Supplies — 0.0%
Becton Dickinson & Co., 3.79%, 05/20/50	USD		88		65,819
Danaher Corp., 2.80%, 12/10/51			23		14,797
					80,616
Health Care Providers & Services — 2.7%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28(b)			55		50,189
Elevance Health, Inc., 3.13%, 05/15/50			195		128,982
HCA, Inc.			696		574,701
3.50%, 09/01/30(h)
3.50%, 07/15/51			23		14,241
Medline Borrower LP, 3.88%, 04/01/29(b)			1,052		843,378
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25(i)	EUR		100		91,635
Select Medical Corp., 6.25%, 08/15/26(b)	USD		780		733,918
Tenet Healthcare Corp.(b)
4.63%, 09/01/24			901		872,024
4.88%, 01/01/26			1,488		1,382,754
4.63%, 06/15/28			49		42,824
4.25%, 06/01/29			1,124		930,953
4.38%, 01/15/30			111		92,652
UnitedHealth Group, Inc., 2.90%, 05/15/50			23		15,106
Universal Health Services, Inc., 2.65%, 10/15/30(b)			137		101,357
					5,874,714
Health Care Technology — 0.1%
CAB SELAS, 3.38%, 02/01/28(i)	EUR		149		111,244
Chrome Bidco SASU, 3.50%, 05/31/28(i)			100		77,546
Roche Holdings, Inc., 2.61%, 12/13/51(b)	USD		23		14,996
					203,786
Hotels, Restaurants & Leisure — 4.0%
Affinity Gaming, 6.88%, 12/15/27(b)			367		299,178
Boyd Gaming Corp., 4.75%, 12/01/27			797		705,353
Caesars Entertainment, Inc.(b)
6.25%, 07/01/25			486		468,383
8.13%, 07/01/27			314		299,897
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)			144		138,946
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b)			9		7,860
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(b)			220		211,625
Cirsa Finance International SARL, 4.75%, 05/22/25(i)	EUR		100		87,224
CPUK Finance Ltd., 6.50%, 08/28/26(i)	GBP		100		101,262
Dave & Buster’s, Inc., 7.63%, 11/01/25(b)	USD		35		34,475
Fortune Star BVI Ltd., 6.85%, 07/02/24(i)			200		87,500
Full House Resorts, Inc., 8.25%, 02/15/28(b)			29		26,104
Golden Entertainment, Inc., 7.63%, 04/15/26(b)(h)			274		270,205
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29(b)			361		291,363
International Game Technology PLC, 6.50%, 02/15/25(b)			365		364,088
IRB Holding Corp., 7.00%, 06/15/25(b)			151		150,044

S C H E D U L E   O F   I N V E S T M E N T  S 4

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Marriott International, Inc.(h)
Series FF, 4.63%, 06/15/30	USD		106	$	95,790
Series GG, 3.50%, 10/15/32			508		408,545
Marriott Ownership Resorts, Inc.(b)
6.13%, 09/15/25			278		271,825
4.50%, 06/15/29			370		292,413
MGM Resorts International
4.63%, 09/01/26			355		313,969
5.50%, 04/15/27			355		318,971
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b)			218		179,583
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(b)			746		802,883
Scientific Games International, Inc., 7.00%, 05/15/28(b)(h)			464		437,482
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/25(b)			669		682,380
Stonegate Pub Co. Financing PLC(i)
8.00%, 07/13/25	GBP		100		97,307
8.25%, 07/31/25			200		194,838
Studio City Finance Ltd., 5.00%, 01/15/29(b)	USD		200		95,000
Travel & Leisure Co., 6.63%, 07/31/26(b)			189		177,044
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(b)
5.50%, 03/01/25			391		366,074
5.25%, 05/15/27			7		6,161
Wynn Macau Ltd., 5.50%, 01/15/26(i)			200		150,380
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)			482		389,552
					8,823,704
Household Durables — 3.6%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
6.63%, 01/15/28			495		414,833
4.63%, 08/01/29			66		47,919
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b)
6.25%, 09/15/27			541		454,132
5.00%, 06/15/29			27		19,987
Century Communities, Inc., 6.75%, 06/01/27			110		102,786
Forestar Group, Inc.(b)
3.85%, 05/15/26			560		460,606
5.00%, 03/01/28			669		536,692
M/I Homes, Inc., 4.95%, 02/01/28			510		424,690
PulteGroup, Inc., 7.88%, 06/15/32			1,138		1,175,946
Taylor Morrison Communities, Inc.(b)(h)
5.88%, 06/15/27			647		602,519
5.75%, 01/15/28			2,269		1,991,411
Tri Pointe Homes, Inc.
5.25%, 06/01/27(h)			505		436,673
5.70%, 06/15/28			38		32,325
William Lyon Homes, Inc., 6.63%, 07/15/27(b)			1,298		1,220,120
					7,920,639
Independent Power and Renewable Electricity Producers — 1.3%
Calpine Corp.(b)
4.50%, 02/15/28			1,523		1,341,748
5.13%, 03/15/28			722		620,101
Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27(b)			217		176,599
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26(i)			100		83,125

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
India Cleantech Energy, 4.70%, 08/10/26(b)	USD		237	$	179,930
SCC Power PLC(b)(j)
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32			738		53,902
(8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28			1,362		506,793
					2,962,198
Insurance — 0.2%
American International Group, Inc., 4.38%, 06/30/50			250		200,056
Galaxy Bidco Ltd., 6.50%, 07/31/26(i)	GBP		220		200,197
					400,253
Interactive Media & Services — 0.1%
Alphabet, Inc., 2.25%, 08/15/60	USD		23		12,931
United Group BV, 4.88%, 07/01/24(i)	EUR		130		118,330
					131,261
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc.
3.10%, 05/12/51	USD		355		248,526
2.70%, 06/03/60			23		13,569
					262,095
Internet Software & Services — 0.1%
NortonLifeLock, Inc., 6.75%, 09/30/27(b)			120		115,144
IT Services — 0.2%
Centurion Bidco SpA, 5.88%, 09/30/26(i)	EUR		200		171,548
International Business Machines Corp., 2.95%, 05/15/50(h)	USD		218		137,396
La Financiere Atalian SASU, 6.63%, 05/15/25(i)	GBP		200		212,591
					521,535
Machinery — 0.2%
TK Elevator Midco GmbH(i)
4.38%, 07/15/27	EUR		115		94,391
(3 mo. EURIBOR + 4.75%), 4.75%, 07/15/27(a)			173		157,506
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)	USD		274		232,958
					484,855
Media — 1.5%
Altice Financing SA(i)
2.25%, 01/15/25	EUR		180		154,922
4.25%, 08/15/29			100		75,717
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.85%, 04/01/61	USD		23		13,428
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/27(b)			738		623,416
Comcast Corp.
2.89%, 11/01/51			235		147,164
2.45%, 08/15/52			23		13,039
CSC Holdings LLC, 5.38%, 02/01/28(b)			360		314,100
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(b)			200		158,000
Lorca Telecom Bondco SA, 4.00%, 09/18/27(i)	EUR		150		127,682
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(a)(i)(k)	USD		200		183,788
Nexstar Media, Inc., 5.63%, 07/15/27(b)			733		673,852
Sable International Finance Ltd., 5.75%, 09/07/27(i)			260		227,175
SES SA, (5 year EUR Swap + 5.40%), 5.63%(a)(i)(k)	EUR		100		93,967
Sirius XM Radio, Inc.(b)(h)
5.00%, 08/01/27	USD		70		64,225
5.50%, 07/01/29			66		59,366

5

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Media (continued)
Summer BC Holdco B SARL, 5.75%, 10/31/26(i)	EUR		131		$	109,154
TEGNA, Inc., 4.63%, 03/15/28	USD		301			277,899
Tele Columbus AG, 3.88%, 05/02/25(i)	EUR		100			79,032
Walt Disney Co., 2.75%, 09/01/49	USD		23			14,593
						3,410,519
Metals & Mining — 1.4%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200			155,475
Commercial Metals Co.
4.13%, 01/15/30			1,356			1,113,298
3.88%, 02/15/31			381	��		298,789
Freeport Indonesia PT, 4.76%, 04/14/27(i)			344			311,320
Metinvest BV(i)
8.50%, 04/23/26			296			133,200
7.65%, 10/01/27			400			182,325
Nexa Resources SA, 5.38%, 05/04/27(b)			462			409,678
Periama Holdings LLC, 5.95%, 04/19/26(i)			200			173,250
thyssenkrupp AG, 1.88%, 03/06/23(i)	EUR		127			122,002
Vedanta Resources Finance II PLC, 8.95%, 03/11/25(b)	USD		320			216,800
						3,116,137
Oil, Gas & Consumable Fuels — 4.8%
Buckeye Partners LP, 4.13%, 03/01/25(b)			195			178,474
California Resources Corp., 7.13%, 02/01/26(b)			378			355,320
Cheniere Energy Partners LP
4.50%, 10/01/29			335			294,931
3.25%, 01/31/32			38			29,178
Cheniere Energy, Inc., 4.63%, 10/15/28			75			68,800
Chesapeake Energy Corp.(b)
5.50%, 02/01/26			110			105,325
5.88%, 02/01/29			40			37,095
Citgo Holding, Inc., 9.25%, 08/01/24(b)			306			303,632
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)			54			51,698
Ecopetrol SA
4.13%, 01/16/25			440			400,757
4.63%, 11/02/31			299			208,179
EG Global Finance PLC, 4.38%, 02/07/25(i)	EUR		144			121,369
EIG Pearl Holdings SARL, 3.55%, 08/31/36(b)	USD		401			318,795
Geopark Ltd., 5.50%, 01/17/27(b)			205			160,643
Hammerhead Resources, Inc., Series AI, (12.00% PIK), 9.00%, 07/10/22(d)(j)			442			441,431
HTA Group Ltd., 7.00%, 12/18/25(b)			415			361,387
IHS Holding Ltd., 6.25%, 11/29/28(b)			305			234,812
Kinetik Holdings LP, 5.88%, 06/15/30(b)			47			43,036
Leviathan Bond Ltd., 5.75%, 06/30/23(b)(i)			124			122,006
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(b)			315			233,100
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26(i)			200			171,250
Neptune Energy Bondco PLC, 6.63%, 05/15/25(b)(h)			200			185,673
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(h)			1,032			1,043,027
Oil & Gas Holding Co. BSCC, 7.63%, 11/07/24(i)			263			260,423
OQ SAOC, 5.13%, 05/06/28(b)			286			255,756
Permian Resources Operating LLC(b)
5.38%, 01/15/26(h)			1,841			1,679,912
6.88%, 04/01/27			127			122,867
Petroleos Mexicanos
6.50%, 03/13/27(h)			734			614,652
5.95%, 01/28/31			514			345,973
6.38%, 01/23/45			288			158,544
Puma International Financing SA, 5.13%, 10/06/24(b)			442			417,690

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
SM Energy Co., 6.75%, 09/15/26	USD		341	$	328,212
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27(h)			27		25,746
4.50%, 05/15/29			67		55,580
4.50%, 04/30/30			427		349,072
Transocean Guardian Ltd., 5.88%, 01/15/24(b)(h)			131		123,686
UGI International LLC, 2.50%, 12/01/29(i)	EUR		100		72,924
Vivo Energy Investments BV, 5.13%, 09/24/27(b)	USD		400		364,000
					10,644,955
Personal Products — 0.1%
Coty, Inc., 3.88%, 04/15/26(i)	EUR		100		88,205
GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/52(b)	USD		315		233,122
					321,327
Pharmaceuticals — 0.7%
AbbVie, Inc., 4.88%, 11/14/48			300		263,780
AstraZeneca PLC
2.13%, 08/06/50			23		13,241
3.00%, 05/28/51(h)			320		221,807
Bristol-Myers Squibb Co., 2.55%, 11/13/50			23		14,171
Cheplapharm Arzneimittel GmbH(i)
3.50%, 02/11/27	EUR		100		80,022
4.38%, 01/15/28			331		265,920
CVS Health Corp., 5.05%, 03/25/48	USD		195		171,729
Eli Lilly & Co., 2.25%, 05/15/50			23		14,228
Johnson & Johnson, 2.25%, 09/01/50			23		14,181
Merck & Co., Inc.
2.45%, 06/24/50			23		14,153
2.75%, 12/10/51			103		67,083
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24(i)	EUR		172		152,555
Rossini SARL(i)
6.75%, 10/30/25			100		94,819
(3 mo. EURIBOR + 3.88%), 4.14%, 10/30/25(a)			100		92,982
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/27			100		82,404
4.38%, 05/09/30			100		77,075
					1,640,150
Producer Durables: Miscellaneous — 0.1%
Salesforce, Inc., 2.90%, 07/15/51	USD		363		239,775
Real Estate Management & Development — 1.5%
Adler Group SA(i)
3.25%, 08/05/25	EUR		300		161,708
2.75%, 11/13/26			100		49,003
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(b)	USD		510		454,792
China Aoyuan Group Ltd., 7.95%, 02/19/23(f)(i)(l)			400		25,450
China Evergrande Group(f)(i)(l)
9.50%, 04/11/22			200		12,475
11.50%, 01/22/23			200		12,725
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24(i)	EUR		100		70,926
Fantasia Holdings Group Co. Ltd.(f)(i)(l)
11.75%, 10/17/22	USD		400		34,000
9.25%, 07/28/23			200		17,000
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)			750		596,556
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%(a)(i)(k)	EUR		100		56,902
Howard Hughes Corp., 5.38%, 08/01/28(b)(h)	USD		981		814,230

S C H E D U L E   O F   I N V E S T M E N T  S 6

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Real Estate Management & Development (continued)
JGC Ventures Pte. Ltd.(j)
(3.00% PIK), 3.00%, 06/30/25(f)(i)(l)	USD		239		$	106,643
(3.00% PIK), 3.00%, 06/30/25			4			1,561
(3.00% PIK), 3.00%, 06/30/25			—	(e)		114
Jingrui Holdings Ltd., 12.00%, 07/25/22(f)(i)(l)			200			38,732
Kaisa Group Holdings Ltd.(f)(i)(l)
11.95%, 10/22/22			200			20,912
11.95%, 11/12/23			200			19,500
MAF Sukuk Ltd.(i)
4.64%, 05/14/29			250			238,719
3.93%, 02/28/30			243			221,176
Modern Land China Co. Ltd.(f)(i)(l)
11.50%, 11/13/22			240			37,200
9.80%, 04/11/23			200			31,000
Redsun Properties Group Ltd., 10.50%, 10/03/22(f)(i)(l)			200			14,000
Ronshine China Holdings Ltd.(f)(i)(l)
7.35%, 12/15/23			200			11,000
7.10%, 01/25/25			200			11,000
Sinic Holdings Group Co. Ltd., 10.50%, 06/18/22(f)(l)			200			2,000
Yango Justice International Ltd.(f)(l)
10.25%, 09/15/22			250			11,922
7.88%, 09/04/24(i)			200			10,000
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24(i)			200			166,000
Yuzhou Group Holdings Co. Ltd.(f)(i)(l)
7.70%, 02/20/25			200			12,500
7.38%, 01/13/26			400			25,000
						3,284,746
Road & Rail — 0.4%
Canadian Pacific Railway Co., 3.10%, 12/02/51			340			223,193
CMA CGM SA, 7.50%, 01/15/26(i)	EUR		236			234,935
CSX Corp., 2.50%, 05/15/51	USD		23			13,766
Getlink SE, 3.50%, 10/30/25(i)	EUR		175			156,073
Norfolk Southern Corp., 2.90%, 08/25/51	USD		340			215,337
						843,304
Semiconductors & Semiconductor Equipment — 0.2%
ams-OSRAM AG, Series AMS, 0.00%, 03/05/25(i)(m)	EUR		200			155,493
Analog Devices, Inc., 2.95%, 10/01/51	USD		104			69,247
Broadcom, Inc., 3.75%, 02/15/51(b)(h)			390			255,758
Intel Corp., 3.10%, 02/15/60			4			2,413
NXP BV/NXP Funding LLC/NXP USA, Inc., 3.25%, 11/30/51			23			13,742
						496,653
Software — 0.6%
Boxer Parent Co., Inc., 6.50%, 10/02/25(i)	EUR		100			91,635
Microsoft Corp.
2.92%, 03/17/52	USD		310			218,642
2.68%, 06/01/60			23			14,462
Oracle Corp.
3.60%, 04/01/50(h)			673			421,098
3.95%, 03/25/51			48			31,834
Picard Midco, Inc., 6.50%, 03/31/29			239			201,883
Playtika Holding Corp., 4.25%, 03/15/29(b)			436			348,687
						1,328,241
Specialty Retail — 0.1%
Goldstory SASU, 5.38%, 03/01/26(i)	EUR		254			211,593
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc. 2.40%, 08/20/50	USD		23			14,275

Security		Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc. (continued)
2.65%, 02/08/51(h)	USD		195	$	128,024
Dell International LLC/EMC Corp.
8.35%, 07/15/46(h)			49		52,852
3.45%, 12/15/51(b)			23		13,075
					208,226
Thrifts & Mortgage Finance — 0.5%
doValue SpA, 3.38%, 07/31/26(i)	EUR		259		206,607
Jerrold Finco PLC(i)
4.88%, 01/15/26	GBP		100		86,533
5.25%, 01/15/27			100		83,350
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27(b)	USD		24		20,490
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.(b)
3.63%, 03/01/29			541		416,381
3.88%, 03/01/31			122		88,432
United Wholesale Mortgage LLC, 5.75%, 06/15/27(b)			374		296,359
					1,198,152
Transportation Infrastructure — 0.5%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(b)			310		220,836
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)			347		320,281
DP World Salaam, (5 year CMT + 5.75%), 6.00%(a)(i)(k)			200		192,813
FedEx Corp., 4.05%, 02/15/48			195		142,897
Mexico City Airport Trust, 5.50%, 07/31/47(i)			300		185,910
					1,062,737
Utilities — 1.2%
Electricite de France SA, (12 year EUR Swap + 3.04%), 5.00%(a)(i)(k)	EUR		100		85,264
FEL Energy VI SARL, 5.75%, 12/01/40	USD		282		193,081
Genneia SA, 8.75%, 09/02/27(b)			197		182,239
Inkia Energy Ltd., 5.88%, 11/09/27(b)			278		255,760
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(i)			325		252,281
Orano SA, 2.75%, 03/08/28(i)	EUR		100		84,724
Thames Water Kemble Finance PLC, 4.63%, 05/19/26(i)	.		293		271,525
Veolia Environnement SA, (5 year EUR Swap + 2.84%), 2.50%(a)(i)(k)	EUR		700		523,829
Vistra Operations Co. LLC, 5.00%, 07/31/27(b)	USD		792		715,374
					2,564,077
Wireless Telecommunication Services — 2.0%
Altice France SA(i)
2.50%, 01/15/25	EUR		141		122,321
2.13%, 02/15/25			148		126,721
5.88%, 02/01/27			100		84,544
4.25%, 10/15/29			200		147,929
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31	USD		350		286,095
Kenbourne Invest SA, 6.88%, 11/26/24(b)(h)			400		371,325
Millicom International Cellular SA, 4.50%, 04/27/31(b)			380		272,650
T-Mobile USA, Inc., 3.30%, 02/15/51(h)			390		254,084
VICI Properties LP/VICI Note Co., Inc.(b)
5.63%, 05/01/24			1,895		1,861,824
4.63%, 06/15/25			123		115,746
4.63%, 12/01/29			422		366,102

7

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Wireless Telecommunication Services (continued)
Vmed O2 U.K. Financing I PLC(i)
3.25%, 01/31/31	EUR		133		$	98,165
4.50%, 07/15/31	GBP		300			236,988
						4,344,494
Total Corporate Bonds — 44.7% (Cost: $123,240,343)						98,584,427
Floating Rate Loan Interests(a)
Air Freight & Logistics — 0.0%
Kestrel Bidco, Inc., Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.99%, 12/11/26	USD		—	(e)		407
Building Materials — 0.7%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 6.07%, 04/12/28			1,935			1,588,289
Chemicals — 0.1%
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.81%, 03/16/27			266			246,777
Commercial Services & Supplies — 0.5%
Interface Security Systems LLC, Term Loan, (3 mo. LIBOR + 7.00%, 7.00% PIK), 7.88%, 08/07/23(d)(j)			1,116			1,079,545
Diversified Financial Services — 6.2%
Colorado Plaza, Term Loan, (1 mo. LIBOR + 6.94%), 9.76%, 05/15/24(d)			4,118			3,747,059
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 6.73%, 02/17/23(d)			112			1,904
LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27			102			88,973
Luxembourg Life Fund, 2021 Term Loan, (3 mo. LIBOR + 9.25%), 12.92%, 04/01/23(d)			6,745			6,710,917
Oceana Australian Fixed Income Trust, A Note Upsize, 8.00%, 01/21/24(d)	AUD		4,300			2,702,361
White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 6.78%, 10/19/27	USD		428			400,016
						13,651,230
Equity Real Estate Investment Trusts (REITs) — 0.0%
Magnum Intermediate Holdings I LLC, 2nd Lien Term Loan, (Defaulted), 0.00%, 01/01/59(d)(f)(l)			17,000			2
Health Care Providers & Services — 0.1%
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 5.62%, 03/06/25			240			231,862
Hotels, Restaurants & Leisure — 0.5%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 6.87%, 02/02/26			400			351,147
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 10.62%, 05/01/28			269			264,571
Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFR + 4.00%, 0.50% Floor), 7.03%, 01/27/29			588			544,382
						1,160,100

Security		Par (000)		Value
Industrial Conglomerates — 0.7%
Robertshaw U.S. Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.63%, 02/28/25(d)	USD		1,717	$	1,416,156
Media — 0.5%
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.62%, 12/11/26			828		768,424
Diamond Sports Group LLC, Term Loan, (PRIME + 3.35%), 5.95%, 08/24/26			1,484		286,459
					1,054,883
Thrifts & Mortgage Finance — 1.4%
Caliber Home Loans, Inc., 2018 Revolver, (1 mo. LIBOR + 3.25%), 5.81%, 07/24/25(d)			3,000		2,981,400
Trading Companies & Distributors — 0.0%
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 6.06%, 01/31/28			66		58,952
Total Floating Rate Loan Interests — 10.7% (Cost: $32,882,278)					23,469,603
Foreign Agency Obligations
Bahrain — 0.3%
Bahrain Government International Bond(i)
7.00%, 01/26/26			295		294,871
5.45%, 09/16/32			314		249,630
					544,501
Chile — 0.1%
Chile Government International Bond
4.34%, 03/07/42			213		169,016
4.00%, 01/31/52			200		146,000
					315,016
Colombia — 0.5%
Colombia Government International Bond
4.50%, 01/28/26			211		193,170
3.88%, 04/25/27			573		485,546
3.13%, 04/15/31			400		277,575
4.13%, 05/15/51(h)			350		186,769
					1,143,060
Dominican Republic — 0.5%
Dominican Republic International Bond
5.95%, 01/25/27(h)(i)			379		351,475
5.50%, 02/22/29(b)			240		205,545
4.50%, 01/30/30(b)(h)			150		117,637
4.88%, 09/23/32(b)			150		111,919
6.40%, 06/05/49(i)			368		263,189
					1,049,765
Egypt — 0.2%
Egypt Government International Bond(b)
5.75%, 05/29/24			265		234,525
8.50%, 01/31/47			200		110,750
7.50%, 02/16/61			200		102,500
					447,775

S C H E D U L E   O F   I N V E S T M E N T  S 8

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Guatemala — 0.4%
Guatemala Government Bond
4.50%, 05/03/26(i)	USD		201	$	189,355
5.25%, 08/10/29(b)			200		179,600
3.70%, 10/07/33(i)			361		259,649
4.65%, 10/07/41(b)			219		152,314
					780,918
Hungary — 0.3%
Hungary Government International Bond
5.38%, 03/25/24			330		323,977
5.25%, 06/16/29(b)			310		279,543
					603,520
Indonesia — 0.2%
Indonesia Government International Bond, 5.35%, 02/11/49(h)			315		280,385
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27(b)			215		206,400
					486,785
Ivory Coast — 0.2%
Ivory Coast Government International Bond, 6.38%, 03/03/28(i)			608		539,144
Mexico — 0.2%
Mexico Government International Bond
4.88%, 05/19/33			400		351,600
4.35%, 01/15/47(h)			230		162,049
					513,649
Mongolia — 0.1%
Mongolia Government International Bond, 5.13%, 04/07/26(i)			200		155,022
Morocco — 0.4%
Morocco Government International Bond(b)
2.38%, 12/15/27			464		379,697
3.00%, 12/15/32(h)			583		406,387
					786,084
Nigeria — 0.2%
Nigeria Government International Bond
8.38%, 03/24/29(b)			441		313,110
7.88%, 02/16/32(i)			343		217,805
					530,915
Oman — 0.4%
Oman Government International Bond(i)
6.50%, 03/08/47			457		354,746
6.75%, 01/17/48			400		318,500
7.00%, 01/25/51			329		269,780
					943,026
Panama — 0.3%
Panama Government International Bond
3.88%, 03/17/28			563		510,148
4.50%, 04/16/50			210		145,202
					655,350

Security		Par (000)		Value
Paraguay — 0.2%
Paraguay Government International Bond(i)
5.60%, 03/13/48	USD		321	$	240,108
5.40%, 03/30/50			200		146,912
					387,020
Peru — 0.2%
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25(i)			361		347,305
Peruvian Government International Bond, 3.30%, 03/11/41			240		165,000
					512,305
Romania — 0.4%
Romanian Government International Bond
5.25%, 11/25/27(b)			406		367,430
2.88%, 03/11/29(i)	EUR		228		170,703
2.50%, 02/08/30(i)			244		170,726
4.00%, 02/14/51(i)	USD		230		127,118
					835,977
Saudi Arabia — 0.1%
Saudi Government International Bond, 3.75%, 01/21/55(i)			230		170,200
South Africa — 0.3%
Republic of South Africa Government International Bond
4.85%, 09/30/29			340		279,607
5.88%, 04/20/32			440		363,000
5.00%, 10/12/46			200		120,725
					763,332
Sri Lanka — 0.0%
Sri Lanka Government International Bond, 6.35%, 06/28/24(f)(i)(l)			200		48,913
Ukraine — 0.1%
Ukraine Government International Bond(f)(i)(l)
8.99%, 02/01/26			447		92,753
7.75%, 09/01/27			369		73,800
					166,553
Total Foreign Agency Obligations — 5.6% (Cost: $15,766,808)					12,378,830
		Shares
Investment Companies
Fixed Income Funds — 0.7%
iShares iBoxx $ High Yield Corporate Bond ETF(g)(n)			22,500		1,606,275
Total Investment Companies — 0.7% (Cost: $1,787,578)					1,606,275
		Par (000)
Municipal Bonds
Puerto Rico(a) — 0.2%
Commonwealth of Puerto Rico, GO 0.00%, 11/01/43	USD		53		26,112

9

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Puerto Rico (continued)
Commonwealth of Puerto Rico, GO (continued)
0.00%, 11/01/51	USD		579	$	212,234
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51			242		79,259
					317,605
Total Municipal Bonds — 0.2% (Cost: $367,563)					317,605
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(a) — 2.4%
BCAP LLC Trust, Series 2012-RR3, Class 1A5, 11.77%, 12/26/37(b)(c)			980		856,515
Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69(b)			2,140		2,019,095
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, (30 day SOFR + 6.00%), 8.28%, 10/25/41(b)			456		392,373
Seasoned Credit Risk Transfer Trust, Series 2018-1, Class BX, 3.78%, 05/25/57(c)			4,358		2,124,840
					5,392,823
Commercial Mortgage-Backed Securities — 10.6%
Ashford Hospitality Trust, Series 2018-ASHF, Class E, (1 mo. LIBOR US + 3.10%), 5.92%, 04/15/35(a)(b)			315		288,133
Benchmark Mortgage Trust(a)(b)
Series 2018-B2, Class D, 2.88%, 02/15/51			3,000		2,181,858
Series 2018-B3, Class D, 3.19%, 04/10/51			540		395,486
Series 2019-B9, Class XD, 2.17%, 03/15/52			11,550		1,125,602
BX Trust, Series 2021-MFM1, Class G, (1 mo. LIBOR US + 3.90%), 6.72%, 01/15/34(a)(b)			205		186,046
CFK Trust, Series 2019-FAX, Class E, 4.79%, 01/15/39(a)(b)			2,000		1,605,815
Citigroup Commercial Mortgage Trust, Series 2019-PRM, Class F, 4.89%, 05/10/36(a)(b)			2,000		1,971,738
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 6.31%, 11/15/37(a)(b)			265		250,800
Credit Suisse Mortgage Capital Certificates Trust(a)(b) Class E, (1 mo. LIBOR US + 3.50%), 6.32%, 11/15/38			250		238,363
Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 8.98%, 10/15/37			700		653,657
Series 2020-NET, Class E, 3.83%, 08/15/37			1,500		1,306,609
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.33%, 04/10/37(a)(b)			369		251,528
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.65%, 10/10/34(a)(b)			575		504,998
ELP Commercial Mortgage Trust, Series 2021-ELP, Class J, (1 mo. LIBOR US + 3.61%), 6.43%, 11/15/38(a)(b)			300		275,706
GS Mortgage Securities Corp. Trust, Series 2021-DM, Class F, (1 mo. LIBOR US + 3.44%), 6.25%, 11/15/36(a)(b)			310		282,931
GS Mortgage Securities Trust, Series 2012-GCJ9, Class C, 4.45%, 11/10/45(a)(b)			982		978,096
HONO Mortgage Trust(a)(b)
Series 2021-LULU, Class E, (1 mo. LIBOR US + 3.35%), 6.17%, 10/15/36			200		187,145
Series 2021-LULU, Class F, (1 mo. LIBOR US + 4.40%), 7.22%, 10/15/36			110		102,557

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class F, (1 mo. SOFR + 3.54%), 6.38%, 04/15/37(a)(b)	USD		250	$	228,724
JPMBB Commercial Mortgage Securities Trust, Series 2015-C33, Class D1, 4.27%, 12/15/48(a)(b)			857		731,354
JPMDB Commercial Mortgage Securities Trust, Series 2018-C8, Class XD, 1.50%, 06/15/51(a)(b)			11,427		725,464
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 4.76%, 03/10/49(a)(b)			476		433,531
MED Trust, Series 2021, Class G, (1 mo. LIBOR US + 5.25%), 8.07%, 11/15/38(a)(b)(d)			300		282,000
MF1 Trust, Series 2021-W10, Class G, (1 mo. SOFR + 4.22%), 7.07%, 12/15/34(a)(b)			310		296,927
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50			250		178,359
Morgan Stanley Capital I Trust(b)
Series 2017-H1, Class D, 2.55%, 06/15/50			895		668,231
Series 2018-MP, Class E, 4.42%, 07/11/40(a)			826		600,904
Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.55%), 5.37%, 07/15/35(a)			1,360		1,319,652
Series 2019-H7, Class D, 3.00%, 07/15/52			1,250		899,064
MTN Commercial Mortgage Trust, Class F, (1 mo. SOFR + 5.29%), 8.13%, 03/15/39(a)(b)			275		259,850
One New York Plaza Trust, Series 2020-1NYP, Class D, (1 mo. LIBOR US + 2.75%), 5.57%, 01/15/36(a)(b)			100		93,949
SREIT Trust, Series 2021-MFP2, Class J, (1 mo. LIBOR US + 3.92%), 6.73%, 11/15/36(a)(b)			250		230,282
STWD Mortgage Trust, Series 2021-LIH, Class G, (1 mo. LIBOR US + 4.20%), 7.02%, 11/15/36(a)(b)			250		229,867
Velocity Commercial Capital Loan Trust(b)
Series 2018-1, Class M5, 6.26%, 04/25/48			179		156,927
Series 2018-1, Class M6, 7.26%, 04/25/48			251		200,785
Wells Fargo Commercial Mortgage Trust(b)
Series 2017-C41, Class D, 2.60%, 11/15/50(a)			967		671,345
Series 2018-C44, Class D, 3.00%, 05/15/51			710		499,265
Series 2018-C45, Class D, 3.00%, 06/15/51			2,100		1,463,432
Series 2020-SDAL, Class E, (1 mo. LIBOR US + 2.74%), 5.56%, 02/15/37(a)			400		372,673
					23,329,653
Total Non-Agency Mortgage-Backed Securities — 13.0% (Cost: $31,550,161)					28,722,476
Preferred Securities
Capital Trusts — 5.3%(a)
Automobiles(i)(k) — 0.2%
Volkswagen International Finance NV
4.38%	EUR		100		76,441
3.88%			400		316,239
					392,680
Banks(k) — 1.5%
ABN AMRO Bank NV, 4.75%(i)			800		605,412
AIB Group PLC, 5.25%(i)			200		169,450
Banco Bilbao Vizcaya Argentaria SA, 6.00%(i)			200		177,607
Banco Mercantil del Norte SA(b)
5.88%	USD		350		284,878
6.75%			770		714,319

S C H E D U L E   O F   I N V E S T M E N T  S 10

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
CaixaBank SA(i)
6.38%	EUR		600	$	557,158
6.75%			200		179,994
ING Groep NV, 3.88%	USD		400		259,940
Svenska Handelsbanken AB, 4.38%(i)			400		325,000
					3,273,758
Chemicals — 0.2%
Solvay SA, 2.50%(i)(k)	EUR		600		492,065
Diversified Financial Services(k) — 1.5%
Banco Santander SA(i)
3.63%			800		483,165
4.38%			200		151,908
Barclays PLC
8.00%	USD		850		788,502
6.13%			273		230,030
Credit Agricole SA, 4.00%(i)	EUR		800		627,232
NatWest Group PLC, 4.60%	USD		400		250,000
UBS Group AG, 4.88%(b)			525		408,844
UniCredit SpA(i)
6.63%	EUR		200		182,668
7.50%			200		172,086
					3,294,435
Diversified Telecommunication Services — 0.6%
British Telecommunications PLC, 4.25%, 11/23/81(b)	USD		200		168,724
Telefonica Europe BV(i)(k)
4.38%	EUR		200		184,831
2.38%			1,400		970,397
					1,323,952
Electric Utilities(i)(k) — 0.1%
Iberdrola International BV, 1.83%			300		209,897
Naturgy Finance BV, 2.37%			100		74,974
					284,871
Insurance(i)(k) — 0.2%
Allianz SE, 3.20%	USD		400		258,140
BUPA Finance PLC, 4.00%	GBP		430		284,205
					542,345
Media — 0.1%
SES SA, 2.88%(i)(k)	EUR		250		181,965
Oil, Gas & Consumable Fuels(i)(k) — 0.2%
Abertis Infraestructuras Finance BV, 3.25%			100		79,236
Eni SpA, Series NC-9, 2.75%			450		308,950
					388,186
Pharmaceuticals — 0.3%
Bayer AG, 3.13%, 11/12/79(i)			700		547,147
Real Estate Management & Development(i)(k) — 0.2%
ATF Netherlands BV, 3.75%			300		258,355
NWD Finance BVI Ltd., 4.13%	USD		200		151,000
					409,355
Utilities(i)(k) — 0.2%
Electricite de France SA
5.38%	EUR		300		273,347
3.38%			200		132,919
					406,266

Security		Par (000)		Value
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 4.20%, 10/03/78(i)	EUR		100	$	84,799
					11,621,824
		Shares
Preferred Stocks — 0.1%
Wireless Telecommunication Services — 0.1%
2020 Cash Mandatory Exchangeable Trust, 5.25%, 06/01/23(b)			295		331,845
					331,845
Total Preferred Securities — 5.4% (Cost: $16,577,112)					11,953,669
		Par (000)
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.9%
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2018-DNA1, Class B1, (1 mo. LIBOR US + 3.15%), 6.23%, 07/25/30(a)	USD		2,000		1,945,877
Commercial Mortgage-Backed Securities — 0.1%
FREMF Mortgage Trust, Series 2017-KGX1, Class BFX, 3.71%, 10/25/27(a)(b)			370		328,088
Total U.S. Government Sponsored Agency Securities — 1.0% (Cost: $2,306,684)					2,273,965
Total Long-Term Investments — 100.7% (Cost: $276,651,656)					222,034,060
		Shares
Short-Term Securities
Money Market Funds — 3.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%(n)(o)			7,166,820		7,166,820
Total Short-Term Securities — 3.3% (Cost: $7,166,820)					7,166,820
Options Purchased — 0.0% (Cost: $13,773)					20,107
Total Investments Before Options Written — 104.0% (Cost: $283,832,249)					229,220,987
Options Written — (0.0)% (Premiums Received: $(4,704))					(6,831	)
Total Investments, Net of Options Written — 104.0% (Cost: $283,827,545)					229,214,156
Liabilities in Excess of Other Assets — (4.0)%				(8,737,083)
Net Assets — 100.0%				$	220,477,073

^(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.

11

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

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

^(e)  Rounds to less than 1,000.

^(f)  Non-income producing security.

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

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

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

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

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

^(l)  Issuer filed for bankruptcy and/or is in default. (m) Zero-coupon bond.

⁽ⁿ⁾  Affiliate of the Trust.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 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 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	24,175,756	$	—	$	(17,008,936	)(a)	$	—		$	—		$	7,166,820		7,166,820	$	132,696	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		2,610,300		—		(596,398	)		(6,753	)		(400,874	)		1,606,275		22,500		66,927		—
iShares iBoxx $ Investment Grade Corporate Bonds ETF(b)		—		10,756,668		(11,001,565	)		244,897			—			—		—		—		—
								$	238,144		$	(400,874	)	$	8,773,095			$	199,623	$	—

^(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)

RBC Capital Markets LLC

3.40

%(b)

08/17/22

Open

$

145,125

$

145,606

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.25

(b)

09/09/22

Open

418,465

419,017

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.38

(b)

09/09/22

Open

57,954

58,034

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

716,130

717,132

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

500,616

501,316

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

1,241,625

1,243,362

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

104,968

105,114

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

54,163

54,238

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

374,100

374,623

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

21,803

21,833

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

32,660

32,706

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

1,085,390

1,086,908

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

483,720

484,397

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

686,594

687,554

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

159,500

159,723

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

51,645

51,717

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

366,125

366,637

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/09/22

Open

228,447

228,767

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.15

(b)

09/14/22

Open

150,192

150,353

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

3.20

(b)

09/14/22

Open

170,250

170,435

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/14/22

Open

126,994

127,138

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/14/22

Open

124,313

124,453

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/14/22

Open

52,920

52,980

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/14/22

Open

202,737

202,967

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/14/22

Open

121,144

121,281

Corporate Bonds

Open/Demand

S C H E D U L E   O F   I N V E S T M E N  T S 12

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

3.30

%(b)

09/14/22

Open

$

121,388

$

121,525

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.30

(b)

09/14/22

Open

428,187

428,673

Corporate Bonds

Open/Demand

BNP Paribas S.A.

3.30

(b)

09/14/22

Open

259,187

259,481

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.10

(b)

09/27/22

Open

165,813

165,855

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

3.25

(b)

09/27/22

Open

547,455

547,603

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/27/22

Open

881,070

881,312

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/27/22

Open

89,173

89,197

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/27/22

Open

224,437

224,499

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

3.30

(b)

09/27/22

Open

246,881

246,949

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

3.05

(b)

09/28/22

Open

108,188

108,206

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

3.05

(b)

09/28/22

Open

218,875

218,912

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

3.25

(b)

09/28/22

Open

202,800

202,837

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/28/22

Open

221,350

221,391

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/28/22

Open

331,500

331,561

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/28/22

Open

221,812

221,853

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/28/22

Open

252,442

252,489

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/28/22

Open

237,412

237,456

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.30

(b)

09/28/22

Open

234,975

235,018

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

3.40

(b)

09/28/22

Open

302,252

302,310

Foreign Agency Obligations

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/29/22

Open

666,275

666,275

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/29/22

Open

1,364,641

1,364,641

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

3.40

(b)

09/29/22

Open

1,596,809

1,596,809

Corporate Bonds

Open/Demand

$

16,600,502

$

16,613,143

^(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		183		12/20/22	$         20,507	$	(1,012,271	)
U.S. Long Bond		21		12/20/22	2,655		(198,257	)
2-Year U.S. Treasury Note		207		12/30/22	42,516		(628,133	)
						(1,838,661)
Short Contracts
Euro BOBL		1		12/08/22	117		3,243
10-Year Japanese Government Treasury Bonds		2		12/13/22	2,049		2,172
10-Year U.S. Ultra Long Treasury Note		263		12/20/22	31,161		1,750,613
Ultra U.S. Treasury Bond		1		12/20/22	137		1,379
5-Year U.S. Treasury Note		409		12/30/22	43,971		1,115,831
						2,873,238
						$     1,034,577

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	393,780	EUR	390,020	State Street Bank and Trust Co.		12/14/22	$	9,508
EUR	1,775,309	USD	1,743,750	Bank of America N.A.		12/21/22		6,770
USD	5,360,036	AUD	7,934,000	BNY Mellon		12/21/22		278,212
USD	14,774	AUD	22,000	Morgan Stanley & Co. International PLC		12/21/22		683
USD	141,570	CAD	187,000	BNY Mellon		12/21/22		6,147

13

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	591,000	CNH	4,113,705	HSBC Bank USA N.A.		12/21/22	$	14,014
USD	21,104,275	EUR	21,008,058	Deutsche Bank AG		12/21/22		389,560
USD	6,437,264	EUR	6,406,940	Morgan Stanley & Co. International PLC		12/21/22		119,786
USD	551,682	EUR	549,000	State Street Bank and Trust Co.		12/21/22		10,348
USD	1,514,886	GBP	1,317,817	Bank of America N.A.		12/21/22		41,748
USD	1,570,097	GBP	1,372,073	Morgan Stanley & Co. International PLC		12/21/22		36,309
USD	61,235	IDR	916,223,830	Bank of America N.A.		12/21/22		1,605
USD	172,158	ZAR	3,034,635	JPMorgan Chase Bank N.A.		12/21/22		5,645
								920,335
CNH	2,071,533	USD	295,500	Bank of America N.A.		12/21/22		(4,948	)
EUR	1,378,000	USD	1,369,281	BNY Mellon		12/21/22		(10,523	)
EUR	5,703,329	USD	5,733,152	BNY Mellon		12/21/22		(109,460	)
ZAR	3,124,507	USD	177,214	UBS AG		12/21/22		(5,769	)
								(130,700	)
							$	789,635

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
Euro Stoxx 50		7		10/21/22	EUR	3,400.00	EUR	232	$	8,973
Euro Stoxx 600 Automobiles & Parts Index		6		12/16/22	EUR	350.00	EUR	143		1,750
Euro Stoxx 600 Automobiles & Parts Index		3		12/16/22	EUR	470.00	EUR	72		4,454
Euro Stoxx 600 Chemicals Index		2		12/16/22	EUR	1,040.00	EUR	105		4,930
									$	20,107

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
Euro Stoxx 50		7		10/21/22	EUR	3,200.00	EUR	232	$	(3,234	)
Euro Stoxx 600 Automobiles & Parts Index		3		12/16/22	EUR	400.00	EUR	72		(1,676	)
Euro Stoxx 600 Chemicals Index		2		12/16/22	EUR	940.00	EUR	105		(1,921	)
									$	(6,831	)

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.V15		5.00	%		Quarterly	06/20/23	C	USD	10,750	$	166,087		$	(18,656	)	$	184,743
CDX.NA.HY.32.V13		5.00			Quarterly	06/20/24	C	USD	8,923		135,104			(21,880	)		156,984
CDX.NA.HY.34.V10		5.00			Quarterly	06/20/25	CC-	USD	13,741		63,025			(37,914	)		100,939
CDX.NA.HY.39.V1		5.00			Quarterly	12/20/27	B+	USD	5,810		(227,756	)		(245,825	)		18,069
										$	136,460		$	(324,275	)	$	460,735

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

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

S C H E D U L E   O F   I N V E S T M E N  T S 14

Schedule of Investments (unaudited) (continued) September 30, 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)
4.18%	Annual	1-Day SOFR, 3.07%	Annual		N/A		06/21/24	USD	4,685	$	1,340		$	(10,499	)	$	11,839
1-Day SOFR, 3.07%	Annual	3.71%	Annual		N/A		01/10/27	USD	7,146		(43,198	)		58,870			(102,068	)
1-Day SOFR, 3.07%	Annual	1.56%	Annual		N/A		03/07/27	USD	8,805		(808,352	)		72			(808,424	)
3.50%	Annual	1-Day SOFR, 3.07%	Annual		N/A		05/28/31	USD	200		1,450			(3,619	)		5,069
3.22%	Annual	1-Day SOFR, 3.07%	Annual		N/A		05/28/51	USD	89		(1,932	)		(4,689	)		2,757
										$	(850,692	)	$	40,135		$	(890,827	)

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)
CMA CGM SA		5.00	%		Quarterly	Credit Suisse International		06/20/27	BB+		EUR	6	$	(200	)	$	189		$	(389	)
CMA CGM SA		5.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/27	BB+		EUR	6		(201	)		206			(407	)
CMA CGM SA		5.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/27	BB+		EUR	5		(189	)		193			(382	)
CMA CGM SA		5.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/27	BB+		EUR	3		(90	)		91			(181	)
CMBX.NA.9		3.00			Monthly	Deutsche Bank AG		09/17/58	NR		USD	10,000		(1,944,066	)		(1,205,952	)		(738,114	)
CMBX.NA.9		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	10,000		(1,944,067	)		(1,050,300	)		(893,767	)
CMBX.NA.9		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	11,000		(2,138,473	)		(774,054	)		(1,364,419	)
CMBX.NA.15		3.00			Monthly	Morgan Stanley & Co. International PLC		11/18/64	NR		USD	4,000		(843,012	)		(751,693	)		(91,319	)
													$	(6,870,298	)	$	(3,781,320	)	$	(3,088,978	)

^(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 Total Return Swaps

Paid by the Trust

Received by the Trust

Upfront Premium

Unrealized

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Effective Date

Termination Date

Notional Amount (000)

Value

Paid (Received)

Appreciation (Depreciation)

1-Day SOFR minus 2.85%, 3.07%

Monthly

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

JPMorgan Chase Bank N.A.

N/A

10/26/22

USD

43

$

66

$

—

$

66

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 Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or

15

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

Fair Value Hierarchy as of Period End (continued)

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	$	—	$	40,802,867	$	985,438	$	41,788,305
Common Stocks
Equity Real Estate Investment Trusts (REITs)		20,760		—		—		20,760
Hotels, Restaurants & Leisure		110,813		49,300		—		160,113
Oil, Gas & Consumable Fuels		758,032		—		—		758,032
Corporate Bonds
Advertising Agencies		—		117,744		—		117,744
Aerospace & Defense		—		2,130,976		—		2,130,976
Airlines		—		1,385,582		341,813		1,727,395
Auto Components		—		1,150,759		—		1,150,759
Automobiles		—		912,728		—		912,728
Banks		—		2,208,915		—		2,208,915
Beverages		—		2,134,330		—		2,134,330
Biotechnology		—		506,075		—		506,075
Building Materials		—		303,993		—		303,993
Building Products		—		661,701		—		661,701
Capital Markets		—		858,715		—		858,715
Chemicals		—		2,971,495		—		2,971,495
Commercial Services & Supplies		—		2,100,054		—		2,100,054
Construction & Engineering		—		80,374		—		80,374
Construction Materials		—		173,770		—		173,770
Consumer Discretionary		—		353,044		—		353,044
Consumer Finance		—		407,735		—		407,735
Containers & Packaging		—		1,527,580		—		1,527,580
Diversified Consumer Services		—		171,509		—		171,509
Diversified Financial Services		—		2,459,392		2,015,845		4,475,237
Diversified Telecommunication Services		—		3,178,145		—		3,178,145
Electric Utilities		—		2,908,474		—		2,908,474
Electrical Equipment		—		29,829		—		29,829
Energy Equipment & Services		—		1,451,080		—		1,451,080
Environmental, Maintenance & Security Service		—		250,557		—		250,557
Equity Real Estate Investment Trusts (REITs)		—		1,776,558		—		1,776,558
Food & Staples Retailing		—		1,004,652		—		1,004,652
Food Products		—		315,117		—		315,117
Health Care Equipment & Supplies		—		80,616		—		80,616
Health Care Providers & Services		—		5,874,714		—		5,874,714
Health Care Technology		—		203,786		—		203,786
Hotels, Restaurants & Leisure		—		8,823,704		—		8,823,704
Household Durables		—		7,920,639		—		7,920,639
Independent Power and Renewable Electricity Producers		—		2,962,198		—		2,962,198
Insurance		—		400,253		—		400,253
Interactive Media & Services		—		131,261		—		131,261
Internet & Direct Marketing Retail		—		262,095		—		262,095
Internet Software & Services		—		115,144		—		115,144
IT Services		—		521,535		—		521,535
Machinery		—		484,855		—		484,855
Media		—		3,410,519		—		3,410,519
Metals & Mining		—		3,116,137		—		3,116,137
Oil, Gas & Consumable Fuels		—		10,203,524		441,431		10,644,955
Personal Products		—		321,327		—		321,327
Pharmaceuticals		—		1,640,150		—		1,640,150
Producer Durables: Miscellaneous		—		239,775		—		239,775
Real Estate Management & Development		—		3,284,746		—		3,284,746
Road & Rail		—		843,304		—		843,304

S C H E D U L E   O F   I N V E S T M E N  T S 16

Schedule of Investments (unaudited) (continued) September 30, 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)
Semiconductors & Semiconductor Equipment	$	155,493		$	341,160		$	—	$	496,653
Software		—			1,328,241			—		1,328,241
Specialty Retail		—			211,593			—		211,593
Technology Hardware, Storage & Peripherals		—			208,226			—		208,226
Thrifts & Mortgage Finance		—			1,198,152			—		1,198,152
Transportation Infrastructure		—			1,062,737			—		1,062,737
Utilities		—			2,564,077			—		2,564,077
Wireless Telecommunication Services		—			4,344,494			—		4,344,494
Floating Rate Loan Interests		—			4,830,259			18,639,344		23,469,603
Foreign Agency Obligations		—			12,378,830			—		12,378,830
Investment Companies		1,606,275			—			—		1,606,275
Municipal Bonds		—			317,605			—		317,605
Non-Agency Mortgage-Backed Securities		—			28,440,476			282,000		28,722,476
Preferred Securities
Capital Trusts		—			11,621,824			—		11,621,824
Preferred Stocks		—			331,845			—		331,845
U.S. Government Sponsored Agency Securities		—			2,273,965			—		2,273,965
Short-Term Securities
Money Market Funds		7,166,820			—			—		7,166,820
Options Purchased
Equity Contracts		20,107			—			—		20,107
	$	9,838,300		$	196,676,816		$	22,705,871	$	229,220,987
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	460,735		$	—	$	460,735
Equity Contracts		—			66			—		66
Foreign Currency Exchange Contracts		—			920,335			—		920,335
Interest Rate Contracts		2,873,238			19,665			—		2,892,903
Liabilities
Credit Contracts		—			(3,088,978	)		—		(3,088,978	)
Equity Contracts		(6,831	)		—			—		(6,831	)
Foreign Currency Exchange Contracts		—			(130,700	)		—		(130,700	)
Interest Rate Contracts		(1,838,661	)		(910,492	)		—		(2,749,153	)
	$	1,027,746		$	(2,729,369	)	$	—	$	(1,701,623	)

^(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 $16,613,143 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			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			Total
Assets
Opening balance, as of December 31, 2021	$	260,152		$	3,510,918		$	16,135,486		$	—		$	19,906,556
Transfers into Level 3		—			—			1,625,366			297,022			1,922,388
Transfers out of Level 3		—			(3,817	)		—			—			(3,817	)
Accrued discounts/premiums		—			(12,591	)		29,976			—			17,385
Net realized gain (loss)		—			16,210			3,549			—			19,759
Net change in unrealized appreciation (depreciation)(a)		(185,420	)		(232,509	)		(882,048	)		(15,022	)		(1,314,999	)
Purchases		910,706			99,504			3,301,819			—			4,312,029
Sales		—			(578,626	)		(1,574,804	)		—			(2,153,430	)
Closing balance, as of September 30, 2022	$	985,438		$	2,799,089		$	18,639,344		$	282,000		$	22,705,871
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022(a)	$	(185,420	)	$	(232,509	)	$	(883,568	)	$	(15,022	)	$	(1,316,519	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

17

Schedule of Investments (unaudited) (continued) September 30, 2022 BlackRock Multi-Sector Opportunities Trust (MSO)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock 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 $8,652,521. 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	$	2,799,089		Income	Discount Rate		7%-12%		10%
Floating Rate Loan Interests		11,254,261		Income	Discount Rate		9%-15%		13%
				Estimated Recovery Value	Discount Rate		15%		—
	$	14,053,350

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

Currency Abbreviation
AUD	Australian Dollar
CAD	Canadian Dollar
CNH	Chinese Yuan
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviation
CDI	CREST Depository Interest
CLO	Collateralized Loan Obligation
CME	Chicago Mercantile Exchange
CMT	Constant Maturity Treasury
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FREMF	Freddie Mac Multifamily Securities
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
MTN	Medium-Term Note
PCL	Public Company Limited
PIK	Payment-in-Kind
RB	Revenue Bond
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate

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