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

Schedule of Investments  (unaudited) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities — 28.2%
AIMCO CLO Ltd.,Series 2019-10A, Class SUB, 0.00%, 07/22/32(a)(b)	USD		773	$	422,193
Ajax Mortgage Loan Trust,Series 2019-C, Class A, 3.95%, 10/25/58(a)(b)(c)			1,367		1,216,528
Anchorage Capital CLO 7 Ltd.,Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 4.52%, 01/28/31(a)(d)			250		187,274
ARES LI CLO Ltd.,Series 2019-51A, Class E, (3 mo. LIBOR US + 6.49%), 8.05%, 04/15/31(a)(d)			300		183,599
Assurant CLO II Ltd.,Series 2018-1A, Class E, (3 mo. LIBOR US + 5.60%), 7.42%, 04/20/31(a)(d)			400		220,558
Benefit Street Partners CLO XVIII Ltd.,Series 2019-18A, Class E, (3 mo. LIBOR US + 6.90%), 8.81%, 10/15/32(a)(d)			500		300,228
BlueMountain CLO XXVI Ltd.,Series 2019-26A, Class E, (3 mo. LIBOR US + 7.70%), 9.53%, 10/20/32(a)(d)			250		168,443
CarVal CLO II Ltd.,Series 2019-1A(a)(d):
Class D, (3 mo. LIBOR US + 4.15%), 5.97%, 04/20/32			2,000		1,485,573
Class E, (3 mo. LIBOR US + 6.75%), 8.57%, 04/20/32			250		149,947
CarVal CLO III Ltd.,Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 8.26%, 07/20/32(a)(d)			1,300		716,298
CarVal CLO Ltd.,Series 2018-1A, Class D, (3 mo. LIBOR US + 2.89%), 4.73%, 07/16/31(a)(d)			250		175,452
Cedar Funding II CLO Ltd.,Series 2013-1A, Class DR, (3 mo. LIBOR US + 3.60%), 4.60%, 06/09/30(a)(d)			1,050		833,306
Cent CLO Ltd.,Series 2013-19A, Class C, (3 mo. LIBOR US + 3.30%), 5.07%, 10/29/25(a)(d)			700		563,623
Elmwood CLO II Ltd.,Series 2019-2A, Class E, (3 mo. LIBOR US + 6.80%), 8.62%, 04/20/31(a)(d)			250		163,264
Elmwood CLO III Ltd.,Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 8.90%, 10/15/32(a)(d)			500		318,699
Finance of America Structured Securities Trust,Series 2019-HB1, Class M5, 6.00%, 04/25/29(a)(b)(c)			2,000		1,904,449
Gilbert Park CLO Ltd.,Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 4.78%, 10/15/30(a)(d)			1,500		1,128,733

Security		Par (000)		Value
Asset-Backed Securities (continued)
GoldentTree Loan Management US CLO 1 Ltd.,Series 2017-1A, Class DR, (3 mo. LIBOR US + 2.65%), 4.30%, 04/20/29(a)(c)(d)	USD		300	$	300,000
GSAA Home Equity Trust,Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.35%), 1.30%, 12/25/35(d)			3,371		1,142,878
Kayne CLO Ltd.,Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 9.28%, 01/20/33(a)(d)			250		155,474
Madison Park Funding X Ltd.,Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 5.07%, 01/20/29(a)(d)			560		431,751
Madison Park Funding XVI Ltd.,Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 5.52%, 04/20/26(a)(d)			800		643,657
Madison Park Funding XXXII Ltd.,Series 2018-32A, Class E, (3 mo. LIBOR US + 7.10%), 8.90%, 01/22/31(a)(d)			750		482,661
Mariner CLO LLC,Series 2018-1A, Class E, (3 mo. LIBOR US + 6.89%), 8.66%, 04/30/32(a)(d)			1,250		726,622
Mariner Finance Issuance Trust,Series 2018-AA, Class D, 5.44%, 07/20/32(a)			900		670,294
Mosaic Solar Loan Trust,Series 2018-2GS, Class C, 5.97%, 02/22/44(a)			493		311,928
Nationstar HECM Loan Trust,Series 2019-1A, Class M4, 5.80%, 06/25/29(a)(b)			1,500		1,428,706
OCP CLO Ltd.(a):
Series2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 4.80%, 04/24/29(d)			300		224,902
Series2014-7A, Class B1RR, 4.07%, 07/20/29			500		410,686
Series2019-16A, Class E, 8.44%, 01/20/32			250		153,999
Series2019-17A, Class E, (3 mo. LIBOR US + 6.66%), 8.48%, 07/20/32(d)			1,500		905,842
OHA Credit Partners VII Ltd.,Series 2012-7A, Class DR, (3 mo. LIBOR US + 4.20%), 5.89%, 11/20/27(a)(d)			1,000		799,992
OZLM Funding III Ltd.,Series 2013-3A, Class BRR, (3 mo. LIBOR US + 2.70%), 4.50%, 01/22/29(a)(d)			1,000		822,959
OZLM Funding Ltd.,Series 2012-1A, Class CR2, (3 mo. LIBOR US + 3.60%), 5.40%, 07/22/29(a)(d)			250		194,090
Palmer Square Loan Funding Ltd.(a):
Series2019-2A, Class C, 5.07%, 04/20/27			1,025		825,737

1

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Asset-Backed Securities (continued)
Series 2019-3A, Class C, (3 mo. LIBOR US + 3.40%), 5.09%, 08/20/27(d)	USD		1,750		$	1,409,924
Series 2019-4A, Class C, (3 mo. LIBOR US + 3.25%), 5.05%, 10/24/27(d)			600			483,152
Recette CLO Ltd., Series2015-1A, Class DR, (3 mo. LIBOR US + 2.75%), 4.57%, 10/20/27(a)(d)			1,000			792,968
Rockford Tower CLO Ltd.(a):
Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 4.47%, 10/20/30(d)			430			296,937
Series 2017-3A, Class SUB, 0.00%, 10/20/30(b)			250			114,655
Series 2018-1A, Class SUB, 0.00%, 05/20/31(b)			250			124,206
Series 2018-2A, Class SUB, 0.00%, 10/20/31(b)			250			117,977
Saxon Asset Securities Trust, Series2007-1, Class M1, (1 mo. LIBOR US + 0.29%), 1.24%, 01/25/47(d)(e)			2,750			1,459,173
Sofi Professional Loan Program LLC, Series2016-B, Class RC, 0.00%, 04/25/37(a)(c)			—	(f)		189,656
Sound Point CLO XXIV, Series2019-3A, Class D, (3 mo. LIBOR US + 4.11%), 6.21%, 10/25/32(a)(d)			1,500			1,092,984
Sun Country, Series2019-1C, 7.00%, 12/15/23(c)			300			298,125
TCI-Flatiron CLO Ltd., Series2016-1A, Class DR, 5.64%, 07/17/28(a)			750			591,547
TICP CLO XII Ltd., Series2018-12A, Class E, (3 mo. LIBOR US + 5.50%), 7.33%, 01/15/31(a)(d)			2,450			1,551,855
TRESTLES CLO II Ltd.(a)(d):
Series 2017-1A, Class C, (3 mo. LIBOR US + 3.65%), 5.44%, 07/25/29			1,000			758,743
Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 7.54%, 07/25/31			250			139,167
TRESTLES CLO III Ltd., Series2020-3A, Class SUB, 1.64%, 01/20/33(a)(b)(c)			250			171,875
Voya CLO Ltd., Series2014-3A, Class CR, (3 mo. LIBOR US + 2.65%), 4.44%, 07/25/26(a)(d)			250			189,806
Westcott Park CLO Ltd., Series2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 5.07%, 07/20/28(a)(d)			1,000			770,431

Security		Par (000)		Value
Asset-Backed Securities (continued)
York CLO Ltd., Series2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 5.42%, 10/20/29(a)(d)	USD		500	$	382,738
YorkClo-4 Ltd., Series2016-2A, Class ER, (3 mo. LIBOR US + 6.75%), 7.75%, 04/20/32(a)(c)(d)			500		497,500
Total Asset-Backed Securities — 28.2% (Cost — $42,743,202)					32,203,764
Corporate Bonds — 49.2%
Aerospace & Defense — 0.6%
TransDigm, Inc., 6.25%, 03/15/26(a)(g)			730		727,263
Air Freight & Logistics — 0.0%
XPO Logistics, Inc., 6.75%, 08/15/24(a)(g)			17		16,623
Airlines — 1.3%
American Airlines Group, Inc.:
5.00%, 06/01/22(a)(g)			864		693,360
4.00%, 12/15/25(c)			118		120,176
Avianca Holdings SA, 9.00%, 05/10/23(a)(g)			1,000		211,250
Gol Finance SA, 7.00%, 01/31/25(a)(g)			400		170,000
Latam Finance Ltd., 6.88%, 04/11/24(a)(g)			750		333,412
					1,528,198
Auto Components — 0.6%
Ford Motor Credit Co. LLC, 3.02%, 03/06/24	EUR		200		178,909
IHO Verwaltungs GmbH,(3.63% Cash or 4.38% PIK), 3.63%, 05/15/25			100		87,385
Panther BF Aggregator 2 LP/Panther Finance Co., Inc., 6.25%, 05/15/26(a)(g)	USD		144		136,080
ZF Europe Finance BV, 2.00%, 02/23/26	EUR		300		263,918
					666,292
Banks — 0.6%
Banco de Sabadell SA(5 year EUR Swap + 5.10%), 5.38%, 12/12/28(i)			200		197,173
Bancolombia SA(5 year CMT + 2.94%), 4.63%, 12/18/29(g)(i)	USD		250		220,313
Credit Mutuel Arkea SA, 3.38%, 03/11/31	EUR		200		208,130
					625,616
Beverages — 0.5%
Central American Bottling Corp., 5.75%, 01/31/27(a)(g)	USD		600		512,112

2

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Beverages (continued)
Crown European Holdings SA, 0.75%, 02/15/23	EUR		100	$	103,948
					616,060
Building Materials — 0.1%
Cemex SAB de CV, 3.13%, 03/19/26			100		97,676
US Concrete, Inc., 6.38%, 06/01/24	USD		11		9,927
					107,603
Building Products — 0.2%
Buzzi Unicem SpA, 2.13%, 04/28/23	EUR		100		109,584
Masonite International Corp., 5.38%, 02/01/28(a)	USD		9		8,845
Standard Industries, Inc.(a):
6.00%, 10/15/25			19		18,673
5.00%, 02/15/27			9		8,190
4.75%, 01/15/28(g)			35		32,234
					177,526
Capital Markets — 0.3%
Mongolian Mortgage Corp. Hfc LLC, 9.75%, 01/29/22			200		159,188
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(a)(g)			200		126,250
					285,438
Chemicals — 1.2%
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25	EUR		100		99,812
Cydsa SAB de CV, 6.25%, 10/04/27(a)(g)	USD		400		290,063
NOVA Chemicals Corp., 4.88%, 06/01/24(a)(g)			621		544,927
OCI NV, 5.00%, 04/15/23	EUR		100		103,572
Orbia Advance Corp SAB de CV, 5.88%, 09/17/44(a)(g)	USD		400		346,688
					1,385,062
Commercial Services & Supplies — 1.4%
Autostrade per l’Italia SpA, 5.88%, 06/09/24	EUR		100		111,393
Clean Harbors, Inc., 4.88%, 07/15/27(a)	USD		9		8,810
Iron Mountain US Holdings, Inc., 5.38%, 06/01/26(a)(g)			448		452,480
KAR Auction Services, Inc., 5.13%, 06/01/25(a)(g)			444		424,020
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		91,761
United Rentals North America, Inc.:
4.63%, 10/15/25	USD		13		12,480
6.50%, 12/15/26(g)			19		19,285
5.50%, 05/15/27			17		17,158
3.88%, 11/15/27			13		12,285
4.88%, 01/15/28(g)			479		464,630

Security		Par (000)		Value
Commercial Services & Supplies (continued)
5.25%, 01/15/30	USD		13	$	12,996
					1,627,298
Construction — 0.4%
Landesbank Baden-Wuerttemberg (5 year EUR Swap + 4.21%), 4.00%(i)(j)	EUR		600		487,392
Construction & Engineering — 0.4%
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 02/01/23(g)	USD		423		397,620
Construction Materials — 0.0%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28(a)			12		10,920
H&E Equipment Services, Inc., 5.63%, 09/01/25			17		15,768
					26,688
Consumer Discretionary — 0.0%
NCL Corp. Ltd., 3.63%, 12/15/24(a)			10		6,378
Consumer Finance — 0.9%
Credito Real SAB de CV, 7.25%, 07/20/23(a)(g)			500		390,000
Muthoot Finance Ltd., 6.13%, 10/31/22(a)(g)			750		638,906
					1,028,906
Containers & Packaging — 0.8%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27	GBP		100		113,342
Ball Corp.:
0.88%, 03/15/24	EUR		100		102,945
5.25%, 07/01/25	USD		17		18,484
4.88%, 03/15/26			13		13,520
Mauser Packaging Solutions Holding Co.:
4.75%, 04/15/24	EUR		100		93,835
5.50%, 04/15/24(a)(g)	USD		402		369,840
OI European Group BV, 2.88%, 02/15/25	EUR		100		102,128
Silgan Holdings, Inc., 3.25%, 03/15/25			100		107,362
					921,456
County/City/Special District/School District — 0.0%
Under Armour, Inc., 3.25%, 06/15/26	USD		10		8,477
Diversified Consumer Services — 0.3%
Pinewood Finance Co. Ltd., 3.25%, 09/30/25	GBP		200		231,030

3

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Consumer Services (continued)
Pinnacle Bidco PLC, 6.38%, 02/15/25	GBP		100	$	83,221
					314,251
Diversified Financial Services — 3.6%
Alpha Holding SA de CV(a)(g):
10.00%, 12/19/22	USD		500		374,625
9.00%, 02/10/25			325		217,750
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		106,820
ASG Finance Designated Activity Co., 7.88%, 12/03/24(a)(g)	USD		214		79,019
Barclays PLC(5 year EUR Swap + 2.45%), 2.63%, 11/11/25(i)	EUR		100		106,988
Cabot Financial Luxembourg SA, 7.50%, 10/01/23	GBP		100		115,620
CFLD Cayman Investment Ltd., 8.60%, 04/08/24	USD		400		322,750
Credit Agricole SA(i)(j):
(5 year USD Swap + 4.32%), 6.88%			300		268,500
(5 year USD Swap + 4.90%), 7.88%			200		193,000
Ford Motor Credit Co. LLC, 5.58%, 03/18/24(g)			597		567,150
Garfunkelux Holdco 3 SA, 7.50%, 08/01/22	EUR		100		75,322
Gilex Holding Sarl, 8.50%, 05/02/23(a)(g)	USD		250		212,625
Intrum AB, 2.75%, 07/15/22	EUR		50		46,322
Klabin Finance SA, 4.88%, 09/19/27(a)	USD		200		178,875
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(h)	EUR		100		91,680
Quicken Loans, Inc., 5.25%, 01/15/28(a)(g)	USD		36		35,201
Scenery Journey Ltd.:
11.00%, 11/06/20			200		190,625
11.50%, 10/24/22			600		447,702
Verisure Midholding AB, 5.75%, 12/01/23	EUR		100		96,253
VZ Vendor Financing BV, 2.50%, 01/31/24			200		207,786
Wanda Group Overseas Ltd., 7.50%, 07/24/22	USD		200		176,150
					4,110,763
Diversified Telecommunication Services — 0.8%
Axtel SAB de CV, 6.38%, 11/14/24(a)(g)			400		318,208
Level 3 Financing, Inc.:
5.25%, 03/15/26			13		12,992
4.63%, 09/15/27(a)			17		16,896
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)			200		136,500

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
SoftBank Group Corp.:
4.00%, 04/20/23	EUR		100	$	101,058
4.75%, 07/30/25			100		100,517
Telecom Argentina SA, 8.00%, 07/18/26(a)(g)	USD		214		163,443
					849,614
Electric Utilities — 3.1%
EDP — Energias de Portugal SA(5 year EUR Swap + 4.29%), 4.50%, 04/30/79(i)	EUR		200		227,286
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(a)(g)	USD		253		212,441
Energuate Trust, 5.88%, 05/03/27 (a)(g)			750		719,437
Iberdrola International BV(5 year EUR Swap + 2.97%), 3.25%(i)(j)	EUR		400		443,502
Inkia Energy Ltd., 5.88%, 11/09/27(a)(g)	USD		400		357,000
Pampa Energia SA, 9.13%, 04/15/29(a)(g)			400		258,000
Perusahaan Listrik Negara PT, 4.88%, 07/17/49			200		190,007
ReNew Power Ltd., 6.45%, 09/27/22			200		166,851
ReNew Power Synthetic, 6.67%, 03/12/24			200		159,063
Talen Energy Supply LLC(a)(g):
7.25%, 05/15/27			642		580,175
6.63%, 01/15/28			274		230,160
					3,543,922
Energy Equipment & Services — 0.6%
Anton Oilfield Services Group, 9.75%, 12/05/20			200		180,062
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24(a)(g)			511		440,743
					620,805
Entertainment — 0.0%
Netflix, Inc. (g):
4.38%, 11/15/26			17		17,255
6.38%, 05/15/29			14		15,256
					32,511
Equity Real Estate Investment Trusts (REITs) — 1.0%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(a)(g)			467		401,620
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25(g)			16		14,880
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			13		11,310
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc.:
5.63%, 05/01/24(g)			450		432,000

4

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
4.50%, 09/01/26	USD		9	$	7,470
5.75%, 02/01/27			13		11,310
MPT Operating Partnership LP/MPT Finance Corp.:
5.25%, 08/01/26			9		8,830
5.00%, 10/15/27(g)			24		23,280
4.63%, 08/01/29(g)			16		14,880
Ryman Hospitality Properties, Inc., 4.75%, 10/15/27(a)			12		9,000
VICI Properties LP/VICI Note Co., Inc.(a):
3.75%, 02/15/27			13		12,252
4.63%, 12/01/29(g)			200		182,476
4.13%, 08/15/30			17		15,916
					1,145,224
Food & Staples Retailing — 0.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 02/15/23(a)			13		12,799
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC:
5.75%, 03/15/25(g)			22		22,229
7.50%, 03/15/26(a)			10		10,778
4.63%, 01/15/27(a)(g)			23		22,885
5.88%, 02/15/28(a)			13		13,231
4.88%, 02/15/30(a)(g)			17		16,958
Lamb Weston Holdings, Inc.(a)(g):
4.63%, 11/01/24			14		13,790
4.88%, 11/01/26			14		14,243
Picard Groupe SAS(3 mo. Euribor + 3.00%), 3.00%, 11/30/23(d)	EUR		100		102,849
					229,762
Food Products — 1.0%
Aramark Services, Inc.:
4.75%, 06/01/26	USD		9		8,481
5.00%, 02/01/28(a)(g)			20		18,612
Darling Ingredients, Inc., 5.25%, 04/15/27(a)			9		8,727
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(a)			33		35,161
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(a):
6.50%, 04/15/29			24		25,745
5.50%, 01/15/30			22		22,715
MARB BondCo PLC, 6.88%, 01/19/25(a)(g)			400		357,875
MHP Lux SA, 6.25%, 09/19/29(a)(g)			300		246,000

Security		Par (000)		Value
Food Products (continued)
Minerva Luxembourg SA, 6.50%, 09/20/26(a)(g)	USD		400	$	367,000
Pilgrim’s Pride Corp., 5.88%, 09/30/27(a)(g)			15		14,946
					1,105,262
Forest Products — 0.3%
Suzano Austria GmbH, 7.00%, 03/16/47(a)(g)			400		378,500
Health Care Equipment & Supplies — 0.0%
Teleflex, Inc., 4.63%, 11/15/27			9		8,990
Health Care Providers & Services — 1.6%
Centene Corp.(a):
5.38%, 06/01/26(g)			31		31,933
5.38%, 08/15/26			13		13,260
4.25%, 12/15/27(g)			43		42,140
4.63%, 12/15/29(g)			61		61,305
DaVita, Inc., 5.00%, 05/01/25(g)			26		25,966
HCA, Inc.:
5.38%, 02/01/25(g)			45		46,013
5.88%, 02/15/26(g)			26		27,365
5.38%, 09/01/26(g)			17		17,510
5.63%, 09/01/28(g)			26		27,214
5.88%, 02/01/29(g)			17		17,978
3.50%, 09/01/30			535		485,358
Molina Healthcare, Inc., 5.38%, 11/15/22			12		11,700
Tenet Healthcare Corp.(g):
4.63%, 09/01/24(a)			384		367,795
5.13%, 05/01/25			25		23,875
4.88%, 01/01/26(a)			654		622,935
6.25%, 02/01/27(a)			26		25,350
5.13%, 11/01/27(a)			26		24,765
					1,872,462
Health Care Technology — 0.1%
IQVIA, Inc., 3.25%, 03/15/25	EUR		100		107,534
Hotels, Restaurants & Leisure — 1.2%
1011778 BC ULC/New Red Finance, Inc., 3.88%, 01/15/28(a)	USD		13		12,350
Boyd Gaming Corp., 4.75%, 12/01/27(a)(g)			186		153,450
Caesars Entertainment Corp., 5.00%, 10/01/24(k)			175		186,600
Cedar Fair LP, 5.25%, 07/15/29(a)			9		7,605
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.38%, 04/15/27			9		7,740
Churchill Downs, Inc.(a):
5.50%, 04/01/27			10		9,427
4.75%, 01/15/28			9		7,830
Golden Entertainment, Inc., 7.63%, 04/15/26(a)(g)			34		22,440

5

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/30(g)	USD		17	$	14,450
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			10		9,500
International Game Technology PLC, 6.50%, 02/15/25(a)(g)			582		515,006
MGM Resorts International:
5.75%, 06/15/25(g)			12		10,740
4.63%, 09/01/26			7		5,952
5.50%, 04/15/27(g)			12		10,920
Scientific Games International, Inc., 7.00%, 05/15/28(a)(g)			194		119,310
Sisal Group SpA, 7.00%, 07/31/23	EUR		69		61,837
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(a)	USD		9		7,830
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(a)(g):
5.50%, 03/01/25			31		28,830
5.25%, 05/15/27			16		14,480
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(a)(g)			213		193,830
					1,400,127
Household Durables — 3.9%
Ashton Woods USA LLC/Ashton Woods Finance Co., 9.88%, 04/01/27(a)(g)			456		456,000
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.25%, 09/15/27(a)(g)			234		202,972
Controladora Mabe SA de CV, 5.60%, 10/23/28(a)(g)			600		567,187
Lennar Corp.:
4.75%, 05/30/25			9		8,595
4.75%, 11/29/27(g)			16		15,960
M/I Homes, Inc., 4.95%, 02/01/28(a)(g)			225		190,969
Mattamy Group Corp., 5.25%, 12/15/27(a)			9		8,370
Newell Brands, Inc., 4.20%, 04/01/26(g)			35		34,363
PulteGroup, Inc.:
5.50%, 03/01/26(g)			597		587,129
5.00%, 01/15/27			10		9,978
Taylor Morrison Communities, Inc.(a)(g):
5.88%, 06/15/27			270		250,768
5.75%, 01/15/28			914		816,124
Tempur Sealy International, Inc., 5.50%, 06/15/26			10		8,752
TRI Pointe Group, Inc., 5.25%, 06/01/27(g)			705		627,238
William Lyon Homes, Inc., 6.63%, 07/15/27(a)(g)			604		543,600

Security		Par (000)		Value
Household Durables (continued)
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24	USD		200	$	174,200
					4,502,205
Household Products — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/28(a)(g)			216		170,640
Century Communities, Inc., 6.75%, 06/01/27(g)			44		37,286
					207,926
Independent Power and Renewable Electricity Producers — 1.0%
Calpine Corp.(a)(g):
4.50%, 02/15/28			588		569,919
5.13%, 03/15/28			578		531,760
NRG Energy, Inc.:
7.25%, 05/15/26			17		17,808
6.63%, 01/15/27(g)			21		21,840
5.75%, 01/15/28			14		14,280
5.25%, 06/15/29(a)			13		13,390
					1,168,997
Industrial Conglomerates — 0.4%
Grupo KUO SAB de CV, 5.75%, 07/07/27(a)(g)			600		433,875
Insurance — 1.0%
Asahi Mutual Life Insurance Co.(5 year USD Swap + 4.59%), 6.50%(i)(j)			200		190,004
ASR Nederland NV(5 year EUR Swap + 4.00%), 3.38%, 05/02/49(i)	EUR		400		425,714
Assicurazioni Generali SpA(3 mo. Euribor + 5.35%), 5.00%, 06/08/48(i)			200		234,898
AXA SA(3 mo. LIBOR GBP + 3.27%), 5.63%, 01/16/54(i)	GBP		250		322,761
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27(a)	USD		11		9,350
					1,182,727
Interactive Media & Services — 0.1%
Netflix, Inc.(g):
5.88%, 02/15/25			14		14,784
4.88%, 04/15/28			28		28,840
5.88%, 11/15/28			33		35,260
5.38%, 11/15/29(a)			16		16,602
4.88%, 06/15/30(a)			17		17,258
					112,744
IT Services — 0.0%
Outfront Media Capital LLC/Outfront Media Capital Corp.(a):
5.00%, 08/15/27			11		10,120

6

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
IT Services (continued)
4.63%, 03/15/30	USD		9	$	8,010
					18,130
Leisure Time — 0.5%
Carlson Travel, Inc., 6.75%, 12/15/23(a)(g)			752		511,360
Machinery — 0.4%
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24(a)(g)			476		428,400
Colfax Corp., 6.00%, 02/15/24(a)			10		9,650
Terex Corp., 5.63%, 02/01/25(a)			10		9,401
					447,451
Media — 2.9%
Altice Financing SA, 2.25%, 01/15/25	EUR		100		97,728
Altice France SA, 2.50%, 01/15/25			200		205,139
AMC Networks, Inc.:
5.00%, 04/01/24	USD		17		16,320
4.75%, 08/01/25(g)			14		13,615
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(a)			306		289,553
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(a)(g)			791		642,703
iHeartCommunications, Inc.:
6.38%, 05/01/26			14		13,162
5.25%, 08/15/27(a)			13		11,375
4.75%, 01/15/28(a)			9		8,100
Intelsat Jackson Holdings SA(g):
5.50%, 08/01/23			600		393,000
8.50%, 10/15/24(a)			432		272,030
Intelsat SA, 4.50%, 06/15/25(k)			67		13,186
Lamar Media Corp.:
5.75%, 02/01/26			11		11,165
3.75%, 02/15/28(a)			10		9,374
Nexstar Broadcasting, Inc., 5.63%, 07/15/27(a)(g)			300		293,250
SES SA(5 year EUR Swap + 5.40%), 5.63%(i)(j)	EUR		100		102,361
Sirius XM Radio, Inc.(a)(g):
4.63%, 07/15/24	USD		406		412,062
5.00%, 08/01/27			54		54,805
5.50%, 07/01/29			48		48,960
TEGNA, Inc.(a)(g):
4.63%, 03/15/28			150		131,813
5.00%, 09/15/29			19		17,153
United Group BV, 4.88%, 07/01/24	EUR		100		99,537

Security		Par (000)		Value
Media (continued)
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23	GBP		100	$	119,788
					3,276,179
Metals & Mining — 1.3%
Commercial Metals Co.(g):
4.88%, 05/15/23	USD		72		67,860
5.75%, 04/15/26			21		19,601
5.38%, 07/15/27			541		497,720
FMG Resources August 2006 Property Ltd., 4.50%, 09/15/27(a)			10		8,900
FMG Resources August 2006 Pty, Ltd.(a):
4.75%, 05/15/22			13		12,951
5.13%, 03/15/23			9		8,820
5.13%, 05/15/24			13		12,805
Freeport-McMoRan, Inc.:
5.00%, 09/01/27			10		9,285
5.25%, 09/01/29			10		9,423
Nexa Resources SA, 5.38%, 05/04/27(a)			400		300,000
thyssenkrupp AG:
1.88%, 03/06/23	EUR		43		41,497
2.88%, 02/22/24			200		194,110
Vedanta Resources Finance II PLC, 8.00%, 04/23/23	USD		200		75,750
Vedanta Resources Ltd., 7.13%, 05/31/23			200		75,687
Yankuang Group Cayman Ltd., 4.75%, 11/30/20			200		194,026
					1,528,435
Multiline Retail — 0.1%
Future Retail Ltd., 5.60%, 01/22/25(a)(g)			200		100,250
Oil, Gas & Consumable Fuels — 6.8%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(l)			249		140,685
Bruin E&P Partners LLC, 8.88%, 08/01/23(a)			318		22,260
Buckeye Partners LP:
4.13%, 03/01/25(a)(g)			87		73,341
3.95%, 12/01/26			10		8,197
Callon Petroleum Co., 6.25%, 04/15/23(g)			494		117,325
Centennial Resource Production LLC(a)(g):
5.38%, 01/15/26			834		200,160
6.88%, 04/01/27			51		12,495
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27(g)			475		421,852

7

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Cheniere Energy Partners LP(g):
5.63%, 10/01/26	USD		19	$	17,480
4.50%, 10/01/29(a)			165		143,550
Series WI, 5.25%, 10/01/25			26		23,920
Chesapeake Energy Corp., 11.50%, 01/01/25(a)(g)			718		122,060
Citgo Holding, Inc., 9.25%, 08/01/24(a)(g)			38		30,970
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(a)(g)			42		21,840
DCP Midstream Operating LP:
5.38%, 07/15/25(g)			14		9,559
5.13%, 05/15/29			10		6,300
eG Global Finance PLC:
3.63%, 02/07/24	EUR		100		83,554
4.38%, 02/07/25			100		83,710
Endeavor Energy Resources LP/EER Finance, Inc.(a):
5.50%, 01/30/26	USD		9		6,212
5.75%, 01/30/28			17		11,560
Geopark Ltd., 6.50%, 09/21/24(a)(g)			800		454,000
Gran Tierra Energy, Inc., 7.75%, 05/23/27(a)			200		50,000
Hilong Holding Ltd., 8.25%, 09/26/22			200		130,000
Jagged Peak Energy LLC, 5.88%, 05/01/26(g)			603		450,923
Matador Resources Co., 5.88%, 09/15/26(g)			18		5,274
Neptune Energy Bondco PLC, 6.63%, 05/15/25(a)(g)			200		112,000
NGPL PipeCo LLC, 7.77%, 12/15/37(a)(g)			346		344,448
Parsley Energy LLC/Parsley Finance Corp.(a):
5.38%, 01/15/25(g)			679		524,514
5.25%, 08/15/25			9		6,840
PDC Energy, Inc., 5.75%, 05/15/26			10		5,600
Petrobras Global Finance BV(g):
5.30%, 01/27/25			700		666,312
6.00%, 01/27/28			500		484,250
7.25%, 03/17/44			450		451,415
Petroleos Mexicanos(g):
6.88%, 08/04/26			199		150,742
5.35%, 02/12/28			300		208,500
6.50%, 01/23/29			400		287,790
Puma International Financing SA, 5.13%, 10/06/24(a)			400		142,000
Rockies Express Pipeline LLC, 6.88%, 04/15/40(a)(g)			353		212,136
Santos Finance Ltd., 5.25%, 03/13/29			200		205,376
Seven Generations Energy Ltd., 5.38%, 09/30/25(a)			25		13,937

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Shelf Drilling Holdings Ltd., 8.75%, 11/15/24(a)(c)	USD		542	$	542,000
SM Energy Co.:
5.63%, 06/01/25			9		2,453
6.75%, 09/15/26			9		2,700
6.63%, 01/15/27			9		2,620
Sunoco LP/Sunoco Finance Corp.:
6.00%, 04/15/27(g)			21		18,060
Series WI, 4.88%, 01/15/23			17		16,235
Series WI, 5.50%, 02/15/26			14		12,114
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.13%, 02/01/25			9		7,672
5.88%, 04/15/26			17		14,110
5.38%, 02/01/27			9		7,407
6.50%, 07/15/27			13		11,082
5.00%, 01/15/28			13		10,479
6.88%, 01/15/29			13		10,465
5.50%, 03/01/30(a)			17		13,131
Transocean Guardian Ltd., 5.88%, 01/15/24(a)(g)			81		64,796
WPX Energy, Inc.:
8.25%, 08/01/23			10		7,350
5.25%, 09/15/24			11		6,710
5.75%, 06/01/26(g)			19		10,830
5.25%, 10/15/27			10		5,500
YPF SA, 8.50%, 06/27/29(a)(g)			1,000		517,187
					��
					7,745,988
Pharmaceuticals — 0.8%
Bausch Health Cos., Inc.(a):
5.50%, 11/01/25(g)			30		30,309
5.75%, 08/15/27			9		9,266
Charles River Laboratories International, Inc., 4.25%, 05/01/28(a)			9		8,675
Elanco Animal Health, Inc.:
5.02%, 08/28/23			13		13,150
5.65%, 08/28/28			13		13,707
Merck KGaA(5 year EURIBOR ICE Swap Rate + 2.94%), 2.88%, 06/25/79(i)	EUR		300		315,592
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24			200		203,485
Rossini Sarl:
(3 mo. Euribor + 3.88%), 3.88%, 10/30/25(d)			100		96,034
6.75%, 10/30/25			200		220,561
					910,779
Real Estate — 3.3%
Central China Real Estate Ltd.:
6.50%, 03/05/21	USD		200		186,098
6.75%, 11/08/21			200		172,040

8

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate (continued)
China Aoyuan Group Ltd., 7.95%, 02/19/23	USD		400	$	366,784
China SCE Group Holdings Ltd.:
8.75%, 01/15/21			200		198,000
7.25%, 04/19/23			200		172,000
CIFI Holdings Group Co. Ltd., 5.50%, 01/23/22			200		186,986
Country Garden Holdings Co. Ltd., 6.15%, 09/17/25			200		192,000
Easy Tactic Ltd.:
9.13%, 07/28/22			200		181,748
8.63%, 02/27/24			200		168,500
8.13%, 07/11/24			200		163,625
Greenland Global Investment Ltd.(3 mo. LIBOR US + 4.85%), 6.08%, 09/26/21(d)			200		191,000
JGC Ventures Pte Ltd., 10.75%, 08/30/21			200		170,630
Kaisa Group Holdings Ltd., 11.95%, 10/22/22			200		172,375
Logan Property Holdings Co. Ltd., 6.50%, 07/16/23			200		187,125
No Va Land Investment Group Corp., 5.50%, 04/27/23(k)			200		193,324
Powerlong Real Estate Holdings Ltd.:
6.95%, 04/17/21			200		187,052
7.13%, 11/08/22			200		179,654
Ronshine China Holdings Ltd., 8.95%, 01/22/23			200		184,950
Zhenro Properties Group Ltd.:
9.15%, 03/08/22			200		183,750
8.70%, 08/03/22			200		161,334
					3,798,975
Real Estate Management & Development — 1.6%
Fantasia Holdings Group Co. Ltd., 11.75%, 04/17/22			400		344,200
Forestar Group, Inc., 8.00%, 04/15/24(a)(g)			699		705,990
Howard Hughes Corp., 5.38%, 03/15/25(a)(g)			17		16,447
Shimao Property Holdings Ltd., 5.60%, 07/15/26			400		385,250
Sunac China Holdings Ltd., 7.25%, 06/14/22			400		375,774
					1,827,661
Road & Rail — 0.0%
United Rentals North America, Inc., 5.88%, 09/15/26			17		17,218
Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc.(a)(g):
4.63%, 05/15/24			16		15,840

Security		Par (000)		Value
Textiles, Apparel & Luxury Goods (continued)
4.88%, 05/15/26	USD		16	$	15,682
William Carter Co., 5.63%, 03/15/27(a)			9		8,707
					40,229
Transportation Infrastructure — 0.3%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(a)(g)			400		264,000
Ferrovial Netherlands BV(5 year EUR Swap + 2.13%), 2.12%(i)(j)	EUR		100		89,726
					353,726
Utilities — 0.9%
Centrais Electricals Brasileiras SA, 3.63%, 02/04/25(a)(g)	USD		352		313,280
ContourGlobal Power Holdings SA, 3.38%, 08/01/23	EUR		100		95,673
Huachen Energy Co. Ltd., 6.63%, 05/18/20(m)(n)	USD		200		78,375
Stoneway Capital Corp., 10.00%, 03/01/27(a)(m)(n)			675		96,400
Vistra Operations Co. LLC(a)(g):
5.50%, 09/01/26			17		17,510
5.63%, 02/15/27			23		23,719
5.00%, 07/31/27			343		348,145
					973,102
Wireless Telecommunication Services — 0.6%
Altice France SA, 2.13%, 02/15/25	EUR		100		100,613
Sprint Corp., 7.88%, 09/15/23(g)	USD		295		323,786
VEON Holdings BV, 4.00%, 04/09/25(a)(g)			200		190,000
VICI Properties LP/VICI Note Co., Inc.(a):
3.50%, 02/15/25			13		12,123
4.25%, 12/01/26			22		20,185
					646,707
Total Corporate Bonds — 49.2% (Cost — $70,559,486)					56,164,287
Floating Rate Loan Interests(d) — 15.5%
Aerospace & Defense — 0.5%
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 3.24%, 12/09/25			614		556,786
Air Freight & Logistics — 1.0%
WestJet Airlines Ltd., Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			1,083		823,296

9

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Air Freight & Logistics (continued)
XPO Logistics, Inc., 2018 Term Loan B, (3 mo. LIBOR + 2.00%), 3.61%, 02/24/25	USD		335	$	315,731
					1,139,027
Airlines — 0.4%
Allegiant Travel Co., 2020 Term Loan, (1 mo. LIBOR US), 4.71%, 02/05/24			611		473,348
Building Products — 0.0%
Advanced Drainage Systems, Inc., Term Loan B, (1 mo. LIBOR US), 3.81%, 07/31/26(c)			28		25,560
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR US), 3.45%, 12/14/24			29		25,232
					50,792
Commercial Services & Supplies — 0.0%
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 3.19%, 09/19/26(c)			32		29,257
Communications Equipment — 0.4%
Interface Security Systems LLC, Term Loan, (3 mo. LIBOR + 7.00%), 8.75%, 08/07/23(c)			439		428,596
Construction & Engineering — 0.5%
Ply Gem Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 4.56%, 04/12/25			626		529,095
Diversified Financial Services — 5.0%
Credito Real Sab DE CV, Term Loan B, (3 mo. LIBOR + 3.75%), 5.43%, 02/17/23(c)			60		60,000
LSTAR Securities Financing, Term Loan, (1 mo. LIBOR + 2.00%), 3.58%, 05/30/22(c)			1,332		1,332,303
Opendoor GP II LLC, Mezzanine Term Loan, (3 mo. LIBOR + 10.00%), 10.00%, 01/23/26(c)			2,000		2,006,000
RNTR Seer Financing, Term Loan, (1 mo. LIBOR + 2.38%), 3.08%, 12/20/21(c)			1,995		1,990,465

Security		Par (000)		Value
Diversified Financial Services (continued)
Spectacle Gary Holdings LLC(c) Term Loan B, (3 mo. LIBOR + 9.00%), 11.00%, 12/23/25	USD		378	$	313,437
					5,702,205
Food Products — 2.6%
Arnott’s Biscuits Ltd., AUD 2nd Lien Term Loan, (BBSY + 8.50%, 1.00% Floor), 9.50%, 12/17/27(c)	AUD		5,500		2,983,850
Health Care Providers & Services — 0.4%
Acadia Healthcare Co., Inc., 2018 Term Loan B4, (3 mo. LIBOR US), 3.50%, 02/16/23	USD		376		341,587
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 3.43%, 03/06/25(c)			102		95,997
					437,584
Hotels, Restaurants & Leisure — 1.3%
18 Fremont Street Acquisition LLC, Term Loan B, (1 mo. LIBOR + 8.00%), 9.50%, 08/09/25			800		648,148
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (3 mo. LIBOR US), 5.02%, 02/02/26(c)			173		121,169
Golden Nugget LLC, 2017 Incremental Term Loan B, (3 mo. LIBOR + 2.50%), 3.70%, 10/04/23			221		171,199
Playtika Holding Corp., Term Loan B, (6 mo. LIBOR + 6.00%, 1.00% Floor), 7.07%, 12/10/24			590		548,076
					1,488,592
Media — 1.3%
Connect Finco Sarl, Term Loan B, (1 mo. LIBOR + 4.50%), 5.49%, 12/11/26			359		280,779
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 3.11%, 04/15/27			178		169,689
Diamond Sports Group LLC, Term Loan, (1 mo. LIBOR US), 4.18%, 08/24/26(c)			615		473,481
Intelsat Jackson Holdings SA, 2017 Term Loan B4, (6 mo. LIBOR + 4.50%, 1.00% Floor), 6.43%, 01/02/24			306		279,548
Lamar Media Corp., 2020 Term Loan B, (1 mo. LIBOR + 1.50%), 2.52%, 02/05/27			24		22,750

10

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 2.50%), 3.49%, 05/29/26	USD		295	$	239,030
					1,465,277
Oil, Gas & Consumable Fuels — 1.0%
Buckeye Partners LP, 2019 Term Loan B, (1 mo. LIBOR US), 4.27%, 11/01/26			559		509,808
California Resources Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 1.00% Floor), 6.36%, 12/31/22			475		104,500
Chesapeake Energy Corp., 2019 Last Out Term Loan, (1 mo. LIBOR US), 9.00%, 06/24/24			399		153,615
CITGO Holding, Inc., 2019 Term Loan B, (1 mo. LIBOR US), 8.00%, 08/01/23			398		321,055
					1,088,978
Pharmaceuticals — 1.0%
Bausch Health Cos., Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 3.36%, 11/27/25			889		839,846
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR US), 2.68%, 11/15/27			354		333,972
					1,173,818
Road & Rail — 0.1%
Genesee & Wyoming Inc. (New), Term Loan, (3 mo. LIBOR + 2.00%), 3.45%, 12/30/26			172		163,938
Total Floating Rate Loan Interests — 15.5% (Cost — $20,549,563)					17,711,143
Foreign Agency Obligations — 7.5%
Bahrain — 0.4%
CBB International Sukuk Co. 7 SPC,6.88%, 10/05/25			481		473,184
Colombia — 0.7%
Colombia Government International Bond(g):
8.13%, 05/21/24			285		326,859

Security		Par (000)		Value
Colombia (continued)
4.50%, 01/28/26	USD		512	$	520,160
					847,019
Dominican Republic — 0.3%
Dominican Republic International Bond, 5.50%, 01/27/25			400		383,000
Egypt — 1.5%
Egypt Government Bond:
16.00%, 06/11/22	EGP		2,122		136,549
14.30%, 09/03/22			4,590		286,422
Egypt Government International Bond:
5.58%, 02/21/23	USD		351		324,894
5.58%, 02/21/23(a)(g)			520		481,325
7.50%, 01/31/27(a)(g)			257		230,015
8.50%, 01/31/47			284		230,750
					1,689,955
Indonesia — 1.2%
Indonesia Government International Bond:
4.75%, 01/08/26			277		293,274
3.50%, 01/11/28(g)			565		556,878
4.10%, 04/24/28(g)			200		204,188
4.75%, 02/11/29(g)			200		216,000
Indonesia Treasury Bond, 6.13%, 05/15/28	IDR		2,235,000		121,890
					1,392,230
Mexico — 0.2%
Mexico Government International Bond, 3.75%, 01/11/28(g)	USD		200		199,937
Nigeria — 0.3%
Nigeria Government International Bond, 7.63% 01/11/25			481		370,370
Paraguay — 0.3%
Paraguay Government International Bond, 5.40%, 03/30/50(a)(g)			300		280,969
Qatar — 0.2%
Qatar Government International Bond , 4.00%, 03/14/29(a)(g)			200		214,000
Saudi Arabia — 0.4%
Saudi Government International Bond , 4.50%, 04/17/30			414		445,050
South Africa — 0.8%
Republic of South Africa Government International Bond(g):
4.88%, 04/14/26			814		725,732

11

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
South Africa (continued)
4.30%, 10/12/28	USD		221	$	180,115
					905,847
Sri Lanka — 0.1%
Sri Lanka Government International Bond , 7.55%, 03/28/30			200		110,250
Turkey — 0.1%
Turkey Government International Bond , 4.88%, 04/16/43(g)			200		139,187
Ukraine — 1.0%
Ukraine Government International Bond:
7.75%, 09/01/23			150		140,250
8.99%, 02/01/24			200		183,500
7.75%, 09/01/25			501		452,779
9.75%, 11/01/28			400		389,625
					1,166,154
Total Foreign Agency Obligations — 7.5% (Cost — $9,539,850)					8,617,152
		Shares
Investment Companies — 1.2%
Capital Market — 1.2%
iShares iBoxx USD High Yield Corporate Bond ETF(q)			18,255		1,406,913
Total Investment Companies — 1.2% (Cost — $1,496,946)					1,406,913
		Par (000)
Non-Agency Mortgage-Backed Securities — 17.7%
Collateralized Mortgage Obligations — 4.3%
Cascade Funding Mortgage Trust,Series 2019-RM3, Class C, 4.00%, 06/25/69(a)(b)	USD		945		684,254
CSMC Trust,(a)(c):
0.00%, 03/25/59			924		378,966
18.83%, 09/27/66			2,312		1,934,275
RMF Buyout Issuance Trust,Series 2019-1, Class M4, 4.23%, 07/25/29(a)(b)			700		669,088
Voyager OPTONE Delaware Trust,Series 2009-1, Class SAA7, 3.54%, 02/25/38(a)			4,013		1,249,926
					4,916,509
Commercial Mortgage-Backed Securities — 6.5%
Barclays Commercial Mortgage Trust,Series 2019-C3, Class D, 3.00%, 05/15/52(a)			770		464,090

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Benchmark Mortgage Trust(a):
Series2019-B14, Class 225C, 3.29%, 12/15/62(b)	USD		656	$	496,166
Series2020-B16, Class D, 2.50%, 02/15/53			267		147,534
BX Commercial Mortgage Trust, Series 2020-BXLP, Class F, (1 mo. LIBOR US + 2.00%), 2.70%, 12/15/36(a)(d)			400		343,933
Citigroup Commercial Mortgage Trust,Series 2019-PRM, Class F, 4.89%, 05/10/36(a)			750		586,787
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.53%, 10/10/34(a)(b)			750		527,666
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2017-FL10, Class F, (1 mo. LIBOR US + 4.60%), 5.30%, 06/15/32(a)(d)			350		247,957
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-MKST, Class E, (1 mo. LIBOR US + 2.25%), 2.95%, 12/15/36(a)(d)			500		469,265
Morgan Stanley Capital I Trust:
Series2017-H1, Class D, 2.55%, 06/15/50(a)			753		482,479
Series2017-HR2, Class D, 2.73%, 12/15/50			625		394,832
Series2018-MP, Class E, 4.28%, 07/11/40(a)(b)			750		489,920
Series2019-H7, Class D, 3.00%, 07/15/52(a)			750		448,471
Morgan Stanley Capital I Trust 2019-NUGS, Series 2019-NUGS, Class E, (1 mo. LIBOR US + 2.24%), 3.74%, 12/15/36(a)(d)			800		767,933
US 2018-USDC, Series 2018-USDC, Class E, 4.49%, 05/13/38(a)(b)			500		414,064
Wells Fargo Commercial Mortgage Trust:
Series2015-C28, Class D, 4.11%, 05/15/48(b)			750		590,543
Series 2020-SDAL, Class E, (1 mo. LIBOR US + 2.74%), 4.39%, 02/15/37(a)(d)			800		537,731
					7,409,371
Machinery — 0.6%
Structured Asset Securities Corp. Mortgage Loan Trust,Series 2006-RF3, Class 1A2, 6.00%, 10/25/36(a)			1,902		690,971
Scientific Instruments: Control & Filter — 6.3%
225 Liberty Street Trust, Series 2016-225L, Class E, 4.65%, 02/10/36(a)(b)			750		630,294

12

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Scientific Instruments: Control & Filter (continued)
Barclays Commercial Mortgage Trust,Series 2019-C3, Class C, 4.18%, 05/15/52	USD		482	$	360,508
BBCMS Mortgage Trust, Series 2019-BWAY, Class D, (1 mo. LIBOR US + 2.16%), 2.86%, 11/25/34(a)(d)			700		641,540
BX Commercial Mortgage Trust,Series 2019-XL, Class J, (1 mo. LIBOR US + 2.65%), 3.35%, 10/15/36(a)(d)			669		562,446
BX Trust,Series 2019-MMP, Class F, (1 mo. LIBOR US + 2.79%), 3.50%, 08/15/36(a)(d)			1,000		662,904
Citigroup Commercial Mortgage Trust,Series 2019-PRM, Class E, 4.89%, 05/10/36(a)			500		440,493
COMM Commercial Mortgage Trust,Series 2013-GAM, Class E, 3.42%, 02/10/28(a)(b)			500		478,809
CSAIL Commercial Mortgage Trust:
Series2018-C14, Class C, 4.89%, 11/15/51(b)			750		607,138
Series2019-C17, Class D, 2.50%, 09/15/52(a)			689		387,482
Del Amo Fashion Center Trust2017-AMO,Series 2017-AMO, Class D, 3.64%, 06/05/35(a)(b)			500		391,075
Hudson Yards Mortgage Trust, Series 2019-55HY, Class F, 2.94%, 12/10/41(a)(b)			700		581,131
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2019-BKWD, Class E, (1 mo. LIBOR US + 2.60%), 3.30%, 09/15/29(a)(d)			365		346,980
JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5, Class D, 3.00%, 06/13/52(a)			750		452,281
Morgan Stanley Capital I Trust, Series 2014-150E, Class F, 4.30%, 09/09/32(a)(b)			700		600,578
					7,143,659
TotalNon-Agency Mortgage-Backed Securities — 17.7% (Cost — $25,552,233)					20,160,510
Preferred Securities
Capital Trusts — 9.1%
Auto Components — 0.2%
Volkswagen International Finance NV, 3.88%(i)(j)			300		285,570
Banks — 4.5%
ABN AMRO Bank NV, 4.75%(i)(j)			400		370,574

Security	Par (000)		Value
Banks (continued)
Banco Bilbao Vizcaya Argentaria SA(i)(j):
6.00%		200	$	185,287
6.13%(g)		400		294,000
Series 9, 6.50%		200		155,000
Banco Mercantil del Norte SA, 6.75%(a)(g)(i)(j)		300		228,810
Banco Santander SA, 6.75%(i)(j)		400		395,886
Bank of East Asia Ltd., 5.88%(i)(j)		250		248,333
Bankia SA(i)(j):
6.00%		200		168,305
6.38%		400		344,032
BAWAG Group AG, 5.00%(i)(j)		200		183,487
Burgan Bank SAK, 5.75%(i)(j)		200		176,250
CaixaBank SA, 6.75%(i)(j)		200		179,221
Cooperative Rabobank UA(i)(j):
3.25%		400		343,002
4.63%		200		192,456
Erste Group Bank AG(i)(j):
5.13%		400		361,751
8.88%		200		218,374
ING Group NV, 6.75%(i)(j)		400		343,000
Intesa Sanpaolo SpA, 7.75%(i)(j)		200		202,849
KBC Group NV, 4.25%(i)(j)		600		518,498
				5,109,115
Building Materials — 0.1%
Holcim Finance Luxembourg SA, 3.00%(i)(j)		100		95,036
Diversified Financial Services — 2.6%
Barclays PLC, 7.75%(i)(j)		200		175,400
BNP Paribas SA, 6.63%(i)(j)		400		353,000
Credit Agricole SA, 6.50%(i)(j)		200		209,385
Credit Suisse Group AG(a)(g)(i)(j):
6.38%		350		307,195
7.50%		300		276,480
HSBC Holdings PLC, 6.25%(g)(i)(j)		450		416,812
Societe Generale SA, 7.38%(j)		300		259,500
UBS Group AG, 7.00%(i)(j)		450		433,575
UniCredit SpA, 6.63%(i)(j)		600		515,293
				2,946,640
Diversified Telecommunication Services — 0.4%
Telefonica Europe BV(i)(j):
3.88%		200		206,769

13

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Telecommunication Services (continued)
4.38%		200	$	214,445
				421,214
Electric Utilities — 0.1%
RWE AG, 2.75%,(i)		100		107,612
Insurance — 0.2%
Argentum Netherlands BV for Swiss Re Ltd., 5.75%,(i)		300		299,268
Media — 0.3%
Bertelsmann SE & Co. KGaA, 3.50%,(i)		300		303,523
Oil, Gas & Consumable Fuels — 0.2%
TOTAL SA, 3.37%(i)(j)		200		223,037
Utilities — 0.5%
Electricite de France SA(i)(j):
5.00%		100		111,801
5.38%		100		112,675
Engie SA, 3.25%(i)(j)		300		326,320
				550,796
Total Capital Trusts — 9.1%				10,341,811
Total Preferred Securities — 9.1% (Cost — $12,351,874)				10,341,811

Security			Par (000)		Value
U.S. Government Sponsored Agency Securities — 1.0%
Commercial Mortgage-Backed Securities — 0.4%
FREMF Mortgage Trust, Series 2017-KGX1, Class BFX, 3.59%, 10/25/27(a)(b)		USD		500	$	427,450
Scientific Instruments: Control & Filter — 0.6%
FREMF Mortgage Trust,Series 2019-K99, Class C, 3.77%, 10/25/52(a)(b)				1,000		764,458
Total U.S. Government Sponsored Agency Securities — 1.0% (Cost — $1,473,493)						1,191,908
Total Long-Term Investments — 129.4% (Cost — $184,266,647)						147,797,488
Short-Term Securities — 7.1%
Foreign Agency Obligations — 0.2%
Egypt Treasury Bills, 0.00%, 05/26/20(o)		EGP		4,125		256,413
Total Foreign Agency Obligations – 0.2%						256,413
	Shares
Money Market Funds — 6.9%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 0.21%(p)(q)				7,843,518		7,843,518
Total Money Market Funds –6.9%						7,843,518
Total Short-Term Securities — 7.1% (Cost — $8,087,253)						8,099,931
Options Purchased — 0.0% (Cost — $63,602)						15,960
Total Investments — 136.5% (Cost — $192,417,502)						155,913,379
Liabilities in Excess of Other Assets — (36.5)%						(41,666,145	)
Net Assets — 100.0%					$	114,247,234

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

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

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

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

^(e)  When-issued security.

^(f)  Amount is less than 500.

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

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

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

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

14

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)     

^(k)  Convertible security.

^(l)  Zero-coupon bond.

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

⁽ⁿ⁾  Non-income producing security.

^(o)  Rates shown are discount rates or a range of discount rates as of period end.

^(p)  Annualized7-day yield as of period end.

^(q)  Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended March 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended were as follows:

Affiliated Issuer	Shares Held at 12/31/19	Shares Purchased		Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class	1,440,464	6,403,054	(b)	—		7,843,518	$	7,843,518	$	6,393	$	—		$	—
iShares iBoxx USD High Yield Corporate Bond ETF	79,255	65,000		(126,000	)	18,255		1,406,913		59,109		(825,258	)		(215,681	)
							$	9,250,431	$	65,502	$	(825,258	)	$	(215,681	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased(sold).

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industrysub-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 industrysub-classifications for reporting ease.

Currency Abbreviations
AUD	Australian Dollar
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
USD	United States Dollar

Reverse Repurchase Agreements

Counterparty	Interest Rate		Trade Date	Maturity Date (a)		Face Value		Face Value Including Accrued Interest	Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements (a)
Barclays Capital, Inc.	1.25	%	08/27/19	Open	$	535,248	$	542,778	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		08/27/19	Open		638,010		646,986	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		08/27/19	Open		623,700		632,475	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		08/27/19	Open		683,375		692,578	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		08/27/19	Open		653,565		662,760	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		08/27/19	Open		503,700		509,514	Corporate Bonds	Open/Demand

15

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)     

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.	1.25	%	08/27/19	Open	$	516,810	$	524,096	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		08/27/19	Open		658,665		667,950	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00		09/09/19	Open		591,030		597,917	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00		09/09/19	Open		637,320		644,702	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00		09/09/19	Open		808,890		818,260	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00		09/09/19	Open		387,173		391,657	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		09/09/19	Open		550,361		557,558	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		09/09/19	Open		505,766		512,380	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		09/09/19	Open		504,340		510,935	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		09/30/19	Open		475,313		480,765	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		09/30/19	Open		338,183		342,290	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		09/30/19	Open		575,456		582,445	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		09/30/19	Open		442,944		448,323	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		09/30/19	Open		416,670		421,730	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		09/30/19	Open		376,875		381,452	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		09/30/19	Open		360,180		364,554	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		09/30/19	Open		452,250		457,742	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		09/30/19	Open		546,925		553,567	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		09/30/19	Open		513,338		519,572	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		09/30/19	Open		390,529		395,272	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.50		10/10/19	Open		412,560		417,534	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/10/19	Open		376,320		380,624	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/10/19	Open		375,180		379,471	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00		10/23/19	Open		545,931		550,769	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	1.50		10/23/19	Open		270,663		273,681	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.50		10/23/19	Open		277,375		280,449	Capital Trusts	Open/Demand
Barclays Capital, Inc.	1.50		10/23/19	Open		247,875		250,622	Capital Trusts	Open/Demand
RBC Capital Markets LLC	1.30		10/23/19	Open		236,531		238,954	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/23/19	Open		323,000		326,309	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/23/19	Open		298,285		301,340	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/23/19	Open		256,275		258,900	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/23/19	Open		257,250		259,885	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/23/19	Open		311,823		315,017	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/23/19	Open		268,400		271,149	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/23/19	Open		216,803		219,023	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/23/19	Open		182,000		183,864	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.20		10/30/19	Open		420,210		424,127	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.20		10/30/19	Open		200,000		201,864	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	1.25		10/30/19	Open		369,587		373,111	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.35		10/30/19	Open		258,817		261,394	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	0.94		10/30/19	Open		135,873		137,016	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.14		10/30/19	Open		174,000		175,613	Corporate Bonds	Open/Demand

16

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)     

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)
RBC Capital Markets LLC	1.30	%	10/30/19	Open	$	737,640	$	744,979	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/30/19	Open		158,000		159,572	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		10/30/19	Open		168,500		170,176	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		11/05/19	Open		187,590		189,347	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.15		11/07/19	Open		247,624		249,761	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		11/07/19	Open		416,948		420,715	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		11/07/19	Open		373,500		376,874	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		11/07/19	Open		500,112		504,631	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00		11/15/19	Open		339,506		342,100	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	1.25		11/15/19	Open		352,500		355,531	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		11/15/19	Open		246,250		248,367	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	1.30		11/15/19	Open		209,233		211,071	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		11/19/19	Open		361,415		364,409	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.35		11/19/19	Open		367,500		370,681	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		11/20/19	Open		506,350		510,513	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	1.30		11/20/19	Open		545,250		549,833	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.40		11/20/19	Open		193,522		195,220	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	1.00		11/26/19	Open		402,750		405,580	Capital Trusts	Open/Demand
Barclays Capital, Inc.	1.25		11/26/19	Open		723,000		728,719	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50		11/27/19	Open		367,581		369,470	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85		11/27/19	Open		375,500		377,882	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00		11/27/19	Open		363,000		365,491	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		11/27/19	Open		335,760		338,353	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00		12/18/19	Open		328,500		330,389	Capital Trusts	Open/Demand
Barclays Capital, Inc.	1.00		12/18/19	Open		252,000		253,449	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		12/18/19	Open		249,000		250,612	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.50		12/18/19	Open		401,500		404,416	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.50		12/18/19	Open		400,500		403,409	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.50		12/18/19	Open		227,813		229,452	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		12/19/19	Open		661,875		666,117	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		12/19/19	Open		504,945		508,182	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		12/19/19	Open		398,500		400,826	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.25		12/19/19	Open		354,000		356,269	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.30		12/19/19	Open		361,500		363,869	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.30		12/19/19	Open		499,639		502,913	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.30		12/19/19	Open		331,000		333,169	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.30		12/19/19	Open		372,500		374,941	Corporate Bonds	Open/Demand

17

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)     

Reverse Repurchase Agreements (continued)

Counterparty	Interest Rate		Trade Date	Maturity Date (a)		Face Value		Face Value Including Accrued Interest	Type of Non-Cash  Underlying Collateral	Remaining Contractual Maturity of the Agreements (a)
BNP Paribas Securities Corp.	1.30	%	12/19/19	Open	$	328,624	$	330,777	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		12/23/19	Open		298,121		299,794	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		12/23/19	Open		205,500		206,653	Foreign Agency Obligations	Open/Demand
BNP Paribas Securities Corp.	1.05		12/23/19	Open		218,500		219,726	Foreign Agency Obligations	Open/Demand
BNP Paribas Securities Corp.	1.30		12/23/19	Open		261,176		262,821	Foreign Agency Obligations	Open/Demand
BNP Paribas Securities Corp.	1.30		12/23/19	Open		142,380		143,277	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.55		01/07/20	Open		835,000		840,004	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.00		01/07/20	Open		616,124		618,982	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.15		01/07/20	Open		723,750		727,361	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.15		01/07/20	Open		497,250		499,731	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.15		01/07/20	Open		600,188		603,182	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.15		01/07/20	Open		507,750		510,283	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.15		01/07/20	Open		567,092		569,921	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.25		01/07/20	Open		661,948		665,405	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.10		01/15/20	Open		515,143		517,412	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.10		01/15/20	Open		276,152		277,369	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.15		01/22/20	Open		198,250		199,061	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		01/22/20	Open		165,773		166,483	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		01/22/20	Open		115,876		116,373	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		01/22/20	Open		186,300		187,098	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		01/22/20	Open		179,450		180,219	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		01/22/20	Open		164,014		164,717	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		01/22/20	Open		195,469		196,306	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		01/22/20	Open		402,000		403,722	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		01/29/20	Open		190,250		190,476	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		01/29/20	Open		190,250		190,916	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		01/29/20	Open		170,665		171,263	Corporate Bonds	Open/Demand

18

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)     

Reverse Repurchase Agreements (continued)

Counterparty	Interest Rate		Trade Date	Maturity Date (a)		Face Value		Face Value Including Accrued Interest	Type of Non-Cash  Underlying Collateral	Remaining Contractual Maturity of the Agreements (a)
BNP Paribas Securities Corp.	1.05	%	01/29/20	Open	$	69,475	$	69,718	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		01/29/20	Open		68,400		68,640	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		01/29/20	Open		67,050		67,285	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		01/29/20	Open		172,877		173,483	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.10		01/29/20	Open		162,393		162,976	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC	0.50		02/07/20	Open		185,250		185,677	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.50		02/07/20	Open		185,250		185,639	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/11/20	Open		180,353		180,911	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.10		02/11/20	Open		311,527		312,427	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.17		02/11/20	Open		268,400		269,201	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.10		02/12/20	Open		274,162		274,922	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.10		02/13/20	Open		295,500		296,302	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	1.10		02/13/20	Open		178,500		178,984	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.10		02/13/20	Open		186,000		186,505	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.10		02/13/20	Open		182,500		182,995	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.35		02/13/20	Open		156,585		157,061	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/13/20	Open		51,638		51,774	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/13/20	Open		48,959		49,088	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.09		02/13/20	Open		43,860		43,978	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.09		02/13/20	Open		178,617		179,099	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.09		02/14/20	Open		172,000		172,425	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.15		02/19/20	Open		494,250		495,447	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.15		02/19/20	Open		443,500		444,574	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.20		02/19/20	Open		187,000		187,463	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.20		02/19/20	Open		196,500		196,987	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		22,063		22,120	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		17,338		17,383	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		22,913		22,972	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		23,205		23,265	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		37,065		37,161	Corporate Bonds	Open/Demand

19

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)     

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.	1.25	%	02/19/20	Open	$	23,270	$	23,330	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		74,711		74,905	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		38,700		38,801	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		33,725		33,813	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		23,953		24,015	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		44,700		44,816	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		56,730		56,877	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		32,003		32,086	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		28,481		28,555	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		33,115		33,201	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		42,806		42,917	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		23,855		23,917	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25		02/19/20	Open		32,400		32,484	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		24,278		24,325	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		20,786		20,827	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		34,403		34,470	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		21,038		21,079	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		29,683		29,741	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		23,280		23,326	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		28,463		28,518	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		27,398		27,451	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		33,950		34,017	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		27,545		27,599	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		26,585		26,637	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		32,813		32,877	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		20,614		20,654	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		21,131		21,173	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.	1.05		02/25/20	Open		27,586		27,640	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.15		03/02/20	Open		798,323		799,731	Foreign Agency Obligations	Open/Demand

20

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash  Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

BNP Paribas Securities Corp.

1.15

%

03/03/20

Open

$

469,656

$

470,429

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.30

03/03/20

Open

340,515

341,115

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

03/04/20

Open

154,250

154,392

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

03/04/20

Open

149,500

149,638

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

03/04/20

Open

150,956

151,135

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

03/04/20

Open

160,250

160,458

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.35

03/04/20

Open

177,500

177,744

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.65

03/04/20

Open

17,005

17,026

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.65

03/04/20

Open

42,130

42,183

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.65

03/04/20

Open

19,025

19,049

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.65

03/04/20

Open

19,793

19,817

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.65

03/04/20

Open

19,793

19,817

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.65

03/04/20

Open

16,886

16,907

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.65

03/04/20

Open

18,739

18,762

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.65

03/04/20

Open

20,134

20,159

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

0.99

03/04/20

Open

219,000

219,242

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.17

03/04/20

Open

179,250

179,472

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.20

03/04/20

Open

166,250

166,255

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.20

03/04/20

Open

173,750

173,969

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.20

03/04/20

Open

171,750

171,967

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.20

03/04/20

Open

170,500

170,715

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.20

03/04/20

Open

175,250

175,471

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.20

03/04/20

Open

180,500

180,728

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.20

03/04/20

Open

164,250

164,457

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.20

03/04/20

Open

166,250

166,460

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.10

03/06/20

Open

193,640

193,835

Corporate Bonds

Open/Demand

21

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)

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.

1.10

%

03/16/20

Open

$

12,513

$

12,521

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

03/16/20

Open

13,360

13,369

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

03/16/20

Open

4,716

4,720

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

03/16/20

Open

13,600

13,610

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

03/16/20

Open

4,905

4,908

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

03/16/20

Open

10,290

10,297

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

03/16/20

Open

11,830

11,838

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

03/16/20

Open

14,004

14,014

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.10

03/16/20

Open

12,740

12,749

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

03/16/20

Open

13,600

13,608

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.25

03/16/20

Open

13,855

13,863

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.50

03/16/20

Open

15,323

15,333

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

03/17/20

Open

12,360

12,373

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

03/17/20

Open

18,233

18,251

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

03/17/20

Open

15,725

15,741

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

03/17/20

Open

10,205

10,216

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

16,363

16,380

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

14,088

14,102

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

10,860

10,871

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

12,408

12,420

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

10,365

10,376

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

15,853

15,869

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

9,775

9,785

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

16,220

16,237

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

13,965

13,980

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

14,888

14,903

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

14,740

14,755

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

9,425

9,435

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

17,553

17,571

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

15,860

15,877

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

15,831

15,848

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

15,151

15,167

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

15,620

15,636

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.50

03/17/20

Open

8,540

8,549

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.85

03/18/20

Open

476,160

476,306

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

1.00

03/18/20

Open

180,375

180,440

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.55

03/18/20

Open

175,431

175,529

Capital Trusts

Open/Demand

BNP Paribas Securities Corp.

1.15

03/18/20

Open

381,875

382,034

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.15

03/18/20

Open

330,892

331,030

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.15

03/19/20

Open

167,843

167,907

Foreign Agency Obligations

Open/Demand

BNP Paribas Securities Corp.

1.15

03/23/20

Open

584,063

584,212

Corporate Bonds

Open/Demand

22

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)

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)
RBC Capital Markets LLC		1.04	%		03/25/20		Open	$	331,278	$	331,352	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		1.00			03/26/20		Open		142,250		142,270	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		1.25			03/26/20		Open		231,500		231,540	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		2.75			03/26/20		Open		247,125		247,219	Corporate Bonds	Open/Demand
								$	57,336,205	$	57,750,051

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

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
U.S. Ultra Long Treasury Bond		35		06/19/20	$	7,766	$	470,037
Short Contracts10-Year U.S. Treasury Note		10		06/19/20		1,387		(44,383	)
10-Year U.S. Ultra Long Treasury Note		17		06/19/20		2,653		(109,320	)
U.S. Long Treasury Bond		1		06/19/20		179		4,186
2-Year U.S. Treasury Note		12		06/30/20		2,645		172
5-Year U.S. Treasury Note		46		06/30/20		5,767		(134,955	)
								(284,300	)
							$	185,737

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	195,000	USD	210,973	JPMorgan Chase Bank N.A.		04/03/20	$	4,099
GBP	134,724	USD	156,420	JPMorgan Chase Bank N.A.		04/03/20		10,923
USD	1,813,531	GBP	1,406,000	Morgan Stanley & Co. International PLC		04/03/20		67,116
EUR	254,000	USD	275,692	BNP Paribas S.A.		05/05/20		4,801
EUR	4,532,000	USD	4,987,493	Deutsche Bank AG		05/05/20		17,204
EUR	2,484,560	USD	2,717,620	JPMorgan Chase Bank N.A.		05/05/20		26,085
USD	22,241,746	EUR	19,870,234	Deutsche Bank AG		05/05/20		299,005
								429,233
EUR	996,766	USD	1,127,439	Deutsche Bank AG		04/03/20		(28,075	)
EUR	19,870,234	USD	22,206,974	Deutsche Bank AG		04/03/20		(291,480	)
USD	104,371	EUR	98,000	BNP Paribas S.A.		04/03/20		(3,716	)

23

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	82,910	EUR	76,000	Morgan Stanley & Co. International PLC		04/03/20	$	(912	)
USD	22,863,676	EUR	20,791,000	UBS AG		04/03/20		(67,360	)
USD	97,923	GBP	80,000	Deutsche Bank AG		04/03/20		(1,446	)
EUR	305,000	USD	337,387	Morgan Stanley & Co. International PLC		05/05/20		(574	)
USD	3,351,875	AUD	5,472,500	Morgan Stanley & Co. International PLC		06/19/20		(14,948	)
								(408,511	)
	Net unrealized appreciation						$	20,722

OTC Currency Options Purchased

Description	Counterparty	Expiration Date	Exercise Price			Notional Amount (000)			Value
Put
USD Currency	Bank of America N.A.	04/07/20		USD	105.00		USD	3,500	$	8,760
USD Currency	JPMorgan Chase Bank N.A.	04/08/20		USD	104.00		USD	3,500		7,200
									$	15,960

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.32.V1		5.00	%		Quarterly	06/20/24	CCC+	USD	970	$	(49,467	)	$	61,342		$	(110,809	)
CDX.NA.HY.33.V1		5.00	%		Quarterly	12/20/24	B	USD	7,105		(438,387	)		(589,190	)		150,803
										$	(487,854	)	$	(527,848	)	$	39,994

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

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

OTC Credit Default Swaps — 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		Annual	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	5,000	$	(1,271,971	)	$	(8,028	)	$	(1,263,943	)
CMBX.NA.9		3.00		Annual	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	5,000		(1,271,971	)		(20,571	)		(1,251,400	)
												$	(2,543,942	)	$	(28,599	)	$	(2,515,343	)

^(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.

24

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Fair Value Hierarchy as of Period End

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

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

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

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

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—	$	27,625,631		$	4,578,133	$	32,203,764
Corporate Bonds(a)		193,324		55,308,787			662,176		56,164,287
Floating Rate Loan Interests(a)		—		7,851,028			9,860,115		17,711,143
Foreign Agency Obligations(a)		—		8,617,152			—		8,617,152
Investment Companies		1,406,913		—			—		1,406,913
Non-Agency Mortgage-Backed Securities		—		17,847,269			2,313,241		20,160,510
Preferred Securities(a)		—		10,341,811			—		10,341,811
U.S. Government Sponsored Agency Securities		—		1,191,908			—		1,191,908
Short-Term Securities:
Foreign Agency Obligations		—		256,413			—		256,413
Money Market Funds		7,843,518		—			—		7,843,518
Options Purchased:
Foreign Currency Exchange Contracts		—		15,960			—		15,960
Unfunded floating rate interests(b)		—		—			8,136		8,136
	$	9,443,755	$	129,055,959		$	17,421,801	$	155,921,515
Derivative Financial Instruments(c)
Assets:
Credit contracts	$	—	$	150,803		$	—	$	150,803
Foreign currency exchange contracts		—		429,233			—		429,233
Interest rate contracts		474,395		—			—		474,395
Liabilities:
Credit contracts		—		(2,626,152	)		—		(2,626,152	)

25

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Foreign currency exchange contracts	$	—		$	(408,511	)	$	—	$	(408,511	)
Interest rate contracts		(288,658	)		—			—		(288,658	)
	$	185,737		$	(2,454,627	)	$	—	$	(2,268,890	)

^(a)  See above Schedule of Investments for values in each sector/country or political subdivision.

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

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $57,750,051 are categorized as Level 2 within the disclosure hierarchy.

A reconciliation of Level 3 investments 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			Unfunded Floating Rate Loan Interests		Total
Assets:
Opening Balance, as of December 31, 2019	$	2,664,197		$	128,960		$	8,848,255		$	2,357,381		$	—	$	13,998,793
Transfers into Level 3(a)		2,229,984			—			779,790			—			—		3,009,774
Transfers out of Level 3		(1,000,000	)		—			—			—			—		(1,000,000	)
Accrued discounts/premiums		2,568			—			752			33,148			—		36,468
Net realized gain (loss)		123			—			(5,935	)		7,920			—		2,108
Net change in unrealized appreciation (depreciation)(b)		(260,582	)		816			(1,120,749	)		(64,105	)		8,136		(1,436,484	)
Purchases		980,625			542,000			2,060,026			—			—		3,582,651
Sales		(38,782	)		(9,600	)		(702,024	)		(21,103	)		—		(771,509	)
Closing Balance, as of March 31, 2020	$	4,578,133		$	662,176		$	9,860,115		$	2,313,241		$	8,136	$	17,421,801
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2020(b)	$	(260,582	)	$	816		$	(1,123,519	)	$	(64,105	)	$	8,136	$	(1,439,254	)

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

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2020 is generally due to investments no longer held or categorized as Level 3 at period end.

26

Schedule of Investments  (unaudited) (continued) March 31, 2020 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies to determine the value of certain of the Trust’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third-party pricing information in the amount of $12,003,355. A significant change in the third-party information could result in a significantly lower or higher value of such Level 3 investments.

	Value		Valuation Approach	Unobservable Inputs	Range of unobservable Inputs Utilized (a)			Weighted Average of Unobservable Inputs Based on Fair Value
Assets:
Floating Rate Loan Interests(b)	$	5,418,446	Income	Discount Rate		12%-15	%		13	%
			Market	Recent Transactions
	$	5,418,446

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

^(b)  For the period end March 31, 2020, the valuation technique for investments classified as Floating Rate Loan Interests amounting to $2,983,850 changed to income approach. The investments were previously valued utilizing Transaction Price. The change was due to consideration of the information that was available at the time the investments were valued.

27