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

Schedule of Investments (unaudited) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (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		772	$	612,588
Ajax Mortgage Loan Trust, Series 2019-C, Class A, 3.95%, 10/25/58(a)(b)			1,175		1,177,042
Anchorage Capital CLO Ltd., Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 3.72%, 01/28/31(a)(b)			250		250,727
ARES LI CLO Ltd., Series 2019-51A, Class E, (3 mo. LIBOR US + 6.49%), 6.73%, 04/15/31(a)(b)			300		300,214
Ares LV CLO Ltd., Series 2020-55A, Class D, (3 mo. LIBOR US + 4.83%), 5.07%, 04/15/31(a)(b)			750		753,744
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class E, (3 mo. LIBOR US + 6.90%), 7.14%, 10/15/32(a)(b)			500		499,716
BlueMountain CLO XXVI Ltd., Series 2019-26A, Class E, (3 mo. LIBOR US + 7.70%), 7.92%, 10/20/32(a)(b)			250		251,127
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 3.38%, 04/20/32(a)(b)(c)			2,000		2,000,000
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.66%, 07/20/32(a)(b)			1,300		1,288,016
CarVal CLO Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.89%), 3.11%, 07/16/31(a)(b)			250		248,535
Cedar Funding II CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 3.60%), 3.79%, 06/09/30(a)(b)			1,050		1,049,979
Cent CLO Ltd., Series 2013-19A, Class C, (3 mo. LIBOR US + 3.30%), 3.51%, 10/29/25(a)(b)			700		700,019
Elmwood CLO II Ltd.(a)(b)
Series 2019-2A, Class E, (3 mo. LIBOR US + 6.80%), 7.02%, 04/20/31			250		250,014
Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 1.00%, 04/20/34(d)			250		250,000
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.24%, 10/15/32(a)(b)			500		501,053
Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39(b)	CAD		150		115,684
Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 3.19%, 10/15/30(a)(b)	USD		1,500		1,490,045
GoldentTree Loan Management US CLO 1 Ltd., Series 2017-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.87%, 04/20/29(a)(b)			300		299,990
GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.70%), 0.81%, 12/25/35(a)			3,371		1,466,394
Kayne CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.75%, 01/20/33(a)(b)			250		251,032
Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31(b)			400		443,626
Madison Park Funding X Ltd., Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.47%, 01/20/29(a)(b)			560		560,119
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 3.92%, 04/20/26(a)(b)			800		800,423
Mariner CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 7.10%, 04/30/32(a)(b)			1,250		1,253,228
Mariner Finance Issuance Trust(b)
Series 2019-AA, Class D, 5.44%, 07/20/32			900		890,699
Series 2020-AA, Class D, 5.75%, 08/21/34			200		203,991
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44(b)			345		359,637

Security		Par (000)			Value
Asset-Backed Securities (continued)
Nationstar HECM Loan Trust, Series 2019-1A, Class M4, 5.80%, 06/25/29(a)(b)	USD		1,500		$	1,499,813
OCP CLO Ltd.(a)(b)
Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 3.22%, 04/24/29			300			293,406
Series 2014-7A, Class B1RR, (3 mo. LIBOR US + 2.25%), 2.47%, 07/20/29			500			500,118
Series 2019-17A, Class E, (3 mo. LIBOR US + 6.66%), 6.88%, 07/20/32			1,500			1,498,658
OZLM Funding III Ltd., Series 2013-3A, Class BRR, (3 mo. LIBOR US + 2.70%), 2.92%, 01/22/29(a)(b)			1,000			999,965
Palmer Square Loan Funding Ltd.(a)(b)
Series 2019-2A, Class C, (3 mo. LIBOR US + 3.25%), 3.47%, 04/20/27			1,025			1,025,229
Series 2019-3A, Class C, (3 mo. LIBOR US + 3.40%), 3.58%, 08/20/27			1,750			1,751,312
Series 2019-4A, Class C, (3 mo. LIBOR US + 3.25%), 3.47%, 10/24/27			600			600,166
Recette Clo Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 3.25%), 3.36%, 04/20/34(a)(b)(c)			1,000			1,000,000
Rockford Tower CLO Ltd., Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 2.87%, 10/20/30(a)(b)			430			423,522
Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.29%), 0.40%, 01/25/47(a)(d)			2,763			2,632,904
Sofi Professional Loan Program LLC, Series 2016-B, Class RC, 0.00%, 04/25/37(b)(c)			—	(e)		100,528
Sound Point CLO XXIV, Series 2019-3A, Class D, (3 mo. LIBOR US + 4.11%), 4.33%, 10/25/32(a)(b)			1,500			1,509,507
Sun Country, 7.00%, 12/15/23(c)			267			256,754
TICP CLO XII Ltd., Series 2018-12A, Class E, (3 mo. LIBOR US + 5.50%), 5.74%, 01/15/31(a)(b)			2,450			2,440,243
TRESTLES CLO II Ltd.(a)(b)
Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 3.10%, 04/25/32			1,000			1,000,000
Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 5.97%, 07/25/31			250			237,131
TRESTLES CLO III Ltd., Series 2020-3A, Class SUB, 0.00%, 01/20/33(a)(b)			250			197,430
Voya CLO Ltd., Series 2014-3A, Class CR, (3 mo. LIBOR US + 2.65%), 2.87%, 07/25/26(a)(b)			250			249,981
Westcott Park CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 3.47%, 07/20/28(a)(b)			1,000			999,663
York CLO Ltd.(a)(b)
Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 3.82%, 10/20/29			500			496,463
Series 2016-2A, Class ER, (3 mo. LIBOR US + 6.75%), 6.97%, 04/20/32			500			500,992
Total Asset-Backed Securities — 27.5% (Cost: $37,943,266)						38,481,427
		Shares
Common Stocks
Equity Real Estate Investment Trusts (REITs) — 0.0%
Service Properties Trust			2,000			23,720
Hotels, Restaurants & Leisure — 0.2%
Caesars Entertainment, Inc.(f)			2,850			249,233

SCHEDULE  OF   INVESTMENTS 1

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Shares		Value
Oil & Gas Exploration & Production — 0.1%
CA Resources Corp.			7,759	$	185,281
Oil, Gas & Consumable Fuels — 0.3%
California Resources Corp.(f)			15,841		381,134
Chesapeake Energy Corp., (Acquired 02/10/21, Cost: $1,288)(g)			136		5,685
					386,819
Total Common Stocks — 0.6% (Cost: $765,719)					845,053
		Par (000)
Corporate Bonds
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc., 3.38%, 03/01/41	USD		73		70,949
Aerospace & Defense — 0.9%
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b)(h)			250		273,825
General Electric Co., 4.35%, 05/01/50			235		260,837
TransDigm, Inc., 6.25%, 03/15/26(b)(h)			730		773,946
					1,308,608
Air Freight & Logistics — 0.0%
XPO Logistics, Inc., 6.75%, 08/15/24(b)(h)			17		17,829
Airlines — 2.8%
American Airlines Group, Inc., 4.00%, 12/15/25(c)			99		97,216
Avianca Holdings SA(b)(i)
(10.50% Cash or 12.00% PIK), 12.25%, 11/10/21(h)			2,384		2,406,577
(10.50% Cash or 12.00% PIK), 12.25%, 11/10/21			168		169,470
Gol Finance SA, 7.00%, 01/31/25(b)(h)			400		325,750
Latam Finance Ltd., 6.88%, 04/11/24(b)(f)(h)(j)			750		618,750
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27(h)			241		267,227
					3,884,990
Auto Components — 0.3%
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26(b)(h)			144		152,934
IHO Verwaltungs GmbH, (3.63% Cash or 4.38% PIK), 3.63%, 05/15/25(i)	EUR		100		119,329
ZF Finance GmbH, 3.75%, 09/21/28			100		127,821
					400,084
Automobiles — 0.5%
Ford Motor Credit Co. LLC, 5.58%, 03/18/24(h)	USD		597		644,336
General Motors Co., 5.95%, 04/01/49			85		107,858
					752,194
Banks — 1.6%
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%(a)(h)(k)			400		418,800
Banco Industrial SA, (5 year CMT + 4.44%), 4.88%, 01/29/31(a)(b)(h)			150		153,844
Bancolombia SA, (5 year CMT + 2.94%), 4.63%, 12/18/29(a)(h)			250		251,875
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%(a)(k)			200		210,187
Grupo Aval Ltd., 4.38%, 02/04/30(b)(h)			200		201,188

Security		Par (000)		Value
Banks (continued)
Intesa Sanpaolo SpA, (5 year EUR Swap + 6.09%), 5.88%(a)(k)	EUR		250	$	328,722
Itau Unibanco Holding SA, 5.13%, 05/13/23(b)(h)	USD		212		223,798
Kasikornbank PCL, (5 year CMT + 1.70%), 3.34%, 10/02/31(a)			200		203,938
NBK Tier 1 Financing Ltd., (6 year USD Swap + 2.88%), 3.63%(a)(b)(h)(k)			277		275,335
					2,267,687
Beverages — 1.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36			63		73,803
Anheuser-Busch InBev Worldwide, Inc., 4.50%, 06/01/50			107		121,404
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27	GBP		100		140,962
Ball Corp.
5.25%, 07/01/25	USD		17		19,210
4.88%, 03/15/26			13		14,538
Central American Bottling Corp., 5.75%, 01/31/27(b)(h)			600		635,250
Keurig Dr. Pepper, Inc., 3.80%, 05/01/50			80		85,028
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)(h)			402		407,528
OI European Group BV, 2.88%, 02/15/25	EUR		100		118,501
					1,616,224
Biotechnology — 0.1%
Gilead Sciences, Inc., 2.80%, 10/01/50	USD		85		75,546
Royalty Pharma PLC, 3.55%, 09/02/50(b)			85		81,001
					156,547
Building Materials — 0.3%
Carrier Global Corp., 3.58%, 04/05/50			80		78,560
Cemex SAB de CV
3.13%, 03/19/26	EUR		100		120,312
5.45%, 11/19/29(h)	USD		200		217,600
Masonite International Corp., 5.38%, 02/01/28(b)			9		9,551
Standard Industries, Inc.(b)
5.00%, 02/15/27			9		9,382
4.75%, 01/15/28(h)			35		36,281
US Concrete, Inc., 6.38%, 06/01/24			3		3,064
					474,750
Building Products — 0.1%
Lowe’s Cos., Inc., 3.00%, 10/15/50			80		74,617
Capital Markets — 0.3%
Intercorp Peru Ltd., 3.88%, 08/15/29(b)(h)			200		205,375
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(i)	EUR		200		238,058
					443,433
Chemicals — 1.9%
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25			100		119,336
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(a)(b)(h)	USD		245		278,075
Equate Petrochemical BV, 4.25%, 11/03/26(b)(h)			224		244,020
INEOS Quattro Finance 1 PLC, 3.75%, 07/15/26	EUR		110		131,073
LYB International Finance III LLC, 4.20%, 05/01/50	USD		80		86,003
NOVA Chemicals Corp., 4.88%, 06/01/24(b)(h)			621		648,945

2

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
OCI NV, 3.63%, 10/15/25	EUR		100	$	122,254
Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44(b)(h)	USD		400		468,875
Sasol Financing USA LLC
6.50%, 09/27/28(h)			287		308,668
5.50%, 03/18/31			200		196,000
					2,603,249
Commercial Services & Supplies — 1.0%
AMN Healthcare, Inc., 4.63%, 10/01/27(b)(h)			99		101,228
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24(b)(h)			476		514,556
DAE Funding LLC, 3.38%, 03/20/28(b)			240		237,600
United Rentals North America, Inc.
5.88%, 09/15/26			17		17,786
5.50%, 05/15/27			17		18,131
3.88%, 11/15/27			13		13,471
4.88%, 01/15/28(h)			479		504,564
5.25%, 01/15/30			13		14,109
					1,421,445
Construction & Engineering — 0.1%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(a)(k)	EUR		100		115,651
Construction Materials(b) — 0.3%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28	USD		12		12,000
KAR Auction Services, Inc., 5.13%, 06/01/25(h)			444		452,014
					464,014
Consumer Discretionary — 0.1%
Atento Luxco 1 SA, 8.00%, 02/10/26(b)(h)			200		209,875
Consumer Finance — 0.9%
Encore Capital Group, Inc., 4.88%, 10/15/25	EUR		100		123,550
Global Payments, Inc., 4.15%, 08/15/49	USD		80		87,294
Muthoot Finance Ltd.(h)
6.13%, 10/31/22(b)			750		777,187
4.40%, 09/02/23			200		202,875
					1,190,906
Containers & Packaging(b)(h) — 0.5%
Klabin Austria GmbH, 3.20%, 01/12/31			200		190,000
Suzano Austria GmbH, 7.00%, 03/16/47			400		512,996
					702,996
Diversified Financial Services — 1.5%
Alfa SAB de CV, 6.88%, 03/25/44(b)(h)			200		246,875
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		139,026
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)(h)	USD		214		200,023
Bank of America Corp., (3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51(a)			130		144,340
Cabot Financial Luxembourg SA, 7.50%, 10/01/23	GBP		44		62,034
Citigroup, Inc., 4.65%, 07/23/48	USD		80		98,165
Credit Agricole SA, (5 year USD Swap + 4.90%), 7.88%(a)(h)(k)			200		224,250
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25	GBP		100		142,447
Intrum AB, 2.75%, 07/15/22	EUR		10		11,712

Security		Par (000)		Value
Diversified Financial Services (continued)
JPMorgan Chase & Co., (SOFR + 2.44%), 3.11%, 04/22/51(a)	USD		80	$	78,349
Manappuram Finance Ltd., 5.90%, 01/13/23			200		206,812
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(b)(h)			400		404,075
Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22			200		204,875
					2,162,983
Diversified Telecommunication Services — 0.8%
AT&T, Inc., 3.30%, 02/01/52			80		72,052
Level 3 Financing, Inc.
5.25%, 03/15/26			13		13,390
4.63%, 09/15/27(b)			17		17,496
4.25%, 07/01/28(b)(h)			267		270,020
3.63%, 01/15/29(b)(h)			216		209,250
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)(i)			200		209,000
SoftBank Group Corp., 4.75%, 07/30/25	EUR		100		130,023
Verizon Communications, Inc.
2.88%, 11/20/50	USD		80		71,102
3.55%, 03/22/51			84		83,882
					1,076,215
Electric Utilities(h) — 1.6%
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(b)			253		253,949
Energuate Trust, 5.88%, 05/03/27(b)			750		791,325
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.88%, 07/17/49			200		211,376
Talen Energy Supply LLC(b)
7.25%, 05/15/27			642		656,355
6.63%, 01/15/28			274		273,709
					2,186,714
Energy Equipment & Services(b)(h) — 0.4%
Bristow Group, Inc., 6.88%, 03/01/28			120		119,611
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24			438		424,860
					544,471
Environmental, Maintenance, & Security Service — 0.0%
Clean Harbors, Inc., 4.88%, 07/15/27(b)			9		9,495
Equity Real Estate Investment Trusts (REITs) — 0.8%
American Tower Corp., 3.10%, 06/15/50			80		73,542
Crown Castle International Corp., 2.90%, 04/01/41			85		78,200
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24(h)			450		483,016
4.63%, 06/15/25(b)			59		62,227
4.50%, 09/01/26			9		9,419
5.75%, 02/01/27			13		14,332
MPT Operating Partnership LP/MPT Finance Corp.
5.25%, 08/01/26			9		9,293
5.00%, 10/15/27(h)			24		25,248
4.63%, 08/01/29(h)			16		16,833
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27			12		12,283
Service Properties Trust 4.50%, 06/15/23(h)			242		245,838

SCHEDULE  OF   INVESTMENTS 3

Schedule of Investments (unaudited) (continued) March 31, 2021 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)
Service Properties Trust (continued)
7.50%, 09/15/25	USD		27	$	30,683
XHR LP, 6.38%, 08/15/25(b)			68		71,825
					1,132,739
Food & Staples Retailing — 1.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
3.50%, 02/15/23(b)			13		13,260
5.75%, 03/15/25			4		4,131
7.50%, 03/15/26(b)			10		11,046
4.63%, 01/15/27(b)(h)			23		23,838
5.88%, 02/15/28(b)			13		13,861
4.88%, 02/15/30(b)(h)			17		17,476
Bellis Acquisition Co. PLC, 3.25%, 02/16/26	GBP		110		152,222
Cydsa SAB de CV, 6.25%, 10/04/27(b)(h)	USD		400		419,000
Grupo KUO SAB de CV, 5.75%, 07/07/27(b)(h)			600		629,438
Kroger Co., 3.95%, 01/15/50			80		86,444
Lamb Weston Holdings, Inc.(b)(h)
4.63%, 11/01/24			14		14,528
4.88%, 11/01/26			14		14,480
Picard Groupe SAS, (3 mo. EURIBOR + 3.00%), 3.00%, 11/30/23(a)	EUR		100		117,105
					1,516,829
Food Products — 0.3%
Aramark Services, Inc.
4.75%, 06/01/26	USD		9		9,252
5.00%, 02/01/28(b)(h)			20		20,755
Darling Ingredients, Inc., 5.25%, 04/15/27(b)			9		9,461
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(b)			33		36,053
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(b)
6.50%, 04/15/29			24		27,108
5.50%, 01/15/30			22		24,348
MHP Lux SA, 6.25%, 09/19/29(b)(h)			300		297,375
Pilgrim’s Pride Corp., 5.88%, 09/30/27(b)(h)			15		16,076
					440,428
Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28(b)			20		21,055
Anthem, Inc., 3.13%, 05/15/50			80		76,340
Centene Corp.
5.38%, 06/01/26(b)(h)			31		32,417
5.38%, 08/15/26(b)			13		13,714
4.25%, 12/15/27(h)			43		45,231
4.63%, 12/15/29(h)			61		66,021
DaVita, Inc., 4.63%, 06/01/30(b)(h)			422		429,959
HCA, Inc.
5.38%, 02/01/25(h)			45		50,198
5.88%, 02/15/26(h)			26		29,802
5.38%, 09/01/26(h)			17		19,167
5.63%, 09/01/28(h)			26		29,900
5.88%, 02/01/29(h)			17		19,805
3.50%, 09/01/30(h)			535		539,531
5.25%, 06/15/49			85		104,012
Molina Healthcare, Inc., 5.38%, 11/15/22			12		12,582
Select Medical Corp., 6.25%, 08/15/26(b)(h)			360		382,594
Teleflex, Inc., 4.63%, 11/15/27			9		9,529
Tenet Healthcare Corp. 4.63%, 09/01/24(b)(h)			384		395,040

Security		Par (000)		Value
Health Care Providers & Services (continued)
Tenet Healthcare Corp. (continued)
5.13%, 05/01/25(h)	USD		25	$	25,351
4.88%, 01/01/26(b)(h)			654		680,003
6.25%, 02/01/27(b)(h)			26		27,452
5.13%, 11/01/27(b)(h)			26		27,188
4.63%, 06/15/28(b)			23		23,575
Universal Health Services, Inc., 2.65%, 10/15/30(b)			63		60,827
					3,121,293
Health Care Technology — 0.3%
CAB SELAS, 3.38%, 02/01/28	EUR		200		233,649
Charles River Laboratories International, Inc., 4.25%, 05/01/28(b)	USD		9		9,270
Synlab Bondco PLC, (3 mo. EURIBOR + 4.75%), 4.75%, 07/01/25(a)	EUR		100		118,813
					361,732
Hotels, Restaurants & Leisure — 4.2%
1011778 BC ULC/New Red Finance, Inc., 3.88%, 01/15/28(b)	USD		13		13,140
7-Eleven, Inc., 2.80%, 02/10/51(b)			110		98,519
Boyd Gaming Corp.
8.63%, 06/01/25(b)			39		43,368
4.75%, 12/01/27(h)			186		189,577
Caesars Entertainment, Inc.(b)(h)
6.25%, 07/01/25			228		243,051
8.13%, 07/01/27			146		161,001
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)			68		71,760
Carlson Travel, Inc., 6.75%, 12/15/23(b)(f)(h)(j)			754		617,239
Cedar Fair LP, 5.25%, 07/15/29			9		9,251
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25(b)(h)			102		107,359
5.38%, 04/15/27			9		9,225
Champion Path Holdings Ltd., 4.85%, 01/27/28			200		208,910
Churchill Downs, Inc.(b)
5.50%, 04/01/27			10		10,452
4.75%, 01/15/28			9		9,308
Fortune Star BVI Ltd.
6.75%, 07/02/23			200		209,562
6.85%, 07/02/24			200		210,937
Full House Resorts, Inc., 8.25%, 02/15/28(b)			13		13,849
Golden Entertainment, Inc., 7.63%, 04/15/26(b)(h)			34		36,168
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/30(h)			17		18,034
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			10		10,438
Hyatt Hotels Corp., 5.38%, 04/23/25(h)			104		116,684
International Game Technology PLC, 6.50%, 02/15/25(b)(h)			582		638,745
IRB Holding Corp., 7.00%, 06/15/25(b)			72		77,504
Marriott International, Inc.
Series FF, 4.63%, 06/15/30			50		55,935
Series GG, 3.50%, 10/15/32(h)			232		240,745
Marriott Ownership Resorts, Inc., 6.13%, 09/15/25(b)(h)			266		282,526
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			13		13,577
Melco Resorts Finance Ltd., 5.25%, 04/26/26			200		206,312
MGM China Holdings Ltd., 5.88%, 05/15/26(h)			200		209,375
MGM Resorts International
5.75%, 06/15/25(h)			12		13,080
4.63%, 09/01/26			7		7,341

4

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
MGM Resorts International (continued)
5.50%, 04/15/27(h)	USD		12	$	12,900
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(b)(h)			326		350,450
Scientific Games International, Inc., 7.00%, 05/15/28(b)(h)			194		207,310
SeaWorld Parks & Entertainment, Inc.(b)
8.75%, 05/01/25			310		335,575
9.50%, 08/01/25(h)			148		160,850
Sisal Group SpA, 7.00%, 07/31/23	EUR		68		81,991
Travel & Leisure Co., 6.63%, 07/31/26(b)	USD		90		102,182
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(b)			9		9,203
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(b)(h)
5.50%, 03/01/25			31		32,752
5.25%, 05/15/27			16		16,754
Wynn Macau Ltd., 5.50%, 01/15/26(h)			200		208,000
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)(h)			213		218,005
					5,888,944
Household Durables — 4.4%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)(h)
9.88%, 04/01/27			456		511,860
6.63%, 01/15/28			216		230,040
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.25%, 09/15/27(b)(h)			234		244,237
Century Communities, Inc., 6.75%, 06/01/27(h)			44		46,769
Controladora Mabe SA de CV, 5.60%, 10/23/28(b)(h)			600		697,500
Forestar Group, Inc.(b)(h)
8.00%, 04/15/24			699		729,581
5.00%, 03/01/28			319		331,061
Lennar Corp.
4.75%, 05/30/25			9		10,024
4.75%, 11/29/27(h)			16		18,370
M/I Homes, Inc., 4.95%, 02/01/28(h)			225		233,016
Mattamy Group Corp., 5.25%, 12/15/27(b)			9		9,416
Newell Brands, Inc., 4.70%, 04/01/26(h)			35		38,619
PulteGroup, Inc.
5.50%, 03/01/26(h)			275		320,863
5.00%, 01/15/27			6		6,900
Taylor Morrison Communities, Inc.(b)(h)
5.88%, 06/15/27			270		298,350
5.75%, 01/15/28			914		1,006,817
Tempur Sealy International, Inc., 5.50%, 06/15/26			10		10,363
Tri Pointe Homes, Inc.
5.25%, 06/01/27(h)			705		754,350
5.70%, 06/15/28			18		19,894
William Lyon Homes, Inc., 6.63%, 07/15/27(b)(h)			604		650,810
					6,168,840
Independent Power and Renewable Electricity Producers — 1.7%
Calpine Corp.(b)(h)
4.50%, 02/15/28			588		592,939
5.13%, 03/15/28			578		580,688
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27(b)(h)			200		203,000
Greenko Dutch BV
5.25%, 07/24/24			200		207,375
3.85%, 03/29/26			200		200,688
India Green Energy Holdings, 5.38%, 04/29/24(b)(h)			250		259,687
NRG Energy, Inc.
7.25%, 05/15/26			17		17,680

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc. (continued)
6.63%, 01/15/27(h)	USD		21	$	21,840
5.75%, 01/15/28			14		14,875
5.25%, 06/15/29(b)			13		13,910
ReNew Power Synthetic, 6.67%, 03/12/24(h)			200		210,125
					2,322,807
Insurance(a) — 0.4%
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%(h)(k)			200		214,399
Assicurazioni Generali SpA, (3 mo. EURIBOR + 5.35%), 5.00%, 06/08/48	EUR		200		280,768
					495,167
Interactive Media & Services — 0.2%
Netflix, Inc.(h)
5.88%, 02/15/25	USD		14		16,048
4.38%, 11/15/26			17		18,993
4.88%, 04/15/28			28		31,675
5.88%, 11/15/28			33		39,916
6.38%, 05/15/29			14		17,360
5.38%, 11/15/29(b)			16		18,921
4.88%, 06/15/30(b)			17		19,576
United Group BV, 4.88%, 07/01/24	EUR		100		119,199
					281,688
Internet Software & Services — 0.1%
Expedia Group, Inc., 6.25%, 05/01/25(b)(h)	USD		85		98,321
IT Services — 0.2%
Centurion Bidco SpA, 5.88%, 09/30/26	EUR		100		122,108
International Business Machines Corp., 2.95%, 05/15/50	USD		100		92,949
					215,057
Machinery — 0.4%
Colfax Corp., 6.00%, 02/15/24(b)			10		10,310
Loxam SAS, 3.75%, 07/15/26	EUR		100		117,857
Terex Corp., 5.63%, 02/01/25(b)	USD		10		10,281
Vertical Midco GmbH 4.38%, 07/15/27	EUR		100		123,157
(3 mo. EURIBOR + 4.75%), 4.75%, 07/15/27(a)			100		119,322
Vertical US Newco, Inc., 5.25%, 07/15/27(b)(h)	USD		200		209,375
					590,302
Media — 2.9%
Altice Financing SA, 2.25%, 01/15/25	EUR		100		114,392
AMC Networks, Inc.
5.00%, 04/01/24	USD		7		7,088
4.75%, 08/01/25(h)			14		14,362
Charter Communications Operating LLC/Charter Communications Operating Capital, 3.70%, 04/01/51			85		79,501
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(b)(h)			306		307,759
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(b)(h)			791		569,520
iHeartCommunications, Inc.
6.38%, 05/01/26			14		14,762
5.25%, 08/15/27(b)			13		13,372
4.75%, 01/15/28(b)			9		9,068
Lamar Media Corp., 3.75%, 02/15/28			10		9,987
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(b)			200		210,500
Lorca Telecom Bondco SA, 4.00%, 09/18/27	EUR		100		120,191
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(a)(k)	USD		250		263,984

SCHEDULE  OF   INVESTMENTS 5

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Nexstar Broadcasting, Inc., 5.63%, 07/15/27(b)(h)	USD		300	$	314,436
Outfront Media Capital LLC/Outfront Media Capital Corp.(b)
5.00%, 08/15/27			11		11,110
4.63%, 03/15/30			9		8,663
Sable International Finance Ltd., 5.75%, 09/07/27(h)			226		237,017
SES SA, (5 year EUR Swap + 5.40%), 5.63%(a)(k)	EUR		400		516,410
Sirius XM Radio, Inc.(b)(h)
4.63%, 07/15/24	USD		406		418,221
5.00%, 08/01/27			54		56,649
5.50%, 07/01/29			48		51,900
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		123,368
TEGNA, Inc.
4.63%, 03/15/28	USD		150		152,625
5.00%, 09/15/29(h)			19		19,717
UPCB Finance VII Ltd., 3.63%, 06/15/29	EUR		100		118,443
ViacomCBS, Inc., 4.95%, 05/19/50	USD		80		93,772
VTR Comunicaciones SpA, 4.38%, 04/15/29(b)			200		200,800
					4,057,617
Metals & Mining — 1.8%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24			200		215,688
Commercial Metals Co.(h)
4.88%, 05/15/23			72		75,240
5.38%, 07/15/27			541		568,050
FMG Resources August 2006 Pty Ltd.(b)
5.13%, 05/15/24			13		14,090
4.50%, 09/15/27			10		10,684
Freeport-McMoRan, Inc.
5.00%, 09/01/27			10		10,626
5.25%, 09/01/29			10		10,935
HTA Group Ltd., 7.00%, 12/18/25(b)(h)			200		211,750
Nexa Resources SA, 5.38%, 05/04/27(b)(h)			400		434,100
Periama Holdings LLC, 5.95%, 04/19/26			200		211,000
Steel Dynamics, Inc., 3.25%, 10/15/50			80		74,653
thyssenkrupp AG, 1.88%, 03/06/23	EUR		43		50,446
Vale Overseas Ltd., 3.75%, 07/08/30	USD		135		140,387
Vedanta Resources Finance II PLC
13.88%, 01/21/24			200		215,812
8.95%, 03/11/25(b)			300		286,650
					2,530,111
Oil & Gas Exploration & Production — 0.0%
Bruin E&P Partners LLC, 8.88%, 08/01/23(c)(f)(j)			318		2,019
Oil, Gas & Consumable Fuels — 6.3%
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(h)(l)			245		180,024
BP Capital Markets America, Inc., 2.94%, 06/04/51			80		71,351
BP Capital Markets PLC, (5 year EUR Swap + 4.12%), 3.63%(a)(k)	EUR		150		190,650
Buckeye Partners LP
4.13%, 03/01/25(b)(h)	USD		87		88,765
3.95%, 12/01/26			10		9,885
Centennial Resource Production LLC(b)(h)
5.38%, 01/15/26			834		733,920
6.88%, 04/01/27			51		45,390
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27(h)			475		543,219
Cheniere Energy Partners LP(h)
5.63%, 10/01/26			19		19,868

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Cheniere Energy Partners LP(h) (continued)
4.50%, 10/01/29	USD		165	$	171,108
Chesapeake Energy Corp.(b)
5.50%, 02/01/26			51		53,086
5.88%, 02/01/29			19		20,140
Citgo Holding, Inc., 9.25%, 08/01/24(b)(h)			38		37,715
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)(h)			42		42,849
DCP Midstream Operating LP
5.38%, 07/15/25(h)			14		15,171
5.13%, 05/15/29			10		10,635
eG Global Finance PLC
3.63%, 02/07/24	EUR		100		113,531
4.38%, 02/07/25			100		114,505
Endeavor Energy Resources LP/EER Finance, Inc.(b)
5.50%, 01/30/26	USD		9		9,340
5.75%, 01/30/28			17		17,957
Energean Israel Finance Ltd., 4.88%, 03/30/26(b)			135		136,080
Energy Transfer Operating LP, 5.00%, 05/15/50			80		82,740
Enterprise Products Operating LLC, 3.20%, 02/15/52			85		77,536
Geopark Ltd., 6.50%, 09/21/24(b)(h)			316		327,554
Hess Corp., 5.60%, 02/15/41			80		92,288
Hilong Holding Ltd., 8.25%, 09/26/22(f)(j)			200		151,937
Kinder Morgan, Inc., 3.60%, 02/15/51			235		218,962
Leviathan Bond Ltd., 5.75%, 06/30/23(b)(h)			192		201,451
Matador Resources Co., 5.88%, 09/15/26(h)			18		17,527
Neptune Energy Bondco PLC, 6.63%, 05/15/25(b)(h)			200		200,750
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(h)			346		458,928
Oil and Gas Holding Co., 7.63%, 11/07/24			200		222,562
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25(b)(h)			169		172,541
PDC Energy, Inc., 5.75%, 05/15/26			10		10,373
Petrobras Global Finance BV(h)
5.30%, 01/27/25			700		768,250
6.00%, 01/27/28			253		277,351
5.60%, 01/03/31			338		356,252
Petroleos Mexicanos(h)
6.35%, 02/12/48			220		181,225
6.95%, 01/28/60			676		577,135
Puma International Financing SA, 5.13%, 10/06/24(b)			400		399,875
Rockies Express Pipeline LLC, 6.88%, 04/15/40(b)(h)			353		381,240
Santos Finance Ltd., 5.25%, 03/13/29(h)			200		218,926
SM Energy Co., 10.00%, 01/15/25(b)(h)			168		189,000
Stoneway Capital Corp.(f)(j)
10.00%, 03/01/27(b)			709		278,959
10.00%, 03/01/27			252		99,030
Sunoco LP/Sunoco Finance Corp.
5.50%, 02/15/26			14		14,382
6.00%, 04/15/27(h)			21		21,971
4.50%, 05/15/29(b)			32		31,880
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.88%, 04/15/26			17		17,797
5.38%, 02/01/27			9		9,334
6.50%, 07/15/27			13		14,127
5.00%, 01/15/28			13		13,536
6.88%, 01/15/29			13		14,322
5.50%, 03/01/30			17		17,850

6

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Transocean Guardian Ltd., 5.88%, 01/15/24(b)(h)	USD		70	$	61,534
WPX Energy, Inc., 5.88%, 06/15/28			10		11,023
					8,815,337
Personal Products — 0.0%
Coty, Inc., 6.50%, 04/15/26(b)			40		40,311
Pharmaceuticals — 0.7%
Bausch Health Cos., Inc.(b)
5.50%, 11/01/25(h)			30		30,822
5.75%, 08/15/27			9		9,686
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28	EUR		100		122,547
Cigna Corp., 3.40%, 03/15/51	USD		80		78,654
CVS Health Corp., 5.05%, 03/25/48			85		104,349
Elanco Animal Health, Inc.
5.27%, 08/28/23			13		13,991
5.90%, 08/28/28			13		14,739
Jaguar Holding Co. II/PPD Development LP, 5.00%, 06/15/28(b)			39		40,619
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24	EUR		200		235,713
Rossini Sarl, 6.75%, 10/30/25			200		248,026
Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 10/15/24			100		111,333
					1,010,479
Producer Durables: Miscellaneous — 0.2%
Oracle Corp.
3.60%, 04/01/50	USD		285		276,046
3.95%, 03/25/51			23		23,710
					299,756
Real Estate Management & Development — 7.7%
Adler Group SA, 3.25%, 08/05/25	EUR		100		122,280
Agile Group Holdings Ltd., 5.75%, 01/02/25(h)	USD		200		204,438
Arabian Centres Sukuk Ltd., 5.63%, 10/07/26(b)			270		270,000
CFLD Cayman Investment Ltd., 8.60%, 04/08/24(f)(h)(j)			200		73,938
China Aoyuan Group Ltd.
7.95%, 02/19/23(h)			200		206,500
6.35%, 02/08/24			200		200,438
China Evergrande Group
12.00%, 01/22/24			200		185,313
10.50%, 04/11/24			200		178,063
China SCE Group Holdings Ltd., 7.25%, 04/19/23(h)			200		205,812
CIFI Holdings Group Co. Ltd.
6.55%, 03/28/24			200		212,250
5.95%, 10/20/25(h)			200		212,562
Country Garden Holdings Co. Ltd., 6.15%, 09/17/25			200		221,687
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24	EUR		100		113,166
Easy Tactic Ltd.(h)
8.63%, 02/27/24	USD		200		185,500
8.13%, 07/11/24			200		181,125
Fantasia Holdings Group Co. Ltd., 11.75%, 04/17/22(h)			400		407,680
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)(h)			467		488,073
Global Prime Capital Pte Ltd., 5.95%, 01/23/25			200		207,000
Greenland Global Investment Ltd., (3 mo. LIBOR US + 4.85%), 5.05%, 09/26/21(a)(h)			200		193,750
Howard Hughes Corp., 5.38%, 08/01/28(b)(h)			451		474,114
JGC Ventures Pte Ltd., 10.75%, 08/30/21(f)(j)			200		80,313
Kaisa Group Holdings Ltd.
11.95%, 10/22/22(h)			200		209,812
11.50%, 01/30/23			200		206,687

Security		Par (000)		Value
Real Estate Management & Development (continued)
Kaisa Group Holdings Ltd. (continued)
9.38%, 06/30/24	USD		200	$	192,250
KWG Group Holdings Ltd., 7.40%, 03/05/24			200		209,687
Logan Group Co. Ltd., 6.50%, 07/16/23			200		205,000
MAF Sukuk Ltd., 4.64%, 05/14/29			267		295,786
New Metro Global Ltd., 4.80%, 12/15/24			200		201,500
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			200		208,437
Redsun Properties Group Ltd., 10.50%, 10/03/22			200		210,000
RKPF Overseas Ltd.
Series 2019-A, 6.70%, 09/30/24			200		212,625
Series 2019-A, 6.00%, 09/04/25			200		207,437
Ronshine China Holdings Ltd.
5.50%, 02/01/22			200		197,499
8.95%, 01/22/23			200		200,563
Scenery Journey Ltd., 11.50%, 10/24/22(h)			400		365,750
Seazen Group Ltd., 6.00%, 08/12/24			200		211,000
Shimao Group Holdings Ltd.
5.60%, 07/15/26(h)			200		216,125
3.45%, 01/11/31			200		190,188
Shui On Development Holding Ltd., 6.15%, 08/24/24			200		208,187
Sunac China Holdings Ltd.
6.50%, 07/09/23			200		204,687
7.00%, 07/09/25			200		204,937
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		204,313
Times China Holdings Ltd.
6.75%, 07/16/23			200		207,750
6.20%, 03/22/26			200		202,688
Wanda Group Overseas Ltd., 7.50%, 07/24/22			200		178,688
Yango Justice International Ltd., 8.25%, 11/25/23			200		197,188
Yanlord Land HK Co. Ltd., 6.80%, 02/27/24			200		209,937
Yuzhou Group Holdings Co. Ltd.
8.30%, 05/27/25			200		173,500
7.38%, 01/13/26			200		170,000
Zhenro Properties Group Ltd., 8.35%, 03/10/24			200		205,750
					10,731,973
Road & Rail — 0.1%
Autostrade per l’Italia SpA, 5.88%, 06/09/24	EUR		100		134,980
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc., 3.75%, 02/15/51(b)	USD		85		81,278
Intel Corp., 3.25%, 11/15/49			80		80,457
					161,735
Software — 0.1%
Boxer Parent Co., Inc., 6.50%, 10/02/25	EUR		100		124,799
Playtika Holding Corp., 4.25%, 03/15/29(b)	USD		29		28,571
					153,370
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc., 2.65%, 02/08/51			80		73,103
Dell International LLC/EMC Corp., 8.35%, 07/15/46(b)			85		129,318
HP, Inc., 6.00%, 09/15/41			80		100,782
					303,203
Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc.(b)(h)
4.63%, 05/15/24			16		16,975
4.88%, 05/15/26			16		17,160
Under Armour, Inc., 3.25%, 06/15/26			10		10,006
William Carter Co., 5.63%, 03/15/27(b)			9		9,506
					53,647

SCHEDULE  OF   INVESTMENTS 7

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Thrifts & Mortgage Finance(b) — 0.1%
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27	USD		11	$	11,413
Quicken Loans LLC, 5.25%, 01/15/28(h)			36		37,800
Quicken Loans LLC/Quicken Loans Co.Issuer, Inc., 3.88%, 03/01/31			56		53,900
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc., 3.63%, 03/01/29			69		66,412
					169,525
Tobacco — 0.1%
Altria Group, Inc., 3.40%, 02/04/41			85		78,866
BAT Capital Corp., 3.98%, 09/25/50			85		79,659
					158,525
Transportation Infrastructure — 0.5%
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)(h)			400		414,625
FedEx Corp., 4.05%, 02/15/48			80		87,184
Simpar Europe SA, 5.20%, 01/26/31(b)(h)			200		195,875
					697,684
Utilities — 1.9%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30(b)(h)			200		206,930
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(b)(h)			256		255,450
Genneia SA, 8.75%, 01/20/22(b)			265		235,684
Huachen Energy Co. Ltd., 6.63%, 05/18/21(f)(j)			200		74,000
Inkia Energy Ltd., 5.88%, 11/09/27(b)(h)			400		420,000
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29			250		250,547
Orano SA, 2.75%, 03/08/28	EUR		100		121,326
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(b)(h)	USD		240		261,300
Thames Water Kemble Finance PLC, 4.63%, 05/19/26	GBP		167		232,979
Veolia Environnement SA, (5 year EUR Swap + 2.84%), 2.50%(a)(k)	EUR		200		233,578
Vistra Operations Co. LLC(b)(h)
5.50%, 09/01/26	USD		17		17,616
5.63%, 02/15/27			23		23,906
5.00%, 07/31/27			343		353,297
					2,686,613
Wireless Telecommunication Services — 1.7%
Altice France SA
2.50%, 01/15/25	EUR		200		228,700
2.13%, 02/15/25			100		113,166
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31(h)	USD		164		169,490
Kenbourne Invest SA, 6.88%, 11/26/24(b)			234		248,917
Millicom International Cellular SA
5.13%, 01/15/28			242		254,281
4.50%, 04/27/31(b)(h)			200		208,000
Sprint Corp., 7.88%, 09/15/23(h)			295		337,185
T-Mobile USA, Inc., 3.30%, 02/15/51(b)			85		79,438
VEON Holdings BV, 4.00%, 04/09/25(b)(h)			200		206,300
VICI Properties LP/VICI Note Co., Inc.(b)
3.50%, 02/15/25			13		13,236
4.25%, 12/01/26			22		22,508
3.75%, 02/15/27			13		13,000
4.63%, 12/01/29(h)			200		207,472

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
VICI Properties LP/VICI Note Co., Inc.(b) (continued)
4.13%, 08/15/30	USD		17	$	17,148
Vmed O2 UK Financing I PLC, 3.25%, 01/31/31	EUR		100		117,873
Vodafone Group PLC, 4.25%, 09/17/50	USD		80		88,134
					2,324,848
Total Corporate Bonds — 58.0% (Cost: $79,237,491)					81,121,806
Floating Rate Loan Interests(a)
Aerospace & Defense — 0.4%
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.36%, 12/09/25			607		594,225
Air Freight & Logistics — 1.0%
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26			1,072		1,039,244
XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.86%, 02/24/25			335		332,504
					1,371,748
Airlines — 0.4%
Allegiant Travel Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 3.20%, 02/05/24			605		598,744
Building Products — 0.1%
Advanced Drainage Systems, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 2.38%, 07/31/26			19		18,911
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 2.11%, 12/14/24			28		28,307
MI Windows And Doors LLC, 2020 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			49		49,030
					96,248
Commercial Services & Supplies — 3.2%
Galaxy Universal LLC, Term Loan, 12/29/26(m)			875		866,250
HSE24 Trading GmbH, EUR Term Loan, (3 mo. LIBOR + 6.50%), 6.50%, 12/31/25(c)	EUR		2,679		3,122,730
Interface Security Systems LLC, Term Loan, (PIK + 3.00%), 3.00%, 08/07/23(c)(i)	USD		427		428,962
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26			32		30,812
					4,448,754
Construction & Engineering — 0.4%
Pisces Midco, Inc., 2018 Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 04/12/25			620		618,691
Diversified Financial Services — 5.2%
Applecaramel Buyer LLC, Term Loan B, (6 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 10/19/27			202		201,986
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 3.93%, 02/17/23(c)			60		58,680
LBM Acquisition LLC Delayed Draw Term Loan, 12/18/27(m)			9		8,613
Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/18/27			39		38,757

8

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Financial Services (continued)
Luxembourg Life Fund, Long Term Loan G, (Fixed + 9.00%), 9.00%, 08/03/27(c)	USD		2,594	$	2,668,462
Opendoor GP II LLC, Term Loan, 3.33%, 01/23/26(c)			2,000		2,000,000
RNTR Seer Financing, Term Loan, (1 mo. LIBOR + 2.37%), 2.48%, 12/20/21(c)			1,852		1,846,967
Spectacle Gary Holdings LLC
Delayed Draw Term Loan, (3 mo. LIBOR + 9.00%, 2.00% Floor), 11.00%, 12/23/25			27		29,828
Term Loan B, (3 mo. LIBOR + 9.00%, 2.00% Floor), 11.00%, 12/23/25			378		411,622
					7,264,915
Diversified Telecommunication Services — 0.4%
Intelsat Jackson Holdings SA
2017 Term Loan B4, (PRIME + 5.50%), 8.75%, 01/02/24			306		311,803
2020 DIP Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 07/13/22			289		291,610
					603,413
Electric Utilities — 0.1%
Pacific Gas & Electric Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 3.50%, 06/23/25			157		156,472
Food Products — 3.0%
Arnott’s Biscuits Ltd., AUD 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%, 1.00% Floor), 9.50%, 12/17/27(c)	AUD		5,500		4,152,460
Health Care Providers & Services — 0.1%
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 2.36%, 03/06/25	USD		102		100,877
Hotels, Restaurants & Leisure — 1.1%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 02/02/26(c)			171		166,217
Caesars Resort Collection LLC, 2020 Term Loan B1, (1 mo. LIBOR + 4.50%), 4.61%, 07/20/25			161		161,391
Circa Resort & Casino, Term Loan B, (3 mo. LIBOR + 8.00%, 1.50% Floor), 9.50%, 08/09/25			800		808,184
ECL Entertainment, LLC, Term Loan, 03/31/28(c)(m)			110		110,000
Golden Nugget LLC, 2017 Incremental Term Loan B, (2 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 10/04/23			219		214,771
Herschend Entertainment Co. LLC, Term Loan B, (3 mo. LIBOR + 5.75%, 1.00% Floor), 6.75%, 08/25/25(c)			151		153,509
					1,614,072
Media — 1.1%
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26			355		353,754
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.61%, 04/15/27			176		173,889
Diamond Sports Group LLC, Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 08/24/26			609		415,458
Lamar Media Corp., 2020 Term Loan B, (1 mo. LIBOR + 1.50%), 1.60%, 02/06/27			24		23,793

Security		Par (000)		Value
Media (continued)
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 2.50%), 2.61%, 05/29/26	USD		295	$	292,776
Playtika Holding Corp., 2021 Term Loan, 03/11/28(m)			230		228,562
					1,488,232
Oil, Gas & Consumable Fuels — 0.7%
Buckeye Partners LP, 2021 Term Loan B, (3 mo. LIBOR + 2.25%), 2.36%, 11/01/26			554		550,537
Citgo Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/01/23			394		378,043
					928,580
Pharmaceuticals — 0.8%
Bausch Health Cos., Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 2.86%, 11/27/25			784		779,174
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 Week LIBOR + 2.00%), 2.08%, 11/15/27			351		346,691
					1,125,865
Road & Rail — 0.1%
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 2.20%, 12/30/26			170		169,589
Trading Companies & Distributors — 0.1%
Foundation Building Materials Holding Company LLC
2021 Delayed Draw Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/10/28			11		11,074
2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 02/10/28			20		19,150
The Enterprise Development Authority, Term Loan B, 02/18/28(c)(m)			179		179,447
					209,671
Total Floating Rate Loan Interests — 18.2% (Cost: $25,269,744)					25,542,556
Foreign Agency Obligations
Bahrain — 0.6%
Bahrain Government International Bond, 6.75%, 09/20/29			200		217,375
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25(h)			481		556,006
					773,381
Colombia — 0.3%
Colombia Government International Bond, 4.13%, 05/15/51(h)			400		380,500
Dominican Republic — 0.6%
Dominican Republic International Bond
5.95%, 01/25/27(h)			241		270,222
4.50%, 01/30/30(b)			294		295,378
4.88%, 09/23/32(b)(h)			155		156,550
6.40%, 06/05/49			150		157,078
					879,228
Egypt — 1.2%
Egypt Government International Bond
5.58%, 02/21/23(b)			520		541,287
5.58%, 02/21/23			351		365,369
5.75%, 05/29/24(b)			230		240,997

SCHEDULE  OF   INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Egypt (continued)
Egypt Government International Bond (continued)
7.50%, 01/31/27(b)	USD		257	$	278,604
8.50%, 01/31/47			284		281,693
					1,707,950
Ghana — 0.2%
Ghana Government International Bond, 8.63%, 04/07/34			270		265,167
Indonesia — 0.8%
Indonesia Government International Bond
3.50%, 01/11/28			565		605,786
4.10%, 04/24/28			200		221,187
4.75%, 02/11/29			200		229,522
					1,056,495
Mexico — 0.3%
Mexico Government International Bond
3.75%, 01/11/28(h)			200		214,125
4.35%, 01/15/47			200		197,875
					412,000
Morocco — 0.3%
Morocco Government International Bond
3.00%, 12/15/32			296		277,130
4.00%, 12/15/50(h)			200		177,000
					454,130
Oman — 0.2%
Oman Government International Bond, 6.50%, 03/08/47			306		288,405
Panama — 0.2%
Panama Government International Bond, 4.50%, 04/16/50			200		219,938
Paraguay — 0.2%
Paraguay Government International Bond, 5.40%, 03/30/50(b)(h)			300		335,625
Peru — 0.1%
Peruvian Government International Bond, 3.30%, 03/11/41			170		166,175
Romania — 0.2%
Romanian Government International Bond, 3.00%, 02/14/31(b)(h)			250		250,234
Saudi Arabia — 0.3%
Saudi Government International Bond
4.50%, 04/17/30(h)			206		237,157
3.75%, 01/21/55			200		196,125
					433,282
Sri Lanka — 0.3%
Sri Lanka Government International Bond
5.75%, 04/18/23			200		136,062
6.85%, 03/14/24			200		127,438
7.55%, 03/28/30			200		122,000
					385,500
Ukraine — 0.6%
Ukraine Government International Bond
7.75%, 09/01/23			150		161,728

Security		Par (000)		Value
Ukraine (continued)
Ukraine Government International Bond (continued)
8.99%, 02/01/24(h)	USD		200	$	221,800
7.75%, 09/01/25			110		119,240
7.25%, 03/15/33(b)(h)			400		397,750
					900,518
Total Foreign Agency Obligations — 6.4% (Cost: $8,900,627)					8,908,528
		Shares
Investment Companies
Fixed Income Funds — 2.0%
iShares iBoxx $ High Yield Corporate Bond ETF(n)			32,255		2,811,991
Total Investment Companies — 2.0% (Cost: $2,612,620)					2,811,991
		Par (000)
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(b) — 3.7%
Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69(a)	USD		986		988,130
CSMC Trust(c)
Series 2019-JR1, Class B3, 14.63%, 09/27/66(a)			2,302		1,505,497
Series 2019-JR1, Class PT2, 0.00%, 03/25/59			819		343,912
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36			1,901		1,188,675
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, (1 mo. LIBOR), 6.72%, 02/25/38(a)			3,819		1,171,181
					5,197,395
Commercial Mortgage-Backed Securities — 10.0%
Barclays Commercial Mortgage Trust
Series 2019-C3, Class C, 4.18%, 05/15/52			482		498,805
Series 2019-C3, Class D, 3.00%, 05/15/52(b)			770		645,318
Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 02/15/53(b)			57		48,060
BX Commercial Mortgage Trust(a)(b)
Series 2019-XL, Class J, (1 mo. LIBOR US + 2.65%), 2.76%, 10/15/36			1,599		1,597,868
Series 2020-BXLP, Class F, (1 mo. LIBOR US + 2.00%), 2.11%, 12/15/36			399		398,711
BX Trust, Series 2021-MFM1, Class G, (1 mo. LIBOR US + 3.90%), 4.01%, 01/15/34(a)(b)			100		99,940
Citigroup Commercial Mortgage Trust(a)(b)
Series 2019-PRM, Class E, 4.73%, 05/10/36			500		514,393
Series 2019-PRM, Class F, 4.73%, 05/10/36			750		754,882
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 3.60%, 11/15/37(a)(b)			127		127,600
COMM GAM, Series 2013-GAM, Class E, 3.43%, 02/10/28(a)(b)			500		455,434

10

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
CSAIL Commercial Mortgage Trust
Series 2018-C14, Class C, 4.89%, 11/15/51(a)	USD		750	$	824,391
Series 2019-C17, Class D, 2.50%, 09/15/52(b)			449		377,314
CSMC Trust, Series 2020-NET, Class E, 3.70%, 08/15/37(a)(b)			750		742,928
CSMC-FACT, Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 6.26%, 10/15/37(a)(b)			300		305,113
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.53%, 10/10/34(a)(b)			275		277,013
Del Amo Fashion Center Trust, Series 2017-AMO, Class D, 3.64%, 06/05/35(a)(b)			500		372,217
Hudson Yards Mortgage Trust, Series 2019-55HY, Class F, 2.94%, 12/10/41(a)(b)			700		651,026
JP Morgan Chase Commercial Mortgage Securities Trust(a)(b)
Series 2019-BKWD, Class E, (1 mo. LIBOR US + 2.60%), 2.71%, 09/15/29.			165		163,813
Series 2020-MKST, Class E, (1 mo. LIBOR US + 2.25%), 2.36%, 12/15/36.			125		120,253
JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5, Class D, 3.00%, 06/13/52(b)			750		690,897
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50			625		535,171
Morgan Stanley Capital I Trust(b)
Series 2014-150E, Class F, 4.30%, 09/09/32(a)			700		667,009
Series 2017-H1, Class D, 2.55%, 06/15/50			753		611,530
Series 2018-MP, Class E, 4.28%, 07/11/40(a)			450		393,461
Series 2019-H7, Class D, 3.00%, 07/15/52			750		649,682
Series 2019-NUGS, Class E, (1 mo. LIBOR US + 2.24%), 3.74%, 12/15/36(a)			400		400,981
UBS-Barclays Commercial Mortgage Trust, Series 2012- C3, Class D, 5.03%, 08/10/49(a)(b)			270		276,134
US 2018-USDC, Series 2018-USDC, Class E, 4.49%, 05/13/38(a)(b)			350		298,500
Wells Fargo Commercial Mortgage Trust(a)
Series 2015-C28, Class D, 4.09%, 05/15/48			325		310,981
Series 2020-SDAL, Class E, (1 mo. LIBOR US + 2.74%), 2.85%, 02/15/37(b)			150		137,243
					13,946,668
Total Non-Agency Mortgage-Backed Securities — 13.7% (Cost: $20,516,008)					19,144,063
Preferred Securities
Capital Trusts — 7.9%
Automobiles — 0.2%
Volkswagen International Finance NV, 3.88%(a)(k)	EUR		200		255,942
Banks — 4.1%
ABN AMRO Bank NV, 4.75%(a)(k)			400		507,662
AIB Group PLC, 6.25%(a)(k)			400		525,974
Banco Bilbao Vizcaya Argentaria SA, Series 9, 6.50%(a)(k)	USD		200		216,320
Banco Mercantil del Norte SA, 6.75%(a)(b)(h)(k)			300		310,965
Bank of East Asia Ltd., 5.88%(a)(k)			250		266,797
Bankia SA, 6.38%(a)(k)	EUR		200		254,621
BAWAG Group AG, 5.00%(a)(k)			200		245,094
BBVA Bancomer SA, 5.13%, 01/18/33(a)(h)	USD		250		256,953
Burgan Bank SAK, 5.75%(a)(k)			200		197,938

Security		Par (000)		Value
Banks (continued)
Cooperatieve Rabobank UA(a)(k)
4.63%	EUR		200	$	256,386
4.38%			400		516,565
Erste Group Bank AG, 5.13%(a)(k)			400		512,470
ING Groep NV, 6.75%(a)(h)(k)	USD		400		436,000
Intesa Sanpaolo SpA, 7.75%(a)(k)	EUR		200		287,030
KBC Group NV, 4.25%(a)(k)			400		494,302
Rizal Commercial Banking Corp., 6.50%(a)(k)	USD		200		207,375
Stichting AK Rabobank Certificaten, 2.19%(k)	EUR		25		38,041
TMB Bank PCL, 4.90%(a)(k)	USD		200		200,625
					5,731,118
Diversified Financial Services(a)(k) — 2.4%
Banco Santander SA, 6.75%	EUR		200		247,018
BNP Paribas SA(h)
6.63%	USD		200		218,284
7.38%			200		232,000
Credit Agricole SA, 6.88%(h)			300		333,000
Credit Suisse Group AG(b)(h)
6.38%			350		372,750
6.25%			200		212,744
HSBC Holdings PLC, 6.38%			400		435,080
Societe Generale SA, 7.38%(h)			300		324,375
UBS Group AG, 7.00%(h)			450		513,000
UniCredit SpA, 6.63%	EUR		400		504,261
					3,392,512
Diversified Telecommunication Services(a)(k) — 0.4%
Telefonica Europe BV
4.38%			200		254,848
3.88%			200		252,717
					507,565
Insurance — 0.1%
Allianz SE, 3.50%(a)(b)(h)(k)	USD		200		203,000
Oil, Gas & Consumable Fuels — 0.1%
BP Capital Markets PLC, 3.25%(a)(k)	EUR		100		125,625
Real Estate Management & Development — 0.1%
ATF Netherlands BV, 3.75%(a)(k)			100		122,254
Utilities(a)(k) — 0.4%
Electricite de France SA
5.38%			100		133,149
3.00%			200		246,235
3.38%			200		249,785
					629,169
Wireless Telecommunication Services — 0.1%
Vodafone Group PLC, 4.20%, 10/03/78(a)			100		132,011
Total Capital Trusts — 7.9%				11,099,196
Total Preferred Securities — 7.9% (Cost: $10,405,776)					11,099,196

SCHEDULE  OF   INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
U.S. Government Sponsored Agency Securities
Commercial Mortgage-Backed Securities(a)(b) — 1.1%
FREMF Mortgage Trust
Series 2017-KGX1, Class BFX, 3.59%, 10/25/27	USD		500	$	512,375
Series 2019-K99, Class C, 3.65%, 10/25/52			1,000		1,028,047
					1,540,422
Total U.S. Government Sponsored Agency Securities — 1.1% (Cost: $1,477,074)					1,540,422
		Shares
Warrants
Oil, Gas & Consumable Fuels(f) — 0.1%
Chesapeake Energy Corp. (Expires 02/09/26)			6,217		119,183
SM Energy Co. (Expires 06/30/23)			428		7,002
					126,185
Total Warrants — 0.1% (Cost: $1,840)					126,185
Total Long-Term Investments — 135.5% (Cost: $187,130,165)					189,621,227
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(n)(o)			663,544		663,544
Total Short-Term Securities — 0.5% (Cost: $663,544)					663,544
Options Purchased — 0.1% (Cost: $385,355)					192,791
Total Investments Before Options Written — 136.1% (Cost: $188,179,064)					190,477,562
Options Written — (0.0)% (Premiums Received: $(164,726))					(82,546	)
Total Investments, Net of Options Written — 136.1% (Cost: $188,014,338)					190,395,016
Liabilities in Excess of Other Assets — (36.1)%					(50,491,588	)
Net Assets — 100.0%				$	139,903,428

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

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

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

^(d)  When-issued security.

^(e)  Amount is less than 500.

^(f)  Non-income producing security.

^(g)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $5,685, representing less than 0.05% of its net assets as of period end, and an original cost of $1,288.

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

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

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

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

^(l)  Zero-coupon bond.

^(m)  Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

⁽ⁿ⁾  Affiliate of the Trust.

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

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

12

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/21		Shares Held at 03/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	2,613,036	$	—	$	(1,949,492	)(a)	$	—	$	—		$	663,544		663,544	$	201	$	—
iShares iBoxx $High Yield Corporate Bond ETF		2,815,862		—		—			—		(3,871	)		2,811,991		32,255		20,162		—
								$	—	$	(3,871	)	$	3,475,535			$	20,363	$	—

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

Reverse Repurchase Agreements

Counterparty	Interest Rate		Trade Date	Maturity Date	(a)		Face Value		Face Value Including Accrued Interest	Type of Non-Cash Underlying Collateral	Remaining    Contractual Maturity    of the Agreements(a)
BNP Paribas S.A.	0.55	%(b)	07/15/20	Open		$	244,145	$	246,161	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			18,254		18,359	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			14,893		14,979	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			14,788		14,873	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			14,420		14,503	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			12,513		12,585	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			17,240		17,340	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			14,630		14,715	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			17,680		17,782	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			12,225		12,296	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			18,743		18,851	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			10,288		10,347	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			18,120		18,225	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			18,551		18,659	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			17,280		17,380	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			16,088		16,181	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			12,390		12,462	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			19,805		19,920	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			21,144		21,266	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			14,613		14,697	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			10,388		10,448	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	08/20/20	Open			167,202		168,087	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.32	(b)	08/24/20	Open			201,250		202,531	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.49	(b)	09/10/20	Open			218,250		218,850	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A.	0.49	(b)	09/10/20	Open			226,000		226,621	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A.	0.68	(b)	09/10/20	Open			161,000		161,614	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	09/10/20	Open			386,500		388,343	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	09/10/20	Open			140,940		141,612	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.85	(b)	09/10/20	Open			329,062		330,632	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A.	0.85	(b)	09/10/20	Open			491,822		494,168	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A.	0.85	(b)	09/10/20	Open			250,254		251,447	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.55	(b)	09/14/20	Open			213,467		214,113	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.75	(b)	09/14/20	Open			267,810		268,915	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/21/20	Open			449,257		451,164	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/21/20	Open			645,701		648,442	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/21/20	Open			378,687		380,295	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/21/20	Open			586,575		589,065	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/21/20	Open			537,561		539,843	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/21/20	Open			273,135		274,294	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/21/20	Open			534,465		536,734	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			389,361		391,117	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			608,944		611,690	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			301,070		302,428	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			219,200		220,189	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			459,174		461,244	Corporate Bonds	Open/Demand

SCHEDULE  OF   INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) March 31, 2021 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	0.85	%(b)	09/21/20	Open		$	187,590	$	188,436	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			178,920		179,727	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			330,645		332,136	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			302,256		303,619	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			267,600		268,807	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			234,574		235,632	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			315,400		316,822	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			418,380		420,267	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			242,122		243,214	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			361,860		363,492	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			156,250		156,955	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			252,000		253,136	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/21/20	Open			379,687		381,400	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			537,560		539,818	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			282,187		283,373	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			240,375		241,385	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			397,440		399,109	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			821,457		824,908	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			277,300		278,465	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			528,626		530,846	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/23/20	Open			472,820		474,806	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	09/24/20	Open			486,181		487,840	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/24/20	Open			387,712		389,036	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	09/24/20	Open			380,531		381,890	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	09/25/20	Open			371,378		372,714	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	09/25/20	Open			540,000		542,081	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/25/20	Open			238,875		239,857	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/25/20	Open			681,562		684,364	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/25/20	Open			507,150		509,235	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/25/20	Open			240,375		241,363	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.85	(b)	09/25/20	Open			377,000		378,647	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	09/25/20	Open			359,500		361,070	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.48	(b)	09/25/20	Open			628,789		630,340	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/25/20	Open			190,000		190,635	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/25/20	Open			68,580		68,809	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/25/20	Open			557,992		559,856	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/25/20	Open			65,275		65,493	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	09/25/20	Open			529,982		531,834	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	09/25/20	Open			520,922		522,743	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	09/25/20	Open			128,668		129,163	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	09/25/20	Open			38,588		38,736	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	09/25/20	Open			213,995		214,930	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	09/28/20	Open			185,500		185,974	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	09/28/20	Open			206,920		207,449	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	09/28/20	Open			219,375		219,936	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.65	(b)	09/28/20	Open			244,595		245,408	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.65	(b)	09/28/20	Open			297,440		298,428	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	09/28/20	Open			220,816		221,550	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.65	(b)	09/28/20	Open			219,357		220,086	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	09/28/20	Open			310,169		311,358	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/28/20	Open			413,437		415,128	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/28/20	Open			147,190		147,792	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/28/20	Open			178,500		179,230	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.80	(b)	09/28/20	Open			319,500		320,806	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.45	(b)	09/28/20	Open			105,820		106,063	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.45	(b)	09/28/20	Open			216,630		217,128	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.45	(b)	09/28/20	Open			480,937		482,044	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.45	(b)	09/28/20	Open			209,500		209,982	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.60	(b)	09/28/20	Open			35,846		35,965	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			91,328		91,631	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			20,758		20,826	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			19,399		19,463	Corporate Bonds	Open/Demand

14

Schedule of Investments  (unaudited) (continued) March 31, 2021 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 S.A.	0.65	%(b)	09/28/20	Open		$	26,118	$	26,204	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			250,040		250,871	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			93,585		93,896	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			701,250		703,580	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			190,350		190,982	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			19,740		19,806	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			240,300		241,098	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			202,920		203,594	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			21,275		21,346	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			28,275		28,369	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			23,040		23,117	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			32,944		33,053	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			27,586		27,678	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			26,780		26,869	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			28,770		28,866	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			33,721		33,833	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			41,635		41,773	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			51,165		51,335	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			34,213		34,326	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			18,150		18,210	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			21,361		21,432	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/28/20	Open			26,130		26,217	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.68	(b)	09/28/20	Open			198,742		199,433	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/28/20	Open			173,500		174,121	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/28/20	Open			141,250		141,755	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/28/20	Open			167,000		167,597	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/28/20	Open			130,853		131,321	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/28/20	Open			148,086		148,616	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	09/28/20	Open			139,500		139,999	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.80	(b)	09/28/20	Open			19,125		19,203	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	09/30/20	Open			127,706		128,126	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	10/05/20	Open			16,459		16,512	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.45	(b)	10/30/20	Open			227,672		228,099	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	10/30/20	Open			173,750		174,184	Floating Rate Loan Interests	Open/Demand
BNP Paribas S.A.	0.65	(b)	10/30/20	Open			132,720		133,079	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	10/30/20	Open			182,750		183,245	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	10/30/20	Open			216,562		217,149	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	10/30/20	Open			136,530		136,928	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	10/30/20	Open			283,620		284,447	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			176,188		176,518	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			180,837		181,177	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			1,504,841		1,507,663	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			137,124		137,381	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			200,864		201,240	Capital Trusts	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	10/30/20	Open			184,500		184,846	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	11/02/20	Open			216,395		216,977	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	11/02/20	Open			188,586		189,093	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	11/02/20	Open			173,000		173,465	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.65	(b)	11/02/20	Open			186,750		187,252	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	11/04/20	Open			157,250		157,732	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	11/30/20	Open			185,000		185,466	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.35	(b)	01/07/21	Open			363,500		363,793	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.45	(b)	01/07/21	Open			248,675		248,933	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	01/07/21	Open			199,000		199,252	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	01/07/21	Open			254,062		254,443	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	01/21/21	Open			184,500		184,677	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			31,535		31,577	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			21,875		21,904	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			22,848		22,878	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			17,195		17,218	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			193,860		194,120	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			44,520		44,580	Corporate Bonds	Open/Demand

SCHEDULE  OF   INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) March 31, 2021 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.	0.70	%(b)	01/21/21	Open		$	36,698	$	36,747	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			32,715		32,759	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			178,480		178,719	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			33,069		33,113	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			23,823		23,854	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			43,931		43,990	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			27,784		27,821	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			167,902		168,128	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			76,669		76,772	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/21/21	Open			23,530		23,562	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	01/21/21	Open			306,000		306,440	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.75	(b)	01/21/21	Open			173,750		174,000	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	01/21/21	Open			31,303		31,347	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	01/21/21	Open			158,738		158,966	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.50	(b)	01/21/21	Open			187,520		187,700	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.40	(b)	01/22/21	Open			170,750		170,875	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			16,490		16,511	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			14,665		14,684	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			16,605		16,626	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			15,534		15,554	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			15,598		15,618	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			13,580		13,597	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			15,940		15,960	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			224,490		224,778	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			11,633		11,633	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	01/22/21	Open			13,230		13,247	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	02/08/21	Open			190,269		190,376	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.40	(b)	02/08/21	Open			531,806		532,108	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.45	(b)	02/08/21	Open			189,250		189,371	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	02/08/21	Open			307,500		307,718	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/08/21	Open			565,657		566,218	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/08/21	Open			68,320		68,388	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/08/21	Open			39,184		39,223	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/08/21	Open			380,000		380,377	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/08/21	Open			238,500		238,737	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/08/21	Open			146,250		146,395	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.75	(b)	02/08/21	Open			351,000		351,373	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	02/08/21	Open			682,500		683,225	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	02/08/21	Open			228,965		229,208	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	02/08/21	Open			324,888		325,234	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	02/08/21	Open			183,750		183,945	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	02/08/21	Open			222,812		223,049	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	02/08/21	Open			477,100		477,607	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.75	(b)	02/08/21	Open			268,125		268,410	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/12/21	Open			4,738		4,742	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.85	(b)	02/12/21	Open			255,825		256,115	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	02/16/21	Open			181,000		181,111	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	02/16/21	Open			174,500		174,607	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	02/16/21	Open			181,750		181,861	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	02/16/21	Open			179,250		179,403	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	02/16/21	Open			355,500		355,869	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.58	(b)	02/16/21	Open			285,565		285,767	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	02/16/21	Open			330,767		331,070	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	02/16/21	Open			499,956		500,231	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.45	(b)	02/19/21	Open			162,688		162,765	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.45	(b)	03/03/21	Open			92,650		92,684	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	03/05/21	Open			27,625		27,638	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.70	(b)	03/05/21	Open			338,500		338,658	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	03/05/21	Open			181,231		181,322	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.75	(b)	03/05/21	Open			313,000		313,156	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.35	(b)	03/05/21	Open			436,825		436,927	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.40	(b)	03/11/21	Open			184,500		184,541	Capital Trusts	Open/Demand

16

Schedule of Investments  (unaudited) (continued) March 31, 2021 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.	0.45	%(b)	03/11/21	Open		$	144,538	$	144,574	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.45	(b)	03/11/21	Open			177,750		177,794	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.45	(b)	03/11/21	Open			191,500		191,548	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	03/11/21	Open			209,317		209,381	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/11/21	Open			182,500		182,561	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/11/21	Open			103,800		103,835	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.60	(b)	03/11/21	Open			279,524		279,617	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/11/21	Open			174,750		174,813	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/11/21	Open			241,682		241,770	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/11/21	Open			177,000		177,064	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/11/21	Open			232,500		232,584	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/11/21	Open			147,000		147,053	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/11/21	Open			130,875		130,922	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.65	(b)	03/11/21	Open			169,000		169,061	Corporate Bonds	Open/Demand
						$	51,837,993	$	51,986,164

^(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		3		06/21/21	$	393	$	(4,832	)
U.S. Long Bond		3		06/21/21		464		(12,223	)
								(17,055	)
Short Contracts 10-Year U.S. Ultra Long Treasury Note		22		06/21/21		3,161		9,008
U.S. Ultra Bond		19		06/21/21		3,443		37,551
2-Year U.S. Treasury Note		7		06/30/21		1,545		121
5-Year U.S. Treasury Note		21		06/30/21		2,591		9,323
								56,003
							$	38,948

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	4,248,516	AUD	5,472,500	Morgan Stanley & Co. International PLC		06/16/21	$	90,594
USD	117,791	CAD	147,000	Morgan Stanley & Co. International PLC		06/16/21		806
USD	6,834,776	EUR	5,736,000	BNP Paribas S.A.		06/16/21		98,098
USD	201,143	EUR	170,000	Deutsche Bank AG		06/16/21		1,486
USD	5,716,453	EUR	4,811,234	Deutsche Bank AG		06/16/21		65,872
USD	121,381	EUR	103,000	Morgan Stanley & Co. International PLC		06/16/21		412
USD	3,462,215	EUR	2,891,000	Morgan Stanley & Co. International PLC		06/16/21		66,863
USD	963,351	GBP	697,000	Morgan Stanley & Co. International PLC		06/16/21		2,260
							$	326,391

SCHEDULE  OF   INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call 10-Year U.S. Treasury Note		30		04/23/21	USD	135.50	USD	4	$	469
Put iShares iBoxx $ High Yield Corporate Bond ETF		480		04/16/21	USD	84.00	USD	4,185		4,080
iShares iBoxx $ Investment Grade Corporate Bond ETF		720		04/16/21	USD	130.00	USD	9,364		73,800
SPDR S&P 500 ETF Trust		62		04/30/21	USD	380.00	USD	2,457		18,848
iShares iBoxx $ High Yield Corporate Bond ETF		1,570		05/21/21	USD	84.00	USD	13,687		67,510
iShares iBoxx $ High Yield Corporate Bond ETF		480		05/21/21	USD	83.00	USD	4,185		15,360
iShares iBoxx $ High Yield Corporate Bond ETF		66		05/21/21	USD	85.00	USD	575		3,828
iShares iBoxx $ High Yield Corporate Bond ETF		116		06/18/21	USD	84.00	USD	1,011		8,816
										192,242
									$	192,711

OTC Interest Rate Swaptions Purchased

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

30-Year Interest Rate Swap, 04/08/51

3-Month LIBOR, 0.19%

Quarterly

1.53%

Semi-Annual

Morgan Stanley & Co. International PLC

04/06/21

1.53

%

USD

1,610

$

—

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

3-Month LIBOR, 0.19%

Quarterly

1.35%

Semi-Annual

Bank Of America NA

04/30/21

1.35

USD

4,000

80

$

80

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Put iShares iBoxx $ High Yield Corporate Bond ETF		480		04/16/21		USD	81.00		USD	4,185	$	(2,880	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		720		04/16/21		USD	126.00		USD	9,364		(13,320	)
10-Year U.S. Treasury Note		30		04/23/21		USD	129.50		USD	4		(6,563	)
SPDR S&P 500 ETF Trust		62		04/30/21		USD	370.00		USD	2,457		(11,811	)
iShares iBoxx $ High Yield Corporate Bond ETF		480		05/21/21		USD	80.00		USD	4,185		(9,120	)
iShares iBoxx $ High Yield Corporate Bond ETF		66		05/21/21		USD	75.00		USD	575		(627	)
iShares iBoxx $ High Yield Corporate Bond ETF		1,570		05/21/21		USD	81.00		USD	13,687		(35,325	)
iShares iBoxx $ High Yield Corporate Bond ETF		116		06/18/21		USD	78.00		USD	1,011		(2,900	)
											$	(82,546	)

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.33.V1	5.00	%	Quarterly	12/20/24	CCC-		USD	6,453	$	620,394		$	(420,336	)	$	1,040,730
CDX.NA.HY.34.V9	5.00		Quarterly	06/20/25	CCC		USD	5,336		499,503			(11,928	)		511,431
									$	1,119,897		$	(432,264	)	$	1,552,161

^(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.

18

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)	Notional    Amount (000)(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.9	3.00	%	Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR		USD	5,000	$	(548,648	)	$	(7,890	)	$	(540,758	)
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	NR		USD	5,000		(548,649	)		(20,222	)		(528,427	)
										$	(1,097,297	)	$	(28,112	)	$	(1,069,185	)

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

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

Fair Value Hierarchy as of Period End

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

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

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

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

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	35,124,145	$	3,357,282	$	38,481,427
Common Stocks
Equity Real Estate Investment Trusts (REITs)		23,720		—		—		23,720
Hotels, Restaurants & Leisure		249,233		—		—		249,233
Oil & Gas Exploration & Production		—		185,281		—		185,281
Oil, Gas & Consumable Fuels		381,134		5,685		—		386,819
Corporate Bonds		—		81,022,571		99,235		81,121,806
Floating Rate Loan Interests		—		10,655,122		14,887,434		25,542,556
Foreign Agency Obligations		—		8,908,528		—		8,908,528
Investment Companies		2,811,991		—		—		2,811,991
Non-Agency Mortgage-Backed Securities		—		17,294,654		1,849,409		19,144,063
Preferred Securities
Capital Trusts		—		11,099,196		—		11,099,196
U.S. Government Sponsored Agency Securities		—		1,540,422		—		1,540,422
Warrants
Oil, Gas & Consumable Fuels		119,183		7,002		—		126,185
Short-Term Securities
Money Market Funds		663,544		—		—		663,544

SCHEDULE  OF   INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Options Purchased
Equity Contracts	$	192,242		$	—		$	—	$	192,242
Interest Rate Contracts		469			80			—		549
Unfunded Floating Rate Loan Interests		—			—			—		—
	$	4,441,516		$	165,842,686		$	20,193,360	$	190,477,562
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	1,552,161		$	—	$	1,552,161
Foreign Currency Exchange Contracts		—			326,391			—		326,391
Interest Rate Contracts		56,003			—			—		56,003
Liabilities
Credit Contracts		—			(1,069,185	)		—		(1,069,185	)
Equity Contracts		(75,983	)		—			—		(75,983	)
Interest Rate Contracts		(23,618	)		—			—		(23,618	)
	$	(43,598	)	$	809,367		$	—	$	765,769

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $51,986,164 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, 2020	$	357,078	$	536,285		$	14,790,968		$	1,844,977		$	17,529,308
Transfers into Level 3		—		159			314,186			—			314,345
Transfers out of Level 3		—		—			(31,009	)		—			(31,009	)
Accrued discounts/premiums		—		(850	)		4,046			12,052			15,248
Net realized gain (loss)		—		28,482			9,903			3,826			42,211
Net change in unrealized appreciation (depreciation)(a)		204		115,241			(29,490	)		7,977			93,932
Purchases		3,000,000		—			290,180			—			3,290,180
Sales		—		(580,082	)		(461,350	)		(19,423	)		(1,060,855	)
Closing balance, as of March 31, 2021	$	3,357,282	$	99,235		$	14,887,434		$	1,849,409		$	20,193,360
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2021(a)	$	204	$	6,841		$	(29,490	)	$	7,977		$	(14,468	)

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

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third party pricing information in the amount of $7,466,776. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

20

Schedule of Investments  (unaudited) (continued) March 31, 2021 BlackRock Multi-Sector Opportunities Trust II (MSO2)

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Asset-Backed Securities	$	256,754	Income	Discount Rate	9%		—
Corporate Bonds		97,216	Income	Discount Rate	5%		—
Floating Rate Loan Interests(b)		12,372,614	Income	Discount Rate	7% -11%		9%
			Market	Recent Transactions	—		—
	$	12,726,584

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

^(b)  For the period end March 31, 2021, the valuation technique for investments classified as Floating Rate Loan Interests amounting to $2,668,462 changed to Transaction Price approach. The investments were previously valued utilizing Discounted Cash Flow. The change was due to consideration of the information that was available at the time the investments were valued.

Currency Abbreviation
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar
Portfolio Abbreviation
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
CR	Custodian Receipt
DIP	Debtor-In-Possession
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
PCL	Public Company Limited
PIK	Payment-in-Kind
S&P	Standard & Poor’s
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate
SPDR	Standard & Poor’s Depository Receipt

SCHEDULE  OF   INVESTMENTS 21