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

Schedule of Investments  (unaudited) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
AGL CLO 9 Ltd., (3 mo. LIBOR US + 7.26%), 7.51%, 01/20/34(a)(b)	USD	250	$	248,570
AIMCO CLO 10 Ltd., Series 2019-10A, Class SUB, 0.00%, 07/22/32(a)(b)		772		636,439
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 3.78%, 01/28/31(a)(b)		250		243,721
ARES LI CLO Ltd., Series 2019-51A, Class ER, (3 mo. LIBOR US + 6.85%), 7.09%, 07/15/34(a)(b)		300		297,055
Ares LV CLO Ltd., Series 2020-55A, Class DR, (3 mo. LIBOR US + 3.15%), 3.39%, 07/15/34(a)(b)		750		744,316
CarVal CLO I Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.89%), 3.13%, 07/16/31(a)(b)		250		245,348
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 3.45%, 04/20/32(a)(b)		2,000		1,983,348
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.69%, 07/20/32(a)(b)		1,300		1,236,055
Cedar Funding XIV CLO Ltd.(a)(b)
Series 2021-14A, Class D, (3 mo. LIBOR US + 3.25%), 3.49%, 07/15/33		500		497,017
Series 2021-14A, Class E, (3 mo. LIBOR US + 6.34%), 6.58%, 07/15/33		375		361,219
Series 2021-14A, Class SUB, 0.00%, 07/15/33		500		388,591
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 7.05%, 04/20/34(a)(b)		250		246,674
Elmwood CLO VII Ltd., (3 mo. LIBOR US + 7.10%), 7.34%, 01/17/34(a)(b)		250		243,674
Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39(b)(c)	CAD	150		119,704
Generate CLO 3 Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 3.85%, 10/20/29(a)(b)	USD	500		497,066
Generate CLO 4 Ltd., Series 2016-2A, Class ER, (3 mo. LIBOR US + 6.75%), 7.00%, 04/20/32(a)(b)		500		481,084
Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 3.19%, 10/15/30(a)(b)		750		736,681
GoldentTree Loan Management U.S. CLO 1 Ltd., Series 2021-11A, Class E, (3 mo. LIBOR US + 5.35%), 5.60%, 10/20/34(a)(b)		250		223,565
Golub Capital Partners CLO 55B Ltd., Series 2021- 55A, Class E, (3 mo. LIBOR US + 6.56%), 6.81%, 07/20/34(a)(b)		250		247,676
GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.70%), 1.16%, 12/25/35(a)		3,371		1,658,429
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 6.69%, 04/15/33(a)(b)		250		246,937
Gulf Stream Meridian 7 Ltd., Series 2022-7A, Class D, 7.15%, 07/15/35(a)(b)(c)		250		247,500
Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31(b)		400		409,292
Mariner Finance Issuance Trust(b)
Series 2019-AA, Class D, 5.44%, 07/20/32		900		874,291
Series 2020-AA, Class D, 5.75%, 08/21/34		200		187,212
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44(b)		266		257,538

Security	Par (000)			Value
Asset-Backed Securities (continued)
Neuberger Berman Loan Advisers CLO 32 Ltd., Series 2019-32A, Class ER, (3 mo. LIBOR US + 6.10%), 6.35%, 01/20/32(a)(b)	USD	400		$	391,496
OCP CLO Ltd.(a)(b)
Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 3.26%, 04/24/29		300			297,363
Series 2014-7A, Class B1RR, (3 mo. LIBOR US + 2.25%), 2.50%, 07/20/29		500			495,607
Series 2019-17A, Class ER, (3 mo. LIBOR US + 6.50%), 6.75%, 07/20/32		1,500			1,454,991
Octagon Investment Partners 49 Ltd., 6.99%, 01/15/33		500			494,520
Palmer Square Loan Funding Ltd.(a)(b)
Series 2019-2A, Class C, (3 mo. LIBOR US + 3.25%), 3.50%, 04/20/27		1,025			1,024,986
Series 2019-3A, Class C, (3 mo. LIBOR US + 3.40%), 3.88%, 08/20/27		1,750			1,747,221
Series 2019-4A, Class C, (3 mo. LIBOR US + 3.25%), 3.51%, 10/24/27		600			599,402
Rad CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.78%, 01/20/33(a)(b)		250			243,568
Recette Clo Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 3.25%), 3.50%, 04/20/34(a)(b)		1,000			985,603
Rockford Tower CLO Ltd., Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 2.90%, 10/20/30(a)(b)		430			415,356
Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.29%), 0.75%, 01/25/47(a)(d)		2,765			2,978,363
Signal Peak CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 7.19%, 04/30/32(a)(b)		1,250			1,192,009
Sofi Professional Loan Program LLC, Series 2016-B, Class RC, 0.00%, 04/25/37(b)(c)		—	(e)		69,000
TICP CLO XII Ltd., Series 2018-12A, Class ER, (3 mo. LIBOR US + 6.25%), 6.49%, 07/15/34(a)(b)		250			239,784
TRESTLES CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 6.01%, 07/25/31(a)(b)		250			236,444
TRESTLES CLO III Ltd., Series 2020-3A, Class SUB, 0.25%, 01/20/33(a)(b)		250			196,209
TRESTLES CLO Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 3.16%, 04/25/32(a)(b)		1,000			979,356
Whitebox CLO III Ltd., Series 2021-3A, Class E, (3 mo. LIBOR US + 6.85%), 6.97%, 10/15/34(a)(b)		250			247,647
Total Asset-Backed Securities — 24.5% (Cost: $27,509,262)					27,847,927
	Shares
Common Stocks
Equity Real Estate Investment Trusts (REITs) — 0.0%
Service Properties Trust		2,000			17,660
Hotels, Restaurants & Leisure — 0.1%
Caesars Entertainment, Inc.(f)		1,350			104,436

1

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels — 0.3%
California Resources Corp.(g)		7,618	$	340,753
Total Common Stocks — 0.4% (Cost: $186,889)				462,849
	Par (000)
Corporate Bonds
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc., 3.38%, 03/01/41	USD	73		64,981
Aerospace & Defense — 1.1%
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b)(h)		250		263,641
TransDigm, Inc.
6.25%, 03/15/26(b)(h)		870		893,177
6.38%, 06/15/26		142		143,281
				1,300,099
Airlines — 3.0%
Air France-KLM, 3.88%, 07/01/26(i)	EUR	100		100,669
American Airlines, Inc., 4.00%, 12/15/25(a)(c)	USD	80		78,600
Avianca Midco 2 Ltd., 9.00%, 12/01/28(b)		3,129		2,996,899
Deutsche Lufthansa AG, 2.88%, 05/16/27(i)	EUR	100		102,724
Gol Finance SA, 7.00%, 01/31/25(b)(h)	USD	200		163,750
				3,442,642
Auto Components — 0.7%
Aptiv PLC, 3.10%, 12/01/51(h)		100		79,498
Clarios Global LP/Clarios U.S. Finance Co., 6.25%, 05/15/26(b)(h)		130		133,738
Dana, Inc., 5.63%, 06/15/28		144		145,512
IHO Verwaltungs GmbH, (3.63% Cash or 4.38% PIK), 3.63%, 05/15/25(i)(j)	EUR	100		109,253
ZF Finance GmbH(i)
2.00%, 05/06/27		200		199,030
3.75%, 09/21/28		100		104,955
				771,986
Automobiles — 0.8%
Constellation Automotive Financing PLC, 4.88%, 07/15/27(i)	GBP	100		119,871
Ford Motor Credit Co. LLC, 5.58%, 03/18/24(h)	USD	597		614,032
General Motors Co., 5.95%, 04/01/49(h)		125		138,912
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28(i)	EUR	100		99,915
				972,730
Banks — 1.6%
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%(a)(h)(k)	USD	200		194,250
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%		200		195,350
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%(a)(i)(k)	EUR	200		226,746
Freedom Mortgage Corp., 8.25%, 04/15/25(b)	USD	144		143,565
Grupo Aval Ltd., 4.38%, 02/04/30(b)(h)		200		173,196
Intesa Sanpaolo SpA, (5 year EUR Swap + 6.09%), 5.88%(a)(i)(k)	EUR	250		273,647
Itau Unibanco Holding SA/Cayman Island, 5.13%, 05/13/23(b)(h)	USD	212		217,565

Security	Par (000)		Value
Banks (continued)
Kasikornbank PCL, (5 year CMT + 1.70%), 3.34%, 10/02/31(a)(i)	USD	200	$	187,663
NBK Tier 1 Ltd., 3.63%(a)(b)(h)(k)		277		258,822
				1,870,804
Beverages — 1.1%
Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/36		63		67,568
Anheuser-Busch InBev Worldwide, Inc., 4.50%, 06/01/50(h)		107		114,323
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28(b)		201		182,408
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.75%, 07/15/27(i)	GBP	100		119,641
Ball Corp.
5.25%, 07/01/25	USD	17		18,012
4.88%, 03/15/26		13		13,462
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(b)(h)		402		400,403
OI European Group BV, 2.88%, 02/15/25(i)	EUR	100		108,406
Trivium Packaging Finance BV, 5.50%, 08/15/26(b)	USD	200		199,176
				1,223,399
Biotechnology — 0.4%
Amgen, Inc., 3.00%, 01/15/52(h)		160		135,324
Cidron Aida Finco Sarl, 6.25%, 04/01/28(i)	GBP	100		122,498
Gilead Sciences, Inc., 2.80%, 10/01/50(h)	USD	155		126,840
Royalty Pharma PLC, 3.55%, 09/02/50(h)		85		70,608
				455,270
Building Materials — 0.3%
Cemex SAB de CV(i)
3.13%, 03/19/26	EUR	100		109,816
5.45%, 11/19/29(h)	USD	200		203,250
Masonite International Corp., Class C, 5.38%, 02/01/28(b)		9		9,067
Standard Industries, Inc.(b)
5.00%, 02/15/27		9		8,922
4.75%, 01/15/28(h)		35		33,469
				364,524
Building Products — 0.3%
Home Depot, Inc.
2.75%, 09/15/51		130		111,994
3.63%, 04/15/52		42		41,677
Lowe’s Cos., Inc.
3.00%, 10/15/50(h)		160		136,120
4.25%, 04/01/52		41		42,408
SRS Distribution, Inc., 4.63%, 07/01/28(b)		11		10,508
				342,707
Capital Markets — 0.4%
Intercorp Peru Ltd., 3.88%, 08/15/29(b)(h)		200		181,925
Kane Bidco Ltd., 6.50%, 02/15/27(i)	GBP	100		127,771
Sherwood Financing PLC, 6.00%, 11/15/26(i)		100		124,140
				433,836
Chemicals — 2.0%
Alpek SAB de CV, 3.25%, 02/25/31(b)(h)	USD	200		180,500
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25(i)	EUR	100		108,667
Braskem Idesa SAPI, 6.99%, 02/20/32(b)(h)	USD	200		195,500

SCHEDULE   OF   INVESTMENTS 2

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(a)(b)(h)	USD	245	$	267,969
Chemours Co., 4.00%, 05/15/26	EUR	100		106,255
International Flavors & Fragrances, Inc., 3.47%, 12/01/50(b)	USD	65		57,335
LYB International Finance III LLC, 4.20%, 05/01/50(h)		80		79,012
NOVA Chemicals Corp., 4.88%, 06/01/24(b)(h)		621		627,983
OCI NV, 3.63%, 10/15/25(i)	EUR	90		101,056
Sasol Financing USA LLC(h)
6.50%, 09/27/28	USD	287		291,305
5.50%, 03/18/31		200		186,500
Sherwin-Williams Co., 2.90%, 03/15/52(h)		80		65,566
				2,267,648
Commercial Services & Supplies — 0.8%
AMN Healthcare, Inc., 4.63%, 10/01/27(b)(h)		99		96,259
Avis Budget Finance PLC, 4.13%, 11/15/24(i)	EUR	100		110,791
Loxam SAS, 3.75%, 07/15/26(i)		100		109,186
United Rentals North America, Inc.
5.50%, 05/15/27	USD	17		17,583
4.88%, 01/15/28(h)		479		486,566
5.25%, 01/15/30		13		13,406
Verisure Midholding AB, 5.25%, 02/15/29(i)	EUR	100		101,919
				935,710
Construction & Engineering — 0.1%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(a)(i)(k)		100		107,611
Construction Materials — 0.4%
KAR Auction Services, Inc., 5.13%, 06/01/25(b)(h)	USD	444		449,550
Consumer Discretionary — 0.2%
Atento Luxco 1 SA, 8.00%, 02/10/26(b)(h)		200		202,225
Consumer Finance — 0.5%
Encore Capital Group, Inc., 4.88%, 10/15/25(i)	EUR	100		111,178
Muthoot Finance Ltd., 6.13%, 10/31/22(b)(h)	USD	500		503,531
				614,709
Containers & Packaging(h) — 0.5%
Klabin Austria GmbH, 3.20%, 01/12/31(b)		200		173,250
Suzano Austria GmbH
3.13%, 01/15/32		150		132,908
7.00%, 03/16/47(b)		200		224,287
				530,445
Diversified Consumer Services — 0.1%
Rekeep SpA, 7.25%, 02/01/26(i)	EUR	100		115,050
Diversified Financial Services — 2.5%
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)(h)	USD	214		203,300
Bank of America Corp., (3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51(a)(h)		130		134,528
doValue SpA, 3.38%, 07/31/26(i)	EUR	102		108,328
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25(i)	GBP	100		130,380
Goldman Sachs Group, Inc., 4.80%, 07/08/44(h)	USD	85		94,241
JPMorgan Chase & Co., (SOFR + 1.58%), 3.33%, 04/22/52(a)		100		92,436
Lloyds Banking Group PLC, (5 year USD Swap + 4.76%), 7.50%(a)(k)		200		209,994
Morgan Stanley, (SOFR + 1.36%), 2.48%, 09/16/36(a)		65		55,727

Security	Par (000)		Value
Diversified Financial Services (continued)
Oafit A Note Upsize, 1.00%, 03/28/24	AUD	480	$	359,184
Oceana Australian Trust, 10.00%, 08/31/23(c)		966		742,737
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(b)(h)	USD	400		298,575
Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22(i)		200		200,500
Sun Country Airlines Holdings, Inc., 7.00%, 12/15/23(c)		224		219,422
				2,849,352
Diversified Telecommunication Services — 1.1%
AT&T, Inc., 3.30%, 02/01/52		25		21,430
Level 3 Financing, Inc.(b)
4.63%, 09/15/27		17		16,003
4.25%, 07/01/28(h)		426		391,071
3.63%, 01/15/29(h)		381		333,375
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)(j)		200		150,750
SoftBank Group Corp.(i)
4.75%, 07/30/25	EUR	100		108,276
5.00%, 04/15/28		100		105,059
Verizon Communications, Inc.(h)
2.88%, 11/20/50	USD	80		66,842
3.55%, 03/22/51		84		78,935
				1,271,741
Electric Utilities(h) — 1.1%
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(b)		253		223,955
NextEra Energy Capital Holdings, Inc., 3.00%, 01/15/52		154		131,475
Talen Energy Supply LLC(b)
7.25%, 05/15/27		642		599,994
6.63%, 01/15/28		274		254,820
				1,210,244
Energy Equipment & Services — 0.3%
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24(b)(h)		365		367,736
Vallourec SA, 8.50%, 06/30/26(i)	EUR	17		19,237
				386,973
Environmental, Maintenance & Security Service — 0.1%
Clean Harbors, Inc., 4.88%, 07/15/27(b)	USD	9		8,977
Republic Services, Inc., 3.05%, 03/01/50		135		118,066
				127,043
Equity Real Estate Investment Trusts (REITs) — 1.2%
American Tower Corp., 3.10%, 06/15/50(h)		80		64,644
Crown Castle International Corp., 2.90%, 04/01/41(h)		85		70,360
Equinix, Inc., 2.95%, 09/15/51(h)		85		67,723
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.
5.63%, 05/01/24(h)		450		463,266
4.63%, 06/15/25(b)		59		59,443
4.50%, 09/01/26		9		9,045
5.75%, 02/01/27		13		13,731
Mid-America Apartments LP, 2.88%, 09/15/51		12		10,050
MPT Operating Partnership LP/MPT Finance Corp.
5.25%, 08/01/26		9		9,211
4.63%, 08/01/29(h)		16		15,840
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.Issuer, 4.88%, 05/15/29(b)		37		34,686
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27		12		11,547
Service Properties Trust
4.50%, 06/15/23(h)		386		381,580

3

Schedule of Investments  (unaudited) (continued) March 31, 2022 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	$	28,324
XHR LP(b)
6.38%, 08/15/25		68		70,079
4.88%, 06/01/29		11		10,686
				1,320,215
Food & Staples Retailing — 1.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b)
4.63%, 01/15/27		147		142,107
5.88%, 02/15/28		13		12,956
4.88%, 02/15/30(h)		17		16,554
Bellis Acquisition Co. PLC, 3.25%, 02/16/26(i)	GBP	100		121,205
Cydsa SAB de CV, 6.25%, 10/04/27(b)(h)	USD	200		191,000
General Mills, Inc., 3.00%, 02/01/51		125		107,697
Grupo KUO SAB de CV, 5.75%, 07/07/27(b)(h)		400		392,575
Kraft Heinz Foods Co., 4.38%, 06/01/46		150		148,146
Kroger Co., 3.95%, 01/15/50(h)		80		80,928
Picard Groupe SAS, 3.88%, 07/01/26(i)	EUR	100		107,276
				1,320,444
Food Products — 0.2%
Aramark Services, Inc., 5.00%, 02/01/28(b)(h)	USD	20		19,400
Darling Ingredients, Inc., 5.25%, 04/15/27(b)		9		9,180
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(b)		16		16,868
Louis Dreyfus Co. Finance BV, 1.63%, 04/28/28(i)	EUR	100		102,607
Tereos Finance Groupe I SA, 7.50%, 10/30/25(i)		100		114,626
				262,681
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co., 3.79%, 05/20/50(h)	USD	85		82,362
Health Care Providers & Services — 3.4%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28(b)		20		20,100
Anthem, Inc., 3.13%, 05/15/50(h)		80		70,450
DaVita, Inc., 4.63%, 06/01/30(b)(h)		576		537,869
GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/52(b)		250		250,478
HCA, Inc.(h)
5.38%, 09/01/26		17		17,850
3.50%, 09/01/30		308		297,548
5.25%, 06/15/49		85		93,089
Mozart Debt Merger Sub, Inc., 3.88%, 04/01/29(b)(h)		415		383,875
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25(i)	EUR	100		108,195
Select Medical Corp., 6.25%, 08/15/26(b)(h)	USD	360		372,686
Tenet Healthcare Corp.(b)
4.63%, 09/01/24(h)		384		386,628
4.88%, 01/01/26(h)		654		659,723
6.25%, 02/01/27(h)		26		26,691
5.13%, 11/01/27(h)		26		26,122
4.63%, 06/15/28		23		22,569
4.25%, 06/01/29(h)		507		486,086
4.38%, 01/15/30		44		42,237
Universal Health Services, Inc., 2.65%, 10/15/30(b)		63		57,192
				3,859,388

Security	Par (000)		Value
Health Care Technology — 0.2%
CAB SELAS, 3.38%, 02/01/28(i)	EUR	200	$	210,163
Charles River Laboratories International, Inc., 4.25%, 05/01/28(b)	USD	9		8,797
				218,960
Hotels, Restaurants & Leisure — 4.7%
1011778 BC ULC/New Red Finance, Inc., 3.88%, 01/15/28(b)		13		12,318
Affinity Gaming, 6.88%, 12/15/27(b)		147		142,958
Boyd Gaming Corp.
8.63%, 06/01/25(b)		19		19,957
4.75%, 12/01/27(h)		331		329,345
Caesars Entertainment, Inc.(b)(h)
6.25%, 07/01/25		228		235,396
8.13%, 07/01/27		146		156,432
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b)		68		69,400
Cedar Fair LP, 5.25%, 07/15/29		9		8,865
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.50%, 05/01/25(b)(h)		102		104,745
5.38%, 04/15/27		9		8,910
Churchill Downs, Inc.(b)
5.50%, 04/01/27		10		10,113
4.75%, 01/15/28		9		8,730
CPUK Finance Ltd., 6.50%, 08/28/26(i)	GBP	100		132,153
Fortune Star BVI Ltd., 6.85%, 07/02/24(i)	USD	200		194,000
Full House Resorts, Inc., 8.25%, 02/15/28(b)		13		13,293
Golden Entertainment, Inc., 7.63%, 04/15/26(b)(h)		34		35,403
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/30(h)		17		16,962
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29(b)		147		140,281
International Game Technology PLC, 6.50%, 02/15/25(b)(h)		582		610,317
IRB Holding Corp., 7.00%, 06/15/25(b)		72		74,880
Marriott International, Inc.
Series FF, 4.63%, 06/15/30		50		51,785
Series GG, 3.50%, 10/15/32(h)		232		220,834
Marriott Ownership Resorts, Inc.(b)
6.13%, 09/15/25(h)		133		136,325
4.50%, 06/15/29		151		142,318
Melco Resorts Finance Ltd., 5.25%, 04/26/26(i)		200		180,000
MGM China Holdings Ltd., 5.88%, 05/15/26(h)(i)		200		182,787
MGM Resorts International
5.75%, 06/15/25(h)		12		12,300
4.63%, 09/01/26		152		149,720
5.50%, 04/15/27(h)		154		155,540
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b)(h)		102		94,030
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(b)(h)		344		380,550
Scientific Games International, Inc., 7.00%, 05/15/28(b)(h)		194		201,080
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/25(b)(h)		310		321,625
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25(i)	GBP	100		133,664
Travel + Leisure Co., 6.63%, 07/31/26(b)(h)	USD	90		93,825
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(b)(h)
5.50%, 03/01/25		173		173,003

SCHEDULE   OF   INVESTMENTS 4

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(b)(h) (continued) 5.25%, 05/15/27	USD	16	$	15,480
Wynn Macau Ltd., 5.50%, 01/15/26(h)(i)		200		179,000
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)(h)		213		200,486
				5,348,810
Household Durables — 3.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
6.63%, 01/15/28(h)		216		221,303
4.63%, 08/01/29		30		26,455
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b)
6.25%, 09/15/27(h)		234		229,101
5.00%, 06/15/29		10		9,080
Century Communities, Inc., 6.75%, 06/01/27(h)		44		45,654
Controladora Mabe SA de CV, 5.60%, 10/23/28(b)(h)		400		426,040
Forestar Group, Inc.(b)(h)
3.85%, 05/15/26		244		227,530
5.00%, 03/01/28		319		299,062
Lennar Corp., 4.75%, 11/29/27(h)		16		16,668
M/I Homes, Inc., 4.95%, 02/01/28(h)		225		212,062
Mattamy Group Corp., 5.25%, 12/15/27(b)		9		8,884
Newell Brands, Inc., 4.45%, 04/01/26(h)		35		35,219
Taylor Morrison Communities, Inc.(b)(h)
5.88%, 06/15/27		270		280,800
5.75%, 01/15/28		914		941,420
Tri Pointe Homes, Inc.
5.25%, 06/01/27(h)		705		700,005
5.70%, 06/15/28		18		17,969
William Lyon Homes, Inc., 6.63%, 07/15/27(b)(h)		527		541,493
				4,238,745
Independent Power and Renewable Electricity Producers — 2.0%
Calpine Corp.(b)(h)
4.50%, 02/15/28		652		636,013
5.13%, 03/15/28		578		550,591
Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27(b)(h)		197		188,374
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26(i)		200		201,500
India Green Energy Holdings, 5.38%, 04/29/24(b)(h)		250		251,900
Investment Energy Resources Ltd., 6.25%, 04/26/29(b)(h)		200		202,000
NRG Energy, Inc.
5.75%, 01/15/28		14		14,230
5.25%, 06/15/29(b)		13		12,704
ReNew Power Synthetic, 6.67%, 03/12/24(h)(i)		200		203,037
Renewable Energy Group, Inc., 5.88%, 06/01/28(b)		6		6,445
				2,266,794
Industrial Conglomerates — 0.1%
Metalloinvest Finance DAC, 3.38%, 10/22/28(b)		326		65,200
Insurance — 0.3%
American International Group, Inc., 4.38%, 06/30/50(h)		100		109,602
Prudential PLC, (5 year CMT + 1.52%), 2.95%, 11/03/33(a)(i)		300		276,075
				385,677

Security	Par (000)		Value
Interactive Media & Services(i) — 0.2%
United Group BV
4.88%, 07/01/24	EUR	100	$	110,209
(3 mo. Euribor + 4.88%), 4.88%, 02/01/29(a)		100		108,053
				218,262
Internet & Direct Marketing Retail — 0.1%
Amazon.com, Inc., 3.10%, 05/12/51	USD	115		107,926
IT Services — 0.3%
Centurion Bidco SpA, 5.88%, 09/30/26(i)	EUR	100		107,448
Fidelity National Information Services, Inc., 4.50%, 08/15/46	USD	65		67,306
International Business Machines Corp., 2.95%, 05/15/50(h)		100		87,453
La Financiere Atalian SASU, 6.63%, 05/15/25(i)	GBP	100		121,237
				383,444
Machinery — 0.4%
TK Elevator Midco GmbH(i)
4.38%, 07/15/27	EUR	100		109,131
(3 mo. Euribor + 4.75%), 4.75%, 07/15/27(a)		100		110,219
TK Elevator US Newco Inc., 5.25%, 07/15/27(b)(h)	USD	200		197,806
				417,156
Media — 2.0%
Altice Financing SA(i)
2.25%, 01/15/25	EUR	100		105,370
4.25%, 08/15/29		100		98,506
AMC Networks, Inc., 5.00%, 04/01/24	USD	7		6,983
Charter Communications Operating LLC/Charter Communications Operating Capital
3.70%, 04/01/51(h)		85		70,048
3.90%, 06/01/52		80		67,465
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(b)(h)		306		302,692
Comcast Corp., 2.89%, 11/01/51(b)(h)		105		88,519
iHeartCommunications, Inc.
6.38%, 05/01/26		14		14,293
5.25%, 08/15/27(b)		13		12,854
4.75%, 01/15/28(b)		9		8,595
Lamar Media Corp., 3.75%, 02/15/28		10		9,495
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(b)(h)		200		189,500
Lorca Telecom Bondco SA, 4.00%, 09/18/27(i)	EUR	100		106,477
Nexstar Media, Inc., 5.63%, 07/15/27(b)(h)	USD	300		303,660
Outfront Media Capital LLC/Outfront Media Capital Corp.(b)
5.00%, 08/15/27		11		10,753
4.63%, 03/15/30		9		8,471
Sable International Finance Ltd., 5.75%, 09/07/27(h)(i)		226		227,571
SES SA, (5 year EUR Swap + 5.40%), 5.63%(a)(i)(k)	EUR	100		114,635
Sirius XM Radio, Inc.(b)(h)
5.00%, 08/01/27	USD	54		53,865
5.50%, 07/01/29		48		48,720
Summer BC Holdco B Sarl, 5.75%, 10/31/26(i)	EUR	100		112,049
TEGNA, Inc.(h)
4.63%, 03/15/28	USD	150		149,208
5.00%, 09/15/29		19		19,046
UPCB Finance VII Ltd., 3.63%, 06/15/29(i)	EUR	100		108,159
				2,236,934
Metals & Mining — 1.0%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24(i)	USD	200		208,250

5

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Metals & Mining (continued)
Commercial Metals Co., 3.88%, 02/15/31	USD	156	$	141,715
FMG Resources August 2006 Pty. Ltd., 4.50%, 09/15/27(b)		10		9,821
Freeport-McMoRan, Inc.
5.00%, 09/01/27		10		10,267
5.25%, 09/01/29		10		10,476
Nexa Resources SA, 5.38%, 05/04/27(b)(h)		200		203,000
Periama Holdings LLC, 5.95%, 04/19/26(i)		200		202,900
Steel Dynamics, Inc., 3.25%, 10/15/50(h)		80		68,363
thyssenkrupp AG, 1.88%, 03/06/23(i)	EUR	43		47,294
Vedanta Resources Finance II PLC, 13.88%, 01/21/24(i)	USD	200		209,250
				1,111,336
Oil, Gas & Consumable Fuels — 6.1%
BP Capital Markets PLC, (5 year EUR Swap + 4.12%), 3.63%(a)(i)(k)	EUR	150		163,446
Buckeye Partners LP
4.13%, 03/01/25(b)(h)	USD	87		85,799
3.95%, 12/01/26		10		9,772
California Resources Corp., 7.13%, 02/01/26(b)		137		142,448
Centennial Resource Production LLC(b)(h)
5.38%, 01/15/26		834		808,980
6.88%, 04/01/27		51		51,260
Cheniere Energy Partners LP
4.50%, 10/01/29(h)		165		165,825
3.25%, 01/31/32(b)		16		14,549
Chesapeake Energy Corp.(b)
5.50%, 02/01/26		51		52,228
5.88%, 02/01/29		19		19,618
Citgo Holding, Inc., 9.25%, 08/01/24(b)(h)		38		38,380
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)(h)		42		42,808
DCP Midstream Operating LP
5.38%, 07/15/25(h)		14		14,436
5.13%, 05/15/29		10		10,285
Ecopetrol SA, 4.63%, 11/02/31(h)		245		221,725
eG Global Finance PLC, 4.38%, 02/07/25(i)	EUR	200		214,723
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28(b)	USD	17		17,574
Energean Israel Finance Ltd., 4.88%, 03/30/26(b)(i)		114		110,829
Energy Transfer LP, 5.00%, 05/15/50(h)		80		80,947
Geopark Ltd., 5.50%, 01/17/27(b)(h)		200		189,475
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27(i)		200		182,537
Hilong Holding Ltd., 9.75%, 11/18/24(i)		207		128,340
HTA Group Ltd., 7.00%, 12/18/25(b)(h)		200		197,625
IHS Holding Ltd., 6.25%, 11/29/28(b)(h)		200		186,500
Leviathan Bond Ltd., 5.75%, 06/30/23(b)(h)(i)		108		109,380
Matador Resources Co., 5.88%, 09/15/26(h)		18		18,329
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(b)(h)		200		182,000
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26(i)		200		202,000
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(h)		346		434,239
Oil and Gas Holding Co., 7.63%, 11/07/24(i)		200		210,500
OQ SAOC, 5.13%, 05/06/28(b)(h)		200		197,412
PDC Energy, Inc., 5.75%, 05/15/26		10		10,137
Petroleos Mexicanos(h)
6.50%, 03/13/27		386		390,535
5.95%, 01/28/31		266		245,239
6.70%, 02/16/32(d)		245		232,750
6.38%, 01/23/45		185		147,036

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Petroleos Mexicanos (h) (continued) 6.75%, 09/21/47	USD	327	$	262,565
Puma International Financing SA, 5.13%, 10/06/24(b)		200		190,000
SM Energy Co.
10.00%, 01/15/25(b)(h)		168		183,399
6.75%, 09/15/26		139		142,930
Stoneway Capital Corp.(f)(l)
10.00%, 03/01/27(b)		708		196,732
10.00%, 03/01/27(i)		252		69,840
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27(h)		21		21,394
4.50%, 05/15/29		32		30,190
4.50%, 04/30/30(b)(h)		172		158,461
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
6.50%, 07/15/27		13		13,678
5.00%, 01/15/28		13		13,175
Transocean Guardian Ltd., 5.88%, 01/15/24(b)(h)		59		56,322
Wintershall Dea Finance BV, 0.84%, 09/25/25(i)	EUR	100		103,563
				6,971,915
Personal Products — 0.0%
Coty, Inc., 6.50%, 04/15/26(b)	USD	40		39,771
Pharmaceuticals — 0.9%
AbbVie, Inc., 4.88%, 11/14/48(h)		120		135,625
AstraZeneca PLC, 3.00%, 05/28/51		125		114,857
Bausch Health Cos., Inc.(b)
5.50%, 11/01/25(h)		30		29,737
5.75%, 08/15/27		9		8,868
4.88%, 06/01/28		18		17,235
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28(i)	EUR	100		109,247
Cigna Corp., 3.40%, 03/15/51(h)	USD	80		72,081
CVS Health Corp., 5.05%, 03/25/48(h)		85		96,262
Elanco Animal Health, Inc., 6.40%, 08/28/28		13		13,943
Eli Lilly & Co., 2.25%, 05/15/50		175		141,933
Merck & Co., Inc., 2.75%, 12/10/51		38		33,100
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24(i)	EUR	100		105,923
Rossini Sarl, 6.75%, 10/30/25(i)		100		113,236
				992,047
Producer Durables: Miscellaneous — 0.1%
salesforce.com, Inc., 2.90%, 07/15/51	USD	130		115,428
Real Estate Management & Development — 3.3%
Adler Group SA, 3.25%, 08/05/25(i)	EUR	100		96,874
Agile Group Holdings Ltd., 5.75%, 01/02/25(h)(i)	USD	200		66,000
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(b)(h)		270		255,150
China Aoyuan Group Ltd., 7.95%, 02/19/23(f)(h)(i)(l)		200		32,000
China Evergrande Group, 10.50%, 04/11/24(f)(i)(l)		200		25,000
China SCE Group Holdings Ltd., 7.25%, 04/19/23(h)(i)		200		146,412
CIFI Holdings Group Co. Ltd., 5.95%, 10/20/25(h)(i)		200		163,000
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24(i)	EUR	100		107,564
Dexin China Holdings Co. Ltd., 9.95%, 12/03/22(i)	USD	200		100,000
DIC Asset AG, 2.25%, 09/22/26(i)	EUR	100		96,797
Easy Tactic Ltd., 8.63%, 02/27/24(h)(i)	USD	200		42,000
Fantasia Holdings Group Co. Ltd., 11.75%, 04/17/22(f)(i)(l)		200		27,000
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)(h)		467		477,881
Howard Hughes Corp., 5.38%, 08/01/28(b)(h)		451		452,795

SCHEDULE   OF   INVESTMENTS 6

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Real Estate Management & Development (continued)
JGC Ventures Pte. Ltd.(j)
3.00%, 06/30/25(f)(i)(l)	USD	239		$	124,111
(3.00% PIK), 0.00%, 06/30/25		—	(e)		137
Kaisa Group Holdings Ltd., 11.95%, 10/22/22(f)(h)(i)(l)		200			39,000
KWG Group Holdings Ltd., 7.40%, 03/05/24(i)		200			81,000
MAF Sukuk Ltd., 4.64%, 05/14/29(i)		267			276,729
Modern Land China Co. Ltd., 11.50%, 11/13/22(f)(i)(l)		200			36,000
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22(i)		200			98,000
Redsun Properties Group Ltd., 10.50%, 10/03/22(i)		200			53,146
RKPF Overseas 2019 A Ltd., Series 2019-A, 6.00%, 09/04/25(i)		200			156,000
Ronshine China Holdings Ltd., 8.95%, 01/22/23(i)		200			44,000
Seazen Group Ltd., 6.00%, 08/12/24(i)		200			136,000
Shimao Group Holdings Ltd., 5.60%, 07/15/26(h)(i)		200			52,500
Shui On Development Holding Ltd., 6.15%, 08/24/24(i)		200			187,000
Sunac China Holdings Ltd.(i)
6.50%, 07/09/23		200			54,000
7.00%, 07/09/25		200			49,000
Theta Capital Pte. Ltd., 8.13%, 01/22/25(i)		200			201,000
Times China Holdings Ltd., 6.20%, 03/22/26(i)		200			74,000
Yango Justice International Ltd., 8.25%, 11/25/23(f)(i)(l)		200			10,000
Yuzhou Group Holdings Co. Ltd., 7.38%, 01/13/26(f)(i)(l)		200			26,100
					3,786,196
Road & Rail — 0.3%
CMA CGM SA, 7.50%, 01/15/26(i)	EUR	100			119,425
Getlink SE, 3.50%, 10/30/25(i)		100			112,837
Norfolk Southern Corp., 2.90%, 08/25/51	USD	135			116,841
					349,103
Semiconductors & Semiconductor Equipment — 0.2%
Analog Devices, Inc., 2.95%, 10/01/51		42			37,994
Broadcom, Inc., 3.75%, 02/15/51(b)(h)		165			147,748
					185,742
Software — 0.6%
Boxer Parent Co., Inc., 6.50%, 10/02/25(i)	EUR	100			111,538
Microsoft Corp., 2.92%, 03/17/52	USD	120			112,607
Oracle Corp.
3.60%, 04/01/50(h)		285			236,368
3.95%, 03/25/51		23			20,107
Playtika Holding Corp., 4.25%, 03/15/29(b)		182			167,895
					648,515
Specialty Retail — 0.1%
Goldstory SASU, 5.38%, 03/01/26(i)	EUR	100			110,625
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc., 2.65%, 02/08/51(h)	USD	80			69,007
Dell International LLC/EMC Corp.
8.35%, 07/15/46		21			30,689
3.45%, 12/15/51(b)(h)		80			64,991
HP, Inc., 6.00%, 09/15/41(h)		80			93,234
					257,921
Textiles, Apparel & Luxury Goods — 0.0%
Under Armour, Inc., 3.25%, 06/15/26		10			9,675
Thrifts & Mortgage Finance — 0.5%
Jerrold Finco PLC, 4.88%, 01/15/26(i)	GBP	100			126,285
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27(b)	USD	11			11,193

Security	Par (000)		Value
Thrifts & Mortgage Finance (continued)
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.(b)
3.63%, 03/01/29	USD	228	$	208,358
3.88%, 03/01/31		56		50,680
United Wholesale Mortgage LLC, 5.75%, 06/15/27(b)		153		141,977
				538,493
Tobacco(h) — 0.1%
Altria Group, Inc., 3.40%, 02/04/41		85		69,755
BAT Capital Corp., 3.98%, 09/25/50		85		68,883
				138,638
Transportation Infrastructure(h) — 0.6%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(b)		200		182,350
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)		200		193,375
FedEx Corp., 4.05%, 02/15/48		80		79,022
Simpar Europe SA, 5.20%, 01/26/31(b)		200		178,500
				633,247
Utilities — 1.7%
Centrais Eletricas Brasileiras SA, 4.63%, 02/04/30(b)(h)		256		239,360
Genneia SA, 8.75%, 09/02/27(b)		150		141,121
Huachen Energy Co. Ltd., 6.63%, 05/18/22(f)(l)		200		108,100
Inkia Energy Ltd., 5.88%, 11/09/27(b)		200		192,412
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(i)		250		223,719
Orano SA, 2.75%, 03/08/28(i)	EUR	100		107,729
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(b)(h)	USD	240		238,020
Veolia Environnement SA, (5 year EUR Swap + 2.84%), 2.50%(a)(i)(k)	EUR	300		305,740
Vistra Operations Co. LLC(b)(h)
5.50%, 09/01/26	USD	17		17,093
5.63%, 02/15/27		23		22,980
5.00%, 07/31/27		343		337,447
				1,933,721
Wireless Telecommunication Services — 1.5%
Altice France SA(i)
2.50%, 01/15/25	EUR	200		212,564
2.13%, 02/15/25		100		105,129
5.88%, 02/01/27		100		113,114
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31(h)	USD	164		159,060
Kenbourne Invest SA, 6.88%, 11/26/24(b)(h)		234		229,349
Millicom International Cellular SA, 5.13%, 01/15/28(i)		242		239,147
T-Mobile USA, Inc., 3.30%, 02/15/51(h)		165		138,835
VICI Properties LP/VICI Note Co., Inc.(b)
3.50%, 02/15/25		13		12,808
4.25%, 12/01/26		22		21,908
3.75%, 02/15/27		13		12,643
4.63%, 12/01/29(h)		200		199,500
4.13%, 08/15/30		17		16,411
Vmed O2 U.K. Financing I PLC(i)
3.25%, 01/31/31	EUR	100		101,775
4.50%, 07/15/31	GBP	100		120,560
				1,682,803
Total Corporate Bonds — 56.8% (Cost: $70,400,860)				64,549,453

7

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Floating Rate Loan Interests(a)
Aerospace & Defense — 0.5%
TransDigm, Inc., 2020 Term Loan F, (1 mo. LIBOR + 2.25%), 2.71%, 12/09/25	USD	601	$	590,715
Air Freight & Logistics — 0.8%
Kestrel Bidco, Inc., Term Loan B, (6 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26		547		525,675
XPO Logistics, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 1.99%, 02/24/25		335		331,446
				857,121
Airlines — 0.5%
Allegiant Travel Co., 2020 Term Loan, (3 mo. LIBOR + 3.00%), 3.47%, 02/05/24		598		589,708
Building Materials — 0.6%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 3.75%, 04/12/28		614		592,611
MI Windows & Doors LLC, 2022 Term Loan, (1 mo. LIBOR + 3.50%), 4.00%, 12/18/27		30		29,804
				622,415
Building Products — 0.0%
Advanced Drainage Systems, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 2.48%, 07/31/26		19		18,483
Chemicals — 0.1%
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (6 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/16/27		107		105,047
Commercial Services & Supplies(c) — 0.4%
Interface Security Systems LLC, Term Loan, (1.00% PIK), 7.51%, 08/07/23(j)		429		414,778
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.75%, 09/19/26		31		30,850
				445,628
Diversified Consumer Services — 0.3%
Spectacle Gary Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.25%), 5.26%, 11/19/28		354		350,680
Diversified Financial Services — 3.8%
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 4.23%, 02/17/23(c)		42		8,400
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.21%, 12/18/27		47		46,042
Luxembourg Life Fund, 2021 Term Loan, (LIBOR + 9.25%), 10.26%, 04/01/23(c)		2,805		2,797,987
Oafit A Note Upsize, (1 mo. LIBOR + 5.50%), 8.00%, 01/21/24(c)	AUD	1,740		1,302,042
White Cap Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.75%), 4.25%, 10/19/27	USD	201		197,873
				4,352,344
Electric Utilities — 0.1%
Pacific Gas & Electric Co., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 3.50%, 06/23/25		155		153,101
Health Care Providers & Services — 0.1%
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 03/06/25		102		100,252

Security	Par (000)		Value
Hotels, Restaurants & Leisure — 0.8%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 4.21%, 02/02/26	USD	170	$	165,854
Caesars Resort Collection LLC, 2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 3.96%, 07/20/25		159		158,852
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 8.25%, 03/31/28		109		109,342
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 4.50%, 01/27/29		249		247,438
Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 3.21%, 03/11/28		228		224,025
				905,511
Media — 0.9%
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/12/26		352		348,306
CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 2.90%, 04/15/27		174		171,122
Diamond Sports Group LLC, Term Loan, (PRIME + 2.25%), 5.75%, 08/24/26		604		207,156
Lamar Media Corp., 2020 Term Loan B, (1 mo. LIBOR + 1.50%), 1.97%, 02/06/27		24		23,831
PCI Gaming Authority, Term Loan, (1 mo. LIBOR + 2.50%), 2.96%, 05/29/26		272		269,415
				1,019,830
Oil, Gas & Consumable Fuels — 0.8%
Buckeye Partners LP, 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 2.71%, 11/01/26		548		543,336
Citgo Holding, Inc., 2019 Term Loan B, (1 mo. LIBOR + 7.00%, 0.01% Floor), 8.00%, 08/01/23		309		304,931
				848,267
Pharmaceuticals — 0.9%
Bausch Health Cos., Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 3.21%, 11/27/25		691		684,607
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 2.46%, 11/15/27		329		322,872
				1,007,479
Road & Rail — 0.1%
Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 3.01%, 12/30/26		169		166,505
Trading Companies & Distributors — 0.2%
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 3.75%, 01/31/28		30		29,740
The Enterprise Development Authority, Term Loan B, (1 mo. LIBOR + 4.25%, 0.01% Floor), 5.00%, 02/28/28		170		168,349
				198,089
Total Floating Rate Loan Interests — 10.9% (Cost: $12,822,672)				12,331,175
Foreign Agency Obligations
Argentina — 0.1%
Argentine Republic Government International Bond, 2.50%, 07/09/41(h)		366		129,112

SCHEDULE   OF   INVESTMENTS 8

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Bahrain — 0.2%
Bahrain Government International Bond, 6.75%, 09/20/29(i)	USD	200	$	210,725
Chile — 0.2%
Chile Government International Bond, 4.34%, 03/07/42		200		205,400
Colombia — 0.4%
Colombia Government International Bond(h)
3.13%, 04/15/31		340		287,682
4.13%, 05/15/51		200		150,975
				438,657
Dominican Republic — 0.6%
Dominican Republic International Bond
5.50%, 02/22/29(b)		175		172,845
4.50%, 01/30/30(b)(h)		294		269,984
4.88%, 09/23/32(b)(h)		155		140,450
6.40%, 06/05/49(i)		150		140,231
				723,510
Egypt — 0.2%
Egypt Government International Bond, 8.50%, 01/31/47(h)(i)		284		241,400
Guatemala — 0.2%
Guatemala Government Bond, 5.38%, 04/24/32(b)(h)		200		209,163
Indonesia — 0.9%
Indonesia Government International Bond(h)
3.50%, 01/11/28		565		580,114
4.75%, 02/11/29		200		221,022
Indonesia Treasury Bond
8.38%, 03/15/34	IDR	2,500,000		190,775
7.50%, 06/15/35		1,250,000		89,338
				1,081,249
Mexico — 0.3%
Mexico Government International Bond(h)
3.75%, 01/11/28	USD	200		203,700
4.35%, 01/15/47		200		185,400
				389,100
Morocco — 0.3%
Morocco Government International Bond
4.00%, 12/15/50(i)		222		177,322
4.00%, 12/15/50(b)(h)		200		159,750
				337,072
Nigeria — 0.2%
Nigeria Government International Bond, 7.88%, 02/16/32(i)		200		187,750
Oman — 0.3%
Oman Government International Bond, 6.50%, 03/08/47(i)		306		299,880
Pakistan — 0.1%
Pakistan Government International Bond, 7.38%, 04/08/31(i)		200		147,022
Panama — 0.2%
Panama Government International Bond, 4.50%, 04/16/50(h)		200		198,350

Security	Par (000)		Value
Paraguay — 0.3%
Paraguay Government International Bond, 5.40%, 03/30/50(b)(h)	USD	300	$	301,744
Peru — 0.1%
Peruvian Government International Bond, 3.30%, 03/11/41(h)		170		154,700
Romania — 0.1%
Romanian Government International Bond, 3.00%, 02/14/31(b)(h)		124		114,855
Saudi Arabia — 0.4%
Saudi Government International Bond(i)
4.50%, 04/17/30(h)		206		225,055
3.75%, 01/21/55		200		192,000
				417,055
South Africa — 0.5%
Republic of South Africa Government Bond, 8.50%, 01/31/37	ZAR	4,125		241,050
Republic of South Africa Government International Bond
5.65%, 09/27/47	USD	200		174,225
5.75%, 09/30/49		200		174,413
				589,688
Sri Lanka — 0.2%
Sri Lanka Government International Bond(i)
6.85%, 03/14/24		200		98,022
7.55%, 03/28/30		200		94,522
				192,544
Ukraine — 0.2%
Ukraine Government International Bond
8.99%, 02/01/24(h)(i)		200		88,000
7.75%, 09/01/25(i)		110		46,750
7.25%, 03/15/33(b)(h)		400		165,000
				299,750
Total Foreign Agency Obligations — 6.0% (Cost: $7,880,719)				6,868,726
	Shares
Investment Companies
Fixed Income Funds — 2.3%
iShares iBoxx $ High Yield Corporate Bond ETF(g)(m)		32,255		2,654,264
Total Investment Companies — 2.3% (Cost: $2,612,620)				2,654,264
	Par (000)
Non-Agency Mortgage-Backed Securities
Banks — 3.1%
Western Alliance Bank, 5.65%, 12/30/24	USD	3,510		3,509,686
Collateralized Mortgage Obligations(b) — 4.8%
Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69(a)		1,026		995,023

9

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Connecticut Avenue Securities Trust(a)
Series 2021-R01, Class 1B2, (30 day SOFR + 6.00%), 6.10%, 10/25/41	USD	137	$	123,323
Series 2022-R01, Class 1B2, (30 day SOFR + 6.00%), 6.10%, 12/25/41		169		150,087
Credit Suisse Mortgage Capital Certificates Trust(a)
Series 2021-JR1, Class A2, 3.50%, 09/27/66		507		457,780
Series 2021-JR1, Class B2, 26.93%, 09/27/66		878		771,885
Series 2021-JR1, Class PT2, 8.94%, 07/26/60(c)		790		284,468
Freddie Mac, Series 2021-DNA7, Class B2, (30 day SOFR + 7.80%), 7.90%, 11/25/41(a)		224		209,372
Freddie Mac STACR REMIC Trust, Series 2022-DNA1, Class B2, (30 day SOFR + 7.10%), 7.20%, 01/25/42(a)		140		123,557
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36		1,902		1,275,732
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, (1 mo. LIBOR), 9.20%, 02/25/38(a)		3,564		1,065,491
				5,456,718
Commercial Mortgage-Backed Securities — 11.5%
Ashford Hospitality Trust 2018-ASHF, Series 2018-ASHF, Class E, (1 mo. LIBOR US + 3.10%), 3.50%, 04/15/35(a)(b)		125		118,117
Barclays Commercial Mortgage Trust
Series 2019-C3, Class C, 4.18%, 05/15/52		482		467,389
Series 2019-C3, Class D, 3.00%, 05/15/52(b)		770		632,272
Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 02/15/53(b)		57		44,578
BX Commercial Mortgage Trust, Series 2019-XL, Class J, (1 mo. LIBOR US + 2.65%), 3.05%, 10/15/36(a)(b)		1,445		1,410,959
BX Trust(a)(b)
Series 2021-MFM1, Class G, (1 mo. LIBOR US + 3.90%), 4.30%, 01/15/34		100		97,856
Series 2021-VIEW, Class E, (1 mo. LIBOR US + 3.60%), 4.00%, 06/15/23		130		125,414
Citigroup Commercial Mortgage Trust(a)(b)
Series 2019-PRM, Class E, 4.73%, 05/10/36		500		490,197
Series 2019-PRM, Class F, 4.73%, 05/10/36		750		720,244
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 3.89%, 11/15/37(a)(b)		127		125,756
Commercial Mortgage Trust GAM, Series 2013-GAM, Class E, 3.42%, 02/10/28(a)(b)		250		233,945
Credit Suisse Mortgage Capital Certificates Trust(a)(b)
(1 mo. LIBOR US + 3.50%), 3.90%, 11/15/38		250		250,000
Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 6.55%, 10/15/37		300		301,396
Series 2020-NET, Class E, 3.71%, 08/15/37		750		717,310
CSAIL Commercial Mortgage Trust, Series 2018-C14, Class C, 4.92%, 11/15/51(a)		750		723,839
DBUBS Mortgage Trust, Series 2017-BRBK, Class F, 3.53%, 10/10/34(a)(b)		275		256,214
Del Amo Fashion Center Trust, Series 2017-AMO, Class D, 3.64%, 06/05/35(a)(b)		500		412,117
ELP Commercial Mortgage Trust, Series 2021-ELP, Class J, (1 mo. LIBOR US + 3.61%), 4.01%, 11/15/38(a)(b)		125		122,188

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
GS Mortgage Securities Corp. Trust 2021-DM, Series 2021-DM, Class F, (1 mo. LIBOR US + 3.44%), 3.83%, 11/15/36(a)(b)	USD	120	$	116,905
HONO Mortgage Trust, Series 2021-LULU, Class F, (1 mo. LIBOR US + 4.40%), 4.80%, 10/15/36(a)(b)		125		122,558
Hudson Yards Mortgage Trust, Series 2019-55HY, Class F, 2.94%, 12/10/41(a)(b)		700		585,607
JPMCC Commercial Mortgage Securities Trust, Series 2019-COR5, Class D, 3.00%, 06/13/52(b)		750		633,366
MED Trust, (1 mo. LIBOR US + 5.25%), 5.65%, 11/15/38(a)(b)		120		117,168
MF1 2021-W10X, Series 2021-W10, Class G, 4.52%, 12/15/34(a)(b)		120		119,850
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50		625		516,282
Morgan Stanley Capital I Trust(b)
Series 2014-150E, Class F, 4.30%, 09/09/32(a)		700		635,350
Series 2017-H1, Class D, 2.55%, 06/15/50		753		634,598
Series 2018-MP, Class E, 4.28%, 07/11/40(a)		372		311,245
Series 2019-H7, Class D, 3.00%, 07/15/52		750		614,619
Series 2019-NUGS, Class E, (1 mo. LIBOR US + 2.24%), 3.74%, 12/15/36(a)		400		393,695
MTN Commercial Mortgage Trust, 5.34%, 03/15/39(b)		100		99,381
SREIT Trust, Series 2021-MFP2, Class J, (1 mo. LIBOR US + 3.92%), 4.31%, 11/15/36(a)(b)		100		97,808
TPGI Trust, Series 2021-DGWD, Class G, (1 mo. LIBOR US + 3.85%), 4.25%, 06/15/26(a)(b)		130		126,156
UBS-Barclays Commercial Mortgage Trust, Series 2012-C3, Class D, 5.05%, 08/10/49(a)(b)		270		269,923
Wells Fargo Commercial Mortgage Trust(a)
Series 2015-C28, Class D, 4.08%, 05/15/48		325		300,685
Series 2020-SDAL, Class E, (1 mo. LIBOR US + 2.74%), 3.14%, 02/15/37(b)		150		142,045
				13,087,032
Total Non-Agency Mortgage-Backed Securities — 19.4% (Cost: $23,142,511)				22,053,436
Preferred Securities
Capital Trusts — 6.8%
Automobiles — 0.3%
Volkswagen International Finance NV
4.38%, 12/31/49	EUR	100		110,166
3.88%(a)(i)(k)		200		217,655
				327,821
Banks(a)(k) — 1.4%
ABN AMRO Bank NV, 4.75%(i)		200		221,462
AIB Group PLC, 6.25%(i)		400		457,434
Banco Mercantil del Norte SA(b)(h)
5.88%	USD	200		184,288
6.75%		300		292,275
CaixaBank SA, 6.38%(i)	EUR	200		229,963
TMBThanachart Bank PCL, 4.90%(i)	USD	200		191,662
				1,577,084
Chemicals(a)(i)(k) — 0.4%
Lenzing AG, 5.75%.	EUR	100		113,390
Solvay SA, 2.50%		300		311,133
				424,523

SCHEDULE   OF   INVESTMENTS 10

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services(a)(k) — 2.0%
Banco Santander SA(i)
3.63%	EUR	200	$	188,062
6.75%		200		222,061
Barclays PLC
8.00%	USD	200		211,300
6.13%(h)		200		204,250
Credit Agricole S.A., 4.75%(b)(h)		440		399,269
Credit Suisse Group AG(b)(h)
6.38%		350		345,475
6.25%		200		201,500
Natwest Group PLC, 8.00%		200		217,260
UBS Group AG(b)
4.88%(h)		220		212,234
7.00%		50		52,166
				2,253,577
Diversified Telecommunication Services(a) — 0.7%
British Telecommunications PLC, 4.25%, 11/23/81(b)(h)		200		190,914
Telefonica Europe BV(i)(k)
4.38%	EUR	100		114,497
2.38%		500		478,371
				783,782
Electric Utilities — 0.2%
Iberdrola International BV, 1.83%(a)(i)(k)		200		200,784
Insurance(a)(i)(k) — 0.3%
Allianz SE, 3.20%	USD	200		173,500
BUPA Finance PLC, 4.00%	GBP	200		221,014
				394,514
Internet & Direct Marketing Retail — 0.1%
Rakuten Group, Inc., 4.25%(a)(i)(k)	EUR	200		191,215
Media — 0.1%
SES SA, 2.88%(a)(i)(k)		100		102,397
Oil, Gas & Consumable Fuels(a)(i)(k) — 0.4%
Eni SpA, Series NC9, 2.75%		200		199,613
Repsol International Finance BV
3.75%		100		111,455
4.25%		100		111,034
				422,102
Pharmaceuticals — 0.3%
Bayer AG
5.38%, 03/25/82		100		113,621
3.13%, 11/12/79(a)(i)		200		210,236
				323,857
Real Estate Management & Development — 0.1%
NWD Finance BVI Ltd., 4.13%(a)(i)(k)	USD	200		182,000
Tobacco(a)(i)(k) — 0.2%
British American Tobacco PLC
Series 5.25, 3.00%	EUR	100		100,392
Series NC8, 3.75%		100		96,753
				197,145
Utilities — 0.2%
Electricite de France SA, 3.38%(a)(i)(k)		200		198,849
Wireless Telecommunication Services — 0.1%
Vodafone Group PLC, 4.20%, 10/03/78(a)(i)		100		112,771
				7,692,421
Total Preferred Securities — 6.8% (Cost: $8,458,066)				7,692,421

Security	Par (000)		Value
U.S. Government Sponsored Agency Securities
Agency Obligations(b) — 0.3%
Dominican Republic International Bond, 6.00%, 02/22/33	USD	150	$	145,997
Romanian Government International Bond, 3.63%, 03/27/32(h)		238		225,207
				371,204
Commercial Mortgage-Backed Securities(a)(b) — 1.0%
FREMF Mortgage Trust
Series 2017-KGX1, Class BFX, 3.59%, 10/25/27		130		123,993
Series 2019-K99, Class C, 3.65%, 10/25/52		1,000		961,235
				1,085,228
Total U.S. Government Sponsored Agency Securities — 1.3% (Cost: $1,508,326)				1,456,432
Total Long-Term Investments — 128.4% (Cost: $154,521,925)				145,916,683
	Shares
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%(m)(n)		1,684,235		1,684,235
Total Short-Term Securities — 1.5% (Cost: $1,684,235)				1,684,235
Options Purchased — 0.1% (Cost: $197,742)				106,271
Total Investments Before Options Written — 130.0% (Cost: $156,403,902)				147,707,189
Options Written — (0.0)% (Premiums Received: $(67,449))				(24,526	)
Total Investments, Net of Options Written — 130.0% (Cost: $156,336,453)				147,682,663
Liabilities in Excess of Other Assets — (30.0)%				(34,056,573	)
Net Assets — 100.0%			$	113,626,090

^(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)  Rounds to less than 1,000.

^(f)  Non-income producing security.

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

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

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

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

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

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

^(m)  Affiliate of the Trust.

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

11

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2)

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

Affiliates

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

Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	4,817,225	$	—	$	(3,132,990	)(a)	$	—	$	—		$	1,684,235		1,684,235	$	552	$	—
iShares iBoxx $ High Yield Corporate Bond ETF		2,806,508		—		—			—		(152,244	)		2,654,264		32,255		19,768		—
iShares iBoxx $ Investment Grade Corporate Bond ETF(b)		—		2,937,283		(3,000,736	)		63,453		—			—		—		—		—
								$	63,453	$	(152,244	)	$	4,338,499			$	20,320	$	—

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

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

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

Barclays Capital, Inc.

0.45

%(b)

06/29/21

Open

$

166,750

$

167,323

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

06/29/21

Open

142,213

142,701

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

285,106

286,195

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

06/29/21

Open

28,178

28,285

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

178,500

179,250

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

148,500

149,124

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

185,750

186,530

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

231,875

232,849

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

207,296

208,167

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

06/29/21

Open

180,000

180,756

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.60

(b)

06/29/21

Open

247,569

248,703

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

06/29/21

Open

181,148

182,048

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

122,381

122,642

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/16/21

Open

94,500

94,702

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

07/16/21

Open

191,719

192,196

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.40

(b)

07/16/21

Open

208,060

208,652

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

460,635

462,273

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

10,384

10,421

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

523,320

525,181

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

8,100

8,129

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

540,646

542,569

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

650,520

652,833

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

14,896

14,949

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

13,366

13,414

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

351,312

352,562

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

402,840

404,272

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

12,200

12,243

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

843,165

846,163

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

10,815

10,853

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

7,800

7,828

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

600,600

602,735

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

9,945

9,980

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

10,005

10,041

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

14,040

14,090

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

13,876

13,926

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

13,040

13,086

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

164,145

164,729

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

288,300

289,325

Corporate Bonds

Open/Demand

SCHEDULE   OF   INVESTMENTS 12

Schedule of Investments  (unaudited) (continued) March 31, 2022 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.

0.50

%(b)

07/16/21

Open

$

325,937

$

327,096

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/16/21

Open

13,685

13,734

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

07/16/21

Open

562,005

564,603

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

380,250

381,332

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

364,080

365,116

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

615,994

617,746

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

236,857

237,531

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

398,701

399,835

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

193,480

194,030

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

391,806

392,921

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

254,625

255,349

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

170,500

170,985

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

349,732

350,727

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

255,510

256,237

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

329,640

330,578

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

311,355

312,241

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

270,800

271,570

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/16/21

Open

190,430

190,972

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

09/23/21

Open

424,235

425,349

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

(b)

10/19/21

Open

227,272

227,531

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

(b)

10/19/21

Open

169,250

169,443

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

(b)

10/19/21

Open

171,750

171,946

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

10/19/21

Open

260,887

261,244

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

10/19/21

Open

186,250

186,674

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

10/19/21

Open

188,250

188,679

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

01/25/22

Open

251,020

251,201

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

02/08/22

Open

75,915

75,947

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

02/08/22

Open

64,700

64,728

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

02/08/22

Open

135,300

135,358

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

02/08/22

Open

80,006

80,040

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

02/08/22

Open

70,125

70,155

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

02/08/22

Open

77,700

77,733

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

02/08/22

Open

128,800

128,855

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

02/08/22

Open

123,000

123,052

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

02/08/22

Open

160,658

160,772

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

(b)

02/08/22

Open

201,500

201,643

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

02/08/22

Open

169,250

169,370

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.50

(b)

02/08/22

Open

76,820

76,874

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

147,675

147,731

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

68,900

68,926

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

134,700

134,752

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

70,100

70,127

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

65,400

65,425

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

80,375

80,406

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

71,294

71,321

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

81,200

81,231

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

78,600

78,630

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

70,869

70,896

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

147,500

147,556

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

87,544

87,577

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

71,719

71,746

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.27

(b)

02/08/22

Open

146,200

146,256

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.28

(b)

02/08/22

Open

180,548

180,619

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.28

(b)

02/08/22

Open

92,650

92,687

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.30

(b)

02/08/22

Open

215,985

216,077

U.S. Government Sponsored     Agency Securities

Open/Demand

BNP Paribas S.A.

0.30

(b)

02/08/22

Open

388,850

389,015

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.30

(b)

02/08/22

Open

185,250

185,329

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.48

(b)

02/08/22

Open

185,750

185,876

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.48

(b)

02/08/22

Open

188,925

189,053

Capital Trusts

Open/Demand

BNP Paribas S.A.

0.48

(b)

02/08/22

Open

174,500

174,619

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.48

(b)

02/08/22

Open

183,250

183,375

Capital Trusts

Open/Demand

13

Schedule of Investments  (unaudited) (continued) March 31, 2022 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.

0.48

%(b)

02/08/22

Open

$

85,553

$

85,611

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

131,670

131,717

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

65,800

65,823

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

72,000

72,026

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

93,500

93,533

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

108,375

108,413

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

68,213

68,237

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

66,600

66,624

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

69,594

69,618

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

97,856

97,891

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

80,000

80,028

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

93,925

93,958

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

136,013

136,061

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

67,800

67,824

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.25

(b)

02/08/22

Open

136,600

136,648

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.37

(b)

02/08/22

Open

77,288

77,328

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.37

(b)

02/08/22

Open

200,317

200,422

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.37

(b)

02/08/22

Open

136,310

136,381

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.37

(b)

02/08/22

Open

59,606

59,637

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.37

(b)

02/08/22

Open

119,250

119,313

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

18,000

18,013

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

132,495

132,588

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

40,645

40,674

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

88,234

88,296

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

496,357

496,706

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

44,816

44,848

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

568,177

568,577

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

176,283

176,406

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

201,780

201,922

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

93,585

93,651

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

201,162

201,304

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/11/22

Open

173,610

173,732

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/11/22

Open

127,533

127,638

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.30

(b)

02/14/22

Open

215,760

215,841

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/14/22

Open

65,975

66,020

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/14/22

Open

28,481

28,501

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/14/22

Open

33,250

33,273

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

02/14/22

Open

217,271

217,421

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.58

(b)

02/14/22

Open

270,856

271,053

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

266,693

266,910

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

177,250

177,394

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

19,320

19,336

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

223,125

223,306

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

134,250

134,359

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

177,722

177,866

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

49,140

49,180

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

16,554

16,567

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

205,942

206,110

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

163,000

163,132

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

58,250

58,297

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

82,750

82,817

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

30,538

30,562

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

20,269

20,285

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

30,000

30,024

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

293,807

294,046

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

27,338

27,360

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

20,039

20,055

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

42,525

42,560

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

149,940

150,062

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.65

(b)

02/14/22

Open

26,318

26,339

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

02/22/22

Open

226,582

226,698

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.65

(b)

03/01/22

Open

124,475

124,542

Corporate Bonds

Open/Demand

SCHEDULE   OF   INVESTMENTS 14

Schedule of Investments  (unaudited) (continued) March 31, 2022 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.

0.35

%(b)

03/03/22

Open

$

498,612

$

498,748

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.35

(b)

03/03/22

Open

241,019

241,084

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.40

(b)

03/03/22

Open

175,886

175,940

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.45

(b)

03/03/22

Open

217,466

217,542

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

03/03/22

Open

188,250

188,316

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

03/03/22

Open

127,750

127,795

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.45

(b)

03/03/22

Open

161,170

161,226

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

189,810

189,884

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

12,285

12,290

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

31,866

31,879

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

541,031

541,242

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

151,000

151,059

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

22,783

22,791

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

22,945

22,954

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

15,045

15,051

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

170,500

170,566

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

168,250

168,315

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

73,733

73,761

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

222,750

222,837

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

310,500

310,621

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

31,445

31,457

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

16,155

16,161

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

30,770

30,782

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

141,860

141,915

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

42,060

42,076

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

161,955

162,018

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

174,115

174,183

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/03/22

Open

36,908

36,922

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

03/03/22

Open

190,066

190,148

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

03/03/22

Open

153,750

153,816

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

03/03/22

Open

29,000

29,012

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

03/03/22

Open

178,750

178,826

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

03/03/22

Open

245,625

245,730

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.55

(b)

03/03/22

Open

209,751

209,840

Capital Trusts

Open/Demand

RBC Capital Markets LLC

0.28

(b)

03/03/22

Open

439,420

439,516

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.32

(b)

03/04/22

Open

43,250

43,260

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.47

(b)

03/04/22

Open

431,584

431,725

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.47

(b)

03/04/22

Open

165,250

165,304

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.49

(b)

03/04/22

Open

210,000

210,071

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.30

(b)

03/08/22

Open

93,775

93,793

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.25

(b)

03/08/22

Open

223,725

223,761

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

03/08/22

Open

125,519

125,563

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.47

(b)

03/15/22

Open

327,471

327,539

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

03/15/22

Open

460,625

460,738

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.35

(b)

03/16/22

Open

128,250

128,269

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.50

(b)

03/16/22

Open

151,500

151,532

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.55

(b)

03/16/22

Open

140,746

140,779

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

03/16/22

Open

173,750

173,797

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.65

(b)

03/16/22

Open

168,500

168,546

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.46

(b)

03/16/22

Open

205,006

205,045

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

03/16/22

Open

355,025

355,106

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.30

(b)

03/16/22

Open

180,000

180,023

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

03/16/22

Open

178,850

178,880

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

03/16/22

Open

215,558

215,594

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

03/16/22

Open

116,026

116,046

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

03/16/22

Open

151,119

151,144

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

(b)

03/17/22

Open

137,250

137,290

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

(b)

03/17/22

Open

401,144

401,230

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.60

(b)

03/17/22

Open

236,725

236,780

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.60

(b)

03/17/22

Open

202,860

202,907

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.70

(b)

03/17/22

Open

87,885

87,909

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.70

(b)

03/17/22

Open

177,300

177,348

Corporate Bonds

Open/Demand

15

Schedule of Investments  (unaudited) (continued) March 31, 2022 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)

Credit Suisse Securities (USA) LLC

0.75

%(b)

03/17/22

Open

$

67,479

$

67,498

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.75

(b)

03/17/22

Open

94,096

94,124

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

0.75

(b)

03/30/22

Open

162,250

162,253

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

(b)

03/30/22

Open

190,058

190,165

Corporate Bonds

Open/Demand

$

39,092,578

$

39,151,838

^(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		52		06/21/22	$	6,383	$	(175,081	)
U.S. Long Bond		7		06/21/22		1,051		(22,925	)
2-Year U.S. Treasury Note		87		06/30/22		18,426		(228,115	)
								(426,121	)
Short Contracts
10-Year U.S. Ultra Long Treasury Note		124		06/21/22		16,794		443,928
Ultra U.S. Treasury Bond		21		06/21/22		3,717		99,323
5-Year U.S. Treasury Note		74		06/30/22		8,477		67,879
								611,130
							$	185,009

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	497,639		USD	97,000	Bank of America N.A.		06/15/22	$	5,411
EUR	6,368,000		USD	7,053,643	BNP Paribas SA		06/15/22		9,984
MXN	4,542,507		USD	213,000	UBS AG		06/15/22		12,484
USD	19,990		EUR	18,000	Morgan Stanley & Co. International PLC		06/15/22		23
USD	295,759		IDR	4,235,568,028	JPMorgan Chase Bank N.A.		06/15/22		1,147
									29,049
USD	708,602		AUD	966,000	Bank of America N.A.		06/15/22		(15,127	)
USD	107,454		CAD	137,000	Morgan Stanley & Co. International PLC		06/15/22		(2,112	)
USD	7,007,175		EUR	6,368,000	BNP Paribas SA		06/15/22		(56,451	)
USD	7,051,764		EUR	6,368,000	BNP Paribas SA		06/15/22		(11,862	)
USD	5,264,693		EUR	4,811,234	Deutsche Bank AG		06/15/22		(72,110	)
USD	225,030		EUR	205,000	UBS AG		06/15/22		(2,364	)
USD	833,517		GBP	639,000	Bank of America N.A.		06/15/22		(5,662	)
USD	913,126		GBP	697,000	Morgan Stanley & Co. International PLC		06/15/22		(2,223	)
USD	3,012		MXN	64,000	Bank of America N.A.		06/15/22		(164	)
USD	78,416		ZAR	1,192,178	UBS AG		06/15/22		(2,431	)
USD	155,000		ZAR	2,356,503	UBS AG		06/15/22		(4,806	)
									(175,312	)
								$	(146,263	)

SCHEDULE   OF   INVESTMENTS 16

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
iShares iBoxx $ High Yield Corporate Bond ETF		248		05/20/22	USD	82.00	USD	2,041	$	24,924
Put
iShares iBoxx $ Investment Grade Corporate Bond ETF		120		04/14/22	USD	122.00	USD	1,451		21,240
iShares iBoxx $ Investment Grade Corporate Bond ETF		241		04/14/22	USD	121.00	USD	2,915		27,113
iShares iBoxx $ Investment Grade Corporate Bond ETF		242		05/20/22	USD	118.00	USD	2,927		27,830
										76,183
									$	101,107

OTC Options Purchased

Description	Counterparty	Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
EUR Currency	Bank of America N.A.		04/08/22	USD	1.08	EUR	3,632	$	1,997

OTC Interest Rate Swaptions Purchased

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

Amount (000)

Value

Call

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

3-Month LIBOR, 0.96%

Quarterly

1.55%

Semi-Annual

Deutsche Bank AG

07/06/22

1.55

%

USD

344

$

1,583

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

3-Month LIBOR, 0.96%

Quarterly

1.55%

Semi-Annual

Deutsche Bank AG

07/06/22

1.55

USD

345

1,584

$

3,167

Exchange-Traded Options Written

Description	Number of Contracts	Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
iShares iBoxx $ Investment Grade Corporate Bond ETF	120		04/14/22	USD	119.00	USD	1,451	$	(5,280	)
iShares iBoxx $ Investment Grade Corporate Bond ETF	241		04/14/22	USD	116.00	USD	2,915		(4,338	)
iShares iBoxx $ High Yield Corporate Bond ETF	248		05/20/22	USD	75.00	USD	2,041		(5,704	)
iShares iBoxx $ Investment Grade Corporate Bond ETF	242		05/20/22	USD	113.00	USD	2,927		(9,075	)
								$	(24,397	)

OTC Options Written

Description	Counterparty	Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
EUR Currency	Bank of America N.A.		04/08/22	USD	1.05	EUR	3,632	$	(129	)

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.V12	5.00	%	Quarterly	12/20/24	CC	USD     6,453		$	382,783	$	(4,455	)	$	387,238
CDX.NA.HY.34.V9	5.00		Quarterly	06/20/25	CC+	USD     5,336			318,980		(3,687	)		322,667
								$	701,763	$	(8,142	)	$	709,905

^(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.

17

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Centrally Cleared Interest Rate Swaps

Paid by the Trust		Received by the Trust		Effective	Termination		Notional					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		Amount (000)		Value			(Received)			(Depreciation)
0.52%	Semi-Annual	3-Month LIBOR, 0.96%	Quarterly	N/A		06/21/24	USD	2,250	$	96,814		$	92,930		$	3,884
3-Month LIBOR, 0.96%	Quarterly	1.42%	Semi-Annual	N/A		01/11/27	USD	2,585		(123,179	)		(121,353	)		(1,826	)
1-Day SOFR, 0.33%	Annual	1.56%	Annual	N/A		03/08/27	USD	2,933		(91,404	)		(84,845	)		(6,559	)
1.54%	Semi-Annual	3-Month LIBOR, 0.96%	Quarterly	N/A		05/28/31	USD	88		5,903			6,521			(618	)
1-Month MXIBOR, 6.72%	Monthly	7.61%	Monthly	N/A		01/28/32	MXN	7,044		(13,458	)		(19,426	)		5,968
1-Month MXIBOR, 6.72%	Monthly	7.68%	Monthly	N/A		01/30/32	MXN	3,504		(5,902	)		(8,884	)		2,982
1.97%	Semi-Annual	3-Month LIBOR, 0.96%	Quarterly	N/A		05/30/51	USD	42		2,726			3,646			(920	)
									$	(128,500	)	$	(131,411	)	$	2,911

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	N/R	USD	5,000		$	(507,543	)	$	(7,749	)	$	(499,794	)
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R	USD	5,000			(507,542	)		(19,865	)		(487,677	)
										$	(1,015,085	)	$	(27,614	)	$	(987,471	)

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

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

OTC Interest Rate Swaps

Paid by the Trust		Received by the  Trust			Effectiv		Termination		Notional					Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Counterparty	Date		Date		Amount (000)		Value			(Received)		(Depreciation)
1-Day BZDIOVER, 0.04%	Monthly	11.31%	Monthly	Morgan Stanley & Co. International PLC		N/A		01/02/24	BRL	2,424	$	(5,698	)	$	—	$	(5,698	)
1-Day BZDIOVER, 0.04%	Monthly	11.77%	Monthly	JPMorgan Chase Bank N.A.		N/A		01/02/24	BRL	1,248		(892	)		—		(892	)
											$	(6,590	)	$	—	$	(6,590	)

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

SCHEDULE   OF   INVESTMENTS 18

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Fair Value Hierarchy as of Period End (continued)

inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—		$	27,411,723		$	436,204	$	27,847,927
Common Stocks		462,849			—			—		462,849
Corporate Bonds		—			63,508,694			1,040,759		64,549,453
Floating Rate Loan Interests		—			7,777,118			4,554,057		12,331,175
Foreign Agency Obligations		—			6,868,726			—		6,868,726
Investment Companies		2,654,264			—			—		2,654,264
Non-Agency Mortgage-Backed Securities		—			21,768,968			284,468		22,053,436
Preferred Securities
Capital Trusts		—			7,692,421			—		7,692,421
U.S. Government Sponsored Agency Securities		—			1,456,432			—		1,456,432
Short-Term Securities
Money Market Funds		1,684,235			—			—		1,684,235
Options Purchased
Equity Contracts		101,107			—			—		101,107
Foreign Currency Exchange Contracts		—			1,997			—		1,997
Interest Rate Contracts		—			3,167			—		3,167
	$	4,902,455		$	136,489,246		$	6,315,488	$	147,707,189
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	709,905		$	—	$	709,905
Foreign Currency Exchange Contracts		—			29,049			—		29,049
Interest Rate Contracts		611,130			12,834			—		623,964
Liabilities
Credit Contracts		—			(987,471	)		—		(987,471	)
Equity Contracts		(24,397	)		—			—		(24,397	)
Foreign Currency Exchange Contracts		—			(175,441	)		—		(175,441	)
Interest Rate Contracts		(426,121	)		(16,513	)		—		(442,634	)
	$	160,612		$	(427,637	)	$	—	$	(267,025	)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of period end, reverse repurchase agreements of $39,151,719 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset-Backed Securities			Corporate Bonds		Floating Rate Loan Interests		Non-Agency Mortgage-Backed Securities			Total
Assets
Opening balance, as of December 31, 2021	$	65,038		$	1,005,613	$	3,280,642	$	786,988		$	5,138,281
Transfers into Level 3		124,925			—		—		—			124,925
Transfers out of Level 3		—			—		—		(491,044	)		(491,044	)
Accrued discounts/premiums		—			—		4,078		5			4,083
Net realized gain (loss)		—			—		—		15,804			15,804
Net change in unrealized appreciation (depreciation)(a)		(1,259	)		35,146		12,419		(546	)		45,760

19

Schedule of Investments  (unaudited) (continued) March 31, 2022 BlackRock Multi-Sector Opportunities Trust II (MSO2)

	Asset-Backed Securities			Corporate Bonds		Floating Rate Loan Interests		Non-Agency Mortgage-Backed Securities			Total
Purchases	$	247,500		$	—	$	1,256,918	$	—		$	1,504,418
Sales		—			—		—		(26,739	)		(26,739	)
Closing balance, as of March 31, 2022	$	436,204		$	1,040,759	$	4,554,057	$	284,468		$	6,315,488
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022(a)	$	(1,258	)	$	35,146	$	12,419	$	(546	)	$	45,761

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

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 $759,922. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted   Average of   Unobservable   Inputs Based   on Fair Value
Assets
Corporate Bonds	$	1,040,759	Income	Discount Rate	5% - 9%		8%
Floating Rate Loan Interests		4,514,807	Income	Discount Rate	8% - 12%		10%
	$	5,555,566

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

Currency Abbreviation
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
MXN	Mexican Peso
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviation
BZDIOVER	Overnight Brazil CETIP — Interbank Rate
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
CR	Custodian Receipt
DAC	Designated Activity Company
ETF	Exchange-Traded Fund
FREMF	Freddie Mac Multifamily Securities
LIBOR	London Interbank Offered Rate
MTN	Medium-Term Note
MXIBOR	Mexico Interbank Offered Rate

Portfolio Abbreviation (continued)
PCL	Public Company Limited
PIK	Payment-in-Kind
REMIC	Real Estate Mortgage Investment Conduit
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate
STACR	Structured Agency Credit Risk

SCHEDULE   OF   INVESTMENTS 20