BlackRock Multi-Sector Opportunities Trust II (MSO II) NPORT-P BlackRock Multi-Sector Opportunities Trust II (Mar 2023 report)

Schedule of Investments  (unaudited)  March 31, 2023 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., Series 2020-9A, Class E, (3 mo. LIBOR US + 7.26%), 12.07%, 01/20/34(a)(b)	USD		250	$	233,559
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 8.30%, 01/28/31(a)(b)			250		220,977
Ares LI CLO Ltd., Series 2019-51A, Class ER, (3 mo. LIBOR US + 6.85%), 11.64%, 07/15/34(a)(b)			300		281,169
Ares LV CLO Ltd., Series 2020-55A, Class DR, (3 mo. LIBOR US + 3.15%), 7.94%, 07/15/34(a)(b)			750		688,031
CarVal CLO I Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.89%), 7.68%, 07/16/31(a)(b)			250		226,289
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 8.01%, 04/20/32(a)(b)			2,000		1,819,935
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 11.25%, 07/20/32(a)(b)			1,300		1,142,008
Cedar Funding XIV CLO Ltd.(a)(b)
Series 2021-14A, Class D, (3 mo. LIBOR US + 3.25%), 8.04%, 07/15/33			500		443,518
Series 2021-14A, Class E, (3 mo. LIBOR US + 6.34%), 11.13%, 07/15/33			375		335,144
Series 2021-14A, Class SUB, 0.00%, 07/15/33			250		124,325
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3 mo. LIBOR US + 6.80%), 11.61%, 04/20/34(a)(b)			250		237,098
Elmwood CLO VII Ltd., Series 2020-4A, Class E, (3 mo. LIBOR US + 7.10%), 11.89%, 01/17/34(a)(b)			250		235,055
Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39(b)	CAD		150		101,764
Generate CLO 3 Ltd., Series 3A, Class DR, (3 mo. LIBOR US + 3.60%), 8.41%, 10/20/29(a)(b)	USD		500		476,401
Generate CLO 4 Ltd., Series 4A, Class ER, (3 mo. LIBOR US + 6.75%), 11.56%, 04/20/32(a)(b)			250		221,336
Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 2.95%), 7.74%, 10/15/30(a)(b)			750		683,717
GoldenTree Loan Management U.S. CLO 1 Ltd., Series 2021-11A, Class E, (3 mo. LIBOR US + 5.35%), 10.16%, 10/20/34(a)(b)			250		224,881
Golub Capital Partners CLO 55B Ltd., Series 2021-55A, Class E, (3 mo. LIBOR US + 6.56%), 11.37%, 07/20/34(a)(b)			250		222,767
GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.70%), 5.55%, 12/25/35(a)			3,371		1,392,143
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 11.24%, 04/15/33(a)(b)			250		214,812
Gulf Stream Meridian 7 Ltd., Series 2022-7A, Class D, (3 mo. Term SOFR + 6.85%), 11.48%, 07/15/35(a)(b)			250		215,551
Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31(b)			400		346,655
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class C, (3 mo. LIBOR US + 2.00%), 7.27%, 04/19/33(a)(b)			116		112,342
Madison Park Funding XVII Ltd., Series 2015-17A, Class CR2, (3 mo. LIBOR US + 1.90%), 7.16%, 07/21/30(a)(b)			203		195,356
Mariner Finance Issuance Trust, Series 2020-AA, Class D, 5.75%, 08/21/34(b)			200		175,208
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44(b)			220		189,427

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%), 10.90%, 01/20/32(a)(b)	USD		400	$	352,816
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class ER, (3 mo. LIBOR US + 5.75%), 10.56%, 07/20/31(a)(b)			250		225,686
OCP CLO Ltd.(a)(b)
Series 2013-4A, Class CRR, (3 mo. LIBOR US + 3.00%), 7.82%, 04/24/29			300		288,082
Series 2014-7A, Class B1RR, (3 mo. LIBOR US + 2.25%), 7.06%, 07/20/29			500		483,589
Series 2019-17A, Class ER, (3 mo. LIBOR US + 6.50%), 11.31%, 07/20/32			1,500		1,298,290
OHA Credit Funding 11 Ltd., Series 2022-11A, Class E, (3 mo. Term SOFR + 7.25%), 11.88%, 07/19/33(a)(b)			250		229,115
OHA Credit Partners VII Ltd., Series 2012-7A, Class CR3, (3 mo. LIBOR US + 1.80%), 6.72%, 02/20/34(a)(b)			290		276,204
Palmer Square Loan Funding Ltd., Series 2022-2A, Class D, (3 mo. Term SOFR + 6.20%), 10.86%, 10/15/30(a)(b)			250		226,930
Rad CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 12.34%, 01/20/33(a)(b)			250		227,984
Recette CLO Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 3.25%), 8.06%, 04/20/34(a)(b)			1,000		891,842
Regatta XVIII Funding Ltd., Series 2021-1A, Class C, (3 mo. LIBOR US + 1.75%), 7.01%, 01/15/34(a)(b)			290		274,353
Rockford Tower CLO Ltd., Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 7.46%, 10/20/30(a)(b)			430		389,801
Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.29%), 5.14%, 01/25/47(a)			2,768		2,345,008
Signal Peak CLO 7 Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 6.89%), 11.69%, 04/30/32(a)(b)			1,250		1,109,519
Sound Point CLO XII Ltd., Series 2016-2A, Class BR2, (3 mo. LIBOR US + 1.50%), 6.75%, 10/20/28(a)(b)			660		650,854
TICP CLO I-2 Ltd., Series 2018-IA, Class B, (3 mo. LIBOR US + 2.20%), 7.02%, 04/26/28(a)(b)			163		162,295
TICP CLO XII Ltd., Series 2018-12A, Class ER, (3 mo. LIBOR US + 6.25%), 11.04%, 07/15/34(a)(b)			250		228,780
Trestles CLO II Ltd., Series 2018-2A, Class D, (3 mo. LIBOR US + 5.75%), 10.57%, 07/25/31(a)(b)			250		203,417
Trestles CLO Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 7.72%, 04/25/32(a)(b)			1,000		896,148
Trimaran CAVU Ltd., Series 2021-1A, Class C, (3 mo. LIBOR US + 2.10%), 6.92%, 04/23/32(a)(b)			413		389,090
Whitebox CLO III Ltd., Series 2021-3A, Class E, (3 mo. LIBOR US + 6.85%), 11.64%, 10/15/34(a)(b)			250		225,853
Total Asset-Backed Securities — 26.7% (Cost: $23,955,567)					22,135,124
		Shares
Common Stocks
Hotel & Resort REITs — 0.0%
Service Properties Trust			2,000		19,920

1

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Shares		Value
Hotels, Restaurants & Leisure — 0.1%
Caesars Entertainment, Inc.(c)			1,350	$	65,894
Oil, Gas & Consumable Fuels — 0.4%
California Resources Corp.(d)			7,618		293,293
Total Common Stocks — 0.5% (Cost: $185,514)					379,107
		Par (000)
Corporate Bonds
Aerospace & Defense — 0.5%
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b)	USD		250		251,219
TransDigm, Inc., 6.38%, 06/15/26			142		138,805
					390,024
Automobile Components — 0.6%
Clarios Global LP/Clarios U.S. Finance Co., 6.25%, 05/15/26(b)			130		129,675
Dana, Inc., 5.63%, 06/15/28			72		67,616
Faurecia SE, 3.75%, 06/15/28(e)	EUR		100		97,063
ZF Finance GmbH(e)
5.75%, 08/03/26			100		108,717
3.75%, 09/21/28			100		96,658
					499,729
Automobiles — 1.4%
Constellation Automotive Financing PLC, 4.88%, 07/15/27(e)	GBP		100		89,744
Ford Motor Co., 6.10%, 08/19/32	USD		76		73,648
Ford Motor Credit Co. LLC
5.58%, 03/18/24(f)			597		590,947
4.54%, 03/06/25	GBP		100		118,237
6.86%, 06/05/26			108		132,676
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28(e)	EUR		100		88,664
RCI Banque SA, (5 year EUR Swap + 2.85%), 2.63%, 02/18/30(a)(e)			100		98,792
					1,192,708
Banks — 0.7%
Banco BPM SpA, (5 year EUR Swap + 3.80%), 3.25%, 01/14/31(a)(e)			100		95,149
Freedom Mortgage Corp., 8.25%, 04/15/25(b)	USD		106		97,917
Grupo Aval Ltd., 4.38%, 02/04/30(b)			200		151,130
Intesa Sanpaolo SpA, 5.15%, 06/10/30(e)	GBP		250		251,409
					595,605
Beverages — 1.0%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
2.00%, 09/01/28(e)	EUR		100		89,320
3.25%, 09/01/28(b)	USD		201		172,973
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(e)
2.13%, 08/15/26	EUR		100		94,760
4.75%, 07/15/27	GBP		100		94,288
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26(b)	USD		65		65,000

Security		Par (000)		Value
Beverages (continued)
OI European Group BV, 2.88%, 02/15/25(e)	EUR		100	$	105,365
Trivium Packaging Finance BV, 5.50%, 08/15/26(b)	USD		200		191,600
					813,306
Building Materials — 0.2%
Cemex SAB de CV, 3.13%, 03/19/26(e)	EUR		100		103,488
Masonite International Corp., Class C, 5.38%, 02/01/28(b)	USD		9		8,595
Standard Industries, Inc.(b)
5.00%, 02/15/27			9		8,548
4.75%, 01/15/28			35		32,696
					153,327
Capital Markets(e) — 0.3%
Sherwood Financing PLC, 6.00%, 11/15/26	GBP		100		102,587
SURAAsset Management SA, 4.88%, 04/17/24	USD		171		167,580
					270,167
Chemicals — 2.3%
Alpek SAB de CV, 3.25%, 02/25/31(b)(f)			200		161,663
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25(e)	EUR		100		106,823
Braskem Idesa SAPI, 6.99%, 02/20/32(b)	USD		200		149,000
Chemours Co., 4.00%, 05/15/26	EUR		100		99,586
Equate Petrochemical BV, 4.25%, 11/03/26(e)	USD		200		193,975
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26(e)	EUR		100		97,117
NOVA Chemicals Corp., 4.88%, 06/01/24(b)	USD		621		612,660
OCI NV, 3.63%, 10/15/25(e)	EUR		90		95,165
Olympus Water U.S. Holding Corp., 3.88%, 10/01/28(e)			100		87,743
Sasol Financing USA LLC, 6.50%, 09/27/28	USD		287		267,950
					1,871,682
Commercial Services & Supplies — 0.4%
AMN Healthcare, Inc., 4.63%, 10/01/27(b)			99		91,763
Loxam SAS, 3.75%, 07/15/26(e)	EUR		200		200,917
					292,680
Construction & Engineering — 0.1%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(a)(e)(g)			100		100,143
Construction Materials — 0.1%
KAR Auction Services, Inc., 5.13%, 06/01/25(b)	USD		98		96,775
Consumer Discretionary — 0.2%
Atento Luxco 1 SA, 8.00%, 02/10/26(b)			200		58,000
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25(e)	EUR		100		100,986
					158,986
Consumer Finance(e) — 0.2%
Encore Capital Group, Inc., 4.88%, 10/15/25			100		98,517
Nexi SpA, 0.00%, 02/24/28(h)			100		80,123
					178,640
Consumer Staples Distribution & Retail — 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b)
4.63%, 01/15/27	USD		147		142,161
4.88%, 02/15/30			17		15,868
Bellis Acquisition Co. PLC, 3.25%, 02/16/26(e)	GBP		100		100,859
Market Bidco Finco PLC, 5.50%, 11/04/27(e)			100		93,137
Picard Groupe SAS, 3.88%, 07/01/26(e)	EUR		100		96,418
					448,443

SCHEDULE   OF  INVESTMENTS 2

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

��

Security		Par (000)		Value
Containers & Packaging — 0.7%
Ahlstrom-Munksjo Holding 3 Oy, 3.63%, 02/04/28(e)	EUR		100	$	91,179
Klabin Austria GmbH, 3.20%, 01/12/31(b)	USD		200		164,040
Suzano Austria GmbH
3.13%, 01/15/32(f)			150		122,250
7.00%, 03/16/47(b)			200		204,980
					582,449
Diversified Consumer Services — 0.1%
Rekeep SpA, 7.25%, 02/01/26(e)	EUR		100		95,436
Diversified REITs — 0.2%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29(b)	USD		37		31,831
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27			12		11,246
Service Properties Trust
4.35%, 10/01/24			10		9,565
7.50%, 09/15/25			33		32,563
XHR LP(b)
6.38%, 08/15/25			68		66,705
4.88%, 06/01/29			11		9,329
					161,239
Diversified Telecommunication Services — 1.1%
Level 3 Financing, Inc.(b)
4.63%, 09/15/27			25		15,031
4.25%, 07/01/28(f)			431		243,170
3.63%, 01/15/29(f)			381		210,663
SoftBank Group Corp.(e)
4.75%, 07/30/25	EUR		100		103,570
(5 year USD ICE Swap + 4.23%), 6.00%(a)(g)	USD		200		193,000
Telecom Italia SpA/Milano
5.88%, 05/19/23	GBP		50		61,554
6.88%, 02/15/28(e)	EUR		100		110,619
					937,607
Electric Utilities — 0.1%
EDP - Energias de Portugal SA, (5 year EUR Swap + 1.84%), 1.70%, 07/20/80(a)(e)			100		97,726
Energy Equipment & Services — 0.0%
Vallourec SA, 8.50%, 06/30/26(e)			17		18,344
Environmental, Maintenance & Security Service — 0.0%
Covanta Holding Corp., 4.88%, 12/01/29(b)	USD		9		8,008
Financial Services — 4.6%
ABRA Global Finance, 11.50%, 03/02/28(a)(b)			185		144,436
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)			214		206,243
doValue SpA, 3.38%, 07/31/26(e)	EUR		102		96,515
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25(e)	GBP		100		92,828
Jerrold Finco PLC, 4.88%, 01/15/26(e)			100		106,059
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27(b)	USD		11		9,983
Oceana Australian Fixed Income Trust, 10.00%, 08/31/23(i)	AUD		966		644,948
Oceana Australian Fixed Income Trust, A Note Upsize(a)(i)
8.00%, 01/21/24			1,740		1,145,656
8.00%, 03/28/24			480		316,043
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(b)	USD		400		192,075
ProGroup AG, 3.00%, 03/31/26(e)	EUR		100		100,859
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.(b)
2.88%, 10/15/26	USD		72		64,440
3.63%, 03/01/29			228		195,749

Security		Par (000)		Value
Financial Services (continued)
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.(b) (continued)
3.88%, 03/01/31	USD		56	$	46,432
Sun Country Airlines Holdings, Inc., 6.95%, 12/15/23(i)			181		179,015
UniCredit SpA, (1 mo. EURIBOR + 1.60%), 4.45%, 02/16/29(a)(e)	EUR		150		156,450
United Wholesale Mortgage LLC, 5.75%, 06/15/27(b)	USD		153		136,149
					3,833,880
Health Care Providers & Services — 3.0%
HCA, Inc., 5.38%, 09/01/26			17		17,061
Medline Borrower LP, 3.88%, 04/01/29(b)			419		363,483
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25(e)	EUR		100		102,943
Select Medical Corp., 6.25%, 08/15/26(b)(f)	USD		360		349,200
Tenet Healthcare Corp.
4.63%, 09/01/24(f)			384		377,227
4.88%, 01/01/26(f)			654		641,155
6.25%, 02/01/27			26		25,568
5.13%, 11/01/27			26		24,961
4.63%, 06/15/28			23		21,214
4.25%, 06/01/29(f)			507		458,688
4.38%, 01/15/30			44		39,490
Universal Health Services, Inc., 2.65%, 10/15/30			63		50,513
					2,471,503
Health Care Technology — 0.0%
Charles River Laboratories International, Inc., 4.25%, 05/01/28(b)			9		8,423
Hotels, Restaurants & Leisure — 4.1%
Affinity Interactive, 6.88%, 12/15/27(b)			150		133,803
Boyd Gaming Corp., 4.75%, 12/01/27(f)			158		151,538
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 3.88%, 01/15/28(b)			13		12,090
Caesars Entertainment, Inc.(b)
6.25%, 07/01/25			228		228,011
8.13%, 07/01/27			146		148,920
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b)			3		2,897
Cedar Fair LP, 5.25%, 07/15/29			9		8,391
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(b)			102		101,936
Churchill Downs, Inc.(b)
5.50%, 04/01/27			10		9,791
4.75%, 01/15/28			9		8,428
CPUK Finance Ltd., 6.50%, 08/28/26(e)	GBP		100		116,575
Full House Resorts, Inc., 8.25%, 02/15/28(b)	USD		13		11,830
Golden Entertainment, Inc., 7.63%, 04/15/26(b)			34		34,289
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/30			17		16,284
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29(b)			147		130,563
IRB Holding Corp., 7.00%, 06/15/25(b)			72		72,219
Lottomatica SpA/Roma, 5.13%, 07/15/25(e)	EUR		100		106,823
Marriott International, Inc.
Series FF, 4.63%, 06/15/30	USD		50		48,543
Series GG, 3.50%, 10/15/32(f)			232		203,325
Marriott Ownership Resorts, Inc., 4.50%, 06/15/29(b)			151		128,539
MGM Resorts International
5.75%, 06/15/25			12		11,971
4.63%, 09/01/26(d)			152		143,755
5.50%, 04/15/27			157		152,309
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(b)			102		88,672

3

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Scientific Games International, Inc., 7.00%, 05/15/28(b)	USD		194	$	192,060
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/25(b)(f)			310		318,309
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25(e)	GBP		100		114,801
Travel & Leisure Co., 6.63%, 07/31/26(b)(f)	USD		90		90,350
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(b)
5.50%, 03/01/25			190		186,437
5.25%, 05/15/27			19		17,955
Wynn Macau Ltd., 5.50%, 01/15/26(e)			200		184,000
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)			213		193,481
					3,368,895
Household Durables — 3.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.(b)
6.63%, 01/15/28			216		195,834
4.63%, 08/01/29			30		24,300
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b)
6.25%, 09/15/27			234		205,679
5.00%, 06/15/29			10		7,650
Century Communities, Inc., 6.75%, 06/01/27			44		43,890
Forestar Group, Inc.(b)
3.85%, 05/15/26			244		219,516
5.00%, 03/01/28(f)			319		285,505
M/I Homes, Inc., 4.95%, 02/01/28			225		208,113
Mattamy Group Corp., 5.25%, 12/15/27(b)			9		8,471
Newell Brands, Inc., 4.70%, 04/01/26			35		33,688
Taylor Morrison Communities, Inc.(b)
5.88%, 06/15/27			270		264,878
5.75%, 01/15/28(f)			914		899,075
Tri Pointe Homes, Inc.
5.25%, 06/01/27(f)			705		669,750
5.70%, 06/15/28			18		17,320
					3,083,669
Independent Power and Renewable Electricity Producers — 1.9%
Calpine Corp.(b)(f)
4.50%, 02/15/28			652		604,807
5.13%, 03/15/28			578		529,200
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26(e)			200		187,912
NRG Energy, Inc.
5.75%, 01/15/28			14		13,730
5.25%, 06/15/29(b)			13		12,069
SCC Power PLC(b)(j)
(4.00% PIK), 4.00%, 05/17/32			274		19,468
(8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28			505		179,413
					1,546,599
Insurance(e) — 0.5%
Argentum Netherlands BV for Zurich Insurance Co. Ltd., (1 mo. EURIBOR + 3.95%), 3.50%, 10/01/46(a)	EUR		100		101,622
AXA SA, (1 mo. EURIBOR + 3.75%), 3.38%, 07/06/47(a)			100		100,898
Galaxy Bidco Ltd., 6.50%, 07/31/26	GBP		100		110,407
Liberty Mutual Group, Inc., (5 year EUR Swap + 3.70%), 3.63%, 05/23/59(a)	EUR		100		99,232
					412,159
Interactive Media & Services(e) — 0.5%
iliad SA
5.38%, 06/14/27			100		107,577

Security		Par (000)		Value
Interactive Media & Services (continued)
iliad SA (continued)
5.63%, 02/15/30	EUR		100	$	105,197
United Group BV
4.88%, 07/01/24			100		105,224
(1 mo. EURIBOR + 4.88%), 7.36%, 02/01/29(a)			100		90,393
					408,391
Internet Software & Services — 0.1%
Gen Digital, Inc., 6.75%, 09/30/27(b)	USD		48		48,250
IT Services — 0.1%
La Financiere Atalian SASU, 6.63%, 05/15/25(e)	GBP		100		82,011
Machinery — 0.6%
Renk AG/Frankfurt am Main, 5.75%, 07/15/25(e)	EUR		100		105,999
TK Elevator Midco GmbH(e) 4.38%, 07/15/27			100		97,876
(1 mo. EURIBOR + 4.75%), 7.04%, 07/15/27(a)			100		107,831
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)	USD		200		188,820
					500,526
Media — 1.6%
Altice Financing SA, 2.25%, 01/15/25(e)	EUR		100		101,942
AMC Networks, Inc., 5.00%, 04/01/24	USD		7		6,904
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/27(b)(f)			306		274,635
Global Switch Holdings Ltd., 2.25%, 05/31/27(e)	EUR		100		101,757
iHeartCommunications, Inc.
6.38%, 05/01/26	USD		14		12,276
5.25%, 08/15/27(b)			13		10,627
4.75%, 01/15/28(b)			9		7,110
Lamar Media Corp., 3.75%, 02/15/28			10		9,227
Lorca Telecom Bondco SA, 4.00%, 09/18/27(e)	EUR		100		99,389
Nexstar Media, Inc., 5.63%, 07/15/27(b)(f)	USD		300		277,209
Outfront Media Capital LLC/Outfront Media Capital Corp.(b)
5.00%, 08/15/27			11		9,909
4.63%, 03/15/30			9		7,506
SES SA, (5 year EUR Swap + 5.40%), 5.63%(a)(e)(g)	EUR		100		106,010
Sirius XM Radio, Inc.(b)
5.00%, 08/01/27	USD		54		50,555
5.50%, 07/01/29			48		43,680
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25(e)(j)	EUR		113		94,401
TEGNA, Inc.
4.63%, 03/15/28(f)	USD		150		130,875
5.00%, 09/15/29			19		16,422
					1,360,434
Metals & Mining — 1.0%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200		173,663
Freeport Indonesia PT, 4.76%, 04/14/27(e)			200		194,662
Nexa Resources SA, 5.38%, 05/04/27(b)			200		187,250
Stillwater Mining Co., 4.00%, 11/16/26(e)			200		178,500
Vedanta Resources Finance II PLC, 8.95%, 03/11/25(b)			200		122,000
					856,075
Oil, Gas & Consumable Fuels — 6.0%
BP Capital Markets PLC, (5 year EUR Swap + 4.12%), 3.63%(a)(e)(g)	EUR		205		193,422
Buckeye Partners LP
4.13%, 03/01/25(b)	USD		87		82,295
3.95%, 12/01/26			10		9,048
California Resources Corp., 7.13%, 02/01/26(b)			142		143,751

SCHEDULE   OF  INVESTMENTS 4

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Cellnex Finance Co. SA, 1.00%, 09/15/27(e)	EUR		100	$	92,493
Chesapeake Energy Corp., 5.50%, 02/01/26(b)	USD		51		50,188
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)			42		41,162
Ecopetrol SA
4.13%, 01/16/25			181		174,303
4.63%, 11/02/31			40		30,586
8.88%, 01/13/33			166		167,453
5.88%, 05/28/45			105		71,925
EIG Pearl Holdings SARL, 3.55%, 08/31/36(b)			200		170,750
Geopark Ltd., 5.50%, 01/17/27(b)(f)			200		165,000
HTA Group Ltd., 7.00%, 12/18/25(b)			200		189,875
IHS Holding Ltd., 6.25%, 11/29/28(b)			200		159,600
Kinetik Holdings LP, 5.88%, 06/15/30(b)			20		19,250
Leviathan Bond Ltd., 5.75%, 06/30/23(b)(e)			109		107,586
Matador Resources Co., 5.88%, 09/15/26			18		17,759
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(b)(f)			193		150,252
Oil & Gas Holding Co. BSCC, 7.63%, 11/07/24(e)			200		203,000
OQ SAOC, 5.13%, 05/06/28(b)			200		189,850
PDC Energy, Inc., 5.75%, 05/15/26			10		9,735
Permian Resources Operating LLC(b)
5.38%, 01/15/26(f)			834		790,492
6.88%, 04/01/27			51		49,894
Pertamina Persero PT, 3.65%, 07/30/29(e)			200		185,522
Petroleos Mexicanos
6.50%, 03/13/27			279		252,104
8.75%, 06/02/29			176		162,694
5.95%, 01/28/31			205		155,985
6.70%, 02/16/32			245		194,236
Puma International Financing SA, 5.13%, 10/06/24(b)			200		187,000
SM Energy Co., 6.75%, 09/15/26			139		136,312
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29			32		29,370
4.50%, 04/30/30(f)			172		155,552
TotalEnergies SE(a)(e)(g)
(5 year EUR Swap + 2.15%), 2.63%	EUR		100		102,386
Series NC7, (5 year EUR Swap + 1.99%), 1.63%			100		89,549
					4,930,379
Passenger Airlines — 0.5%
Air France-KLM, 7.25%, 05/31/26(e)			100		109,944
Allegiant Travel Co., 7.25%, 08/15/27(b)	USD		24		23,892
Avianca Midco 2 PLC, 9.00%, 12/01/28(b)			263		215,913
Deutsche Lufthansa AG, 2.88%, 05/16/27(e)	EUR		100		97,588
					447,337
Pharmaceuticals — 0.6%
Bausch Health Cos., Inc., 5.50%, 11/01/25(b)	USD		30		24,663
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28(e)	EUR		100		100,638
Elanco Animal Health, Inc., 6.65%, 08/28/28	USD		13		12,278
Nidda Healthcare Holding GmbH, 7.50%, 08/21/26(e)	EUR		100		105,880
Rossini SARL, 6.75%, 10/30/25(e)			100		108,815
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29			100		109,498
					461,772
Real Estate — 0.0%
VICI Properties LP/VICI Note Co., Inc., 5.75%, 02/01/27(b).	USD		13		12,761
Real Estate Management & Development — 2.1%
Agps Bondco PLC, 3.25%, 08/05/25(c)(e)(k)	EUR		100		43,000

Security		Par (000)		Value
Real Estate Management & Development (continued)
China Evergrande Group, 10.50%, 04/11/24(c)(e)(k)	USD		200	$	14,975
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24(e)	EUR		100		75,915
Fantasia Holdings Group Co. Ltd., 11.75%, 04/17/22(c)(e)(k)	USD		200		20,500
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)(f)			467		420,066
Howard Hughes Corp., 5.38%, 08/01/28(b)(f)			451		410,685
JGC Ventures Pte. Ltd.(j)
(3.00% PIK), 0.00%, 06/30/25			7		1,451
(3.00% PIK), 3.00%, 06/30/25(c)(e)(k)			239		78,829
(3.00% PIK), 10.75%, 06/30/25			1		54
Kaisa Group Holdings Ltd., 11.95%, 10/22/22(c)(e)(k)			200		23,000
MAF Global Securities Ltd., (5 year CMT + 3.54%), 6.38%(a)(e)(g)			200		193,913
MAF Sukuk Ltd., 4.64%, 05/14/29(e)			267		262,378
Modern Land China Co. Ltd., (2.00% Cash or 2.00% PIK), 9.00%, 12/30/26(c)(e)(j)(k)			230		15,585
RKPF Overseas Ltd., Series 2019-A, 6.00%, 09/04/25(e)			200		158,000
Yango Justice International Ltd., 8.25%, 11/25/23(c)(e)(k)			200		4,000
					1,722,351
Software — 0.4%
Boxer Parent Co., Inc., 6.50%, 10/02/25(e)	EUR		100		107,173
Cloud Software Group Holdings, Inc., 6.50%, 03/31/29(b)	USD		95		84,037
Playtika Holding Corp., 4.25%, 03/15/29(b)			182		151,515
					342,725
Specialty Retail — 0.1%
Goldstory SASU, 5.38%, 03/01/26(e)	EUR		100		99,611
Transportation Infrastructure — 0.8%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(b)(f)	USD		200		154,100
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)			200		194,375
Azzurra Aeroporti SpA(e)
2.13%, 05/30/24	EUR		125		131,743
2.63%, 05/30/27			100		95,600
Heathrow Finance PLC, 3.88%, 03/01/27(e)(l)	GBP		100		107,231
					683,049
Utilities — 0.9%
Orano SA, 2.75%, 03/08/28(e)	EUR		100		99,857
Veolia Environnement SA, (5 year EUR Swap + 2.84%), 2.50%(a)(e)(g)			300		266,380
Vistra Operations Co. LLC(b)
5.50%, 09/01/26	USD		17		16,504
5.00%, 07/31/27(f)			343		324,306
					707,047
Wireless Telecommunication Services — 1.6%
Altice France SA/France, 5.88%, 02/01/27(e)	EUR		100		95,640
GLP Capital LP/GLP Financing II, Inc., 4.00%, 01/15/31	USD		164		140,681
Kenbourne Invest SA, 6.88%, 11/26/24(b)(f)			145		108,732
Millicom International Cellular SA, 5.13%, 01/15/28(e)			242		215,469
VICI Properties LP/VICI Note Co., Inc.(b)
5.63%, 05/01/24(f)			450		446,065
3.50%, 02/15/25			13		12,320
4.63%, 06/15/25			59		57,042
4.50%, 09/01/26			9		8,466
4.25%, 12/01/26			22		20,526
3.75%, 02/15/27			13		12,001

5

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Wireless Telecommunication Services (continued)
VICI Properties LP/VICI Note Co., Inc.(b) (continued) 4.13%, 08/15/30	USD		17		$	15,016
Vmed O2 U.K. Financing I PLC(e)
3.25%, 01/31/31	EUR		100			88,219
4.50%, 07/15/31	GBP		100			98,071
						1,318,248
Total Corporate Bonds — 45.4% (Cost: $42,256,308)						37,669,119
Floating Rate Loan Interests(a)
Air Freight & Logistics — 0.0%
Kestrel Bidco, Inc., Term Loan B, (1 mo. SOFR CME at 1.00% Floor + 3.00%), 7.86%, 12/11/26	USD		—	(m)		183
Building Materials — 0.7%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR US at 0.50% Floor + 3.25%), 7.93%, 04/12/28			607			532,217
Chemicals — 0.1%
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR US at 0.75% Floor + 4.00%), 8.83%, 03/16/27			106			102,911
Commercial Services & Supplies — 0.5%
Interface Security Systems LLC, Term Loan, (1 mo. LIBOR US at 7.00% Floor + 1.75%, 1.00% PIK), 11.57%, 04/28/23(i)(j)			507			438,880
Consumer Finance — 0.0%
Credito Real SAB de CV Sofom ENR, Term Loan B, 0.00%, 05/21/23(c)(i)(k)			42			3,150
Financial Services — 2.2%
Luxembourg Life Fund, 2021 Term Loan, (3 mo. LIBOR US + 9.25%), 14.41%, 04/01/23(i)			1,829			1,829,175
Health Care Providers & Services — 0.1%
Select Medical Corp., 2017 Term Loan B, (1 mo. LIBOR US + 2.50%), 7.35%, 03/06/25			102			101,051
Hotels, Restaurants & Leisure — 0.6%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR US + 3.75%), 8.59%, 02/02/26			168			159,904
ECL Entertainment LLC, Term Loan, (1 mo. LIBOR US at 0.75% Floor + 7.50%), 12.42%, 05/01/28			108			107,062
Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE at 0.50% Floor + 4.00%), 8.81%, 01/27/29			246			242,275
						509,241
Media — 0.4%
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR US at 1.00% Floor + 3.50%), 8.35%, 12/11/26			348			345,448
Total Floating Rate Loan Interests — 4.6% (Cost: $4,045,167)						3,862,256
Foreign Agency Obligations
Bahrain — 0.2%
Bahrain Government International Bond, 6.75%, 09/20/29(e)			200			198,250

Security		Par (000)		Value
Chile — 0.2%
Chile Government International Bond, 4.34%, 03/07/42	USD		200	$	176,100
Colombia — 0.9%
Colombia Government International Bond
4.50%, 01/28/26			200		191,600
3.13%, 04/15/31			340		259,420
8.00%, 04/20/33			200		205,100
4.13%, 05/15/51(f)			200		123,600
					779,720
Dominican Republic — 1.0%
Dominican Republic International Bond
6.88%, 01/29/26(e)			114		115,446
5.95%, 01/25/27(e)			128		125,744
5.50%, 02/22/29(b)			175		164,314
7.05%, 02/03/31(b)			150		150,844
4.88%, 09/23/32(b)(f)			311		263,728
					820,076
Egypt — 0.2%
Egypt Government International Bond, 8.50%, 01/31/47(e)(f)			284		164,507
Guatemala — 0.7%
Guatemala Government Bond
4.50%, 05/03/26(e)			200		194,600
5.25%, 08/10/29(b)			200		194,350
5.38%, 04/24/32(b)(f)			200		193,475
					582,425
Hungary — 0.3%
Hungary Government International Bond
5.38%, 03/25/24			24		23,982
5.25%, 06/16/29(b)			200		195,750
					219,732
Ivory Coast — 0.5%
Ivory Coast Government International Bond, 6.38%, 03/03/28(e)			400		382,800
Mexico — 0.7%
Mexico Government International Bond
3.75%, 01/11/28			200		192,600
4.88%, 05/19/33			200		191,700
4.35%, 01/15/47(f)			200		157,600
					541,900
Morocco — 0.2%
Morocco Government International Bond, 2.38%, 12/15/27(b)			202		177,760
Nigeria — 0.2%
Nigeria Government International Bond, 8.38%, 03/24/29(b)			200		164,500
Oman — 0.6%
Oman Government International Bond(e)
6.50%, 03/08/47			306		282,285
6.75%, 01/17/48			200		189,250
					471,535
Panama — 0.6%
Panama Government International Bond 3.88%, 03/17/28			200		191,475

SCHEDULE   OF  INVESTMENTS 6

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Panama (continued)
Panama Government International Bond (continued)
3.16%, 01/23/30	USD		200	$	175,225
4.50%, 04/16/50(f)			200		151,850
					518,550
Paraguay — 0.3%
Paraguay Government International Bond, 5.40%, 03/30/50(b)			300		257,119
Peru — 0.4%
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25(e)			200		192,850
Peruvian Government International Bond, 3.30%, 03/11/41(f)			170		127,107
					319,957
Poland — 0.1%
Republic of Poland Government International Bond, 4.25%, 02/14/43(e)	EUR		105		110,425
Romania — 0.8%
Romanian Government International Bond
5.25%, 11/25/27(b)	USD		174		171,173
2.88%, 03/11/29(e)	EUR		177		163,079
2.50%, 02/08/30(e)			187		161,734
2.12%, 07/16/31(e)			216		170,711
					666,697
Saudi Arabia — 0.4%
Saudi Government International Bond(e)
2.25%, 02/02/33	USD		200		164,225
3.75%, 01/21/55			200		153,600
					317,825
Senegal — 0.2%
Senegal Government International Bond, 6.25%, 05/23/33(e)			200		159,000
South Africa — 0.4%
Republic of South Africa Government International Bond
4.85%, 09/30/29			200		179,000
5.88%, 04/20/32			200		181,250
					360,250
Ukraine — 0.2%
Ukraine Government International Bond(c)(k)
8.99%, 02/01/26(e)			200		36,538
7.75%, 09/01/27(e)			110		19,614
7.25%, 03/15/35(b)			400		68,325
					124,477
Total Foreign Agency Obligations — 9.1% (Cost: $8,739,353)					7,513,605
Municipal Bonds
Puerto Rico(a) — 0.1%
Commonwealth of Puerto Rico, GO 0.00%, 11/01/43			20		8,671

Security		Par (000)		Value
Puerto Rico (continued)
Commonwealth of Puerto Rico, GO (continued)
0.00%, 11/01/51	USD		217	$	72,645
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51			91		29,158
					110,474
Total Municipal Bonds — 0.1% (Cost: $137,949)					110,474
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(b) — 5.1%
Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69(a)			1,069		937,941
Credit Suisse Mortgage Capital Certificates Trust
Series 2021-JR1, Class A2, 3.50%, 09/27/66(a)			507		444,014
Series 2021-JR1, Class B2, 34.24%, 09/27/66			875		754,233
Series 2021-JR1, Class PT2, 0.00%, 07/26/60(a)			707		233,345
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36			1,897		1,061,067
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 1.84%, 02/25/38(a)			3,440		822,447
					4,253,047
Commercial Mortgage-Backed Securities — 5.2%
Ashford Hospitality Trust, Series 2018-ASHF, Class E, (1 mo. LIBOR US + 3.10%), 7.78%, 04/15/35(a)(b)			125		115,077
BX Commercial Mortgage Trust(a)(b)
Series 2019-XL, Class J, (1 mo. SOFR + 2.76%), 7.59%, 10/15/36			510		487,380
Series 2021-MFM1, Class G, (1 mo. SOFR + 4.01%), 8.84%, 01/15/34			90		82,398
Citigroup Commercial Mortgage Trust(a)(b)
Series 2019-PRM, Class E, 4.73%, 05/10/36			500		489,753
Series 2019-PRM, Class F, 4.73%, 05/10/36			750		734,629
Cold Storage Trust, Series 2020-ICE5, Class F, (1 mo. LIBOR US + 3.49%), 8.18%, 11/15/37(a)(b)			127		122,311
Credit Suisse Mortgage Capital Certificates Trust(a)(b)
Series 2020-FACT, Class F, (1 mo. LIBOR US + 6.16%), 10.84%, 10/15/37			300		248,987
Series 2021-BHAR, Class E, (1 mo. LIBOR US + 3.50%), 8.19%, 11/15/38			250		233,276
HONO Mortgage Trust, Series 2021-LULU, Class F, (1 mo. LIBOR US + 4.40%), 9.08%, 10/15/36(a)(b)			125		111,912
Hudson Yards Mortgage Trust, Series 2019-55HY, Class F, 2.94%, 12/10/41(a)(b)			498		312,768
JP Morgan Chase Commercial Mortgage Securities Trust,
Series 2022-NLP, Class F, (1 mo. SOFR + 3.54%), 8.37%, 04/15/37(a)(b)			100		84,247
MED Trust, Series 2021, Class G, (1 mo. LIBOR US + 5.25%), 9.94%, 11/15/38(a)(b)			71		64,528
MF1 Trust, Series 2021-W10, Class G, (1 mo. SOFR + 4.22%), 9.05%, 12/15/34(a)(b)			120		109,384
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50			625		394,115
Morgan Stanley Capital I Trust(b) Series 2018-MP, Class E, 4.28%, 07/11/40(a)			247		176,807

7

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust(b) (continued) Series 2019-H7, Class D, 3.00%, 07/15/52	USD		750	$	474,286
Wells Fargo Commercial Mortgage Trust, Series 2020- SDAL, Class E, (1 mo. LIBOR US + 2.74%), 7.42%, 02/15/37(a)(b)			50		47,518
					4,289,376
Total Non-Agency Mortgage-Backed Securities — 10.3% (Cost: $10,282,390)					8,542,423
Preferred Securities
Capital Trusts — 3.4%(a)
Banks(g) — 0.7%
Banco Mercantil del Norte SA(b)
5.88%			200		168,750
6.75%			300		284,400
HSBC Bank Capital Funding Sterling 1 LP, 5.84%(e)	GBP		9		11,272
ING Groep NV, Series NC10, 4.25%	USD		200		132,194
					596,616
Diversified Telecommunication Services — 1.1%
British Telecommunications PLC, 4.25%, 11/23/81(b)			200		173,290
Telefonica Europe BV(e)(g)
4.38%	EUR		100		105,635
6.14%			200		209,405
2.38%			500		424,295
					912,625
Electric Utilities — 0.1%
Iberdrola International BV, Series NC9, 1.83%(e)(g)			100		82,964
Financial Services — 0.2%
Banco Santander SA, 3.63%(e)(g)			200		143,696
Media — 0.1%
SES SA, 2.88%(e)(g)			100		87,844
Oil, Gas & Consumable Fuels(e)(g) — 0.4%
Abertis Infraestructuras Finance BV, 3.25%			200		192,824
Eni SpA, Series NC-9, 2.75%			200		167,294
					360,118
Pharmaceuticals — 0.4%
Bayer AG, 3.13%, 11/12/79(e)			300		281,112
Utilities — 0.2%
Electricite de France SA, 3.38%(e)(g)			200		161,374
Wireless Telecommunication Services(e) — 0.2%
Vodafone Group PLC
2.63%, 08/27/80			100		97,339
4.20%, 10/03/78			100		98,820
					196,159
					2,822,508
Total Preferred Securities — 3.4% (Cost: $3,454,953)					2,822,508

Security		Par (000)			Value
U.S. Government Sponsored Agency Securities
Commercial Mortgage-Backed Securities(a)(b) — 1.2%
FREMF Mortgage Trust
Series 2017-KGX1, Class BFX, 3.59%, 10/25/27	USD		130		$	118,386
Series 2019-K99, Class C, 3.65%, 10/25/52			1,000			889,470
						1,007,856
Mortgage-Backed Securities(n) — 4.5%
Uniform Mortgage-Backed Securities
3.00%, 04/13/53			428			383,983
3.50%, 04/13/53			1,159			1,076,861
4.50%, 04/13/53			2,313			2,266,559
						3,727,403
Total U.S. Government Sponsored Agency Securities — 5.7% (Cost: $4,793,173)						4,735,259
Total Long-Term Investments — 105.8% (Cost: $97,850,374)						87,769,875
Short-Term Securities
Commercial Paper — 1.1%
AT&T, Inc., 5.93%, 02/21/24(o)			250			237,122
Mercedes-Benz Finance North America LLC, 5.59%, 05/03/23(o)			296			294,626
UnitedHealth Group, Inc., 5.31%, 06/01/23(o)			359			355,736
						887,484
		Shares
Money Market Funds — 4.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.70%(p)(q)			3,501,358			3,501,358
Total Short-Term Securities — 5.3% (Cost: $4,389,300)						4,388,842
Options Purchased — 0.0% (Cost: $15,400)						2,279
Total Investments Before TBA Sale Commitments and Options Written — 111.1% (Cost: $102,255,074)						92,160,996
		Par (000)
TBA Sale Commitments
Mortgage-Backed Securities — (0.5)%
Uniform Mortgage-Backed Securities, 4.50%, 04/13/53(n)	USD		(400	)		(391,918	)
Total TBA Sale Commitments — (0.5)% (Proceeds: $(386,375))						(391,918	)
Options Written — (0.0)% (Premiums Received: $(4,006))						(595	)
Total Investments, Net of TBA Sale Commitments and Options Written — 110.6% (Cost: $101,864,693)						91,768,483
Liabilities in Excess of Other Assets — (10.6)%						(8,810,731	)
Net Assets — 100.0%					$	82,957,752

SCHEDULE   OF  INVESTMENTS 8

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2)

^(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)  Non-income producing security.

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

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

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

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

^(h)  Zero-coupon bond.

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

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

^(l)  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(m)  Rounds to less than 1,000.

⁽ⁿ⁾  Represents or includes a TBA transaction.

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

^(p)  Affiliate of the Trust.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	5,876,317	$	—	$	(2,374,959	)(a)	$	—	$	—	$	3,501,358		3,501,358	$	46,222	$	—

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

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

Barclays Capital, Inc.

3.75

%(b)

10/17/22

Open

$

123,975

$

125,861

Corporate Bonds

Open/Demand

BNP Paribas S.A.

4.82

(b)

01/23/23

Open

480,937

484,914

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

4.85

(b)

02/08/23

Open

143,032

143,965

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

4.95

(b)

02/08/23

Open

120,900

121,706

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

5.00

(b)

02/08/23

Open

181,000

182,219

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

5.00

(b)

02/08/23

Open

137,500

138,426

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.00

(b)

02/08/23

Open

144,250

145,222

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

5.05

(b)

02/08/23

Open

108,563

109,301

Corporate Bonds

Open/Demand

BNP Paribas S.A.

5.02

(b)

02/08/23

Open

122,613

123,442

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

5.03

(b)

02/08/23

Open

157,357

158,424

Corporate Bonds

Open/Demand

BNP Paribas S.A.

5.05

(b)

02/08/23

Open

191,400

192,703

Corporate Bonds

Open/Demand

BNP Paribas S.A.

5.05

(b)

02/08/23

Open

147,000

148,001

Foreign Agency Obligations

Open/Demand

RBC Capital Markets LLC

5.12

(b)

02/08/23

Open

71,775

72,271

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.12

(b)

02/08/23

Open

114,188

114,976

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.15

(b)

02/08/23

Open

630,712

635,095

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.15

(b)

02/08/23

Open

535,800

539,523

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.15

(b)

02/08/23

Open

333,740

336,059

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.14

(b)

02/09/23

Open

229,883

231,445

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.14

(b)

02/09/23

Open

489,000

492,325

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.14

(b)

02/09/23

Open

260,400

262,170

Corporate Bonds

Open/Demand

BNP Paribas S.A.

4.90

(b)

02/16/23

Open

252,375

253,778

Corporate Bonds

Open/Demand

BNP Paribas S.A.

4.85

(b)

03/06/23

Open

315,900

316,911

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.15

(b)

03/06/23

Open

561,180

563,093

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.15

(b)

03/06/23

Open

814,602

817,380

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

4.85

(b)

03/27/23

Open

103,000

103,056

Foreign Agency Obligations

Open/Demand

Barclays Capital, Inc.

4.95

(b)

03/27/23

Open

131,705

131,777

Foreign Agency Obligations

Open/Demand

9

Schedule of Investments  (unaudited) (continued) March 31, 2023 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.

4.98

%(b)

03/27/23

Open

$

361,341

$

361,541

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.05

(b)

03/27/23

Open

150,750

150,835

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.12

(b)

03/27/23

Open

124,915

124,986

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.15

(b)

03/27/23

Open

294,525

294,694

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.15

(b)

03/27/23

Open

153,829

153,917

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.15

(b)

03/27/23

Open

182,098

182,202

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.15

(b)

03/27/23

Open

223,699

223,827

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.15

(b)

03/27/23

Open

258,536

258,684

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.15

(b)

03/27/23

Open

364,500

364,709

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

5.15

(b)

03/27/23

Open

252,801

252,946

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.15

(b)

03/27/23

Open

422,711

422,953

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.15

(b)

03/27/23

Open

588,600

588,374

Corporate Bonds

Open/Demand

$

10,281,092

$

10,323,711

^(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		72		06/21/23	$	8,285	$	187,541
U.S. Long Bond		5		06/21/23		657		26,841
Ultra U.S. Treasury Bond		28		06/21/23		3,966		164,149
2-Year U.S. Treasury Note		5		06/30/23		1,033		(4,478	)
								374,053
Short Contracts
Euro BOBL		1		06/08/23		128		(2,900	)
Euro Bund		1		06/08/23		147		(5,564	)
10-Year Japanese Government Treasury Bonds		1		06/13/23		1,116		(20,664	)
10-Year U.S. Ultra Long Treasury Note		80		06/21/23		9,701		(294,248	)
5-Year U.S. Treasury Note		108		06/30/23		11,842		(245,422	)
								(568,798	)
							$	(194,745	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	1,170,978	USD	224,184	JPMorgan Chase Bank N.A.		06/21/23	$	3,577
MXN	1,080,904	USD	59,000	JPMorgan Chase Bank N.A.		06/21/23		84
MXN	1,390,519	USD	75,900	JPMorgan Chase Bank N.A.		06/21/23		108
USD	8,149	JPY	1,069,000	Deutsche Bank AG		06/21/23		6
ZAR	842,980	USD	45,000	Morgan Stanley & Co. International PLC		06/21/23		2,025
								5,800
USD	113,534	EUR	104,693	BNP Paribas SA		06/14/23		(461	)
USD	491,562	EUR	462,040	JPMorgan Chase Bank N.A.		06/14/23		(11,527	)
EUR	476,000	USD	521,116	JPMorgan Chase Bank N.A.		06/21/23		(2,627	)
USD	2,113,099	AUD	3,186,000	Goldman Sachs International		06/21/23		(22,632	)
USD	31,000	BRL	161,922	Goldman Sachs International		06/21/23		(495	)
USD	37,000	BRL	199,337	Goldman Sachs International		06/21/23		(1,772	)
USD	91,740	CAD	126,000	Deutsche Bank AG		06/21/23		(1,607	)

SCHEDULE   OF  INVESTMENTS 10

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	116,000		CNH	801,467	Morgan Stanley & Co. International PLC		06/21/23	$	(1,347	)
USD	51,429		EUR	48,000	JPMorgan Chase Bank N.A.		06/21/23		(856	)
USD	231,545		EUR	218,000	JPMorgan Chase Bank N.A.		06/21/23		(5,915	)
USD	4,641,433		EUR	4,303,000	UBS AG		06/21/23		(45,665	)
USD	5,267,096		EUR	4,875,500	UBS AG		06/21/23		(43,606	)
USD	1,946,144		GBP	1,593,000	Morgan Stanley & Co. International PLC		06/21/23		(21,986	)
USD	37,000		MXN	715,678	Morgan Stanley & Co. International PLC		06/21/23		(2,120	)
									(162,616	)
								$	(156,816	)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Put
Deutsche Bank AG		45		04/21/23		EUR	8.40		EUR	42	$	830
Euro Stoxx 50		3		04/21/23		EUR	3,800.00		EUR	129		154
iShares iBoxx $ Investment Grade Corporate Bond ETF		80		04/21/23		USD	105.00		USD	877		1,080
Euro Stoxx 50		1		05/19/23		EUR	3,800.00		EUR	43		215
											$	2,279

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)				Value
Put
Deutsche Bank AG		45		04/21/23		EUR	6.50		EUR		42	$	(195	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		80		04/21/23		USD	101.00		USD	��	877		(400	)
												$	(595	)

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.V13	5.00	%	Quarterly	12/20/24	C		USD     6,380		$	201,817		$	(2,788	)		$	204,605
CDX.NA.HY.34.V10	5.00		Quarterly	06/20/25	C+		USD     5,278			138,915			(2,529	)			141,444
									$	340,732		$	(5,317	)		$	346,049

^(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.

Centrally Cleared Interest Rate Swaps

														Upfront
														Premium			Unrealized
Paid by the Trust		Received by the Trust		Effective			Termination		Notional					Paid			Appreciation
Rate	Frequency	Rate	Frequency	Date			Date		Amount (000)		Value			(Received)			(Depreciation)
4.18%	Annual	1-Day SOFR, 4.80%	Annual		N/A			06/21/24	USD	2,108	$	7,550		$	(3,369	)	$	10,919
28-Day MXIBTIIE, 11.52%	Monthly	9.80%	Monthly		N/A			02/04/25	MXN	946		(399	)		—			(399	)
28-Day MXIBTIIE, 11.52%	Monthly	9.90%	Monthly		N/A			02/05/25	MXN	3,555		(1,135	)		1			(1,136	)
28-Day MXIBTIIE, 11.52%	Monthly	9.92%	Monthly		N/A			02/05/25	MXN	1,713		(513	)		—			(513	)
1-Day SOFR, 4.80%	Annual	3.71%	Annual		N/A			01/10/27	USD	2,366		10,364			17,315			(6,951	)
1-Day SOFR, 4.80%	Annual	1.56%	Annual		N/A			03/07/27	USD	2,933		(213,776	)		(68,116	)		(145,660	)
1-Day SOFR, 4.80%	Annual	3.47%	Annual		03/10/25	(a)		03/10/27	USD	441		4,832			2			4,830

11

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Centrally Cleared Interest Rate Swaps (continued)

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)
3.50%	Annual	1-Day SOFR, 4.80%	Annual		N/A		05/28/31		USD	76	$	(1,382	)	$	(1,313	)		$	(69	)
3.22%	Annual	1-Day SOFR, 4.80%	Annual		N/A		05/28/51		USD	34		(1,346	)		(1,772	)			426
											$	(195,805	)	$	(57,252	)		$	(138,553	)

^(a)  Forward Swap.

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)	Notional    Amount (000)(b)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CMA CGM SA.o	5.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	4	$	452		$	132			$	320
CMA CGM SA.	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	4		425			124				301
CMA CGM SA.	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	2		202			59				143
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	191		(46,986	)		(745	)			(46,241	)
CMBX.NA.15	3.00		Monthly	Goldman Sachs International	11/15/64	N/R		USD	1,023		(291,342	)		(218,635	)			(72,707	)
CMBX.NA.15	3.00		Monthly	Morgan Stanley & Co. International PLC	11/15/64	N/R		USD	1,023		(291,427	)		(198,528	)			(92,899	)
CMBX.NA.15	3.00		Monthly	Morgan Stanley & Co. International PLC	11/18/64	N/R		USD	1,000		(284,875	)		(186,828	)			(98,047	)
										$	(913,551	)	$	(604,421	)		$	(309,130	)

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

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

OTC Interest Rate Swaps

Paid by the Trust

Received by the Trust

Effective

Termination

Notional

Upfront Premium Paid

Unrealized Appreciation

Rate

Frequency

Rate

Frequency

Counterparty

Date

Date

Amount (000)

Value

(Received)

(Depreciation)

1-Day BZDIOVER, 0.05%

Monthly

13.13%

Monthly

Bank of America N.A.

N/A

01/02/25

BRL

52

$

187

$

—

$

187

1-Day BZDIOVER, 0.05%

Monthly

13.15%

Monthly

Bank of America N.A.

N/A

01/02/25

BRL

1,090

3,997

—

3,997

1-Day BZDIOVER, 0.05%

Monthly

13.18%

Monthly

JPMorgan Chase Bank N.A.

N/A

01/02/25

BRL

267

1,006

—

1,006

1-Day BZDIOVER, 0.05%

Monthly

13.32%

Monthly

Bank of America N.A.

N/A

01/02/25

BRL

556

2,371

—

2,371

$

7,561

$

—

$

7,561

SCHEDULE   OF  INVESTMENTS 12

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2)

OTC Total Return Swaps

Upfront

Paid by the Trust

Received by the Trust

Premium

Unrealized

Effective

Termination

Notional

Paid

Appreciation

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Date

Date

Amount (000)

Value

(Received)

(Depreciation)

1-Day SOFR minus 1.70%, 4.80%

Monthly

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

JPMorgan Chase Bank N.A.

N/A

06/16/23

USD

118

$

2,634

$

9

$

2,625

1-Day SOFR minus 1.60%, 4.80%

Monthly

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

BNP Paribas SA

N/A

06/16/23

USD

1,864

41,503

154

41,349

$

44,137

$

163

$

43,974

Fair Value Hierarchy as of Period End

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or 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	$	—	$	22,135,124	$	—	$	22,135,124
Common Stocks		379,107		—		—		379,107
Corporate Bonds
Aerospace & Defense		—		390,024		—		390,024
Automobile Components		—		499,729		—		499,729
Automobiles		—		1,192,708		—		1,192,708
Banks		—		595,605		—		595,605
Beverages		—		813,306		—		813,306
Building Materials		—		153,327		—		153,327
Capital Markets		—		270,167		—		270,167
Chemicals		—		1,871,682		—		1,871,682
Commercial Services & Supplies		—		292,680		—		292,680
Construction & Engineering		—		100,143		—		100,143
Construction Materials		—		96,775		—		96,775
Consumer Discretionary		—		158,986		—		158,986
Consumer Finance		80,123		98,517		—		178,640
Consumer Staples Distribution & Retail		—		448,443		—		448,443
Containers & Packaging		—		582,449		—		582,449
Diversified Consumer Services		—		95,436		—		95,436
Diversified REITs		—		161,239		—		161,239

13

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Corporate Bonds (continued)
Diversified Telecommunication Services	$	—		$	937,607		$	—	$	937,607
Electric Utilities		—			97,726			—		97,726
Energy Equipment & Services		—			18,344			—		18,344
Environmental, Maintenance & Security Service		—			8,008			—		8,008
Financial Services		—			1,548,218			2,285,662		3,833,880
Health Care Providers & Services		—			2,471,503			—		2,471,503
Health Care Technology		—			8,423			—		8,423
Hotels, Restaurants & Leisure		—			3,368,895			—		3,368,895
Household Durables		—			3,083,669			—		3,083,669
Independent Power and Renewable Electricity Producers		—			1,546,599			—		1,546,599
Insurance		—			412,159			—		412,159
Interactive Media & Services		—			408,391			—		408,391
Internet Software & Services		—			48,250			—		48,250
IT Services		—			82,011			—		82,011
Machinery		—			500,526			—		500,526
Media		—			1,360,434			—		1,360,434
Metals & Mining		—			856,075			—		856,075
Oil, Gas & Consumable Fuels		—			4,930,379			—		4,930,379
Passenger Airlines		—			447,337			—		447,337
Pharmaceuticals		—			461,772			—		461,772
Real Estate		—			12,761			—		12,761
Real Estate Management & Development		—			1,722,351			—		1,722,351
Software		—			342,725			—		342,725
Specialty Retail		—			99,611			—		99,611
Transportation Infrastructure		—			683,049			—		683,049
Utilities		—			707,047			—		707,047
Wireless Telecommunication Services		—			1,318,248			—		1,318,248
Floating Rate Loan Interests		—			1,591,051			2,271,205		3,862,256
Foreign Agency Obligations		—			7,513,605			—		7,513,605
Municipal Bonds		—			110,474			—		110,474
Non-Agency Mortgage-Backed Securities		—			8,542,423			—		8,542,423
Preferred Securities
Capital Trusts		—			2,822,508			—		2,822,508
U.S. Government Sponsored Agency Securities		—			4,735,259			—		4,735,259
Short-Term Securities
Commercial Paper		—			887,484			—		887,484
Money Market Funds		3,501,358			—			—		3,501,358
Options Purchased
Equity Contracts		2,279			—			—		2,279
Liabilities
Investments
TBA Sale Commitments		—			(391,918	)		—		(391,918	)
	$	3,962,867		$	83,249,344		$	4,556,867	$	91,769,078
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	346,813		$	—	$	346,813
Equity Contracts		—			43,974			—		43,974
Foreign Currency Exchange Contracts		—			5,800			—		5,800
Interest Rate Contracts		378,531			23,736			—		402,267
Liabilities
Credit Contracts		—			(309,894	)		—		(309,894	)
Equity Contracts		(595	)		—			—		(595	)
Foreign Currency Exchange Contracts		—			(162,616	)		—		(162,616	)
Interest Rate Contracts		(573,276	)		(154,728	)		—		(728,004	)
	$	(195,340	)	$	(206,915	)	$	—	$	(402,255	)

^(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 $10,323,711 are categorized as Level 2 within the fair value hierarchy.

SCHEDULE   OF  INVESTMENTS 14

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2)

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments 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, 2022	$	191,535		$	1,155,090		$	3,616,469		$	364,218		$	5,327,312
Transfers into Level 3		—			—			—			—			—
Transfers out of Level 3		(191,535	)		—			—			(261,306	)		(452,841	)
Other(a)		—			1,163,947			(1,163,947	)		—			—
Accrued discounts/premiums		—			—			10,965			—			10,965
Net realized gain (loss)		—			—			(12,827	)		653			(12,174	)
Net change in unrealized appreciation (depreciation)(b)		—			(33,375	)		(37,589	)		6,435			(64,529	)
Purchases		—			—			437,546			—			437,546
Sales		—			—			(579,412	)		(110,000	)		(689,412	)
Closing balance, as of March 31, 2023	$	—		$	2,285,662		$	2,271,205		$	—		$	4,556,867
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023(b)	$	—		$	(33,375	)	$	(37,589	)	$	6,435		$	(64,529	)

^(a)  Certain Level 3 investments were re-classified between Floating Rate Loan Interests and Corporate Bonds.

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2023 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 Valuation Committee (the “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 $1,832,325. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Corporate Bonds	$	2,285,662	Income	Discount Rate	9% - 10%		10%
Floating Rate Loan Interests		438,880	Income	Discount Rate	21%		—
	$	2,724,542

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

15

Schedule of Investments  (unaudited) (continued) March 31, 2023 BlackRock Multi-Sector Opportunities Trust II (MSO2)

Currency Abbreviation
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNH	Chinese Yuan
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
MXN	Mexican Peso
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviation
BZDIOVER	Overnight Brazil Interbank Deposit (CETIP)
CDI	CREST Depository Interest
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
CR	Custodian Receipt
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FREMF	Freddie Mac Multifamily Securities
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
MXIBTIIE	Mexico Interbank TIIE 28-Day
PIK	Payment-in-Kind
RB	Revenue Bond
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate
SOFR CME	Secured Overnight Financing Rate Chicago Mercantile Exchange
SOFRTE	Term Secured Overnight Financing Rate
TBA	To-Be-Announced

SCHEDULE   OF  INVESTMENTS 16