BlackRock Multi-Sector Opportunities Trust II

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Schedule of Investments (unaudited)

September 30, 2023

BlackRock Multi-Sector Opportunities Trust II (MSO2)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities
AGL CLO Ltd., Series 2020-9A, Class E, (3-mo. CME Term SOFR + 7.52%), 12.85%, 01/20/34^(a)(b)	USD		250	$	245,327
Anchorage Capital CLO Ltd., Series 2015-7A, Class D1R2, (3-mo. CME Term SOFR + 3.76%), 9.13%, 01/28/31^(a)(b)			250		235,363
Ares LI CLO Ltd., Series 2019-51A, Class ER, (3-mo. CME Term SOFR + 7.11%), 12.42%, 07/15/34^(a)(b)			300		277,539
Ares LV CLO Ltd., Series 2020-55A, Class DR, (3-mo. CME Term SOFR + 3.41%), 8.72%, 07/15/34^(a)(b)			750		719,161
CarVal CLO I Ltd., Series 2018-1A, Class D, (3-mo. CME Term SOFR + 3.15%), 8.46%, 07/16/31^(a)(b)			250		243,809
CarVal CLO II Ltd., Series 2019-1A, Class DR, (3-mo. CME Term SOFR + 3.46%), 8.79%, 04/20/32^(a)(b)			2,000		1,967,189
CarVal CLO III Ltd., Series 2019-2A, Class E, (3-mo. CME Term SOFR + 6.70%), 12.03%, 07/20/32^(a)(b)			1,300		1,222,071
Cedar Funding XIV CLO Ltd.^(a)(b)
Series 2021-14A, Class D, (3-mo. CME Term SOFR + 3.51%), 8.82%, 07/15/33			500		475,740
Series 2021-14A, Class E, (3-mo. CME Term SOFR + 6.60%), 11.91%, 07/15/33			375		342,989
Series 2021-14A, Class SUB, 0.00%, 07/15/33			250		119,698
Elmwood CLO II Ltd., Series 2019-2A, Class ER, (3-mo. CME Term SOFR + 7.06%), 12.39%, 04/20/34^(a)(b)			250		246,732
Elmwood CLO VII Ltd., Series 2020-4A, Class E, (3-mo. CME Term SOFR + 7.36%), 12.67%, 01/17/34^(a)(b)			250		247,514
Fairstone Financial Issuance Trust I, Series 2020-1A, Class D, 6.87%, 10/20/39^(b)	CAD		150		99,397
Generate CLO Ltd.^(a)(b)
Series 3A, Class DR, (3-mo. CME Term SOFR + 3.86%), 9.19%, 10/20/29	USD		500		496,869
Series 4A, Class ER, (3-mo. CME Term SOFR + 7.01%), 12.34%, 04/20/32			250		237,273
Gilbert Park CLO Ltd., Series 2017-1A, Class D, (3-mo. CME Term SOFR + 3.21%), 8.52%, 10/15/30^(a)(b)			750		738,081
GoldenTree Loan Management U.S. CLO Ltd., Series 2021-11A, Class E, (3-mo. CME Term SOFR + 5.61%), 10.94%, 10/20/34^(a)(b)			250		232,130
Golub Capital Partners CLO Ltd., Series 2021-55A, Class E, (3-mo. CME Term SOFR + 6.82%), 12.15%, 07/20/34^(a)(b)			250		247,344
GSAA Home Equity Trust, Series 2005-14, Class 1A2, (1-mo. Term SOFR + 0.81%), 6.13%, 12/25/35^(a)			3,371		1,445,020
Gulf Stream Meridian Ltd.^(a)(b)
Series 2020-IA, Class E, (3-mo. CME Term SOFR + 6.71%), 12.02%, 04/15/33			250		229,409
Series 2022-7A, Class D, (3-mo. CME Term SOFR + 6.85%), 12.16%, 07/15/35			250		235,794
Lending Funding Trust, Series 2020-2A, Class D, 6.77%, 04/21/31^(b)			400		349,057
Mosaic Solar Loan Trust, Series 2018-2GS, Class C, 5.97%, 02/22/44^(b)			204		167,832
Neuberger Berman Loan Advisers CLO Ltd.^(a)(b)
Series 2019-32A, Class ER, (3-mo. CME Term SOFR + 6.36%), 11.68%, 01/20/32			400		379,068
Series 2020-37A, Class ER, (3-mo. CME Term SOFR + 6.01%), 11.34%, 07/20/31			250		235,823
OCP CLO Ltd.^(a)(b)
Series 2013-4A, Class CRR, (3-mo. CME Term SOFR + 3.26%), 8.61%, 04/24/29			300		297,145


Security		Par (000)		Value

Asset-Backed Securities (continued)
OCP CLO Ltd.^(a)(b)(continued)
Series 2014-7A, Class B1RR, (3-mo. CME Term SOFR + 2.51%), 7.84%, 07/20/29	USD		500	$	496,872
Series 2019-17A, Class ER, (3-mo. CME Term SOFR + 6.76%), 12.09%, 07/20/32			1,500		1,423,208
OHA Credit Funding Ltd., Series 2022-11A, Class E, (3-mo. CME Term SOFR + 7.25%), 12.57%, 07/19/33^(a)(b).			250		249,692
Palmer Square Loan Funding Ltd., Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.20%), 11.51%, 10/15/30^(a)(b)			250		240,013
Rad CLO Ltd., Series 2019-6A, Class E, (3-mo. CME Term SOFR + 7.79%), 13.12%, 01/20/33^(a)(b)			250		239,170
Recette CLO Ltd., Series 2015-1A, Class DRR, (3-mo. CME Term SOFR + 3.51%), 8.84%, 04/20/34^(a)(b)			1,000		976,480
Rockford Tower CLO Ltd., Series 2017-3A, Class D, (3-mo. CME Term SOFR + 2.91%), 8.24%, 10/20/30^(a)(b)			430		416,799
Saxon Asset Securities Trust, Series 2007-1, Class M1, (1-mo. Term SOFR + 0.40%), 5.72%, 01/25/47^(a)			2,769		2,474,088
Signal Peak CLO Ltd., Series 2019-1A, Class E, (3-mo. CME Term SOFR + 7.15%), 12.52%, 04/30/32^(a)(b)			1,250		1,158,110
TICP CLO XII Ltd., Series 2018-12A, Class ER, (3-mo. CME Term SOFR + 6.51%), 11.82%, 07/15/34^(a)(b)			250		236,110
Trestles CLO II Ltd., Series 2018-2A, Class D, (3-mo. CME Term SOFR + 6.01%), 11.36%, 07/25/31^(a)(b)			250		223,213
Trestles CLO Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 3.16%), 8.51%, 04/25/32^(a)(b)			1,000		987,836
Whitebox CLO III Ltd., Series 2021-3A, Class E, (3-mo. CME Term SOFR + 7.11%), 12.42%, 10/15/34^(a)(b)			250		242,498


Total Asset-Backed Securities — 26.3% (Cost: $21,722,050)					21,097,463


		Shares

Common Stocks

Hotel & Resort REITs — 0.0%
Service Properties Trust			2,000		15,380


Hotels, Restaurants & Leisure — 0.1%
Caesars Entertainment, Inc.^(c)			1,350		62,573


Oil, Gas & Consumable Fuels — 0.5%
California Resources Corp.			7,618		426,684


Total Common Stocks — 0.6% (Cost: $185,514)					504,637


		Par (000)

Corporate Bonds

Aerospace & Defense^(b)— 0.6%
Embraer Netherlands Finance BV
6.95%, 01/17/28	USD		250		249,833
7.00%, 07/28/30			200		197,815

					447,648

Automobile Components — 0.7%
Clarios Global LP/Clarios U.S. Finance Co., 6.25%, 05/15/26^(b)			130		127,198


1

Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Multi-Sector Opportunities Trust II (MSO2)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobile Components (continued)
Dana Financing Luxembourg SARL, 8.50%, 07/15/31^(d)	EUR		100	$	106,938
Forvia SE, 3.75%, 06/15/28^(d)			100		94,842
ZF Finance GmbH^(d)
5.75%, 08/03/26			100		105,428
3.75%, 09/21/28			100		94,844

					529,250

Automobiles — 1.7%
Constellation Automotive Financing PLC, 4.88%, 07/15/27^(d)	GBP		100		92,728
Ford Motor Co., 6.10%, 08/19/32	USD		76		71,585
Ford Motor Credit Co. LLC
5.58%, 03/18/24			597		593,202
4.54%, 03/06/25	GBP		100		117,134
6.86%, 06/05/26			108		129,834
6.13%, 05/15/28	EUR		100		108,632
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28^(d)			100		92,457
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30^(a)(d)			200		198,226

					1,403,798

Banks — 0.7%
Banco BPM SpA, (5-year EUR Swap + 3.80%), 3.25%, 01/14/31^(a)(d)			100		97,135
Cooperatieve Rabobank UA, (3-mo. EURIBOR + 1.15%), 4.23%, 04/25/29^(a)(d)			100		104,303
Freedom Mortgage Corp., 8.25%, 04/15/25^(b)	USD		72		72,015
Intesa Sanpaolo SpA, 5.15%, 06/10/30^(d)	GBP		250		255,150

					528,603

Beverages — 0.9%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 2.00%, 09/01/28^(d)	EUR		100		87,487
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(d)
2.13%, 08/15/26			100		93,837
4.75%, 07/15/27	GBP		100		96,209
Crown European Holdings SA, 3.38%, 05/15/25^(d)	EUR		100		103,089
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26^(b)	USD		65		62,708
OI European Group BV, 2.88%, 02/15/25^(d)	EUR		100		102,733
Trivium Packaging Finance BV, 5.50%, 08/15/26^(b)	USD		200		186,486

					732,549

Building Materials — 0.2%
Cemex SAB de CV, 3.13%, 03/19/26^(d)	EUR		100		101,678
Masonite International Corp., 5.38%, 02/01/28^(b)	USD		9		8,371
Standard Industries, Inc.^(b)
5.00%, 02/15/27			9		8,342
4.75%, 01/15/28			35		31,570

					149,961

Building Products — 0.1%
HT Troplast GmbH, 9.38%, 07/15/28^(d)	EUR		100		106,402


Capital Markets — 0.2%
SURA Asset Management SA, 4.88%, 04/17/24^(d)	USD		171		168,243


Chemicals — 2.3%
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25^(d)	EUR		100		104,041
Braskem Idesa SAPI, 6.99%, 02/20/32^(b)	USD		200		120,018


Security		Par (000)		Value

Chemicals (continued)
Chemours Co., 4.00%, 05/15/26	EUR		100	$	97,927
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26^(d)			100		96,059
MEGlobal BV^(d)
4.25%, 11/03/26	USD		200		189,606
2.63%, 04/28/28			200		172,486
NOVA Chemicals Corp., 4.88%, 06/01/24^(b)			621		610,126
OCI NV, 3.63%, 10/15/25^(d)	EUR		90		92,699
Olympus Water U.S. Holding Corp., 9.63%, 11/15/28^(d)			100		105,455
Sasol Financing USA LLC, 6.50%, 09/27/28	USD		287		255,651

					1,844,068

Commercial Services & Supplies — 0.4%
AMN Healthcare, Inc., 4.63%, 10/01/27^(b)			99		89,471
Loxam SAS, 3.75%, 07/15/26^(d)	EUR		200		197,613

					287,084

Construction Materials — 0.1%
OPENLANE, Inc., 5.13%, 06/01/25^(b)	USD		53		51,275


Consumer Discretionary — 0.1%
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25^(d)	EUR		100		101,978


Consumer Finance^(d)— 0.3%
Encore Capital Group, Inc., 4.88%, 10/15/25			100		102,835
Nexi SpA, 0.00%, 02/24/28^(e)(f)			100		80,349
Worldline SA, 0.00%, 07/30/25^(e)(f)			23		26,611

					209,795

Consumer Staples Distribution & Retail^(d)— 0.3%
Bellis Acquisition Co. PLC, 3.25%, 02/16/26	GBP		100		105,937
Picard Groupe SAS, 3.88%, 07/01/26	EUR		100		97,806

					203,743

Containers & Packaging — 0.5%
Ahlstrom-Munksjo Holding 3 Oy, 3.63%, 02/04/28^(d)			100		88,624
Suzano Austria GmbH
3.13%, 01/15/32	USD		150		114,975
7.00%, 03/16/47^(b)			200		190,500

					394,099

Diversified Consumer Services^(d)— 0.2%
Cedacri Mergeco SpA, (3-mo. EURIBOR + 5.50%), 9.28%, 05/15/28^(a)	EUR		100		104,800
Rekeep SpA, 7.25%, 02/01/26			100		95,613

					200,413

Diversified REITs — 0.2%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29^(b)	USD		37		31,300
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27			12		10,920
Service Properties Trust
4.35%, 10/01/24			10		9,593
7.50%, 09/15/25			33		32,420
XHR LP^(b)
6.38%, 08/15/25			68		66,762
4.88%, 06/01/29			11		9,350

					160,345


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Multi-Sector Opportunities Trust II (MSO2)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services^(d)— 0.4%
SoftBank Group Corp., 3.88%, 07/06/32	EUR		100	$	80,606
Telecom Italia SpA/Milano, 6.88%, 02/15/28			200		212,539

					293,145

Electric Utilities — 0.7%
EDP - Energias de Portugal SA, (5-year EUR Swap + 1.84%), 1.70%, 07/20/80^(a)(d)			100		97,399
Orano SA, 2.75%, 03/08/28^(d)			100		96,583
Vistra Operations Co. LLC^(b)
5.50%, 09/01/26	USD		17		16,211
5.00%, 07/31/27			343		315,350

					525,543

Energy Equipment & Services — 0.0%
Vallourec SA, 8.50%, 06/30/26^(d)	EUR		17		17,973


Environmental, Maintenance & Security Service — 0.0%
Covanta Holding Corp., 4.88%, 12/01/29^(b)	USD		9		7,384


Financial Services — 1.4%
ASG Finance Designated Activity Co., 7.88%, 12/03/24^(b)			214		207,937
doValue SpA, 3.38%, 07/31/26^(d)	EUR		102		92,742
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25^(d)	GBP		100		91,924
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27^(b)	USD		11		10,394
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.^(b)
2.88%, 10/15/26			72		63,410
3.63%, 03/01/29			228		188,496
3.88%, 03/01/31			56		44,653
Sun Country Airlines Holdings, Inc., 6.95%, 12/15/23^(g)			160		159,024
UniCredit SpA, (3-mo. EURIBOR + 1.60%), 4.45%, 02/16/29^(a)(d)	EUR		150		152,909
United Wholesale Mortgage LLC, 5.75%, 06/15/27^(b)	USD		153		138,480

					1,149,969

Health Care Providers & Services — 1.5%
Medline Borrower LP, 3.88%, 04/01/29^(b)			372		314,497
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25^(d)	EUR		100		100,650
Select Medical Corp., 6.25%, 08/15/26^(b)	USD		360		351,713
Tenet Healthcare Corp.
4.25%, 06/01/29			507		436,399
4.38%, 01/15/30			44		37,846

					1,241,105

Health Care Technology — 0.1%
Catalent Pharma Solutions, Inc., 2.38%, 03/01/28^(d)	EUR		100		88,280


Hotels, Restaurants & Leisure — 3.2%
Affinity Interactive, 6.88%, 12/15/27^(b)	USD		150		127,167
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 3.88%, 01/15/28^(b)			13		11,661
Caesars Entertainment, Inc.^(b)
6.25%, 07/01/25			228		224,879
8.13%, 07/01/27			146		146,696
CDI Escrow Issuer, Inc., 5.75%, 04/01/30^(b)			3		2,710
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, Series 2020, 5.50%, 05/01/25^(b)			102		99,877
Churchill Downs, Inc.^(b)
5.50%, 04/01/27			10		9,532
4.75%, 01/15/28			9		8,118
Cirsa Finance International SARL, (3-mo. EURIBOR + 4.50%), 8.19%, 07/31/28^(a)(d)	EUR		100		105,780
Full House Resorts, Inc., 8.25%, 02/15/28^(b)	USD		13		11,375


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Golden Entertainment, Inc., 7.63%, 04/15/26^(b)	USD		34	$	33,927
Hilton Domestic Operating Co., Inc., 4.88%, 01/15/30			17		15,471
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29^(b)			147		127,515
IRB Holding Corp., 7.00%, 06/15/25^(b)			72		72,019
Lottomatica SpA, (3-mo. EURIBOR + 4.13%), 7.93%, 06/01/28^(a)(d)	EUR		100		106,544
MGM Resorts International
5.75%, 06/15/25	USD		12		11,721
4.63%, 09/01/26			152		141,965
5.50%, 04/15/27			157		146,479
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29^(b)			102		86,840
Scientific Games International, Inc., 7.00%, 05/15/28^(b)			194		190,685
SeaWorld Parks & Entertainment, Inc., 8.75%, 05/01/25^(b)			310		313,100
Travel & Leisure Co., 6.63%, 07/31/26^(b)			90		87,570
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.^(b)
5.50%, 03/01/25			79		77,674
5.25%, 05/15/27			19		17,674
Wynn Macau Ltd., 5.50%, 01/15/26^(d)			200		185,488
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29^(b)			213		186,189

					2,548,656

Household Durables — 3.8%
Ashton Woods USA LLC/Ashton Woods Finance Co.^(b)
Series B, 6.63%, 01/15/28			216		203,779
Series B, 4.63%, 08/01/29			30		25,316
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(b)
6.25%, 09/15/27			234		210,675
5.00%, 06/15/29			10		8,231
Century Communities, Inc., 6.75%, 06/01/27			44		43,239
Forestar Group, Inc.^(b)
3.85%, 05/15/26			244		221,477
5.00%, 03/01/28			319		286,381
M/I Homes, Inc., 4.95%, 02/01/28			225		202,780
Mattamy Group Corp., 5.25%, 12/15/27^(b)			9		8,214
Newell Brands, Inc., 4.70%, 04/01/26			35		32,984
Taylor Morrison Communities, Inc.^(b)
5.88%, 06/15/27			270		256,684
5.75%, 01/15/28			914		851,391
Tri Pointe Homes, Inc.
5.25%, 06/01/27			705		659,716
5.70%, 06/15/28			18		16,516

					3,027,383

Independent Power and Renewable Electricity Producers — 0.3%
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26^(d)			200		185,584
NRG Energy, Inc.
5.75%, 01/15/28			14		13,126
5.25%, 06/15/29^(b)			13		11,476

					210,186

Insurance^(d)— 0.3%
Galaxy Bidco Ltd., 6.50%, 07/31/26	GBP		100		112,859
Liberty Mutual Group, Inc., (5-year EUR Swap + 3.70%), 3.63%, 05/23/59^(a)	EUR		100		100,456

					213,315


3

Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Multi-Sector Opportunities Trust II (MSO2)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Interactive Media & Services^(d)— 0.4%
iliad SA
5.38%, 06/14/27	EUR		100	$	102,744
5.63%, 02/15/30			100		100,703
United Group BV, (3-mo. EURIBOR + 4.88%), 8.60%, 02/01/29^(a)			100		104,321

					307,768

Internet Software & Services — 0.1%
Gen Digital, Inc., 6.75%, 09/30/27^(b)	USD		48		47,058


IT Services^(d)— 0.2%
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28	EUR		100		105,646
La Financiere Atalian SASU, 6.63%, 05/15/25	GBP		100		87,847

					193,493

Machinery — 0.6%
Renk AG/Frankfurt am Main, 5.75%, 07/15/25^(d)	EUR		100		104,922
TK Elevator Midco GmbH^(d) 4.38%, 07/15/27			100		95,649
(3-mo. EURIBOR + 4.75%), 8.41%, 07/15/27^(a)			100		105,529
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27^(b)	USD		200		183,306

					489,406

Media — 1.4%
AMC Networks, Inc., 5.00%, 04/01/24			7		6,903
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/27^(b).			306		271,726
Global Switch Holdings Ltd., 2.25%, 05/31/27^(d)	EUR		100		97,371
iHeartCommunications, Inc.
6.38%, 05/01/26	USD		14		11,986
5.25%, 08/15/27^(b)			13		10,303
4.75%, 01/15/28^(b)			9		6,880
Lamar Media Corp., 3.75%, 02/15/28			10		8,851
Lorca Telecom Bondco SA, 4.00%, 09/18/27^(d)	EUR		100		98,116
Nexstar Media, Inc., 5.63%, 07/15/27^(b)	USD		300		266,975
Outfront Media Capital LLC/Outfront Media Capital Corp.^(b)
5.00%, 08/15/27			11		9,692
4.63%, 03/15/30			9		7,075
SES SA, (5-year EUR Swap + 5.40%), 5.63%^(a)(d)(h)	EUR		100		104,980
Sirius XM Radio, Inc.^(b)
5.00%, 08/01/27	USD		54		49,323
5.50%, 07/01/29			48		42,455
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25^(d)(i)	EUR		119		120,524

					1,113,160

Metals & Mining — 0.6%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30	USD		200		160,672
Freeport Indonesia PT, 4.76%, 04/14/27^(d)			200		189,730
Vedanta Resources Finance II PLC, 8.95%, 03/11/25^(b)			200		146,956

					497,358

Oil, Gas & Consumable Fuels — 5.0%
BP Capital Markets PLC, (5-year EUR Swap + 3.78%), 3.63%^(a)(d)(h)	EUR		205		188,476
Buckeye Partners LP
4.13%, 03/01/25^(b)	USD		87		82,643
3.95%, 12/01/26			10		8,980
California Resources Corp., 7.13%, 02/01/26^(b)			142		142,706
Cellnex Finance Co. SA^(d)
1.00%, 09/15/27	EUR		100		91,557
2.00%, 02/15/33			100		81,431
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31^(d)(e)			100		81,086


Security		Par (000)			Value

Oil, Gas & Consumable Fuels (continued)
Chesapeake Energy Corp., 5.50%, 02/01/26^(b)	USD		51		$	49,349
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(b)			42			41,326
Ecopetrol SA
4.13%, 01/16/25			181			174,343
8.88%, 01/13/33			166			161,721
EIG Pearl Holdings SARL, 3.55%, 08/31/36^(b)			200			161,714
Energean Israel Finance Ltd., 8.50%, 09/30/33			160			159,800
Geopark Ltd., 5.50%, 01/17/27^(b)			200			170,500
HTA Group Ltd., 7.00%, 12/18/25^(b)			200			192,406
Infrastrutture Wireless Italiane SpA, 1.63%, 10/21/28^(d)	EUR		100			92,390
Leviathan Bond Ltd., 6.75%, 06/30/30^(b)	USD		129			118,625
Matador Resources Co., 5.88%, 09/15/26			18			17,372
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31^(b).			193			147,015
PDC Energy, Inc., 5.75%, 05/15/26			10			9,966
Permian Resources Operating LLC^(b)
5.38%, 01/15/26			834			798,463
6.88%, 04/01/27			51			50,272
Petroleos Mexicanos
4.25%, 01/15/25			80			76,163
6.50%, 03/13/27			182			159,599
8.75%, 06/02/29			176			155,248
5.95%, 01/28/31			205			145,960
6.70%, 02/16/32			122			90,341
SM Energy Co., 6.75%, 09/15/26			139			136,445
TotalEnergies SE^(a)(d)(h)
(5-year EUR Swap + 2.15%), 2.63%	EUR		100			100,835
Series NC7, (5-year EUR Swap + 1.99%), 1.63%			100			88,202

						3,974,934

Passenger Airlines — 0.1%
Allegiant Travel Co., 7.25%, 08/15/27^(b)	USD		24			22,590
Deutsche Lufthansa AG, 2.88%, 05/16/27^(d)	EUR		100			96,078

						118,668

Pharmaceuticals — 0.4%
Bausch Health Cos., Inc., 5.50%, 11/01/25^(b)	USD		30			26,568
Cheplapharm Arzneimittel GmbH, 4.38%, 01/15/28^(d)	EUR		100			96,222
Elanco Animal Health, Inc., 6.65%, 08/28/28	USD		13			12,643
Rossini SARL, 6.75%, 10/30/25^(d)	EUR		100			105,672
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29			100			107,465

						348,570

Real Estate Management & Development — 1.4%
Agps Bondco PLC, 6.00%, 08/05/25^(c)(d)(j)			100			45,715
Fantasia Holdings Group Co. Ltd., 11.75%, 04/17/22^(c)(d)(j).	USD		200			8,000
Five Point Operating Co. LP/Five Point Capital Corp., Series C, 7.88%, 11/15/25^(b)			467			440,611
Howard Hughes Corp., 5.38%, 08/01/28^(b)			451			397,363
JGC Ventures Pte. Ltd.⁽ⁱ⁾
(3.00% PIK), 3.00%, 06/30/25			11			3,710
(3.00% PIK), 3.00%, 06/30/25			—	^(k)		92
MAF Global Securities Ltd., (5-year CMT + 3.54%), 6.38%^(a)(d)(h)			200			192,708

						1,088,199

Software — 0.4%
Boxer Parent Co., Inc., 6.50%, 10/02/25^(d)	EUR		100			104,747
Cloud Software Group, Inc., 6.50%, 03/31/29^(b)	USD		95			84,012
Playtika Holding Corp., 4.25%, 03/15/29^(b)			182			151,970

						340,729


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Multi-Sector Opportunities Trust II (MSO2)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Specialty Retail — 0.1%
Goldstory SASU, 5.38%, 03/01/26^(d)	EUR		100	$	102,514


Transportation Infrastructure — 0.8%
Aeropuerto Internacional de Tocumen SA, Series E, 5.13%, 08/11/61^(b)	USD		200		145,834
Aeropuertos Dominicanos Siglo XXI SA, Series E, 6.75%, 03/30/29^(b)			200		193,601
Azzurra Aeroporti SpA^(d)
2.13%, 05/30/24	EUR		125		129,108
2.63%, 05/30/27			100		94,910
Heathrow Finance PLC, 3.88%, 03/01/27^(d)(l)	GBP		100		106,759

					670,212

Water Utilities — 0.3%
Veolia Environnement SA, (5-year EUR Swap + 2.84%), 2.50%^(a)(d)(h)	EUR		300		260,059


Wireless Telecommunication Services — 1.5%
Altice France SA, 2.13%, 02/15/25^(d)			100		99,381
Altice France SA/France, 5.88%, 02/01/27^(d)			100		90,730
Kenbourne Invest SA, 6.88%, 11/26/24^(b)	USD		145		120,785
Millicom International Cellular SA, 5.13%, 01/15/28^(d)			242		203,546
VICI Properties LP/VICI Note Co., Inc.^(b)
5.63%, 05/01/24			450		447,152
3.50%, 02/15/25			13		12,438
4.63%, 06/15/25			59		56,976
Vmed O2 U.K. Financing I PLC^(d)
3.25%, 01/31/31	EUR		100		86,455
4.50%, 07/15/31	GBP		100		95,324

					1,212,787


Total Corporate Bonds — 34.5% (Cost: $30,253,153)					27,607,108


Floating Rate Loan Interests^(a)

Building Products — 0.7%
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.68%, 04/12/28	USD		605		588,044


Chemicals — 0.1%
SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.63%, 03/16/27			105		104,320


Commercial Services & Supplies — 0.6%
Interface Security Systems LLC, Term Loan, (1-mo. CME Term SOFR + 7.00%, 1.00% PIK), 13.32%, 08/07/24^(g)(i)			536		444,765


Consumer Finance — 0.0%
Credito Real SAB de CV Sofom ENR, Term Loan B, (Defaulted), 0.00%, 02/17/24^(c)(g)(j)			42		4,620


Diversified Telecommunication Services — 0.4%
Connect Finco SARL, 2021 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.82%, 12/11/26			346		338,719


Security		Par (000)			Value

Hotels, Restaurants & Leisure — 0.5%
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.18%, 02/02/26	USD		167		$	159,881
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.32%, 01/27/29			245			242,500

						402,381

Passenger Airlines — 0.0%
Kestrel Bidco, Inc., Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.00%), 8.42%, 12/11/26			—	^(k)		186


Total Floating Rate Loan Interests — 2.3% (Cost: $2,043,043)						1,883,035


Foreign Agency Obligations

Bahrain — 0.2%
Bahrain Government International Bond, 6.75%, 09/20/29^(d)			200			195,882


Chile — 0.2%
Chile Government International Bond, 4.34%, 03/07/42			200			161,234


Colombia — 0.9%
Colombia Government International Bond
4.50%, 01/28/26			200			190,990
3.13%, 04/15/31			340			251,090
8.00%, 04/20/33			200			197,594
4.13%, 05/15/51			200			111,000

						750,674

Dominican Republic — 0.8%
Dominican Republic International Bond
6.88%, 01/29/26^(d)			114			113,736
5.95%, 01/25/27^(d)			128			123,704
7.05%, 02/03/31^(b)			150			144,685
4.88%, 09/23/32^(b)			311			252,436

						634,561

Egypt — 0.2%
Egypt Government International Bond, 8.50%, 01/31/47^(d)			284			151,151


Guatemala — 0.4%
Guatemala Government Bond^(b)
5.25%, 08/10/29			200			184,012
5.38%, 04/24/32			200			182,564

						366,576

Hungary — 0.3%
Hungary Government International Bond
5.38%, 03/25/24			24			23,940
5.25%, 06/16/29^(b)			200			190,868

						214,808

Ivory Coast — 0.5%
Ivory Coast Government International Bond, 6.38%, 03/03/28^(d)			400			373,360


Mexico — 0.2%
Mexico Government International Bond, 6.34%, 05/04/53			200			181,500


Morocco — 0.2%
Morocco Government International Bond, 2.38%, 12/15/27^(b)			202			173,039


5

Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Multi-Sector Opportunities Trust II (MSO2)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Nigeria — 0.2%
Nigeria Government International Bond, 8.38%, 03/24/29^(b)	USD		200	$	171,108


Oman — 0.6%
Oman Government International Bond^(d)
6.50%, 03/08/47			306		272,661
6.75%, 01/17/48			200		183,302

					455,963

Panama — 0.6%
Panama Government International Bond
3.16%, 01/23/30			200		167,628
4.50%, 04/16/50			200		135,890
6.85%, 03/28/54			200		185,632

					489,150

Peru — 0.4%
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25^(d)			200		193,966
Peruvian Government International Bond, 3.30%, 03/11/41			170		117,455

					311,421

Poland — 0.1%
Republic of Poland Government International Bond, 4.25%, 02/14/43^(d)	EUR		53		51,758


Romania — 0.7%
Romanian Government International Bond
5.25%, 11/25/27^(b)	USD		88		85,453
2.88%, 03/11/29^(d)	EUR		177		163,538
2.50%, 02/08/30^(d)			187		161,624
2.12%, 07/16/31^(d)			216		168,872

					579,487

Saudi Arabia — 0.2%
Saudi Government International Bond, 3.75%, 01/21/55^(d)	USD		200		132,342


South Africa — 0.4%
Republic of South Africa Government International Bond
4.85%, 09/30/29			200		171,238
5.88%, 04/20/32			200		169,810

					341,048

Ukraine — 0.2%
Ukraine Government International Bond^(c)(j)
7.75%, 09/01/27^(d)			110		31,350
7.25%, 03/15/35^(b)			400		104,600

					135,950


Total Foreign Agency Obligations — 7.3% (Cost: $7,005,972)					5,871,012


Municipal Bonds

Puerto Rico^(a)— 0.2%
Commonwealth of Puerto Rico, GO 0.00%, 11/01/51			217		87,824


Security		Par (000)		Value

Puerto Rico (continued)
Commonwealth of Puerto Rico, GO (continued) Series A-1, 0.00%, 11/01/43	USD		20	$	10,306
Commonwealth of Puerto Rico, RB, 0.00%, 11/01/51			91		32,043

					130,173


Total Municipal Bonds — 0.2% (Cost: $137,949)					130,173


Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations^(b)— 4.2%
Cascade Funding Mortgage Trust, Series 2019-RM3, Class C, 4.00%, 06/25/69^(a)			1,090		946,841
Credit Suisse Mortgage Capital Certificates Trust
Series 2021-JR1, Class A2, 3.50%, 09/27/66^(a)			507		428,209
Series 2021-JR1, Class B2, 0.00%, 09/27/66			859		763,211
Series 2021-JR1, Class PT2, 0.00%, 07/26/60^(a)			632		199,359
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF3, Class 1A2, 6.00%, 10/25/36			1,897		1,053,071

					3,390,691

Commercial Mortgage-Backed Securities — 5.3%
Ashford Hospitality Trust, Series 2018-ASHF, Class E, (1-mo. Term SOFR + 3.27%), 8.61%, 04/15/35^(a)(b)			61		58,869
BX Commercial Mortgage Trust^(a)(b)
Series 2019-XL, Class J, (1-mo. Term SOFR + 2.76%), 8.10%, 10/15/36			425		416,313
Series 2021-MFM1, Class G, (1-mo. Term SOFR + 4.01%), 9.35%, 01/15/34			90		85,493
Citigroup Commercial Mortgage Trust^(a)(b)
Series 2019-PRM, Class E, 4.89%, 05/10/36			500		498,271
Series 2019-PRM, Class F, 4.89%, 05/10/36			750		747,264
Cold Storage Trust, Series 2020-ICE5, Class F, (1-mo. Term SOFR + 3.61%), 8.94%, 11/15/37^(a)(b)			127		124,790
Credit Suisse Mortgage Capital Certificates Trust^(a)(b)
Series 2020-FACT, Class F, (1-mo. Term SOFR + 6.27%), 11.60%, 10/15/37			300		254,887
Series 2021-BHAR, Class E, (1-mo. Term SOFR + 3.61%), 8.95%, 11/15/38			250		244,981
HONO Mortgage Trust, Series 2021-LULU, Class F, (1-mo. Term SOFR + 4.51%), 9.85%, 10/15/36^(a)(b)			125		112,934
Hudson Yards Mortgage Trust, Series 2019-55HY, Class F, 3.04%, 12/10/41^(a)(b)			498		340,456
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-NLP, Class F, (1-mo. Term SOFR + 3.54%), 8.87%, 04/15/37^(a)(b)			98		84,537
MED Trust, Series 2021-MDLN, Class G, (1-mo. Term SOFR + 5.36%), 10.70%, 11/15/38^(a)(b)			71		66,776
MF1 Trust, Series 2021-W10, Class G, (1-mo. Term SOFR + 4.22%), 9.55%, 12/15/34^(a)(b)			120		111,542
Morgan Stanley Capital I, Series 2017-HR2, Class D, 2.73%, 12/15/50			625		423,279
Morgan Stanley Capital I Trust^(b) Series 2018-MP, Class E, 4.42%, 07/11/40^(a)			247		160,875


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

Schedule of Investments (unaudited) (continued)

September 30, 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	$	449,745
Wells Fargo Commercial Mortgage Trust, Series 2020- SDAL, Class E, (1-mo. Term SOFR + 2.85%), 8.19%, 02/15/37^(a)(b)			50		45,903

					4,226,915

Interest Only Collateralized Mortgage Obligations — 1.0%
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 7.50%, 02/25/38^(a)(b)			3,405		787,154


Total Non-Agency Mortgage-Backed Securities — 10.5% (Cost: $10,080,352)					8,404,760


Preferred Securities

Capital Trusts — 2.6%

Banks — 0.0%
HSBC Bank Capital Funding Sterling 1 LP, Series 1, 5.84%^(a)(d)(h)	GBP		9		10,903


Diversified Telecommunication Services^(a)— 1.1%
British Telecommunications PLC, 4.25%, 11/23/81^(b)	USD		200		175,304
Telefonica Europe BV^(d)(h)
4.38%	EUR		100		103,406
6.14%			200		203,017
2.38%			500		414,759

					896,486

Electric Utilities^(a)(d)(h)— 0.3%
Electricite de France SA, 3.38%			200		162,790
Iberdrola International BV, Series NC9, 1.83%			100		81,793

					244,583

Financial Services — 0.0%
Credit Suisse Group AG, 6.25%^(b)(c)(h)(j)	USD		200		19,000


Media — 0.1%
SES SA, 2.88%^(a)(d)(h)	EUR		100		92,461


Oil, Gas & Consumable Fuels^(a)(d)(h)— 0.5%
Abertis Infraestructuras Finance BV, 3.25%			200		192,748
Eni SpA, Series NC-9, 2.75%			200		166,108

					358,856

Pharmaceuticals — 0.4%
Bayer AG, 3.13%, 11/12/79^(a)(d)			300		275,546


Wireless Telecommunication Services^(a)(d)— 0.2%
Vodafone Group PLC
2.63%, 08/27/80			100		96,226
4.20%, 10/03/78			100		97,267

					193,493

					2,091,328


Total Preferred Securities — 2.6% (Cost: $2,805,888)					2,091,328


U.S. Government Sponsored Agency Securities

Commercial Mortgage-Backed Securities^(a)(b)— 1.2%
FREMF Mortgage Trust
Series 2017-KGX1, Class BFX, 3.71%, 10/25/27	USD		130		115,323
Series 2019-K99, Class C, 3.76%, 10/25/52			1,000		861,995

					977,318


Security		Par (000)		Value

Mortgage-Backed Securities^(m)— 3.7%
Uniform Mortgage-Backed Securities
4.50%, 10/13/52	USD		663	$	608,990
3.00%, 10/12/53			428		353,812
3.50%, 10/12/53			2,283		1,963,147

					2,925,949


Total U.S. Government Sponsored Agency Securities — 4.9% (Cost: $4,132,318)					3,903,267


Total Long-Term Investments — 89.2% (Cost: $78,366,239)					71,492,783


Short-Term Securities

Commercial Paper — 0.3%
AT&T, Inc., 5.93%, 02/21/24⁽ⁿ⁾			250		244,252


		Shares

Money Market Funds — 8.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.23%^(o)(p)			7,031,453		7,031,453


Total Short-Term Securities — 9.1% (Cost: $7,275,892)					7,275,705


Total Investments — 98.3% (Cost: $85,642,131)					78,768,488

Other Assets Less Liabilities — 1.7%					1,335,614


Net Assets — 100.0%				$	80,104,102

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

^(e)	Convertible security.

^(f)	Zero-coupon bond.

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

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

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

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

^(k)	Rounds to less than 1,000.

^(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)	Represents or includes a TBA transaction.

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

^(o)	Affiliate of the Trust.

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


7

Schedule of Investments (unaudited) (continued)

September 30, 2023

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 September 30, 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 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	5,876,317	$	1,155,136	^(a)	$	—	$	—	$	—	$	7,031,453		7,031,453	$	148,941	$	—

^(a)

Represents net amount purchased (sold).

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		56		12/19/23	$	6,049	$	(116,599	)
U.S. Long Bond		5		12/19/23		569		(30,517	)
Ultra U.S. Treasury Bond		8		12/19/23		951		(71,892	)
Long Gilt		4		12/27/23		460		(297	)
2-Year U.S. Treasury Note		43		12/29/23		8,716		(25,185	)
5-Year U.S. Treasury Note		28		12/29/23		2,949		(27,572	)

								(272,062	)

Short Contracts
Euro BOBL		1		12/07/23		122		1,458
Euro Bund		1		12/07/23		136		3,964
10-Year U.S. Ultra Long Treasury Note		87		12/19/23		9,703		262,565

								267,987

							$	(4,075	)

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	112,792	EUR	104,693	JPMorgan Chase Bank N.A.		12/14/23	$	1,742
USD	497,782	EUR	462,040	JPMorgan Chase Bank N.A.		12/14/23		7,690
USD	144,759	BRL	723,007	Bank of America N.A.		12/20/23		2,303
USD	89,813	CAD	121,000	Deutsche Bank AG		12/20/23		618
USD	117,006	CNH	847,774	BNP Paribas SA		12/20/23		488
USD	235,179	EUR	218,000	JPMorgan Chase Bank N.A.		12/20/23		3,854
USD	8,888,618	EUR	8,297,000	UBS AG		12/20/23		84,453
USD	1,328,973	GBP	1,074,000	Deutsche Bank AG		12/20/23		17,873
USD	132,687	MXN	2,317,128	Morgan Stanley & Co. International PLC		12/20/23		1,460

								120,481

EUR	50,731	USD	54,433	Morgan Stanley & Co. International PLC		12/14/23		(621	)
BRL	1,110,182	USD	223,350	Morgan Stanley & Co. International PLC		12/20/23		(4,608	)
MXN	1,312,463	USD	75,459	Morgan Stanley & Co. International PLC		12/20/23		(1,130	)


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

Schedule of Investments (unaudited) (continued)

September 30, 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	2,053,793	AUD	3,186,000	BNP Paribas SA	12/20/23	$	(151	)
ZAR	853,481	USD	44,856	JPMorgan Chase Bank N.A.	12/20/23		(88	)

							(6,598	)

						$	113,883

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		$	132,923	$	(1,987	)	$	134,910
CDX.NA.HY.34.V11	5.00		Quarterly	06/20/25	C+	USD	1,620			44,226		(605	)		44,831

									$	177,149	$	(2,592	)	$	179,741

^(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


Paid by the Trust		Received by the Trust		Effective Date			Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
4.18%	Annual	1-Day SOFR, 5.31%	Annual		N/A		06/21/24		USD	2,108	$	26,744		$	(1,998	)	$	28,742
28-Day MXIBTIIE, 11.50%	Monthly	9.80%	Monthly		N/A		02/04/25		MXN	946		(923	)		—			(923	)
28-Day MXIBTIIE, 11.50%	Monthly	9.90%	Monthly		N/A		02/05/25		MXN	3,555		(3,194	)		1			(3,195	)
28-Day MXIBTIIE, 11.50%	Monthly	9.92%	Monthly		N/A		02/05/25		MXN	1,713		(1,513	)		—			(1,513	)
1-Day SOFR, 5.31%	Annual	3.71%	Annual		N/A		01/10/27		USD	2,366		(85,783	)		15,130			(100,913	)
1-Day SOFR, 5.31%	Annual	1.56%	Annual		N/A		03/07/27		USD	2,933		(337,859	)		(59,715	)		(278,144	)
1-Day SOFR, 5.31%	Annual	3.47%	Annual		03/10/25	^(a)	03/10/27		USD	441		(4,345	)		2			(4,347	)
3.50%	Annual	1-Day SOFR, 5.31%	Annual		N/A		05/28/31		USD	77		4,395			(1,240	)		5,635
1-Day SOFR, 5.31%	Annual	3.14%	Annual		05/12/28	^(a)	05/12/33		USD	660		(24,185	)		6			(24,191	)
3.22%	Annual	1-Day SOFR, 5.31%	Annual		N/A		05/28/51		USD	34		4,917			(1,752	)		6,669

											$	(421,746	)	$	(49,566	)	$	(372,180	)

^(a)

Forward Swap.


9

Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Multi-Sector Opportunities Trust II (MSO2)

OTC Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency	Counterparty	Termination Date	Credit Rating^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMA CGM SA		5.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	4	$	540		$	116		$	424
CMA CGM SA		5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	4		508			110			398
CMA CGM SA		5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	2		241			53			188
CMA CGM SA		5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	N/R		EUR	71		9,145			5,872			3,273
					Morgan Stanley & Co.
CMBX.NA.9		3.00		Monthly	International PLC	09/17/58	N/R		USD	191		(41,171	)		(738	)		(40,433	)
CMBX.NA.15		3.00		Monthly	Goldman Sachs International	11/15/64	N/R		USD	1,023		(243,573	)		(217,438	)		(26,135	)
					Morgan Stanley & Co.
CMBX.NA.15		3.00		Monthly	International PLC	11/15/64	N/R		USD	1,023		(243,645	)		(197,440	)		(46,205	)
					Morgan Stanley & Co.
CMBX.NA.15		3.00		Monthly	International PLC	11/18/64	N/R		USD	1,000		(238,166	)		(185,730	)		(52,436	)

											$	(756,121	)	$	(595,195	)	$	(160,926	)

^(a)

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

^(b)

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

OTC Total Return Swaps

Paid by the Trust

Received by the Trust

Effective
Date

Termination
Date

Notional
Amount (000)

Value

Upfront
Premium
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

1-Day SOFR minus 1.05%, 5.31%

Monthly

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

BNP Paribas SA

N/A

12/15/23

USD

1,885

(26,136

)

—

(26,136

)

1-Day SOFR minus 1.05%, 5.31%

Monthly

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

JPMorgan Chase Bank N.A.

N/A

12/15/23

USD

119

(1,656

)

—

(1,656

)

(27,792

)

—

(27,792

)

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.


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Multi-Sector Opportunities Trust II (MSO2)

Fair Value Hierarchy as of Period End (continued)

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	$	—	$	21,097,463	$	—	$	21,097,463
Common Stocks		504,637		—		—		504,637
Corporate Bonds
Aerospace & Defense		—		447,648		—		447,648
Automobile Components		—		529,250		—		529,250
Automobiles		—		1,403,798		—		1,403,798
Banks		—		528,603		—		528,603
Beverages		—		732,549		—		732,549
Building Materials		—		149,961		—		149,961
Building Products		—		106,402		—		106,402
Capital Markets		—		168,243		—		168,243
Chemicals		—		1,844,068		—		1,844,068
Commercial Services & Supplies		—		287,084		—		287,084
Construction Materials		—		51,275		—		51,275
Consumer Discretionary		—		101,978		—		101,978
Consumer Finance		80,349		129,446		—		209,795
Consumer Staples Distribution & Retail		—		203,743		—		203,743
Containers & Packaging		—		394,099		—		394,099
Diversified Consumer Services		—		200,413		—		200,413
Diversified REITs		—		160,345		—		160,345
Diversified Telecommunication Services		—		293,145		—		293,145
Electric Utilities		—		525,543		—		525,543
Energy Equipment & Services		—		17,973		—		17,973
Environmental, Maintenance & Security Service		—		7,384		—		7,384
Financial Services		—		990,945		159,024		1,149,969
Health Care Providers & Services		—		1,241,105		—		1,241,105
Health Care Technology		—		88,280		—		88,280
Hotels, Restaurants & Leisure		—		2,548,656		—		2,548,656
Household Durables		—		3,027,383		—		3,027,383
Independent Power and Renewable Electricity Producers		—		210,186		—		210,186
Insurance		—		213,315		—		213,315
Interactive Media & Services		—		307,768		—		307,768
Internet Software & Services		—		47,058		—		47,058
IT Services		—		193,493		—		193,493
Machinery		—		489,406		—		489,406
Media		—		1,113,160		—		1,113,160
Metals & Mining		—		497,358		—		497,358
Oil, Gas & Consumable Fuels		81,086		3,893,848		—		3,974,934
Passenger Airlines		—		118,668		—		118,668
Pharmaceuticals		—		348,570		—		348,570
Real Estate Management & Development		—		1,088,199		—		1,088,199
Software		—		340,729		—		340,729
Specialty Retail		—		102,514		—		102,514
Transportation Infrastructure		—		670,212		—		670,212
Water Utilities		—		260,059		—		260,059
Wireless Telecommunication Services		—		1,212,787		—		1,212,787
Floating Rate Loan Interests		—		1,433,650		449,385		1,883,035
Foreign Agency Obligations		—		5,871,012		—		5,871,012
Municipal Bonds		—		130,173		—		130,173
Non-Agency Mortgage-Backed Securities		—		8,404,760		—		8,404,760
Preferred Securities
Capital Trusts		—		2,091,328		—		2,091,328
U.S. Government Sponsored Agency Securities		—		3,903,267		—		3,903,267
Short-Term Securities
Commercial Paper		—		244,252		—		244,252
Money Market Funds		7,031,453		—		—		7,031,453

	$	7,697,525	$	70,462,554	$	608,409	$	78,768,488


11

Schedule of Investments (unaudited) (continued)

September 30, 2023

BlackRock Multi-Sector Opportunities Trust II (MSO2)

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments^(a)
Assets
Credit Contracts	$	—			$ 184,024		$	—		$ 184,024
Foreign Currency Exchange Contracts		—			120,481			—		120,481
Interest Rate Contracts		267,987			41,046			—		309,033
Liabilities
Credit Contracts		—			(165,209	)		—		(165,209	)
Equity Contracts		—			(27,792	)		—		(27,792	)
Foreign Currency Exchange Contracts		—			(6,598	)		—		(6,598	)
Interest Rate Contracts		(272,062	)		(413,226	)		—		(685,288	)

	$	(4,075	)		$ (267,274	)	$	—		$ (271,349	)

^(a)

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

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	)
Others^(a)		—			1,163,947			(1,163,947	)		—			—
Accrued discounts/premiums		—			—			2,005			—			2,005
Net realized gain (loss)		—			(257,494	)		193			653			(256,648	)
Net change in unrealized appreciation (depreciation)^(b)		—			183,278			(73,573	)		6,435			116,140
Purchases		—			—			65,381			—			65,381
Sales		—			(2,085,797	)		(1,997,143	)		(110,000	)		(4,192,940	)

Closing balance, as of September 30, 2023	$	—		$	159,024		$	449,385		$	—		$	608,409

Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2023^(b)	$	—		$	4,153		$	(73,421	)	$	—		$	(69,268	)

^(a)

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

^(b)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

The Fund’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.


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

Schedule of Investments (unaudited) (continued)

September 30, 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

MXN		Mexican Peso

USD		United States Dollar

ZAR		South African Rand

Portfolio Abbreviation

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

MXIBTIIE		Mexico Interbank TIIE 28-Day

PIK		Payment-in-Kind

RB		Revenue Bond

SAB		Special Assessment Bonds

SOFR		Secured Overnight Financing Rate


13