BlackRock Multi-Sector Income Trust

BLACKROCK MULTI-SECTOR INCOME TRUST

JULY 31, 2017

N-Q 1 d434210dnq.htm BLACKROCK MULTI-SECTOR INCOME TRUST BlackRock Multi-Sector Income Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-22774


Name of Fund:		BlackRock Multi-Sector Income Trust (BIT)

Fund Address:		100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Multi-Sector

Income Trust, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2017

Date of reporting period: 07/31/2017

Item 1 – Schedule of Investments

Consolidated Schedule of Investments July 31, 2017 (Unaudited)

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Common Stocks — 0.4%	Shares			Value
Aerospace & Defense — 0.4%
United Technologies Corp.			25,695	$	3,041,320



Asset-Backed Securities	Par (000)
ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1, Class A2D, (1 mo. LIBOR US + 0.300%), 1.53%, 2/25/36 (a)		USD	5,838		5,732,596
ALM VI Ltd., Series 2012-6A (a)(b):
Class B2RR, (3 mo. LIBOR US + 2.050%), 3.35%, 7/15/26			1,200		1,200,586
Class CRR, (3 mo. LIBOR US + 3.200%), 4.50%, 7/15/26			1,010		1,010,772
ALM XIV Ltd., Series 2014-14A, Class C, (3 mo. LIBOR US + 3.450%), 4.76%, 7/28/26 (a)(b)(c)			3,610		3,629,547
American Homes 4 Rent, Series 2014-SFR2, Class E, 6.23%, 10/17/36 (b)			2,000		2,240,825
AMMC CDO, Series 2016-1A, Class E, (3 mo. LIBOR US + 7.000%), 8.30%, 10/15/28 (a)(b)			1,000		1,013,526
AMMC CLO 18 Ltd., Series 2016-18A, Class E2, (3 mo. LIBOR US + 7.250%), 8.45%, 5/26/28 (a)(b)			1,000		1,012,315
AMMC CLO XII Ltd., Series 2013-12A, Class D1, (3 mo. LIBOR US + 3.750%), 4.93%, 5/10/25 (a)(b)(c)			1,000		1,004,179
Anchorage Capital CLO 3 Ltd., Series 2014-3A, Class BR, (3 mo. LIBOR US + 2.650%), 3.96%, 4/28/26 (a)(b)			1,000		1,001,347
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class DR, (3 mo. LIBOR US + 3.550%), 4.85%, 7/15/30 (a)(b)(d)			1,000		989,100
Anchorage Capital CLO Ltd., Series 2012-1A, Class DR, (3 mo. LIBOR US + 7.250%), 8.55%, 1/13/27 (a)(b)			1,000		1,009,206
Apidos CLO XII, Series 2013-12A, Class D, (3 mo. LIBOR US + 3.050%), 4.35%, 4/15/25 (a)(b)(c)			1,000		997,285


Asset-Backed Securities	Par (000)			Value
Asset-Backed Securities (continued)
Ares CLO Ltd. (a)(b):
Series 2015-1A, Class D, (3 mo. LIBOR US + 6.230%), 7.45%, 12/05/25		USD	1,000	$	1,005,665
Series 2016-41A, Class D, (3 mo. LIBOR US + 4.200%), 5.50%, 1/15/29			900		912,450
Arrowpoint CLO Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR + 4.680%), 5.72%, 11/15/28 (a)(b)			800		810,249
Atrium X, Series 10A (a)(b):
Class DR, (3 mo. LIBOR US + 3.000%), 4.30%, 7/16/25			1,000		999,604
Class E, (3 mo. LIBOR US + 4.500%), 5.80%, 7/16/25			2,000		1,964,110
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.140%), 1.37%, 11/25/36 (a)			4,559		4,183,569
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class CR, (3 mo. LIBOR US + 3.700%), 5.00%, 7/15/29 (a)(b)			1,750		1,751,530
Benefit Street Partners CLO VI Ltd., Series 2015-VIA (a)(b)(c):
Class B, (3 mo. LIBOR US + 3.050%), 4.35%, 4/18/27			1,000		1,001,158
Class C, (3 mo. LIBOR US + 3.700%), 5.00%, 4/18/27			1,000		999,313
Betony CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 3.600%), 4.90%, 4/15/27 (a)(b)			1,000		997,778
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.160%), 1.39%, 10/25/36 (a)			8,025		5,720,948
Carlyle Global Market Strategies CLO Ltd. (a)(b):
Series 2013-2A, Class D, (3 mo. LIBOR US + 3.750%), 5.05%, 4/18/25 (c)			1,250		1,252,435
Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.750%), 4.05%, 4/17/25			1,500		1,506,406
Carrington Mortgage Loan Trust, Series 2006-FRE2 (a):
Class A2, (1 mo. LIBOR US + 0.120%), 1.35%, 10/25/36			5,561		3,602,591
Class A5, (1 mo. LIBOR US + 0.080%), 1.31%, 10/25/36			11,457		7,383,604


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Asset-Backed Securities	Par (000)			Value
Asset-Backed Securities (continued)
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (b)		USD	3,607	$	3,667,840
Fremont Home Loan Trust (a):
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.39%, 5/25/36			24,972		14,895,465
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.150%), 1.38%, 11/25/36			22,602		9,798,499
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class D, (3 mo. LIBOR US + 3.300%), 4.61%, 4/25/25 (a)(b)			1,250		1,251,099
GSAMP Trust (a):
Series 2006-FM2, Class A2C, (1 mo. LIBOR US + 0.150%), 1.38%, 9/25/36			11,334		5,210,905
Series 2007-FM2, Class A2B, (1 mo. LIBOR US + 0.090%), 1.32%, 1/25/37			7,710		4,783,096
Highbridge Loan Management Ltd. (a)(b):
Series 4A-2014, Class B, (3 mo. LIBOR US + 3.000%), 4.31%, 7/28/25 (c)			2,000		2,002,311
Series 8A-2016, Class E, (3 mo. LIBOR US + 7.900%), 9.21%, 4/20/27			1,000		1,008,909
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.170%), 1.40%, 4/25/37 (a)			12,665		8,987,159
HPS Loan Management Ltd., Series 10A-16 (a)(b):
Class C, (3 mo. LIBOR US + 3.650%), 4.96%, 1/20/28			2,500		2,488,042
Class D, (3 mo. LIBOR US + 6.500%), 7.81%, 1/20/28			1,000		969,275
Long Beach Mortgage Loan Trust, Series 2006-1, Class 1A, (1 mo. LIBOR US + 0.220%), 1.45%, 2/25/36 (a)			5,580		5,068,495
Madison Park Funding X Ltd., Series 2012-10A, Class ER, (3 mo. LIBOR US + 7.620%), 8.93%, 1/20/29 (a)(b)(d)			1,000		1,028,300
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.700%), 5.01%, 4/20/26 (a)(b)(c)			1,000		1,005,737


Asset-Backed Securities	Par (000)				Value
Asset-Backed Securities (continued)
Mastr Asset-Backed Securities Trust (a):
Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.150%), 1.38%, 6/25/36		USD	11,010		$	6,094,756
Series 2006-WMC2, Class A5, (1 mo. LIBOR US + 0.250%), 1.48%, 4/25/36			8,279			3,649,839
Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A3, (1 mo. LIBOR US + 0.150%), 1.38%, 11/25/36 (a)			13,947			7,011,076
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class DR, (3 mo. LIBOR US + 7.750%), 8.93%, 11/14/27 (a)(b)			1,000			1,015,572
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, (3 mo. LIBOR US + 3.650%), 4.83%, 11/14/26 (a)(b)			1,000			1,005,174
OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 7/18/25 (b)			5,000			5,003,125
OZLM Funding II Ltd., Series 2012-2A (a)(b):
Class CR, (3 mo. LIBOR US + 4.000%), 5.17%, 10/30/27			1,250			1,261,526
Class DR, (3 mo. LIBOR US + 7.300%), 8.47%, 10/30/27			1,250			1,267,613
OZLM Funding IV Ltd., Series 2013-4A, Class C, (3 mo. LIBOR US + 3.200%), 4.51%, 7/22/25 (a)(b)(c)			1,250			1,250,292
OZLM XV Ltd., Series 2016-15A, Class D, (3 mo. LIBOR US + 7.150%), 8.46%, 1/20/29 (a)(b)			1,000			1,007,076
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 9/25/37 (e)			4,449			2,576,044
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.400%), 1.63%, 9/25/47 (a)			5,000			4,499,567
Scholar Funding Trust, Series 2013-A, Class R, 0.00% (d)			—	(f)		2,213,462
SMB Private Education Loan Trust, Series 2015-C, Class C, 4.50%, 9/17/46 (b)			4,100			4,155,433


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Asset-Backed Securities	Par (000)			Value
Asset-Backed Securities (continued)
Sound Point CLO X Ltd., Series 2015-3A, Class E, (3 mo. LIBOR US + 6.750%), 8.06%, 1/20/28 (a)(b)		USD	1,000	$	1,004,419
Sound Point CLO XIV Ltd, Series 2016-3A, Class E, (3 mo. LIBOR US + 6.650%), 7.96%, 1/23/29 (a)(b)			1,000		1,002,069
Symphony CLO XV Ltd., Series 2014-15A, Class DR, (3 mo. LIBOR US + 3.350%), 4.65%, 10/17/26 (a)(b)			3,500		3,499,778
TICP CLO I Ltd., Series 2015-1A, Class C, (3 mo. LIBOR US + 3.000%), 4.31%, 7/20/27 (a)(b)			1,000		1,001,203
Treman Park CLO LLC, Series 2015-1A, Class D, (3 mo. LIBOR US + 3.860%), 5.17%, 4/20/27 (a)(b)			1,500		1,503,014
Tyron Park CLO Ltd., Series 2013-1A (a)(b):
Class C, (3 mo. LIBOR US + 3.500%), 4.80%, 7/15/25 (c)			1,250		1,254,838
Class D, (3 mo. LIBOR US + 4.400%), 5.70%, 7/15/25			1,000		971,057
US Residential Opportunity Fund III Trust, Series 2016-2III, Class A, 3.47%, 8/27/36 (b)(e)			4,077		4,058,853
Venture XX CLO Ltd., Series 2015-20A (a)(b):
Class C, (3 mo. LIBOR US + 3.150%), 4.45%, 4/15/27 (c)			1,000		1,001,056
Class D, (3 mo. LIBOR US + 3.850%), 5.15%, 4/15/27			520		520,242
Venture XXI CLO Ltd., Series 2015-21A, Class D, (3 mo. LIBOR US + 3.600%), 4.90%, 7/15/27 (a)(b)			480		480,238
Vibrant Clo III Ltd., Series 2015-3A (a)(b):
Class A2R, (3 mo. LIBOR US + 2.050%), 3.36%, 4/20/26			1,000		1,001,489
Class BR, (3 mo. LIBOR US + 2.950%), 4.26%, 4/20/26			1,500		1,501,855
Voya CLO Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 6.850%), 8.15%, 10/18/27 (a)(b)			385		387,326


Asset-Backed Securities	Par (000)			Value
Asset-Backed Securities (continued)
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, (1 mo. LIBOR US + 0.240%), 1.47%, 5/25/47 (a)		USD	10,250	$	7,759,204
Westvue Mortgage Loan Trust, Series 2015-1A, Class A, 4.50%, 9/25/20 (b)(d)(e)			1,739		1,784,319
York CLO-3 Ltd., Series 2016-1A (a)(b):
Class E, (3 mo. LIBOR US + 5.680%), 6.99%, 7/20/25			1,000		998,304
Class ER, (3 mo. LIBOR US + 6.400%), 1.00%, 10/20/29 (g)			1,000		977,500
Total Asset-Backed Securities - 25.2%					189,815,145



Corporate Bonds
Aerospace & Defense — 1.2%
Accudyne Industries Borrower/Accudyne Industries LLC, 7.75%, 12/15/20 (b)(c)			990		1,029,105
Bombardier, Inc. (b):
8.75%, 12/01/21 (c)			810		919,350
6.00%, 10/15/22 (c)			467		475,756
6.13%, 1/15/23			184		187,680
7.50%, 3/15/25 (c)			617		653,249
Harris Corp., 3.83%, 4/27/25 (c)			750		780,095
KLX, Inc., 5.88%, 12/01/22 (b)(c)			870		914,588
Koppers, Inc., 6.00%, 2/15/25 (b)(c)			267		284,355
Kratos Defense & Security Solutions, Inc., 7.00%, 5/15/19			105		107,100
Lockheed Martin Corp., 4.70%, 5/15/46 (c)			400		449,210
TransDigm, Inc.:
5.50%, 10/15/20 (c)			262		266,834
6.00%, 7/15/22 (c)			1,360		1,421,200
6.50%, 7/15/24 (c)			343		363,151
6.50%, 5/15/25			114		119,985
6.38%, 6/15/26			55		57,475
United Technologies Corp., 3.75%, 11/01/46 (c)			700		685,820

					8,714,953
Air Freight & Logistics — 0.3%
FedEx Corp. (c):
3.90%, 2/01/35			500		504,264
4.75%, 11/15/45			500		544,015


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds	Par (000)			Value
Air Freight & Logistics (continued)
XPO Logistics, Inc.:
5.75%, 6/15/21		EUR	100	$	123,248
6.50%, 6/15/22 (b)(c)		USD	958		995,122
6.13%, 9/01/23 (b)(c)			32		33,280

					2,199,929
Airlines — 2.9%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/22 (b)(c)			2,486		2,621,700
American Airlines Pass-Through Trust:
Series 2013-1, Class C, 6.13%, 7/15/18 (b)(c)			525		541,187
Series 2013-2, Class A, 4.95%, 7/15/24 (c)			1,824		1,957,979
Series 2017-1, Class B, 4.95%, 8/15/26			1,735		1,804,400
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 5/10/20			426		423,337
Continental Airlines Pass-Through Trust (c):
Series 2003-ERJ1, 7.88%, 1/02/20			179		182,181
Series 2007-1, Class B, 6.90%, 10/19/23			314		329,812
Series 2012-1, Class B, 6.25%, 10/11/21			342		361,547
Delta Air Lines Pass-Through Trust, Class B (c):
Series 2007-1, 8.02%, 2/10/24			1,710		1,950,079
Series 2012-1, 6.88%, 5/07/19 (b)			2,980		3,166,088
United Airlines Pass-Through Trust (c):
Series 2014-2, Class B, 4.63%, 3/03/24			2,358		2,443,968
Series 2015-1, Class A, 3.70%, 6/01/24			3,570		3,659,250
US Airways Pass-Through Trust, Series 2011-1, Class B, 9.75%, 4/22/20 (c)			1,961		2,146,914

					21,588,442
Auto Components — 0.5%
Allison Transmission, Inc., 5.00%, 10/01/24 (b)			38		39,330
Aston Martin Capital Holdings Ltd., 5.75%, 4/15/22		GBP	100		136,898
Delphi Automotive PLC (c):
4.25%, 1/15/26		USD	400		425,617


Corporate Bonds	Par (000)			Value
Auto Components (continued)
Delphi Automotive PLC (c) (continued):
4.40%, 10/01/46		USD	280	$	281,879
Faurecia, 3.63%, 6/15/23		EUR	111		138,541
FTE Verwaltungs GmbH, 9.00%, 7/15/20			100		123,110
Gestamp Funding Luxembourg SA, 3.50%, 5/15/23			100		124,156
Goodyear Tire & Rubber Co., 5.00%, 5/31/26		USD	77		79,310
HP Pelzer Holding GmbH, 4.13%, 4/01/24		EUR	100		121,832
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19 (c)		USD	481		487,349
6.25%, 2/01/22			141		146,773
6.75%, 2/01/24 (c)			481		505,050
IHO Verwaltungs GmbH (h):
(2.75% Cash or 3.50% PIK), 2.75%, 9/15/21		EUR	100		121,186
(3.25% Cash or 4.00% PIK), 3.25%, 9/15/23			100		122,221
(3.75% Cash or 4.50% PIK), 3.75%, 9/15/26			100		123,706
(4.13% Cash or 4.88% PIK), 4.13%, 9/15/21 (b)(c)		USD	214		218,280
(4.50% Cash or 5.25% PIK), 4.50%, 9/15/23 (b)(c)			229		235,870
ZF North America Capital, Inc., 4.75%, 4/29/25 (b)			166		173,470

					3,604,578
Automobiles — 0.3%
General Motors Co., 6.25%, 10/02/43 (c)			2,194		2,485,205
Banks — 1.2%
Allied Irish Banks PLC, (5 year EUR Swap + 3.950%), 4.13%, 11/26/25 (i)		EUR	100		127,555
Banco Inbursa SA Institucion de Banca Multiple, 4.38%, 4/11/27 (b)(c)		USD	773		774,933
Banco Popolare, 2.75%, 7/27/20		EUR	100		123,005
Bank of Ireland, (5 year EUR Swap + 3.550%), 4.25%, 6/11/24 (i)			100		125,298
Bankia SA (i):
(5 year EUR Swap + 3.166%), 4.00%, 5/22/24			200		248,302
(5 year EUR Swap + 3.350%), 3.38%, 3/15/27			100		123,848


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds	Par (000)			Value
Banks (continued)
CaixaBank SA, (5 year EUR Swap + 3.350%), 3.50%, 2/15/27 (i)		EUR	100	$	126,270
CIT Group, Inc.:
5.50%, 2/15/19 (b)		USD	94		98,634
5.00%, 8/01/23 (c)			1,015		1,100,006
HSBC Holdings PLC, 4.38%, 11/23/26 (c)			370		388,712
Inversiones Atlantida SA, 8.25%, 7/28/22 (b)			441		454,230
Rizal Commercial Banking Corp., 4.25%, 1/22/20			100		103,310
Sberbank of Russia Via SB Capital SA, 5.25%, 5/23/23 (b)			5,000		5,144,250

					8,938,353
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc., 4.90%, 2/01/46 (c)			2,160		2,425,829
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.75%, 7/15/27 (b)		GBP	100		133,259
4.75%, 7/15/27			100		133,259
BWAY Holding Co., 5.50%, 4/15/24 (b)(c)		USD	756		792,855
Central American Bottling Corp., 5.75%, 1/31/27 (b)(c)			249		264,408
Horizon Holdings I SASU, 7.25%, 8/01/23		EUR	100		126,371
Horizon Parent Holdings Sarl, (8.25% Cash or PIK 9.00%)), 8.25%, 2/15/22 (h)			100		126,038
Silgan Holdings, Inc., 3.25%, 3/15/25			100		121,772

					4,123,791
Biotechnology — 0.3%
Amgen, Inc., 4.40%, 5/01/45 (c)		USD	1,100		1,154,465
Gilead Sciences, Inc., 4.75%, 3/01/46 (c)			700		770,978
Senvion Holding GmbH, 3.88%, 10/25/22		EUR	100		120,748

					2,046,191
Building Materials — 0.1%
Tecnoglass, Inc., 8.20%, 1/31/22 (b)		USD	378		397,372
Titan Global Finance PLC, 3.50%, 6/17/21		EUR	100		126,660

					524,032


Corporate Bonds	Par (000)			Value
Building Products — 0.3%
American Builders & Contractors Supply Co., Inc. (b):
5.63%, 4/15/21 (c)		USD	177	$	182,310
5.75%, 12/15/23			155		164,688
Building Materials Corp. of America (b):
5.38%, 11/15/24			49		51,573
6.00%, 10/15/25 (c)			247		263,981
Masonite International Corp., 5.63%, 3/15/23 (b)(c)			360		378,000
Ply Gem Industries, Inc., 6.50%, 2/01/22 (c)			260		272,350
Standard Industries, Inc., 5.50%, 2/15/23 (b)			159		167,745
USG Corp. (b)(c):
5.50%, 3/01/25			299		319,182
4.88%, 6/01/27			366		377,895

					2,177,724
Cable Television Services — 0.0%
Nokia OYJ:
3.38%, 6/12/22			126		127,496
4.38%, 6/12/27			177		182,310

					309,806
Capital Markets — 0.4%
AE-Rotor Holding BV, 4.97%, 3/28/18			140		139,898
Blackstone CQP Holdco LP, 6.50%, 3/20/21 (b)(c)			2,437		2,513,276
LPL Holdings, Inc., 5.75%, 9/15/25 (b)			66		69,135
Raymond James Financial, Inc., 4.95%, 7/15/46 (c)			400		434,245

					3,156,554
Chemicals — 1.4%
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 2/01/25 (b)(c)			900		927,000
Axalta Coating Systems Dutch Holding B BV, 3.75%, 1/15/25		EUR	100		125,927
Axalta Coating Systems LLC, 4.88%, 8/15/24 (b)(c)		USD	265		273,612
Blue Cube Spinco, Inc.:
9.75%, 10/15/23 (c)			230		280,600
10.00%, 10/15/25			170		210,800
CF Industries, Inc.:
7.13%, 5/01/20			150		165,000
5.15%, 3/15/34			110		100,925
4.95%, 6/01/43			164		140,220
Chemours Co.:
6.63%, 5/15/23 (c)			332		356,522
7.00%, 5/15/25			66		73,590
5.38%, 5/15/27 (c)			333		350,899


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds	Par (000)			Value
Chemicals (continued)
Hexion, Inc., 10.38%, 2/01/22 (b)(c)		USD	220	$	222,750
Huntsman International LLC, 4.88%, 11/15/20 (c)			555		582,750
Ineos Finance PLC, 4.00%, 5/01/23		EUR	115		141,421
Inovyn Finance PLC, 6.25%, 5/15/21			80		98,856
Momentive Performance Materials, Inc., 3.88%, 10/24/21 (c)		USD	1,305		1,308,262
NOVA Chemicals Corp. (b):
4.88%, 6/01/24			319		320,994
5.25%, 6/01/27			376		376,940
Platform Specialty Products Corp. (b):
10.38%, 5/01/21			65		71,663
6.50%, 2/01/22 (c)			1,985		2,059,437
PQ Corp., 6.75%, 11/15/22 (b)(c)			437		473,280
PSPC Escrow Corp., 6.00%, 2/01/23		EUR	153		190,377
Sherwin-Williams Co., 4.50%, 6/01/47 (c)		USD	310		327,093
Tronox Finance LLC:
6.38%, 8/15/20 (c)			248		249,240
7.50%, 3/15/22 (b)			77		80,657
Venator Finance Sarl/Venator Materials LLC, 5.75%, 7/15/25 (b)			176		180,840
Versum Materials, Inc., 5.50%, 9/30/24 (b)			140		148,750
WR Grace & Co-Conn (b):
5.13%, 10/01/21			165		177,375
5.63%, 10/01/24 (c)			300		323,250

					10,339,030
Commercial Services & Supplies — 1.5%
ADT Corp. (c):
3.50%, 7/15/22			339		335,186
4.13%, 6/15/23			224		226,520
4.88%, 7/15/32 (b)			463		426,145
Advanced Disposal Services, Inc., 5.63%, 11/15/24 (b)(c)			267		277,012
Aviation Capital Group Corp., 6.75%, 4/06/21 (b)(c)			5,000		5,679,325
Bilbao Luxembourg SA, (10.50% Cash or 11.25% PIK), 10.50%, 12/01/18 (h)		EUR	100		121,106
Booz Allen Hamilton, Inc., 5.13%, 5/01/25 (b)(c)		USD	500		498,750


Corporate Bonds	Par (000)			Value
Commercial Services & Supplies (continued)
CD&R Waterworks Merger Sub LLC, 6.13%, 8/15/25 (b)(g)		USD	191	$	194,820
Covanta Holding Corp., 5.88%, 7/01/25 (c)			254		247,968
DAE Funding LLC (b)(g):
4.00%, 8/01/20			266		270,322
4.50%, 8/01/22			159		161,783
5.00%, 8/01/24			106		108,253
Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 7/15/23 (b)			252		245,070
Harland Clarke Holdings Corp., 8.38%, 8/15/22 (b)(c)			330		353,100
KAR Auction Services, Inc., 5.13%, 6/01/25 (b)(c)			475		495,187
La Financiere Atalian SAS, 4.00%, 5/15/24		EUR	100		123,703
Mobile Mini, Inc., 5.88%, 7/01/24 (c)		USD	515		538,175
Paprec Holding SA, 5.25%, 4/01/22		EUR	100		123,799
Park Aerospace Holdings Ltd., 5.25%, 8/15/22 (b)(c)		USD	285		289,987
Ritchie Bros Auctioneers, Inc., 5.38%, 1/15/25 (b)			188		197,238
United Rentals North America, Inc.:
7.63%, 4/15/22			10		10,450
5.75%, 11/15/24 (c)			450		478,125
5.88%, 9/15/26			90		96,863

					11,498,887
Communications Equipment — 0.4%
CommScope Technologies Finance LLC, 6.00%, 6/15/25 (b)			5		5,375
CommScope Technologies LLC, 5.00%, 3/15/27 (b)(c)			280		280,700
CommScope, Inc., 5.00%, 6/15/21 (b)(c)			170		174,250
Nokia OYJ, 6.63%, 5/15/39 (c)			245		284,200
Zayo Group LLC/Zayo Capital, Inc. (c):
6.38%, 5/15/25			753		816,064
5.75%, 1/15/27 (b)			1,004		1,064,240

					2,624,829
Construction & Engineering — 0.5%
AECOM, Series WI, 5.13%, 3/15/27			57		57,427
Aeropuerto Internacional de Tocumen SA, 5.63%, 5/18/36 (b)(c)			1,189		1,254,395
Aeropuertos Argentina 2000 SA, 6.88%, 2/01/27 (b)			387		402,480


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Construction & Engineering (continued)
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 3/30/29 (b)	USD		387	$	416,451
BlueLine Rental Finance Corp., 9.25%, 3/15/24 (b)			1,193		1,294,405
Engility Corp., 8.88%, 9/01/24 (c)			298		323,330
SPIE SA, 3.13%, 3/22/24	EUR		100		122,553
Tutor Perini Corp., 6.88%, 5/01/25 (b)	USD		165		177,375

					4,048,416
Construction Materials — 0.5%
American Tire Distributors, Inc., 10.25%, 3/01/22 (b)(c)			394		410,745
Beacon Roofing Supply, Inc., 6.38%, 10/01/23			163		175,633
HD Supply, Inc. (b)(c):
5.25%, 12/15/21			1,265		1,328,250
5.75%, 4/15/24			917		982,336
LKQ Italia Bondco SpA, 3.88%, 4/01/24	EUR		202		259,083
New Enterprise Stone & Lime Co., Inc., 10.13%, 4/01/22 (b)	USD		190		206,228
PulteGroup, Inc.:
5.50%, 3/01/26 (c)			213		229,241
6.00%, 2/15/35			48		49,200
Rexel SA, 3.50%, 6/15/23	EUR		223		277,763

					3,918,479
Consumer Discretionary — 0.2%
Alpine Finance Merger Sub LLC, 6.88%, 8/01/25 (b)	USD		291		301,913
Brand Energy & Infrastructure Services, Inc., 8.50%, 7/15/25 (b)(c)			626		666,690
Nielsen Co. Luxembourg SARL, 5.00%, 2/01/25 (b)(c)			563		581,297
ServiceMaster Co. LLC, 5.13%, 11/15/24 (b)			120		122,700

					1,672,600
Consumer Finance — 0.9%
Ally Financial, Inc., 8.00%, 11/01/31 (c)			1,644		2,040,615
CDK Global, Inc., 4.88%, 6/01/27 (b)(c)			330		339,075
Credivalores-Crediservicios SAS, 9.75%, 7/27/22 (b)			1,501		1,534,022
IHS Markit Ltd., 4.75%, 2/15/25 (b)			198		208,395
Navient Corp.:
5.00%, 10/26/20 (c)			370		381,100
6.63%, 7/26/21 (c)			236		253,110
6.50%, 6/15/22			36		38,340


Corporate Bonds		Par (000)		Value
Consumer Finance (continued)
Navient Corp. (continued):
5.50%, 1/25/23	USD		162	$	165,430
7.25%, 9/25/23 (c)			306		334,779
6.13%, 3/25/24			50		51,875
5.88%, 10/25/24			138		140,588
6.75%, 6/25/25 (c)			212		222,600
5.63%, 8/01/33			105		89,250
OneMain Financial Holdings LLC (b):
6.75%, 12/15/19			186		194,742
7.25%, 12/15/21			168		176,820
Springleaf Finance Corp., 6.13%, 5/15/22			85		89,250
Tarjeta Naranja SA, (Argentina Deposit Rates Badlar Pvt Banks + 3.500%), 23.94%, 4/11/22 (a)(b)(c)			550		513,562

					6,773,553
Containers & Packaging — 1.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.25%, 1/15/22	EUR		65		78,253
4.25%, 9/15/22 (b)(c)	USD		283		290,782
4.63%, 5/15/23 (b)(c)			252		257,670
2.75%, 3/15/24	EUR		125		151,600
6.75%, 5/15/24			156		207,149
7.25%, 5/15/24 (b)(c)	USD		1,809		1,996,684
6.00%, 2/15/25 (b)(c)			1,049		1,117,185
Ball Corp., 5.00%, 3/15/22 (c)			440		473,506
Crown European Holdings SA, 4.00%, 7/15/22	EUR		103		135,893
Flex Acquisition Co., Inc., 6.88%, 1/15/25 (b)	USD		38		39,900
JH-Holding Finance SA, (8.25% PIK), 8.25%, 12/01/22 (h)	EUR		101		131,322
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (c):
5.75%, 10/15/20	USD		590		603,275
(3 mo. LIBOR US + 3.500%), 4.80%, 7/15/21 (a)(b)			659		673,004
5.13%, 7/15/23 (b)			194		204,185
7.00%, 7/15/24 (b)			966		1,044,487
Sappi Papier Holding GmbH, 4.00%, 4/01/23	EUR		200		249,607
Sealed Air Corp.:
4.88%, 12/01/22 (b)	USD		100		106,000
4.50%, 9/15/23	EUR		100		133,634
6.88%, 7/15/33 (b)	USD		44		50,985


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Containers & Packaging (continued)
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.38%, 5/01/22 (b)(c)	USD		598	$	624,910
Suzano Trading Ltd., 5.88%, 1/23/21 (b)			583		624,539
Verallia Packaging SASU, 5.13%, 8/01/22	EUR		100		125,483

					9,320,053
County/City/Special District/School District — 0.0%
Levi Strauss & Co., 3.38%, 3/15/27			100		122,526
Diversified Consumer Services — 0.5%
ADT Corp., 6.25%, 10/15/21	USD		218		238,165
APX Group, Inc. (c):
6.38%, 12/01/19			265		271,625
8.75%, 12/01/20			277		284,617
7.88%, 12/01/22			210		228,375
GW Honos Security Corp., 8.75%, 5/15/25 (b)			102		108,630
Laureate Education, Inc., 8.25%, 5/01/25 (b)			138		150,075
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (b)(c)			2,068		2,305,820
Sotheby’s, 5.25%, 10/01/22 (b)			108		110,430

					3,697,737
Diversified Financial Services — 1.3%
Aircastle Ltd., 6.25%, 12/01/19 (c)			784		847,700
ASP AMC Merger Sub, Inc., 8.00%, 5/15/25 (b)			74		73,353
CNH Industrial Finance Europe SA, 1.38%, 5/23/22	EUR		100		120,156
FBM Finance, Inc., 8.25%, 8/15/21 (b)	USD		155		166,237
Ford Motor Credit Co. LLC, 4.39%, 1/08/26 (c)			1,250		1,295,769
General Motors Financial Co., Inc., 4.25%, 5/15/23 (c)			326		341,807
Grupo KUO SAB de C.V., 5.75%, 7/07/27 (b)			797		810,150
Intesa Sanpaolo SpA, 5.02%, 6/26/24 (b)(c)			2,888		2,946,629
Intrum Justitia AB, (3 mo. Euribor + 2.625%), 2.63%, 7/15/22 (a)	EUR		100		120,236
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (b)(c)	USD		845		868,237


Corporate Bonds		Par (000)		Value
Diversified Financial Services (continued)
LHC3 PLC, (4.13% Cash or 4.875% PIK), 4.13%, 8/15/24 (g)(h)	EUR		101	$	120,951
Mercury Bondco PLC, (8.25% Cash or 9.00% PIK), 8.25%, 5/30/21 (h)			358		447,672
SPARC EM SPC Panama Metro Line 2 SP, 0.00%, 12/05/22 (b)(g)(j)	USD		279		246,622
Spectrum Brands, Inc., 4.00%, 10/01/26	EUR		100		123,788
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 6/01/25 (b)(c)	USD		259		268,562
UniCredit SpA:
6.95%, 10/31/22	EUR		270		391,160
(5 year EUR Swap + 4.100%), 5.75%, 10/28/25 (i)			207		273,027

					9,462,056
Diversified Telecommunication Services — 2.6%
AT&T, Inc., 4.75%, 5/15/46 (c)	USD		2,545		2,443,885
CenturyLink, Inc.:
Series P, 7.60%, 9/15/39			61		56,578
Series S, 6.45%, 6/15/21 (c)			771		832,441
Series U, 7.65%, 3/15/42 (c)			388		359,746
Series W, 6.75%, 12/01/23 (c)			327		347,029
Series Y, 7.50%, 4/01/24			151		164,024
Cincinnati Bell, Inc., 7.00%, 7/15/24 (b)(c)			542		548,775
Frontier Communications Corp.:
8.13%, 10/01/18			125		130,469
7.13%, 3/15/19 (c)			380		387,125
7.13%, 1/15/23			65		53,138
7.63%, 4/15/24 (c)			570		462,412
6.88%, 1/15/25 (c)			1,205		955,348
Level 3 Financing, Inc.:
5.38%, 8/15/22			108		110,970
5.63%, 2/01/23			105		109,462
5.13%, 5/01/23 (c)			360		374,400
5.38%, 1/15/24 (c)			517		544,142
5.38%, 5/01/25 (c)			535		568,437
5.25%, 3/15/26 (c)			730		775,625
OTE PLC, 3.50%, 7/09/20	EUR		200		246,538
SoftBank Group Corp.:
(5 year USD ICE Swap + 4.226%), 6.00% (i)(k)	USD		200		201,750
(5 year USD ICE Swap + 4.854%), 6.88% (i)(k)			200		203,950
4.75%, 7/30/25	EUR		100		134,065
Telecom Italia Capital SA:
6.38%, 11/15/33	USD		100		113,250
6.00%, 9/30/34 (c)			974		1,077,244


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Diversified Telecommunication Services (continued)
Telecom Italia Capital SA (continued):
7.20%, 7/18/36	USD		123	$	150,214
7.72%, 6/04/38			62		79,128
Telecom Italia Finance SA, 7.75%, 1/24/33	EUR		81		142,421
Telecom Italia SpA:
1.13%, 3/26/22 (l)			100		119,351
3.25%, 1/16/23			100		131,955
3.63%, 1/19/24			146		194,866
Verizon Communications, Inc., 6.55%, 9/15/43 (c)	USD		6,500		7,953,972

					19,972,710
Electric Utilities — 1.2%
AES Corp., 4.88%, 5/15/23 (c)			350		357,875
Baltimore Gas & Electric Co., 3.50%, 8/15/46 (c)			500		475,852
Celeo Redes Operacion Chile SA, 5.20%, 6/22/47 (b)(c)			1,177		1,182,885
Duke Energy Corp., 4.80%, 12/15/45 (c)			1,500		1,670,700
Enel Finance International NV, 3.63%, 5/25/27 (b)(c)			1,250		1,261,687
Energuate Trust, 5.88%, 5/03/27 (b)			522		537,660
Orazul Energy Egenor S en C por A, 5.63%, 4/28/27 (b)(c)			776		746,124
Pampa Energia SA, 7.50%, 1/24/27 (b)(c)			758		786,425
Southern Co., 4.40%, 7/01/46 (c)			1,000		1,042,683
Talen Energy Supply LLC, 6.50%, 6/01/25			104		75,140
Virginia Electric & Power Co., Series A, 6.00%, 5/15/37 (c)			750		965,776

					9,102,807
Electrical Equipment — 0.1%
Areva SA, 4.88%, 9/23/24	EUR		100		133,708
Belden, Inc., 5.50%, 4/15/23			111		138,465
Trionista TopCo GmbH, 6.88%, 4/30/21			213		262,359

					534,532
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC/CDW Finance Corp.:
5.00%, 9/01/23 (c)	USD		325		338,813
5.50%, 12/01/24			168		183,960
5.00%, 9/01/25			127		132,636

					655,409
Energy Equipment & Services — 0.7%
Ensco PLC:
4.50%, 10/01/24 (c)			199		151,676


Corporate Bonds		Par (000)		Value
Energy Equipment & Services (continued)
Ensco PLC (continued):
5.20%, 3/15/25	USD		45	$	35,550
Gates Global LLC/Gates Global Co.:
5.75%, 7/15/22	EUR		100		121,340
6.00%, 7/15/22 (b)(c)	USD		931		950,784
Halliburton Co., 3.80%, 11/15/25 (c)			750		773,953
Noble Holding International Ltd., 4.63%, 3/01/21			12		10,106
Pattern Energy Group, Inc., 5.88%, 2/01/24 (b)			263		277,465
Pioneer Energy Services Corp., 6.13%, 3/15/22 (c)			325		261,625
Precision Drilling Corp.:
6.50%, 12/15/21			120		117,900
5.25%, 11/15/24			193		173,217
Transocean, Inc.:
6.00%, 3/15/18			59		60,033
5.80%, 10/15/22 (c)			538		507,807
9.00%, 7/15/23 (b)(c)			884		923,780
6.80%, 3/15/38			42		31,290
Trinidad Drilling Ltd., 6.63%, 2/15/25 (b)(c)			458		431,665
Weatherford International Ltd.:
7.75%, 6/15/21 (c)			307		314,675
8.25%, 6/15/23			105		106,575
9.88%, 2/15/24 (b)(c)			273		292,792

					5,542,233
Environmental, Maintenance, & Security Service — 0.1%
Befesa Zinc SAU Via Zinc Capital SA, 8.88%, 5/15/18	EUR		100		118,385
Tervita Escrow Corp., 7.63%, 12/01/21 (b)(c)	USD		477		484,155

					602,540
Food & Staples Retailing — 0.6%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC (b):
6.63%, 6/15/24 (c)			206		193,640
5.75%, 3/15/25			134		119,930
B&M European Value Retail SA, 4.13%, 2/01/22	GBP		100		138,024
Casino Guichard Perrachon SA:
5.98%, 5/26/21	EUR		100		139,925
4.56%, 1/25/23			200		268,562
CVS Health Corp., 5.13%, 7/20/45 (c)	USD		750		860,678
Dollar Tree, Inc., 5.75%, 3/01/23 (c)			1,616		1,710,940
Rite Aid Corp.:
6.75%, 6/15/21 (c)			79		82,073


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Food & Staples Retailing (continued)
Rite Aid Corp. (continued):
6.13%, 4/01/23 (b)	USD		342	$	339,008
7.70%, 2/15/27 (c)			109		107,910
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44 (c)			750		801,131

					4,761,821
Food Products — 0.7%
Acosta, Inc., 7.75%, 10/01/22 (b)			318		240,090
Aramark Services, Inc.:
5.13%, 1/15/24			144		152,941
4.75%, 6/01/26 (c)			252		263,867
Arcor SAIC, 6.00%, 7/06/23 (b)(c)			470		501,490
B&G Foods, Inc., 5.25%, 4/01/25			215		224,137
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 4/15/25 (b)(c)			375		401,719
FAGE International SA/FAGE USA Dairy Industry, Inc., 5.63%, 8/15/26 (b)(c)			200		206,000
JBS USA LLC/JBS USA Finance, Inc. (b):
5.88%, 7/15/24			169		167,733
5.75%, 6/15/25 (c)			634		627,660
Marfrig Holdings Europe BV, 8.00%, 6/08/23 (b)(c)			243		252,416
Minerva Luxembourg SA, 6.50%, 9/20/26 (b)			827		827,000
Post Holdings, Inc. (b)(c):
5.50%, 3/01/25			341		359,755
5.00%, 8/15/26			332		340,715
TreeHouse Foods, Inc., 6.00%, 2/15/24 (b)			159		170,528
WhiteWave Foods Co., 5.38%, 10/01/22 (c)			211		239,808

					4,975,859
Health Care Equipment & Supplies — 0.5%
Crimson Merger Sub, Inc., 6.63%, 5/15/22 (b)(c)			1,043		1,024,747
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (b)(c)			893		841,652
IASIS Healthcare LLC/IASIS Capital Corp., 8.38%, 5/15/19 (c)			290		291,088
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (b):
5.75%, 8/01/22			84		82,110
5.63%, 10/15/23 (c)			342		327,465
5.50%, 4/15/25 (c)			387		357,975


Corporate Bonds		Par (000)		Value
Health Care Equipment & Supplies (continued)
Medtronic, Inc., 4.50%, 3/15/42 (c)	USD		1,000	$	1,087,833
Teleflex, Inc., 4.88%, 6/01/26			63		64,890

					4,077,760
Health Care Providers & Services — 3.2%
Acadia Healthcare Co., Inc.:
5.63%, 2/15/23 (c)			432		450,360
6.50%, 3/01/24			69		74,003
Alere, Inc., 6.38%, 7/01/23 (b)(c)			268		288,100
Amsurg Corp., 5.63%, 7/15/22 (c)			810		840,375
Centene Corp.:
5.63%, 2/15/21 (c)			403		419,120
4.75%, 5/15/22 (c)			402		423,105
6.13%, 2/15/24			40		43,500
4.75%, 1/15/25 (c)			495		516,037
CHS/Community Health Systems, Inc.:
8.00%, 11/15/19			176		176,220
7.13%, 7/15/20 (c)			407		392,246
5.13%, 8/01/21 (c)			360		362,250
6.88%, 2/01/22 (c)			461		395,308
6.25%, 3/31/23 (c)			771		790,275
DaVita, Inc., 5.13%, 7/15/24 (c)			351		360,872
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 5/15/22 (b)(c)(h)			310		322,400
Envision Healthcare Corp., 5.13%, 7/01/22 (b)			205		211,663
HCA, Inc.:
6.50%, 2/15/20 (c)			1,103		1,205,027
7.50%, 2/15/22 (c)			800		924,000
5.88%, 3/15/22 (c)			84		92,904
4.75%, 5/01/23			56		58,940
5.88%, 5/01/23			90		98,438
5.00%, 3/15/24 (c)			645		684,667
5.38%, 2/01/25 (c)			862		918,030
5.25%, 4/15/25 (c)			1,130		1,226,050
5.88%, 2/15/26 (c)			508		553,720
5.25%, 6/15/26 (c)			540		584,550
4.50%, 2/15/27 (c)			379		387,528
5.50%, 6/15/47			1,244		1,303,090
HealthSouth Corp., 5.75%, 11/01/24			76		77,520
Hologic, Inc.:
5.25%, 7/15/22 (b)(c)			417		440,456
Series 2012, 2.00%, 3/01/42 (e)(l)			323		462,294
MEDNAX, Inc., 5.25%, 12/01/23 (b)(c)			239		246,170
Molina Healthcare, Inc., 4.88%, 6/15/25 (b)			126		128,205


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Health Care Providers & Services (continued)
MPH Acquisition Holdings LLC, 7.13%, 6/01/24 (b)(c)	USD		970	$	1,050,025
New Amethyst Corp., 6.25%, 12/01/24 (b)(c)			465		501,037
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/01/23 (b)(c)			350		376,250
Surgery Center Holdings, Inc. (b):
8.88%, 4/15/21			82		88,970
6.75%, 7/01/25 (c)			324		332,910
Tenet Healthcare Corp.:
6.00%, 10/01/20 (c)			1,150		1,231,937
7.50%, 1/01/22 (b)			174		187,920
8.13%, 4/01/22 (c)			1,294		1,392,344
6.75%, 6/15/23 (c)			536		529,300
4.63%, 7/15/24 (b)			220		218,900
THC Escrow Corp. III (b):
5.13%, 5/01/25			190		191,188
7.00%, 8/01/25			463		457,212
Thermo Fisher Scientific, Inc., 2.95%, 9/19/26 (c)			1,000		980,911
UnitedHealth Group, Inc., 4.38%, 3/15/42 (c)			750		810,670
Vizient, Inc., 10.38%, 3/01/24 (b)			90		104,063
WellCare Health Plans, Inc., 5.25%, 4/01/25			101		107,060

					24,018,120
Health Care Technology — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 3/01/25 (b)(c)			282		291,518
Quintiles IMS, Inc., 3.25%, 3/15/25 (b)	EUR		100		121,619

					413,137
Hotels, Restaurants & Leisure — 4.3%
Burger King France SAS:
(3 mo. Euribor + 5.250%), 5.25%, 5/01/23 (a)			100		122,715
6.00%, 5/01/24			100		126,585
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property, 8.00%, 10/01/20 (c)	USD		1,840		1,890,600
Cemex Finance LLC, 9.38%, 10/12/22 (b)(c)			378		401,436
Codere Finance 2 Luxembourg SA, 6.75%, 11/01/21	EUR		100		120,464
CPUK Finance Ltd., 4.25%, 2/28/47	GBP		100		133,471


Corporate Bonds		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Enterprise Inns PLC, 6.00%, 10/06/23	GBP		3,320	$	4,729,861
ESH Hospitality, Inc., 5.25%, 5/01/25 (b)(c)	USD		154		160,930
GLP Capital LP/GLP Financing II, Inc., 5.38%, 4/15/26			112		122,080
International Game Technology PLC, 4.75%, 2/15/23	EUR		107		137,913
Jacobs Entertainment, Inc., 7.88%, 2/01/24 (b)	USD		105		113,925
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (b):
5.00%, 6/01/24			45		46,913
5.25%, 6/01/26			159		168,540
McDonald’s Corp., 3.70%, 1/30/26 (c)			750		785,875
Melco Resorts Finance Ltd., 4.88%, 6/06/25 (b)(c)			245		243,145
MGM Resorts International:
5.25%, 3/31/20			84		89,124
6.75%, 10/01/20			156		173,160
6.63%, 12/15/21 (c)			1,458		1,640,250
7.75%, 3/15/22			34		39,947
4.63%, 9/01/26			146		147,723
New Red Finance, Inc. (b)(c):
6.00%, 4/01/22			1,130		1,166,725
4.25%, 5/15/24			693		696,895
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 4/15/21 (c)			460		469,775
Sabre GLBL, Inc., 5.25%, 11/15/23 (b)(c)			269		279,760
Scientific Games International, Inc. (c):
7.00%, 1/01/22 (b)			1,064		1,133,160
10.00%, 12/01/22			947		1,055,905
Six Flags Entertainment Corp. (b):
4.88%, 7/31/24 (c)			604		614,570
5.50%, 4/15/27			174		179,873
Station Casinos LLC, 7.50%, 3/01/21 (c)			543		566,077
Stonegate Pub Co. Financing PLC, 4.88%, 3/15/22	GBP		100		135,249
Unique Pub Finance Co. PLC:
Series A3, 6.54%, 3/30/21			1,679		2,402,264
Series M, 7.40%, 3/28/24			6,400		9,688,106
Vue International Bidco PLC, 7.88%, 7/15/20			117		157,860
Wyndham Worldwide Corp., 4.15%, 4/01/24 (c)	USD		2,000		2,076,792


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Yum! Brands, Inc., 3.88%, 11/01/23	USD		110	$	109,725

					32,127,393
Household Durables — 0.9%
AV Homes, Inc., 6.63%, 5/15/22 (b)			93		96,255
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (b)(c)			750		783,750
CalAtlantic Group, Inc.:
1.63%, 5/15/18 (l)			188		219,725
8.38%, 1/15/21			144		168,840
5.38%, 10/01/22			6		6,510
5.25%, 6/01/26			32		33,280
Century Communities, Inc., 6.88%, 5/15/22 (c)			830		873,575
K Hovnanian Enterprises, Inc. (b):
10.00%, 7/15/22			174		183,570
10.50%, 7/15/24			168		179,928
Lennar Corp.:
4.50%, 11/15/19 (c)			320		331,936
4.75%, 4/01/21			42		44,300
4.13%, 1/15/22			139		143,082
4.75%, 11/15/22			53		56,246
4.88%, 12/15/23			146		155,125
4.75%, 5/30/25 (c)			410		430,500
Mattamy Group Corp., 6.88%, 12/15/23 (b)			123		125,153
Meritage Homes Corp., 5.13%, 6/06/27 (b)			123		124,691
Newell Brands, Inc., 4.20%, 4/01/26 (c)			1,000		1,069,784
PulteGroup, Inc., 6.38%, 5/15/33 (c)			469		498,312
Tempur Sealy International, Inc., 5.50%, 6/15/26 (c)			483		497,490
TRI Pointe Group, Inc.:
4.38%, 6/15/19 (c)			225		230,625
4.88%, 7/01/21			124		130,200
5.88%, 6/15/24 (c)			226		240,690
5.25%, 6/01/27 (c)			216		217,486
William Lyon Homes, Inc., 5.88%, 1/31/25			116		119,956

					6,961,009
Household Products — 0.1%
ACCO Brands Corp., 5.25%, 12/15/24 (b)			102		106,080
Prestige Brands, Inc., 6.38%, 3/01/24 (b)			176		188,980


Corporate Bonds		Par (000)		Value
Household Products (continued)
Spectrum Brands, Inc., 6.63%, 11/15/22 (c)	USD		710	$	742,837

					1,037,897
Independent Power and Renewable Electricity Producers — 0.5%
Calpine Corp. (c):
6.00%, 1/15/22 (b)			64		66,000
5.38%, 1/15/23			190		183,825
5.88%, 1/15/24 (b)			200		206,000
Dynegy, Inc.:
6.75%, 11/01/19 (c)			925		959,109
7.38%, 11/01/22			43		43,439
7.63%, 11/01/24			78		76,928
Genneia SA, 8.75%, 1/20/22 (b)(c)			491		518,457
NRG Energy, Inc.:
7.88%, 5/15/21			82		84,460
6.63%, 3/15/23			45		46,603
6.25%, 5/01/24			144		149,400
6.63%, 1/15/27 (c)			938		963,795
NRG Yield Operating LLC, 5.38%, 8/15/24			130		135,850
QEP Resources, Inc., 5.38%, 10/01/22			179		175,867
TerraForm Power Operating LLC, 6.38%, 2/01/23 (b)(c)(e)			258		268,320

					3,878,053
Industrial Conglomerates — 0.2%
Colfax Corp., 3.25%, 5/15/25	EUR		100		121,227
General Electric Co., 4.13%, 10/09/42 (c)	USD		750		784,338
Vertiv Group Corp, 9.25%, 10/15/24 (b)(c)			559		617,695

					1,523,260
Insurance — 0.9%
American International Group, Inc., 4.80%, 7/10/45 (c)			500		540,881
Aon PLC, 3.88%, 12/15/25 (c)			1,280		1,345,755
Ardonagh Midco 3 PLC, 8.38%, 7/15/23	GBP		100		132,448
Assicurazioni Generali SpA (i):
(3 mo. Euribor + 7.113%), 7.75%, 12/12/42	EUR		100		151,674
(3 mo. Euribor + 5.350%), 5.50%, 10/27/47			100		138,417
AssuredPartners, Inc., 7.00%, 8/15/25 (b)(g)	USD		134		135,005
Groupama SA, 6.00%, 1/23/27	EUR		100		146,791


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Insurance (continued)
HUB International Ltd., 7.88%, 10/01/21 (b)(c)	USD		1,058	$	1,105,610
KIRS Midco 3 PLC, 8.63%, 7/15/23 (b)(c)			516		529,545
Old Mutual PLC, 8.00%, 6/03/21	GBP		100		153,537
Radian Group, Inc., 5.25%, 6/15/20 (c)			390		411,450
Teachers Insurance & Annuity Association of America, 4.27%, 5/15/47 (b)(c)			700		719,211
USIS Merger Sub, Inc., 6.88%, 5/01/25 (b)			42		43,470
Wayne Merger Sub LLC, 8.25%, 8/01/23 (b)(c)			705		752,588

					6,306,382
Internet Software & Services — 0.3%
Equinix, Inc. (c):
4.88%, 4/01/20			144		147,888
5.88%, 1/15/26			389		425,955
Netflix, Inc.:
5.50%, 2/15/22			15		16,238
4.38%, 11/15/26 (b)(c)			757		766,462
3.63%, 5/15/27	EUR		100		121,576
Symantec Corp., 5.00%, 4/15/25 (b)	USD		187		195,883
United Group BV:
4.38%, 7/01/22	EUR		126		148,997
(3 mo. Euribor + 4.375%), 4.38%, 7/01/23 (a)			100		119,238

					1,942,237
IT Services — 0.8%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b)(c)	USD		482		510,318
Fidelity National Information Services, Inc., 3.00%, 8/15/26 (c)			1,000		979,814
First Data Corp. (b)(c):
7.00%, 12/01/23			1,170		1,262,137
5.75%, 1/15/24			2,998		3,166,637
Gartner, Inc., 5.13%, 4/01/25 (b)(c)			207		218,903

					6,137,809
Machinery — 0.2%
EnPro Industries, Inc., 5.88%, 9/15/22 (b)			132		137,775
Navistar International Corp., 8.25%, 11/01/21			55		55,447


Corporate Bonds		Par (000)		Value
Machinery (continued)
SPX FLOW, Inc. (b):
5.63%, 8/15/24 (c)	USD		330	$	341,550
5.88%, 8/15/26			153		158,738
Terex Corp., 5.63%, 2/01/25 (b)(c)			419		436,807
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 6.38%, 5/01/22	EUR		142		179,026

					1,309,343
Media — 6.6%
Altice Financing SA (b)(c):
6.63%, 2/15/23	USD		200		211,875
7.50%, 5/15/26			1,291		1,431,461
Altice Luxembourg SA, 6.25%, 2/15/25	EUR		100		129,774
Altice US Finance I Corp. (b)(c):
5.38%, 7/15/23	USD		780		819,000
5.50%, 5/15/26			288		305,280
AMC Networks, Inc.:
5.00%, 4/01/24			146		150,380
4.75%, 8/01/25			460		464,048
Bharti Airtel International Netherlands BV, 5.13%, 3/11/23			750		790,255
Cablevision SA, 6.50%, 6/15/21 (b)(c)			389		412,270
Cablevision Systems Corp.:
8.63%, 9/15/17			56		56,350
7.75%, 4/15/18 (c)			517		535,095
8.00%, 4/15/20 (c)			286		320,606
CBS Radio, Inc., 7.25%, 11/01/24 (b)(c)			92		96,945
CCO Holdings LLC/CCO Holdings Capital Corp. (c):
5.25%, 9/30/22			292		301,125
5.13%, 2/15/23			709		733,815
5.13%, 5/01/23 (b)			719		754,950
5.13%, 5/01/27 (b)			2,883		2,980,301
Cequel Communications Holdings I LLC/Cequel Capital Corp. (b):
6.38%, 9/15/20			101		102,768
5.13%, 12/15/21 (c)			933		953,694
7.75%, 7/15/25 (c)			1,630		1,819,487
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45 (c)			3,000		3,536,412
Clear Channel International BV, 8.75%, 12/15/20 (b)(c)			508		541,020
Clear Channel Worldwide Holdings, Inc. (c):
6.50%, 11/15/22			2,702		2,798,316
Series B, 7.63%, 3/15/20			1,029		1,036,717


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Media (continued)
Columbus Cable Barbados Ltd., 7.38%, 3/30/21 (b)(c)	USD		1,195	$	1,275,662
Comcast Corp., 4.60%, 8/15/45 (c)			1,750		1,910,475
CSC Holdings LLC (c):
10.13%, 1/15/23 (b)			1,388		1,615,285
5.25%, 6/01/24			921		956,458
6.63%, 10/15/25 (b)			350		385,875
10.88%, 10/15/25 (b)			965		1,203,837
Discovery Communications LLC, 4.95%, 5/15/42 (c)			400		382,747
DISH DBS Corp.:
6.75%, 6/01/21 (c)			239		264,095
5.88%, 7/15/22 (c)			241		262,314
5.00%, 3/15/23			329		341,236
5.88%, 11/15/24			53		57,492
7.75%, 7/01/26 (c)			1,355		1,622,612
DISH Network Corp., 3.38%, 8/15/26 (b)(l)			463		575,277
eircom Finance DAC, 4.50%, 5/31/22	EUR		100		123,707
GTT Communications, Inc., 7.88%, 12/31/24 (b)	USD		136		146,200
Hughes Satellite Systems Corp.:
7.63%, 6/15/21			113		129,668
5.25%, 8/01/26 (c)			564		591,495
6.63%, 8/01/26			121		132,344
iHeartCommunications, Inc.:
9.00%, 12/15/19			474		382,755
10.63%, 3/15/23			1,256		935,720
Intelsat Jackson Holdings SA (c):
7.25%, 10/15/20			292		280,138
5.50%, 8/01/23			594		512,325
9.75%, 7/15/25 (b)			450		464,625
Interpublic Group of Cos., Inc., 4.20%, 4/15/24 (c)			1,000		1,054,041
LG Finance Co. Corp., 5.88%, 11/01/24 (b)			101		106,050
LGE HoldCo VI BV, 7.13%, 5/15/24	EUR		177		236,772
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 5/15/24 (b)	USD		101		96,960
MDC Partners, Inc., 6.50%, 5/01/24 (b)(c)			438		440,190
Midcontinent Communications/Midcontinent Finance Corp. (b):
6.25%, 8/01/21 (c)			250		257,813
6.88%, 8/15/23 (g)			282		305,660
Nexstar Broadcasting, Inc., 5.63%, 8/01/24 (b)			142		146,793


Corporate Bonds		Par (000)		Value
Media (continued)
Numericable Group SA, 5.38%, 5/15/22	EUR		116	$	143,330
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.25%, 2/15/22 (c)	USD		102		105,570
SFR Group SA (b)(c):
6.00%, 5/15/22			1,492		1,560,975
7.38%, 5/01/26			1,721		1,862,982
TEGNA, Inc., 5.50%, 9/15/24 (b)			79		82,259
Telenet Finance VI Luxembourg SCA, 4.88%, 7/15/27	EUR		100		129,587
Telesat Canada/Telesat LLC, 8.88%, 11/15/24 (b)(c)	USD		501		564,877
Time Warner, Inc.:
4.65%, 6/01/44			111		110,108
4.85%, 7/15/45 (c)			389		400,837
Tribune Media Co., 5.88%, 7/15/22 (c)			315		329,962
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
4.00%, 1/15/25	EUR		117		146,820
5.00%, 1/15/25 (b)	USD		200		211,000
6.25%, 1/15/29	EUR		100		134,934
Univision Communications, Inc. (b)(c):
5.13%, 5/15/23	USD		556		567,120
5.13%, 2/15/25			193		193,483
UPCB Finance IV Ltd., 4.00%, 1/15/27	EUR		114		141,493
Videotron Ltd./Videotron Ltee, 5.13%, 4/15/27 (b)(c)	USD		285		293,550
Virgin Media Finance PLC, 5.75%, 1/15/25 (b)(c)			850		888,250
Virgin Media Receivables Financing Notes I DAC, 5.50%, 9/15/24	GBP		100		137,052
Virgin Media Secured Finance PLC:
5.50%, 8/15/26 (b)	USD		200		212,000
4.88%, 1/15/27	GBP		130		178,812
6.25%, 3/28/29			175		251,445
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (b)(c)	USD		980		1,009,400
Wind Acquisition Finance SA:
7.00%, 4/23/21	EUR		122		150,894
7.38%, 4/23/21 (b)(c)	USD		1,130		1,176,443

					49,461,748
Metals & Mining — 3.7%
Alcoa Nederland Holding BV, 7.00%, 9/30/26 (b)			200		222,000
Alcoa, Inc.:
5.87%, 2/23/22 (c)			900		987,750
5.13%, 10/01/24 (c)			538		572,298


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds		Par (000)		Value
Metals & Mining (continued)
Alcoa, Inc. (continued):
5.90%, 2/01/27	USD		120	$	132,155
6.75%, 1/15/28			56		63,140
5.95%, 2/01/37			105		108,087
Anglo American Capital PLC:
4.45%, 9/27/20 (b)			100		104,750
4.13%, 4/15/21 (b)(c)			200		207,250
3.50%, 3/28/22	EUR		100		132,074
3.25%, 4/03/23			100		131,679
4.88%, 5/14/25 (b)(c)	USD		600		640,500
ArcelorMittal:
3.13%, 1/14/22	EUR		100		128,959
7.50%, 10/15/39	USD		108		127,440
7.25%, 3/01/41 (c)			352		406,560
BHP Billiton Finance USA Ltd., 4.13%, 2/24/42 (c)			250		259,751
Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (b)(c)			216		242,784
Constellium NV (b)(c):
8.00%, 1/15/23			1,230		1,294,575
6.63%, 3/01/25			1,336		1,336,000
First Quantum Minerals Ltd. (b):
7.00%, 2/15/21 (c)			966		1,002,225
7.50%, 4/01/25			222		227,883
Freeport-McMoRan, Inc.:
2.30%, 11/14/17			322		322,000
2.38%, 3/15/18			2,714		2,710,607
3.10%, 3/15/20			1,769		1,757,944
4.00%, 11/14/21			276		275,655
3.55%, 3/01/22			410		397,700
3.88%, 3/15/23			1,427		1,378,839
5.40%, 11/14/34			140		131,732
5.45%, 3/15/43			1,346		1,238,320
Grinding Media, Inc./MC Grinding Media Canada, Inc., 7.38%, 12/15/23 (b)(c)			571		615,252
Joseph T Ryerson & Son, Inc., 11.00%, 5/15/22 (b)			192		219,360
Kaiser Aluminum Corp., 5.88%, 5/15/24			124		131,750
Kinross Gold Corp.:
4.50%, 7/15/27 (b)			144		143,460
6.88%, 9/01/41			80		86,000
Novelis Corp. (b)(c):
6.25%, 8/15/24			1,024		1,095,885
5.88%, 9/30/26			1,130		1,189,325
Nyrstar Netherlands Holdings BV, 6.88%, 3/15/24	EUR		100		121,340
Peabody Energy Corp. (b):
6.00%, 3/31/22	USD		77		78,540
6.38%, 3/31/25			121		122,210
Petra Diamonds US Treasury PLC, 7.25%, 5/01/22 (b)			200		205,150


Corporate Bonds		Par (000)		Value
Metals & Mining (continued)
Rio Tinto Finance USA Ltd., 4.75%, 3/22/42 (c)	USD		400	$	450,069
Steel Dynamics, Inc.:
5.13%, 10/01/21 (c)			970		999,100
5.25%, 4/15/23 (c)			525		546,656
5.00%, 12/15/26			15		15,825
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 6/15/25 (b)(c)			270		278,100
Teck Resources Ltd.:
4.50%, 1/15/21			82		85,178
3.75%, 2/01/23 (c)			828		835,245
8.50%, 6/01/24 (b)(c)			922		1,069,520
6.13%, 10/01/35			102		110,670
6.00%, 8/15/40 (c)			513		546,345
5.20%, 3/01/42 (c)			793		769,210
5.40%, 2/01/43 (c)			341		334,180
ThyssenKrupp AG, 1.38%, 3/03/22	EUR		75		89,074
United States Steel Corp., 8.38%, 7/01/21 (b)(c)	USD		357		394,931
VM Holdings SA, 5.38%, 5/04/27 (b)			777		806,137

					27,879,169
Multi-Utilities — 0.1%
NGL Energy Partners LP/NGL Energy Finance Corp. (c):
5.13%, 7/15/19			150		148,687
6.88%, 10/15/21			240		237,600
7.50%, 11/01/23 (b)			286		275,990

					662,277
Multiline Retail — 0.1%
Neiman Marcus Group Ltd., 8.00%, 10/15/21 (b)(c)			257		141,993
Target Corp., 4.00%, 7/01/42 (c)			300		302,265

					444,258
Oil, Gas & Consumable Fuels — 8.0%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.88%, 12/15/24 (b)			139		145,950
Anadarko Petroleum Corp., 4.50%, 7/15/44 (c)			500		467,935
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 9/15/24			65		67,113
Antero Resources Corp.:
5.13%, 12/01/22			92		93,380
5.63%, 6/01/23			88		90,200


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Apache Corp., 4.75%, 4/15/43 (c)		USD	800	$	813,726
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 4/01/22 (b)(c)			344		352,600
California Resources Corp., 8.00%, 12/15/22 (b)			179		114,113
Callon Petroleum Co.:
6.13%, 10/01/24 (c)			248		257,920
6.13%, 10/01/24 (b)			109		113,360
Carrizo Oil & Gas, Inc.:
6.25%, 4/15/23 (c)			235		233,531
8.25%, 7/15/25			118		124,343
Cheniere Corpus Christi Holdings LLC (c):
7.00%, 6/30/24			578		661,810
5.88%, 3/31/25			599		649,166
5.13%, 6/30/27 (b)			718		747,617
Chesapeake Energy Corp.:
6.88%, 11/15/20 (c)			224		225,680
8.00%, 6/15/27 (b)			106		106,000
Cia Latinoamericana de Infraestructura & Servicios SA, 9.50%, 7/20/23 (b)			56		57,890
Citgo Holding, Inc., 10.75%, 2/15/20 (b)			170		178,925
ConocoPhillips Co., 4.95%, 3/15/26 (c)			700		788,469
CONSOL Energy, Inc.:
5.88%, 4/15/22 (c)			3,095		3,108,541
8.00%, 4/01/23			76		80,750
Continental Resources, Inc.:
3.80%, 6/01/24 (c)			549		507,825
4.90%, 6/01/44			161		137,655
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 5/15/25 (b)(c)			230		235,750
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 4/01/23			35		35,656
CrownRock LP/CrownRock Finance, Inc. (b):
7.13%, 4/15/21 (c)			961		989,830
7.75%, 2/15/23			160		170,400
DCP Midstream LLC (b):
4.75%, 9/30/21			160		164,400
6.45%, 11/03/36 (c)			213		227,910
6.75%, 9/15/37 (c)			278		300,240
DEA Finance SA, 7.50%, 10/15/22		EUR	100		128,442
Denbury Resources, Inc.:
9.00%, 5/15/21 (b)(c)		USD	445		423,862
5.50%, 5/01/22 (c)			521		282,642


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Denbury Resources, Inc. (continued):
4.63%, 7/15/23		USD	80	$	40,800
Diamondback Energy, Inc., 5.38%, 5/31/25 (c)			242		250,470
Eclipse Resources Corp., 8.88%, 7/15/23			80		81,192
Energy Transfer Equity LP (c):
5.88%, 1/15/24			730		786,575
5.50%, 6/01/27			625		656,250
Energy Transfer Partners LP (c):
6.13%, 12/15/45			500		547,276
5.30%, 4/15/47			350		346,684
Ensco Jersey Finance Ltd., 3.00%, 1/31/24 (b)(l)			291		230,254
Enterprise Products Operating LLC, 3.75%, 2/15/25 (c)			1,250		1,299,494
EP Energy LLC/Everest Acquisition Finance, Inc. (c):
9.38%, 5/01/20			392		333,690
8.00%, 11/29/24 (b)			246		248,460
Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, 7/15/21 (b)(c)			360		375,750
Extraction Oil & Gas, Inc., 7.38%, 5/15/24 (b)(g)			173		178,406
GeoPark Latin America Ltd. Agencia en Chile, 7.50%, 2/11/20 (b)			395		405,862
GNL Quintero SA:
4.63%, 7/31/29 (b)(c)			286		294,937
4.63%, 7/31/29			279		287,719
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 9/30/21 (b)(c)			381		381,952
Gulfport Energy Corp.:
6.63%, 5/01/23			84		84,840
6.38%, 5/15/25 (b)			102		101,873
Halcon Resources Corp., 6.75%, 2/15/25 (b)			1,231		1,255,238
Hess Corp., 4.30%, 4/01/27 (c)			750		744,673
Kinder Morgan Energy Partners LP, 4.25%, 9/01/24 (c)			2,500		2,587,995
Matador Resources Co., 6.88%, 4/15/23 (c)			1,025		1,086,500
MEG Energy Corp. (b):
7.00%, 3/31/24			20		16,450
6.50%, 1/15/25 (c)			933		902,677
Murphy Oil Corp.:
6.88%, 8/15/24 (c)			288		306,000
6.13%, 12/01/42			80		74,350
Nabors Industries, Inc., 0.75%, 1/15/24 (b)(l)			472		371,405


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Newfield Exploration Co., 5.63%, 7/01/24		USD	132	$	138,435
NGPL PipeCo LLC (b):
7.12%, 12/15/17 (c)			1,002		1,019,535
4.38%, 8/15/22			224		230,440
4.88%, 8/15/27 (g)			233		239,699
7.77%, 12/15/37 (c)			643		797,320
Noble Holding International Ltd., 7.75%, 1/15/24 (c)			437		347,787
Oasis Petroleum, Inc.:
6.50%, 11/01/21			53		52,338
6.88%, 3/15/22			108		106,920
6.88%, 1/15/23			60		58,950
2.63%, 9/15/23 (l)			260		254,963
ONEOK, Inc., 6.00%, 6/15/35			40		44,732
Paramount Resources Ltd., 6.88%, 6/30/23 (b)(c)			1,235		1,302,925
Parker Drilling Co., 7.50%, 8/01/20			145		125,425
Parsley Energy LLC/Parsley Finance Corp. (b):
6.25%, 6/01/24			79		83,740
5.38%, 1/15/25 (c)			361		368,220
5.25%, 8/15/25			91		92,593
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/25 (b)(c)			252		246,960
Pertamina Persero PT, 5.63%, 5/20/43 (b)(c)			2,000		2,119,722
Petrobras Argentina SA, 7.38%, 7/21/23 (b)(c)			895		936,170
Petrobras Global Finance BV (c):
5.75%, 1/20/20			382		398,755
4.88%, 3/17/20			382		391,359
5.38%, 1/27/21			1,458		1,498,095
8.38%, 5/23/21			1,229		1,382,625
6.13%, 1/17/22			391		410,902
7.38%, 1/17/27			404		437,330
Petroleos Mexicanos:
5.38%, 3/13/22 (b)			47		50,079
4.63%, 9/21/23 (c)			309		318,115
Precision Drilling Corp., 7.75%, 12/15/23			90		90,225
QEP Resources, Inc., 5.25%, 5/01/23			40		38,888
Range Resources Corp.:
5.88%, 7/01/22 (b)(c)			437		446,286
5.00%, 8/15/22 (b)(c)			91		90,090
5.00%, 3/15/23 (b)			175		172,813
4.88%, 5/15/25			142		137,740
Resolute Energy Corp., 8.50%, 5/01/20 (c)			492		496,920


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Rockies Express Pipeline LLC (b)(c):
5.63%, 4/15/20	USD		875	$	925,592
6.88%, 4/15/40			521		574,077
Rowan Cos., Inc.:
4.88%, 6/01/22			85		80,538
7.38%, 6/15/25 (c)			844		795,470
RSP Permian, Inc.:
6.63%, 10/01/22 (c)			290		303,050
5.25%, 1/15/25 (b)			178		180,670
Sabine Pass Liquefaction LLC, 5.75%, 5/15/24			10		11,241
Sanchez Energy Corp. (c):
7.75%, 6/15/21			536		485,080
6.13%, 1/15/23			994		810,110
SESI LLC:
6.38%, 5/01/19			110		109,725
7.13%, 12/15/21			100		100,625
Seven Generations Energy Ltd., 8.25%, 5/15/20 (b)(c)			196		204,820
Shell International Finance BV, 4.38%, 5/11/45 (c)			450		477,210
SM Energy Co.:
6.50%, 11/15/21			175		174,125
5.00%, 1/15/24			5		4,650
5.63%, 6/01/25 (c)			653		610,555
6.75%, 9/15/26			105		104,475
Southwestern Energy Co., 5.80%, 1/23/20 (c)			1,316		1,358,770
Suncor Energy, Inc., 6.50%, 6/15/38 (c)			800		1,030,340
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b):
5.50%, 9/15/24 (c)			490		501,637
5.13%, 2/01/25			155		159,456
5.38%, 2/01/27			90		93,375
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.25%, 5/01/23			16		16,500
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
6.13%, 10/15/21			44		45,595
6.25%, 10/15/22			80		85,000
Tullow Oil PLC, 6.25%, 4/15/22 (b)			200		184,500
Weatherford International LLC, 6.80%, 6/15/37			75		67,313
Weatherford International Ltd.:
6.50%, 8/01/36 (c)			272		239,360
7.00%, 3/15/38 (c)			197		178,039
5.95%, 4/15/42			256		215,040


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Whiting Petroleum Corp.:
5.00%, 3/15/19 (c)		USD	1,028	$	1,011,295
5.75%, 3/15/21			32		30,360
Williams Cos., Inc., 5.75%, 6/24/44 (c)			1,137		1,182,480
Williams Partners LP, 4.50%, 11/15/23 (c)			1,750		1,870,633
WPX Energy, Inc.:
7.50%, 8/01/20			80		85,600
6.00%, 1/15/22			159		163,373
8.25%, 8/01/23			109		119,900
5.25%, 9/15/24 (c)			435		428,475
YPF SA (b):
8.88%, 12/19/18 (c)			1,495		1,602,191
8.50%, 3/23/21			193		214,230
6.95%, 7/21/27			983		993,813

					60,117,787
Paper & Forest Products — 0.0%
Mercer International, Inc., 6.50%, 2/01/24 (b)			134		140,365
Pfleiderer GmbH, 7.88%, 8/01/19		EUR	168		202,794

					343,159
Pharmaceuticals — 1.8%
AbbVie, Inc. (c):
3.20%, 5/14/26		USD	775		774,653
4.45%, 5/14/46			1,000		1,041,774
Actavis Funding SCS (c):
3.80%, 3/15/25			1,000		1,039,530
4.75%, 3/15/45			500		544,794
Endo Finance LLC/Endo Finco, Inc. (b)(c):
5.38%, 1/15/23			620		530,100
5.88%, 10/15/24			205		212,175
Forest Laboratories LLC, 5.00%, 12/15/21 (b)(c)			718		787,493
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24 (b)(c)			462		505,890
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 8/01/23 (b)(c)			1,166		1,238,875
Mylan NV, 3.95%, 6/15/26 (c)			650		662,973
NBTY, Inc., 7.63%, 5/15/21 (b)(c)			555		598,013
Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/26 (c)			300		296,249
Synlab Bondco PLC, 6.25%, 7/01/22		EUR	145		185,417


Corporate Bonds	Par (000)			Value
Pharmaceuticals (continued)
Synlab Unsecured Bondco PLC, 8.25%, 7/01/23		EUR	100	$	131,778
Tennessee Merger Sub, Inc., 6.38%, 2/01/25 (b)(c)		USD	632		619,360
Teva Pharmaceutical Finance Netherlands III BV, 3.15%, 10/01/26 (c)			500		478,448
Valeant Pharmaceuticals International, Inc. (b):
6.75%, 8/15/18			442		442,553
6.75%, 8/15/21 (c)			1,276		1,205,820
5.63%, 12/01/21 (c)			899		813,595
6.50%, 3/15/22			360		379,800
5.88%, 5/15/23			356		306,160
7.00%, 3/15/24			566		602,790
6.13%, 4/15/25			212		180,465

					13,578,705
Producer Durables: Miscellaneous — 0.1%
CA, Inc., 3.60%, 8/15/22 (c)			660		677,310
Real Estate Investment Trusts (REITs) — 0.5%
American Tower Corp., 3.38%, 10/15/26 (c)			250		247,118
Hilton Domestic Operating Co., Inc., 4.25%, 9/01/24 (b)(c)			204		206,040
iStar, Inc., 6.00%, 4/01/22			143		148,005
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (c):
5.63%, 5/01/24			1,232		1,339,800
4.50%, 9/01/26			533		536,998
NH Hotel Group SA, 3.75%, 10/01/23		EUR	129		161,506
Starwood Property Trust, Inc., 5.00%, 12/15/21 (c)		USD	278		289,815
Trust F/1401, 6.95%, 1/30/44			376		401,850
TVL Finance PLC, (3 mo. LIBOR GBP + 4.875%), 5.20%, 5/15/23 (a)		GBP	100		133,135

					3,464,267
Real Estate Management & Development — 1.1%
Aroundtown Property Holdings PLC, 1.50%, 1/18/21 (l)		EUR	100		127,708
DEMIRE Deutsche Mittelstand Real Estate AG, 2.88%, 7/15/22			100		119,725
Howard Hughes Corp., 5.38%, 3/15/25 (b)		USD	198		205,673
Lai Sun International Finance 2012 Ltd., 5.70%, 1/18/18			2,000		2,014,984


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds	Par (000)			Value
Real Estate Management & Development (continued)
Northwest Florida Timber Finance LLC, 4.75%, 3/04/29 (b)(c)		USD	4,360	$	4,189,180
Realogy Group LLC/Realogy Co-Issuer Corp. (b)(c):
4.50%, 4/15/19			205		211,662
5.25%, 12/01/21			384		402,240
4.88%, 6/01/23			995		1,004,950

					8,276,122
Road & Rail — 0.9%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (b):
5.13%, 6/01/22			462		460,845
5.25%, 3/15/25			29		28,239
Avis Budget Finance PLC, 4.13%, 11/15/24		EUR	100		118,131
Burlington Northern Santa Fe LLC, 4.38%, 9/01/42 (c)		USD	500		543,685
Herc Rentals, Inc. (b):
7.50%, 6/01/22			125		135,313
7.75%, 6/01/24 (c)			255		276,675
Hertz Corp. (b):
7.63%, 6/01/22 (c)			323		319,770
5.50%, 10/15/24			84		68,460
Hertz Holdings Netherlands BV, 4.13%, 10/15/21		EUR	100		115,039
Lima Metro Line 2 Finance Ltd., 5.88%, 7/05/34 (b)(c)		USD	4,000		4,330,000
RAC Bond Co. PLC, 5.00%, 11/06/22		GBP	100		131,729
Union Pacific Corp., 4.05%, 11/15/45 (c)		USD	500		520,338
United Rentals North America, Inc., 6.13%, 6/15/23			63		65,914

					7,114,138
Semiconductors & Semiconductor Equipment — 1.0%
Advanced Micro Devices, Inc., 7.50%, 8/15/22			89		100,125
Analog Devices, Inc., 3.50%, 12/05/26 (c)			320		326,273
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 1/15/27 (b)(c)			2,600		2,668,575
Microchip Technology, Inc. (l):
1.63%, 2/15/25			83		129,688
2.13%, 12/15/37			75		253,734
Micron Technology, Inc.:
5.25%, 8/01/23 (b)(c)			395		412,775
5.50%, 2/01/25			11		11,670
Series G, 3.00%, 11/15/43 (l)			860		925,037
Microsemi Corp., 9.13%, 4/15/23 (b)			22		25,300


Corporate Bonds	Par (000)			Value
Semiconductors & Semiconductor Equipment (continued)
NXP BV/NXP Funding LLC (b)(c):
4.13%, 6/15/20		USD	760	$	794,200
4.13%, 6/01/21			203		212,896
4.63%, 6/15/22			410		440,238
3.88%, 9/01/22			200		208,000
4.63%, 6/01/23			224		241,960
QUALCOMM, Inc., 4.65%, 5/20/35 (c)			400		440,652
Sensata Technologies BV, 5.00%, 10/01/25 (b)			15		15,788
Sensata Technologies UK Financing Co. PLC, 6.25%, 2/15/26 (b)(c)			540		588,600

					7,795,511
Software — 2.0%
ACI Worldwide, Inc., 6.38%, 8/15/20 (b)(c)			580		592,325
BMC Software Finance, Inc., 8.13%, 7/15/21 (b)(c)			2,079		2,151,765
Genesys Telecommunications Laboratories, Inc. /Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24 (b)(c)			210		238,350
Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.63%, 11/15/24 (b)(c)			564		609,120
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 8/01/22 (b)			51		48,450
Infor US, Inc., 6.50%, 5/15/22 (c)			1,857		1,933,601
Informatica LLC, 7.13%, 7/15/23 (b)(c)			376		383,050
JDA Escrow LLC/JDA Bond Finance, Inc., 7.38%, 10/15/24 (b)(c)			374		390,830
Microsoft Corp., 3.70%, 8/08/46 (c)			1,750		1,728,611
Nuance Communications, Inc.:
5.38%, 8/15/20 (b)(c)			47		47,705
6.00%, 7/01/24 (c)			220		235,125
5.63%, 12/15/26 (b)			153		162,945
Oracle Corp., 4.00%, 7/15/46 (c)			1,500		1,523,381
PTC, Inc., 6.00%, 5/15/24			119		128,074
Solera LLC/Solera Finance, Inc., 10.50%, 3/01/24 (b)(c)			1,555		1,788,250
SS&C Technologies Holdings, Inc., 5.88%, 7/15/23 (c)			584		620,500
TIBCO Software, Inc., 11.38%, 12/01/21 (b)(c)			999		1,097,651


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds	Par (000)			Value
Software (continued)
Veritas US, Inc./Veritas Bermuda Ltd.:
7.50%, 2/01/23 (b)(c)		USD	415	$	449,238
7.50%, 2/01/23		EUR	100		127,850
10.50%, 2/01/24 (b)(c)		USD	801		887,108

					15,511,849
Specialty Retail — 0.2%
Asbury Automotive Group, Inc., 6.00%, 12/15/24 (c)			335		342,537
JC Penney Corp., Inc.:
8.13%, 10/01/19			50		54,563
6.38%, 10/15/36			29		21,460
7.40%, 4/01/37			87		69,165
L Brands, Inc., 6.88%, 11/01/35 (c)			424		407,040
Lowe’s Cos., Inc., 4.65%, 4/15/42 (c)			400		439,708
Penske Automotive Group, Inc., 5.50%, 5/15/26			32		32,080
PetSmart, Inc., 5.88%, 6/01/25 (b)			158		151,680

					1,518,233
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc., 4.65%, 2/23/46 (c)			1,500		1,685,544
Diamond 1 Finance Corp./Diamond 2 Finance Corp. (b):
4.42%, 6/15/21			25		26,385
7.13%, 6/15/24 (c)			774		861,306
6.02%, 6/15/26			170		189,351
8.35%, 7/15/46			100		130,604
Riverbed Technology, Inc., 8.88%, 3/01/23 (b)			180		178,650
Western Digital Corp. (c):
7.38%, 4/01/23 (b)			515		565,212
10.50%, 4/01/24			287		339,736

					3,976,788
Textiles, Apparel & Luxury Goods — 0.0%
BiSoho SAS, 5.88%, 5/01/23		EUR	90		115,610
Hanesbrands, Inc., 4.63%, 5/15/24 (b)		USD	59		60,254
Springs Industries, Inc., 6.25%, 6/01/21			59		60,622

					236,486
Thrifts & Mortgage Finance — 0.1%
Jerrold Finco PLC, 6.25%, 9/15/21		GBP	100		136,888
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 3/15/22 (b)(c)		USD	422		435,187


Corporate Bonds	Par (000)			Value
Thrifts & Mortgage Finance (continued)
MGIC Investment Corp., 5.75%, 8/15/23		USD	101	$	110,090

					682,165
Tobacco — 0.3%
Altria Group, Inc., 4.50%, 5/02/43 (c)			750		791,560
Philip Morris International, Inc., 4.38%, 11/15/41 (c)			900		930,329
Reynolds American, Inc., 5.85%, 8/15/45 (c)			715		868,749

					2,590,638
Trading Companies & Distributors — 0.3%
Doric Nimrod Air Alpha Ltd. Pass-Through Trust (b):
Series 2012-1, Class B, 6.50%, 5/30/21			292		302,491
Series 2013-1, Class A, 5.25%, 5/30/25 (c)			2,035		2,126,778

					2,429,269
Transportation Infrastructure — 0.4%
CEVA Group PLC, 7.00%, 3/01/21 (b)(c)			510		488,325
CMA CGM SA, 7.75%, 1/15/21		EUR	100		124,299
Empresa de Transporte de Pasajeros Metro SA, 5.00%, 1/25/47 (b)(c)		USD	264		286,445
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26 (b)(c)			390		387,228
Rumo Luxembourg Sarl, 7.38%, 2/09/24 (b)(c)			1,042		1,083,576
Swissport Investments SA, 9.75%, 12/15/22		EUR	100		129,445
Transurban Finance Co. Property Ltd., 4.13%, 2/02/26 (b)(c)		USD	520		541,503
WFS Global Holding SAS, 9.50%, 7/15/22		EUR	100		128,442

					3,169,263
Utilities — 0.6%
AES Panama SRL, 6.00%, 6/25/22 (b)(c)		USD	291		305,914
ContourGlobal Power Holdings SA, 5.13%, 6/15/21		EUR	100		124,187
Emera US Finance LP, 4.75%, 6/15/46 (c)		USD	200		214,227
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 7/27/23 (b)(c)			967		1,051,226


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Corporate Bonds	Par (000)			Value
Utilities (continued)
Inkia Energy Ltd., 8.38%, 4/04/21 (b)		USD	377	$	387,744
Stoneway Capital Corp., 10.00%, 3/01/27 (b)(c)			2,011		2,111,550

					4,194,848
Wireless Telecommunication Services — 2.6%
Communications Sales & Leasing, Inc./CSL Capital LLC:
8.25%, 10/15/23 (c)			786		809,580
7.13%, 12/15/24 (b)			84		82,320
CyrusOne LP/CyrusOne Finance Corp. (b):
5.00%, 3/15/24 (c)			375		390,000
5.38%, 3/15/27			25		26,406
Digicel Group Ltd. (b):
8.25%, 9/30/20			295		282,831
7.13%, 4/01/22 (c)			294		261,072
Digicel Ltd., 6.00%, 4/15/21 (b)(c)			5,000		4,860,000
GEO Group, Inc.:
5.13%, 4/01/23 (c)			553		558,530
5.88%, 10/15/24			57		59,209
6.00%, 4/15/26			71		73,921
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 2/15/25 (b)(c)			428		428,535
SBA Communications Corp., 4.88%, 9/01/24 (c)			309		321,360
Softbank Corp., 4.50%, 4/15/20 (b)(c)			1,500		1,546,875
Sprint Capital Corp.:
6.90%, 5/01/19			155		164,881
6.88%, 11/15/28 (c)			1,084		1,181,560
8.75%, 3/15/32 (c)			895		1,109,800
Sprint Communications, Inc. (b)(c):
9.00%, 11/15/18			921		996,982
7.00%, 3/01/20			541		591,043
Sprint Corp.:
7.25%, 9/15/21			115		127,650
7.88%, 9/15/23 (c)			1,526		1,732,010
7.13%, 6/15/24 (c)			1,684		1,846,085
7.63%, 2/15/25			115		129,663
T-Mobile USA, Inc.:
4.00%, 4/15/22 (c)			234		243,506
6.00%, 3/01/23			40		42,300
6.84%, 4/28/23 (c)			610		647,362
6.50%, 1/15/24 (c)			440		473,000
5.13%, 4/15/25 (c)			238		252,280
5.38%, 4/15/27			143		154,440
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.88%, 5/01/22 (b)			124		130,200


Corporate Bonds	Par (000)			Value
Wireless Telecommunication Services (continued)
Uniti Group, Inc./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.13%, 12/15/24 (b)		USD	179	$	175,420
Wind Acquisition Finance SA, 4.00%, 7/15/20		EUR	100		119,860
Xplornet Communications, Inc., (9.63% Cash or 10.63% PIK), 9.63%, 6/01/22 (b)(h)		USD	104		107,900

					19,926,581
Total Corporate Bonds – 65.3%					492,910,686



Floating Rate Loan Interests (m)
Aerospace & Defense — 0.0%
Sequa Mezzanine Holdings L.L.C., 2nd Lien Term Loan, (3 mo. LIBOR US + 9.00%), 10.31%, 4/28/22 (d)			73		74,460
Air Freight & Logistics — 0.0%
CEVA Group PLC, Letter of Credit, (3 mo. LIBOR US + 5.30361%), 6.50%, 3/19/21			29		26,775
CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR US + 5.5%), 6.81%, 3/19/21			30		27,842
CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR US + 5.5%), 6.81%, 3/19/21			4		4,206
CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR US + 5.5%), 6.81%, 3/19/21			43		39,651

					98,474
Auto Components — 0.0%
USI, Inc., 2017 Term Loan B, (3 mo. LIBOR US + 3%), 4.18%, 5/16/24			104		103,676
Chemicals — 0.0%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR US + 3%), 4.30%, 1/31/24			142		143,243
Element Materials Technology Group US Holdings, Inc., 2017 USD Term Loan B, (3 mo. LIBOR US + 3.5%), 4.71%, 6/01/24		USD	61		61,817

					205,060
Commercial Services & Supplies — 0.1%
Asurion LLC, 2017 2nd Lien Term Loan, (3 mo. LIBOR + 6.000%), 6.00%, 7/11/25			274		280,765


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Floating Rate Loan Interests (m)	Par (000)			Value
Garda World Security Corporation, 2017 Term Loan, (PRIME + 3%), 7.25%, 5/24/24		USD	221	$	223,898

					504,663
Construction & Engineering — 0.2%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR US + 4.25%), 5.56%, 6/21/24			1,305		1,314,788
Diversified Consumer Services — 0.0%
Ascend Learning, LLC, 2017 Term Loan B, (3 mo. LIBOR US + 3.25%), 4.53%, 7/05/22			72		72,562
Laureate Education, Inc., 2017 Term Loan B, (1 mo. LIBOR US + 4.5%), 5.73%, 4/26/24			145		146,310

					218,872
Diversified Financial Services — 10.1%
Aviron Capital LLC, Term Loan, (2 mo. LIBOR US + 15%), 15.00%, 10/31/17 (d)			11,682		11,681,987
Aviron Capital, LLC, 2017 Term Loan, (3 mo. LIBOR US + 5%), 5.00%, 7/13/20			63,318		63,318,013
Diamond (BC) B.V., USD Term Loan, 3.73%, 7/12/24			134		134,111
Lone Star LSPT Future Funding, Mezzanine Term Loan, (1 mo. LIBOR US + 4.35426%), 6.24%, 9/09/20 (d)			814		810,101

					75,944,212
Diversified Telecommunication Services — 0.1%
CenturyLink, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.750%), 2.75%, 1/31/25			909		896,219
Electrical Equipment — 0.1%
Gates Global LLC, 2017 Term Loan B, (3 mo. LIBOR US + 3.25%), 4.55%, 4/01/24			330		332,321
Energy Equipment & Services — 0.0%
Weatherford International Ltd., Term Loan, (1 mo. LIBOR US + 2.3%), 4.03%, 7/13/20		USD	281	$	271,694
Food Products — 0.0%
Chobani LLC, 1st Lien Term Loan, (1 mo. LIBOR US + 4.25%), 5.48%, 10/07/23			71		71,265


Floating Rate Loan Interests (m)	Par (000)			Value
Health Care Equipment & Supplies — 0.2%
DJO Finance LLC, 2015 Term Loan, (1 mo. LIBOR US + 3.25%), 4.48%, 6/08/20		USD	626	$	623,909
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR US + 5%), 6.24%, 6/15/21			717		726,258
Ortho-Clinical Diagnostics, Inc., Term Loan B, (3 mo. LIBOR US + 3.75%), 5.05%, 6/30/21			40		39,931

					1,390,098
Health Care Providers & Services — 0.1%
Iasis Healthcare LLC, Term Loan B3, (3 mo. LIBOR US + 4%), 5.30%, 2/16/21			79		79,197
inVentiv Health, Inc., 2016 Term Loan B, (3 mo. LIBOR US + 3.75%), 4.95%, 11/09/23			142		142,561
Surgery Center Holdings, Inc., 2017 Term Loan B, 4.44%, 6/06/24			159		160,391
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR US + 2.75%), 3.98%, 2/06/24			56		55,633

					437,782
Hotels, Restaurants & Leisure — 2.9%
Caesars Entertainment Resort Properties LLC, Term Loan B, (1 mo. LIBOR US + 3.5%), 4.73%, 10/11/20			3,297		3,326,142
Hilton Ft. Lauderdale, Mezzanine Term Loan 5, (1 mo. LIBOR US + 6%), 7.22%, 8/04/19 (d)			6,500		6,321,250
Hilton Los Cabos, B-Note, (1 mo. LIBOR US + 8%), 9.41%, 9/18/18 (d)			5,375		5,294,375
Hilton Orlando, Mezzanine A3, (1 mo. LIBOR US + 5.5%), 7.41%, 7/09/19 (d)			7,250		7,250,000

					22,191,767
Industrial Conglomerates — 0.1%
Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR US + 4%), 5.23%, 11/30/23			352		355,509
Sequa Corp., 1st Lien Term Loan, (2 mo. LIBOR US + 5.5%), 6.81%, 11/28/21			203		204,523

					560,032


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Floating Rate Loan Interests (m)	Par (000)			Value
Insurance — 0.1%
Alliant Holdings I, Inc., 2015 Term Loan B, (3 mo. LIBOR US + 3.25%), 4.56%, 8/12/22		USD	135	$	135,649
Sedgwick Claims Management Services, Inc., 1st Lien Term Loan, (1 mo. LIBOR US + 2.75%), 3.98%, 3/01/21			469		469,243

					604,892
IT Services — 0.1%
Peak 10, Inc.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.500%), 4.81%, 7/18/24			178		178,668
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.250%), 8.56%, 7/18/25			75		76,125

					254,793
Life Sciences Tools & Services — 0.0%
Albany Molecular Research, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.250%), 4.49%, 7/19/24			178		179,335
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.000%), 8.24%, 7/19/25 (d)			30		30,525

					209,860
Machinery — 0.0%
Hayward Industries, Inc., Term Loan B, (3 mo. LIBOR + 4.739%), 4.74%, 7/18/24			66		66,495
Silver II US Holdings LLC, Term Loan, (1 mo. LIBOR US + 3%), 4.23%, 12/13/19			172		172,309

					238,804
Media — 0.4%
CSC Holdings LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR US + 2.25%), 3.48%, 7/17/25			65		64,867
iHeartCommunications, Inc., Term Loan D, (1 mo. LIBOR US + 6.75%), 7.98%, 1/30/19			1,169		943,836
Intelsat Jackson Holdings SA, Term Loan B2, (3 mo. LIBOR US + 2.75%), 4.00%, 6/30/19			1,579		1,573,810

					2,582,513
Multiline Retail — 0.0%
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR US + 3.25%), 4.47%, 10/25/20			328		241,875


Floating Rate Loan Interests (m)	Par (000)			Value
Oil, Gas & Consumable Fuels — 0.4%
California Resources Corp.:
Second Out Term Loan, (1 mo. LIBOR US + 10.375%), 11.60%, 12/31/21			98	$	105,545
Term Loan A, (1 mo. LIBOR US + 3%), 5.23%, 10/01/19 (d)		USD	513		487,804
Chesapeake Energy Corp., Term Loan, (3 mo. LIBOR US + 7.5%), 8.69%, 8/23/21			2,076		2,226,649

					2,819,998
Professional Services — 0.0%
Information Resources, Inc., 1st Lien Term Loan, (1 mo. LIBOR US + 4.25%), 5.48%, 1/18/24			86		86,392
Software — 0.5%
Almonde, Inc., USD 2nd Lien Term Loan, (3 mo. LIBOR US + 7.25%), 8.46%, 6/13/25			88		90,291
BMC Software Finance, Inc., 2017 USD Term Loan, (1 mo. LIBOR US + 4%), 5.23%, 9/10/22			460		462,752
CCC Information Services, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR US + 3%), 4.24%, 4/27/24			133		133,589
2017 2nd Lien Term Loan, (1 mo. LIBOR US + 6.75%), 7.98%, 4/27/25			40		41,125
Digicel International Finance Limited, 2017 Term Loan B, (3 mo. LIBOR US + 3.75%), 4.94%, 5/28/24			493		498,793
Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR US + 8.25%), 9.42%, 11/01/24			624		646,364
Misys Europe SA, 1st Lien Term Loan, (3 mo. LIBOR US + 3.5%), 4.56%, 6/13/24			398		401,096
Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, (3 mo. LIBOR US + 3.5%), 5.73%, 4/26/24			195		194,573
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR US + 3%), 4.23%, 5/01/24			270		272,082
Veritas Bermuda Ltd., Repriced Term Loan B, (3 mo. LIBOR US + 4.5%), 5.05%, 1/27/23			1,163		1,175,879

					3,916,544
Textiles, Apparel & Luxury Goods — 0.0%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR US + 5.5%), 6.80%, 8/12/22 (d)			310		312,959


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Floating Rate Loan Interests (m)	Par (000)			Value
Trading Companies & Distributors — 0.0%
HD Supply Waterworks Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.000%), 4.46%, 8/01/24		USD	153	$	153,909
Total Floating Rate Loan Interests - 15.4%					116,037,922



Foreign Agency Obligations
Argentina Bonar Bonds, 9.00%, 11/29/18			144		152,793
Argentina Treasury Bond, 2.50%, 7/22/21		ARS	1,975		132,295
Argentine Bonos del Tesoro:
22.75%, 3/05/18			13,759		764,142
21.20%, 9/19/18			18,297		1,033,498
2.25%, 4/28/20			2,969		188,874
Argentine Republic Government International Bond:
6.25%, 4/22/19 (c)		USD	6,334		6,679,203
5.63%, 1/26/22 (c)			5,744		5,887,600
7.50%, 4/22/26 (c)			3,437		3,699,930
7.82%, 12/31/33		EUR	473		585,774
7.63%, 4/22/46 (c)		USD	2,767		2,844,476
7.13%, 6/28/17 (b)(c)			380		345,040
Banque Centrale de Tunisie International Bond, 4.50%, 6/22/20		EUR	644		794,006
Colombia Government International Bond:
11.75%, 2/25/20		USD	43		53,019
4.38%, 7/12/21 (c)			2,840		3,028,860
Cyprus Government International Bond, 4.63%, 2/03/20 (b)		EUR	2,950		3,843,388
Egypt Government International Bond:
5.75%, 4/29/20		USD	2,135		2,213,248
8.50%, 1/31/47			302		328,194
8.50%, 1/31/47 (b)			626		680,297
Iceland Government International Bond, 5.88%, 5/11/22			3,415		3,910,312
Indonesia Government International Bond:
5.88%, 3/13/20			1,648		1,800,547
7.00%, 5/15/27		IDR	4,331,000		326,190
Indonesia Treasury Bond:
8.38%, 3/15/24			1,287,000		104,330
8.38%, 9/15/26			11,141,000		904,307
7.50%, 8/15/32			10,798,000		818,927


Foreign Agency Obligations	Par (000)			Value
Indonesia Treasury Bond (continued):
8.38%, 3/15/34		IDR	10,070,000	$	813,218
8.25%, 5/15/36			12,322,000		980,748
Lebanon Government International Bond, 6.85%, 3/23/27		USD	771		776,345
Mexican Udibonos, 3.50%, 12/14/17		MXN	1,699		95,997
Peru Government Bond, 6.15%, 8/12/32 (b)		PEN	6,830		2,157,880
Portugal Government International Bond, 5.13%, 10/15/24 (b)		USD	3,680		3,769,424
Republic of Argentina, 6.88%, 1/26/27			202		207,656
Republic of South Africa Government Bond, 6.25%, 3/31/36		ZAR	37,580		2,029,370
Republic of South Africa Government International Bond:
5.50%, 3/09/20		USD	1,531		1,632,392
5.88%, 5/30/22			329		361,046
Russian Federal Bond - OFZ:
7.50%, 8/18/21		RUB	214,651		3,541,257
7.40%, 12/07/22			28,857		472,745
7.75%, 9/16/26			55,404		927,551
8.15%, 2/03/27			150,481		2,594,595
7.05%, 1/19/28			94,286		1,499,698
Slovenia Government International Bond, 5.85%, 5/10/23 (b)		USD	766		894,922
Sri Lanka Government International Bond, 5.88%, 7/25/22			3,000		3,143,067
Turkey Government Bond:
10.50%, 1/15/20		TRY	6,361		1,791,892
9.20%, 9/22/21			5,500		1,490,900
11.00%, 3/02/22			11,292		3,258,280
8.80%, 9/27/23			2,830		747,837
Turkey Government International Bond:
7.00%, 6/05/20 (c)		USD	3,762		4,131,993
7.38%, 2/05/25			427		498,663
6.00%, 3/25/27			374		402,699
Total Foreign Agency Obligations - 10.5%					79,339,425


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Non-Agency Mortgage-Backed Securities	Par (000)			Value
Collateralized Mortgage Obligations — 17.5%
American Home Mortgage Assets Trust, Series 2006-5, Class A1, (12 mo. MTA + 0.920%), 1.70%, 11/25/46 (a)		USD	6,007	$	3,174,401
CHL Mortgage Pass-Through Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.240%), 1.47%, 3/25/36 (a)			11,609		10,650,003
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.650%), 1.88%, 7/25/37 (a)			4,704		2,591,987
Series 2007-J2, Class 2A8, 6.00%, 7/25/37			2,598		2,001,522
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 3.35%, 11/25/36 (n)			6,745		6,173,687
Countrywide Alternative Loan Trust:
Series 2005-61, Class 2A1, (1 mo. LIBOR US + 0.280%), 1.51%, 12/25/35 (a)			3,441		3,110,591
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.450%), 1.68%, 5/25/35 (a)			3,821		3,289,772
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.400%), 1.63%, 12/25/36 (a)			2,711		811,304
Series 2006-7CB, Class 2A1, 6.50%, 5/25/36			3,085		2,190,274
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.500%), 2.15%, 11/20/46 (a)			6,939		4,360,237
Series 2006-J8, Class A5, 6.00%, 2/25/37			2,073		1,451,548
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.850%), 1.63%, 11/25/46 (a)			10,234		10,291,152
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.190%), 1.42%, 10/25/46 (a)			6,986		6,404,054
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.120%), 1.35%, 12/25/46 (a)			4,225		3,807,944
Series 2006-OA22, Class A1, (1 mo. LIBOR US + 0.160%), 1.39%, 2/25/47 (a)			3,988		3,716,637


Non-Agency Mortgage-Backed Securities	Par (000)			Value
Collateralized Mortgage Obligations (continued)
Countrywide Alternative Loan Trust (continued):
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.210%), 1.44%, 7/25/46 (a)		USD	7,941	$	6,511,011
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 1.42%, 7/25/46 (a)			3,096		2,738,260
Series 2007-12T1, Class A22, 5.75%, 6/25/37 (c)			5,723		4,744,525
Series 2007-12T1, Class A5, 6.00%, 6/25/37			2,777		2,362,783
Series 2007-22, Class 2A16, 6.50%, 9/25/37			10,072		7,123,480
Series 2007-23CB, Class A1, 6.00%, 9/25/37			7,976		6,690,822
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.350%), 1.58%, 4/25/37 (a)			4,793		3,742,231
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.840%), 1.62%, 3/25/47 (a)			5,053		3,912,180
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 1.43%, 4/25/46 (a)			9,549		8,300,073
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 3.13%, 5/26/37 (b)(d)(e)			13,987		11,329,456
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 5/25/36 (n)			8,642		3,938,120
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1 mo. LIBOR US + 0.600%), 1.83%, 8/25/36 (a)(g)			7,186		2,391,432
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.770%), 1.55%, 5/25/47 (a)			5,006		4,529,115

					132,338,601


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Non-Agency Mortgage-Backed Securities	Par (000)			Value
Commercial Mortgage-Backed Securities — 4.5%
Bank of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2013-DSMZ, Class M, (1 mo. LIBOR + 5.690%), 6.85%, 9/15/18 (a)(b)(d)		USD	7,500	$	7,323,750
CG-CCRE Commercial Mortgage Trust, Series 2014-FL1, Class E, (1 mo. LIBOR + 4.650%), 5.88%, 6/15/31 (a)(b)			1,931		1,928,611
Commercial Mortgage Pass-Through Certificates (a)(b):
Series 2014-FL5, Class HFL1, (1 mo. LIBOR + 3.250%), 4.48%, 7/15/31 (d)			6,057		5,858,196
Series 2014-PAT, Class E, (1 mo. LIBOR + 3.150%), 4.14%, 8/13/27			1,000		1,004,507
Series 2014-PAT, Class F, (1 mo. LIBOR + 2.441%), 3.43%, 8/13/27			3,000		2,941,244
Series 2014-PAT, Class G, (1 mo. LIBOR + 1.593%), 2.58%, 8/13/27			2,000		1,986,900
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class B, 4.88%, 7/15/37			760		759,178
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class GFX, 3.38%, 12/15/34 (b)(n)			2,500		2,409,820
Great Wolf Trust (a)(b):
Series 2015-WFMZ, Class M, (1 mo. LIBOR + 6.988%), 8.15%, 5/15/32			3,300		3,308,229
Series 2015-WOLF, Class F, (1 mo. LIBOR + 5.000%), 6.16%, 5/15/34			1,080		1,079,990
Madison Avenue Trust, Series 2013-650M, Class E, 4.03%, 10/12/32 (b)(n)			5,000		4,973,792

					33,574,217
Total Non-Agency Mortgage-Backed Securities — 22.0%					165,912,818



Preferred Securities
Capital Trusts
Banks — 4.3%
Allied Irish Banks PLC, 7.38% (i)(k)			200		260,732


Capital Trusts	Par (000)			Value
Banks (continued)
Banco Bilbao Vizcaya Argentaria SA, 8.88% (i)(k)		USD	200	$	278,785
Banco Santander SA, 6.25% (i)(k)			100		123,426
BNP Paribas SA, 7.20% (b)(c)(i)(k)			4,000		4,622,480
Capital One Financial Corp., Series E, 5.55% (c)(i)(k)			3,500		3,688,125
CIT Group, Inc., 5.80% (c)(i)(k)			567		591,806
Citigroup, Inc. (c)(i)(k):
5.90%			2,250		2,435,917
Series M, 5.95%			3,700		3,973,800
Series R, 6.13%			1,170		1,256,288
Cooperatieve Rabobank UA, 6.63% (i)(k)			200		267,065
Erste Group Bank AG, 6.50% (i)(k)			200		259,300
Fifth Third Bancorp, Series J, 4.90% (c)(i)(k)			3,000		3,041,250
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 1.50% (a)			100		81,970
Intesa Sanpaolo SpA, 7.00% (i)(k)			234		300,555
RZB Finance Jersey IV Ltd., 1.62% (i)(k)			100		115,125
U.S. Bancorp, Series J, 5.30% (c)(i)(k)			324		343,440
Wells Fargo & Co. (c)(i)(k):
Series S, 5.90%			9,010		9,787,112
Series U, 5.88%			770		853,738

					32,280,914
Capital Markets — 1.1%
Goldman Sachs Group, Inc., Series L, 5.70% (c)(i)(k)			967		1,010,012
Morgan Stanley, Series H, 5.45% (c)(i)(k)			5,007		5,182,245


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Capital Trusts	Par (000)			Value
Capital Markets (continued)
State Street Corp., Series F, 5.25% (c)(i)(k)		USD	1,875	$	1,968,244
UBS Group AG, 5.75% (i)(k)			200		265,763

					8,426,264
Chemicals — 0.0%
Lanxess AG, 4.50% (i)			50		64,739
Solvay Finance SA, 5.12% (i)(k)			100		131,873

					196,612
Diversified Financial Services — 4.3%
Bank of America Corp. (c)(i)(k):
Series AA, 6.10%			2,865		3,158,663
Series U, 5.20%			1,750		1,811,250
Series V, 5.13%			705		719,015
Series X, (3 mo. LIBOR US + 3.705%), 6.25%			6,175		6,807,937
Bank of New York Mellon Corp., Series D, 4.50% (c)(i)(k)			6,067		6,078,224
Barclays PLC, 7.25% (i)(k)			200		285,370
HBOS Capital Funding LP, 6.85% (k)			200		204,340
HSBC Holdings PLC, 6.00% (c)(i)(k)			695		728,951
JPMorgan Chase & Co. (c)(i)(k):
Series Q, 5.15%			5,500		5,713,125
Series V, 5.00%			3,830		3,906,140
Royal Bank of Scotland Group PLC, 8.63% (i)(k)			200		220,876
Societe Generale SA, 6.00% (b)(c)(i)(k)			3,000		3,065,040

					32,698,931
Diversified Telecommunication Services — 0.1%
Telefonica Europe BV (i)(k):
3.75%			100		123,900


Capital Trusts	Par (000)				Value
Diversified Telecommunication Services (continued)
Telefonica Europe BV (i)(k):
4.20%		USD		300	$	377,272

						501,172
Electric Utilities — 1.1%
Electricite de France SA, 5.25% (b)(c)(i)(k)				7,500		7,753,125
Enel SpA (i):
6.50%				102		130,558
7.75%				100		150,120
Gas Natural Fenosa Finance BV, 4.13% (i)(k)				100		127,444

						8,161,247
Industrial Conglomerates — 0.8%
General Electric Co., Series D, 5.00% (c)(i)(k)				5,921		6,242,451
Insurance — 1.3%
Allstate Corp., 5.75%, 8/15/53 (c)(i)				2,000		2,202,500
Prudential Financial, Inc., 5.63%, 6/15/43 (c)(i)				6,000		6,570,000
Voya Financial, Inc., 5.65% (c)(i)				1,090		1,169,025

						9,941,525
Oil, Gas & Consumable Fuels — 0.0%
TOTAL SA, 3.88% (i)(k)				100		128,189
Total Capital Trusts — 11.9%						98,577,305



Preferred Stocks			Shares
Banks — 0.3%
Citigroup, Inc., Series K, 6.88% (i)(k)				75,015		2,247,750
Capital Markets — 2.3%
Goldman Sachs Group, Inc., Series J, 5.50% (i)(k)				395,021		10,973,572
Morgan Stanley (i)(k):
Series F, 6.88%				100,004		2,947,000
Series K, 5.85%				89,333		2,435,109
SCE Trust III, Series H, 5.75% (i)(k)				23,733		684,610

						17,040,291


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Preferred Stocks			Shares		Value
Real Estate Investment Trusts (REITs) — 1.9%
Firstar Realty LLC, 8.88% (b)(k)				10,008	$	12,359,375
SunTrust Real Estate Investment Corp., 9.00% (b)(d)(k)				22		1,740,661

						14,100,036
Total Preferred Stocks — 4.4%						33,388,077
Total Preferred Securities — 17.5%						131,965,382



U.S. Government Sponsored Agency Securities	Par (000)
Collateralized Mortgage Obligations — 2.1%
Fannie Mae (a):
Series 2016-C06, Class 1M2, (1 mo. LIBOR US + 4.250%), 5.48%, 4/25/29		USD		545		612,691
Series 2016-C07, Class 2M2, (1 mo. LIBOR US + 4.350%), 5.58%, 5/25/29				3,455		3,849,244
Fannie Mae Connecticut Avenue Securities, Series 2017-C02, Class 2M2, (1 mo. LIBOR US + 3.650%), 4.88%, 9/25/29 (a)				3,000		3,239,013
Freddie Mac Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44 (c)				4,890		5,170,653
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA2, Class M2, (1 mo. LIBOR US + 3.450%), 4.68%, 10/25/29 (a)				3,000		3,231,308
Total U.S. Government Sponsored Agency Securities — 2.1%						16,102,909



Warrants — 0.0%
Diversified Financial Services — 0.0%
Aviron Capital LLC (Expires 10/20/17) (o)				38,421,669		—


			Value
Total Long-Term Investments (Cost — $1,153,266,249) — 158.4%			$	1,195,125,607



Short-Term Securities	Shares
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.89% (p)(q)		11,209,050		11,209,050
Total Short-Term Securities (Cost — $11,209,050) — 1.5%				11,209,050
Options Purchased (Cost — $106,873) — 0.0%				78,178
Total Investments Before Options Written (Cost — $1,164,582,172) — 159.9%				1,206,412,835
Options Written (Premiums Received — $52,451) — (0.0)%				(47,864	)
Total Investments, Net of Options Written (Cost — $1,164,529,721*) — 159.9%				1,206,364,971
Liabilities in Excess of Other Assets — (59.9)%				(451,711,004	)

Net Assets — 100.0%			$	754,653,967


*		As of July 31, 2017, gross unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:



Tax cost	$	1,149,907,812

Gross unrealized appreciation	$	56,052,545
Gross unrealized depreciation		(452,478	)

Net unrealized appreciation	$	56,505,023

Notes to Consolidated Schedule of Investments

(a)

Floating rate security. Rate shown is the rate in effect as of period end.

(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)

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

(d)

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

(e)

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)

(f)

Amount is less than $500.

(g)

When-issued security.

(h)

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

(i)

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

(j)

Zero-coupon bond.

(k)

Perpetual security with no stated maturity date.

(l)

Convertible security.

(m)

Variable rate security. Rate shown is the rate in effect as of period end.

(n)

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

(o)

All or a portion of the security is held by a wholly-owned subsidiary.

(p)

During the period ended July 31, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliate	Shares Held at October 31, 2016		Shares Purchased			Shares Sold			Shares Held at July 31, 2017		Value at July 31, 2017		Income		Net Realized Gain¹		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		6,322,410		4,886,640	²		—			11,209,050	$	11,209,050	$	27,894	$	35		—
iShares MSCI Emerging Markets ETF		—		13,000			(13,000	)		—		—		2,492		15,857		—
Total											$	11,209,050	$	30,386	$	15,892		—

Includes net capital gain distributions.

Represents net shares purchased.

(q)

Current yield as of period end.

For Trust compliance purposes, the 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.


Portfolio Abbreviations


ARS		Argentine Peso
AUD		Australian Dollar
BRL		Brazilian Real
CLO		Collateralized Loan Obligation
CLP		Chilean Peso
COP		Certificates of Participation
ETF		Exchange-Traded Fund


EUR		Euro
GBP		British Pound
IDR		Indonesian Rupiah
MXN		Mexican Peso
MYR		Malaysian Ringgit
PIK		Payment-In-Kind
REMIC		Real Estate Mortgage Investment Conduit


RUB		Russian Ruble
TRY		Turkish Lira
TWD		Taiwan Dollar
USD		U.S. Dollar
ZAR		South African Rand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open	$	776,000	$	781,026	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		228,000		229,520	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		206,000		207,373	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		179,000		180,193	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		665,000		669,307	Capital Trusts	Open/Demand
RBC Capital Markets, LLC		1.34	%		1/06/17		Open		463,750		466,958	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.34	%		1/06/17		Open		382,193		384,837	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.34	%		1/06/17		Open		440,000		443,044	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.34	%		1/06/17		Open		267,000		268,847	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.34	%		1/06/17		Open		357,825		360,301	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.34	%		1/06/17		Open		353,350		355,795	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.34	%		1/06/17		Open		729,375		734,421	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.34	%		1/06/17		Open		290,625		292,636	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.34	%		1/06/17		Open		300,800		302,881	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		763,125		764,541	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/06/17		Open		184,800		184,850	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/06/17		Open		231,295		231,358	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/06/17		Open		27,440		27,447	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/06/17		Open		120,350		120,383	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/6/17		Open		391,050		394,214	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		391,425		392,094	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		3,198,125		3,216,403	Capital Trusts	Open/Demand
UBS Securities LLC		1.75	%		3,16,17		Open		3,399,375		3,418,803	Capital Trusts	Open/Demand
RBC Capital Markets, LLC		1.59	%		1/06/17		Open		442,500		445,564	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		1/06/17		Open		287,250		289,239	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.59	%		1/06/17		Open	$	482,500	$	485,841	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		1/06/17		Open		508,750		512,273	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		1/06/17		Open		503,750		507,239	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		1/06/17		Open		240,625		242,291	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		1/06/17		Open		644,000		648,460	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		1/06/17		Open		411,000		413,846	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		1/06/17		Open		1,017,500		1,024,546	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		1/06/17		Open		253,125		254,878	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/09/17		Open		764,660		771,621	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/17/17		Open		502,848		507,308	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/18/17		Open		736,800		743,090	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/18/17		Open		537,600		542,232	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/18/17		Open		693,504		699,479	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/18/17		Open		687,608		693,532	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/18/17		Open		1,288,064		1,299,161	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/18/17		Open		819,400		826,459	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/18/17		Open		653,808		659,441	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/20/17		Open		403,760		407,207	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		1/20/17		Open		2,396,192		2,416,649	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.65	%		1/30/17		Open		336,550		338,947	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/03/17		Open		123,975		124,910	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/03/17		Open		927,350		934,762	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/03/17		Open		487,640		491,538	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/03/17		Open		551,475		555,883	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/06/17		Open		310,980		313,429	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/06/17		Open		442,400		445,885	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.95	%		2/06/17		Open	$	1,428,430	$	1,439,570	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/07/17		Open		271,990		274,101	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/08/17		Open		311,040		313,441	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/09/17		Open		163,400		164,668	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		2/10/17		Open		585,000		588,624	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/15/17		Open		405,450		408,502	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/15/17		Open		1,578,450		1,590,330	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/15/17		Open		258,570		260,516	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/15/17		Open		397,100		400,089	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/15/17		Open		852,600		859,017	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/15/17		Open		569,600		573,887	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/16/17		Open		202,364		203,879	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/23/17		Open		1,422,080		1,431,397	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		504,000		507,617	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		925,100		931,739	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		251,875		253,683	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		860,655		866,831	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		267,090		269,007	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		273,075		275,035	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		255,200		257,031	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		340,200		342,641	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		331,470		333,849	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		308,000		310,210	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		741,125		746,444	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		264,275		266,172	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		381,840		384,580	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.95	%		2/24/17		Open	$	320,460	$	322,760	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		269,775		271,711	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		2/24/17		Open		400,200		403,072	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/01/17		Open		214,650		216,149	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/01/17		Open		260,260		262,077	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/01/17		Open		222,600		224,154	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/01/17		Open		241,165		242,849	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/06/17		Open		711,000		715,907	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/06/17		Open		359,640		362,122	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/07/17		Open		655,200		659,571	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/07/17		Open		423,916		426,777	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/07/17		Open		1,048,381		1,055,456	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/08/17		Open		258,375		260,089	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/09/17		Open		558,740		562,380	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/09/17		Open		209,125		210,488	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/10/17		Open		293,460		295,458	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/10/17		Open		221,610		223,118	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/10/17		Open		301,785		303,839	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		167,000		168,113	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		121,000		121,807	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		202,000		203,346	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		162,000		163,080	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		231,000		232,540	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		299,000		300,993	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		140,000		140,933	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		189,000		190,260	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open	$	272,000	$	273,813	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		220,000		221,466	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		237,000		238,580	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/13/17		Open		439,000		441,836	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/15/17		Open		125,000		125,810	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.55	%		3/16/17		Open		1,753,000		1,761,685	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.55	%		3/16/17		Open		2,535,000		2,547,559	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.55	%		3/16/17		Open		2,413,000		2,424,954	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.55	%		3/16/17		Open		1,924,000		1,933,532	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		151,000		151,978	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		227,630		229,104	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		727,000		731,708	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		170,000		171,101	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		469,000		472,037	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		136,000		136,881	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,522,000		1,531,857	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		2,015,000		2,028,050	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		755,000		759,890	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,852,000		1,863,994	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,694,000		1,704,971	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		741,000		745,799	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,837,500		1,849,400	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		2,525,000		2,541,353	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		5,729,000		5,766,103	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		3,224,000		3,244,880	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		706,000		710,572	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open	$	2,859,000	$	2,877,516	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		2,700,000		2,717,486	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		307,000		308,988	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,176,000		1,183,616	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		314,094		316,128	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		4,544,000		4,573,429	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		2,619,000		2,635,962	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		2,231,000		2,245,449	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		967,000		973,263	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		130,000		130,842	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		901,000		906,835	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		207,000		208,341	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,242,000		1,250,044	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		555,000		558,594	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		843,000		848,460	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		460,000		462,979	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,105,000		1,112,156	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		922,000		927,971	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		124,000		124,803	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,254,000		1,262,121	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		377,000		379,442	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		71,000		71,460	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,504,000		1,513,740	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,050,000		1,056,800	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		939,000		945,081	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,393,000		1,402,022	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open	$	43,000	$	43,278	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,240,000		1,248,031	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,072,000		1,078,943	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		838,000		843,427	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		127,000		127,823	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,110,000		1,117,189	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		164,000		165,062	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		623,000		627,035	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		122,000		122,790	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,472,000		1,481,533	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		1,153,000		1,160,467	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		533,781		537,238	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		314,000		316,034	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		582,000		585,769	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		226,000		227,464	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/16/17		Open		61,000		61,395	Corporate Bonds	Open/Demand
UBS Ltd.		1.75	%		3/16/17		Open		124,000		124,709	Corporate Bonds	Open/Demand
UBS Ltd.		1.75	%		3/16/17		Open		3,266,000		3,284,666	Corporate Bonds	Open/Demand
UBS Securities LLC		1.50	%		3/16/17		Open		5,250,000		5,275,010	Corporate Bonds	Open/Demand
UBS Securities LLC		1.50	%		3/16/17		Open		5,218,125		5,242,984	Capital Trusts	Open/Demand
UBS Securities LLC		1.50	%		3/16/17		Open		6,984,375		7,017,648	Capital Trusts	Open/Demand
UBS Securities LLC		1.50	%		3/16/17		Open		3,855,000		3,873,365	Corporate Bonds	Open/Demand
UBS Securities LLC		1.50	%		3/16/17		Open		8,525,000		8,565,612	Capital Trusts	Open/Demand
UBS Securities LLC		1.55	%		3/16/17		Open		326,700		328,319	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		2,553,750		2,568,345	Capital Trusts	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		849,751		854,608	Capital Trusts	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		1,180,699		1,187,447	Capital Trusts	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		775,013		779,442	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		641,331		644,997	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		1,548,500		1,557,350	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		89,378		89,888	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		795,600		800,147	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		419,063		421,458	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		461,645		464,283	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		702,050		706,062	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		850,500		855,361	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
UBS Securities LLC		1.75	%		3/16/17		Open	$	2,621,250	$	2,636,231	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		371,009		373,129	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		4,148,438		4,172,147	Capital Trusts	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		4,175,000		4,198,861	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		3,700,550		3,721,700	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		3,840,000		3,861,947	Capital Trusts	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		429,721		432,177	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		363,308		365,384	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		137,638		138,424	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		525,625		528,629	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		1,020,275		1,026,106	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		738,650		742,872	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/16/17		Open		1,061,775		1,067,843	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/17/17		Open		218,000		219,381	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		1.70	%		3/20/17		Open		4,637,500		4,662,375	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		1.75	%		3/20/17		Open		6,142,500		6,176,582	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		2.00	%		3/20/17		Open		234,375		235,892	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		2.00	%		3/20/17		Open		916,300		922,231	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		2.00	%		3/20/17		Open		792,188		797,315	Corporate Bonds	Open/Demand
Barclays Capital, Inc.		2.00	%		3/20/17		Open		2,064,375		2,077,736	Capital Trusts	Open/Demand
Barclays Capital, Inc.		2.00	%		3/20/17		Open		1,009,613		1,016,147	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/21/17		Open		3,262,000		3,282,510	Foreign Agency Obligations	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/21/17		Open		2,253,000		2,267,166	Foreign Agency Obligations	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/21/17		Open		403,500		405,999	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		3/21/17		Open		2,470,000		2,482,245	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		3/21/17		Open		1,880,000		1,889,320	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/21/17		Open		1,949,600		1,961,858	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/21/17		Open		113,400		114,102	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/22/17		Open		737,070		741,600	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/27/17		Open		719,377		723,696	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		3/27/17		Open		230,420		231,622	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		3/28/17		Open		446,160		448,776	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		3/31/17		Open		444,000		446,498	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/03/17		Open		148,570		149,413	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/03/17		Open		208,800		209,985	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/03/17		Open		165,750		166,690	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.95	%		4/06/17		Open	$	172,713	$	173,660	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/06/17		Open		243,285		244,619	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/06/17		Open		937,900		943,044	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/06/17		Open		624,160		627,583	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/06/17		Open		339,528		341,390	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/06/17		Open		335,400		337,240	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/06/17		Open		384,100		386,207	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/06/17		Open		186,150		187,171	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/06/17		Open		210,568		211,722	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/06/17		Open		268,800		270,274	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/06/17		Open		440,115		442,529	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/06/17		Open		851,468		856,138	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/07/17		Open		267,800		269,218	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/07/17		Open		152,856		153,666	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/11/17		Open		886,075		890,768	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/11/17		Open		751,120		755,098	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/11/17		Open		251,250		252,581	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/11/17		Open		406,445		408,597	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/11/17		Open		287,240		288,761	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/11/17		Open		1,558,588		1,566,842	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/11/17		Open		201,500		202,567	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/11/17		Open		349,872		351,725	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/11/17		Open		333,498		335,264	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		4/12/17		Open		980,000		984,912	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		4/12/17		Open		310,000		311,612	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		4/12/17		Open		375,000		376,951	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
Deutsche Bank Securities, Inc.		1.95	%		4/12/17		Open	$	565,000	$	567,939	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		4/12/17		Open		369,000		370,919	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/17/17		Open		262,725		264,017	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		4/18/17		Open		145,000		145,720	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		4/18/17		Open		4,450,475		4,472,573	Foreign Agency Obligations	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		4/19/17		Open		75,000		75,362	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		4/19/17		Open		638,550		641,003	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		4/19/17		Open		329,875		331,142	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		4/19/17		Open		229,375		230,256	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/19/17		Open		1,211,925		1,217,828	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/19/17		Open		911,588		916,028	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/19/17		Open		754,813		758,489	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/19/17		Open		120,908		121,496	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/19/17		Open		370,098		371,900	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/19/17		Open		139,888		140,569	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/19/17		Open		1,009,260		1,014,176	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/19/17		Open		407,138		409,121	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/19/17		Open		95,450		95,915	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/19/17		Open		177,060		177,922	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		4/20/17		Open		407,000		408,906	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/20/17		Open		1,128,800		1,134,085	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/21/17		Open		218,195		219,206	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.		1.75	%		4/24/17		Open		523,000		525,161	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/24/17		Open		187,920		188,782	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/25/17		Open		131,340		131,936	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		4/26/17		Open		328,000		329,474	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.95	%		4/28/17		Open	$	348,150	$	349,648	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/28/17		Open		2,414,100		2,424,491	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		4/28/17		Open		399,000		400,717	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		5/01/17		Open		574,000		576,443	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/01/17		Open		660,820		663,633	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/04/17		Open		221,000		221,889	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/05/17		Open		461,480		463,314	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		5/08/17		Open		477,000		478,918	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/10/17		Open		456,120		458,009	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/12/17		Open		197,980		198,701	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		5/12/17		Open		1,767,300		1,772,982	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		5/12/17		Open		167,625		168,164	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		5/17/17		Open		2,019,000		2,026,069	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		391,379		392,786	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		247,950		248,842	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		460,253		461,907	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		825,930		828,900	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		194,805		195,505	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		310,313		311,428	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		262,080		263,022	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		199,920		200,639	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		405,713		407,171	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		182,115		182,770	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		453,900		455,532	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/17/17		Open		821,700		824,655	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/19/17		Open		219,730		220,458	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		5/23/17		Open		647,248		649,140	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.95	%		5/24/17		Open	$	456,981	$	458,572	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/24/17		Open		1,047,150		1,050,470	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/25/17		Open		243,820		244,547	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		5/26/17		Open		331,000		331,971	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		5/31/17		Open		951,000		953,791	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		5/31/17		Open		876,000		878,571	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		5/31/17		Open		988,000		990,900	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		5/31/17		Open		1,400,000		1,404,109	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		5/31/17		Open		1,009,000		1,011,961	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		5/31/17		Open		408,716		409,916	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		6/01/17		Open		483,000		484,303	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/01/17		Open		267,978		268,752	Corporate Bonds	Open/Demand
UBS Securities LLC		1.75	%		6/02/17		Open		310,844		311,571	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/05/17		Open		206,720		207,336	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		6/07/17		Open		543,333		544,892	Corporate Bonds	Open/Demand
RBC Capital Markets LLC		(1.00	)%		6/07/17		Open		299,930		299,488		Open/Demand
RBC Capital Markets, LLC		1.95	%		6/07/17		Open		138,460		138,858	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/07/17		Open		531,613		533,139	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		6/08/17		Open		487,816		489,137	Corporate Bonds	Open/Demand
Barclays Bank PLC		1.40	%		6/12/17		Open		683,438		684,490	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.70	%		6/14/17		Open		55,744		55,865	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/14/17		Open		367,080		367,995	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.61	%		6/15/17		Open		7,862,000		7,877,119	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.96	%		6/15/17		Open		763,000		764,786	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.96	%		6/15/17		Open		676,000		677,583	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.96	%		6/15/17		Open		168,000		168,393	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.96	%		6/15/17		Open		1,340,000		1,343,137	Corporate Bonds	Open/Demand
BNP Paribas S.A.		1.96	%		6/15/17		Open		1,131,000		1,133,648	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		(1.00	)%		6/15/17		Open		402,000		401,486		Open/Demand
Credit Suisse Securities (USA) LLC		2.05	%		6/15/17		Open		535,275		536,677	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
Deutsche Bank Securities, Inc.		1.95	%		6/15/17		Open	$	327,000	$	327,762	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		6/15/17		Open		78,000		78,182	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		6/16/17		Open		165,000		165,375	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.		1.75	%		6/19/17		Open		2,742,000		2,747,598	Capital Trusts	Open/Demand
HSBC Securities (USA), Inc.		1.75	%		6/19/17		Open		3,209,000		3,215,552	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.		1.75	%		6/19/17		Open		1,164,000		1,166,377	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		511,250		512,198	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		487,500		488,404	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		826,875		828,409	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		1,045,000		1,046,938	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		480,000		480,890	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		751,875		753,270	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		426,000		426,790	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		783,750		785,204	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		1,077,500		1,079,499	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		927,500		929,221	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		740,625		741,999	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		538,750		539,749	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		980,000		981,818	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		254,375		254,847	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		748,125		749,513	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		365,250		365,928	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		893,250		894,907	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		411,000		411,762	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		1,240,625		1,242,926	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		1,234,375		1,236,665	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.59	%		6/19/17		Open	$	749,000	$	750,389	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		1,052,500		1,054,452	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		947,500		949,258	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		1,015,000		1,016,883	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		970,000		971,799	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		746,250		747,634	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		408,000		408,757	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		357,000		357,662	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		428,000		428,794	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		1,451,250		1,453,942	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		909,375		911,062	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		608,750		609,879	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		1,526,250		1,529,081	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		450,000		450,835	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		522,500		523,469	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		510,000		510,946	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		585,000		586,085	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		263,900		264,390	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		1,000,000		1,001,855	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		710,625		711,943	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		288,000		288,534	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		1,492,500		1,495,269	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		990,000		991,836	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		469,125		469,995	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		995,000		996,846	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		724,625		725,969	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.59	%		6/19/17		Open	$	526,250	$	527,226	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		733,125		734,485	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		592,500		593,848	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		136,915		137,219	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		382,800		383,671	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		164,640		165,015	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		349,638		350,433	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		441,788		442,793	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		288,120		288,775	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		324,870		325,609	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		310,625		311,332	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		334,950		335,712	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		287,875		288,530	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		245,520		246,079	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/19/17		Open		390,000		390,887	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		288,145		288,654	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		522,600		523,523	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		359,100		359,878	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		3,330,000		3,337,215	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		342,350		343,092	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		259,500		260,062	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		304,320		304,979	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		770,063		771,731	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		226,013		226,502	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		430,530		431,463	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		807,525		809,275	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.95	%		6/21/17		Open	$	426,250	$	427,174	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		192,538		192,955	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		404,490		405,366	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		393,908		394,761	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		354,650		355,418	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		198,370		198,800	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		203,275		203,715	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		247,950		248,487	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		308,025		308,692	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		274,700		275,280	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		511,070		512,150	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/21/17		Open		746,980		748,558	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/22/17		Open		190,035		190,400	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/22/17		Open		731,025		732,431	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/22/17		Open		356,150		356,835	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/27/17		Open		872,099		873,353	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		6/27/17		Open		5,407,653		5,418,023	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		6/27/17		Open		2,389,996		2,394,580	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		6/27/17		Open		197,741		198,120	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		6/27/17		Open		3,071,819		3,077,710	Foreign Agency Obligations	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/27/17		Open		1,051,650		1,053,504	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/27/17		Open		221,925		222,316	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		6/28/17		Open		344,000		344,588	Corporate Bonds	Open/Demand
BNP Paribas S.A.		2.23	%		6/29/17		8/03/17		827,000		828,463	Asset-Backed Securities	Up to 30 Days
BNP Paribas S.A.		2.23	%		6/29/17		8/03/17		827,000		828,463	Asset-Backed Securities	Up to 30 Days
BNP Paribas S.A.		2.38	%		6/29/17		8/03/17		1,010,000		1,011,908	Asset-Backed Securities	Up to 30 Days


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
BNP Paribas S.A.		2.38	%		6/29/17		8/03/17	$	808,000	$	809,526	Asset-Backed Securities	Up to 30 Days
BNP Paribas S.A.		2.38	%		6/29/17		8/03/17		998,000		999,885	Asset-Backed Securities	Up to 30 Days
BNP Paribas S.A.		2.38	%		6/29/17		8/03/17		807,000		808,524	Asset-Backed Securities	Up to 30 Days
BNP Paribas S.A.		2.38	%		6/29/17		8/03/17		1,010,000		1,011,908	Asset-Backed Securities	Up to 30 Days
BNP Paribas S.A.		2.38	%		6/29/17		8/03/17		806,000		807,522	Asset-Backed Securities	Up to 30 Days
RBC Capital Markets, LLC		1.59	%		6/29/17		Open		546,375		547,137	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		658,875		659,896	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		508,300		509,169	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		609,353		610,394	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		441,613		442,367	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		253,700		254,134	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		436,865		437,612	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		756,000		757,292	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		976,000		977,669	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		924,625		926,206	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		503,815		504,676	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		724,625		725,864	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		442,313		443,069	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		599,950		600,976	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		638,400		639,491	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		390,500		391,168	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		480,600		481,422	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		557,375		558,328	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		316,750		317,292	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/29/17		Open		384,580		385,237	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		6/30/17		Open		307,880		308,330	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
Barclays Capital, Inc.		2.73	%		7/03/17		8/07/17	$	5,215,290	$	5,225,957	Non-Agency Mortgage-Backed Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.75	%		7/05/17		Open		282,907		283,278	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/07/17		Open		261,550		261,847	Capital Trusts	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/07/17		Open		280,523		280,842	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/10/17		Open		171,615		171,819	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/10/17		Open		933,638		934,750	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/11/17		Open		289,575		289,873	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/13/17		Open		659,000		659,535	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		7/13/17		Open		258,635		258,806	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/14/17		Open		235,300		235,530	Corporate Bonds	Open/Demand
J.P. Morgan Securities LLC		1.62	%		7/17/17		8/16/17		4,768,000		4,771,004	U.S. Government Sponsored Agency Securities	Up to 30 Days
J.P. Morgan Securities LLC		2.38	%		7/17/17		8/16/17		1,701,000		1,702,573	Asset-Backed Securities	Up to 30 Days
J.P. Morgan Securities LLC		2.53	%		7/17/17		8/16/17		750,000		750,737	Asset-Backed Securities	Up to 30 Days
J.P. Morgan Securities LLC		2.53	%		7/17/17		8/16/17		2,708,000		2,710,663	Asset-Backed Securities	Up to 30 Days
Credit Suisse Securities (USA) LLC		1.75	%		7/17/17		Open		627,096		627,523	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.75	%		7/17/17		Open		254,925		255,098	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		416,150		416,474	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		328,440		328,695	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		327,088		327,342	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		237,585		237,770	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		377,763		378,056	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		574,240		574,687	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		219,450		219,621	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		405,075		405,390	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open	$	230,478	$	230,657	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		308,070		308,310	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		948,228		948,965	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		1,207,213		1,208,151	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		819,533		820,170	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		318,015		318,262	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		437,109		437,449	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		608,295		608,768	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		263,150		263,355	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		387,063		387,364	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		228,799		228,977	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		348,955		349,226	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		2.00	%		7/17/17		Open		202,624		202,781	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/17/17		Open		476,000		476,361	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/17/17		Open		221,000		221,168	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/17/17		Open		181,000		181,137	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/17/17		Open		388,000		388,294	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/17/17		Open		172,000		172,130	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/17/17		Open		197,000		197,149	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/17/17		Open		245,000		245,186	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/17/17		Open		192,000		192,146	Capital Trusts	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/17/17		Open		209,000		209,158	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/17/17		Open		193,000		193,157	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		7/17/17		Open		1,494,800		1,495,724	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		7/17/17		Open		1,260,800		1,261,580	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		7/17/17		Open		2,322,000		2,323,436	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.59	%		7/17/17		Open	$	404,000	$	404,250	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		7/17/17		Open		309,225		309,416	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		7/17/17		Open		675,500		675,918	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		7/17/17		Open		200,000		200,124	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		218,663		218,828	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		215,978		216,141	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		237,585		237,765	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		316,965		317,205	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		290,703		290,923	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		455,910		456,256	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		322,548		322,792	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		321,100		321,344	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		278,390		278,601	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		287,120		287,338	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		1,550,200		1,551,376	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		365,000		365,277	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		468,720		469,075	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		597,735		598,188	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		659,205		659,705	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		301,950		302,179	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		438,013		438,345	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		367,275		367,554	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		1,062,600		1,063,406	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		216,150		216,314	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		507,825		508,210	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		279,585		279,797	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.95	%		7/17/17		Open	$	292,410	$	292,632	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		259,625		259,822	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		338,938		339,195	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		1,610,010		1,611,231	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		496,770		497,147	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		264,060		264,260	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		554,400		554,820	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		402,500		402,805	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		633,150		633,630	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		218,025		218,190	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		588,065		588,511	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		412,800		413,113	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		244,080		244,265	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		271,425		271,631	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		390,688		390,984	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		215,618		215,781	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		236,550		236,729	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		222,945		223,114	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		169,000		169,128	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		198,450		198,601	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		228,850		229,024	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		176,985		177,119	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		198,125		198,275	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		208,860		209,018	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		191,100		191,245	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		174,945		175,078	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.95	%		7/17/17		Open	$	186,238	$	186,379	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		193,040		193,186	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		167,790		167,917	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		181,790		181,928	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		205,840		205,996	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		194,350		194,497	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		182,115		182,253	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		188,600		188,743	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		183,700		183,839	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		166,000		166,126	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		173,880		174,012	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		179,850		179,986	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		187,550		187,692	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		186,635		186,777	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		176,790		176,924	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		173,000		173,131	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		365,625		365,902	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/17/17		Open		2,346,500		2,348,279	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/18/17		Open		533,665		534,012	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/21/17		Open		441,180		441,347	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/24/17		Open		627,800		628,004	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/27/17		Open		859,000		859,186	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/27/17		Open		519,000		519,112	Corporate Bonds	Open/Demand
Deutsche Bank Securities, Inc.		1.95	%		7/27/17		Open		90,000		90,020	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/27/17		Open		970,180		970,233	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/27/17		Open		200,353		200,407	Corporate Bonds	Open/Demand


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Reverse Repurchase Agreements (continued)
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
RBC Capital Markets, LLC		1.95	%		7/28/17		Open	$	525,140	$	525,140	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.95	%		7/28/17		Open		233,252		234,860	Corporate Bonds	Open/Demand
Total								$	457,050,872	$	458,935,293

¹ Certain agreements have no stated maturity and can be terminated by either party at any time.

Derivative Financial Instruments Outstanding as of Period End


Futures Contracts
Description	Number of Contracts			Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year U.S. Treasury Note		21			September 2017	$	2,644	$	4,567
Short Contracts
5-Year U.S. Treasury Note		(10	)		September 2017		1,181		613
90-Day Euro-Bobl		(4	)		September 2017		625		4,448
Euro-Bund		(51	)		September 2017		9,778		34,447
Long U.S. Treasury Bond		(11	)		September 2017		1,683		5,165
UK Long Gilt Bond		(1	)		September 2017		166		2,321
Ultra U.S. Treasury Bond		(2	)		September 2017		329		(1,628	)
90-Day Euro Dollar		(213	)		March 2019		52,299		(271,865	)

									(226,499	)
Total								$	(221,932	)

Forward Foreign Currency Exchange Contracts

Currency
Purchased

Currency
Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

BRL

1,465,757

USD

468,188

BNP Paribas S.A.

8/02/17

1,854

BRL

1,505,720

USD

480,953

BNP Paribas S.A.

8/02/17

1,905

BRL

1,942,864

USD

620,585

BNP Paribas S.A.

8/02/17

2,458

BRL

3,564,020

USD

1,138,410

BNP Paribas S.A.

8/02/17

4,509


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
BRL	4,216,395	USD	1,271,914	BNP Paribas S.A.	8/02/17	$	80,210
BRL	4,418,526	USD	1,411,354	BNP Paribas S.A.	8/02/17		5,590
BRL	202,131	USD	61,616	Goldman Sachs International	8/02/17		3,204
BRL	856,812	USD	264,000	Goldman Sachs International	8/02/17		10,765
BRL	1,455,494	USD	438,600	Goldman Sachs International	8/02/17		28,151
BRL	1,502,139	USD	477,400	Goldman Sachs International	8/02/17		4,310
BRL	1,137,312	USD	352,000	Morgan Stanley & Co. International PLC	8/02/17		12,716
BRL	3,610,915	USD	1,130,000	Royal Bank of Scotland PLC	8/02/17		27,957
EUR	1,222,000	USD	1,434,040	BNP Paribas S.A.	8/03/17		12,639
EUR	3,760,774	USD	4,416,352	Citibank N.A.	8/03/17		35,885
EUR	14,368,778	USD	16,873,543	Citibank N.A.	8/03/17		137,104
EUR	357,000	USD	405,181	Deutsche Bank AG	8/03/17		17,457
EUR	560,000	USD	640,013	Deutsche Bank AG	8/03/17		22,950
EUR	650,000	USD	742,872	Deutsche Bank AG	8/03/17		26,638
GBP	176,000	USD	230,452	BNP Paribas S.A.	8/03/17		1,770
GBP	1,958,000	USD	2,564,951	Citibank N.A.	8/03/17		18,519
GBP	10,962,000	USD	14,360,056	Citibank N.A.	8/03/17		103,682
GBP	93,000	USD	121,838	Deutsche Bank AG	8/03/17		870
GBP	303,000	USD	396,956	Deutsche Bank AG	8/03/17		2,836
TRY	6,459	USD	1,800	Bank of America N.A.	8/04/17		34
TRY	180,148	USD	50,200	Bank of America N.A.	8/04/17		943
TRY	1,060,810	USD	298,000	Deutsche Bank AG	8/04/17		3,155
TRY	1,716,285	USD	470,000	BNP Paribas S.A.	8/07/17		16,807
COP	4,286,270,000	USD	1,420,000	Royal Bank of Scotland PLC	8/08/17		14,417
COP	6,233,202,500	USD	2,065,000	Royal Bank of Scotland PLC	8/08/17		20,965
COP	1,442,856,000	USD	474,000	Barclays Bank PLC	8/09/17		8,803
USD	474,000	COP	1,390,716,000	BNP Paribas S.A.	8/09/17		8,644
IDR	3,770,200,000	USD	280,000	Bank of America N.A.	8/15/17		2,816
IDR	3,719,079,704	USD	276,245	Citibank N.A.	8/15/17		2,736
IDR	5,313,888,058	USD	394,644	Citibank N.A.	8/15/17		3,969
IDR	2,762,947,795	USD	205,271	JPMorgan Chase Bank N.A.	8/15/17		1,987
IDR	4,145,989,120	USD	307,840	JPMorgan Chase Bank N.A.	8/15/17		3,165
MYR	2,992,554	USD	692,000	Morgan Stanley & Co. International PLC	8/17/17		6,890
TWD	13,149,332	USD	434,000	HSBC Bank USA N.A.	8/18/17		1,509
CLP	434,313,000	USD	660,000	BNP Paribas S.A.	8/21/17		8,116
TRY	2,634,718	USD	735,000	Citibank N.A.	8/21/17		8,768
TRY	26,995,999	USD	7,531,000	Citibank N.A.	8/21/17		89,840
TRY	1,676,398	USD	470,000	Deutsche Bank AG	8/21/17		3,239
TRY	14,651,638	USD	4,108,000	HSBC Bank USA N.A.	8/21/17		28,086
COP	1,434,519,900	USD	470,000	UBS AG	8/22/17		9,316
USD	470,000	COP	1,404,360,000	Barclays Bank PLC	8/22/17		762
USD	133,000	ARS	2,218,440	JPMorgan Chase Bank N.A.	8/23/17		8,830
IDR	91,427,991,000	USD	6,847,000	Citibank N.A.	8/24/17		5,588
USD	572,000	ARS	9,649,640	BNP Paribas S.A.	8/24/17		32,213
EUR	579,000	USD	675,224	Citibank N.A.	8/29/17		11,153
BRL	1,515,411	USD	477,400	BNP Paribas S.A.	9/05/17		5,415
BRL	1,955,369	USD	616,000	BNP Paribas S.A.	9/05/17		6,987
BRL	3,586,959	USD	1,130,000	BNP Paribas S.A.	9/05/17		12,817
EUR	650,000	USD	764,519	Deutsche Bank AG	9/06/17		6,347
EUR	917,000	USD	1,078,560	Deutsche Bank AG	9/06/17		8,954
RUB	15,411,900	USD	252,482	Citibank N.A.	9/15/17		2,950


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
RUB	17,164,700	USD	282,607	Citibank N.A.	9/15/17	$	1,875
RUB	18,425,551	USD	301,959	Citibank N.A.	9/15/17		3,420
RUB	11,944,435	USD	196,600	Credit Suisse International	9/15/17		1,363
RUB	13,741,100	USD	225,830	Credit Suisse International	9/15/17		1,910
RUB	20,599,000	USD	336,824	Credit Suisse International	9/15/17		4,577
RUB	27,817,800	USD	455,708	Credit Suisse International	9/15/17		5,335
RUB	20,598,800	USD	337,423	Goldman Sachs International	9/15/17		3,976
RUB	19,845,500	USD	325,763	HSBC Bank USA N.A.	9/15/17		3,150
RUB	21,015,300	USD	344,141	HSBC Bank USA N.A.	9/15/17		4,160
RUB	24,191,600	USD	395,013	HSBC Bank USA N.A.	9/15/17		5,931
RUB	19,976,700	USD	327,729	JPMorgan Chase Bank N.A.	9/15/17		3,359
RUB	21,619,300	USD	355,522	JPMorgan Chase Bank N.A.	9/15/17		2,789
USD	1,374,452	RUB	79,639,195	BNP Paribas S.A.	9/15/17		54,537
USD	1,374,492	RUB	79,765,206	BNP Paribas S.A.	9/15/17		52,488
USD	123,831	RUB	7,462,663	Credit Suisse International	9/15/17		147
USD	3,423,585	RUB	199,213,251	Deutsche Bank AG	9/15/17		121,886
USD	3,459,353	RUB	200,568,120	Deutsche Bank AG	9/15/17		135,199
USD	501,517	RUB	29,774,081	HSBC Bank USA N.A.	9/15/17		8,051
USD	3,105,933	RUB	180,119,273	JPMorgan Chase Bank N.A.	9/15/17		120,692
TRY	1,086	USD	296	Goldman Sachs International	9/20/17		9
USD	822,198	ZAR	10,839,441	Bank of America N.A.	9/20/17		6,244
USD	830,014	ZAR	10,918,340	Citibank N.A.	9/20/17		8,121
USD	435,156	ZAR	5,725,195	JPMorgan Chase Bank N.A.	9/20/17		4,184
CLP	223,014,000	USD	341,000	BNP Paribas S.A.	9/21/17		1,830
USD	133,000	ARS	2,255,680	JPMorgan Chase Bank N.A.	9/25/17		9,239
IDR	19,268,360,000	USD	1,430,465	Goldman Sachs International	10/26/17		2,828
USD	102,162	IDR	1,373,361,624	BNP Paribas S.A.	10/26/17		3
USD	1,233,058	IDR	16,571,064,128	BNP Paribas S.A.	10/26/17		405
USD	2,914,265	IDR	39,173,546,295	Deutsche Bank AG	10/26/17		308
USD	45,315	IDR	609,073,300	Goldman Sachs International	10/26/17		8
USD	286,000	ARS	4,743,768	Citibank N.A.	11/21/17		33,640
TRY	4,199,519	USD	1,089,454	BNP Paribas S.A.	6/25/18		822
TRY	9,984,481	USD	2,579,469	BNP Paribas S.A.	6/25/18		12,694

							1,525,380

USD	438,600	BRL	1,465,757	BNP Paribas S.A.	8/02/17		(31,443	)
USD	477,400	BRL	1,505,720	BNP Paribas S.A.	8/02/17		(5,458	)
USD	616,000	BRL	1,942,864	BNP Paribas S.A.	8/02/17		(7,042	)
USD	1,130,000	BRL	3,564,020	BNP Paribas S.A.	8/02/17		(12,919	)
USD	1,323,625	BRL	4,418,526	BNP Paribas S.A.	8/02/17		(93,318	)
USD	1,346,790	BRL	4,216,395	BNP Paribas S.A.	8/02/17		(5,334	)
USD	64,564	BRL	202,131	Goldman Sachs International	8/02/17		(256	)
USD	273,681	BRL	856,812	Goldman Sachs International	8/02/17		(1,084	)
USD	464,910	BRL	1,455,494	Goldman Sachs International	8/02/17		(1,841	)
USD	479,809	BRL	1,502,139	Goldman Sachs International	8/02/17		(1,900	)
USD	363,277	BRL	1,137,312	Morgan Stanley & Co. International PLC	8/02/17		(1,439	)
USD	1,153,389	BRL	3,610,915	Royal Bank of Scotland PLC	8/02/17		(4,568	)
USD	1,396,654	EUR	1,222,000	BNP Paribas S.A.	8/03/17		(50,025	)
USD	4,297,515	EUR	3,760,774	Citibank N.A.	8/03/17		(154,721	)
USD	16,419,504	EUR	14,368,778	Citibank N.A.	8/03/17		(591,143	)
USD	106,099	EUR	93,000	Deutsche Bank AG	8/03/17		(4,000	)
USD	763,178	EUR	650,000	Deutsche Bank AG	8/03/17		(6,332	)


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,076,668	EUR	917,000	Deutsche Bank AG	8/03/17	$	(8,933	)
USD	27,397	EUR	24,000	Standard Chartered Bank	8/03/17		(1,015	)
USD	228,495	GBP	176,000	BNP Paribas S.A.	8/03/17		(3,727	)
USD	1,451,373	GBP	1,118,000	Barclays Bank PLC	8/03/17		(23,765	)
USD	2,541,415	GBP	1,958,000	Citibank N.A.	8/03/17		(42,055	)
USD	14,228,292	GBP	10,962,000	Citibank N.A.	8/03/17		(235,445	)
USD	120,730	GBP	93,000	Deutsche Bank AG	8/03/17		(1,978	)
USD	393,346	GBP	303,000	Deutsche Bank AG	8/03/17		(6,446	)
USD	350,000	TRY	1,266,450	Citibank N.A.	8/04/17		(9,534	)
USD	336,243	TRY	1,195,704	Citibank N.A.	8/07/17		(2,906	)
USD	78,614	TRY	279,885	Goldman Sachs International	8/07/17		(773	)
USD	55,144	TRY	196,180	Royal Bank of Scotland PLC	8/07/17		(501	)
USD	2,240,000	COP	6,947,740,800	Barclays Bank PLC	8/08/17		(85,088	)
USD	1,245,000	COP	3,853,275,000	Royal Bank of Scotland PLC	8/08/17		(44,513	)
USD	99,630	ZAR	1,349,883	BNP Paribas S.A.	8/10/17		(2,665	)
USD	498,151	ZAR	6,755,223	Barclays Bank PLC	8/10/17		(13,766	)
USD	1,245,377	ZAR	16,858,542	Deutsche Bank AG	8/10/17		(32,179	)
USD	210,842	ZAR	2,858,825	Goldman Sachs International	8/10/17		(5,802	)
ZAR	6,506,895	USD	498,151	Barclays Bank PLC	8/10/17		(5,052	)
ZAR	16,271,008	USD	1,245,377	Deutsche Bank AG	8/10/17		(12,345	)
ZAR	4,051,911	USD	310,472	JPMorgan Chase Bank N.A.	8/10/17		(3,415	)
USD	152,210	EUR	139,514	Bank of America N.A.	8/11/17		(13,024	)
USD	653,661	EUR	581,795	Citibank N.A.	8/11/17		(35,390	)
USD	748,792	TRY	2,668,737	Goldman Sachs International	8/11/17		(7,165	)
USD	107,878	AUD	136,400	Bank of America N.A.	8/14/17		(1,226	)
USD	269,771	AUD	341,000	Citibank N.A.	8/14/17		(2,989	)
USD	1,464,000	IDR	19,942,022,400	BNP Paribas S.A.	8/15/17		(31,920	)
IDR	39,173,546,295	USD	2,938,751	Deutsche Bank AG	8/16/17		(482	)
USD	419,782	IDR	5,631,373,110	Goldman Sachs International	8/16/17		(2,608	)
USD	1,229,542	IDR	16,494,299,748	Goldman Sachs International	8/16/17		(7,637	)
USD	1,270,807	IDR	17,047,873,437	Goldman Sachs International	8/16/17		(7,894	)
USD	208,296	MYR	893,589	Goldman Sachs International	8/17/17		(396	)
USD	483,704	MYR	2,075,091	Goldman Sachs International	8/17/17		(919	)
USD	3,668,156	TRY	13,125,211	BNP Paribas S.A.	8/21/17		(37,028	)
USD	474,000	COP	1,438,827,000	Credit Suisse International	8/22/17		(6,755	)
ARS	2,250,360	USD	133,000	BNP Paribas S.A.	8/23/17		(7,043	)
USD	267,152	MXN	5,063,997	JPMorgan Chase Bank N.A.	8/23/17		(16,343	)
RUB	35,251,482	USD	591,200	Deutsche Bank AG	8/24/17		(4,052	)
USD	1,436,555	EUR	1,222,000	BNP Paribas S.A.	9/06/17		(12,673	)
USD	4,424,065	EUR	3,760,774	Citibank N.A.	9/06/17		(36,016	)
USD	16,903,014	EUR	14,368,778	Citibank N.A.	9/06/17		(137,606	)
USD	230,703	GBP	176,000	BNP Paribas S.A.	9/06/17		(1,778	)
USD	2,567,731	GBP	1,958,000	Citibank N.A.	9/06/17		(18,625	)
USD	14,375,622	GBP	10,962,000	Citibank N.A.	9/06/17		(104,271	)
USD	121,971	GBP	93,000	Deutsche Bank AG	9/06/17		(875	)
USD	397,388	GBP	303,000	Deutsche Bank AG	9/06/17		(2,849	)
USD	1,456,257	GBP	1,109,000	State Street Bank and Trust Co.	9/06/17		(8,640	)
USD	474,000	COP	1,467,030,000	Barclays Bank PLC	9/07/17		(15,294	)
USD	376,038	RUB	22,959,023	Credit Suisse International	9/15/17		(4,477	)
TRY	1,058,235	EUR	255,600	Citibank N.A.	9/18/17		(7,005	)
TRY	1,876,081	EUR	454,400	Citibank N.A.	9/18/17		(13,917	)
USD	240,980	TRY	872,614	Bank of America N.A.	9/20/17		(3,247	)
USD	1,105,888	TRY	3,987,776	Bank of America N.A.	9/20/17		(10,213	)


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	396,529	TRY	1,440,689	Barclays Bank PLC		9/20/17	$	(6,692	)
USD	1,198,833	TRY	4,314,419	Citibank N.A.		9/20/17		(8,689	)
ARS	2,293,585	USD	133,000	BNP Paribas S.A.		9/25/17		(7,159	)
USD	1,158,328	TRY	4,199,519	BNP Paribas S.A.		10/23/17		(6,388	)
USD	2,743,366	TRY	9,984,481	BNP Paribas S.A.		10/23/17		(25,780	)
USD	854,877	IDR	11,498,948,941	BNP Paribas S.A.		10/26/17		(482	)
USD	52,689	IDR	709,091,136	Goldman Sachs International		10/26/17		(57	)
USD	111,960	IDR	1,506,755,916	Goldman Sachs International		10/26/17		(121	)
USD	161,455	IDR	2,172,863,128	Goldman Sachs International		10/26/17		(175	)
USD	98,422	IDR	1,325,254,284	JPMorgan Chase Bank N.A.		10/26/17		(158	)
USD	171,598	EUR	159,068	Citibank N.A.		2/21/18		(18,823	)
USD	281,504	EUR	261,840	Deutsche Bank AG		2/21/18		(31,946	)
USD	280,894	EUR	261,284	Morgan Stanley & Co. International PLC		2/21/18		(31,890	)

								(2,213,443	)
Net Unrealized Depreciation							$	(688,063	)


OTC Options Purchased
Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
USD Currency	Deutsche Bank AG		—		8/07/17	RUB	58.00	USD	474	$	16,428
USD Currency	Morgan Stanley & Co. International PLC		—		8/10/17	BRL	3.40	USD	440		2
USD Currency	BNP Paribas S.A.		—		8/17/17	JPY	113.50	USD	1,000		364
USD Currency	HSBC BANK PLC		—		9/01/17	TWD	30.50	USD	1,086		3,810
EUR Currency	Citibank N.A.		—		9/15/17	TRY	4.25	EUR	710		10,200
											30,804

Put
EUR Currency	Barclays Bank PLC		—		8/17/17	USD	1.15	EUR	530		136
EUR Currency	HSBC Bank PLC		—		8/17/17	USD	1.15	EUR	1,229		227
EUR Currency	JPMorgan Chase Bank N.A.		—		8/17/17	USD	1.14	EUR	790		23
EUR Currency	BNP Paribas S.A.		—		8/25/17	USD	1.12	EUR	669		15
USD Currency	Citibank N.A.		—		8/25/17	TRY	3.52	USD	1,456		7,678
EUR Currency	JPMorgan Chase Bank N.A.		—		8/29/17	MXN	20.50	EUR	579		1,136
USD Currency	Deutsche Bank AG		—		9/01/17	CNH	6.80	USD	1,464		15,212
USD Currency	Deutsche Bank AG		—		9/08/17	INR	64.75	USD	870		7,957
USD Currency	Deutsche Bank AG		—		10/12/17	RUB	60.30	USD	650		11,893
											44,277

Total										$	75,081

OTC Barrier Options Written

Description

Type of
Option

Counterparty

Number of
Contracts

Expiration
Date

Exercise
Price

Barrier
Price/Range

Notional
Amount
(000)

Value

Put

USD Currency

Down-and-Out

JPMorgan Chase Bank N.A.

—

8/17/17

USD

3.15

USD

3.06

790

3,097


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


OTC Options Written
Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
USD Currency	Barclays Bank PLC		—		8/10/17	BRL	3.40	USD	440	$	(2	)
EUR Currency	JPMorgan Chase Bank N.A.		—		8/29/17	MXN	21.50	EUR	579		(5,311	)
USD Currency	Goldman Sachs International		—		9/06/17	BRL	3.31	USD	440		(1,518	)
OTC Options Written (continued)
Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
USD Currency	Morgan Stanley & Co. International PLC		—		9/15/17	BRL	3.30	USD	440	$	(2,234	)
USD Currency	Deutsche Bank AG		—		10/12/17	RUB	63.00	USD	650		(8,163	)
											(17,228	)

Put
USD Currency	Barclays Bank PLC		—		8/10/17	BRL	3.30	USD	440		(24,186	)
USD Currency	HSBC BANK USA		—		9/01/17	TWD	30.00	USD	1,086		(2,960	)
USD Currency	Deutsche Bank AG		—		9/08/17	INR	63.90	USD	1,300		(3,363	)
EUR Currency	Citibank N.A.		—		9/15/17	TRY	3.96	EUR	710		(127	)
											(30,636	)

Total										$	(47,864	)


Centrally Cleared Credit Default Swaps — Buy Protection
Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency	Termination Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Markit CDX North America High Yield Index, Series 28, Version 1		1.00	%	Quarterly	6/20/22	USD	15,243	$	(301,290	)	$	(226,950	)	$	(74,340	)
Markit iTraxx XO, Series 27, Version 1		5.00	%	Quarterly	6/20/22	EUR	150		(21,211	)		(14,172	)		(7,039	)
Total								$	322,501		$	(241,122	)	$	(81,379	)


Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency	Termination Date	Credit Rating¹	Notional Amount (000)²		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Chesapeake Energy Corp.		5.00	%	Quarterly	12/20/21	CCC	USD	520	$	(35,507	)	$	(18,990	)	$	(16,517	)

¹ Using S&P/Standard & Poor’s (“S&P’s”) rating of the issuer or the underlying securities of the index, as applicable.

² 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
Rate	Frequency	Rate	Frequency	Effective Date	Termination Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
7.36%	Monthly	28-day MXIBTIIE	Monthly	N/A	1/28/19	MXN	111,632	$	(20,082	)	$	51	$	(20,133	)
1.50%	Semi-annually	3-Month LIBOR	Quarterly	N/A	2/02/19	USD	8,000		4,002			79		3,923
1.62%	Semi-annually	3-Month LIBOR	Quarterly	N/A	4/04/19	USD	7,600		(8,168	)		—		(8,168	)
28-day MXIBTIIE	Monthly	7.32%	Monthly	N/A	2/20/20	MXN	100,257		57,202			56		57,146
28-day MXIBTIIE	Monthly	7.16%	Monthly	N/A	4/29/20	MXN	97,110		40,271			—		40,271


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


Centrally Cleared Interest Rate Swaps (continued)
Paid by the Trust		Received by the Trust
Rate	Frequency	Rate	Frequency	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
2.01%	Semi-annually	3-Month LIBOR	Quarterly		N/A		2/02/22	USD	15,000	$	(99,006	)	$	191		$	(99,197	)
28-day MXIBTIIE	Monthly	7.44%	Monthly		N/A		3/07/22	MXN	34,237		47,322			23			47,299
28-day MXIBTIIE	Monthly	7.47%	Monthly		N/A		3/07/22	MXN	17,117		24,617			11			24,606
28-day MXIBTIIE	Monthly	7.48%	Monthly		N/A		3/07/22	MXN	17,118		25,000			11			24,989
28-day MXIBTIIE	Monthly	7.16%	Monthly		N/A		6/01/22	MXN	40,320		31,037			—			31,037
2.00%	Semi-annually	3-Month LIBOR	Quarterly		N/A		7/12/22	USD	3,000		(15,438	)		—			(15,438	)
28-day MXIBTIIE	Monthly	6.32%	Monthly		N/A		7/17/25	MXN	5,813		14,616			(13	)		14,629
3-Month LIBOR	Quarterly	2.13%	Semi-annually		N/A		8/25/25	USD	110		(30	)		2			(32	)
2.27%	Semi-annually	3-Month LIBOR	Quarterly		N/A		9/11/25	USD	68		(689	)		1			(690	)
1.46%	Semi-annually	3-Month LIBOR	Quarterly		N/A		6/28/26	USD	1,427		84,743			18			84,725
1.46%	Semi-annually	3-Month LIBOR	Quarterly		N/A		6/28/26	USD	357		21,167			5			21,162
2.47%	Semi-annually	3-Month LIBOR	Quarterly		N/A		12/29/26	USD	3,000		(67,650	)		47			(67,697	)
2.24%	Semi-annually	3-Month LIBOR	Quarterly		N/A		1/19/27	USD	3,400		(9,848	)		51			(9,899	)
2.42%	Semi-annually	3-Month LIBOR	Quarterly		N/A		4/04/27	USD	18,300		(316,508	)		—			(316,508	)
2.29%	Semi-annually	3-Month LIBOR	Quarterly		N/A		5/02/27	USD	3,000		(18,518	)		—			(18,518	)
2.28%	Semi-annually	3-Month LIBOR	Quarterly		N/A		5/17/27	USD	1,700		(7,455	)		—			(7,455	)
2.18%	Semi-annually	3-Month LIBOR	Quarterly		N/A		6/05/27	USD	2,300		11,103			—			11,103
28-day MXIBTIIE	Monthly	7.81%	Monthly		N/A		3/04/37	MXN	8,115		16,541			—			16,541
28-day MXIBTIIE	Monthly	7.94%	Monthly		N/A		5/01/37	MXN	9,721		27,673			—			27,673
28-day MXIBTIIE	Monthly	7.91%	Monthly		N/A		5/01/37	MXN	10,565		28,135			(13	)		28,148
2.70%	Semi-annually	3-Month LIBOR	Quarterly		N/A		4/04/47	USD	13,200		(441,468	)		—			(441,468	)
Total										$	571,431		$	520		$	(571,951	)


OTC Credit Default Swaps — Buy Protection
Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency	Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%	Quarterly	Citibank N.A.		6/20/20	USD	604	$	(8,260	)	$	3,432		$	(11,692	)
United Mexican States		1.00	%	Quarterly	Bank of America N.A.		9/20/20	USD	604		(7,730	)		4,827			(12,557	)
Federation of Russia		1.00	%	Quarterly	Bank of America N.A.		12/20/21	USD	245		4,405			12,749			(8,344	)
Republic of Argentina		5.00	%	Quarterly	Barclays Bank PLC		6/20/22	USD	882		(61,317	)		(40,054	)		(21,263	)
Republic of Argentina		5.00	%	Quarterly	Barclays Bank PLC		6/20/22	USD	144		(10,011	)		(11,648	)		1,637
Republic of Argentina		5.00	%	Quarterly	Barclays Bank PLC		6/20/22	USD	144		(10,011	)		(11,648	)		1,637
Republic of Argentina		5.00	%	Quarterly	Barclays Bank PLC		6/20/22	USD	153		(10,636	)		(12,167	)		1,531
Republic of Argentina		5.00	%	Quarterly	Barclays Bank PLC		6/20/22	USD	978		(67,990	)		(71,748	)		3,758
Republic of Argentina		5.00	%	Quarterly	BNP Paribas S.A.		6/20/22	USD	433		(30,102	)		(29,772	)		(330	)
Republic of Argentina		5.00	%	Quarterly	Barclays Bank PLC		6/20/22	USD	433		(30,105	)		(28,428	)		(1,677	)
Republic of Argentina		5.00	%	Quarterly	Barclays Bank PLC		6/20/22	USD	572		(39,739	)		(36,764	)		(2,975	)
Republic of Philippines		1.00	%	Quarterly	JPMorgan Chase Bank N.A.		6/20/22	USD	4,289		(65,025	)		(10,668	)		(54,357	)
Republic of South Africa		1.00	%	Quarterly	HSBC Bank PLC		6/20/22	USD	175		6,346			8,253			(1,907	)
Republic of South Africa		1.00	%	Quarterly	Citibank N.A.		6/20/22	USD	1,373		49,794			66,056			(16,262	)
Republic of South Africa		1.00	%	Quarterly	Bank of America N.A.		6/20/22	USD	590		21,398			28,386			(6,988	)
Republic of South Africa		1.00	%	Quarterly	Goldman Sachs International		6/20/22	USD	364		13,183			17,450			(4,267	)
Markit CMBX North America, Series 7		3.00	%	Monthly	Deutsche Bank AG		1/17/47	USD	25,000		2,200,521			1,919,364			281,157
Total										$	1,954,721		$	1,807,620		$	147,101


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


OTC Credit Default Swaps — Sell Protection
Reference Obligation/Index	Financing Rate Received by the Trust	Payment Frequency	Counterparty	Termination Date		Credit Rating¹		Notional Amount (000)²		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Dow Jones CDX North America Investment Grade, Series 9	5.00%	Quarterly	Bank of America N.A.		12/20/17		BBB	USD	10,000	$	252,872		$	(68,569	)	$	321,441
United Mexican States	1.00%	Quarterly	Bank of America N.A.		6/20/20		BBB+	USD	604		8,259			(3,598	)		11,857
United Mexican States	1.00%	Quarterly	Citibank N.A.		9/20/20		BBB+	USD	604		7,730			4,578			3,152
Hellenic Telecommunications Organization SA	5.00%	Quarterly	Barclays Bank PLC		12/20/21		B+	EUR	30		5,275			1,775			3,500
International Game Technology	5.00%	Quarterly	JPMorgan Chase Bank N.A.		6/20/22		BB+	EUR	30		3,917			3,130			787
International Game Technology	5.00%	Quarterly	Credit Suisse International		6/20/22		BB+	EUR	20		2,856			2,015			841
Markit CMBX North America, Series 7	3.00%	Monthly	Barclays Bank PLC		1/17/47		BBB-	USD	10,000		(881,042	)		(534,508	)		(346,534	)
Markit CMBX North America, Series 7	3.00%	Monthly	Barclays Bank PLC		1/17/47		BBB-	USD	5,000		(440,520	)		(266,879	)		(173,641	)
Markit CMBX North America, Series 7	3.00%	Monthly	Barclays Bank PLC		1/17/47		BBB-	USD	10,000		(881,042	)		(258,832	)		(622,210	)
Markit CMBX North America, Series 8	2.00%	Monthly	Morgan Stanley & Co. International PLC		10/17/57		BBB-	USD	5,000		(206,848	)		(573,726	)		366,878
Markit CMBX North America, Series 8	3.00%	Monthly	Goldman Sachs International		10/17/57		BBB-	USD	10,000		(1,473,115	)		(1,096,865	)		(376,250	)
Markit CMBX North America, Series 8	3.00%	Monthly	Deutsche Bank AG		10/17/57		BBB-	USD	10,000		(1,472,281	)		(1,408,232	)		(64,049	)
Markit CMBX North America, Series 9	2.00%	Monthly	Morgan Stanley & Co. International PLC		9/17/58		A-	USD	2,500		(65,726	)		(350,934	)		285,208
Markit CMBX North America, Series 9	2.00%	Monthly	Credit Suisse International		9/17/58		A-	USD	2,500		(65,726	)		(354,356	)		288,630
Markit CMBX North America, Series 9	2.00%	Monthly	Morgan Stanley & Co. International PLC		9/17/58		A-	USD	5,000		(131,452	)		(695,333	)		563,881
Markit CMBX North America, Series 9	3.00%	Monthly	Morgan Stanley & Co. International PLC		9/17/58		BBB-	USD	2,500		(284,059	)		(567,175	)		283,116
Markit CMBX North America, Series 9	3.00%	Monthly	Deutsche Bank AG		9/17/58		-BBB	USD	25,000		(2,840,584	)		(2,524,162	)		(316,422	)
Markit CMBX North America, Series 9	3.00%	Monthly	Goldman Sachs International		9/17/58		-BBB	USD	5,000		(568,117	)		(541,667	)		(26,450	)
Markit CMBX North America, Series 9	3.00%	Monthly	Credit Suisse International		9/17/58		BBB-	USD	5,000		(568,117	)		(557,480	)		(10,637	)
Markit CMBX North America, Series 9	3.00%	Monthly	Morgan Stanley & Co. International PLC		9/17/58		-BBB	USD	5,000		(568,117	)		(556,834	)		(11,283	)
Total										$	(10,165,837	)	$	(10,347,652	)	$	181,815
¹Using S&P rating of the issuer or the underlying securities of the index, as applicable.
²The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


OTC Interest Rate Swaps
Paid by the Trust		Received by the Trust
Rate	Frequency	Rate	Frequency	Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
9.50%	At Termination	BRL Overnight CDI (CETIP) Rate	Daily	Bank of America N.A.		N/A		10/02/17	BRL	17,516	$	(2,803	)		—		$	(2,803	)
1.69%	Quarterly	3-Month KRWCD	Quarterly	Deutsche Bank AG		N/A		11/10/17	KRW	911,735		(1,183	)		—			(1,183	)
3-Month KRWCD	Quarterly	1.92%	Quarterly	Deutsche Bank AG		N/A		11/10/17	KRW	911,735		2,126			—			2,126
8.98%	At Termination	BRL Overnight CDI (CETIP) Rate	Daily	Citibank N.A.		N/A		1/02/18	BRL	4,307		(242	)		—			(242	)
9.98%	At Termination	BRL Overnight CDI (CETIP) Rate	Daily	JPMorgan Chase Bank N.A.		N/A		1/02/18	BRL	13,433		(17,540	)		—			(17,540	)
9.98%	At Termination	BRL Overnight CDI (CETIP) Rate	Daily	Citibank N.A.		N/A		1/02/18	BRL	13,432		(17,696	)		—			(17,696	)
28-day MXIBTIIE	Monthly	7.07%	Monthly	Citibank N.A.		N/A		11/21/18	MXN	35,508		(3,710	)		—			(3,710	)
28-day MXIBTIIE	Monthly	7.06%	Monthly	JPMorgan Chase Bank N.A.		N/A		11/21/18	MXN	42,610		(4,772	)		—			(4,772	)
28-day MXIBTIIE	Monthly	6.98%	Monthly	JPMorgan Chase Bank N.A.		N/A		11/28/18	MXN	34,377		(5,658	)		—			(5,658	)
28-day MXIBTIIE	Monthly	6.98%	Monthly	Citibank N.A.		N/A		11/28/18	MXN	60,600		(9,974	)		—			(9,974	)
BRL Overnight CDI (CETIP) Rate	At Termination	9.25%	Daily	Citibank N.A.		N/A		1/02/19	BRL	11,722		48,573			—			48,573
BRL Overnight CDI (CETIP) Rate	At Termination	9.27%	Daily	JPMorgan Chase Bank N.A.		N/A		1/02/19	BRL	11,128		47,285			—			47,285
28-day MXIBTIIE	Monthly	6.32%	Monthly	Citibank N.A.		N/A		7/17/25	MXN	2,897		(7,257	)	$	(15	)		(7,242	)
28-day MXIBTIIE	Monthly	6.32%	Monthly	Goldman Sachs International		N/A		8/06/25	MXN	8,688		(22,200	)		(37	)		(22,163	)
6.30%	Monthly	28-day MXIBTIIE	Monthly	Deutsche Bank AG		N/A		8/11/25	MXN	6,393		16,628			—			16,628
6.31%	Monthly	28-day MXIBTIIE	Monthly	Bank of America N.A.		N/A		8/11/25	MXN	1,723		4,463			—			4,463
6.31%	Monthly	28-day MXIBTIIE	Monthly	Bank of America N.A.		N/A		8/11/25	MXN	1,723		4,463			—			4,463
28-day MXIBTIIE	Monthly	6.25%	Monthly	Bank of America N.A.		N/A		6/15/26	MXN	38,640		(121,803	)		—			(121,803	)
Total											$	(91,300	)	$	(52	)	$	(91,248	)


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End

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

•

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

•

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

•

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

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


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—	$	183,799,964	$	6,015,181	$	189,815,145
Common Stocks	$	3,041,320		—		—		3,041,320
Corporate Bonds		732,276		492,178,410		—		492,910,686
Floating Rate Loan Interests		—		83,774,461		32,263,461		116,037,922
Foreign Agency Obligations		—		79,339,425		—		79,339,425
Non-Agency Mortgage- Backed Securities		—		141,401,416		24,511,402		165,912,818
Preferred Securities		19,288,041		110,936,680		1,740,661		131,965,382
U.S. Government Sponsored Agency Securities		—		16,102,909		—		16,102,909
Short-Term Securities:
Money Market Funds		11,209,050		—		—		11,209,050
Options Purchased:
Foreign currency exchange contracts		—		78,178		—		78,178
Unfunded Floating Rate Loan Interest¹		—		—		94,986		94,986

Total	$	34,270,687	$	1,107,611,443	$	64,625,691	$	1,206,507,821


Consolidated Schedule of Investments (continued)		BlackRock Multi-Sector Income Trust (BIT)


	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments²
Assets:
Credit contracts		—	$	2,419,011		—	$	2,419,011
Foreign currency exchange contracts		—		1,525,380		—		1,525,380
Interest rate contracts	$	51,561		556,790		—		608,351
Liabilities:
Credit contracts		—		(2,187,991)		—		(2,187,991)
Foreign currency exchange contracts		—		(2,261,307)		—		(2,261,307)
Interest rate contracts		(273,493)		(1,219,989)		—		(1,493,482)

Total	$	(221,932)	$	(1,168,106)		—	$	(1,390,038)

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

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements payable of $458,935,293 is categorized as Level 2 within the disclosure hierarchy.

During the period ended July 31, 2017, there were no transfers between level 1 and Level 2.

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


	Asset-Backed Securities			Common Stocks			Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			Preferred Securities		Unfunded Floating Rate Loan Interests			Total
Assets:
Opening balance, as of October 31, 2016	$	17,206,973		$	561		$	27,486,435		$	24,015,690		$	1,631,265		—		$	70,340,924
Transfers into Level 3¹					—			1,198,772			—			—	$	164,769			1,363,541
Transfers out of Level 3²		(5,182,826	)		—			(367,669	)		—			—		—			(5,550,495	)
Accrued discounts/premiums		3,239			—			45,782			174,502			—		—			223,523
Net realized gain (loss)		49,321			(12,833	)		62,179			540,621			—		—			639,288
Net change in unrealized appreciation (depreciation)³		(338,155	)		8,074			6,778,076			1,560,657			109,396		(69,784	)		8,048,264
Purchases		989,100			7,536			23,433,180						—		—			24,429,816
Sales		(6,712,471	)		(3,338	)		(26,373,293	)		(1,780,068	)		—		—			(34,869,170	)

Closing Balance, as of July 31, 2017	$	6,015,181			—		$	32,263,462		$	24,511,402		$	1,740,661	$	94,985		$	64,625,691

Net change in unrealized appreciation (depreciation) on investments still held at July 31, 2017³	$	(303,745	)		—		$	6,678,075		$	1,560,658		$	109,396	$	(69,784	)	$	7,974,600


Consolidated Schedule of Investments (concluded)		BlackRock Multi-Sector Income Trust (BIT)

As of October 31, 2016, the Trust used observable inputs in determining the value of certain investments. As of July 31, 2017, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

As of October 31, 2016, the Trust used significant unobservable inputs in determining the value of certain investments. As of July 31, 2017, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at July 31, 2017is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $62,790,044. A significant change in such third party pricing information could result in a significantly lower or higher value of such Level 3 investments.


	Value		Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized
Assets:
Preferred Stocks	$	1,740,661	Market	Illiquidity Discount¹	1.6%

Total	$	1,740,661

Decrease in unobservable input may result in a significant increase to value, while an increase in the unobservable input may result in a significant decrease to value.


Item 2 –		Controls and Procedures

2(a) –		The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –		There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 –		Exhibits

		Certifications – Attached hereto


		Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		BlackRock Multi-Sector Income Trust

		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Multi-Sector Income Trust

		Date:		September 25, 2017

		Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Multi-Sector Income Trust

		Date:		September 25, 2017

		By:		/s/ Neal J. Andrews
				Neal J. Andrews
				Chief Financial Officer (principal financial officer) of
				BlackRock Multi-Sector Income Trust

		Date:		September 25, 2017