Name of Fund: |
Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
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OCTOBER 31, 2023 |
2023 Annual Report |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Total Cumulative Distributions for the Fiscal Period |
% Breakdown of the Total Cumulative Distributions for the Fiscal Period |
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Trust Name |
Net Income |
Net Realized Capital Gains Short-Term |
Net Realized Capital Gains Long-Term |
Return of Capital |
(a) |
Total Per Common Share |
Net Income |
Net Realized Capital Gains Short-Term |
Net Realized Capital Gains Long-Term |
Return of Capital |
Total Per Common Share |
|||||||||||||||||||||||||||||||||||
BIT |
$ | 0.886377 | $ | — | $ | — | $ | 0.598023 | $ | 1.484400 | 60 | % | — | % | — | % | 40 | % | 100 | % |
(a) |
The Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Trust is returned to the shareholder. A return of capital does not necessarily reflect the Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce the Trust’s net asset value per share. |
Trust Name |
Amount Per Common Share |
|||
BIT |
$ | 0.123700 |
2 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Total Returns as of October 31, 2023 | ||||
6-Month |
12-Month | |||
U.S. large cap equities (S&P 500 ® |
1.39% | 10.14% | ||
U.S. small cap equities (Russell 2000 ® |
(5.29) | (8.56) | ||
International equities (MSCI Europe, Australasia, Far East Index) |
(7.88) | 14.40 | ||
Emerging market equities (MSCI Emerging Markets Index) |
(4.78) | 10.80 | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |
2.63 | 4.77 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
(9.70) | (3.25) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
(6.13) | 0.36 | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
(4.65) | 2.64 | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
0.02 | 6.23 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
3 |
Page |
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2 | ||||
3 | ||||
Annual Report: |
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5 | ||||
5 | ||||
6 | ||||
Financial Statements: |
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9 | ||||
47 | ||||
49 | ||||
50 | ||||
51 | ||||
53 | ||||
54 | ||||
66 | ||||
67 | ||||
68 | ||||
72 | ||||
79 | ||||
82 | ||||
83 | ||||
86 | ||||
89 |
4 |
The Benefits and Risks of Leveraging |
BlackRock Multi-Sector Income Trust (BIT) |
T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / DE R I V A T I V E F I N A N C I A L I N S T R U M E N T S |
5 |
Trust Summary as of October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Symbol on New York Stock Exchange |
BIT | |
Initial Offering Date |
February 27, 2013 | |
Current Distribution Rate on Closing Market Price as of October 31, 2023 ($14.09) (a) |
10.54% | |
Current Monthly Distribution per Common Share (b) |
$0.123700 | |
Current Annualized Distribution per Common Share (b) |
$1.484400 | |
Leverage as of October 31, 2023 (c) |
35% |
(a) |
Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
(b) |
The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(c) |
Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
10/31/23 |
10/31/22 |
Change |
High |
Low |
||||||||||||||||
Closing Market Price |
$ | 14.09 | $ | 14.43 | (2.36 | )% | $ 15.24 | $ 13.73 | ||||||||||||
Net Asset Value |
13.78 | 14.66 | (6.00 | ) | 15.36 | 13.67 |
(a) |
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. |
(b) |
A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. |
6 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Summary as of October 31, 2023 (continued) |
BlackRock Multi-Sector Income Trust (BIT) |
Average Annual Total Returns | ||||||||||||
1 Year |
5 Years |
10 Years |
||||||||||
Trust at NAV (a)(b) |
4.08 | % | 3.03 | % | 6.12 | % | ||||||
Trust at Market Price (a)(b) |
8.12 | 6.54 | 7.49 | |||||||||
Bloomberg U.S. Aggregate Bond Index |
0.36 | (0.06 | ) | 0.88 |
(a) |
All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage. |
(b) |
The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
T R U S T S U M M A R Y |
7 |
Trust Summary as of October 31, 2023 (continued) |
BlackRock Multi-Sector Income Trust (BIT) |
PORTFOLIO COMPOSITION |
||||
Asset Type |
Percentage of Total Investments |
|||
Corporate Bonds |
52.8 | % | ||
U.S. Government Sponsored Agency Securities |
13.3 | |||
Non-Agency Mortgage-Backed Securities |
12.2 | |||
Asset-Backed Securities |
12.2 | |||
Floating Rate Loan Interests |
4.4 | |||
Preferred Securities |
3.0 | |||
Other* |
2.1 |
CREDIT QUALITY ALLOCATION |
||||
Credit Rating (a)(b) |
Percentage of Total Investments |
|||
AAA/Aaa (c) |
20.2 | % | ||
AA/Aa |
1.2 | |||
A |
2.0 | |||
BBB/Baa |
10.4 | |||
BB/Ba |
22.9 | |||
B |
24.7 | |||
CCC/Caa |
5.3 | |||
CC |
2.2 | |||
C |
2.2 | |||
N/R (d) |
8.9 |
(a) |
For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) |
Excludes short-term securities. |
(c) |
Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser. |
(d) |
The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of October 31, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments. |
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details. |
8 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities |
||||||||
Allegro CLO V Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.21%), 6.61%, 10/16/30 (a)(b) |
USD | 460 | $ | 457,664 | ||||
ALM Ltd., Series 2020-1A, Class D, (3-mo. CME Term SOFR + 6.26%), 11.66%, 10/15/29 (a)(b) |
287 | 266,980 | ||||||
Anchorage Capital CLO Ltd., Series 2015-7A, Class D1R2, (3-mo. CME Term SOFR + 3.76%), 9.15%, 01/28/31 (a)(b) |
250 | 238,104 | ||||||
Apidos CLO XXVI, Series 2017-26A, Class A1AR, (3-mo. CME Term SOFR + 1.16%), 6.56%, 07/18/29 (a)(b) |
372 | 369,899 | ||||||
Apidos CLO XXVII, Series 2017-27A, Class A1R, (3-mo. CME Term SOFR + 1.19%), 6.59%, 07/17/30 (a)(b) |
214 | 213,016 | ||||||
Ares LXVIII CLO Ltd., Series 2023-68A, Class E, (3-mo. CME Term SOFR + 8.55%), 13.93%, 04/25/35 (a)(b) |
380 | 376,353 | ||||||
Ares XL CLO Ltd., Series 2016-40A, Class A1RR, (3-mo. CME Term SOFR + 1.13%), 6.53%, 01/15/29 (a)(b) |
619 | 614,853 | ||||||
ARES XLVII CLO Ltd., Series 2018-47A, Class A1, (3-mo. CME Term SOFR + 1.18%), 6.58%, 04/15/30 (a)(b) |
232 | 231,338 | ||||||
Argent Securities Trust, Series 2006-W5, Class A1A, (1-mo. Term SOFR + 0.41%), 5.74%, 06/25/36 (a) |
4,025 | 2,506,344 | ||||||
Atrium XIII, Series 13A, Class A2, (3-mo. CME Term SOFR + 1.51%), 6.92%, 11/21/30 (a)(b) |
250 | 244,985 | ||||||
Atrium XV, Series 15A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.67%, 01/23/31 (a)(b) |
550 | 535,712 | ||||||
Bain Capital Credit CLO Ltd., Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.56%), 8.96%, 07/19/34 (a)(b) |
250 | 235,058 | ||||||
Ballyrock CLO Ltd. (a)(b) |
||||||||
Series 2020-14A, Class D, (3-mo. CME Term SOFR + 7.26%), 12.68%, 01/20/34 |
250 | 240,168 | ||||||
Series 2022-21A, Class D, (3-mo. CME Term SOFR + 8.76%), 14.18%, 10/20/35 |
500 | 500,774 | ||||||
Barings CLO Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.41%), 8.81%, 07/15/34 (a)(b) |
250 | 240,799 | ||||||
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1-mo. Term SOFR + 0.38%), 5.71%, 07/25/37 (a)(b) |
1,285 | 1,136,810 | ||||||
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1-mo. Term SOFR + 0.39%), 5.72%, 11/25/36 (a) |
919 | 886,426 | ||||||
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A1R2, (3-mo. CME Term SOFR + 1.13%), 6.53%, 07/15/29 (a)(b) |
44 | 44,284 | ||||||
Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class CR, (3-mo. CME Term SOFR + 2.31%), 7.71%, 07/15/34 (a)(b) |
250 | 243,139 | ||||||
BlueMountain CLO Ltd., Series 2013-2A, Class A1R, (3-mo. CME Term SOFR + 1.44%), 6.85%, 10/22/30 (a)(b) |
345 | 343,902 | ||||||
BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A, Class A1AR, (3-mo. CME Term SOFR + 1.26%), 6.68%, 10/20/30 (a)(b) |
3,099 | 3,086,359 | ||||||
Carlyle Global Market Strategies CLO Ltd., Series 2015-1A, Class AR3, (3-mo. CME Term SOFR + 1.24%), 6.66%, 07/20/31 (a)(b) |
1,580 | 1,572,190 |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities (continued) |
||||||||
Carlyle U.S. CLO Ltd. (a)(b) |
||||||||
Series 2018-4A, Class A2, (3-mo. CME Term SOFR + 2.06%), 7.48%, 01/20/31 |
USD | 250 | $ | 246,851 | ||||
Series 2020-2A, Class CR, (3-mo. CME Term SOFR + 3.46%), 8.84%, 01/25/35 |
250 | 235,637 | ||||||
Carrington Mortgage Loan Trust (a) |
||||||||
Series 2006-FRE2, Class A2, (1-mo. Term SOFR + 0.23%), 5.56%, 10/25/36 |
2,816 | 2,102,452 | ||||||
Series 2006-FRE2, Class A5, (1-mo. Term SOFR + 0.19%), 5.52%, 03/25/35 |
5,800 | 4,331,020 | ||||||
CarVal CLO III Ltd., Series 2019-2A, Class E, (3-mo. CME Term SOFR + 6.70%), 12.12%, 07/20/32 (a)(b) |
500 | 456,251 | ||||||
CBAM Ltd., Series 2017-1A, Class A1, (3-mo. CME Term SOFR + 1.51%), 6.93%, 07/20/30 (a)(b) |
944 | 940,444 | ||||||
C-BASS Trust, Series 2006-CB7, Class A4, (1-mo. Term SOFR + 0.43%), 5.76%, 10/25/36 (a) |
4,065 | 2,488,110 | ||||||
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 7.22%, 04/20/35 (a)(b) |
400 | 387,134 | ||||||
CIFC Funding IV Ltd., Series 2017-4A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 6.61%, 10/24/30 (a)(b) |
422 | 420,708 | ||||||
CIFC Funding Ltd. (a)(b) |
||||||||
Series 2013-4A, Class A1RR, (3-mo. CME Term SOFR + 1.32%), 6.71%, 04/27/31 |
248 | 247,051 | ||||||
Series 2014-5A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 6.86%, 10/17/31 |
550 | 548,558 | ||||||
Series 2016-1A, Class 1A, (3-mo. CME Term SOFR + 1.96%), 7.30%, 10/21/31 |
750 | 736,654 | ||||||
Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.76%, 07/15/36 |
500 | 481,250 | ||||||
CIFC Funding VII Ltd. (a)(b) |
||||||||
Series 2022-7A, Class D, (3-mo. CME Term SOFR + 5.35%), 10.76%, 10/22/35 |
250 | 250,199 | ||||||
Series 2022-7A, Class E, (3-mo. CME Term SOFR + 8.94%), 14.35%, 10/22/35 |
500 | 511,744 | ||||||
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 7.28%, 10/25/36 (c) |
331 | 181,760 | ||||||
Clear Creek CLO, Series 2015-1A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.63%, 10/20/30 (a)(b) |
250 | 242,091 | ||||||
Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class 1A, (1-mo. Term SOFR + 0.25%), 5.58%, 06/25/37 (a) |
501 | 448,053 | ||||||
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1-mo. Term SOFR + 0.25%), 5.59%, 01/15/37 (a) |
390 | 346,623 | ||||||
Deer Creek CLO Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.44%), 6.86%, 10/20/30 (a)(b) |
297 | 296,575 | ||||||
Dryden 106 CLO Ltd., Series 2022-106A, Class E, (3-mo. CME Term SOFR + 8.87%), 14.26%, 10/15/35 (a)(b) |
500 | 500,303 | ||||||
Dryden 37 Senior Loan Fund, Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 6.76%, 01/15/31 (a)(b) |
236 | 235,246 | ||||||
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, (3-mo. CME Term SOFR + 1.16%), 6.56%, 04/15/29 (a)(b) |
369 | 367,880 | ||||||
Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3-mo. CME Term SOFR + 1.96%), 7.36%, 04/15/33 (a)(b) |
250 | 245,626 |
S C H E D U L E O F I N V E S T M E N T S |
9 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities (continued) |
||||||||
Elmwood CLO Ltd. (a)(b) |
||||||||
Series 2022-1A, Class E, (3-mo. CME Term SOFR + 6.35%), 11.77%, 04/20/35 |
USD | 415 | $ | 393,700 | ||||
Series 2023-1A, Class E, (3-mo. CME Term SOFR + 7.65%), 13.05%, 04/17/36 |
500 | 492,198 | ||||||
FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/17/39 (b) |
3,800 | 3,433,397 | ||||||
Flatiron CLO Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.21%), 6.61%, 04/17/31 (a)(b) |
1,280 | 1,278,269 | ||||||
Fremont Home Loan Trust (a) |
||||||||
Series 2006-A, Class 2A3, (1-mo. Term SOFR + 0.43%), 5.76%, 05/25/36 |
4,096 | 2,292,708 | ||||||
Series 2006-D, Class 2A3, (1-mo. Term SOFR + 0.26%), 5.59%, 11/25/36 |
6,187 | 2,061,591 | ||||||
Galaxy 31 CLO Ltd., Series 2023-31A, Class E, (3-mo. CME Term SOFR + 8.43%), 13.82%, 04/15/36 (a)(b) |
300 | 293,586 | ||||||
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3-mo. CME Term SOFR + 5.51%), 10.93%, 04/20/31 (a)(b) |
500 | 438,125 | ||||||
Galaxy XXVI CLO Ltd., Series 2018-26A, Class A, (3-mo. CME Term SOFR + 1.46%), 6.84%, 11/22/31 (a)(b) |
750 | 748,183 | ||||||
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class A1, (3-mo. CME Term SOFR + 1.36%), 6.76%, 07/15/31 (a)(b) |
487 | 485,140 | ||||||
Generate CLO Ltd. (a)(b) |
||||||||
Series 2A, Class DR, (3-mo. CME Term SOFR + 2.86%), 8.27%, 01/22/31 |
600 | 569,556 | ||||||
Series 2A, Class ER, (3-mo. CME Term SOFR + 5.91%), 11.32%, 01/22/31 |
250 | 226,681 | ||||||
Gilbert Park CLO Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.45%), 6.85%, 10/15/30 (a)(b) |
425 | 423,700 | ||||||
GoldenTree Loan Management U.S. CLO Ltd. (a)(b) |
||||||||
Series 2017-2A, Class AR, (3-mo. CME Term SOFR + 1.17%), 6.59%, 11/20/30 |
855 | 852,120 | ||||||
Series 2018-3A, Class D, (3-mo. CME Term SOFR + 3.11%), 8.53%, 04/20/30 |
250 | 241,598 | ||||||
Series 2019-5A, Class BR, (3-mo. CME Term SOFR + 1.81%), 7.23%, 10/20/32 |
250 | 246,251 | ||||||
Goldentree Loan Opportunities X Ltd., Series 2015- 10A, Class AR, (3-mo. CME Term SOFR + 1.38%), 6.80%, 07/20/31 (a)(b) |
500 | 499,115 | ||||||
GoldenTree Loan Opportunities X Ltd., Series 2015- 10A, Class DR, (3-mo. CME Term SOFR + 3.31%), 8.73%, 07/20/31 (a)(b) |
250 | 244,752 | ||||||
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1-mo. Term SOFR + 0.28%), 5.61%, 04/25/37 (a) |
3,324 | 2,214,231 | ||||||
HPS Loan Management Ltd., Series 8A-2016, Class ER, (3-mo. CME Term SOFR + 5.76%), 11.18%, 07/20/30 (a)(b) |
1,000 | 873,731 | ||||||
LCM XXIV Ltd., Series 24A, Class AR, (3-mo. CME Term SOFR + 1.24%), 6.66%, 03/20/30 (a)(b) |
160 | 158,887 | ||||||
Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A3, (1-mo. Term SOFR + 0.43%), 5.76%, 08/25/36 (a) |
4,956 | 1,839,033 | ||||||
Madison Park Funding LXIII Ltd., Series 2063, Class E, (3-mo. CME Term SOFR + 8.57%), 13.65%, 04/21/35 (a)(b) |
350 | 350,152 | ||||||
Madison Park Funding XLI Ltd., Series 12A, Class AR, (3-mo. CME Term SOFR + 1.09%), 6.50%, 04/22/27 (a)(b) |
110 | 109,466 |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities (continued) |
||||||||
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, (3-mo. CME Term SOFR + 6.51%), 11.91%, 04/19/33 (a) |
USD | 500 | $ | 486,890 | ||||
Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3-mo. CME Term SOFR + 3.86%), 9.27%, 07/21/30 (a)(b) |
500 | 489,412 | ||||||
Madison Park Funding XVIII Ltd., Series 2015-18A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.62%, 10/21/30 (a)(b) |
250 | 240,354 | ||||||
Madison Park Funding XXIX Ltd. (a)(b) |
||||||||
Series 2018-29A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.66%, 10/18/30 |
565 | 548,192 | ||||||
Series 2018-29A, Class E, (3-mo. CME Term SOFR + 5.96%), 11.36%, 10/18/30 |
500 | 466,677 | ||||||
Madison Park Funding XXV Ltd., Series 2017-25A, Class A1R, (3-mo. CME Term SOFR + 1.23%), 6.61%, 04/25/29 (a)(b) |
957 | 954,907 | ||||||
Madison Park Funding XXVI Ltd., Series 2007-4A, Class DR, (3-mo. LIBOR US + 3.00%), 8.65%, 07/29/30 (a)(b) |
250 | 239,575 | ||||||
Madison Park Funding XXX Ltd., Series 2018-30A, Class A, (3-mo. CME Term SOFR + 1.01%), 6.41%, 04/15/29 (a)(b) |
233 | 231,014 | ||||||
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.31%, 07/15/33 (a)(b) |
800 | 788,347 | ||||||
Mastr Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1-mo. Term SOFR + 0.41%), 5.74%, 06/25/36 (a) |
6,995 | 2,451,450 | ||||||
Neuberger Berman CLO XV, Series 2013-15A, Class A1R2, (3-mo. CME Term SOFR + 1.18%), 6.58%, 10/15/29 (a)(b) |
474 | 471,737 | ||||||
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ERR, (3-mo. CME Term SOFR + 6.76%), 12.16%, 07/15/34 (a)(b) |
710 | 673,251 | ||||||
Neuberger Berman Loan Advisers CLO Ltd. (a)(b) |
||||||||
Series 2017-25A, Class AR, (3-mo. CME Term SOFR + 1.19%), 6.59%, 10/18/29 |
1,349 | 1,344,617 | ||||||
Series 2017-26A, Class AR, (3-mo. CME Term SOFR + 1.18%), 6.58%, 10/18/30 |
240 | 239,439 | ||||||
Series 2020-37A, Class CR, (3-mo. CME Term SOFR + 2.06%), 7.48%, 07/20/31 |
400 | 390,239 | ||||||
Series 2021- 46A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.33%, 01/20/36 |
250 | 245,952 | ||||||
Neuberger Berman Loan Advisers NBLA CLO Ltd. (a)(b) |
||||||||
Series 2022-52A, Class D, (3-mo. CME Term SOFR + 5.75%), 11.15%, 10/24/35 |
550 | 556,576 | ||||||
Series 2022-52A, Class E, (3-mo. CME Term SOFR + 8.81%), 14.21%, 10/24/35 |
250 | 252,848 | ||||||
OCP CLO Ltd. (a)(b) |
||||||||
Series 2015-9A, Class A1R2, (3-mo. CME Term SOFR + 1.25%), 6.64%, 01/15/33 |
550 | 542,872 | ||||||
Series 2017-13A, Class A1AR, (3-mo. CME Term SOFR + 1.22%), 6.62%, 07/15/30 |
573 | 569,336 | ||||||
Series 2017-14A, Class A2, (3-mo. CME Term SOFR + 1.76%), 7.14%, 11/20/30 |
400 | 392,334 | ||||||
Series 2019-17A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 6.72%, 07/20/32 |
500 | 496,627 | ||||||
Octagon Investment Partners Ltd. (a)(b) |
||||||||
Series 2017-1A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 6.61%, 07/15/29 |
204 | 203,582 | ||||||
Series 2017-1A, Class E, (3-mo. CME Term SOFR + 6.56%), 11.98%, 07/20/30 |
500 | 446,451 |
10 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities (continued) |
||||||||
Octagon Investment Partners XIV Ltd., Series 2012- 1A, Class AARR, (3-mo. CME Term SOFR + 1.21%), 6.61%, 07/15/29 (a)(b) |
USD | 305 | $ | 303,190 | ||||
Octagon Investment Partners XV Ltd., Series 2013- 1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 6.63%, 07/19/30 (a)(b) |
2,422 | 2,412,490 | ||||||
Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 7.04%, 01/25/31 (a)(b) |
250 | 244,788 | ||||||
Octagon Investment Partners XXI Ltd., Series 2014- 1A, Class AAR3, (3-mo. CME Term SOFR + 1.26%), 6.63%, 02/14/31 (a)(b) |
500 | 497,110 | ||||||
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), 8.42%, 01/22/30 (a)(b) |
500 | 483,521 | ||||||
OHA Credit Partners XI Ltd., Series 2015-11A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.63%, 01/20/32 (a)(b) |
250 | 242,498 | ||||||
OZLM VII Ltd., Series 2014-7RA, Class A1R, (3-mo. CME Term SOFR + 1.27%), 6.67%, 07/17/29 (a)(b) |
314 | 312,226 | ||||||
OZLM VIII Ltd., Series 2014-8A, Class A1R3, (3-mo. CME Term SOFR + 1.24%), 6.64%, 10/17/29 (a)(b) |
556 | 553,676 | ||||||
OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME Term SOFR + 5.80%), 11.22%, 01/20/31 (a)(b) |
250 | 214,929 | ||||||
Palmer Square CLO Ltd., Series 2014-1A, Class A1R2, (3-mo. CME Term SOFR + 1.39%), 6.79%, 01/17/31 (a)(b) |
487 | 485,738 | ||||||
Palmer Square Loan Funding Ltd. (a)(b) |
||||||||
Series 2021-1A, Class A1, (3-mo. CME Term SOFR + 1.16%), 6.58%, 04/20/29 |
168 | 167,914 | ||||||
Series 2021-3A, Class A1, (3-mo. CME Term SOFR + 1.06%), 6.48%, 07/20/29 |
804 | 800,809 | ||||||
Series 2022-1A, Class A1, (3-mo. CME Term SOFR + 1.05%), 6.44%, 04/15/30 |
189 | 187,260 | ||||||
Rad CLO Ltd. (a)(b) |
||||||||
Series 2018-1A, Class AR, (3-mo. CME Term SOFR + 1.24%), 6.64%, 07/15/31 |
643 | 640,655 | ||||||
Series 2019-6A, Class E, (3-mo. CME Term SOFR + 7.79%), 13.21%, 01/20/33 |
500 | 487,531 | ||||||
Series 2022-17A, Class E, (3-mo. CME Term SOFR + 8.30%), 13.72%, 10/20/35 |
250 | 247,095 | ||||||
Regatta IX Funding Ltd., Series 2022-1A, Class D, (3-mo. CME Term SOFR + 4.16%), 9.56%, 04/17/30 (a)(b) |
250 | 246,838 | ||||||
Regatta VIII Funding Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.51%), 6.91%, 10/17/30 (a)(b) |
349 | 347,952 | ||||||
Regatta XI Funding Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.33%), 6.73%, 07/17/31 (a)(b) |
239 | 238,423 | ||||||
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.11%, 01/15/34 (a)(b) |
850 | 828,076 | ||||||
Regatta XXV Funding Ltd., Series 2025, Class E, (3-mo. CME Term SOFR + 8.41%), 13.66%, 07/15/36 (a) |
500 | 500,376 | ||||||
Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33 (d) |
1,110 | 965,700 | ||||||
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37 (c) |
3,519 | 1,433,363 |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities (continued) |
||||||||
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3-mo. CME Term SOFR + 3.11%), 8.51%, 10/15/29 (a)(b) |
USD | 500 | $ | 487,135 | ||||
RRX Ltd., Series 2020-1A, Class E, (3-mo. CME Term SOFR + 6.71%), 12.11%, 04/15/33 (a)(b) |
500 | 461,586 | ||||||
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1-mo. Term SOFR + 0.51%), 5.84%, 09/25/47 (a) |
3,482 | 3,103,821 | ||||||
Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 01/30/45 (d) |
— | (e) |
695,292 | |||||
Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3-mo. CME Term SOFR + 1.21%), 6.59%, 10/26/34 (a)(b) |
1,100 | 1,099,837 | ||||||
Sixth Street CLO XVI Ltd., Series 2020-16A, Class E, (3-mo. CME Term SOFR + 7.58%), 13.00%, 10/20/32 (a)(b) |
240 | 236,394 | ||||||
Southwick Park CLO LLC, Series 2019-4A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 6.74%, 07/20/32 (a)(b) |
250 | 247,948 | ||||||
Stratus Static CLO Ltd., Series 2022-3A, Class D, (3-mo. CME Term SOFR + 5.29%), 10.71%, 10/20/31 (a)(b) |
500 | 499,821 | ||||||
Symphony CLO XV Ltd., Series 2014-15A, Class AR3, (3-mo. CME Term SOFR + 1.34%), 6.74%, 01/17/32 (a)(b) |
500 | 494,410 | ||||||
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 7.26%, 04/23/35 (a)(b) |
600 | 582,455 | ||||||
TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, (3-mo. CME Term SOFR + 1.10%), 6.50%, 01/17/32 (a)(b) |
1,178 | 1,172,771 | ||||||
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.19%), 6.59%, 07/15/30 (a)(b) |
2,206 | 2,194,577 | ||||||
TICP CLO IX Ltd., Series 2017-9A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.58%, 01/20/31 (a)(b) |
250 | 244,749 | ||||||
TICP CLO VIII Ltd., Series 2017-8A, Class A2R, (3-mo. CME Term SOFR + 1.96%), 7.38%, 10/20/34 (a)(b) |
250 | 244,376 | ||||||
Trestles CLO IV Ltd., Series 2021-4A, Class B1, (3-mo. CME Term SOFR + 1.96%), 7.37%, 07/21/34 (a)(b) |
1,000 | 981,600 | ||||||
Trestles CLO Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 3.16%), 8.54%, 04/25/32 (a)(b) |
250 | 238,081 | ||||||
Trimaran CAVU Ltd. (a) |
||||||||
Series 2021-1A, Class E, (3-mo. CME Term SOFR + 6.76%), 12.17%, 04/23/32 (b) |
375 | 349,337 | ||||||
Series 2022-1, Class E, (3-mo. CME Term SOFR + 9.08%), 14.49%, 10/22/35 |
500 | 489,345 | ||||||
Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.12%), 11.54%, 01/20/36 (b) |
1,100 | 1,101,586 | ||||||
Series 2022-2A, Class E, (3-mo. CME Term SOFR + 8.81%), 14.23%, 01/20/36 (b) |
500 | 487,976 | ||||||
Series 2023-1, Class E, (3-mo. CME Term SOFR + 8.94%), 14.32%, 07/20/36 |
500 | 472,507 | ||||||
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32 (f) |
GBP | 31 | 36,275 | |||||
Voya CLO Ltd. (a) |
||||||||
Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.41%), 8.81%, 07/15/34 (b) |
USD | 250 | 239,535 |
S C H E D U L E O F I N V E S T M E N T S |
11 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Asset-Backed Securities (continued) |
||||||||
Voya CLO Ltd. (a) (continued) |
||||||||
Series 2022-4, Class E, (3-mo. CME Term SOFR + 7.50%), 12.92%, 10/20/33 |
USD | 350 | $ | 346,227 | ||||
Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME Term SOFR + 1.26%), 6.66%, 10/15/30 (a)(b) |
405 | 404,242 | ||||||
WaMu Asset-Backed Certificates Trust, Series 2007- HE3, Class 2A3, (1-mo. Term SOFR + 0.35%), 5.68%, 05/25/37 (a) |
5,625 | 4,645,976 | ||||||
Whetstone Park CLO Ltd., Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 7.28%, 01/20/35 (a)(b) |
275 | 268,887 | ||||||
Total Asset-Backed Securities — 19.4% (Cost: $107,320,819) |
100,991,130 | |||||||
Shares |
||||||||
Common Stocks |
||||||||
Aerospace & Defense — 0.4% |
||||||||
RTX Corp. |
25,650 | 2,087,654 | ||||||
Building Products — 0.2% |
||||||||
Carrier Global Corp. |
25,650 | 1,222,734 | ||||||
Machinery — 0.2% |
||||||||
Otis Worldwide Corp. |
12,825 | 990,218 | ||||||
Total Common Stocks — 0.8% (Cost: $2,968,389) |
4,300,606 | |||||||
Par (000) |
||||||||
Corporate Bonds |
||||||||
Aerospace & Defense — 3.9% |
||||||||
Amsted Industries, Inc., 5.63%, 07/01/27 (b) |
USD | 185 | 170,234 | |||||
Bombardier, Inc. (b) |
||||||||
7.50%, 03/15/25 |
22 | 21,976 | ||||||
7.13%, 06/15/26 (g) |
1,318 | 1,268,161 | ||||||
7.88%, 04/15/27 (g) |
781 | 751,301 | ||||||
6.00%, 02/15/28 (g) |
683 | 604,372 | ||||||
7.50%, 02/01/29 (g) |
970 | 898,474 | ||||||
7.45%, 05/01/34 |
286 | 320,320 | ||||||
Embraer Netherlands Finance BV, 7.00%, 07/28/30 (b) |
734 | 713,999 | ||||||
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (b)(g) |
864 | 802,661 | ||||||
Lockheed Martin Corp., 4.09%, 09/15/52 (g) |
451 | 332,597 | ||||||
Northrop Grumman Corp., 3.85%, 04/15/45 (g) |
680 | 481,951 | ||||||
Rolls-Royce PLC, 5.75%, 10/15/27 (b) |
1,545 | 1,464,003 | ||||||
RTX Corp., 3.75%, 11/01/46 (g) |
700 | 463,522 | ||||||
Spirit AeroSystems, Inc. (b) |
||||||||
7.50%, 04/15/25 |
40 | 39,901 | ||||||
9.38%, 11/30/29 (g) |
621 | 637,724 | ||||||
TransDigm, Inc. |
||||||||
6.25%, 03/15/26 (b)(g) |
6,944 | 6,780,536 | ||||||
7.50%, 03/15/27 |
134 | 133,836 | ||||||
6.75%, 08/15/28 (b) |
2,979 | 2,892,559 | ||||||
6.88%, 12/15/30 |
251 | 242,356 | ||||||
Triumph Group, Inc., 9.00%, 03/15/28 (b)(g) |
1,159 | 1,125,665 | ||||||
20,146,148 |
Security |
Par (000) |
Value |
||||||
Air Freight & Logistics — 0.0% |
||||||||
XPO Escrow Sub LLC, 7.50%, 11/15/27 (b) |
USD | 109 | $ | 108,971 | ||||
Automobile Components — 1.4% |
||||||||
Aptiv PLC, 4.40%, 10/01/46 (g) |
280 | 189,839 | ||||||
Clarios Global LP, 6.75%, 05/15/25 (b) |
140 | 138,889 | ||||||
Clarios Global LP/Clarios U.S. Finance Co. |
||||||||
4.38%, 05/15/26 (f) |
EUR | 423 | 427,995 | |||||
6.25%, 05/15/26 (b)(g) |
USD | 1,265 | 1,236,647 | |||||
8.50%, 05/15/27 (b)(g) |
3,576 | 3,520,840 | ||||||
6.75%, 05/15/28 (b)(g) |
1,068 | 1,041,150 | ||||||
Dana Financing Luxembourg SARL, 8.50%, 07/15/31 (f) |
EUR | 100 | 107,926 | |||||
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (b) |
USD | 231 | 216,670 | |||||
Forvia SE, 3.75%, 06/15/28 (f) |
EUR | 100 | 96,207 | |||||
Goodyear Tire & Rubber Co. |
||||||||
5.00%, 07/15/29 (g) |
USD | 132 | 113,523 | |||||
5.63%, 04/30/33 |
137 | 109,860 | ||||||
IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27 (f)(h) |
EUR | 100 | 95,120 | |||||
ZF Europe Finance BV, 6.13%, 03/13/29 (f) |
100 | 104,884 | ||||||
ZF Finance GmbH, 2.00%, 05/06/27 (f) |
100 | 92,848 | ||||||
7,492,398 | ||||||||
Automobiles — 1.6% |
||||||||
Arko Corp., 5.13%, 11/15/29 (b)(g) |
USD | 232 | 188,106 | |||||
Asbury Automotive Group, Inc. |
||||||||
4.50%, 03/01/28 |
22 | 19,493 | ||||||
5.00%, 02/15/32 (b) |
168 | 136,258 | ||||||
Ford Motor Co. (g) |
||||||||
3.25%, 02/12/32 |
598 | 451,340 | ||||||
6.10%, 08/19/32 |
600 | 554,969 | ||||||
Ford Motor Credit Co. LLC |
||||||||
2.75%, 06/14/24 |
GBP | 105 | 124,432 | |||||
4.39%, 01/08/26 |
USD | 1,250 | 1,184,878 | |||||
6.86%, 06/05/26 |
GBP | 108 | 130,670 | |||||
6.80%, 05/12/28 (g) |
USD | 263 | 262,248 | |||||
5.11%, 05/03/29 (g) |
214 | 194,774 | ||||||
7.35%, 03/06/30 |
600 | 602,563 | ||||||
7.20%, 06/10/30 (g) |
1,269 | 1,268,137 | ||||||
3.63%, 06/17/31 |
417 | 329,430 | ||||||
General Motors Co., 6.25%, 10/02/43 (g) |
2,194 | 1,885,639 | ||||||
LCM Investments Holdings II LLC, 8.25%, 08/01/31 (b) |
328 | 312,052 | ||||||
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (b) |
228 | 176,700 | ||||||
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30 (a)(f) |
EUR | 100 | 99,140 | |||||
TML Holdings Pte Ltd., 4.35%, 06/09/26 (f)(g) |
USD | 200 | 180,688 | |||||
Wabash National Corp., 4.50%, 10/15/28 (b)(g) |
281 | 232,528 | ||||||
8,334,045 | ||||||||
Banks — 0.9% |
||||||||
Banco Bilbao Vizcaya Argentaria SA, (5-year USD Swap + 3.87%), 6.13% (a)(i) |
2,000 | 1,588,214 | ||||||
Banco BPM SpA (a) |
||||||||
(3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28 |
EUR | 150 | 156,840 | |||||
(5-year EUR Swap + 3.17%), 2.88%, 06/29/31 (f) |
100 | 93,134 | ||||||
Banco de Sabadell SA, (1-year EUR Swap + 2.40%), 5.25%, 02/07/29 (a)(f) |
100 | 104,573 | ||||||
Bangkok Bank PCL |
||||||||
5.50%, 09/21/33 |
USD | 271 | 252,908 | |||||
(5-year CMT + 4.73%), 5.00% (a) |
505 | 470,897 | ||||||
Chong Hing Bank Ltd., (5-year CMT + 3.86%), 5.70% (a)(f)(i) |
250 | 242,623 |
12 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Banks (continued) |
||||||||
Commerzbank AG, (5-year EUR Swap + 6.36%), 6.13% (a)(f)(i) |
EUR | 200 | $ | 194,690 | ||||
Credit Suisse AG, 5.00%, 07/09/27 (g) |
USD | 900 | 858,797 | |||||
Intesa Sanpaolo SpA, 5.71%, 01/15/26 (b)(g) |
200 | 189,738 | ||||||
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33 (a)(b)(g) |
500 | 440,920 | ||||||
4,593,334 | ||||||||
Beverages — 2.2% |
||||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 (g) |
2,160 | 1,798,797 | ||||||
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27 (b)(g)(h) |
800 | 465,743 | ||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (b) |
||||||||
6.00%, 06/15/27 (g) |
736 | 695,534 | ||||||
3.25%, 09/01/28 |
200 | 162,885 | ||||||
4.00%, 09/01/29 (g) |
2,668 | 2,001,185 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. |
||||||||
5.25%, 04/30/25 (b) |
200 | 192,674 | ||||||
2.13%, 08/15/26 (f) |
EUR | 243 | 221,586 | |||||
4.13%, 08/15/26 (b) |
USD | 400 | 353,000 | |||||
5.25%, 08/15/27 (b) |
255 | 185,354 | ||||||
Ball Corp., 6.00%, 06/15/29 (g) |
249 | 238,749 | ||||||
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25 (b)(g) |
211 | 193,065 | ||||||
Mauser Packaging Solutions Holding Co. (b) |
||||||||
7.88%, 08/15/26 (g) |
4,174 | 3,909,447 | ||||||
9.25%, 04/15/27 |
80 | 66,625 | ||||||
Trivium Packaging Finance BV (b) |
||||||||
5.50%, 08/15/26 |
800 | 725,187 | ||||||
8.50%, 08/15/27 (g) |
200 | 166,882 | ||||||
11,376,713 | ||||||||
Biotechnology — 0.2% |
||||||||
Amgen, Inc., 2.80%, 08/15/41 (g) |
250 | 154,642 | ||||||
Cidron Aida Finco SARL, 5.00%, 04/01/28 (f) |
EUR | 100 | 94,700 | |||||
Gilead Sciences, Inc., 4.75%, 03/01/46 (g) |
USD | 700 | 565,803 | |||||
815,145 | ||||||||
Broadline Retail — 0.0% |
||||||||
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (b) |
155 | 144,989 | ||||||
Building Materials — 1.2% |
||||||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (b) |
269 | 251,173 | ||||||
Emerald Debt Merger Sub LLC |
||||||||
6.38%, 12/15/30 (b) |
EUR | 205 | 213,349 | |||||
6.38%, 12/15/30 (f) |
100 | 104,073 | ||||||
6.63%, 12/15/30 (b)(g) |
USD | 3,409 | 3,242,811 | |||||
Jeld-Wen, Inc., 4.63%, 12/15/25 (b) |
293 | 276,519 | ||||||
Masonite International Corp., 5.38%, 02/01/28 (b)(g) |
161 | 148,267 | ||||||
New Enterprise Stone & Lime Co., Inc. (b) |
||||||||
5.25%, 07/15/28 |
103 | 90,897 | ||||||
9.75%, 07/15/28 |
48 | 47,880 | ||||||
Smyrna Ready Mix Concrete LLC, 6.00%, |
||||||||
11/01/28 (b)(g) |
692 | 639,814 | ||||||
Standard Industries, Inc. |
||||||||
2.25%, 11/21/26 (f) |
EUR | 131 | 121,284 | |||||
5.00%, 02/15/27 (b) |
USD | 94 | 86,882 | |||||
4.75%, 01/15/28 (b) |
115 | 102,913 |
Security |
Par (000) |
Value |
||||||
Building Materials (continued) |
||||||||
Standard Industries, Inc. (continued) |
||||||||
4.38%, 07/15/30 (b)(g) |
USD | 1,068 | $ | 872,580 | ||||
3.38%, 01/15/31 (b) |
48 | 36,322 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (b) |
40 | 36,219 | ||||||
6,270,983 | ||||||||
Building Products — 0.9% |
||||||||
Advanced Drainage Systems, Inc. (b) |
||||||||
5.00%, 09/30/27 |
373 | 347,822 | ||||||
6.38%, 06/15/30 (g) |
522 | 492,856 | ||||||
Beacon Roofing Supply, Inc. (b) |
||||||||
4.13%, 05/15/29 |
159 | 133,480 | ||||||
6.50%, 08/01/30 (g) |
334 | 318,919 | ||||||
Foundation Building Materials, Inc., 6.00%, 03/01/29 (b) |
104 | 85,789 | ||||||
GYP Holdings III Corp., 4.63%, 05/01/29 (b) |
472 | 387,040 | ||||||
HT Troplast GmbH, 9.38%, 07/15/28 |
EUR | 100 | 102,630 | |||||
Lowe’s Cos., Inc., 4.65%, 04/15/42 (g) |
USD | 400 | 316,130 | |||||
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (b) |
111 | 103,267 | ||||||
SRS Distribution, Inc. (b) |
||||||||
4.63%, 07/01/28 |
968 | 844,429 | ||||||
6.13%, 07/01/29 (g) |
718 | 601,325 | ||||||
6.00%, 12/01/29 (g) |
1,120 | 932,400 | ||||||
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26 (b)(g)(h) |
309 | 289,978 | ||||||
4,956,065 | ||||||||
Capital Markets — 1.3% |
||||||||
Ares Capital Corp., 7.00%, 01/15/27 |
185 | 184,322 | ||||||
Aretec Escrow Issuer 2, Inc., 10.00%, 08/15/30 (b)(j) |
130 | 131,462 | ||||||
Blackstone Private Credit Fund |
||||||||
7.05%, 09/29/25 |
103 | 102,607 | ||||||
3.25%, 03/15/27 |
97 | 83,672 | ||||||
Blue Owl Capital Corp. |
||||||||
3.75%, 07/22/25 (g) |
238 | 222,400 | ||||||
3.40%, 07/15/26 |
83 | 74,058 | ||||||
Blue Owl Credit Income Corp. |
||||||||
3.13%, 09/23/26 |
56 | 49,144 | ||||||
7.75%, 09/16/27 (g) |
395 | 388,933 | ||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (b)(g) |
273 | 233,126 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. (g) |
||||||||
6.25%, 05/15/26 |
604 | 552,099 | ||||||
5.25%, 05/15/27 |
1,043 | 893,069 | ||||||
4.38%, 02/01/29 |
435 | 334,962 | ||||||
NFP Corp. |
||||||||
4.88%, 08/15/28 (b) |
912 | 798,518 | ||||||
6.88%, 08/15/28 (b)(g) |
2,117 | 1,807,727 | ||||||
7.50%, 10/01/30 (b)(g) |
136 | 128,761 | ||||||
8.50%, 10/01/31 |
248 | 243,845 | ||||||
Northern Trust Corp., 6.13%, 11/02/32 (g) |
169 | 162,904 | ||||||
Raymond James Financial, Inc., 4.95%, 07/15/46 (g) |
400 | 316,533 | ||||||
6,708,142 | ||||||||
Chemicals — 2.1% |
||||||||
Avient Corp., 7.13%, 08/01/30 (b) |
141 | 135,655 | ||||||
Axalta Coating Systems LLC, 3.38%, 02/15/29 (b)(g) |
245 | 201,382 |
S C H E D U L E O F I N V E S T M E N T S |
13 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Chemicals (continued) |
||||||||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (b) |
USD | 600 | $ | 552,564 | ||||
Braskem Idesa SAPI, 6.99%, 02/20/32 (b) |
305 | 177,952 | ||||||
Braskem Netherlands Finance BV, 8.50%, 01/12/31 (b) |
203 | 190,049 | ||||||
Celanese U.S. Holdings LLC |
||||||||
6.35%, 11/15/28 |
196 | 191,360 | ||||||
6.55%, 11/15/30 |
188 | 180,828 | ||||||
6.70%, 11/15/33 |
266 | 252,645 | ||||||
Chemours Co. (b) |
||||||||
5.75%, 11/15/28 |
59 | 49,899 | ||||||
4.63%, 11/15/29 |
227 | 175,330 | ||||||
Element Solutions, Inc., 3.88%, 09/01/28 (b)(g) |
2,001 | 1,702,558 | ||||||
HB Fuller Co., 4.25%, 10/15/28 |
141 | 122,151 | ||||||
Herens Holdco SARL, 4.75%, 05/15/28 (b) |
671 | 519,738 | ||||||
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 (b)(g) |
423 | 395,209 | ||||||
INEOS Quattro Finance 2 PLC, 2.50%, 01/15/26 (f) |
EUR | 100 | 98,403 | |||||
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26 (b)(h) |
USD | 332 | 240,700 | |||||
Kronos International, Inc., 3.75%, 09/15/25 (f) |
EUR | 100 | 95,237 | |||||
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (b) |
USD | 170 | 137,914 | |||||
Minerals Technologies, Inc., 5.00%, 07/01/28 (b) |
218 | 190,593 | ||||||
Olympus Water U.S. Holding Corp. |
||||||||
9.63%, 11/15/28 (f) |
EUR | 100 | 104,910 | |||||
9.75%, 11/15/28 (b) |
USD | 1,098 | 1,072,418 | |||||
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26 (b)(g) |
305 | 270,543 | ||||||
Sherwin-Williams Co., 4.50%, 06/01/47 (g) |
310 | 233,827 | ||||||
SK Invictus Intermediate II SARL, 5.00%, 10/30/29 (b) |
586 | 442,479 | ||||||
WESCO Distribution, Inc. (b) |
||||||||
7.13%, 06/15/25 |
830 | 829,518 | ||||||
7.25%, 06/15/28 (g) |
573 | 569,362 | ||||||
WR Grace Holdings LLC (b) |
||||||||
4.88%, 06/15/27 |
177 | 159,009 | ||||||
5.63%, 08/15/29 (g) |
1,429 | 1,107,475 | ||||||
7.38%, 03/01/31 |
445 | 412,190 | ||||||
10,811,898 | ||||||||
Commercial Services & Supplies — 1.8% |
||||||||
ADT Security Corp. (b) |
||||||||
4.13%, 08/01/29 |
35 | 30,018 | ||||||
4.88%, 07/15/32 |
90 | 75,286 | ||||||
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26 (b) |
222 | 205,350 | ||||||
APX Group, Inc., 5.75%, 07/15/29 (b)(g) |
342 | 284,326 | ||||||
Ashtead Capital, Inc., 5.95%, 10/15/33 (b)(g) |
280 | 255,462 | ||||||
Fortress Transportation and Infrastructure Investors LLC (b) |
||||||||
6.50%, 10/01/25 |
764 | 756,448 | ||||||
9.75%, 08/01/27 |
487 | 501,001 | ||||||
5.50%, 05/01/28 (g) |
854 | 776,553 | ||||||
Garda World Security Corp., 9.50%, 11/01/27 (b) |
88 | 79,965 | ||||||
Herc Holdings, Inc., 5.50%, 07/15/27 (b)(g) |
838 | 787,704 | ||||||
Hertz Corp. (b) |
||||||||
4.63%, 12/01/26 |
161 | 134,857 | ||||||
5.00%, 12/01/29 (g) |
130 | 93,328 | ||||||
Inter Media and Communication SpA, 6.75%, 02/09/27 (f) |
EUR | 100 | 99,250 | |||||
Metis Merger Sub LLC, 6.50%, 05/15/29 (b)(g) |
USD | 158 | 129,109 | |||||
NESCO Holdings II, Inc., 5.50%, 04/15/29 (b) |
305 | 261,538 | ||||||
Prime Security Services Borrower LLC/Prime Finance, Inc. (b) |
||||||||
5.25%, 04/15/24 |
142 | 141,101 |
Security |
Par (000) |
Value |
||||||
Commercial Services & Supplies (continued) |
||||||||
Prime Security Services Borrower LLC/Prime Finance, Inc .(b) (continued) |
||||||||
5.75%, 04/15/26 |
USD | 788 | $ | 764,445 | ||||
6.25%, 01/15/28 (g) |
268 | 248,517 | ||||||
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29 (b)(g) |
690 | 550,199 | ||||||
United Rentals North America, Inc. |
||||||||
5.50%, 05/15/27 |
173 | 167,132 | ||||||
6.00%, 12/15/29 (b)(g) |
2,299 | 2,212,057 | ||||||
Verisure Holding AB (f) |
||||||||
3.25%, 02/15/27 |
EUR | 100 | 95,494 | |||||
9.25%, 10/15/27 |
100 | 112,372 | ||||||
Williams Scotsman, Inc., 7.38%, 10/01/31 |
USD | 412 | 405,252 | |||||
9,166,764 | ||||||||
Communications Equipment — 0.4% |
||||||||
CommScope Technologies LLC, 6.00%, 06/15/25 (b)(g) |
525 | 315,000 | ||||||
CommScope, Inc. (b)(g) |
||||||||
6.00%, 03/01/26 |
486 | 408,230 | ||||||
4.75%, 09/01/29 |
257 | 175,403 | ||||||
Viasat, Inc. |
||||||||
5.63%, 09/15/25 (b) |
904 | 839,807 | ||||||
5.63%, 04/15/27 (b) |
228 | 199,049 | ||||||
7.50%, 05/30/31 |
68 | 44,509 | ||||||
1,981,998 | ||||||||
Construction & Engineering — 0.3% |
||||||||
Brand Industrial Services, Inc., 10.38%, 08/01/30 (g) |
1,796 | 1,782,530 | ||||||
Construction Materials (b) — 0.1% |
||||||||
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |
425 | 389,827 | ||||||
Resideo Funding, Inc., 4.00%, 09/01/29 |
77 | 61,792 | ||||||
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28 |
102 | 99,958 | ||||||
551,577 | ||||||||
Consumer Discretionary — 1.2% |
||||||||
APi Group DE, Inc. (b) |
||||||||
4.13%, 07/15/29 |
168 | 137,018 | ||||||
4.75%, 10/15/29 |
128 | 109,470 | ||||||
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26 (b) |
114 | 108,721 | ||||||
Life Time, Inc. (b)(g) |
||||||||
5.75%, 01/15/26 |
435 | 421,249 | ||||||
8.00%, 04/15/26 |
336 | 327,600 | ||||||
Lindblad Expeditions LLC, 6.75%, 02/15/27 (b) |
389 | 354,507 | ||||||
NCL Corp. Ltd. (b) |
||||||||
5.88%, 03/15/26 (g) |
429 | 385,027 | ||||||
8.38%, 02/01/28 |
173 | 171,386 | ||||||
8.13%, 01/15/29 |
159 | 155,342 | ||||||
7.75%, 02/15/29 |
54 | 47,131 | ||||||
NCL Finance Ltd., 6.13%, 03/15/28 (b)(g) |
333 | 278,467 | ||||||
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 (b) |
108 | 95,315 | ||||||
Royal Caribbean Cruises Ltd. (b) |
||||||||
11.50%, 06/01/25 |
56 | 59,183 | ||||||
4.25%, 07/01/26 |
92 | 84,603 | ||||||
5.50%, 08/31/26 |
176 | 166,088 | ||||||
5.38%, 07/15/27 (g) |
173 | 159,433 | ||||||
11.63%, 08/15/27 |
229 | 248,365 | ||||||
5.50%, 04/01/28 |
152 | 138,601 | ||||||
8.25%, 01/15/29 |
251 | 257,903 | ||||||
9.25%, 01/15/29 (g) |
491 | 512,525 | ||||||
7.25%, 01/15/30 |
399 | 393,603 | ||||||
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25 (f) |
EUR | 100 | 101,695 | |||||
Viking Cruises Ltd. (b) |
||||||||
5.88%, 09/15/27 (g) |
USD | 308 | 277,477 |
14 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Consumer Discretionary (continued) |
||||||||
Viking Cruises Ltd. (b) (continued) |
||||||||
7.00%, 02/15/29 |
USD | 66 | $ | 59,730 | ||||
9.13%, 07/15/31 |
854 | 839,055 | ||||||
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (b) |
206 | 182,568 | ||||||
6,072,062 | ||||||||
Consumer Finance — 1.9% |
||||||||
Block, Inc. |
||||||||
2.75%, 06/01/26 |
845 | 758,270 | ||||||
3.50%, 06/01/31 (g) |
2,062 | 1,591,358 | ||||||
Capital One Financial Corp., (1-day SOFR + 2.86%), 6.38%, 06/08/34 (a)(g) |
130 | 118,551 | ||||||
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31 (b) |
2,105 | 2,078,372 | ||||||
Iron Mountain U.K. PLC, 3.88%, 11/15/25 (f) |
GBP | 100 | 114,371 | |||||
Navient Corp. |
||||||||
6.13%, 03/25/24 |
USD | 105 | 104,472 | |||||
5.88%, 10/25/24 |
76 | 74,210 | ||||||
5.50%, 03/15/29 |
268 | 217,080 | ||||||
9.38%, 07/25/30 |
195 | 183,730 | ||||||
OneMain Finance Corp. |
||||||||
6.88%, 03/15/25 (g) |
362 | 357,147 | ||||||
7.13%, 03/15/26 (g) |
422 | 409,845 | ||||||
3.50%, 01/15/27 |
389 | 328,705 | ||||||
6.63%, 01/15/28 |
285 | 259,281 | ||||||
9.00%, 01/15/29 |
37 | 36,007 | ||||||
5.38%, 11/15/29 (g) |
131 | 107,713 | ||||||
4.00%, 09/15/30 |
267 | 195,311 | ||||||
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26 (b)(g) |
819 | 756,551 | ||||||
Shift4 Payments, Inc., 0.00%, 12/15/25 (k)(l) |
219 | 196,005 | ||||||
Verscend Escrow Corp., 9.75%, 08/15/26 (b)(g) |
2,007 | 1,992,220 | ||||||
9,879,199 | ||||||||
Consumer Staples Distribution & Retail — 1.1% |
||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (b) |
||||||||
3.25%, 03/15/26 |
79 | 72,972 | ||||||
7.50%, 03/15/26 |
127 | 129,019 | ||||||
4.63%, 01/15/27 |
1,035 | 970,014 | ||||||
5.88%, 02/15/28 (g) |
377 | 361,128 | ||||||
6.50%, 02/15/28 |
199 | 195,377 | ||||||
3.50%, 03/15/29 |
309 | 263,454 | ||||||
4.88%, 02/15/30 (g) |
320 | 285,701 | ||||||
Bellis Acquisition Co. PLC (f) |
||||||||
3.25%, 02/16/26 |
GBP | 100 | 105,249 | |||||
4.50%, 02/16/26 |
100 | 107,700 | ||||||
BRF GmbH, 4.35%, 09/29/26 (f) |
USD | 200 | 183,000 | |||||
Darling Ingredients, Inc., 6.00%, 06/15/30 (b) |
557 | 522,577 | ||||||
Lamb Weston Holdings, Inc. (b)(g) |
||||||||
4.13%, 01/31/30 |
368 | 312,183 | ||||||
4.38%, 01/31/32 |
428 | 354,113 | ||||||
Performance Food Group, Inc., 4.25%, 08/01/29 (b)(g) |
376 | 317,260 | ||||||
Post Holdings, Inc. (b) |
||||||||
5.75%, 03/01/27 |
42 | 40,039 | ||||||
4.63%, 04/15/30 (g) |
397 | 332,443 | ||||||
4.50%, 09/15/31 |
17 | 13,755 | ||||||
Premier Foods Finance PLC, 3.50%, 10/15/26 (f) |
GBP | 100 | 110,201 | |||||
U.S. Foods, Inc. |
||||||||
6.88%, 09/15/28 |
USD | 254 | 248,250 | |||||
4.75%, 02/15/29 (b) |
427 | 376,681 |
Security |
Par (000) |
Value |
||||||
Consumer Staples Distribution & Retail (continued) |
||||||||
U.S. Foods, Inc. (continued) |
||||||||
4.63%, 06/01/30 (b) |
USD | 51 | $ | 43,549 | ||||
7.25%, 01/15/32 (b)(g) |
306 | 300,381 | ||||||
United Natural Foods, Inc., 6.75%, 10/15/28 (b) |
44 | 34,623 | ||||||
5,679,669 | ||||||||
Containers & Packaging — 0.6% |
||||||||
Clydesdale Acquisition Holdings, Inc. (b)(g) |
||||||||
6.63%, 04/15/29 |
937 | 851,168 | ||||||
8.75%, 04/15/30 |
489 | 389,772 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |
74 | 69,960 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (g) |
258 | 248,097 | ||||||
Graphic Packaging International LLC, 2.63%, 02/01/29 (f) |
EUR | 195 | 176,431 | |||||
Kleopatra Finco SARL, 4.25%, 03/01/26 (f) |
100 | 87,343 | ||||||
LABL, Inc. (b) |
||||||||
5.88%, 11/01/28 (g) |
USD | 280 | 236,949 | |||||
9.50%, 11/01/28 |
567 | 547,985 | ||||||
OI European Group BV, 6.25%, 05/15/28 |
EUR | 150 | 156,752 | |||||
Owens-Brockway Glass Container, Inc. (b) |
||||||||
6.63%, 05/13/27 |
USD | 51 | 48,450 | |||||
7.25%, 05/15/31 (g) |
221 | 202,215 | ||||||
Sealed Air Corp. (b) |
||||||||
5.13%, 12/01/24 |
54 | 52,918 | ||||||
5.00%, 04/15/29 |
77 | 68,286 | ||||||
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28 (b)(g) |
227 | 216,063 | ||||||
3,352,389 | ||||||||
Diversified Consumer Services — 2.3% |
||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. (b)(g) |
||||||||
6.63%, 07/15/26 |
2,652 | 2,483,597 | ||||||
9.75%, 07/15/27 |
909 | 789,581 | ||||||
6.00%, 06/01/29 |
1,655 | 1,195,737 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28 (b) |
2,246 | 1,832,708 | ||||||
Clarivate Science Holdings Corp. (b)(g) |
||||||||
3.88%, 07/01/28 |
1,442 | 1,238,105 | ||||||
4.88%, 07/01/29 |
946 | 797,842 | ||||||
Garda World Security Corp. (b) |
||||||||
4.63%, 02/15/27 |
375 | 334,461 | ||||||
7.75%, 02/15/28 (g) |
781 | 751,072 | ||||||
Graham Holdings Co., 5.75%, 06/01/26 (b) |
135 | 129,938 | ||||||
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/29 |
235 | 231,487 | ||||||
Rekeep SpA, 7.25%, 02/01/26 (f) |
EUR | 100 | 93,642 | |||||
Service Corp. International (g) |
||||||||
5.13%, 06/01/29 |
USD | 107 | 97,905 | |||||
4.00%, 05/15/31 |
454 | 367,472 | ||||||
Sotheby’s, 7.38%, 10/15/27 (b)(g) |
1,730 | 1,545,038 | ||||||
11,888,585 | ||||||||
Diversified REITs — 1.3% |
||||||||
American Tower Corp., 2.30%, 09/15/31 (g) |
1,000 | 737,472 | ||||||
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |
698 | 527,936 | ||||||
Iron Mountain, Inc. (b) |
||||||||
7.00%, 02/15/29 (g) |
831 | 805,032 | ||||||
5.63%, 07/15/32 |
89 | 76,030 |
S C H E D U L E O F I N V E S T M E N T S |
15 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Diversified REITs (continued) |
||||||||
MPT Operating Partnership LP/MPT Finance Corp. |
||||||||
2.55%, 12/05/23 |
GBP | 136 | $ | 163,061 | ||||
2.50%, 03/24/26 |
382 | 364,477 | ||||||
4.63%, 08/01/29 (g) |
USD | 238 | 164,775 | |||||
3.50%, 03/15/31 (g) |
1,266 | 767,516 | ||||||
RHP Hotel Properties LP/RHP Finance Corp. |
||||||||
4.75%, 10/15/27 |
63 | 57,242 | ||||||
7.25%, 07/15/28 |
426 | 412,947 | ||||||
4.50%, 02/15/29 (b) |
97 | 82,565 | ||||||
Service Properties Trust, 7.50%, 09/15/25 (g) |
215 | 208,888 | ||||||
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28 (b) |
969 | 933,102 | ||||||
VICI Properties LP, 4.95%, 02/15/30 |
254 | 226,436 | ||||||
VICI Properties LP/VICI Note Co., Inc. (b) |
||||||||
4.63%, 12/01/29 |
696 | 602,012 | ||||||
4.13%, 08/15/30 |
488 | 402,576 | ||||||
6,532,067 | ||||||||
Diversified Telecommunication Services — 2.9% |
||||||||
AT&T, Inc. (g) |
||||||||
4.65%, 06/01/44 |
111 | 83,886 | ||||||
4.75%, 05/15/46 |
2,545 | 1,923,531 | ||||||
British Telecommunications PLC, (5-year UK Government Bond + 3.82%), 8.38%, 12/20/83 |
GBP | 100 | 120,706 | |||||
Cellnex Telecom SA, 2.13%, 08/11/30 |
EUR | 100 | 96,620 | |||||
Frontier Communications Holdings LLC (b) |
||||||||
5.88%, 10/15/27 |
USD | 341 | 310,879 | |||||
5.00%, 05/01/28 |
1,139 | 983,402 | ||||||
8.75%, 05/15/30 |
1,409 | 1,342,428 | ||||||
8.63%, 03/15/31 |
109 | 102,482 | ||||||
Level 3 Financing, Inc. (b) |
||||||||
3.40%, 03/01/27 |
1,339 | 1,239,756 | ||||||
4.63%, 09/15/27 |
1,352 | 899,080 | ||||||
3.63%, 01/15/29 |
128 | 65,369 | ||||||
10.50%, 05/15/30 |
1,605 | 1,606,258 | ||||||
Lumen Technologies, Inc., 4.00%, 02/15/27 (b) |
611 | 412,425 | ||||||
SoftBank Group Corp. (f) |
||||||||
4.50%, 04/20/25 |
EUR | 100 | 103,673 | |||||
3.88%, 07/06/32 |
100 | 79,456 | ||||||
Telecom Italia Capital SA |
||||||||
6.38%, 11/15/33 |
USD | 176 | 150,078 | |||||
6.00%, 09/30/34 |
608 | 500,392 | ||||||
7.20%, 07/18/36 |
121 | 104,618 | ||||||
7.72%, 06/04/38 |
72 | 63,559 | ||||||
Telecom Italia SpA |
||||||||
5.30%, 05/30/24 (b) |
202 | 198,074 | ||||||
2.75%, 04/15/25 (f) |
EUR | 100 | 100,626 | |||||
7.88%, 07/31/28 (f) |
100 | 108,058 | ||||||
1.63%, 01/18/29 (f) |
100 | 82,003 | ||||||
Verizon Communications, Inc. (g) |
||||||||
4.50%, 08/10/33 |
USD | 500 | 433,306 | |||||
3.70%, 03/22/61 |
1,250 | 762,353 | ||||||
Zayo Group Holdings, Inc. (b)(g) |
||||||||
4.00%, 03/01/27 |
3,199 | 2,407,704 | ||||||
6.13%, 03/01/28 |
906 | 600,178 | ||||||
14,880,900 | ||||||||
Education — 0.0% |
||||||||
Grand Canyon University, 5.13%, 10/01/28 |
249 | 220,315 | ||||||
Electric Utilities — 1.2% |
||||||||
AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (f) |
221 | 179,190 | ||||||
Comision Federal de Electricidad, 4.88%, 01/15/24 (g) |
323 | 320,613 |
Security |
Par (000) |
Value |
||||||
Electric Utilities (continued) |
||||||||
Duke Energy Corp., 4.80%, 12/15/45 (g) |
USD | 1,500 | $ | 1,163,494 | ||||
Electricite de France SA, (5-year CMT + 5.41%), 9.13% (a)(b)(i) |
245 | 251,460 | ||||||
Enel Finance International NV, 3.63%, 05/25/27 (b)(g) |
1,250 | 1,153,254 | ||||||
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |
250 | 225,130 | ||||||
NextEra Energy Operating Partners LP (b) |
||||||||
4.25%, 07/15/24 |
205 | 201,057 | ||||||
4.25%, 09/15/24 |
11 | 10,395 | ||||||
3.88%, 10/15/26 |
162 | 147,294 | ||||||
Palomino Funding Trust I, 7.23%, 05/17/28 (b)(g) |
250 | 249,847 | ||||||
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28 (b) |
407 | 354,773 | ||||||
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33 (f) |
162 | 153,799 | ||||||
Talen Energy Supply LLC, 8.63%, 06/01/30 (b) |
174 | 176,803 | ||||||
TransAlta Corp., 7.75%, 11/15/29 |
142 | 141,278 | ||||||
Virginia Electric and Power Co., Series A, 6.00%, 05/15/37 (g) |
750 | 717,297 | ||||||
Vistra Operations Co. LLC (b) |
||||||||
7.75%, 10/15/31 |
357 | 344,583 | ||||||
6.95%, 10/15/33 |
300 | 285,746 | ||||||
6,076,013 | ||||||||
Electrical Equipment (b) — 0.3% |
||||||||
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (g) |
572 | 560,217 | ||||||
Regal Rexnord Corp. |
||||||||
6.05%, 04/15/28 (g) |
769 | 735,620 | ||||||
6.30%, 02/15/30 |
265 | 249,361 | ||||||
6.40%, 04/15/33 (g) |
275 | 252,284 | ||||||
1,797,482 | ||||||||
Electronic Equipment, Instruments & Components — 0.6% |
||||||||
Coherent Corp., 5.00%, 12/15/29 (b)(g) |
610 | 517,628 | ||||||
Corning, Inc., 4.38%, 11/15/57 (g) |
1,915 | 1,360,806 | ||||||
Imola Merger Corp., 4.75%, 05/15/29 (b) |
582 | 507,383 | ||||||
Vertiv Group Corp., 4.13%, 11/15/28 (b)(g) |
804 | 702,700 | ||||||
3,088,517 | ||||||||
Energy Equipment & Services — 0.9% |
||||||||
Archrock Partners LP/Archrock Partners Finance Corp. (b) |
||||||||
6.88%, 04/01/27 |
381 | 366,277 | ||||||
6.25%, 04/01/28 (g) |
1,088 | 1,010,480 | ||||||
Borr IHC Ltd./Borr Finance LLC |
||||||||
10.00%, 11/15/28 |
615 | 612,068 | ||||||
10.38%, 11/15/30 |
256 | 253,824 | ||||||
EDO Sukuk Ltd., 5.88%, 09/21/33 |
250 | 239,812 | ||||||
Oceaneering International, Inc., 6.00%, 02/01/28 (b) |
92 | 84,410 | ||||||
Patterson-UTI Energy, Inc., 7.15%, 10/01/33 |
135 | 131,709 | ||||||
Seadrill Finance Ltd., 8.38%, 08/01/30 |
200 | 200,064 | ||||||
USA Compression Partners LP/USA Compression Finance Corp. |
||||||||
6.88%, 04/01/26 |
516 | 501,090 | ||||||
6.88%, 09/01/27 |
717 | 686,963 | ||||||
Vallourec SA, 8.50%, 06/30/26 (f) |
EUR | 44 | 46,498 | |||||
Weatherford International Ltd. (b) |
||||||||
6.50%, 09/15/28 |
USD | 182 | 182,938 | |||||
8.63%, 04/30/30 (g) |
470 | 474,925 | ||||||
4,791,058 | ||||||||
Environmental, Maintenance & Security Service — 0.8% |
||||||||
Clean Harbors, Inc. (b) |
||||||||
4.88%, 07/15/27 |
297 | 276,862 | ||||||
5.13%, 07/15/29 |
149 | 134,014 |
16 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Environmental, Maintenance & Security Service (continued) |
||||||||
Clean Harbors, Inc. (b) (continued) |
||||||||
6.38%, 02/01/31 |
USD | 142 | $ | 134,966 | ||||
Covanta Holding Corp. |
||||||||
4.88%, 12/01/29 (b) |
181 | 141,180 | ||||||
5.00%, 09/01/30 |
91 | 70,389 | ||||||
GFL Environmental, Inc. (b) |
||||||||
4.25%, 06/01/25 |
22 | 21,148 | ||||||
3.75%, 08/01/25 |
402 | 380,201 | ||||||
5.13%, 12/15/26 |
496 | 470,649 | ||||||
4.00%, 08/01/28 |
567 | 487,954 | ||||||
3.50%, 09/01/28 |
208 | 178,097 | ||||||
4.75%, 06/15/29 (g) |
483 | 422,819 | ||||||
4.38%, 08/15/29 (g) |
403 | 343,680 | ||||||
Tervita Corp., 11.00%, 12/01/25 (b) |
147 | 152,876 | ||||||
Waste Pro USA, Inc., 5.50%, 02/15/26 (b) |
1,206 | 1,108,561 | ||||||
4,323,396 | ||||||||
Financial Services — 2.8% |
||||||||
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28 (b) |
514 | 404,775 | ||||||
Aircastle Ltd., 6.50%, 07/18/28 (b)(g) |
177 | 170,472 | ||||||
ASG Finance Designated Activity Co., 7.88%, 12/03/24 (b) |
262 | 252,712 | ||||||
Banco Santander SA, 6.92%, 08/08/33 |
400 | 371,512 | ||||||
Barclays PLC, 5.20%, 05/12/26 (g) |
200 | 191,012 | ||||||
BNP Paribas SA, (5-year CMT + 4.35%), 8.50% (a)(b)(i) |
545 | 522,213 | ||||||
Castlelake Aviation Finance DAC, 5.00%, 04/15/27 (b) |
44 | 38,821 | ||||||
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34 (a)(g) |
560 | 520,539 | ||||||
Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, 01/18/29 (a)(g) |
815 | 799,958 | ||||||
Freedom Mortgage Corp. |
||||||||
12.00%, 10/01/28 (b) |
134 | 134,429 | ||||||
12.25%, 10/01/30 |
133 | 133,044 | ||||||
GGAM Finance Ltd. (b) |
||||||||
7.75%, 05/15/26 |
58 | 57,537 | ||||||
8.00%, 06/15/28 |
58 | 57,212 | ||||||
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 (b)(h) |
285 | 256,730 | ||||||
Goldman Sachs Group, Inc., Series R, (5-year CMT + 3.22%), 4.95% (a)(i) |
900 | 828,856 | ||||||
Home Point Capital, Inc., 5.00%, 02/01/26 (b) |
1,815 | 1,687,038 | ||||||
HSBC Holdings PLC |
||||||||
4.38%, 11/23/26 (g) |
370 | 349,110 | ||||||
(5-year CMT + 3.25%), 4.70% (a)(i) |
465 | 334,079 | ||||||
(5-year CMT + 3.65%), 4.60% (a)(i) |
200 | 144,602 | ||||||
ION Trading Technologies SARL, 5.75%, 05/15/28 (b) |
246 | 204,180 | ||||||
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28 (b)(g) |
415 | 331,206 | ||||||
JPMorgan Chase & Co., (3-mo. CME Term SOFR + 1.21%), 3.51%, 01/23/29 (a)(g) |
2,250 | 2,018,774 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. (b) |
||||||||
5.25%, 10/01/25 |
54 | 51,331 | ||||||
4.25%, 02/01/27 |
220 | 192,189 | ||||||
4.75%, 06/15/29 |
85 | 68,340 | ||||||
Lloyds Banking Group PLC, (5-year CMT + 4.82%), 6.75% (a)(i) |
515 | 474,687 | ||||||
MGIC Investment Corp., 5.25%, 08/15/28 |
216 | 198,542 | ||||||
Nationstar Mortgage Holdings, Inc. (b) |
||||||||
6.00%, 01/15/27 (g) |
237 | 220,296 | ||||||
5.13%, 12/15/30 (g) |
136 | 110,049 | ||||||
5.75%, 11/15/31 |
146 | 121,596 |
Security |
Par (000) |
Value |
||||||
Financial Services (continued) |
||||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. (b) |
||||||||
2.88%, 10/15/26 (g) |
USD | 1,062 | $ | 924,545 | ||||
3.88%, 03/01/31 |
147 | 113,675 | ||||||
4.00%, 10/15/33 |
104 | 76,440 | ||||||
Spectrum Brands, Inc. (b) |
||||||||
5.00%, 10/01/29 |
106 | 95,091 | ||||||
5.50%, 07/15/30 |
198 | 176,715 | ||||||
UBS Group AG (a) |
||||||||
(1-year CMT + 1.80%), 6.25%, 09/22/29 (b) |
275 | 269,435 | ||||||
(1-year CMT + 2.00%), 6.30%, 09/22/34 |
260 | 246,279 | ||||||
White Cap Buyer LLC, 6.88%, 10/15/28 (b)(g) |
1,592 | 1,389,291 | ||||||
14,537,312 | ||||||||
Food Products — 0.9% |
||||||||
Aramark International Finance SARL, 3.13%, 04/01/25 (f) |
EUR | 200 | 206,615 | |||||
Aramark Services, Inc. (b) |
||||||||
5.00%, 04/01/25 |
USD | 320 | 312,804 | |||||
5.00%, 02/01/28 (g) |
1,228 | 1,126,258 | ||||||
B&G Foods, Inc., 8.00%, 09/15/28 |
148 | 144,225 | ||||||
Chobani LLC/Chobani Finance Corp., Inc. (b) |
||||||||
7.50%, 04/15/25 (g) |
1,512 | 1,485,463 | ||||||
4.63%, 11/15/28 |
1,233 | 1,066,017 | ||||||
Darling Global Finance BV, 3.63%, 05/15/26 (f) |
EUR | 156 | 158,808 | |||||
Minerva Luxembourg SA, 8.88%, 09/13/33 |
USD | 203 | 198,828 | |||||
4,699,018 | ||||||||
Gas Utilities (b) — 0.1% |
||||||||
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28 |
387 | 382,451 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 |
117 | 96,912 | ||||||
479,363 | ||||||||
Ground Transportation — 0.5% |
||||||||
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42 (g) |
500 | 393,937 | ||||||
Danaos Corp., 8.50%, 03/01/28 (b) |
100 | 99,389 | ||||||
Forward Air Corp., 9.50%, 10/15/31 |
479 | 467,025 | ||||||
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34 (b)(g) |
1,777 | 1,686,600 | ||||||
Union Pacific Corp., 3.20%, 05/20/41 (g) |
275 | 187,041 | ||||||
2,833,992 | ||||||||
Health Care Equipment & Supplies — 0.7% |
||||||||
Avantor Funding, Inc. |
||||||||
2.63%, 11/01/25 (f) |
EUR | 300 | 304,990 | |||||
4.63%, 07/15/28 (b)(g) |
USD | 1,050 | 934,615 | |||||
3.88%, 11/01/29 (b) |
31 | 25,945 | ||||||
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28 (b) |
1,762 | 1,750,106 | ||||||
Becton Dickinson & Co., 4.69%, 12/15/44 (g) |
600 | 479,567 | ||||||
Garden Spinco Corp., 8.63%, 07/20/30 (b) |
254 | 262,070 | ||||||
3,757,293 | ||||||||
Health Care Providers & Services — 2.5% |
||||||||
AHP Health Partners, Inc., 5.75%, 07/15/29 (b) |
415 | 340,300 | ||||||
CHS/Community Health Systems, Inc. (b) |
||||||||
5.63%, 03/15/27 |
132 | 107,241 | ||||||
6.00%, 01/15/29 |
678 | 513,585 | ||||||
5.25%, 05/15/30 (g) |
1,031 | 732,169 | ||||||
4.75%, 02/15/31 (g) |
784 | 525,472 | ||||||
Encompass Health Corp. |
||||||||
4.75%, 02/01/30 (g) |
380 | 328,386 | ||||||
4.63%, 04/01/31 |
303 | 252,228 |
S C H E D U L E O F I N V E S T M E N T S |
17 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Health Care Providers & Services (continued) |
||||||||
HealthEquity, Inc., 4.50%, 10/01/29 (b) |
USD | 944 | $ | 808,630 | ||||
Legacy LifePoint Health LLC, 4.38%, 02/15/27 (b) |
302 | 249,727 | ||||||
LifePoint Health, Inc. |
||||||||
9.88%, 08/15/30 (g) |
461 | 416,629 | ||||||
11.00%, 10/15/30 |
520 | 489,360 | ||||||
Medline Borrower LP (b)(g) |
||||||||
3.88%, 04/01/29 |
746 | 629,897 | ||||||
5.25%, 10/01/29 |
1,858 | 1,581,570 | ||||||
ModivCare, Inc., 5.88%, 11/15/25 (b)(g) |
458 | 432,810 | ||||||
Molina Healthcare, Inc. (b) |
||||||||
4.38%, 06/15/28 |
59 | 52,511 | ||||||
3.88%, 11/15/30 |
321 | 261,814 | ||||||
3.88%, 05/15/32 (g) |
213 | 167,367 | ||||||
Northwell Healthcare, Inc., 4.26%, 11/01/47 (g) |
686 | 487,116 | ||||||
Prime Healthcare Services, Inc., 7.25%, 11/01/25 (b) |
62 | 56,420 | ||||||
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26 (b) |
114 | 106,588 | ||||||
Surgery Center Holdings, Inc. (b)(g) |
||||||||
6.75%, 07/01/25 |
392 | 383,670 | ||||||
10.00%, 04/15/27 |
457 | 456,166 | ||||||
Teleflex, Inc., 4.63%, 11/15/27 |
100 | 91,500 | ||||||
Tenet Healthcare Corp. |
||||||||
4.88%, 01/01/26 (g) |
920 | 881,732 | ||||||
6.25%, 02/01/27 (g) |
231 | 221,517 | ||||||
5.13%, 11/01/27 (g) |
490 | 452,327 | ||||||
6.13%, 10/01/28 (g) |
235 | 217,963 | ||||||
6.13%, 06/15/30 |
320 | 296,167 | ||||||
6.75%, 05/15/31 (b)(g) |
1,045 | 992,367 | ||||||
UnitedHealth Group, Inc., 4.38%, 03/15/42 (g) |
750 | 594,057 | ||||||
13,127,286 | ||||||||
Health Care Technology (b) — 0.7% |
||||||||
AthenaHealth Group, Inc., 6.50%, 02/15/30 (g) |
2,559 | 2,091,332 | ||||||
Catalent Pharma Solutions, Inc. |
||||||||
5.00%, 07/15/27 (g) |
615 | 548,795 | ||||||
3.13%, 02/15/29 |
121 | 95,136 | ||||||
3.50%, 04/01/30 (g) |
494 | 387,790 | ||||||
Charles River Laboratories International, Inc., 4.00%, 03/15/31 |
55 | 44,891 | ||||||
Fortrea Holdings, Inc., 7.50%, 07/01/30 (g) |
254 | 245,110 | ||||||
3,413,054 | ||||||||
Hotels, Restaurants & Leisure — 5.0% |
||||||||
1011778 BC ULC / New Red Finance, Inc. (b) |
||||||||
4.38%, 01/15/28 (g) |
157 | 141,360 | ||||||
4.00%, 10/15/30 |
568 | 465,205 | ||||||
Boyd Gaming Corp., 4.75%, 06/15/31 (b)(g) |
439 | 364,326 | ||||||
Boyne USA, Inc., 4.75%, 05/15/29 (b) |
440 | 383,091 | ||||||
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 3.88%, 01/15/28 (b) |
69 | 61,603 | ||||||
Caesars Entertainment, Inc. (b) |
||||||||
6.25%, 07/01/25 (g) |
1,616 | 1,589,962 | ||||||
8.13%, 07/01/27 (g) |
2,168 | 2,148,215 | ||||||
4.63%, 10/15/29 (g) |
210 | 172,584 | ||||||
7.00%, 02/15/30 |
2,001 | 1,931,151 | ||||||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25 (b) |
20 | 19,680 | ||||||
Carnival Corp. |
||||||||
7.63%, 03/01/26 (b)(g) |
197 | 191,561 | ||||||
7.63%, 03/01/26 (f) |
EUR | 100 | 103,719 | |||||
5.75%, 03/01/27 (b) |
USD | 1,195 | 1,066,970 | |||||
9.88%, 08/01/27 (b) |
335 | 349,171 | ||||||
4.00%, 08/01/28 (b) |
600 | 521,892 |
Security |
Par (000) |
Value |
||||||
Hotels, Restaurants & Leisure (continued) |
||||||||
Carnival Corp. (continued) |
||||||||
6.00%, 05/01/29 (b)(g) |
USD | 727 | $ | 614,167 | ||||
7.00%, 08/15/29 (b) |
217 | 212,777 | ||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (b)(g) |
3,255 | 3,470,527 | ||||||
CDI Escrow Issuer, Inc., 5.75%, 04/01/30 (b) |
904 | 807,638 | ||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (b) |
559 | 547,884 | ||||||
Churchill Downs, Inc. (b) |
||||||||
5.50%, 04/01/27 (g) |
684 | 641,556 | ||||||
4.75%, 01/15/28 |
618 | 553,435 | ||||||
6.75%, 05/01/31 |
504 | 464,940 | ||||||
Cirsa Finance International SARL, (3-mo. EURIBOR + 4.50%), 8.45%, 07/31/28 (a) |
EUR | 100 | 105,222 | |||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. (b) |
||||||||
4.63%, 01/15/29 |
USD | 77 | 64,705 | |||||
6.75%, 01/15/30 |
82 | 65,170 | ||||||
Hilton Domestic Operating Co., Inc. |
||||||||
5.75%, 05/01/28 (b)(g) |
111 | 106,347 | ||||||
3.75%, 05/01/29 (b) |
186 | 160,108 | ||||||
4.88%, 01/15/30 (g) |
402 | 360,886 | ||||||
4.00%, 05/01/31 (b) |
302 | 250,106 | ||||||
3.63%, 02/15/32 (b) |
3 | 2,371 | ||||||
Light & Wonder International, Inc., 7.50%, 09/01/31 |
250 | 244,107 | ||||||
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28 (b) |
319 | 306,862 | ||||||
Lottomatica SpA, (3-mo. EURIBOR + 4.13%), 7.93%, 06/01/28 (a)(f) |
EUR | 100 | 105,921 | |||||
Melco Resorts Finance Ltd. |
||||||||
4.88%, 06/06/25 (b) |
USD | 400 | 375,880 | |||||
5.75%, 07/21/28 (b) |
200 | 168,886 | ||||||
5.38%, 12/04/29 (b) |
800 | 633,392 | ||||||
5.38%, 12/04/29 (f) |
250 | 197,935 | ||||||
Merlin Entertainments Ltd., 5.75%, 06/15/26 (b) |
600 | 561,179 | ||||||
MGM China Holdings Ltd. |
||||||||
5.88%, 05/15/26 (f) |
250 | 232,680 | ||||||
5.88%, 05/15/26 (b) |
200 | 186,144 | ||||||
4.75%, 02/01/27 (b) |
200 | 174,985 | ||||||
Motion Bondco DAC, 6.63%, 11/15/27 (b) |
200 | 179,000 | ||||||
Ontario Gaming GTA LP, 8.00%, 08/01/30 |
366 | 357,779 | ||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (b) |
||||||||
5.63%, 09/01/29 |
148 | 104,074 | ||||||
5.88%, 09/01/31 |
148 | 100,488 | ||||||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/30 (b) |
151 | 129,860 | ||||||
Scientific Games International, Inc. (b) |
||||||||
7.00%, 05/15/28 |
190 | 185,210 | ||||||
7.25%, 11/15/29 (g) |
213 | 206,561 | ||||||
Six Flags Entertainment Corp., 7.25%, 05/15/31 (b)(g) |
984 | 905,280 | ||||||
Station Casinos LLC, 4.63%, 12/01/31 (b) |
354 | 279,504 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (b)(g) |
268 | 247,570 | ||||||
Wynn Macau Ltd. |
||||||||
5.50%, 01/15/26 (f) |
200 | 184,304 | ||||||
5.63%, 08/26/28 (b)(g) |
743 | 618,919 |
18 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Hotels, Restaurants & Leisure (continued) |
||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. (b)(g) |
||||||||
5.13%, 10/01/29 |
USD | 1,011 | $ | 862,186 | ||||
7.13%, 02/15/31 |
408 | 379,939 | ||||||
25,866,974 | ||||||||
Household Durables — 0.3% |
||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (b) |
185 | 143,246 | ||||||
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (b) |
||||||||
5.00%, 06/15/29 |
266 | 207,610 | ||||||
4.88%, 02/15/30 |
476 | 361,977 | ||||||
Dream Finders Homes, Inc., 8.25%, 08/15/28 |
151 | 149,390 | ||||||
Meritage Homes Corp., 5.13%, 06/06/27 |
57 | 53,865 | ||||||
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (b)(g) |
422 | 249,982 | ||||||
Taylor Morrison Communities, Inc. (b) |
||||||||
5.88%, 06/15/27 |
299 | 280,313 | ||||||
5.13%, 08/01/30 |
75 | 63,030 | ||||||
Tempur Sealy International, Inc., 3.88%, 10/15/31 (b) |
66 | 49,426 | ||||||
1,558,839 | ||||||||
Household Products — 0.0% |
||||||||
Central Garden & Pet Co. |
||||||||
5.13%, 02/01/28 |
20 | 18,468 | ||||||
4.13%, 10/15/30 (g) |
244 | 199,007 | ||||||
217,475 | ||||||||
Independent Power and Renewable Electricity Producers — 0.6% |
||||||||
Alexander Funding Trust II, 7.47%, 07/31/28 (b)(g) |
220 | 218,419 | ||||||
Calpine Corp. (b) |
||||||||
5.25%, 06/01/26 |
195 | 186,634 | ||||||
5.13%, 03/15/28 (g) |
1,281 | 1,146,408 | ||||||
5.00%, 02/01/31 |
58 | 46,781 | ||||||
Clearway Energy Operating LLC, 4.75%, 03/15/28 (b)(g) |
116 | 103,547 | ||||||
NRG Energy, Inc. |
||||||||
6.63%, 01/15/27 |
958 | 929,772 | ||||||
7.00%, 03/15/33 (b)(g) |
270 | 255,200 | ||||||
SCC Power PLC, (4.00% Cash & 4.00% PIK), 8.00%, 12/31/28 (b)(h) |
171 | 58,255 | ||||||
2,945,016 | ||||||||
Insurance — 2.4% |
||||||||
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29 (b) |
173 | 139,551 | ||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (b) |
||||||||
4.25%, 10/15/27 (g) |
2,168 | 1,906,019 | ||||||
6.75%, 10/15/27 (g) |
2,135 | 1,949,810 | ||||||
6.75%, 04/15/28 |
758 | 720,286 | ||||||
5.88%, 11/01/29 (g) |
1,879 | 1,560,018 | ||||||
AmWINS Group, Inc., 4.88%, 06/30/29 (b) |
366 | 313,311 | ||||||
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42 (g) |
250 | 206,650 | ||||||
GTCR AP Finance, Inc., 8.00%, 05/15/27 (b) |
323 | 314,507 | ||||||
HUB International Ltd. (b)(g) |
||||||||
7.00%, 05/01/26 |
1,252 | 1,218,711 | ||||||
7.25%, 06/15/30 |
2,184 | 2,130,405 | ||||||
Jones Deslauriers Insurance Management, Inc. (b) |
||||||||
8.50%, 03/15/30 |
711 | 698,482 | ||||||
10.50%, 12/15/30 |
335 | 332,502 |
Security |
Par (000) |
Value |
||||||
Insurance (continued) |
||||||||
Liberty Mutual Group, Inc., (5-year EUR Swap + 3.70%), 3.63%, 05/23/59 (a)(f) |
EUR | 100 | $ | 100,731 | ||||
Ryan Specialty LLC, 4.38%, 02/01/30 (b) |
USD | 239 | 204,711 | |||||
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47 (b)(g) |
700 | 507,974 | ||||||
12,303,668 | ||||||||
Interactive Media & Services — 0.2% |
||||||||
Cablevision Lightpath LLC (b) |
||||||||
3.88%, 09/15/27 |
418 | 340,028 | ||||||
5.63%, 09/15/28 |
401 | 300,063 | ||||||
iliad SA (f) |
||||||||
5.38%, 06/14/27 |
EUR | 100 | 104,223 | |||||
5.63%, 02/15/30 |
100 | 101,572 | ||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27 (b) |
USD | 357 | 318,622 | |||||
1,164,508 | ||||||||
Internet Software & Services — 1.1% |
||||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27 (b) |
359 | 336,431 | ||||||
Match Group Holdings II LLC (b) |
||||||||
5.63%, 02/15/29 |
209 | 188,656 | ||||||
4.13%, 08/01/30 |
262 | 212,883 | ||||||
3.63%, 10/01/31 (g) |
564 | 432,870 | ||||||
Uber Technologies, Inc. |
||||||||
0.00%, 12/15/25 (g)(k)(l) |
1,537 | 1,396,789 | ||||||
8.00%, 11/01/26 (b) |
983 | 989,932 | ||||||
7.50%, 09/15/27 (b)(g) |
1,157 | 1,159,906 | ||||||
6.25%, 01/15/28 (b) |
366 | 352,275 | ||||||
4.50%, 08/15/29 (b) |
875 | 771,693 | ||||||
5,841,435 | ||||||||
IT Services — 1.0% |
||||||||
Ahead DB Holdings LLC, 6.63%, 05/01/28 (b) |
190 | 155,800 | ||||||
CA Magnum Holdings, 5.38%, 10/31/26 (b) |
488 | 424,980 | ||||||
Camelot Finance SA, 4.50%, 11/01/26 (b) |
602 | 556,482 | ||||||
Central Parent LLC/CDK Global II LLC/CDK Financing Co, Inc., 8.00%, 06/15/29 |
589 | 581,775 | ||||||
Dun & Bradstreet Corp., 5.00%, 12/15/29 (b)(g) |
804 | 691,681 | ||||||
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28 (f) |
EUR | 100 | 104,028 | |||||
Gartner, Inc., 4.50%, 07/01/28 (b) |
USD | 15 | 13,496 | |||||
KBR, Inc., 4.75%, 09/30/28 (b) |
294 | 256,118 | ||||||
La Financiere Atalian SASU, 5.13%, 05/15/25 (f) |
EUR | 100 | 76,712 | |||||
Presidio Holdings, Inc., 4.88%, 02/01/27 (b) |
USD | 59 | 54,055 | |||||
Science Applications International Corp., 4.88%, 04/01/28 (b) |
377 | 336,386 | ||||||
Twilio, Inc. |
||||||||
3.63%, 03/15/29 |
206 | 171,259 | ||||||
3.88%, 03/15/31 |
630 | 502,888 | ||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (b)(g) |
1,452 | 1,198,722 | ||||||
5,124,382 | ||||||||
Leisure Products — 0.1% |
||||||||
Acushnet Co., 7.38%, 10/15/28 |
114 | 114,207 | ||||||
Mattel, Inc. |
||||||||
6.20%, 10/01/40 |
291 | 249,367 | ||||||
5.45%, 11/01/41 (g) |
210 | 163,813 | ||||||
527,387 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Life Sciences Tools & Services — 0.4% |
||||||||
IQVIA, Inc. (b) |
||||||||
5.00%, 10/15/26 (g) |
USD | 548 | $ | 522,418 | ||||
6.50%, 05/15/30 |
274 | 265,780 | ||||||
Star Parent, Inc., 9.00%, 10/01/30 |
1,436 | 1,425,064 | ||||||
2,213,262 | ||||||||
Machinery — 1.4% |
||||||||
Chart Industries, Inc. (b) |
||||||||
7.50%, 01/01/30 (g) |
831 | 816,030 | ||||||
9.50%, 01/01/31 |
120 | 123,596 | ||||||
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28 (g) |
322 | 288,347 | ||||||
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25 (b)(h) |
587 | 564,987 | ||||||
Madison IAQ LLC (b) |
||||||||
4.13%, 06/30/28 |
232 | 193,831 | ||||||
5.88%, 06/30/29 (g) |
447 | 346,262 | ||||||
OT Merger Corp., 7.88%, 10/15/29 (b) |
147 | 87,465 | ||||||
Renk AG/Frankfurt am Main, 5.75%, 07/15/25 (f) |
EUR | 100 | 104,124 | |||||
Terex Corp., 5.00%, 05/15/29 (b) |
USD | 421 | 368,521 | |||||
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26 (b) |
1,304 | 1,212,867 | ||||||
TK Elevator Holdco GmbH |
||||||||
6.63%, 07/15/28 (f) |
EUR | 167 | 151,886 | |||||
7.63%, 07/15/28 (b)(g) |
USD | 552 | 497,849 | |||||
TK Elevator Midco GmbH, 4.38%, 07/15/27 (f) |
EUR | 372 | 356,220 | |||||
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27 (b)(g) |
USD | 2,366 | 2,154,118 | |||||
7,266,103 | ||||||||
Media — 6.8% |
||||||||
AMC Networks, Inc., 4.75%, 08/01/25 |
283 | 257,758 | ||||||
Banijay Entertainment SASU, 8.13%, 05/01/29 (b) |
200 | 194,998 | ||||||
Cable One, Inc. |
||||||||
0.00%, 03/15/26 (k)(l) |
114 | 92,967 | ||||||
1.13%, 03/15/28 (k) |
940 | 694,190 | ||||||
4.00%, 11/15/30 (b) |
191 | 142,295 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. (b) |
||||||||
5.13%, 05/01/27 (g) |
711 | 654,615 | ||||||
5.00%, 02/01/28 (g) |
527 | 473,213 | ||||||
6.38%, 09/01/29 (g) |
955 | 874,014 | ||||||
4.75%, 03/01/30 (g) |
315 | 259,851 | ||||||
4.25%, 02/01/31 (g) |
1,017 | 791,427 | ||||||
7.38%, 03/01/31 (g) |
2,601 | 2,457,999 | ||||||
4.75%, 02/01/32 |
209 | 163,137 | ||||||
4.25%, 01/15/34 (g) |
507 | 366,207 | ||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45 (g) |
3,000 | 2,522,012 | ||||||
Clear Channel International BV, 6.63%, 08/01/25 (b) |
707 | 691,272 | ||||||
Clear Channel Outdoor Holdings, Inc. |
||||||||
5.13%, 08/15/27 (b)(g) |
586 | 520,834 | ||||||
7.75%, 04/15/28 (b)(g) |
319 | 243,869 | ||||||
9.00%, 09/15/28 |
1,955 | 1,904,131 | ||||||
7.50%, 06/01/29 (b) |
926 | 674,022 | ||||||
CMG Media Corp., 8.88%, 12/15/27 (b) |
409 | 315,952 | ||||||
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26 (b) |
1,466 | 1,367,098 | ||||||
CSC Holdings LLC (b) |
||||||||
5.50%, 04/15/27 (g) |
427 | 356,814 | ||||||
11.25%, 05/15/28 |
2,187 | 2,085,993 | ||||||
6.50%, 02/01/29 (g) |
368 | 290,974 | ||||||
4.13%, 12/01/30 (g) |
535 | 358,430 | ||||||
4.50%, 11/15/31 (g) |
204 | 134,733 |
Security |
Par (000) |
Value |
||||||
Media (continued) |
||||||||
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27 (b)(g) |
USD | 551 | $ | 482,805 | ||||
Discovery Communications LLC, 4.95%, 05/15/42 (g) |
400 | 279,511 | ||||||
DISH DBS Corp. |
||||||||
7.75%, 07/01/26 (g) |
1,070 | 716,976 | ||||||
5.25%, 12/01/26 (b)(g) |
1,191 | 960,721 | ||||||
5.75%, 12/01/28 (b) |
159 | 115,474 | ||||||
DISH Network Corp., 11.75%, 11/15/27 (b) |
1,097 | 1,086,644 | ||||||
Eutelsat SA, 1.50%, 10/13/28 (f) |
EUR | 100 | 74,787 | |||||
GCI LLC, 4.75%, 10/15/28 (b) |
USD | 136 | 116,702 | |||||
Gray Television, Inc. (b)(g) |
||||||||
5.88%, 07/15/26 |
206 | 183,450 | ||||||
7.00%, 05/15/27 |
252 | 213,676 | ||||||
Hughes Satellite Systems Corp., 5.25%, 08/01/26 |
124 | 111,509 | ||||||
Iliad Holding SASU |
||||||||
6.50%, 10/15/26 (b)(g) |
1,722 | 1,609,126 | ||||||
5.63%, 10/15/28 (f) |
EUR | 100 | 99,792 | |||||
7.00%, 10/15/28 (b)(g) |
USD | 438 | 396,369 | |||||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (b) |
180 | 162,900 | ||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (b) |
303 | 199,386 | ||||||
Live Nation Entertainment, Inc. (b) |
||||||||
5.63%, 03/15/26 |
58 | 55,546 | ||||||
6.50%, 05/15/27 (g) |
1,896 | 1,849,806 | ||||||
4.75%, 10/15/27 (g) |
618 | 564,735 | ||||||
3.75%, 01/15/28 |
253 | 221,122 | ||||||
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (b) |
209 | 189,667 | ||||||
Network i2i Ltd., (5-year CMT + 4.27%), 5.65% (a)(f)(g)(i) |
250 | 242,040 | ||||||
Nexstar Media, Inc., 5.63%, 07/15/27 (b) |
103 | 92,696 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. (b) |
||||||||
5.00%, 08/15/27 (g) |
1,045 | 928,253 | ||||||
4.25%, 01/15/29 (g) |
328 | 267,186 | ||||||
4.63%, 03/15/30 |
72 | 57,780 | ||||||
Radiate Holdco LLC/Radiate Finance, Inc. (b) |
||||||||
4.50%, 09/15/26 (g) |
458 | 350,205 | ||||||
6.50%, 09/15/28 |
1,401 | 693,495 | ||||||
RCS & RDS SA, 2.50%, 02/05/25 (f) |
EUR | 100 | 101,643 | |||||
Sable International Finance Ltd., 5.75%, 09/07/27 (b)(g) |
USD | 200 | 179,028 | |||||
Sinclair Television Group, Inc., 4.13%, 12/01/30 (b)(g) |
380 | 240,118 | ||||||
Sirius XM Radio, Inc. (b) |
||||||||
3.13%, 09/01/26 |
58 | 52,013 | ||||||
5.00%, 08/01/27 (g) |
888 | 814,207 | ||||||
4.00%, 07/15/28 |
96 | 81,642 | ||||||
Stagwell Global LLC, 5.63%, 08/15/29 (b)(g) |
129 | 106,617 | ||||||
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25 (f)(h) |
EUR | 118 | 121,815 | |||||
TEGNA, Inc., 4.75%, 03/15/26 (b) |
USD | 59 | 55,055 | |||||
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (b) |
400 | 357,000 | ||||||
Univision Communications, Inc. (b) |
||||||||
5.13%, 02/15/25 |
78 | 76,165 | ||||||
6.63%, 06/01/27 |
72 | 65,765 | ||||||
8.00%, 08/15/28 (g) |
447 | 422,112 | ||||||
7.38%, 06/30/30 (g) |
225 | 198,114 | ||||||
UPC Broadband Finco BV, 4.88%, 07/15/31 (b) |
574 | 458,293 | ||||||
Videotron Ltd., 3.63%, 06/15/29 (b) |
50 | 42,140 | ||||||
VZ Secured Financing BV, 3.50%, 01/15/32 (f) |
EUR | 100 | 80,151 |
20 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Media (continued) |
||||||||
Ziggo Bond Co. BV (b) |
||||||||
6.00%, 01/15/27 |
USD | 638 | $ | 584,516 | ||||
5.13%, 02/28/30 |
295 | 214,935 | ||||||
Ziggo BV, 4.88%, 01/15/30 (b) |
217 | 173,252 | ||||||
35,635,745 | ||||||||
Metals & Mining — 2.7% |
||||||||
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24 (f) |
250 | 248,530 | ||||||
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 |
200 | 156,750 | ||||||
Arsenal AIC Parent LLC, 8.00%, 10/01/30 (b) |
250 | 246,875 | ||||||
ATI, Inc. |
||||||||
5.88%, 12/01/27 |
216 | 200,398 | ||||||
4.88%, 10/01/29 |
129 | 109,859 | ||||||
7.25%, 08/15/30 |
685 | 659,436 | ||||||
5.13%, 10/01/31 |
350 | 288,750 | ||||||
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42 (g) |
250 | 196,142 | ||||||
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (b)(g) |
1,706 | 1,685,153 | ||||||
Carpenter Technology Corp. |
||||||||
6.38%, 07/15/28 |
106 | 100,826 | ||||||
7.63%, 03/15/30 (g) |
422 | 416,598 | ||||||
Constellium SE |
||||||||
4.25%, 02/15/26 (f) |
EUR | 100 | 102,636 | |||||
5.88%, 02/15/26 (b) |
USD | 1,193 | 1,143,401 | |||||
5.63%, 06/15/28 (b) |
250 | 228,522 | ||||||
3.75%, 04/15/29 (b)(g) |
2,013 | 1,657,084 | ||||||
First Quantum Minerals Ltd., 8.63%, 06/01/31 (b) |
432 | 363,960 | ||||||
JSW Steel Ltd., 5.95%, 04/18/24 (f) |
200 | 198,406 | ||||||
Kaiser Aluminum Corp. (b)(g) |
||||||||
4.63%, 03/01/28 |
243 | 202,484 | ||||||
4.50%, 06/01/31 |
896 | 662,058 | ||||||
Metinvest BV, 7.65%, 10/01/27 (f) |
200 | 126,508 | ||||||
New Gold, Inc., 7.50%, 07/15/27 (b) |
900 | 844,497 | ||||||
Novelis Corp. (b)(g) |
||||||||
3.25%, 11/15/26 |
1,113 | 990,728 | ||||||
4.75%, 01/30/30 |
1,100 | 933,322 | ||||||
3.88%, 08/15/31 |
1,372 | 1,071,532 | ||||||
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29 (f) |
EUR | 300 | 270,114 | |||||
Rio Tinto Finance USA PLC, 4.75%, 03/22/42 (g) |
USD | 400 | 338,801 | |||||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29 (b) |
155 | 131,441 | ||||||
Vedanta Resources Finance II PLC |
||||||||
13.88%, 01/21/24 (f) |
200 | 178,070 | ||||||
8.95%, 03/11/25 (b) |
320 | 233,187 | ||||||
13,986,068 | ||||||||
Offshore Drilling & Other Services (b) — 0.4% |
||||||||
Entegris Escrow Corp., 4.75%, 04/15/29 (g) |
2,191 | 1,962,137 | ||||||
Entegris, Inc., 4.38%, 04/15/28 |
152 | 135,615 | ||||||
2,097,752 | ||||||||
Oil, Gas & Consumable Fuels — 11.8% |
||||||||
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (b)(g) |
865 | 859,239 | ||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. (b) |
||||||||
5.75%, 03/01/27 |
382 | 365,105 | ||||||
5.75%, 01/15/28 |
75 | 70,312 | ||||||
5.38%, 06/15/29 |
263 | 238,817 | ||||||
Antero Resources Corp., 7.63%, 02/01/29 (b) |
158 | 159,972 | ||||||
Apache Corp. |
||||||||
4.75%, 04/15/43 |
800 | 561,853 | ||||||
5.35%, 07/01/49 |
72 | 52,549 |
Security |
Par (000) |
Value |
||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||
Arcosa, Inc., 4.38%, 04/15/29 (b) |
USD | 477 | $ | 416,183 | ||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. (b) |
||||||||
9.00%, 11/01/27 |
747 | 943,088 | ||||||
8.25%, 12/31/28 |
1,141 | 1,132,977 | ||||||
Baytex Energy Corp., 8.50%, 04/30/30 (b) |
181 | 179,271 | ||||||
Buckeye Partners LP |
||||||||
4.13%, 03/01/25 (b) |
345 | 328,544 | ||||||
5.85%, 11/15/43 |
182 | 128,616 | ||||||
5.60%, 10/15/44 |
117 | 78,536 | ||||||
Callon Petroleum Co. |
||||||||
6.38%, 07/01/26 |
208 | 203,130 | ||||||
8.00%, 08/01/28 (b) |
1,175 | 1,161,096 | ||||||
7.50%, 06/15/30 (b)(g) |
848 | 821,342 | ||||||
Cellnex Finance Co. SA (f) |
||||||||
1.25%, 01/15/29 |
EUR | 100 | 87,689 | |||||
2.00%, 09/15/32 |
100 | 81,478 | ||||||
Chesapeake Energy Corp. (b) |
||||||||
5.88%, 02/01/29 |
USD | 53 | 49,900 | |||||
6.75%, 04/15/29 (g) |
555 | 543,044 | ||||||
CITGO Petroleum Corp., 8.38%, 01/15/29 (b) |
666 | 659,581 | ||||||
Civitas Resources, Inc. (b)(g) |
||||||||
8.38%, 07/01/28 |
1,060 | 1,066,531 | ||||||
8.63%, 11/01/30 |
539 | 548,608 | ||||||
8.75%, 07/01/31 |
863 | 870,997 | ||||||
CNX Midstream Partners LP, 4.75%, 04/15/30 (b) |
124 | 102,161 | ||||||
CNX Resources Corp., 7.38%, 01/15/31 (b) |
127 | 121,345 | ||||||
Comstock Resources, Inc. (b)(g) |
||||||||
6.75%, 03/01/29 |
498 | 453,191 | ||||||
5.88%, 01/15/30 |
866 | 740,439 | ||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (b)(g) |
2,219 | 1,929,977 | ||||||
Crescent Energy Finance LLC (b) |
||||||||
7.25%, 05/01/26 |
902 | 873,226 | ||||||
9.25%, 02/15/28 |
598 | 602,282 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (b) |
||||||||
5.63%, 05/01/27 |
67 | 64,446 | ||||||
6.00%, 02/01/29 |
433 | 418,928 | ||||||
8.00%, 04/01/29 |
57 | 58,260 | ||||||
7.38%, 02/01/31 |
126 | 127,009 | ||||||
CrownRock LP/CrownRock Finance, Inc. (b) |
||||||||
5.63%, 10/15/25 (g) |
1,141 | 1,122,256 | ||||||
5.00%, 05/01/29 |
81 | 76,399 | ||||||
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 |
290 | 282,664 | ||||||
DT Midstream, Inc. (b)(g) |
||||||||
4.13%, 06/15/29 |
415 | 356,821 | ||||||
4.38%, 06/15/31 |
527 | 437,652 | ||||||
Earthstone Energy Holdings LLC (b)(g) |
||||||||
8.00%, 04/15/27 |
352 | 357,088 | ||||||
9.88%, 07/15/31 |
402 | 432,910 | ||||||
Ecopetrol SA, 4.13%, 01/16/25 |
396 | 381,269 | ||||||
eG Global Finance PLC (b) |
||||||||
6.75%, 02/07/25 (g) |
240 | 237,456 | ||||||
8.50%, 10/30/25 |
299 | 294,141 | ||||||
Empresa Nacional del Petroleo, 6.15%, 05/10/33 (b) |
200 | 185,420 | ||||||
Enbridge, Inc. |
||||||||
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78 (a)(g) |
1,865 | 1,633,451 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||
Enbridge, Inc. (continued) |
||||||||
(5-year CMT + 4.43%), 8.50%, 01/15/84 |
USD | 257 | $ | 246,198 | ||||
Series 20-A, (5-year CMT + 5.31%), 5.75%, 07/15/80 (a)(g) |
690 | 575,153 | ||||||
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28 (b) |
567 | 543,917 | ||||||
Energean Israel Finance Ltd., 8.50%, 09/30/33 |
160 | 139,931 | ||||||
Energy Transfer LP |
||||||||
6.40%, 12/01/30 |
155 | 153,323 | ||||||
6.55%, 12/01/33 |
175 | 172,692 | ||||||
6.13%, 12/15/45 (g) |
500 | 432,015 | ||||||
5.30%, 04/15/47 (g) |
350 | 271,285 | ||||||
Series H, (5-year CMT + 5.69%), 6.50% (a)(i) |
581 | 526,200 | ||||||
EnLink Midstream LLC |
||||||||
5.63%, 01/15/28 (b) |
402 | 379,056 | ||||||
5.38%, 06/01/29 (g) |
316 | 289,130 | ||||||
6.50%, 09/01/30 (b) |
245 | 235,168 | ||||||
EnLink Midstream Partners LP |
||||||||
4.15%, 06/01/25 |
28 | 26,931 | ||||||
4.85%, 07/15/26 |
88 | 82,722 | ||||||
5.60%, 04/01/44 |
249 | 195,776 | ||||||
Enterprise Products Operating LLC, (3-mo. CME Term SOFR + 2.83%), 5.38%, 02/15/78 (a) |
420 | 356,672 | ||||||
EQM Midstream Partners LP |
||||||||
6.00%, 07/01/25 (b) |
44 | 43,029 | ||||||
4.13%, 12/01/26 |
131 | 121,519 | ||||||
4.50%, 01/15/29 (b) |
34 | 29,815 | ||||||
7.50%, 06/01/30 (b) |
108 | 105,963 | ||||||
4.75%, 01/15/31 (b)(g) |
804 | 676,970 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. |
||||||||
6.50%, 10/01/25 |
135 | 131,887 | ||||||
7.75%, 02/01/28 (g) |
204 | 192,089 | ||||||
8.88%, 04/15/30 |
201 | 194,308 | ||||||
Gulfport Energy Corp., 8.00%, 05/17/26 (b) |
47 | 46,919 | ||||||
Harvest Midstream I LP, 7.50%, 09/01/28 (b) |
78 | 73,909 | ||||||
Hess Corp., 4.30%, 04/01/27 (g) |
750 | 717,647 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. (b) |
||||||||
6.25%, 11/01/28 |
188 | 175,769 | ||||||
5.75%, 02/01/29 |
281 | 252,979 | ||||||
6.00%, 04/15/30 |
28 | 24,858 | ||||||
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28 (b) |
343 | 344,827 | ||||||
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26 (f)(g) |
200 | 188,488 | ||||||
HTA Group Ltd., 7.00%, 12/18/25 (b) |
200 | 192,634 | ||||||
Impulsora Pipeline LLC, 6.05%, 01/01/43 (d) |
1,504 | 1,193,279 | ||||||
ITT Holdings LLC, 6.50%, 08/01/29 (b)(g) |
437 | 365,441 | ||||||
Kinetik Holdings LP, 5.88%, 06/15/30 (b)(g) |
403 | 369,773 | ||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (b) |
41 | 39,360 | ||||||
Matador Resources Co. (g) |
||||||||
5.88%, 09/15/26 |
401 | 386,401 | ||||||
6.88%, 04/15/28 (b) |
343 | 336,132 | ||||||
Medco Bell Pte. Ltd., 6.38%, 01/30/27 (f) |
250 | 234,065 | ||||||
MPLX LP, 4.25%, 12/01/27 (g) |
235 | 218,600 | ||||||
Murphy Oil Corp. |
||||||||
5.88%, 12/01/27 |
25 | 24,040 | ||||||
5.88%, 12/01/42 |
35 | 26,891 | ||||||
Murphy Oil USA, Inc., 4.75%, 09/15/29 |
171 | 151,398 | ||||||
Nabors Industries Ltd. (b) |
||||||||
7.25%, 01/15/26 |
273 | 256,475 | ||||||
7.50%, 01/15/28 |
305 | 269,376 |
Security |
Par (000) |
Value |
||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||
Nabors Industries, Inc. (g) |
||||||||
5.75%, 02/01/25 |
USD | 1,143 | $ | 1,108,710 | ||||
7.38%, 05/15/27 (b) |
74 | 68,799 | ||||||
New Fortress Energy, Inc., 6.75%, 09/15/25 (b)(g) |
241 | 223,584 | ||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (b) |
614 | 599,375 | ||||||
Noble Finance II LLC, 8.00%, 04/15/30 (b) |
402 | 401,754 | ||||||
Northern Oil and Gas, Inc. (b)(g) |
||||||||
8.13%, 03/01/28 |
1,528 | 1,508,946 | ||||||
8.75%, 06/15/31 |
420 | 417,878 | ||||||
NuStar Logistics LP |
||||||||
6.00%, 06/01/26 |
234 | 225,777 | ||||||
6.38%, 10/01/30 |
30 | 27,750 | ||||||
Occidental Petroleum Corp., 6.20%, 03/15/40 |
254 | 235,509 | ||||||
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (b) |
175 | 168,877 | ||||||
PDC Energy, Inc., 5.75%, 05/15/26 (g) |
292 | 290,759 | ||||||
Permian Resources Operating LLC |
||||||||
5.38%, 01/15/26 (b) |
82 | 78,727 | ||||||
7.75%, 02/15/26 (b) |
710 | 709,363 | ||||||
6.88%, 04/01/27 (b) |
196 | 192,303 | ||||||
5.88%, 07/01/29 (b)(g) |
503 | 468,158 | ||||||
7.00%, 01/15/32 |
238 | 230,716 | ||||||
Petroleos Mexicanos |
||||||||
3.75%, 02/21/24 (f) |
EUR | 137 | 143,071 | |||||
8.75%, 06/02/29 |
USD | 146 | 128,127 | |||||
5.95%, 01/28/31 (g) |
183 | 129,564 | ||||||
6.70%, 02/16/32 |
44 | 32,120 | ||||||
Precision Drilling Corp., 6.88%, 01/15/29 (b) |
16 | 14,814 | ||||||
Puma International Financing SA, 5.00%, 01/24/26 (f) |
310 | 277,211 | ||||||
Rockcliff Energy II LLC, 5.50%, 10/15/29 (b) |
167 | 150,731 | ||||||
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (b) |
66 | 58,168 | ||||||
Shell International Finance BV, 4.38%, 05/11/45 (g) |
450 | 351,344 | ||||||
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (g) |
510 | 503,064 | ||||||
SM Energy Co. |
||||||||
5.63%, 06/01/25 |
203 | 197,599 | ||||||
6.75%, 09/15/26 (g) |
221 | 217,068 | ||||||
6.63%, 01/15/27 |
27 | 26,237 | ||||||
6.50%, 07/15/28 |
200 | 192,543 | ||||||
Southwestern Energy Co. |
||||||||
5.38%, 02/01/29 (g) |
260 | 240,182 | ||||||
4.75%, 02/01/32 |
6 | 5,160 | ||||||
Suncor Energy, Inc., 6.50%, 06/15/38 (g) |
800 | 769,115 | ||||||
Sunoco LP/Sunoco Finance Corp. |
||||||||
6.00%, 04/15/27 |
75 | 72,217 | ||||||
5.88%, 03/15/28 |
147 | 139,061 | ||||||
7.00%, 09/15/28 |
252 | 245,251 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b) |
||||||||
7.50%, 10/01/25 |
16 | 15,762 | ||||||
6.00%, 03/01/27 |
53 | 48,489 | ||||||
5.50%, 01/15/28 |
98 | 85,853 | ||||||
6.00%, 12/31/30 |
13 | 10,944 | ||||||
6.00%, 09/01/31 |
168 | 141,367 | ||||||
Transocean Aquila Ltd., 8.00%, 09/30/28 (b) |
169 | 166,526 | ||||||
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (b) |
228 | 228,923 | ||||||
Transocean, Inc. (b) |
||||||||
7.50%, 01/15/26 |
754 | 722,226 | ||||||
11.50%, 01/30/27 |
710 | 738,847 | ||||||
8.00%, 02/01/27 |
344 | 322,892 | ||||||
8.75%, 02/15/30 (g) |
1,212 | 1,208,624 |
22 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||
Valaris Ltd., 8.38%, 04/30/30 (b) |
USD | 984 | $ | 965,550 | ||||
Venture Global Calcasieu Pass LLC (b) |
||||||||
3.88%, 08/15/29 |
1,025 | 852,983 | ||||||
4.13%, 08/15/31 |
157 | 126,229 | ||||||
3.88%, 11/01/33 (g) |
947 | 715,599 | ||||||
Venture Global LNG, Inc. (b) |
||||||||
8.13%, 06/01/28 (g) |
1,150 | 1,116,444 | ||||||
9.50%, 02/01/29 |
2,854 | 2,899,493 | ||||||
8.38%, 06/01/31 |
2,176 | 2,076,459 | ||||||
9.88%, 02/01/32 |
1,192 | 1,208,674 | ||||||
Vermilion Energy, Inc., 6.88%, 05/01/30 (b) |
204 | 190,308 | ||||||
Vital Energy, Inc. |
||||||||
10.13%, 01/15/28 |
296 | 296,780 | ||||||
9.75%, 10/15/30 |
296 | 290,089 | ||||||
Western Midstream Operating LP |
||||||||
5.45%, 04/01/44 (g) |
757 | 582,604 | ||||||
5.30%, 03/01/48 |
43 | 32,123 | ||||||
5.50%, 08/15/48 (g) |
103 | 78,097 | ||||||
5.25%, 02/01/50 (g) |
481 | 355,440 | ||||||
61,235,216 | ||||||||
Passenger Airlines — 0.9% |
||||||||
Air Canada, 3.88%, 08/15/26 (b) |
582 | 529,540 | ||||||
American Airlines, Inc. (b) |
||||||||
11.75%, 07/15/25 |
108 | 114,426 | ||||||
7.25%, 02/15/28 |
92 | 85,544 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (b)(g) |
||||||||
5.50%, 04/20/26 |
279 | 271,457 | ||||||
5.75%, 04/20/29 |
1,196 | 1,078,801 | ||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (b)(g) |
754 | 744,785 | ||||||
United Airlines Pass-Through Trust, Series 2020-1, Class B, 4.88%, 07/15/27 |
37 | 34,954 | ||||||
United Airlines, Inc. (b)(g) |
||||||||
4.38%, 04/15/26 |
660 | 612,225 | ||||||
4.63%, 04/15/29 |
1,136 | 959,583 | ||||||
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.88%, 05/01/27 (b)(g) |
165 | 126,898 | ||||||
4,558,213 | ||||||||
Personal Care Products — 0.1% |
||||||||
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30 (b)(g) |
337 | 321,067 | ||||||
Pharmaceuticals — 1.2% |
||||||||
AbbVie, Inc. (g) |
||||||||
4.75%, 03/15/45 |
500 | 409,817 | ||||||
4.45%, 05/14/46 |
1,000 | 777,135 | ||||||
Bayer AG, (5-year EUR Swap + 3.75%), 4.50%, 03/25/82 (a)(f) |
EUR | 100 | 98,403 | |||||
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27 (f) |
100 | 96,399 | ||||||
CVS Health Corp., 5.05%, 03/25/48 (g) |
USD | 1,110 | 872,554 | |||||
Gruenenthal GmbH, 4.13%, 05/15/28 (f) |
EUR | 100 | 97,353 | |||||
Jazz Securities DAC, 4.38%, 01/15/29 (b)(g) |
USD | 200 | 173,934 | |||||
Option Care Health, Inc., 4.38%, 10/31/29 (b)(g) |
314 | 262,426 | ||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV (b)(g) |
||||||||
4.13%, 04/30/28 |
1,153 | 995,916 | ||||||
5.13%, 04/30/31 |
200 | 156,183 | ||||||
Rossini SARL, 6.75%, 10/30/25 (f) |
EUR | 166 | 175,012 | |||||
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29 |
100 | 106,731 |
Security |
Par (000) |
Value |
||||||
Pharmaceuticals (continued) |
||||||||
Teva Pharmaceutical Finance Netherlands III BV |
||||||||
7.13%, 01/31/25 |
USD | 200 | $ | 197,728 | ||||
3.15%, 10/01/26 (g) |
740 | 646,087 | ||||||
4.75%, 05/09/27 |
200 | 180,000 | ||||||
6.75%, 03/01/28 |
200 | 190,910 | ||||||
7.88%, 09/15/29 |
200 | 196,150 | ||||||
8.13%, 09/15/31 (g) |
200 | 197,112 | ||||||
Utah Acquisition Sub, Inc., 3.95%, 06/15/26 (g) |
650 | 608,847 | ||||||
6,438,697 | ||||||||
Professional Services — 0.2% |
||||||||
CoreLogic, Inc., 4.50%, 05/01/28 (b)(g) |
1,198 | 949,415 | ||||||
Real Estate Management & Development — 0.3% |
||||||||
Agps Bondco PLC, 2.75%, 11/13/26 (f)(m)(n) |
EUR | 200 | 82,870 | |||||
Anywhere Real Estate Group LLC/Anywhere Co.- Issuer Corp. |
||||||||
7.00%, 04/15/30 |
USD | 348 | 286,448 | |||||
7.00%, 04/15/30 (b) |
317 | 260,559 | ||||||
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31 |
295 | 279,687 | ||||||
Fantasia Holdings Group Co. Ltd. (m)(n) |
||||||||
11.75%, 04/17/22 (f) |
430 | 12,900 | ||||||
11.88%, 06/01/23 (f) |
200 | 6,000 | ||||||
9.25%, 07/28/23 (f) |
400 | 12,000 | ||||||
12.25%, 12/31/79 |
200 | 6,000 | ||||||
Fastighets AB Balder, (5-year EUR Swap + 3.19%), 2.87%, 06/02/81 (a)(f) |
EUR | 100 | 72,453 | |||||
Heimstaden Bostad AB, (5-year EUR Swap + 3.15%), 2.63% (a)(f)(i) |
100 | 42,622 | ||||||
Howard Hughes Corp., 5.38%, 08/01/28 (b)(g) |
USD | 106 | 93,186 | |||||
SBB Treasury OYJ, 1.13%, 11/26/29 (f) |
EUR | 100 | 57,667 | |||||
Theta Capital Pte Ltd., 8.13%, 01/22/25 (f) |
USD | 200 | 163,026 | |||||
1,375,418 | ||||||||
Retail REITs — 0.0% |
||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27 (b) |
204 | 170,177 | ||||||
Semiconductors & Semiconductor Equipment — 0.6% |
||||||||
Broadcom, Inc., 4.15%, 04/15/32 (b)(g) |
1,000 | 846,112 | ||||||
NCR Atleos Escrow Corp., 9.50%, 04/01/29 |
327 | 320,535 | ||||||
QUALCOMM, Inc., 4.65%, 05/20/35 (g) |
400 | 363,906 | ||||||
Sensata Technologies BV (b) |
||||||||
5.00%, 10/01/25 |
368 | 357,795 | ||||||
5.88%, 09/01/30 |
309 | 282,220 | ||||||
Sensata Technologies, Inc., 4.38%, 02/15/30 (b) |
1,020 | 862,122 | ||||||
Synaptics, Inc., 4.00%, 06/15/29 (b) |
216 | 178,200 | ||||||
3,210,890 | ||||||||
Software — 3.0% |
||||||||
ACI Worldwide, Inc., 5.75%, 08/15/26 (b) |
510 | 488,204 | ||||||
Alteryx, Inc., 8.75%, 03/15/28 (b)(g) |
320 | 315,999 | ||||||
Boxer Parent Co., Inc. |
||||||||
6.50%, 10/02/25 (f) |
EUR | 100 | 104,363 | |||||
7.13%, 10/02/25 (b) |
USD | 761 | 750,692 | |||||
9.13%, 03/01/26 (b) |
682 | 677,737 | ||||||
Capstone Borrower, Inc., 8.00%, 06/15/30 (b) |
394 | 382,180 | ||||||
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29 (b)(g) |
711 | 683,049 | ||||||
Cloud Software Group, Inc. (b)(g) |
||||||||
6.50%, 03/31/29 |
4,529 | 3,976,225 | ||||||
9.00%, 09/30/29 |
1,904 | 1,621,418 | ||||||
Consensus Cloud Solutions, Inc. (b) |
||||||||
6.00%, 10/15/26 |
91 | 84,285 | ||||||
6.50%, 10/15/28 |
83 | 68,786 |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Software (continued) |
||||||||
Crowdstrike Holdings, Inc., 3.00%, 02/15/29 |
USD | 53 | $ | 44,301 | ||||
Elastic NV, 4.13%, 07/15/29 (b)(g) |
481 | 405,370 | ||||||
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28 (b) |
200 | 167,902 | ||||||
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (b) |
323 | 264,297 | ||||||
McAfee Corp., 7.38%, 02/15/30 (b)(g) |
1,285 | 1,027,969 | ||||||
MicroStrategy, Inc., 6.13%, 06/15/28 (b) |
577 | 522,185 | ||||||
Open Text Corp., 6.90%, 12/01/27 (b) |
1,243 | 1,236,841 | ||||||
Oracle Corp., 3.60%, 04/01/50 (g) |
250 | 153,193 | ||||||
Playtika Holding Corp., 4.25%, 03/15/29 (b) |
101 | 81,481 | ||||||
Sabre Global, Inc., 8.63%, 06/01/27 (g) |
752 | 623,674 | ||||||
SS&C Technologies, Inc., 5.50%, 09/30/27 (b) |
1,484 | 1,392,396 | ||||||
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (b)(g) |
372 | 304,528 | ||||||
15,377,075 | ||||||||
Specialty Retail (b) — 0.2% |
||||||||
PetSmart, Inc./PetSmart Finance Corp. |
||||||||
4.75%, 02/15/28 |
436 | 385,807 | ||||||
7.75%, 02/15/29 (g) |
895 | 823,975 | ||||||
1,209,782 | ||||||||
Technology Hardware, Storage & Peripherals (b) — 0.2% |
||||||||
Seagate HDD Cayman |
||||||||
8.25%, 12/15/29 (g) |
588 | 597,542 | ||||||
8.50%, 07/15/31 |
615 | 625,801 | ||||||
1,223,343 | ||||||||
Textiles, Apparel & Luxury Goods (b) — 0.0% |
||||||||
Hanesbrands, Inc., 4.88%, 05/15/26 (g) |
175 | 160,792 | ||||||
Levi Strauss & Co., 3.50%, 03/01/31 |
21 | 16,350 | ||||||
177,142 | ||||||||
Tobacco (g) — 0.3% |
||||||||
Altria Group, Inc., 4.50%, 05/02/43 |
750 | 529,431 | ||||||
Philip Morris International, Inc., 4.38%, 11/15/41 |
900 | 676,675 | ||||||
Reynolds American, Inc., 5.85%, 08/15/45 |
715 | 558,931 | ||||||
1,765,037 | ||||||||
Transportation Infrastructure — 0.4% |
||||||||
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61 (b) |
320 | 213,690 | ||||||
Azzurra Aeroporti SpA, 2.13%, 05/30/24 (f) |
EUR | 100 | 103,735 | |||||
DP World Salaam, (5-year CMT + 5.75%), 6.00% (a)(f)(i) |
USD | 200 | 195,252 | |||||
FedEx Corp. (g) |
||||||||
3.90%, 02/01/35 |
500 | 402,593 | ||||||
4.75%, 11/15/45 |
500 | 388,090 | ||||||
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27 (f) |
200 | 175,386 | ||||||
Heathrow Finance PLC, 4.38%, 09/01/29 (c)(f) |
GBP | 100 | 97,222 | |||||
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26 (b)(g) |
USD | 520 | 498,763 | |||||
2,074,731 | ||||||||
Wireless Telecommunication Services — 1.1% |
||||||||
Altice Financing SA, 5.75%, 08/15/29 (b) |
1,378 | 1,065,618 | ||||||
Altice France SA, 2.13%, 02/15/25 (f) |
EUR | 100 | 97,980 | |||||
Altice France SA/France |
||||||||
5.88%, 02/01/27 (f) |
100 | 87,600 | ||||||
8.13%, 02/01/27 (b) |
USD | 570 | 480,490 | |||||
5.50%, 01/15/28 (b) |
357 | 265,261 |
Security |
Par (000) |
Value |
||||||
Wireless Telecommunication Services (continued) |
||||||||
Altice France SA/France (continued) |
||||||||
5.13%, 07/15/29 (b)(g) |
USD | 1,206 | $ | 825,702 | ||||
5.50%, 10/15/29 (b) |
400 | 275,160 | ||||||
Kenbourne Invest SA, 6.88%, 11/26/24 (b) |
205 | 153,750 | ||||||
Millicom International Cellular SA, 5.13%, 01/15/28 (f) |
283 | 242,329 | ||||||
SBA Communications Corp. |
||||||||
3.13%, 02/01/29 (g) |
1,344 | 1,111,224 | ||||||
3.88%, 02/15/27 |
27 | 24,589 | ||||||
VF Ukraine PAT via VFU Funding PLC, 6.20%, 02/11/25 (f) |
208 | 154,359 | ||||||
Vmed O2 U.K. Financing I PLC |
||||||||
4.00%, 01/31/29 (f) |
GBP | 100 | 100,427 | |||||
4.50%, 07/15/31 (f) |
100 | 94,501 | ||||||
4.75%, 07/15/31 (b)(g) |
USD | 562 | 452,357 | |||||
Vodafone Group PLC, (5-year EUR Swap + 3.49%), 6.50%, 08/30/84 (a)(f) |
EUR | 100 | 105,935 | |||||
5,537,282 | ||||||||
Total Corporate Bonds — 84.3% (Cost: $481,445,571) |
439,042,769 | |||||||
Floating Rate Loan Interests (a) |
||||||||
Aerospace & Defense — 0.4% |
||||||||
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.65%, 10/31/28 |
USD | 79 | 78,814 | |||||
Dynasty Acquisition Co., Inc., 2023 Term Loan B1, (1-mo. CME Term SOFR + 4.00%), 9.32%, 08/24/28 |
261 | 257,392 | ||||||
Peraton Corp. |
||||||||
2nd Lien Term Loan B1, (3-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.23%, 02/01/29 |
744 | 716,078 | ||||||
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.17%, 02/01/28 |
958 | 939,425 | ||||||
Standard Aero Ltd., 2023 Term Loan B2, (1-mo. CME Term SOFR + 4.00%), 9.32%, 08/24/28 |
112 | 110,311 | ||||||
2,102,020 | ||||||||
Air Freight & Logistics — 0.1% |
||||||||
Clue Opco LLC, Term Loan B, 09/20/30 (o) |
268 | 254,935 | ||||||
Automobile Components — 0.0% |
||||||||
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.00%), 10.48%, 11/17/28 |
234 | 194,257 | ||||||
Beverages — 0.0% |
||||||||
Mauser Packaging Solutions Holding Co., Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.32%, 08/14/26 |
13 | 12,896 | ||||||
Naked Juice LLC |
||||||||
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.49%, 01/24/30 |
38 | 30,364 | ||||||
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.74%, 01/24/29 |
32 | 29,276 | ||||||
72,536 | ||||||||
Broadline Retail — 0.0% |
||||||||
PUG LLC, USD Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.94%, 02/12/27 |
119 | 112,320 | ||||||
24 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Building Products — 0.1% |
||||||||
SRS Distribution, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.82%, 06/02/28 |
USD | 247 | $ | 240,260 | ||||
Capital Markets — 0.1% |
||||||||
Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.18%, 08/02/29 |
232 | 220,226 | ||||||
Osaic Holdings, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 4.50%), 9.82%, 08/17/28 |
152 | 151,595 | ||||||
371,821 | ||||||||
Chemicals — 0.4% |
||||||||
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.17%, 09/30/28 |
221 | 212,462 | ||||||
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.75%), 13.17%, 11/24/28 |
118 | 108,906 | ||||||
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.32%, 08/27/26 |
13 | 12,103 | ||||||
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.77%, 10/04/29 |
663 | 614,565 | ||||||
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 3.93%), 9.42%, 07/03/28 |
178 | 149,886 | ||||||
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.82%, 03/29/28 |
276 | 261,834 | ||||||
Nouryon USA LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.43%, 04/03/28 |
308 | 301,003 | ||||||
Olympus Water U.S. Holding Corp., 2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.00%), 10.39%, 11/09/28 |
32 | 31,637 | ||||||
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.40%, 09/22/28 |
252 | 247,055 | ||||||
1,939,451 | ||||||||
Commercial Services & Supplies — 0.1% |
||||||||
Amentum Government Services Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.44%, 01/29/27 |
78 | 76,800 | ||||||
KDC/ONE Development Corp., Inc., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 5.00%), 10.32%, 08/15/28 |
252 | 241,711 | ||||||
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.89%, 12/15/28 |
262 | 197,171 | ||||||
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.50%), 14.14%, 11/02/28 |
201 | 127,971 | ||||||
643,653 | ||||||||
Communications Equipment — 0.1% |
||||||||
Viasat, Inc., 2023 Term Loan, 05/30/30 (o) |
317 | 292,632 | ||||||
Security |
Par (000) |
Value |
||||||
Construction & Engineering — 0.3% |
||||||||
Brand Industrial Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.87%, 08/01/30 |
USD | 1,287 | $ | 1,238,769 | ||||
Propulsion BC Newco LLC, Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.14%, 09/14/29 |
157 | 156,326 | ||||||
1,395,095 | ||||||||
Consumer Finance — 0.0% |
||||||||
Credito Real SAB de CV Sofom ENR, Term Loan B, 0.00%, 02/17/24 (d)(m)(n) |
56 | 6,160 | ||||||
Containers & Packaging — 0.0% |
||||||||
Trident TPI Holdings, Inc., 2023 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.89%, 09/15/28 |
197 | 196,241 | ||||||
Diversified Consumer Services — 0.1% |
||||||||
Ascend Learning LLC |
||||||||
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 11.17%, 12/10/29 |
157 | 132,011 | ||||||
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.92%, 12/11/28 |
204 | 189,133 | ||||||
Sotheby’s, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 10.16%, 01/15/27 |
— | (e) |
1 | |||||
321,145 | ||||||||
Diversified Telecommunication Services — 0.2% |
||||||||
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.19%, 10/08/27 |
221 | 212,038 | ||||||
Radiate Holdco LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.25%), 8.69%, 09/25/26 |
231 | 190,412 | ||||||
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.44%, 03/09/27 |
518 | 436,195 | ||||||
838,645 | ||||||||
Energy Equipment & Services — 0.0% |
||||||||
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.44%, 06/28/24 (d) |
17 | 12,044 | ||||||
Financial Services — 0.2% |
||||||||
Deerfield Dakota Holding LLC |
||||||||
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.14%, 04/09/27 |
63 | 61,235 | ||||||
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 6.75%), 12.40%, 04/07/28 |
274 | 257,048 | ||||||
GIP Pilot Acquisition Partners LP, Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.39%, 10/04/30 (d) |
159 | 158,603 | ||||||
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.07%, 10/19/27 |
424 | 420,370 | ||||||
897,256 | ||||||||
Food Products — 0.0% |
||||||||
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.94%, 10/25/27 |
61 | 60,544 | ||||||
Health Care Equipment & Supplies — 0.2% |
||||||||
Bausch & Lomb Corp., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.32%, 09/29/28 |
267 | 256,320 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Health Care Equipment & Supplies (continued) |
||||||||
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.76%, 05/10/27 |
USD | 331 | $ | 316,624 | ||||
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.67%, 11/03/28 |
218 | 211,399 | ||||||
784,343 | ||||||||
Health Care Providers & Services — 0.1% |
||||||||
LifePoint Health, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 5.50%), 11.17%, 11/16/28 |
200 | 188,501 | ||||||
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.25%), 13.76%, 04/29/25 |
300 | 180,086 | ||||||
Surgery Center Holdings, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.20%, 08/31/26 |
130 | 130,135 | ||||||
498,722 | ||||||||
Health Care Technology — 0.8% |
||||||||
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 02/15/29 |
2,300 | 2,224,927 | ||||||
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.49%, 10/01/27 |
552 | 526,971 | ||||||
Polaris Newco LLC, USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.44%, 06/02/28 |
362 | 341,560 | ||||||
Verscend Holding Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.00%), 9.44%, 08/27/25 |
1,230 | 1,227,691 | ||||||
4,321,149 | ||||||||
Hotels, Restaurants & Leisure — 0.1% |
||||||||
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.32%, 01/27/29 |
259 | 252,902 | ||||||
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3-mo. CME Term SOFR + 2.25%), 7.90%, 07/21/26 |
39 | 38,722 | ||||||
291,624 | ||||||||
Household Durables — 0.1% |
||||||||
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.89%, 02/26/29 |
274 | 257,982 | ||||||
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.44%, 10/06/28 |
529 | 429,958 | ||||||
687,940 | ||||||||
Insurance — 0.1% |
||||||||
Alliant Holdings Intermediate LLC, 2023 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/05/27 |
81 | 80,392 | ||||||
HUB International Ltd., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.25%), 9.66%, 06/20/30 |
104 | 103,936 |
Security |
Par (000) |
Value |
||||||
Insurance (continued) |
||||||||
Jones Deslauriers Insurance Management, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.62%, 03/15/30 |
USD | 168 | $ | 167,580 | ||||
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.42%, 09/01/27 |
231 | 230,283 | ||||||
582,191 | ||||||||
Interactive Media & Services — 0.0% |
||||||||
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.54%, 02/16/28 |
125 | 122,559 | ||||||
IT Services — 0.1% |
||||||||
Camelot Finance SA, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.44%, 10/30/26 |
168 | 167,796 | ||||||
Project Alpha Intermediate Holding, Inc., 2023 1st Lien Term Loan B, 10/28/30 (o) |
241 | 233,582 | ||||||
401,378 | ||||||||
Leisure Products — 0.0% |
||||||||
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 6.50%), 12.26%, 05/25/27 |
130 | 130,513 | ||||||
Life Sciences Tools & Services — 0.1% |
||||||||
Star Parent, Inc., Term Loan B, (3 mo. CME Term SOFR + 4.00%), 9.39%, 09/27/30 |
573 | 545,459 | ||||||
Machinery — 0.5% |
||||||||
Madison IAQ LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.70%, 06/21/28 |
155 | 148,940 | ||||||
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.89%, 11/22/29 |
320 | 318,880 | ||||||
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.92%, 04/05/29 |
468 | 463,300 | ||||||
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.73%, 03/28/25 |
1,840 | 1,810,287 | ||||||
2,741,407 | ||||||||
Media — 0.5% |
||||||||
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.25%), 12.69%, 09/01/25 |
311 | 266,276 | ||||||
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.14%, 08/21/26 |
1,109 | 1,063,134 | ||||||
DirecTV Financing LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.44%, 08/02/27 |
1,019 | 990,127 | ||||||
2,319,537 | ||||||||
Metals & Mining — 0.0% |
||||||||
Arsenal AIC Parent LLC, Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.88%, 08/18/30 |
193 | 191,882 | ||||||
Oil, Gas & Consumable Fuels — 0.3% |
||||||||
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.18%, 12/21/28 |
369 | 361,972 |
26 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Oil, Gas & Consumable Fuels (continued) |
||||||||
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.92%, 09/19/29 |
USD | 142 | $ | 141,493 | ||||
New Fortress Energy, Inc., Term Loan, 10/27/28 (d)(o) |
1,323 | 1,217,160 | ||||||
1,720,625 | ||||||||
Passenger Airlines — 0.2% |
||||||||
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.43%, 04/20/28 |
673 | 681,672 | ||||||
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 5.25%), 10.80%, 06/21/27 |
172 | 176,307 | ||||||
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.17%, 10/20/27 |
222 | 227,271 | ||||||
1,085,250 | ||||||||
Pharmaceuticals — 0.0% |
||||||||
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.94%, 05/04/25 |
88 | 86,417 | ||||||
Professional Services — 0.1% |
||||||||
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.94%, 06/02/28 |
165 | 149,940 | ||||||
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.13%, 04/29/29 |
169 | 156,593 | ||||||
OMNIA Partners LLC Delayed Draw Term Loan, 0.00%, 07/25/30 |
16 | 16,013 | ||||||
Term Loan B, (3-mo. CME Term SOFR + 4.25%), 9.63%, 07/25/30 |
118 | 117,261 | ||||||
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.25%), 8.67%, 02/28/27 |
91 | 89,878 | ||||||
529,685 | ||||||||
Real Estate Management & Development — 0.0% |
||||||||
Cushman & Wakefield U.S. Borrower LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.32%, 01/31/30 (d) |
155 | 148,318 | ||||||
Software — 1.5% |
||||||||
Boxer Parent Co., Inc. |
||||||||
2021 USD 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.94%, 02/27/26 |
529 | 524,593 | ||||||
2021 USD Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.19%, 10/02/25 |
211 | 210,477 | ||||||
Central Parent Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.41%, 07/06/29 |
128 | 127,195 | ||||||
Cloud Software Group, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR + 4.50%), 9.99%, 03/30/29 |
1,001 | 950,251 | ||||||
Cloudera, Inc. |
||||||||
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.42%, 10/08/29 |
442 | 395,026 | ||||||
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.17%, 10/08/28 |
338 | 324,038 |
Security |
Par (000) |
Value |
||||||
Software (continued) |
||||||||
Delta TopCo, Inc., 2020 Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.07%, 12/01/27 |
USD | 309 | $ | 303,479 | ||||
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.29%, 03/11/28 |
64 | 61,989 | ||||||
Magenta Buyer LLC |
||||||||
2021 USD 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.64%, 07/27/28 |
791 | 553,417 | ||||||
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.25%), 13.89%, 07/27/29 |
530 | 227,900 | ||||||
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.16%, 03/01/29 |
868 | 828,419 | ||||||
MH Sub I LLC |
||||||||
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.57%, 02/23/29 |
66 | 57,173 | ||||||
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.57%, 05/03/28 |
823 | 785,445 | ||||||
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.25%), 12.74%, 12/18/28 |
195 | 176,637 | ||||||
Proofpoint, Inc., 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.25%), 11.69%, 08/31/29 |
472 | 471,979 | ||||||
Sabre Global, Inc. |
||||||||
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.94%, 12/17/27 |
71 | 60,145 | ||||||
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.94%, 12/17/27 |
111 | 94,349 | ||||||
Sophia LP, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.92%, 10/07/27 |
768 | 757,968 | ||||||
SS&C Technologies, Inc. |
||||||||
2018 Term Loan B3, (1-mo. CME Term SOFR + 1.75%), 7.19%, 04/16/25 |
78 | 78,263 | ||||||
2018 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.19%, 04/16/25 |
66 | 66,236 | ||||||
UKG, Inc. |
||||||||
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.76%, 05/03/27 |
556 | 555,098 | ||||||
Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.23%, 05/04/26 |
206 | 205,979 | ||||||
7,816,056 | ||||||||
Specialty Retail — 0.0% |
||||||||
Staples, Inc., 7 Year Term Loan, (3-mo. LIBOR US + 5.00%), 10.63%, 04/16/26 |
— | (e) |
2 | |||||
Textiles, Apparel & Luxury Goods — 0.0% |
||||||||
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.07%, 03/08/30 (d) |
68 | 66,648 | ||||||
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Transportation Infrastructure — 0.1% |
||||||||
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.32%, 09/22/28 |
USD | 219 | $ | 218,247 | ||||
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.13%, 07/02/29 |
303 | 302,212 | ||||||
520,459 | ||||||||
Wireless Telecommunication Services — 0.1% |
||||||||
Digicel International Finance Ltd. 2017 Term Loan B, (3-mo. LIBOR US + 3.25%), 8.90%, 05/28/24 |
697 | 636,785 | ||||||
2017 Term Loan B1, 05/27/24 (o) |
30 | 27,598 | ||||||
664,383 | ||||||||
Total Floating Rate Loan Interests — 7.0% (Cost: $37,575,413) |
36,207,562 | |||||||
Foreign Agency Obligations |
||||||||
Bahrain — 0.0% |
||||||||
Bahrain Government International Bond, 5.45%, 09/16/32 (f) |
200 | 168,250 | ||||||
Chile — 0.0% |
||||||||
Chile Government International Bond, 4.34%, 03/07/42 (g) |
200 | 154,500 | ||||||
Colombia — 0.1% |
||||||||
Colombia Government International Bond |
||||||||
4.50%, 01/28/26 (g) |
200 | 191,560 | ||||||
3.88%, 03/22/26 |
EUR | 100 | 101,716 | |||||
3.13%, 04/15/31 (g) |
USD | 200 | 147,300 | |||||
8.00%, 04/20/33 (g) |
200 | 194,700 | ||||||
635,276 | ||||||||
Dominican Republic — 0.2% |
||||||||
Dominican Republic International Bond |
||||||||
6.88%, 01/29/26 (f) |
107 | 106,411 | ||||||
5.95%, 01/25/27 (f) |
176 | 169,120 | ||||||
4.50%, 01/30/30 (b) |
200 | 169,100 | ||||||
7.05%, 02/03/31 (b) |
150 | 143,700 | ||||||
4.88%, 09/23/32 (b) |
162 | 130,977 | ||||||
719,308 | ||||||||
Egypt — 0.0% |
||||||||
Egypt Government International Bond, 7.50%, 02/16/61 (b) |
200 | 98,500 | ||||||
Guatemala — 0.1% |
||||||||
Guatemala Government Bond |
||||||||
5.38%, 04/24/32 (b) |
200 | 177,700 | ||||||
6.60%, 06/13/36 |
200 | 184,800 | ||||||
4.65%, 10/07/41 (b) |
200 | 138,000 | ||||||
500,500 | ||||||||
Hungary — 0.0% |
||||||||
Hungary Government International Bond, 5.38%, 03/25/24 |
64 | 63,802 | ||||||
Indonesia — 0.0% |
||||||||
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27 (b)(g) |
200 | 191,266 | ||||||
Security |
Par (000) |
Value |
||||||
Ivory Coast — 0.1% |
||||||||
Ivory Coast Government International Bond, 6.38%, 03/03/28 (f)(g) |
USD | 365 | $ | 338,538 | ||||
Mexico — 0.1% |
||||||||
Mexico Government International Bond |
||||||||
3.75%, 01/11/28 (g) |
300 | 276,600 | ||||||
6.35%, 02/09/35 |
200 | 190,600 | ||||||
467,200 | ||||||||
Morocco — 0.1% |
||||||||
Morocco Government International Bond, 5.95%, 03/08/28 (b) |
200 | 195,750 | ||||||
Nigeria — 0.0% |
||||||||
Nigeria Government International Bond, 8.38%, 03/24/29 (b) |
200 | 174,750 | ||||||
Oman — 0.1% |
||||||||
Oman Government International Bond, 6.75%, 01/17/48 (f) |
309 | 275,396 | ||||||
Panama — 0.1% |
||||||||
Panama Government International Bond |
||||||||
6.40%, 02/14/35 (g) |
337 | 306,333 | ||||||
6.85%, 03/28/54 |
200 | 170,600 | ||||||
476,933 | ||||||||
Peru — 0.1% |
||||||||
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25 (f) |
379 | 367,262 | ||||||
Peruvian Government International Bond (g) |
||||||||
2.78%, 01/23/31 |
117 | 93,717 | ||||||
1.86%, 12/01/32 |
356 | 250,446 | ||||||
711,425 | ||||||||
Poland — 0.0% |
||||||||
Republic of Poland Government International Bond |
||||||||
4.88%, 10/04/33 (g) |
138 | 127,632 | ||||||
5.50%, 04/04/53 |
71 | 62,371 | ||||||
190,003 | ||||||||
Romania — 0.1% |
||||||||
Romanian Government International Bond |
||||||||
5.25%, 11/25/27 (b)(g) |
168 | 162,285 | ||||||
2.88%, 03/11/29 (f) |
EUR | 140 | 130,137 | |||||
2.50%, 02/08/30 (f) |
150 | 130,765 | ||||||
2.12%, 07/16/31 (f) |
168 | 130,846 | ||||||
554,033 | ||||||||
Saudi Arabia — 0.1% |
||||||||
Saudi Government International Bond, 4.50%, 04/17/30 (f)(g) |
USD | 362 | 338,470 | |||||
Senegal — 0.0% |
||||||||
Senegal Government International Bond, 6.25%, 05/23/33 (f)(g) |
231 | 182,779 | ||||||
South Africa — 0.1% |
||||||||
Republic of South Africa Government International Bond |
||||||||
5.88%, 04/20/32 (g) |
390 | 329,063 | ||||||
5.00%, 10/12/46 |
200 | 121,000 | ||||||
450,063 |
28 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Ukraine — 0.0% |
||||||||
Ukraine Government International Bond (m)(n) |
||||||||
7.75%, 09/01/27 (f) |
USD | 107 | $ | 30,388 | ||||
7.25%, 03/15/35 (b) |
371 | 93,307 | ||||||
123,695 | ||||||||
Total Foreign Agency Obligations — 1.3% (Cost: $7,918,329) |
7,010,437 | |||||||
Municipal Bonds |
||||||||
Illinois — 0.1% |
||||||||
State of Illinois, GO, 5.10%, 06/01/33 |
800 | 742,677 | ||||||
Total Municipal Bonds — 0.1% (Cost: $790,464) |
742,677 | |||||||
Non-Agency Mortgage-Backed Securities |
||||||||
Collateralized Mortgage Obligations — 15.3% |
||||||||
Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57 (a)(b) |
12 | 5,442 | ||||||
Alternative Loan Trust |
||||||||
Series 2006-J8, Class A5, 6.00%, 02/25/37 |
1,754 | 723,110 | ||||||
Series 2007-19, Class 1A1, 6.00%, 08/25/37 |
545 | 265,787 | ||||||
Bravo Residential Funding Trust Class A1, 6.44%, 05/25/63 |
1,373 | 1,356,188 | ||||||
Series 2021-NQM1, Class A1, 0.94%, 02/25/49 (a)(b) |
631 | 547,220 | ||||||
Series 2023-NQM3, Class A1, 4.85%, 09/25/62 (b)(c) |
402 | 376,476 | ||||||
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49 (a)(b) |
368 | 355,411 | ||||||
CHL Mortgage Pass-Through Trust |
||||||||
Series 2007-J2, Class 2A1, (1-mo. Term SOFR + 0.76%), 6.00%, 07/25/37 (a) |
2,640 | 703,964 | ||||||
Series 2007-J2, Class 2A8, 6.00%, 07/25/37 |
1,458 | 504,931 | ||||||
CIM Trust Class A1, 6.64%, 12/25/67 |
1,252 | 1,238,843 | ||||||
Series 2023-IA, Class A1, 6.03%, 04/25/58 (b)(c) |
1,272 | 1,248,915 | ||||||
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 4.44%, 11/25/36 (a) |
647 | 603,099 | ||||||
COLT Mortgage Loan Trust |
||||||||
Class A1, 6.60%, 07/25/68 |
1,403 | 1,391,929 | ||||||
Series 2020-2, Class M1, 5.25%, 03/25/65 (a)(b) |
2,550 | 2,338,997 | ||||||
Series 2020-3, Class M1, 3.36%, 04/27/65 (a)(b) |
2,850 | 2,503,734 | ||||||
Series 2022-1, Class A1, 4.55%, 04/25/67 (a)(b) |
1,347 | 1,245,436 | ||||||
Series 2022-7, Class A1, 5.16%, 04/25/67 (b)(c) |
2,266 | 2,165,378 | ||||||
Series 2022-9, Class A1, 6.79%, 12/25/67 (b)(c) |
319 | 317,740 | ||||||
Countrywide Alternative Loan Trust |
||||||||
Series 2005-9CB, Class 1A3, (1-mo. Term SOFR + 0.56%), 5.50%, 05/25/35 (a) |
1,208 | 1,029,275 | ||||||
Series 2006-40T1, Class 2A5, (1-mo. Term SOFR + 0.51%), 5.84%, 12/25/36 (a) |
2,273 | 529,760 | ||||||
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 |
1,402 | 645,795 | ||||||
Series 2006-J7, Class 2A1, (1-mo. LIBOR US + 1.50%), 6.93%, 11/20/46 (a) |
2,553 | 1,885,880 | ||||||
Series 2006-OA14, Class 3A1, (12-mo. MTA + 0.85%), 5.65%, 11/25/46 (a) |
4,202 | 3,386,206 | ||||||
Series 2006-OA16, Class A2, (1-mo. Term SOFR + 0.49%), 5.82%, 10/25/46 (a) |
2,663 | 2,328,877 | ||||||
Series 2006-OA18, Class A1, (1-mo. Term SOFR + 0.35%), 5.68%, 12/25/46 (a) |
1,551 | 1,293,284 | ||||||
Series 2006-OA6, Class 1A1A, (1-mo. Term SOFR + 0.53%), 5.86%, 07/25/46 (a) |
3,069 | 2,422,554 |
Security |
Par (000) |
Value |
||||||
Collateralized Mortgage Obligations (continued) |
||||||||
Countrywide Alternative Loan Trust (continued) |
||||||||
Series 2006-OA8, Class 1A1, (1-mo. Term SOFR + 0.49%), 5.82%, 07/25/46 (a) |
USD | 1,053 | $ | 866,096 | ||||
Series 2007-12T1, Class A22, 5.75%, 06/25/37 |
3,243 | 1,386,770 | ||||||
Series 2007-12T1, Class A5, 6.00%, 06/25/37 |
1,574 | 700,261 | ||||||
Series 2007-22, Class 2A16, 6.50%, 09/25/37 |
6,983 | 2,574,033 | ||||||
Series 2007-23CB, Class A1, 6.00%, 09/25/37 |
3,986 | 1,925,198 | ||||||
Series 2007-4CB, Class 1A3, (1-mo. Term SOFR + 0.46%), 5.75%, 04/25/37 (a) |
1,553 | 1,174,405 | ||||||
Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%), 5.64%, 03/25/47 (a) |
1,782 | 1,447,392 | ||||||
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1-mo. Term SOFR + 0.51%), 5.84%, 04/25/46 (a) |
3,625 | 3,279,114 | ||||||
Credit Suisse Mortgage Capital Certificates Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67 (a)(b) |
2,723 | 2,600,363 | ||||||
CSMC Trust (a)(b) |
||||||||
Series 2011-4R, Class 1A2, (1-mo. Term SOFR + 1.61%), 6.94%, 09/27/37 |
1,180 | 942,248 | ||||||
Series 2021-NQM2, Class M1, 2.28%, 02/25/66 |
1,500 | 812,382 | ||||||
Ellington Financial Mortgage Trust (a)(b) |
||||||||
Series 2020-1, Class M1, 5.24%, 05/25/65 |
500 | 449,287 | ||||||
Series 2021-2, Class A1, 0.93%, 06/25/66 |
200 | 151,362 | ||||||
Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51 (a)(b) |
2,104 | 1,534,371 | ||||||
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67 (a)(b) |
964 | 877,859 | ||||||
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67 (b)(c) |
1,032 | 988,859 | ||||||
JP Morgan Mortgage Trust (a)(b) |
||||||||
Series 2022-DSC1, Class A1, 4.75%, 01/25/63 |
521 | 465,669 | ||||||
Series 2023-DSC1, Class A1, 4.63%, 07/25/63 |
332 | 293,128 | ||||||
MFA Trust |
||||||||
Class A1, 6.62%, 07/25/68 |
1,781 | 1,765,717 | ||||||
Series 2021-NQM1, Class M1, 2.31%, 04/25/65 (a)(b) |
2,000 | 1,396,868 | ||||||
Mill City Mortgage Trust, Series 2023-NQM2, Class A1, 6.24%, 12/25/67 (b)(c) |
1,726 | 1,705,339 | ||||||
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 3.18%, 05/26/37 (b)(c) |
3,765 | 3,678,107 | ||||||
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36 (a) |
6,629 | 1,213,852 | ||||||
OBX Trust |
||||||||
Class A1, 6.52%, 07/25/63 |
1,600 | 1,587,288 | ||||||
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 (b)(c) |
542 | 535,557 | ||||||
Series 2023-NQM1, Class A1, 6.12%, 11/25/62 (a)(b) |
463 | 455,729 | ||||||
Onslow Bay Financial LLC, Class A1A, 6.57%, 06/25/63 |
1,541 | 1,527,124 | ||||||
PRKCM Trust, Class A1, 6.48%, 06/25/58 |
1,548 | 1,528,714 | ||||||
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1-mo. Term SOFR + 0.71%), 6.04%, 08/25/36(a) |
6,276 | 1,301,157 | ||||||
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62 (b)(c) |
679 | 649,901 | ||||||
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57 (b)(c) |
673 | 610,165 | ||||||
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65 (a)(b) |
1,750 | 1,217,544 | ||||||
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65(a)(b) |
1,057 | 799,382 |
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Collateralized Mortgage Obligations (continued) |
||||||||
Verus Securitization Trust |
||||||||
Class A1, 6.48%, 06/25/68 |
USD | 1,345 | $ | 1,331,965 | ||||
Series 2022-3, Class A1, 4.13%, 02/25/67 (b)(c) |
467 | 412,040 | ||||||
Series 2022-7, Class A1, 5.15%, 07/25/67 (b)(c) |
1,794 | 1,722,212 | ||||||
Series 2022-INV2, Class A1, 6.79%, 10/25/67 (b)(c) |
484 | 481,160 | ||||||
Series 2023-1, Class A1, 5.85%, 12/25/67 (b)(c) |
307 | 300,885 | ||||||
Visio Trust, Class A1, 6.60%, 10/25/58 |
1,616 | 1,603,772 | ||||||
79,707,506 | ||||||||
Commercial Mortgage-Backed Securities — 4.2% |
||||||||
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36 (b) |
2,000 | 1,983,020 | ||||||
Beast Mortgage Trust, Series 2021-SSCP, Class A, (1-mo. Term SOFR + 0.86%), 6.20%, 04/15/36 (a)(b) |
480 | 467,963 | ||||||
BX Commercial Mortgage Trust (a)(b) |
||||||||
Series 2019-XL, Class A, (1-mo. Term SOFR + 1.03%), 6.37%, 10/15/36 |
916 | 910,619 | ||||||
Series 2021-CIP, Class A, (1-mo. Term SOFR + 1.04%), 6.37%, 12/15/38 |
600 | 584,213 | ||||||
Series 2021-SOAR, Class A, (1-mo. Term SOFR + 0.78%), 6.12%, 06/15/38 |
1,532 | 1,500,663 | ||||||
Series 2022-LP2, Class A, (1-mo. Term SOFR + 1.01%), 6.35%, 02/15/39 |
1,353 | 1,312,990 | ||||||
BX Trust (a)(b) |
||||||||
Series 2021-LBA, Class AJV, (1-mo. Term SOFR + 0.91%), 6.25%, 02/15/36 |
1,650 | 1,614,342 | ||||||
Series 2022-GPA, Class A, (1-mo. Term SOFR + 2.17%), 7.50%, 08/15/39 |
650 | 650,407 | ||||||
Series 2023, Class A, (1-mo. Term SOFR + 2.69%), 8.02%, 05/15/38 |
140 | 140,131 | ||||||
BX Trust 2022-GPA, Series 2022, Class B, (1-mo. Term SOFR + 2.66%), 8.00%, 08/15/41 (a)(b) |
278 | 278,174 | ||||||
CENT Trust, (1-mo. Term SOFR + 2.62%), 7.94%, 09/15/28 (a) |
1,081 | 1,084,408 | ||||||
Cold Storage Trust (a)(b) |
||||||||
Series 2020-ICE5, Class A, (1-mo. Term SOFR + 1.01%), 6.35%, 11/15/37 |
101 | 100,121 | ||||||
Series 2020-ICE5, Class F, (1-mo. Term SOFR + 3.61%), 8.94%, 11/15/37 |
280 | 275,857 | ||||||
CSMC BHAR, Series 2021-BHAR, Class C, (1-mo. Term SOFR + 2.11%), 7.45%, 11/15/38 (a)(b) |
270 | 263,429 | ||||||
CSMC Trust, Series 2020-NET, Class A, 2.26%, 08/15/37 (b) |
485 | 439,167 | ||||||
Extended Stay America Trust (a)(b) |
||||||||
Series 2021-ESH, Class D, (1-mo. Term SOFR + 2.36%), 7.70%, 07/15/38 |
313 | 307,154 | ||||||
Series 2021-ESH, Class F, (1-mo. Term SOFR + 3.81%), 9.15%, 07/15/38 |
859 | 833,401 | ||||||
GS Mortgage Securities Corp II, 7.68%, 09/10/38 |
275 | 264,736 | ||||||
GS Mortgage Securities Corp Trust, 8.12%, 03/15/28 |
550 | 543,803 | ||||||
Independence Plaza Trust, Series 2018-INDP, Class A, 3.76%, 07/10/35 (b) |
1,000 | 937,219 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2.85%, 09/06/38 |
275 | 234,320 | ||||||
Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 6.72%, 03/15/39 (a)(b) |
1,600 | 1,569,926 | ||||||
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1-mo. Term SOFR + 1.11%), 6.44%, 04/25/31(a)(b) |
100 | 99,625 |
Security |
Par (000) |
Value |
||||||
Commercial Mortgage-Backed Securities (continued) |
||||||||
MED Trust (a)(b) |
||||||||
Series 2021, Class A, (1-mo. Term SOFR + 1.06%), 6.40%, 11/15/38 |
USD | 1,065 | $ | 1,033,533 | ||||
Series 2023, Class E, (1-mo. Term SOFR + 3.26%), 8.60%, 11/15/38 |
390 | 370,577 | ||||||
MF1 2021-W10X, Series 2021-W10, Class A, (1-mo. Term SOFR + 1.07%), 6.40%, 12/15/34 (a)(b) |
520 | 505,559 | ||||||
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, (1-mo. Term SOFR + 2.19%), 7.52%, 05/15/37 (a)(b) |
500 | 492,344 | ||||||
Wells Fargo Commercial Mortgage Trust |
||||||||
Series 2016-LC25, Class A4, 3.64%, 12/15/59 |
1,600 | 1,476,449 | ||||||
Series 2020, Class B, (1-mo. Term SOFR + 1.45%), 6.79%, 02/15/37 (a)(b) |
780 | 768,862 | ||||||
Series 2020, Class D, (1-mo. Term SOFR + 2.20%), 7.54%, 02/15/37 (a)(b) |
800 | 779,282 | ||||||
21,822,294 | ||||||||
Total Non-Agency Mortgage-Backed Securities — 19.5% (Cost: $120,751,008) |
101,529,800 | |||||||
Preferred Securities |
||||||||
Capital Trusts — 4.0% |
||||||||
Automobiles — 0.1% |
||||||||
General Motors Financial Co., Inc., Series C, 5.70% (a)(i) |
395 | 331,707 | ||||||
Banks (a)(i) — 1.1% |
||||||||
AIB Group PLC, 5.25% (f) |
EUR | 200 | 201,919 | |||||
Bank of East Asia Ltd., 5.88% (f) |
USD | 250 | 213,853 | |||||
Nordea Bank Abp, 3.75% (b) |
560 | 401,081 | ||||||
PNC Financial Services Group, Inc. (g) |
||||||||
Series V, 6.20% |
377 | 335,411 | ||||||
Series W, 6.25% |
380 | 312,740 | ||||||
Rizal Commercial Banking Corp., 6.50% (f) |
200 | 179,956 | ||||||
Wells Fargo & Co. (g) |
||||||||
7.63% |
571 | 571,741 | ||||||
Series S, 5.90% |
3,000 | 2,949,916 | ||||||
Woori Bank, 4.25% (f) |
250 | 240,469 | ||||||
5,407,086 | ||||||||
Capital Markets — 0.4% |
||||||||
Bank of New York Mellon Corp., Series I, 3.75% (a)(g)(i) |
2,845 | 2,202,047 | ||||||
Diversified Telecommunication Services — 0.0% |
||||||||
Telefonica Europe BV, 6.14% (a)(f)(i) |
EUR | 200 | 198,648 | |||||
Electric Utilities (a) — 0.5% |
||||||||
Edison International, Series B, 5.00% (i) |
USD | 220 | 195,792 | |||||
EDP - Energias de Portugal SA, 5.94%, 04/23/83 (f) |
EUR | 100 | 104,757 | |||||
Electricite de France SA, 3.00% (f)(i) |
200 | 177,430 | ||||||
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 (g) |
USD | 2,500 | 2,209,271 | |||||
2,687,250 | ||||||||
Financial Services (a)(i) — 1.7% |
||||||||
Bank of America Corp., Series X, 6.25% (g) |
2,925 | 2,874,783 | ||||||
Barclays PLC |
||||||||
4.38% (g) |
585 | 399,829 | ||||||
8.00% |
275 | 243,237 | ||||||
BNP Paribas SA, 6.88% (f) |
EUR | 200 | 199,243 | |||||
Citigroup, Inc., 7.63% |
USD | 291 | 280,216 | |||||
Credit Agricole SA, 4.75% (b) |
260 | 192,454 |
30 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Financial Services (continued) |
||||||||
HSBC Holdings PLC, 6.00% (g) |
USD | 695 | $ | 605,321 | ||||
Lloyds Banking Group PLC, 8.00% |
345 | 302,947 | ||||||
NatWest Group PLC, 6.00% |
1,185 | 1,085,588 | ||||||
Societe Generale SA, 6.75% (b)(g) |
3,000 | 2,412,386 | ||||||
8,596,004 | ||||||||
Independent Power and Renewable Electricity Producers (a)(b)(i) — 0.2% |
||||||||
NRG Energy, Inc., 10.25% |
595 | 574,397 | ||||||
Vistra Corp., 7.00% (g) |
307 | 279,370 | ||||||
853,767 | ||||||||
Media — 0.0% |
||||||||
SES SA, 2.88% (a)(f)(i) |
EUR | 100 | 92,848 | |||||
Oil, Gas & Consumable Fuels (a)(f)(i) — 0.0% |
||||||||
Abertis Infraestructuras Finance BV, 3.25% |
100 | 97,642 | ||||||
Repsol International Finance BV, 4.25% |
100 | 96,487 | ||||||
194,129 | ||||||||
Pharmaceuticals — 0.0% |
||||||||
Bayer AG, 7.00%, 09/25/83 |
100 | 105,072 | ||||||
Wireless Telecommunication Services — 0.0% |
||||||||
Vodafone Group PLC, 2.63%, 08/27/80 (a)(f) |
100 | 96,517 | ||||||
20,765,075 | ||||||||
Shares |
||||||||
Preferred Stocks — 0.7% (a)(i) |
||||||||
Capital Markets — 0.7% |
||||||||
Morgan Stanley |
||||||||
Series F |
100,000 | 2,445,000 | ||||||
Series K |
60,125 | 1,314,332 | ||||||
3,759,332 | ||||||||
Total Preferred Securities — 4.7% (Cost: $27,840,996) |
24,524,407 | |||||||
Par (000) |
||||||||
U.S. Government Sponsored Agency Securities |
||||||||
Agency Obligations — 1.0% |
||||||||
Uniform Mortgage-Backed Securities, 6.50%, 10/01/53 (g) |
USD | 5,359 | 5,330,710 | |||||
Collateralized Mortgage Obligations — 0.9% |
||||||||
Fannie Mae REMICS, Series 4480, Class ZX, 4.00%, 11/15/44 |
4,584 | 4,107,782 | ||||||
Ginnie Mae, Series 2017-136, Class GB, 3.00%, 03/20/47 |
581 | 513,173 | ||||||
4,620,955 | ||||||||
Mortgage-Backed Securities — 19.4% |
||||||||
Fannie Mae Mortgage-Backed Securities (g) |
||||||||
4.50%, 07/01/55 |
6,569 | 6,014,936 | ||||||
4.00%, 02/01/56 - 04/01/56 |
6,982 | 6,174,086 | ||||||
Uniform Mortgage-Backed Securities |
||||||||
1.50%, 05/01/31 - 06/01/31 (g) |
7,634 | 6,784,132 | ||||||
4.00%, 03/01/34 - 09/01/52 (g) |
40,325 | 34,915,216 |
Security |
Par (000) |
Value |
||||||
Mortgage-Backed Securities (continued) |
||||||||
Uniform Mortgage-Backed Securities (continued) |
||||||||
4.50%, 04/01/48 - 11/13/53 (g)(p) |
USD | 19,914 | $ | 17,912,898 | ||||
3.50%, 11/13/53 (p) |
10,000 | 8,326,302 | ||||||
5.00%, 11/13/53 (p) |
11,000 | 10,140,625 | ||||||
5.50%, 11/13/53 (p) |
11,020 | 10,451,781 | ||||||
100,719,976 | ||||||||
Total U.S. Government Sponsored Agency Securities — 21.3% (Cost: $120,663,227) |
110,671,641 | |||||||
Shares |
||||||||
Warrants |
||||||||
Entertainment — 0.0% |
||||||||
Aviron Capital LLC, (Expires 12/16/31) (d)(n) |
10 | — | ||||||
Total Warrants — 0.0% (Cost: $ — ) |
— | |||||||
Total Long-Term Investments — 158.4% (Cost: $907,274,216) |
825,021,029 | |||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.1% |
||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.24% (q)(r) |
5,684,688 | 5,684,688 | ||||||
Par (000) |
||||||||
U.S. Government Sponsored Agency Securities — 0.0% |
||||||||
Uniform Mortgage-Backed Securities, 4.50%, 11/01/23 |
USD | — | (e) |
29 | ||||
U.S. Treasury Obligations — 0.0% |
||||||||
U.S. Treasury Bills, 5.42%, 11/14/23 (g)(s) |
231 | 230,559 | ||||||
Total Short-Term Securities — 1.1% (Cost: $5,915,279) |
5,915,276 | |||||||
Total Investments Before TBA Sale Commitments — 159.5% (Cost: $913,189,495) |
830,936,305 | |||||||
TBA Sale Commitments |
||||||||
Mortgage-Backed Securities — (1.4)% |
||||||||
Uniform Mortgage-Backed Securities, 4.00%, 11/13/53 (p) |
(8,500 | ) | (7,341,875 | ) | ||||
Total TBA Sale Commitments — (1.4)% (Proceeds: $(7,503,574)) |
(7,341,875 | ) | ||||||
Total Investments, Net of TBA Sale Commitments — 158.1% (Cost: $905,685,921) |
823,594,430 | |||||||
Liabilities in Excess of Other Assets — (58.1)% |
(302,773,240 | ) | ||||||
Net Assets — 100.0% |
$ | 520,821,190 | ||||||
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Rounds to less than 1,000. |
(f) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(g) |
All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
(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) |
Perpetual security with no stated maturity date. |
(j) |
When-issued security. |
(k) |
Convertible security. |
(l) |
Zero-coupon bond. |
(m) |
Issuer filed for bankruptcy and/or is in default. |
(n) |
Non-income producing security. |
(o) |
Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
(p) |
Represents or includes a TBA transaction. |
(q) |
Affiliate of the Trust. |
(r) |
Annualized 7-day yield as of period end. |
(s) |
Rates are discount rates or a range of discount rates as of period end. |
Affiliated Issuer |
Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class |
$ | 11,782,913 | $ | — | $ | (6,098,225 | ) (a) |
$ | — | $ | — | $ | 5,684,688 | 5,684,688 | $ | 472,142 | $ | — | ||||||||||||||||||
(a) |
Represents net amount purchased (sold). |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements |
(a) | |||||||||||||||||
HSBC Securities (USA), Inc. |
5.50 | % (b) |
12/28/22 | Open | $ | 455,000 | $ | 474,505 | Corporate Bonds |
Open/Demand | ||||||||||||||||
HSBC Securities (USA), Inc. |
5.50 | (b) |
07/28/23 | Open | 187,895 | 190,565 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. |
5.50 | (b) |
07/28/23 | Open | 342,436 | 347,301 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. |
5.50 | (b) |
07/28/23 | Open | 217,290 | 220,377 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.42 | (b) |
09/05/23 | Open | 391,684 | 394,986 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
09/05/23 | Open | 523,892 | 528,334 | Capital Trusts |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.37 | (b) |
09/05/23 | Open | 228,667 | 230,579 | U.S. Treasury Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.50 | (b) |
09/08/23 | Open | 173,513 | 174,828 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
09/13/23 | Open | 618,000 | 622,516 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. |
5.50 | (b) |
09/14/23 | Open | 165,198 | 166,384 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
09/19/23 | Open | 230,850 | 232,326 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. |
5.50 | (b) |
09/20/23 | Open | 158,620 | 159,613 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
09/25/23 | Open | 283,330 | 284,883 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
09/25/23 | Open | 239,713 | 241,026 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
09/25/23 | Open | 456,250 | 458,750 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
09/25/23 | Open | 414,172 | 416,442 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
09/25/23 | Open | 230,771 | 232,036 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
09/25/23 | Open | 107,610 | 108,200 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
09/25/23 | Open | 234,780 | 236,067 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
09/25/23 | Open | 143,894 | 144,682 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Credit Agricole Corporate and Investment Bank |
5.52 | (b) |
09/28/23 | Open | 234,515 | 235,702 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
Credit Agricole Corporate and Investment Bank |
5.52 | (b) |
09/28/23 | Open | 89,213 | 89,664 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.35 | (b) |
09/28/23 | Open | 125,801 | 126,418 | Corporate Bonds |
Open/Demand |
32 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements |
(a) | |||||||||||||||||
Nomura Securities International, Inc. |
5.35 | % (b) |
09/28/23 | Open | $ | 194,272 | $ | 195,224 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||
Barclays Bank PLC |
5.50 | (b) |
10/02/23 | Open | 660,000 | 662,924 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.50 | (b) |
10/02/23 | Open | 1,503,656 | 1,510,318 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.50 | (b) |
10/02/23 | Open | 2,080,406 | 2,089,624 | Capital Trusts |
Open/Demand | ||||||||||||||||||
Barclays Capital, Inc. |
1.00 | (b) |
10/02/23 | Open | 316,050 | 316,305 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
4.50 | (b) |
10/02/23 | Open | 274,800 | 275,796 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.15 | (b) |
10/02/23 | Open | 371,347 | 372,888 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.15 | (b) |
10/02/23 | Open | 217,858 | 218,761 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.25 | (b) |
10/02/23 | Open | 990,042 | 994,230 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.30 | (b) |
10/02/23 | Open | 479,550 | 481,597 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.37 | (b) |
10/02/23 | Open | 180,000 | 180,779 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.39 | (b) |
10/02/23 | Open | 354,000 | 355,537 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.39 | (b) |
10/02/23 | Open | 1,052,157 | 1,056,726 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.41 | (b) |
10/02/23 | Open | 495,337 | 497,496 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.42 | (b) |
10/02/23 | Open | 836,250 | 839,901 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.42 | (b) |
10/02/23 | Open | 191,059 | 191,893 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.44 | (b) |
10/02/23 | Open | 329,411 | 330,855 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.44 | (b) |
10/02/23 | Open | 267,910 | 269,084 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/02/23 | Open | 838,777 | 842,459 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/02/23 | Open | 309,548 | 310,906 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/02/23 | Open | 721,125 | 724,291 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/02/23 | Open | 580,475 | 583,023 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/02/23 | Open | 818,750 | 822,345 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/02/23 | Open | 197,750 | 198,618 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/02/23 | Open | 339,403 | 340,893 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/02/23 | Open | 544,500 | 546,890 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.47 | (b) |
10/02/23 | Open | 516,037 | 518,311 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.47 | (b) |
10/02/23 | Open | 1,128,365 | 1,133,337 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.47 | (b) |
10/02/23 | Open | 784,125 | 787,580 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.47 | (b) |
10/02/23 | Open | 580,415 | 582,973 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.49 | (b) |
10/02/23 | Open | 1,997,500 | 2,006,334 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.49 | (b) |
10/02/23 | Open | 436,000 | 437,928 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.49 | (b) |
10/02/23 | Open | 304,201 | 305,547 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.49 | (b) |
10/02/23 | Open | 328,461 | 329,914 | Capital Trusts |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.50 | (b) |
10/02/23 | Open | 1,016,714 | 1,021,218 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.54 | (b) |
10/02/23 | Open | 2,661,750 | 2,673,629 | Capital Trusts |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.55 | (b) |
10/02/23 | Open | 1,335,269 | 1,341,238 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Credit Agricole Corporate and Investment Bank |
5.50 | (b) |
10/02/23 | Open | 333,040 | 334,516 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
Credit Agricole Corporate and Investment Bank |
5.50 | (b) |
10/02/23 | Open | 689,062 | 692,115 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.25 | (b) |
10/02/23 | Open | 340,819 | 342,260 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.25 | (b) |
10/02/23 | Open | 500,835 | 502,953 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.35 | (b) |
10/02/23 | Open | 312,120 | 313,465 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.35 | (b) |
10/02/23 | Open | 1,369,283 | 1,375,184 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.45 | (b) |
10/02/23 | Open | 790,000 | 793,468 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.45 | (b) |
10/02/23 | Open | 258,806 | 259,942 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.45 | (b) |
10/02/23 | Open | 961,500 | 965,721 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.45 | (b) |
10/02/23 | Open | 309,773 | 311,132 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.45 | (b) |
10/02/23 | Open | 187,268 | 188,090 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.45 | (b) |
10/02/23 | Open | 809,982 | 813,539 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.45 | (b) |
10/02/23 | Open | 2,032,095 | 2,041,016 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 74,995 | 75,330 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 328,662 | 330,131 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 326,138 | 327,596 | Capital Trusts |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 918,505 | 922,611 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 827,200 | 830,898 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 549,916 | 552,375 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 644,524 | 647,405 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 280,085 | 281,337 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 2,978,072 | 2,991,387 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 395,625 | 397,394 | Corporate Bonds |
Open/Demand |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements |
(a) | |||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | % (b) |
10/02/23 | Open | $ | 654,900 | $ | 657,828 | Corporate Bonds |
Open/Demand | ||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 978,285 | 982,659 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 517,275 | 519,588 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 1,592,132 | 1,599,251 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 1,308,312 | 1,314,162 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 453,310 | 455,337 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 524,983 | 527,330 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 1,313,760 | 1,319,634 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 1,179,200 | 1,184,472 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 752,692 | 756,058 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 658,567 | 661,512 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 163,231 | 163,961 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 604,035 | 606,736 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 5,477,080 | 5,501,567 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 403,897 | 405,703 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/02/23 | Open | 555,810 | 558,295 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
4.50 | (b) |
10/02/23 | Open | 219,375 | 220,170 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.35 | (b) |
10/02/23 | Open | 307,718 | 309,045 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.35 | (b) |
10/02/23 | Open | 462,500 | 464,493 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.35 | (b) |
10/02/23 | Open | 286,275 | 287,509 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.35 | (b) |
10/02/23 | Open | 432,500 | 434,364 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.35 | (b) |
10/02/23 | Open | 174,742 | 175,495 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.35 | (b) |
10/02/23 | Open | 247,830 | 248,898 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.35 | (b) |
10/02/23 | Open | 98,020 | 98,442 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.35 | (b) |
10/02/23 | Open | 694,712 | 697,706 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.35 | (b) |
10/02/23 | Open | 151,859 | 152,513 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.45 | (b) |
10/02/23 | Open | 912,500 | 916,506 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 239,553 | 240,610 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 260,620 | 261,770 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 418,065 | 419,911 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 703,395 | 706,500 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 1,573,662 | 1,580,609 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 233,749 | 234,781 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 320,150 | 321,563 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 336,875 | 338,362 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 353,395 | 354,955 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 590,795 | 593,403 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 241,331 | 242,397 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 693,000 | 696,059 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 213,675 | 214,618 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 101,265 | 101,712 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 164,276 | 165,001 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 400,276 | 402,043 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 299,000 | 300,320 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 1,441,875 | 1,448,240 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 396,875 | 398,627 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 441,750 | 443,700 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 408,125 | 409,927 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 864,490 | 868,306 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 478,406 | 480,518 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 353,320 | 354,880 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 195,505 | 196,368 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 250,819 | 251,926 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 851,446 | 855,205 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/02/23 | Open | 268,640 | 269,826 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.57 | (b) |
10/02/23 | Open | 2,542,500 | 2,550,755 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 355,500 | 357,075 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 559,125 | 561,602 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 234,438 | 235,476 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 390,625 | 392,356 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 667,125 | 670,081 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 316,500 | 317,902 | Corporate Bonds |
Open/Demand |
34 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements |
(a) | |||||||||||||||||
RBC Capital Markets, LLC |
5.50 | % (b) |
10/02/23 | Open | $ | 188,375 | $ | 189,210 | Corporate Bonds |
Open/Demand | ||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 559,487 | 561,966 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 386,875 | 388,589 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 1,158,750 | 1,163,884 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 349,875 | 351,425 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 579,312 | 581,879 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 582,187 | 584,767 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 706,875 | 710,007 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 311,500 | 312,880 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 505,750 | 507,991 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 212,088 | 213,027 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 757,000 | 760,354 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 471,900 | 473,991 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 469,875 | 471,957 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 150,938 | 151,606 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 486,200 | 488,354 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 326,500 | 327,947 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 334,850 | 336,334 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
RBC Capital Markets, LLC |
5.50 | (b) |
10/02/23 | Open | 1,910,356 | 1,918,820 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Societe Generale |
5.47 | (b) |
10/02/23 | Open | 1,113,737 | 1,118,645 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Societe Generale |
5.47 | (b) |
10/02/23 | Open | 3,260,000 | 3,274,365 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Societe Generale |
5.47 | (b) |
10/02/23 | Open | 716,250 | 719,406 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Societe Generale |
5.47 | (b) |
10/02/23 | Open | 83,250 | 83,617 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Societe Generale |
5.47 | (b) |
10/02/23 | Open | 536,250 | 538,613 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Societe Generale |
5.47 | (b) |
10/02/23 | Open | 153,438 | 154,114 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Societe Generale |
5.47 | (b) |
10/02/23 | Open | 117,488 | 118,005 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Societe Generale |
5.47 | (b) |
10/02/23 | Open | 252,608 | 253,721 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Societe Generale |
5.47 | (b) |
10/02/23 | Open | 285,500 | 286,758 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Societe Generale |
5.47 | (b) |
10/02/23 | Open | 1,842,960 | 1,851,081 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 246,375 | 247,465 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 242,813 | 243,886 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 515,900 | 518,182 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 213,308 | 214,251 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 257,469 | 258,607 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 576,266 | 578,815 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 77,250 | 77,592 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 186,514 | 187,339 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 332,049 | 333,517 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 482,250 | 484,383 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 403,125 | 404,908 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 828,000 | 831,662 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 207,813 | 208,732 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 274,750 | 275,965 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.49 | (b) |
10/02/23 | Open | 428,125 | 430,018 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.50 | (b) |
10/02/23 | Open | 372,287 | 373,937 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.50 | (b) |
10/02/23 | Open | 708,689 | 711,828 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.50 | (b) |
10/02/23 | Open | 1,381,194 | 1,387,313 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC |
5.50 | (b) |
10/02/23 | Open | 492,205 | 494,386 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/03/23 | Open | 171,675 | 172,407 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/05/23 | Open | 359,580 | 360,995 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/05/23 | Open | 132,931 | 133,457 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/05/23 | Open | 104,636 | 105,050 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
4.75 | (b) |
10/10/23 | Open | 2,091,675 | 2,097,471 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.35 | (b) |
10/10/23 | Open | 140,123 | 140,560 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/10/23 | Open | 1,159,549 | 1,163,235 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.48 | (b) |
10/10/23 | Open | 327,630 | 328,677 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.48 | (b) |
10/10/23 | Open | 268,133 | 268,990 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 5,211,706 | 5,227,544 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 23,672 | 23,744 | U.S. Government Sponsored Agency Securities |
Up to 30 Days |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements |
(a) | |||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | % | 10/11/23 | 11/13/23 | $ | 369,854 | $ | 370,978 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | ||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 28,709,969 | 28,797,215 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 203,665 | 204,284 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 8,359 | 8,385 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 1,347,130 | 1,351,223 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 3,839,835 | 3,851,503 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 1,899,099 | 1,904,870 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 17,921 | 17,976 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 1,040,025 | 1,043,186 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 136,148 | 136,562 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 1,336,021 | 1,340,081 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 14,560 | 14,604 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 113,137 | 113,480 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 8,063 | 8,088 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 1,440,002 | 1,444,378 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 20,566 | 20,628 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 11,603 | 11,638 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 19,851 | 19,912 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 29,168 | 29,257 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 89,992 | 90,266 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 290,613 | 291,497 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 4,321,269 | 4,334,401 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 95,723 | 96,014 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 5,966,746 | 5,984,878 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 1,818,288 | 1,823,813 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 1,642,152 | 1,647,142 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 2,437,254 | 2,444,660 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 612,081 | 613,941 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 18,953 | 19,011 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
HSBC Securities (USA), Inc. |
5.47 | 10/11/23 | 11/13/23 | 2,764,214 | 2,772,614 | U.S. Government Sponsored Agency Securities |
Up to 30 Days | |||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/11/23 | Open | 703,105 | 705,234 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/11/23 | Open | 473,126 | 474,559 | Corporate Bonds |
Open/Demand |
36 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements |
(a) | |||||||||||||||||
BNP Paribas SA |
5.49 | % (b) |
10/11/23 | Open | $ | 418,950 | $ | 420,228 | Corporate Bonds |
Open/Demand | ||||||||||||||||
BNP Paribas SA |
5.49 | (b) |
10/11/23 | Open | 737,512 | 739,762 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.39 | (b) |
10/12/23 | Open | 259,560 | 260,298 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.45 | (b) |
10/12/23 | Open | 162,998 | 163,466 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.49 | (b) |
10/12/23 | Open | 112,575 | 112,901 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.49 | (b) |
10/12/23 | Open | 309,960 | 310,858 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.49 | (b) |
10/12/23 | Open | 323,538 | 324,475 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
5.40 | 10/17/23 | 11/15/23 | 1,283,141 | 1,285,836 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.40 | 10/17/23 | 11/15/23 | 159,063 | 159,397 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.40 | 10/17/23 | 11/15/23 | 408,855 | 409,714 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.40 | 10/17/23 | 11/15/23 | 292,670 | 293,285 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.40 | 10/17/23 | 11/15/23 | 160,975 | 161,313 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.40 | 10/17/23 | 11/15/23 | 592,025 | 593,268 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.40 | 10/17/23 | 11/15/23 | 468,750 | 469,734 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.45 | 10/17/23 | 11/15/23 | 416,295 | 417,177 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.45 | 10/17/23 | 11/15/23 | 210,299 | 210,745 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.45 | 10/17/23 | 11/15/23 | 193,375 | 193,785 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 223,292 | 223,769 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 237,150 | 237,657 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 283,286 | 283,892 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 376,875 | 377,681 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 318,083 | 318,763 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 258,150 | 258,702 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 144,778 | 145,088 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 318,094 | 318,774 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 346,875 | 347,617 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 253,150 | 253,691 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 374,375 | 375,176 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 109,650 | 109,885 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/17/23 | 11/15/23 | 210,331 | 210,781 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/17/23 | Open | 238,280 | 238,794 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
5.30 | (b) |
10/17/23 | Open | 154,025 | 154,342 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
5.45 | (b) |
10/17/23 | Open | 173,431 | 173,798 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | (b) |
10/17/23 | Open | 151,468 | 151,792 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | (b) |
10/17/23 | Open | 198,025 | 198,449 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | (b) |
10/17/23 | Open | 129,137 | 129,413 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | (b) |
10/17/23 | Open | 152,305 | 152,630 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | (b) |
10/17/23 | Open | 278,040 | 278,635 | Foreign Agency Obligations |
Open/Demand | ||||||||||||||||||
Barclays Bank PLC |
5.45 | 10/18/23 | 11/16/23 | 373,750 | 374,486 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
Barclays Bank PLC |
5.45 | 10/18/23 | 11/16/23 | 1,723,399 | 1,726,791 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
Barclays Bank PLC |
5.45 | 10/18/23 | 11/16/23 | 190,527 | 190,902 | Capital Trusts |
Up to 30 Days | |||||||||||||||||||
Barclays Bank PLC |
5.45 | 10/18/23 | 11/16/23 | 418,535 | 419,359 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. |
4.75 | 10/18/23 | 11/16/23 | 416,804 | 417,519 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. |
5.24 | 10/18/23 | 11/16/23 | 181,003 | 181,346 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. |
5.24 | 10/18/23 | 11/16/23 | 161,847 | 162,153 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. |
5.40 | 10/18/23 | 11/16/23 | 117,923 | 118,153 | Foreign Agency Obligations |
Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. |
5.45 | 10/18/23 | 11/16/23 | 233,250 | 233,709 | Capital Trusts |
Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. |
5.45 | 10/18/23 | 11/16/23 | 389,382 | 390,148 | Capital Trusts |
Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. |
5.55 | 10/18/23 | 11/16/23 | 2,040,810 | 2,044,900 | Capital Trusts |
Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. |
5.55 | 10/18/23 | 11/16/23 | 1,670,637 | 1,673,986 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BNP Paribas SA |
5.00 | (b) |
10/18/23 | Open | 709,290 | 710,571 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
BNP Paribas SA |
5.48 | (b) |
10/18/23 | Open | 403,040 | 403,838 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/18/23 | Open | 1,356,270 | 1,358,988 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/18/23 | Open | 562,315 | 563,442 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.40 | (b) |
10/18/23 | Open | 1,911,569 | 1,915,296 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/18/23 | Open | 175,081 | 175,428 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. |
5.60 | (b) |
10/18/23 | Open | 463,446 | 464,350 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/19/23 | 11/15/23 | 1,203,692 | 1,205,899 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
2.50 | 10/19/23 | 11/17/23 | 481,312 | 481,714 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
3.50 | 10/19/23 | 11/17/23 | 475,312 | 475,867 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.15 | 10/19/23 | 11/17/23 | 187,935 | 188,195 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
4.25 | 10/19/23 | 11/17/23 | 145,661 | 145,867 | Corporate Bonds |
Up to 30 Days |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements |
(a) | |||||||||||||||||
BofA Securities, Inc. |
4.50 | % | 10/19/23 | 11/17/23 | $ | 179,836 | $ | 180,106 | Corporate Bonds |
Up to 30 Days | ||||||||||||||||
BofA Securities, Inc. |
5.10 | 10/19/23 | 11/17/23 | 343,892 | 344,477 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.15 | 10/19/23 | 11/17/23 | 943,350 | 944,969 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.15 | 10/19/23 | 11/17/23 | 603,075 | 604,110 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.20 | 10/19/23 | 11/17/23 | 414,832 | 415,552 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.25 | 10/19/23 | 11/17/23 | 2,638,125 | 2,642,742 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.25 | 10/19/23 | 11/17/23 | 397,262 | 397,958 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.25 | 10/19/23 | 11/17/23 | 254,625 | 255,071 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.25 | 10/19/23 | 11/17/23 | 85,635 | 85,785 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.32 | 10/19/23 | 11/17/23 | 241,690 | 242,118 | Foreign Agency Obligations |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.33 | 10/19/23 | 11/17/23 | 469,728 | 470,562 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.35 | 10/19/23 | 11/17/23 | 1,621,491 | 1,624,382 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.35 | 10/19/23 | 11/17/23 | 549,221 | 550,201 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.35 | 10/19/23 | 11/17/23 | 1,569,540 | 1,572,339 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 140,750 | 141,003 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 275,625 | 276,121 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 165,088 | 165,385 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 631,916 | 633,054 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 434,047 | 434,829 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 789,000 | 790,421 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 342,983 | 343,600 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 562,320 | 563,332 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 329,375 | 329,968 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 356,084 | 356,725 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 510,000 | 510,918 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 399,905 | 400,625 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 681,731 | 682,958 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 821,400 | 822,879 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 74,100 | 74,233 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 268,713 | 269,196 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 561,537 | 562,548 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 337,123 | 337,729 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/19/23 | 11/17/23 | 263,220 | 263,694 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.43 | 10/19/23 | 11/17/23 | 1,864,212 | 1,867,587 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.45 | 10/19/23 | 11/17/23 | 591,837 | 592,913 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.45 | 10/19/23 | 11/17/23 | 120,250 | 120,468 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.45 | 10/19/23 | 11/17/23 | 416,250 | 417,006 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.45 | 10/19/23 | 11/17/23 | 587,389 | 588,456 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.45 | 10/19/23 | 11/17/23 | 284,619 | 285,136 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.45 | 10/19/23 | 11/17/23 | 675,342 | 676,569 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.45 | 10/19/23 | 11/17/23 | 844,896 | 846,431 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.45 | 10/19/23 | 11/17/23 | 747,282 | 748,639 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.49 | 10/19/23 | 11/17/23 | 2,171,875 | 2,175,850 | Capital Trusts |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 167,085 | 167,391 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 272,746 | 273,246 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 338,750 | 339,371 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 73,964 | 74,099 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 736,931 | 738,282 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 299,483 | 300,032 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 164,430 | 164,731 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 3,020,932 | 3,026,471 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 157,488 | 157,776 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 186,728 | 187,070 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 430,212 | 431,001 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 403,760 | 404,500 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 1,134,375 | 1,136,455 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 323,925 | 324,519 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 237,350 | 237,785 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 1,523,944 | 1,526,738 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 117,933 | 118,149 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 939,000 | 940,721 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 391,534 | 392,252 | Corporate Bonds |
Up to 30 Days |
38 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements |
(a) | |||||||||||||||||
BofA Securities, Inc. |
5.50 | % | 10/19/23 | 11/17/23 | $ | 965,385 | $ | 967,155 | Corporate Bonds |
Up to 30 Days | ||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 350,000 | 350,642 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 1,373,404 | 1,375,922 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 129,604 | 129,842 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 106,956 | 107,152 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 1,188,352 | 1,190,531 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 181,034 | 181,366 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 329,375 | 329,979 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 221,160 | 221,565 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 232,306 | 232,732 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 54,483 | 54,582 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 357,130 | 357,785 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 847,519 | 849,073 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 161,738 | 162,034 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 748,750 | 750,123 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 1,720,895 | 1,724,050 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 118,720 | 118,938 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 582,514 | 583,582 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 146,880 | 147,149 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 503,921 | 504,845 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 780,679 | 782,110 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 645,776 | 646,960 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 159,218 | 159,509 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 509,737 | 510,672 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 839,437 | 840,976 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 751,250 | 752,627 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/19/23 | 11/17/23 | 2,553,750 | 2,558,432 | Capital Trusts |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.53 | 10/19/23 | 11/17/23 | 1,926,562 | 1,930,114 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 148,463 | 148,737 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 192,150 | 192,505 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 271,911 | 272,414 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 333,518 | 334,134 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 147,516 | 147,789 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 149,332 | 149,608 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 306,392 | 306,959 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 249,230 | 249,691 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 221,990 | 222,401 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 96,390 | 96,568 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 273,569 | 274,075 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 142,100 | 142,363 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/19/23 | 11/17/23 | 256,444 | 256,919 | Foreign Agency Obligations |
Up to 30 Days | |||||||||||||||||||
Nomura Securities International, Inc. |
5.48 | (b) |
10/19/23 | Open | 617,119 | 618,246 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
5.45 | 10/23/23 | 11/15/23 | 542,157 | 542,814 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.40 | 10/23/23 | 11/17/23 | 250,669 | 250,970 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.45 | 10/23/23 | 11/17/23 | 526,512 | 527,150 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.45 | 10/23/23 | 11/17/23 | 611,250 | 611,990 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.45 | 10/23/23 | 11/17/23 | 383,750 | 384,215 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/23/23 | 11/17/23 | 518,744 | 519,378 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/23/23 | 11/17/23 | 554,641 | 555,319 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BNP Paribas SA |
5.43 | (b) |
10/24/23 | Open | 98,096 | 98,200 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC |
5.35 | 10/27/23 | 11/15/23 | 817,145 | 817,388 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.45 | 10/27/23 | 11/15/23 | 432,600 | 432,731 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.45 | 10/27/23 | 11/15/23 | 210,375 | 210,439 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.45 | 10/27/23 | 11/15/23 | 216,051 | 216,117 | Capital Trusts |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.45 | 10/27/23 | 11/15/23 | 331,898 | 331,998 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/27/23 | 11/15/23 | 298,290 | 298,381 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/27/23 | 11/15/23 | 856,750 | 857,012 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/27/23 | 11/15/23 | 216,315 | 216,381 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/27/23 | 11/15/23 | 728,750 | 728,973 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/27/23 | 11/15/23 | 245,168 | 245,242 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/27/23 | 11/15/23 | 408,966 | 409,091 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | 10/27/23 | 11/15/23 | 469,980 | 470,124 | Corporate Bonds |
Up to 30 Days |
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Counterparty |
Interest Rate |
Trade Date |
Maturity Date |
(a) |
Face Value |
Face Value Including Accrued Interest |
Type of Non-Cash Underlying Collateral |
Remaining Contractual Maturity of the Agreements |
(a) | |||||||||||||||||
J.P. Morgan Securities LLC |
5.50 | % | 10/27/23 | 11/15/23 | $ | 241,733 | $ | 241,806 | Corporate Bonds |
Up to 30 Days | ||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/30/23 | 11/17/23 | 169,604 | 169,630 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.50 | 10/30/23 | 11/17/23 | 423,115 | 423,180 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. |
5.55 | 10/30/23 | 11/17/23 | 367,144 | 367,201 | Corporate Bonds |
Up to 30 Days | |||||||||||||||||||
Goldman Sachs & Co. LLC |
5.45 | (b) |
10/30/23 | Open | 693,770 | 693,875 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
Goldman Sachs & Co. LLC |
5.55 | (b) |
10/30/23 | Open | 468,657 | 468,730 | Corporate Bonds |
Open/Demand | ||||||||||||||||||
$ | 284,705,334 | $ | 285,633,449 | |||||||||||||||||||||||
(a) |
Certain agreements have no stated maturity and can be terminated by either party at any time. |
(b) |
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long Contracts |
||||||||||||||||
2-Year U.S. Treasury Note |
173 | 12/29/23 | $ | 35,024 | $ | (687 | ) | |||||||||
5-Year U.S. Treasury Note |
2,616 | 12/29/23 | 273,229 | (3,829,204 | ) | |||||||||||
(3,829,891 | ) | |||||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Treasury Note |
1,012 | 12/19/23 | 107,304 | 2,930,818 | ||||||||||||
10-Year U.S. Ultra Long Treasury Note |
241 | 12/19/23 | 26,160 | 1,581,786 | ||||||||||||
U.S. Long Bond |
387 | 12/19/23 | 42,159 | 4,323,013 | ||||||||||||
Ultra U.S. Treasury Bond |
177 | 12/19/23 | 19,752 | 2,344,434 | ||||||||||||
11,180,051 | ||||||||||||||||
$ | 7,350,160 | |||||||||||||||
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
EUR | 589,499 | USD | 624,347 | Natwest Markets PLC | 12/14/23 | $ | 570 | |||||||||||||
USD | 144,950 | EUR | 134,415 | BNP Paribas SA | 12/14/23 | 2,459 | ||||||||||||||
USD | 104,544 | EUR | 97,038 | JPMorgan Chase Bank N.A. | 12/14/23 | 1,676 | ||||||||||||||
USD | 1,127,717 | EUR | 1,046,746 | JPMorgan Chase Bank N.A. | 12/14/23 | 18,080 | ||||||||||||||
USD | 102,747 | EUR | 96,000 | Morgan Stanley & Co. International PLC | 12/20/23 | 944 | ||||||||||||||
USD | 10,176,326 | EUR | 9,499,000 | UBS AG | 12/20/23 | 103,029 | ||||||||||||||
USD | 109,464 | GBP | 88,000 | BNP Paribas SA | 12/20/23 | 2,464 | ||||||||||||||
USD | 1,561,751 | GBP | 1,262,000 | Morgan Stanley & Co. International PLC | 12/20/23 | 27,274 | ||||||||||||||
$ | 156,496 | |||||||||||||||||||
Reference Obligation/Index |
Financing Rate Paid by the Trust |
Payment Frequency |
Termination Date |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||
CDX.NA.IG.41.V1 |
1.00% | Quarterly | 12/20/28 | USD 17,910 | $(185,454) | $(253,976) | $68,522 | |||||||||||||||||||||
40 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Paid by the Trust |
Received by the Trust | Effective |
Termination |
Notional |
Upfront Premium Paid |
Unrealized Appreciation |
||||||||||||||||||||||||||||
Rate |
Frequency |
Rate |
Frequency |
Date |
Date |
Amount (000) |
Value |
(Received) |
(Depreciation) |
|||||||||||||||||||||||||
1-Day SOFR, 5.35% |
Annual | 3.31% | Annual | N/A | 12/01/42 | USD | 1,800 | $ | (309,428 | ) | $ | 41 | $ | (309,469 | ) | |||||||||||||||||||
1-Day SOFR, 5.35% |
Annual | 3.53% | Annual | N/A | 11/10/52 | USD | 3,000 | (445,129 | ) | 92 | (445,221 | ) | ||||||||||||||||||||||
$ | (754,557 | ) | $ | 133 | $ | (754,690 | ) | |||||||||||||||||||||||||||
Reference Obligations/Index |
Financing Rate Paid by the Trust |
Payment Frequency |
Counterparty |
Termination Date |
Notional Amount (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation |
) | |||||||||||||||||||||||||
CMBX.NA.7 |
3.00 | % | Monthly | Deutsche Bank AG |
01/17/47 | USD | 19,745 | $ | 3,362,415 | $ | 1,287,088 | $ | 2,075,327 | |||||||||||||||||||||
Reference Obligation/Index |
Financing Rate Received by the Trust |
Payment Frequency |
Counterparty |
Termination Date |
Credit Rating |
(a) |
Notional Amount (000) |
(b) |
Value |
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation |
) |
||||||||||||||||||||||||||||
Thyssenkrupp AG |
1.00 | % | Quarterly | Bank of America N.A. |
12/20/23 | BB | EUR | 20 | $ | 46 | $ | (43 | ) | $ | 89 | |||||||||||||||||||||||||
Virgin Media Finance PLC |
5.00 | Quarterly | JPMorgan Chase Bank N.A. |
12/20/25 | B | EUR | 20 | 1,393 | 1,285 | 108 | ||||||||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Bank of America N.A. |
06/20/26 | BB- | EUR | 20 | 952 | (467 | ) | 1,419 | |||||||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Bank of America N.A. |
12/20/26 | BB- | EUR | 20 | 673 | (561 | ) | 1,234 | |||||||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Barclays Bank PLC |
12/20/26 | BB- | EUR | 10 | 342 | 289 | 53 | ||||||||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC |
5.00 | Quarterly | Credit Suisse International |
12/20/26 | BB- | EUR | 10 | 333 | 297 | 36 | ||||||||||||||||||||||||||||||
CMA CGM SA |
5.00 | Quarterly | Credit Suisse International |
06/20/27 | N/R | EUR | 38 | 4,536 | 1,280 | 3,256 | ||||||||||||||||||||||||||||||
Ladbrokes Coral Group Ltd. |
1.00 | Quarterly | JPMorgan Chase Bank N.A. |
06/20/27 | N/R | EUR | 10 | (294 | ) | (825 | ) | 531 | ||||||||||||||||||||||||||||
Ladbrokes Coral Group Ltd. |
1.00 | Quarterly | JPMorgan Chase Bank N.A. |
06/20/27 | N/R | EUR | 60 | (1,762 | ) | (7,893 | ) | 6,131 | ||||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Bank of America N.A. |
12/20/27 | CCC+ | EUR | 9 | (1,749 | ) | (1,759 | ) | 10 | ||||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Barclays Bank PLC |
12/20/27 | CCC+ | EUR | 5 | (1,052 | ) | (1,037 | ) | (15 | ) | |||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Barclays Bank PLC |
12/20/27 | CCC+ | EUR | 15 | (2,955 | ) | (2,915 | ) | (40 | ) | |||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Citibank N.A. |
12/20/27 | CCC+ | EUR | 4 | (858 | ) | (869 | ) | 11 | ||||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | JPMorgan Chase Bank N.A. |
12/20/27 | CCC+ | EUR | 9 | (1,795 | ) | (1,815 | ) | 20 | ||||||||||||||||||||||||||||
Adler Real Estate AG |
5.00 | Quarterly | Morgan Stanley & Co. International PLC |
12/20/27 | CCC+ | EUR | 7 | (1,302 | ) | (1,296 | ) | (6 | ) | |||||||||||||||||||||||||||
United Group B.V |
5.00 | Quarterly | Bank of America N.A. |
12/20/27 | B | EUR | 23 | (1,367 | ) | (2,963 | ) | 1,596 | ||||||||||||||||||||||||||||
Ladbrokes Coral Group Ltd. |
1.00 | Quarterly | JPMorgan Chase Bank N.A. |
06/20/28 | N/R | EUR | 7 | (370 | ) | (454 | ) | 84 | ||||||||||||||||||||||||||||
CMBX.NA.7 |
3.00 | Monthly | Barclays Bank PLC |
01/17/47 | C- | USD | 7,898 | (1,344,966 | ) | (360,771 | ) | (984,195 | ) | |||||||||||||||||||||||||||
CMBX.NA.7 |
3.00 | Monthly | Barclays Bank PLC |
01/17/47 | C- | USD | 3,949 | (672,482 | ) | (180,177 | ) | (492,305 | ) | |||||||||||||||||||||||||||
CMBX.NA.7 |
3.00 | Monthly | Barclays Bank PLC |
01/17/47 | C- | USD | 7,898 | (1,344,966 | ) | (178,397 | ) | (1,166,569 | ) | |||||||||||||||||||||||||||
Morgan Stanley & Co. |
||||||||||||||||||||||||||||||||||||||||
CMBX.NA.9 |
3.00 | Monthly | International PLC |
09/17/58 | N/R | USD | 407 | (95,887 | ) | (41,243 | ) | (54,644 | ) | |||||||||||||||||||||||||||
Morgan Stanley & Co. |
||||||||||||||||||||||||||||||||||||||||
CMBX.NA.15 |
3.00 | Monthly | International PLC |
11/15/64 | N/R | USD | 2,972 | (808,879 | ) | (552,324 | ) | (256,555 | ) | |||||||||||||||||||||||||||
$ | (4,272,409 | ) | $ | (1,332,658 | ) | $ | (2,939,751 | ) | ||||||||||||||||||||||||||||||||
(a) |
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) |
The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Description |
Swap Premiums Paid |
Swap Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||||
Centrally Cleared Swaps (a) |
$ | 133 | $ | (253,976 | ) | $ | 68,522 | $ | (754,690 | ) | ||||||
OTC Swaps |
1,290,239 | (1,335,809 | ) | 2,089,905 | (2,954,329 | ) |
(a) |
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts (a) |
$ | — | $ | — | $ | — | $ | — | $ | 11,180,051 | $ | — | $ | 11,180,051 | ||||||||||||||
Forward foreign currency exchange contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts |
— | — | — | 156,496 | — | — | 156,496 | |||||||||||||||||||||
Swaps — centrally cleared |
||||||||||||||||||||||||||||
Unrealized appreciation on centrally cleared swaps (a) |
— | 68,522 | — | — | — | — | 68,522 | |||||||||||||||||||||
Swaps — OTC |
||||||||||||||||||||||||||||
Unrealized appreciation on OTC swaps; Swap premiums paid |
— | 3,380,144 | — | — | — | — | 3,380,144 | |||||||||||||||||||||
$ | — | $ | 3,448,666 | $ | — | $ | 156,496 | $ | 11,180,051 | $ | — | $ | 14,785,213 | |||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts (a) |
$ | — | $ | — | $ | — | $ | — | $ | 3,829,891 | $ | — | $ | 3,829,891 | ||||||||||||||
Swaps — centrally cleared |
||||||||||||||||||||||||||||
Unrealized depreciation on centrally cleared swaps (a) |
— | — | — | — | 754,690 | — | 754,690 | |||||||||||||||||||||
Swaps — OTC |
||||||||||||||||||||||||||||
Unrealized depreciation on OTC swaps; Swap premiums received |
— | 4,290,138 | — | — | — | — | 4,290,138 | |||||||||||||||||||||
$ | — | $ | 4,290,138 | $ | — | $ | — | $ | 4,584,581 | $ | — | $ | 8,874,719 | |||||||||||||||
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | 7,600,651 | $ | — | $ | 7,600,651 | ||||||||||||||
Forward foreign currency exchange contracts |
— | — | — | (391,726 | ) | — | — | (391,726 | ) | |||||||||||||||||||
Options purchased (a) |
— | (1,078 | ) | — | — | — | — | (1,078 | ) | |||||||||||||||||||
Options written |
— | (1,552 | ) | — | — | — | — | (1,552 | ) | |||||||||||||||||||
Swaps |
— | (1,537,897 | ) | — | — | 1,505,738 | — | (32,159 | ) | |||||||||||||||||||
$ | — | $ | (1,540,527 | ) | $ | — | $ | (391,726 | ) | $ | 9,106,389 | $ | — | $ | 7,174,136 | |||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | — | $ | — | $ | (12,464,722 | ) | $ | — | $ | (12,464,722 | ) | ||||||||||||
Forward foreign currency exchange contracts |
— | — | — | 51,370 | — | — | 51,370 | |||||||||||||||||||||
Options purchased (b) |
— | 1,033 | — | — | — | — | 1,033 |
42 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
Options written |
$ | — | $ | 37 | $ | — | $ | — | $ | — | $ | — | $ | 37 | ||||||||||||||
Swaps |
— | 774,450 | — | — | (2,343,238 | ) | — | (1,568,788 | ) | |||||||||||||||||||
$ | — | $ | 775,520 | $ | — | $ | 51,370 | $ | (14,807,960 | ) | $ | — | $ | (13,981,070 | ) | |||||||||||||
(a) |
Options purchased are included in net realized gain (loss) from investments — unaffiliated. |
(b ) |
Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. |
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 287,818,983 | ||
Average notional value of contracts — short |
$ | 208,318,872 | ||
Forward foreign currency exchange contracts: |
||||
Average amounts purchased — in USD |
$ | 12,248,447 | ||
Average amounts sold — in USD |
$ | 429,752 | ||
Options: |
||||
Average notional value of swaption contracts purchased |
$ | — | (a) | |
Average notional value of swaption contracts written |
$ | — | (a) | |
Credit default swaps: |
||||
Average notional value — buy protection |
$ | 52,083,759 | ||
Average notional value — sell protection |
$ | 27,481,502 | ||
Interest rate swaps: |
||||
Average notional value — pays fixed rate |
$ | 13,422,500 | ||
Average notional value — receives fixed rate |
$ | 15,890,000 | ||
(a) |
Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |
Assets |
Liabilities |
|||||||
Derivative Financial Instruments |
||||||||
Futures contracts |
$ | 519,547 | $ | 303,692 | ||||
Forward foreign currency exchange contracts |
156,496 | — | ||||||
Swaps — centrally cleared |
— | 115,843 | ||||||
Swaps — OTC (a) |
3,380,144 | 4,290,138 | ||||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
4,056,187 | 4,709,673 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
(519,547 | ) | (419,535 | ) | ||||
Total derivative assets and liabilities subject to an MNA |
$ | 3,536,640 | $ | 4,290,138 | ||||
(a) |
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities. |
Counterparty |
Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset |
(a) |
Non-Cash Collateral Received |
Cash Collateral Received |
(b) |
Net Amount of Derivative Assets |
(c)(d) | ||||||||||||
Bank of America N.A. |
$ | 4,348 | $ | (4,348 | ) | $ | — | $ | — | $ | — | |||||||||
Barclays Bank PLC |
342 | (342 | ) | — | — | — | ||||||||||||||
BNP Paribas SA |
4,923 | — | — | — | 4,923 | |||||||||||||||
Citibank N.A. |
11 | (11 | ) | — | — | — | ||||||||||||||
Credit Suisse International |
4,869 | — | — | — | 4,869 | |||||||||||||||
Deutsche Bank AG |
3,362,415 | — | — | (3,362,415 | ) | — | ||||||||||||||
JPMorgan Chase Bank N.A. |
27,915 | (10,987 | ) | — | — | 16,928 |
S C H E D U L E O F I N V E S T M E N T S |
43 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Counterparty |
Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset |
(a) |
Non-Cash Collateral Received |
Cash Collateral Received |
(b) |
Net Amount of Derivative Assets |
(c)(d) | ||||||||||||
Morgan Stanley & Co. International PLC |
$ | 28,218 | $ | (28,218 | ) | $ | — | $ | — | $ | — | |||||||||
Natwest Markets PLC |
570 | — | — | — | 570 | |||||||||||||||
UBS AG |
103,029 | — | — | — | 103,029 | |||||||||||||||
$ | 3,536,640 | $ | (43,906 | ) | $ | — | $ | (3,362,415 | ) | $ | 130,319 | |||||||||
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset |
(a) |
Non-Cash Collateral Pledged |
Cash Collateral Pledged |
(b) |
Net Amount of Derivative Liabilities |
(c)(e) | ||||||||||||
Bank of America N.A. |
$ | 5,793 | $ | (4,348 | ) | $ | — | $ | — | $ | 1,445 | |||||||||
Barclays Bank PLC |
3,366,421 | (342 | ) | — | (3,366,079 | ) | — | |||||||||||||
Citibank N.A. |
869 | (11 | ) | — | (858 | ) | — | |||||||||||||
JPMorgan Chase Bank N.A. |
10,987 | (10,987 | ) | — | — | — | ||||||||||||||
Morgan Stanley & Co. International PLC |
906,068 | (28,218 | ) | — | (710,000 | ) | 167,850 | |||||||||||||
$ | 4,290,138 | $ | (43,906 | ) | $ | — | $ | (4,076,937 | ) | $ | 169,295 | |||||||||
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(e) |
Net amount represents the net amount payable due to counterparty in the event of default. |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Asset-Backed Securities |
$ | — | $ | 99,330,138 | $ | 1,660,992 | $ | 100,991,130 | ||||||||
Common Stocks |
4,300,606 | — | — | 4,300,606 | ||||||||||||
Corporate Bonds |
||||||||||||||||
Aerospace & Defense |
— | 20,146,148 | — | 20,146,148 | ||||||||||||
Air Freight & Logistics |
— | 108,971 | — | 108,971 | ||||||||||||
Automobile Components |
— | 7,492,398 | — | 7,492,398 | ||||||||||||
Automobiles |
— | 8,334,045 | — | 8,334,045 | ||||||||||||
Banks |
— | 4,593,334 | — | 4,593,334 | ||||||||||||
Beverages |
— | 11,376,713 | — | 11,376,713 | ||||||||||||
Biotechnology |
— | 815,145 | — | 815,145 | ||||||||||||
Broadline Retail |
— | 144,989 | — | 144,989 | ||||||||||||
Building Materials |
— | 6,270,983 | — | 6,270,983 | ||||||||||||
Building Products |
— | 4,956,065 | — | 4,956,065 | ||||||||||||
Capital Markets |
— | 6,708,142 | — | 6,708,142 | ||||||||||||
Chemicals |
— | 10,811,898 | — | 10,811,898 | ||||||||||||
Commercial Services & Supplies |
— | 9,166,764 | — | 9,166,764 | ||||||||||||
Communications Equipment |
— | 1,981,998 | — | 1,981,998 | ||||||||||||
Construction & Engineering |
— | 1,782,530 | — | 1,782,530 | ||||||||||||
Construction Materials |
— | 551,577 | — | 551,577 | ||||||||||||
Consumer Discretionary |
— | 6,072,062 | — | 6,072,062 | ||||||||||||
Consumer Finance |
— | 9,879,199 | — | 9,879,199 | ||||||||||||
Consumer Staples Distribution & Retail |
— | 5,679,669 | — | 5,679,669 | ||||||||||||
Containers & Packaging |
— | 3,352,389 | — | 3,352,389 |
44 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Corporate Bonds (continued) |
||||||||||||||||
Diversified Consumer Services |
$ | — | $ | 11,888,585 | $ | — | $ | 11,888,585 | ||||||||
Diversified REITs |
— | 6,532,067 | — | 6,532,067 | ||||||||||||
Diversified Telecommunication Services |
96,620 | 14,784,280 | — | 14,880,900 | ||||||||||||
Education |
— | 220,315 | — | 220,315 | ||||||||||||
Electric Utilities |
— | 6,076,013 | — | 6,076,013 | ||||||||||||
Electrical Equipment |
— | 1,797,482 | — | 1,797,482 | ||||||||||||
Electronic Equipment, Instruments & Components |
— | 3,088,517 | — | 3,088,517 | ||||||||||||
Energy Equipment & Services |
— | 4,791,058 | — | 4,791,058 | ||||||||||||
Environmental, Maintenance & Security Service |
— | 4,323,396 | — | 4,323,396 | ||||||||||||
Financial Services |
— | 14,537,312 | — | 14,537,312 | ||||||||||||
Food Products |
— | 4,699,018 | — | 4,699,018 | ||||||||||||
Gas Utilities |
— | 479,363 | — | 479,363 | ||||||||||||
Ground Transportation |
— | 2,833,992 | — | 2,833,992 | ||||||||||||
Health Care Equipment & Supplies |
— | 3,757,293 | — | 3,757,293 | ||||||||||||
Health Care Providers & Services |
— | 13,127,286 | — | 13,127,286 | ||||||||||||
Health Care Technology |
— | 3,413,054 | — | 3,413,054 | ||||||||||||
Hotels, Restaurants & Leisure |
— | 25,866,974 | — | 25,866,974 | ||||||||||||
Household Durables |
— | 1,558,839 | — | 1,558,839 | ||||||||||||
Household Products |
— | 217,475 | — | 217,475 | ||||||||||||
Independent Power and Renewable Electricity Producers |
— | 2,945,016 | — | 2,945,016 | ||||||||||||
Insurance |
— | 12,303,668 | — | 12,303,668 | ||||||||||||
Interactive Media & Services |
— | 1,164,508 | — | 1,164,508 | ||||||||||||
Internet Software & Services |
— | 5,841,435 | — | 5,841,435 | ||||||||||||
IT Services |
— | 5,124,382 | — | 5,124,382 | ||||||||||||
Leisure Products |
— | 527,387 | — | 527,387 | ||||||||||||
Life Sciences Tools & Services |
— | 2,213,262 | — | 2,213,262 | ||||||||||||
Machinery |
— | 7,266,103 | — | 7,266,103 | ||||||||||||
Media |
— | 35,635,745 | — | 35,635,745 | ||||||||||||
Metals & Mining |
— | 13,986,068 | — | 13,986,068 | ||||||||||||
Offshore Drilling & Other Services |
— | 2,097,752 | — | 2,097,752 | ||||||||||||
Oil, Gas & Consumable Fuels |
— | 60,041,937 | 1,193,279 | 61,235,216 | ||||||||||||
Passenger Airlines |
— | 4,558,213 | — | 4,558,213 | ||||||||||||
Personal Care Products |
— | 321,067 | — | 321,067 | ||||||||||||
Pharmaceuticals |
— | 6,438,697 | — | 6,438,697 | ||||||||||||
Professional Services |
— | 949,415 | — | 949,415 | ||||||||||||
Real Estate Management & Development |
— | 1,375,418 | — | 1,375,418 | ||||||||||||
Retail REITs |
— | 170,177 | — | 170,177 | ||||||||||||
Semiconductors & Semiconductor Equipment |
— | 3,210,890 | — | 3,210,890 | ||||||||||||
Software |
— | 15,377,075 | — | 15,377,075 | ||||||||||||
Specialty Retail |
— | 1,209,782 | — | 1,209,782 | ||||||||||||
Technology Hardware, Storage & Peripherals |
— | 1,223,343 | — | 1,223,343 | ||||||||||||
Textiles, Apparel & Luxury Goods |
— | 177,142 | — | 177,142 | ||||||||||||
Tobacco |
— | 1,765,037 | — | 1,765,037 | ||||||||||||
Transportation Infrastructure |
— | 2,074,731 | — | 2,074,731 | ||||||||||||
Wireless Telecommunication Services |
— | 5,537,282 | — | 5,537,282 | ||||||||||||
Floating Rate Loan Interests |
— | 34,598,629 | 1,608,933 | 36,207,562 | ||||||||||||
Foreign Agency Obligations |
— | 7,010,437 | — | 7,010,437 | ||||||||||||
Municipal Bonds |
— | 742,677 | — | 742,677 | ||||||||||||
Non-Agency Mortgage-Backed Securities |
— | 101,529,800 | — | 101,529,800 | ||||||||||||
Preferred Securities |
||||||||||||||||
Capital Trusts |
— | 20,765,075 | — | 20,765,075 | ||||||||||||
Preferred Stocks |
3,759,332 | — | — | 3,759,332 | ||||||||||||
U.S. Government Sponsored Agency Securities |
— | 110,671,641 | — | 110,671,641 | ||||||||||||
Warrants |
— | — | — | — | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
5,684,688 | — | — | 5,684,688 | ||||||||||||
U.S. Government Sponsored Agency Securities |
— | 29 | — | 29 |
S C H E D U L E O F I N V E S T M E N T S |
45 |
Schedule of Investments (continued) October 31, 2023 |
BlackRock Multi-Sector Income Trust (BIT) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
U.S. Treasury Obligations |
$ | — | $ | 230,559 | $ | — | $ | 230,559 | ||||||||
Unfunded Floating Rate Loan Interests (a) |
— | 33 | — | 33 | ||||||||||||
Liabilities |
||||||||||||||||
Investments |
||||||||||||||||
TBA Sale Commitments |
— | (7,341,875 | ) | — | (7,341,875 | ) | ||||||||||
$ | 13,841,246 | $ | 805,290,013 | $ | 4,463,204 | $ | 823,594,463 | |||||||||
Derivative Financial Instruments (b) |
||||||||||||||||
Assets |
||||||||||||||||
Credit Contracts |
$ | — | $ | 2,158,427 | $ | — | $ | 2,158,427 | ||||||||
Foreign Currency Exchange Contracts |
— | 156,496 | — | 156,496 | ||||||||||||
Interest Rate Contracts |
11,180,051 | — | — | 11,180,051 | ||||||||||||
Liabilities |
||||||||||||||||
Credit Contracts |
— | (2,954,329 | ) | — | (2,954,329 | ) | ||||||||||
Interest Rate Contracts |
(3,829,891 | ) | (754,690 | ) | — | (4,584,581 | ) | |||||||||
$ | 7,350,160 | $ | (1,394,096 | ) | $ | — | $ | 5,956,064 | ||||||||
(a) |
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) |
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
46 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
BIT | ||||
ASSETS |
||||
Investments, at value — unaffiliated (a) |
$ | 825,251,617 | ||
Investments, at value — affiliated (b) |
5,684,688 | |||
Cash |
28,453 | |||
Cash pledged: |
||||
Collateral — reverse repurchase agreements |
3,278,900 | |||
Collateral — OTC derivatives |
4,420,000 | |||
Futures contracts |
3,060,400 | |||
Centrally cleared swaps |
619,000 | |||
Foreign currency, at value (c) |
611,080 | |||
Receivables: |
||||
Investments sold |
5,651,533 | |||
Reverse repurchase agreements |
2,182,867 | |||
TBA sale commitments |
7,503,574 | |||
Dividends — unaffiliated |
4,745 | |||
Dividends — affiliated |
44,926 | |||
Interest — unaffiliated |
9,775,491 | |||
From custodian |
545,585 | |||
Variation margin on futures contracts |
519,547 | |||
Swap premiums paid |
1,290,239 | |||
Unrealized appreciation on: |
||||
Forward foreign currency exchange contracts |
156,496 | |||
OTC swaps |
2,089,905 | |||
Unfunded floating rate loan interests |
33 | |||
Deferred offering costs |
114,658 | |||
Prepaid expenses |
2,400 | |||
Total assets |
872,836,137 | |||
LIABILITIES |
||||
Cash received: |
||||
Collateral — reverse repurchase agreements |
270,000 | |||
Collateral — OTC derivatives |
3,380,000 | |||
TBA sale commitments, at value (d) |
7,341,875 | |||
Reverse repurchase agreements, at value |
285,633,449 | |||
Payables: |
||||
Investments purchased |
47,155,540 | |||
Reverse repurchase agreements |
2,327,264 | |||
Accounting services fees |
29,883 | |||
Custodian fees |
16,934 | |||
Investment advisory fees |
551,785 | |||
Trustees’ and Officer’s fees |
144,538 | |||
Other accrued expenses |
94,562 | |||
Principal payups |
176,446 | |||
Professional fees |
144,280 | |||
Transfer agent fees |
38,718 | |||
Variation margin on futures contracts |
303,692 | |||
Variation margin on centrally cleared swaps |
115,843 |
F I N A N C I A L S T A T E M E N T S |
47 |
BIT | ||||
Swap premiums received |
$ | 1,335,809 | ||
Unrealized depreciation on OTC swaps |
2,954,329 | |||
Total liabilities |
352,014,947 | |||
Commitments and contingent liabilities |
||||
NET ASSETS |
$ | 520,821,190 | ||
NET ASSETS CONSIST OF |
||||
Paid-in capital (e)(f)(g) |
$ | 635,165,966 | ||
Accumulated loss |
(114,344,776 | ) | ||
NET ASSETS |
$ | 520,821,190 | ||
Net asset value |
$ | 13.78 | ||
(a) Investments, at cost — unaffiliated |
$ | 907,504,807 | ||
(b) Investments, at cost — affiliated |
$ | 5,684,688 | ||
(c) Foreign currency, at cost |
$ | 629,562 | ||
(d) Proceeds from TBA sale commitments |
$ | 7,503,574 | ||
(e) Shares outstanding |
||||
(f) Shares authorized |
Unlimited | |||
(g) Par value |
$ | 0.001 |
48 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
BIT | ||||
INVESTMENT INCOME |
||||
Dividends — unaffiliated |
$ | 445,963 | ||
Dividends — affiliated |
472,142 | |||
Interest — unaffiliated |
54,818,997 | |||
Other income — unaffiliated |
227,539 | |||
Foreign taxes withheld |
(13,674 | ) | ||
Total investment income |
55,950,967 | |||
EXPENSES |
||||
Investment advisory |
6,705,449 | |||
Professional |
137,297 | |||
Accounting services |
113,852 | |||
Transfer agent |
78,744 | |||
Custodian |
49,244 | |||
Trustees and Officer |
35,379 | |||
Printing and postage |
28,339 | |||
Registration |
12,940 | |||
Miscellaneous |
120,544 | |||
Total expenses excluding interest expense |
7,281,788 | |||
Interest expense |
14,264,962 | |||
Total expenses |
21,546,750 | |||
Less: |
||||
Fees waived and/or reimbursed by the Manager |
(7,530 | ) | ||
Total expenses after fees waived and/or reimbursed |
21,539,220 | |||
Net investment income |
34,411,747 | |||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||
Net realized gain (loss) from: |
||||
Investments — unaffiliated |
(34,155,814 | ) | ||
Forward foreign currency exchange contracts |
(391,726 | ) | ||
Foreign currency transactions |
139,736 | |||
Futures contracts |
7,600,651 | |||
Options written |
(1,552 | ) | ||
Swaps |
(32,159 | ) | ||
(26,840,864 | ) | |||
Net change in unrealized appreciation (depreciation) on: |
||||
Investments — unaffiliated |
29,123,454 | |||
Forward foreign currency exchange contracts |
51,370 | |||
Foreign currency translations |
(3,145 | ) | ||
Futures contracts |
(12,464,722 | ) | ||
Options written |
37 | |||
Swaps |
(1,568,788 | ) | ||
Unfunded floating rate loan interests |
24,813 | |||
15,163,019 | ||||
Net realized and unrealized loss |
(11,677,845 | ) | ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 22,733,902 | ||
F I N A N C I A L S T A T E M E N T S |
49 |
BIT | ||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||
OPERATIONS |
||||||||
Net investment income |
$ | 34,411,747 | $ | 38,948,323 | ||||
Net realized gain (loss) |
(26,840,864 | ) | 5,527,115 | |||||
Net change in unrealized appreciation (depreciation) |
15,163,019 | (113,608,350 | ) | |||||
Net increase (decrease) in net assets resulting from operations |
22,733,902 | (69,132,912 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS (a) |
||||||||
From net investment income |
(33,743,136 | ) | (40,442,459 | ) | ||||
Return of capital |
(22,251,175 | ) | (15,441,926 | ) | ||||
Decrease in net assets resulting from distributions to shareholders |
(55,994,311 | ) | (55,884,385 | ) | ||||
CAPITAL SHARE TRANSACTIONS |
||||||||
Reinvestment of distributions |
1,529,354 | 1,178,157 | ||||||
NET ASSETS |
||||||||
Total decrease in net assets |
(31,731,055 | ) | (123,839,140 | ) | ||||
Beginning of year |
552,552,245 | 676,391,385 | ||||||
End of year |
$ | 520,821,190 | $ | 552,552,245 | ||||
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
50 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
BIT | ||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |
||||
Net increase in net assets resulting from operations |
$ | 22,733,902 | ||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: |
||||
Proceeds from sales of long-term investments and principal paydowns/payups |
1,309,719,895 | |||
Purchases of long-term investments |
(1,287,090,779 | ) | ||
Net proceeds from sales of short-term securities |
5,536,969 | |||
Amortization of premium and accretion of discount on investments and other fees |
(4,378,309 | ) | ||
Premiums paid on closing options written |
(4,815 | ) | ||
Premiums received from options written |
2,392 | |||
Net realized loss on investments and options written |
34,157,366 | |||
Net unrealized appreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests |
(29,577,832 | ) | ||
(Increase) Decrease in Assets |
||||
Receivables |
||||
Dividends — affiliated |
(17,736 | ) | ||
Dividends — unaffiliated |
134,890 | |||
From the custodian |
(545,585 | ) | ||
Interest — unaffiliated |
(472,643 | ) | ||
Swaps |
582,693 | |||
Variation margin on futures contracts |
673,678 | |||
Variation margin on centrally cleared swaps |
63,854 | |||
Swap premiums paid |
399,510 | |||
Prepaid expenses |
29 | |||
Other assets |
550,000 | |||
Deferred offering costs |
63,076 | |||
Increase (Decrease) in Liabilities |
||||
Due to broker |
(144,387 | ) | ||
Cash received |
||||
Collateral — reverse repurchase agreements |
(63,192 | ) | ||
Collateral — OTC derivatives |
(1,470,000 | ) | ||
Payables |
||||
Swaps |
(611,551 | ) | ||
Accounting services fees |
(35,618 | ) | ||
Custodian fees |
(37,944 | ) | ||
Interest expense |
446,832 | |||
Investment advisory fees |
11,442 | |||
Trustees’ and Officer’s fees |
2,479 | |||
Other accrued expenses |
41,282 | |||
Professional fees |
(86,292 | ) | ||
Transfer agent fees |
11,153 | |||
Variation margin on futures contracts |
303,692 | |||
Variation margin on centrally cleared swaps |
115,843 | |||
Swap premiums received |
(727,829 | ) | ||
Net cash provided by operating activities |
50,286,465 | |||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |
||||
Cash dividends paid to shareholders |
(54,529,774 | ) | ||
Payments for offering costs |
(66,752 | ) | ||
Decrease in bank overdraft |
(1,080 | ) | ||
Net borrowing of reverse repurchase agreements |
(5,247,711 | ) | ||
Net cash used for financing activities |
(59,845,317 | ) | ||
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |
||||
Cash impact from foreign exchange fluctuations |
(8,476 | ) | ||
F I N A N C I A L S T A T E M E N T S |
51 |
BIT | ||||
CASH AND FOREIGN CURRENCY |
||||
Net decrease in restricted and unrestricted cash and foreign currency |
$ | (9,567,328 | ) | |
Restricted and unrestricted cash and foreign currency at beginning of year |
21,585,161 | |||
Restricted and unrestricted cash and foreign currency at end of year |
$ | 12,017,833 | ||
SUPPLEMENTAL DISCLOSURE OFCASH FLOW INFORMATION |
||||
Cash paid during the year for interest expense |
$ | 13,818,130 | ||
NON-CASH FINANCING ACTIVITIES |
||||
Reinvestment of distributions |
$ | 1,529,354 | ||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENT OF ASSETS AND LIABILITIES |
||||
Cash |
$ | 28,453 | ||
Cash pledged |
||||
Collateral — reverse repurchase agreements |
3,278,900 | |||
Collateral — OTC derivatives |
4,420,000 | |||
Futures contracts |
3,060,400 | |||
Centrally cleared swaps |
619,000 | |||
Foreign currency at value |
611,080 | |||
$ | 12,017,833 | |||
52 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
BIT | ||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | (a) |
10/31/19 | (a) | ||||||||||||||
Net asset value, beginning of year |
$ | 14.66 | $ | 17.98 | $ | 17.66 | $ | 17.28 | $ | 18.79 | ||||||||||
Net investment income (b) |
0.91 | 1.03 | 1.13 | 1.08 | 1.18 | |||||||||||||||
Net realized and unrealized gain (loss) |
(0.31 | ) | (2.87 | ) | 0.67 | 0.78 | (1.28 | ) | ||||||||||||
Net increase (decrease) from investment operations |
0.60 | (1.84 | ) | 1.80 | 1.86 | (0.10 | ) | |||||||||||||
Distributions (c) |
||||||||||||||||||||
From net investment income |
(0.89 | ) | (1.07 | ) | (1.11 | ) | (0.99 | ) | (1.14 | ) | ||||||||||
Return of capital |
(0.59 | ) | (0.41 | ) | (0.37 | ) | (0.49 | ) | (0.27 | ) | ||||||||||
Total distributions |
(1.48 | ) | (1.48 | ) | (1.48 | ) | (1.48 | ) | (1.41 | ) | ||||||||||
Net asset value, end of year |
$ | 13.78 | $ | 14.66 | $ | 17.98 | $ | 17.66 | $ | 17.28 | (d) | |||||||||
Market price, end of year |
$ | 14.09 | $ | 14.43 | $ | 18.90 | $ | 15.65 | $ | 17.15 | ||||||||||
Total Return (e) |
||||||||||||||||||||
Based on net asset value |
4.08 | % | (10.47 | )% (f) |
10.55 | % | 12.68 | % (g) |
0.00 | % (d)(h) | ||||||||||
Based on market price |
8.12 | % | (16.16 | )% | 31.13 | % | 0.61 | % | 14.76 | % | ||||||||||
Ratios to Average Net Assets (i) |
||||||||||||||||||||
Total expenses |
3.92 | % | 1.99 | % | 1.70 | % | 2.36 | % | 2.89 | % | ||||||||||
Total expenses after fees waived and/or reimbursed |
3.92 | % | 1.99 | % | 1.70 | % | 2.19 | % (j) |
2.89 | % | ||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense |
1.32 | % | 1.34 | % | 1.42 | % | 1.39 | % | 1.35 | % | ||||||||||
Net investment income |
6.26 | % | 6.39 | % | 6.14 | % | 6.51 | % | 6.43 | % | ||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 520,821 | $ | 552,552 | $ | 676,391 | $ | 662,853 | $ | 648,617 | ||||||||||
Borrowings outstanding, end of year (000) |
$ | 285,633 | $ | 288,231 | $ | 386,820 | $ | 353,128 | $ | 373,345 | ||||||||||
Portfolio turnover rate (k) |
151 | % | 112 | % | 75 | % | 101 | % | 32 | % | ||||||||||
(a) |
Consolidated Financial Highlights. |
(b) |
Based on average shares outstanding. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on October 31, 2019. |
(e) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(f) |
Includes payment from an affiliate, which had no impact on the Trust’s total return. |
(g) |
Includes payments received from an affiliate and unaffiliated third parties, which impacted the Trust’s total return. Excluding the payments, the Trust’s total return would have been 1.38%. |
(h) |
Amount is greater than (0.005)%. |
(i) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(j) |
Includes reimbursement of professional fees by unaffiliated third parties, which impacted the Trust’s expense ratio. Excluding the payment, the Trust’s total expense ratio would have been 2.36%. |
(k) |
Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | (a) |
10/31/19 | (a) | ||||||||||||||||
Portfolio turnover rate (excluding MDRs) |
91 | % | 77 | % | 58 | % | 72 | % | 32 | % | ||||||||||||
F I N A N C I A L H I G H L I G H T S |
53 |
1. |
ORGANIZATION |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
54 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. |
• | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• | Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies. |
• | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
• | Repurchase agreements are valued at amortized cost, which approximates market value. |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
55 |
Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services | ||||
Market approach |
(i) (ii) (iii) |
recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; recapitalizations and other transactions across the capital structure; and market multiples of comparable issuers. | ||
Income approach |
(i) (ii) (iii) |
future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; quoted prices for similar investments or assets in active markets; and other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. | ||
Cost approach |
(i) (ii) (iii) (iv) |
audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; relevant news and other public sources; and known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company. |
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
4. |
SECURITIES AND OTHER INVESTMENTS |
56 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
57 |
Trust Name |
Borrower |
Par |
Commitment Amount |
Value |
Unrealized Appreciation (Depreciation) |
|||||||||||||
BIT |
OMNIA Partners LLC | $ | 13,384 | $ | 13,317 | $ | 13,350 | $ | 33 | |||||||||
$ | 33 | |||||||||||||||||
58 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Counterparty |
Reverse Repurchase Agreements |
Fair Value of Non-Cash Collateral Pledged Including Accrued Interest |
(a) |
Cash Collateral Pledged/Received |
(a) |
Net Amount |
(b) | |||||||||
Barclays Bank PLC |
$ | (6,974,404) | $ | 6,974,404 | $ | — | $ | — | ||||||||
Barclays Capital, Inc. |
(5,538,219) | 5,538,219 | — | — | ||||||||||||
BNP Paribas SA |
(31,580,615) | 31,580,615 | — | — | ||||||||||||
BofA Securities, Inc. |
(63,964,520) | 63,964,520 | — | — | ||||||||||||
Credit Agricole Corporate and Investment Bank |
(1,351,997) | 1,351,997 | — | — | ||||||||||||
Goldman Sachs & Co. LLC |
(35,801,156) | 35,801,156 | — | — | ||||||||||||
HSBC Securities (USA), Inc. |
(67,616,518) | 67,616,518 | — | — | ||||||||||||
J.P. Morgan Securities LLC |
(16,119,185) | 16,119,185 | — | — | ||||||||||||
Nomura Securities International, Inc. |
(26,996,244) | 26,996,244 | — | — | ||||||||||||
RBC Capital Markets, LLC |
(13,029,480) | 13,029,480 | — | — | ||||||||||||
Societe Generale |
(8,398,325) | 6,959,182 | — | (1,439,143 | ) | |||||||||||
TD Securities (USA) LLC |
(8,262,786) | 8,262,786 | — | — | ||||||||||||
$ | (285,633,449) | $ | 284,194,306 | $ | — | $ | (1,439,143 | ) | ||||||||
(a) |
Collateral, if any, with a value of $326,706,679 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |
(b) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
59 |
• | Swaptions — The Trust may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Trust’s holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option. |
60 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
• | Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk). |
• | Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk). |
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
61 |
7. |
PURCHASES AND SALES |
U.S. Government Securities | Other Securities | |||||||||||||||
Trust Name |
Purchases |
Sales |
Purchases |
Sales |
||||||||||||
BIT |
$ | — | $ | 14,059,781 | $ | 1,278,678,716 | $ | 1,291,637,222 | ||||||||
8. |
INCOME TAX INFORMATION |
Trust Name |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
||||||
BIT |
||||||||
Ordinary income |
$ | 33,743,136 | $ | 40,442,459 | ||||
Return of capital |
22,251,175 | 15,441,926 | ||||||
$ | 55,994,311 | $ | 55,884,385 | |||||
Trust Name |
Non-Expiring Capital Loss Carryforwards (a) |
Net Unrealized Gains (Losses) (b) |
Total |
|||||||||
BIT |
$ (44,477,829) | $ | (69,866,947 | ) | $ (114,344,776) | |||||||
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, amortization methods for premiums and discounts on fixed income securities, the accrual of income on securities in default, the timing and recognition of partnership income, the accounting for swap agreements and the classification of investments. |
62 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Name |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
BIT |
$ | 899,488,680 | $ 28,796,598 | $ (98,632,688) | $ | (69,836,090 | ) | |||||||||
9. |
PRINCIPAL RISKS |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
63 |
10. |
CAPITAL SHARE TRANSACTIONS |
Year Ended | ||||||||
Trust Name |
10/31/23 |
10/31/22 |
||||||
BIT |
103,666 | 74,296 | ||||||
64 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
11. |
SUBSEQUENT EVENTS |
Trust Name |
Declaration Date |
Record Date |
Payable/ Paid Date |
Dividend Per Common Share |
||||||||||||
BIT |
11/01/23 | 11/15/23 | 11/30/23 | $ | 0.123700 | |||||||||||
12/05/23 | 12/15/23 | 12/20/23 | 0.123700 |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
65 |
66 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Name |
Qualified Dividend Income |
|||
BIT |
$ | 2,785,377 |
Trust Name |
Federal Obligation Interest |
|||
BIT |
$ | 85,864 |
Trust Name |
Dividends-Received Deduction |
|||
BIT |
4.07 | % |
Trust Name |
Interest Dividends |
|||
BIT |
$ | 32,186,241 |
Trust Name |
Interest- Related Dividends |
|||
BIT |
$ | 18,119,964 |
I M P O R T A N T T A X I N F O R M A T I O N |
67 |
68 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T A N D S U B - A D V I S O R Y A G R E E M E N T S |
69 |
70 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T A N D S U B - A D V I S O R Y A G R E E M E N T S |
71 |
• | mortgage related securities, including mortgage-backed securities (“MBS”), which are structured debt obligations collateralized by pools of commercial mortgages (commercial mortgage-backed securities or “CMBS”) or residential mortgages (residential mortgage-backed securities or “RMBS”), including agency RMBS issued or guaranteed by U.S. federal agencies or government related guarantors and non-agency RMBS issued by commercial banks, savings and loan institutions, mortgage bankers, private mortgage insurance companies and other non-governmental issuers; collateralized mortgage obligations (“CMOs”); Real Estate Mortgage Investment Conduits (“REMICs”), including resecuritizations of REMICs; stripped mortgage-backed securities, including interest-only (“IO”) and principal-only (“PO”) classes; delegated underwriting and servicing bonds; MBS credit default swaps and other mortgage related derivative instruments; inverse floating rate instruments which are derivative interests in MBS; repurchase agreements supported by MBS; and interests in real estate investment trusts (“REITs”) that invest the majority of their assets in real property mortgages or MBS, including debt and preferred stock issued by mortgage REITs; |
• | asset-backed securities (“ABS”); |
• | U.S. Government and agency securities; |
• | loans and loan participations, including senior secured floating rate and fixed rate loans or debt (“Senior Loans”) and second lien or other subordinated or unsecured floating rate and fixed rate loans or debt (“Second Lien Loans”); |
• | bonds or other debt securities issued by U.S. or foreign (non-U.S.) corporations or other business entities, which may include fixed, variable and floating rate bonds, debentures, notes and other similar types of debt instrument (collectively referred to herein as “corporate bonds”), of any quality, rated or unrated, including those that are rated below investment grade quality; |
• | collateralized loan obligations (“CLOs”); |
• | preferred securities; |
• | convertible securities, including synthetic convertible securities; |
• | sovereign debt, including obligations of foreign governments or their sub-divisions, agencies and government sponsored enterprises and obligations of international agencies and supranational entities; |
• | municipal securities, including taxable municipal securities such as Build America Bonds (“BABs”); and |
• | structured instruments, including structured notes, hybrid or indexed securities, event-linked securities, credit-linked notes (“CLNs”), equity-linked notes and structured credit products. |
72 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
73 |
• | Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. |
• | Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. |
• | Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. |
• | Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest the proceeds in securities with lower yields. |
74 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
• | General Obligation Bonds Risks — Timely payments depend on the issuer’s credit quality, ability to raise tax revenues and ability to maintain an adequate tax base. |
• | Revenue Bonds Risks — These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source. |
• | Private Activity Bonds Risks — Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The Trust’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax. |
• | Moral Obligation Bonds Risks — Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. |
• | Municipal Notes Risks — Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Trust may lose money. |
• | Municipal Lease Obligations Risks — In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. |
• | Tax-Exempt Status Risk — The Trust and its investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds and payments under derivative securities. Neither the Trust nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Trust and its shareholders to substantial tax liabilities. |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
75 |
• | Leverage Risk — The Trust’s use of derivatives can magnify the Trust’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested. |
• | Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust’s derivatives positions to lose value. |
• | Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty. |
• | Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately. |
• | Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error. |
• | Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. |
• | Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets. |
• | Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. |
• | Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences. |
• | Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments. |
76 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
• | The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. |
• | Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio. |
• | The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. |
• | The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets. |
• | Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. |
• | Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. |
• | The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or in full, which will adversely affect the Trust’s net asset value. |
I N V E S T M E N T O B J E C T I V E S , P O L I C I E S A N D R I S K S |
77 |
• | the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage; |
• | the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders; |
• | the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, which may result in a greater decline in the market price of the common shares; |
• | leverage may increase operating costs, which may reduce total return. |
78 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Shareholder Update (unaudited) |
BlackRock Multi-Sector Income Trust (BIT) |
BIT |
||||
Shareholder Transaction Expenses |
||||
Maximum sales load ( (a) |
% | |||
Offering expens es b orne by the Trust (as a percentage of offering price)(a) |
% | |||
Dividend reinvestment plan fees |
|
$0.02 per share for open market purchases of common shares (b) |
| |
Dividend reinvestment plan sale transaction fee |
$ |
E stimated Annual Expenses cen tage o f net assets attributable to common shares) |
||||
Investment advisory fees (c)(d) |
% | |||
Other expenses |
||||
Miscellaneous |
||||
Interest expense (e) |
||||
Total annual expenses |
||||
Fee waivers (d) |
||||
Total annual Trust operating expenses after fee waivers (d) |
(a) |
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering. |
(b) |
(c) |
BIT currently pays the Manager a monthly fee at an annual contractual investment management fee rate of 0.80% of the average daily value of BIT’s managed assets. For purposes of calculating these fees, “managed assets” means the total assets of BIT (including any assets attributable to money borrowed for investment purposes) minus the sum of BIT’s accrued liabilities (other than money borrowed for investment purposes). |
(d) |
(u pon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), of BIT (the “Independent Trustees”)) or a majority of the outstanding voting securities of BIT), upon 90 days’ written notice by BIT to the Manager. |
(e) |
Assumes the use of leverage in the form of reverse repurchase agreements representing 35.4% of managed assets at an annual interest expense to BIT of 4.9%, which is based on current market conditions. The actual amount of interest expense borne by BIT will vary over time in accordance with the level of BIT’s use of reverse repurchase agreements and variations in market interest rates. Interest expense is required to be treated as an expense of BIT for accounting purposes. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Total expenses incurred |
$ | $ | $ | $ |
S H A R E H O L D E R U P D A T E |
79 |
Shareholder Update (unaudited) (continued) |
BlackRock Multi-Sector Income Trust (BIT) |
NYSE Market Price Per Common Share |
NAV per Common Share on Date of Market Price |
Premium/ (Discount) on Date of Market Price |
||||||||||||||||||||||||||
During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume | |||||||||||||||||||||
October 31, 2023 |
$ | $ | $ | $ | % | % | 5,503,757 | |||||||||||||||||||||
July 31, 2023 |
( |
) | 5,540,851 | |||||||||||||||||||||||||
April 30, 2023 |
( |
) | ( |
) | 6,248,672 | |||||||||||||||||||||||
January 31, 2023 |
( |
) | 6,234,148 | |||||||||||||||||||||||||
October 31, 2022 |
( |
) | 6,104,129 | |||||||||||||||||||||||||
July 31, 2022 |
( |
) | ( |
) | 7,111,803 | |||||||||||||||||||||||
April 30, 2022 |
( |
) | ( |
) | 7,107,554 | |||||||||||||||||||||||
January 31, 2022 |
( |
) | 7,934,072 |
80 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Shareholder Update (unaudited) (continued) |
BlackRock Multi-Sector Income Trust (BIT) |
BIT | ||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31/18 (a) |
Year Ended 10/31/17 (a) |
Year Ended 10/31/16 (a) |
Year Ended 10/31/15 |
Year Ended 10/31/14 |
||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 20.07 | $ | 18.91 | $ | 18.91 | $ | 19.87 | $ | 18.95 | ||||||||||||||||||||||||||||||
Net investment income (b) |
1.38 | 1.51 | 1.69 | 1.55 | 1.62 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) |
(1.13 | ) | 1.42 | (0.05 | ) | (1.03 | ) | 0.70 | ||||||||||||||||||||||||||||||||
Net increase from investment operations |
0.25 | 2.93 | 1.64 | 0.52 | 2.32 | |||||||||||||||||||||||||||||||||||
Distributions (c) |
||||||||||||||||||||||||||||||||||||||||
From net investment income |
(1.49 | ) | (1.77 | ) | (1.64 | ) | (1.40 | ) | (1.40 | ) | ||||||||||||||||||||||||||||||
From net realized gain |
— | — | — | (0.08 | ) | — | ||||||||||||||||||||||||||||||||||
From return of capital |
(0.04 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total distributions |
(1.53 | ) | (1.77 | ) | (1.64 | ) | (1.48 | ) | (1.40 | ) | ||||||||||||||||||||||||||||||
Net asset value, end of year |
$ | 18.79 | $ | 20.07 | $ | 18.91 | $ | 18.91 | (d) |
$ | 19.87 | |||||||||||||||||||||||||||||
Market price, end of year |
$ | 16.25 | $ | 18.55 | $ | 16.76 | $ | 16.31 | $ | 17.79 | ||||||||||||||||||||||||||||||
Total Return (e) |
||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
2.18 | % (f) |
17.34 | % (g) |
10.51 | % (f) |
3.87 | % (d) |
13.40 | % | ||||||||||||||||||||||||||||||
Based on market price |
(4.40 | )% | 22.36 | % | 13.56 | % | 0.06 | % | 12.91 | % | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||||||||||||||||||
Total expenses |
2.90 | % | 2.33 | % | 2.05 | % (h) |
2.09 | % (h) |
2.04 | % | ||||||||||||||||||||||||||||||
Total expenses after fees waived and paid indirectly |
2.89 | % | 2.33 | % | 2.05 | % (h) |
2.09 | % (h) |
2.04 | % | ||||||||||||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees |
1.42 | % | 1.39 | % | 1.43 | % (h) |
1.53 | % (h) |
1.52 | % | ||||||||||||||||||||||||||||||
Net investment income |
7.17 | % | 7.86 | % | 9.24 | % (h) |
7.97 | % (h) |
8.27 | % | ||||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 710,832 | $ | 765,859 | $ | 726,381 | $ | 726,432 | $ | 763,360 | ||||||||||||||||||||||||||||||
Borrowings outstanding, end of year (000) |
$ | 376,302 | $ | 471,082 | $ | 427,329 | $ | 510,352 | $ | 707,294 | ||||||||||||||||||||||||||||||
Portfolio turnover rate |
38 | % | 53 | % | 52 | % | 21 | % | 29 | % | ||||||||||||||||||||||||||||||
(a) |
Consolidated Financial Highlights. |
(b) |
Based on average shares outstanding. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
For financial reporting purposes, the market value of certain investments was adjusted as of report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on net asset value presented herein are different than the information previously published on October 31, 2015. |
(e) |
Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(f) |
Includes payment received from an affiliate, which had no impact on the Trust’s total return. |
(g) |
Includes payment received from a settlement of litigation, which impacted the Trust’s total return. Excluding the payment from a settlement of litigation, the Trust’s total return is 16.70%. |
(h) |
Excludes expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01% for the years ended October 31, 2016 and October 31, 2015. |
S H A R E H O L D E R U P D A T E |
81 |
82 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Independent Trustees (a) |
||||||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past 5 Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
R. Glenn Hubbard 1958 |
Chair of the Board (Since 2022) Trustee (Since 2013) |
Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. | 70 RICs consisting of 104 Portfolios | ADP (data and information services) from 2004 to 2020; Metropolitan Life Insurance Company (insurance); TotalEnergies SE (multi-energy) | ||||
W. Carl Kester (d) 1951 |
Vice Chair of the Board (Since 2022) Trustee (Since 2013) |
Baker Foundation Professor and George Fisher Baker Jr. Professor of Business Administration, Emeritus, Harvard Business School since 2022; George Fisher Baker Jr. Professor of Business Administration, Harvard Business School from 2008 to 2022; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. | 72 RICs consisting of 106 Portfolios | None | ||||
Cynthia L. Egan 1955 |
Trustee (Since 2016) |
Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. | 70 RICs consisting of 104 Portfolios | Unum (insurance); The Hanover Insurance Group (Board Chair); Huntsman Corporation (Lead Independent Director and non-Executive Vice Chair of the Board) (chemical products) | ||||
Frank J. Fabozzi (d) 1948 |
Trustee (Since 2013) |
Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) from 2011 to 2022; Professor of Practice, Johns Hopkins University since 2021; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale’s Executive Programs; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year; Adjunct Professor of Finance, Carnegie Mellon University in fall 2020 semester. | 72 RICs consisting of 106 Portfolios | None | ||||
Lorenzo A. Flores 1964 |
Trustee (Since 2021) |
Vice Chairman, Kioxia, Inc. since 2019; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. | 70 RICs consisting of 104 Portfolios | None | ||||
Stayce D. Harris 1959 |
Trustee (Since 2021) |
Lieutenant General, Inspector General of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. | 70 RICs consisting of 104 Portfolios | KULR Technology Group, Inc. in 2021; The Boeing Company (airplane manufacturer) |
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
83 |
Independent Trustees (a) | ||||||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past 5 Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
J. Phillip Holloman 1955 |
Trustee (Since 2021) |
President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. | 70 RICs consisting of 104 Portfolios | PulteGroup, Inc. (home construction); Rockwell Automation Inc. (industrial automation) | ||||
Catherine A. Lynch (d) 1961 |
Trustee (Since 2016) |
Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. | 72 RICs consisting of 106 Portfolios | PennyMac Mortgage Investment Trust |
Non-Management Interested Trustee (a)(f) | ||||||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) |
Principal Occupation(s) During Past 5 Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
Arthur P. Steinmetz 1958 |
Trustee (Since 2023) |
Consultant, Posit PBC (enterprise data science) since 2020; Director, ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief Executive Officer and President of OppenheimerFunds, Inc. from 2015, 2014 and 2013, respectively to 2019; Trustee, President and Principal Executive Officer of 104 OppenheimerFunds funds from 2014 to 2019; Portfolio manager of various OppenheimerFunds fixed income mutual funds from 1986 to 2014. | 68 RICs consisting of 102 Portfolios | Trustee of 104 OppenheimerFunds funds from 2014 to 2019 |
84 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Interested Trustees (a)(e) | ||||||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) (c) |
Principal Occupation(s) During Past 5 Years |
Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen |
Public Company and Other Investment Company Directorships Held During Past 5 Years | ||||
Robert Fairbairn 1965 |
Trustee (Since 2018) |
Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares ® businesses from 2012 to 2016. |
98 RICs consisting of 273 Portfolios | None | ||||
John M. Perlowski (d) 1964 |
Trustee (Since 2015) President and Chief Executive Officer (Since 2013) |
Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 100 RICs consisting of 275 Portfolios | None |
(a) |
The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
(b) |
Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. |
(c) |
Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; and W. Carl Kester, 1995. |
(d) |
Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund. |
(e) |
Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex. |
(f) |
Mr. Steinmetz is currently classified as a non-management interested Trustee based on his former directorship at another company that is not an affiliate of BlackRock, Inc. Mr. Steinmetz does not currently serve as an officer or employee of BlackRock, Inc. or its affiliates or own any securities of BlackRock, Inc. It is anticipated that Mr. Steinmetz will become an Independent Trustee effective January 19, 2024. |
Officers Who Are Not Trustees (a) | ||||
Name Year of Birth (b) |
Position(s) Held (Length of Service) |
Principal Occupation(s) During Past 5 Years | ||
Jonathan Diorio 1980 |
Vice President (Since 2015) |
Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015. | ||
Trent Walker 1974 |
Chief Financial Officer (Since 2021) |
Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Jay M. Fife 1970 |
Treasurer (Since 2013) |
Managing Director of BlackRock, Inc. since 2007. | ||
Aaron Wasserman 1974 |
Chief Compliance Officer (Since 2023) |
Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023. | ||
Janey Ahn 1975 |
Secretary (Since 2013) |
Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. |
(a) |
The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
(b) |
Officers of the Trust serve at the pleasure of the Board. |
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
85 |
|
Lorenzo A. Flores | R. Glenn Hubbard | John M. Perlowski | W. Carl Kester | ||||||||||||||||||||||||||||
Trust Name |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
Votes For |
Votes Withheld |
||||||||||||||||||||||||
BIT |
25,302,269 | 1,222,105 | 25,284,742 | 1,239,632 | 25,360,378 | 1,163,996 | 25,326,300 | 1,198,074 |
86 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
A D D I T I O N A L I N F O R M A T I O N |
87 |
88 |
2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S |
Currency Abbreviation | ||
EUR | Euro | |
GBP | British Pound | |
USD | United States Dollar | |
Portfolio Abbreviation | ||
CDI | CREST Depository Interest | |
CLO | Collateralized Loan Obligation | |
CMT | Constant Maturity Treasury | |
CR | Custodian Receipt | |
DAC | Designated Activity Company | |
EURIBOR | Euro Interbank Offered Rate | |
GO | General Obligation Bonds | |
LIBOR | London Interbank Offered Rate | |
MTA | Month Treasury Average | |
PCL | Public Company Limited | |
PIK | Payment-in-Kind | |
REIT | Real Estate Investment Trust | |
REMIC | Real Estate Mortgage Investment Conduit | |
SAB | Special Assessment Bonds | |
SG | Syncora Guarantee | |
SOFR | Secured Overnight Financing Rate | |
TBA | To-Be-Announced |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
89 |
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(b) Not Applicable
Item 2 – | Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4. |
Item 3 – | Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Frank J. Fabozzi
Lorenzo A. Flores
Catherine A. Lynch
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 – | Principal Accountant Fees and Services |
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
(a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||||||||||
Entity Name | Current Fiscal Year |
Previous Fiscal Year |
Current Fiscal Year End |
Previous Fiscal Year End |
Current Fiscal Year |
Previous Fiscal Year |
Current Fiscal Year |
Previous Fiscal Year | ||||||||
BlackRock Multi-Sector Income Trust | $66,912 | $64,362 | $2000 | $4,000 | $17,600 | $16,900 | $407 | $431 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
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Current Fiscal Year End | Previous Fiscal Year End | |||
(b) Audit-Related Fees1 | $0 | $0 | ||
(c) Tax Fees2 | $0 | $0 | ||
(d) All Other Fees3 | $2,154,000 | $2,098,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Non-audit fees of $2,154,000 and $2,098,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,”
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“Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
Entity Name | Current Fiscal Year End |
Previous Fiscal Year End |
||||
BlackRock Multi-Sector Income Trust | $18,007 | $21,331 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End |
Previous Fiscal Year End | |
$2,154,000 |
$2,098,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) – Not Applicable
(j) – Not Applicable
Item 5 – | Audit Committee of Listed Registrant |
(a) The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
Frank J. Fabozzi
Lorenzo A. Flores
J. Phillip Holloman
Catherine A. Lynch
(b) Not Applicable
Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
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(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures are attached as Exhibit 99.PROXYPOL, a copy of the Fund’s Global Corporate Governance & Engagement Principles are attached as Exhibit 99.GLOBAL.CORP.GOV and a copy of the Fund’s Corporate Governance and Proxy Voting Guidelines for U.S. Securities are attached as Exhibit 99.US.CORP.GOV. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov. |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies |
(a)(1) As of the date of filing this Report:
The Fund is managed by a team of investment professionals comprised of Scott MacLellan, Managing Director at BlackRock, Samir Lakhani, Managing Director at BlackRock and Akiva Dickstein, Managing Director at BlackRock. Messrs. MacLellan, Lakhani and Dickstein are the Fund’s portfolio managers and are responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Mr. MacLellan has been a member of the Fund’s portfolio management team since 2018. Messrs. Lakhani and Dickstein have been members of the Fund’s portfolio management team since 2020.
Portfolio Manager | Biography | |
Akiva Dickstein | Managing Director of BlackRock since 2009; Managing Director of Merrill Lynch Investment Managers, L.P. from 2003 to 2009 and Head of the U.S. Rates & Structured Credit Research Group. |
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Samir Lakhani | Managing Director of BlackRock, Inc. since 2014; Director of BlackRock, Inc. from 2010 to 2013. | |
Scott MacLellan, CFA | Managing Director of BlackRock, Inc. since 2022; Director of BlackRock, Inc. from 2010 to 2021; Vice President of BlackRock, Inc. from 2007 to 2009. |
(a)(2) As of October 31, 2023:
(ii) Number of Other Accounts Managed and Assets by Account Type |
(iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based | |||||||||||
(i) Name of Portfolio Manager |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | ||||||
Akiva Dickstein |
23 | 23 | 213 | 0 | 0 | 5 | ||||||
$22.19 Billion | $7.28 Billion | $83.34 Billion | $0 | $0 | $1.07 Billion | |||||||
Samir Lakhani |
6 | 12 | 9 | 0 | 1 | 0 | ||||||
$3.18 Billion | $4.76 Billion | $9.59 Billion | $0 | $308.2 Million | $0 | |||||||
Scott MacLellan, CFA |
12 | 14 | 126 | 0 | 0 | 2 | ||||||
$10.33 Billion | $3.43 Billion | $50.27 Billion | $0 | $0 | $891.8 Million |
(iv) Portfolio Manager Potential Material Conflicts of Interest
BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be
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noted that Messrs. Dickstein, Lakhani and MacLellan may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Dickstein, Lakhani and MacLellan may therefore be entitled to receive a portion of any incentive fees earned on such accounts.
As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.
(a)(3) As of October 31, 2023:
Portfolio Manager Compensation Overview
The discussion below describes the portfolio managers’ compensation as of October 31, 2023.
BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.
Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.
Discretionary Incentive Compensation
Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:
Portfolio Manager | Benchmark |
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Akiva Dickstein | A combination of market-based indices (e.g. Bloomberg U.S. Aggregate Index, Bloomberg U.S. Universal Index and Bloomberg Intermediate Aggregate Index), certain customized indices and certain fund industry peer groups. |
| ||
Samir Lakhani | A combination of market-based CMBS indices, certain customized indices and certain fund industry peer groups. | |||
Scott MacLellan, CFA | A combination of market-based indices (e.g., Bank of America Merrill Lynch U.S. Corporate & Government Index, 1-3 Years), certain customized indices and certain fund industry peer groups. |
Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.
Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.
For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.
Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:
Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($330,000 for 2023). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or,
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absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.
(a)(4) Beneficial Ownership of Securities – As of October 31, 2023.
Portfolio Manager | Dollar Range of Equity Securities of the Fund Beneficially Owned | |
Akiva Dickstein |
$50,001 - $100,000 | |
Samir Lakhani |
$100,001 - $500,000 | |
Scott MacLellan, CFA |
$10,001 - $50,000 |
(b) Not Applicable
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report. |
Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
Item 11 – | Controls and Procedures |
(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.
(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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable |
Item 13 – | Recovery of Erroneously Awarded Compensation – Not Applicable |
Item 14 – | Exhibits attached hereto |
(a)(1) Code of Ethics – See Item 2
(a)(2) Section 302 Certifications are attached
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(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
(d) Consent of Independent Registered Public Accounting Firm
1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.
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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: December 21, 2023
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: December 21, 2023
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock Multi-Sector Income Trust |
Date: December 21, 2023
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