Schedule of Investments (unaudited) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME Term SOFR + 2.4%), 7.72%, 04/16/37(a)(b)		USD  500	$	501,231
Allegro CLO V Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.21%), 6.53%, 10/16/30(a)(b)		420		419,498
ALM Ltd., Series 2020-1A, Class D, (3-mo. CME Term SOFR + 6.26%), 11.58%, 10/15/29(a)(b)		287		287,379
Anchorage Capital CLO Ltd., Series 2015-7A, Class D1R2, (3-mo. CME Term SOFR + 3.76%), 9.08%, 01/28/31(a)(b)		250		249,492
Apidos CLO XXVI, Series 2017-26A, Class A1AR, (3-mo. CME Term SOFR + 1.16%), 6.46%, 07/18/29(a)(b)		278		278,054
Apidos CLO XXVII, Series 2017-27A, Class A1R, (3-mo. CME Term SOFR + 1.19%), 6.51%, 07/17/30(a)(b)		172		171,436
Ares LXVIII CLO Ltd., Series 2023-68A, Class E, (3-mo. CME Term SOFR + 8.55%), 13.87%, 04/25/35(a)(b)		380		386,172
Ares XL CLO Ltd., Series 2016-40A, Class A1RR, (3-mo. CME Term SOFR + 1.13%), 6.45%, 01/15/29(a)(b)		537		537,080
ARES XLVII CLO Ltd., Series 2018-47A, Class A1, (3-mo. CME Term SOFR + 1.18%), 6.50%, 04/15/30(a)(b)		202		201,487
Argent Securities Trust, Series 2006-W5, Class A1, (1-mo. Term SOFR + 0.41%), 5.74%, 06/25/36(a)		3,930		2,497,749
Atrium XV, Series 15A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.58%, 01/23/31(a)(b)		550		549,338
Bain Capital Credit CLO Ltd., Series 2020-2A, Class DR, (3-mo. CME Term SOFR + 3.56%), 8.87%, 07/19/34(a)(b)		250		240,613
Ballyrock CLO Ltd.(a)(b)
Series 2020-14A, Class D, (3-mo. CME Term SOFR + 7.26%), 12.58%, 01/20/34		250		251,273
Series 2022-21A, Class D, (3-mo. CME Term SOFR + 8.76%), 14.08%, 10/20/35		500		508,328
Barings CLO Ltd.(a)(b)
Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.81%), 7.13%, 04/15/30		800		801,992
Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.41%), 8.73%, 07/15/34		250		248,885
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1-mo. Term SOFR + 0.39%), 5.72%, 11/25/36(a)		820		800,970
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A2R, (3-mo. CME Term SOFR + 1.71%), 7.03%, 01/20/31(a)(b)		800		800,086
Benefit Street Partners CLO XIV Ltd., Series 2018-14A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.03%, 04/20/31(a)(b)		500		500,004
Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class CR, (3-mo. CME Term SOFR + 2.31%), 7.63%, 07/15/34(a)(b)		250		249,673
BlueMountain CLO Ltd., Series 2013-2A, Class A1R, (3-mo. CME Term SOFR + 1.44%), 6.76%, 10/22/30(a)(b)		286		286,327
BlueMountain Fuji U.S. CLO II Ltd., Series 2017-2A, Class A1AR, (3-mo. CME Term SOFR + 1.26%), 6.58%, 10/20/30(a)(b)		2,964		2,965,406
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 7.91%, 04/15/37(a)(b)		1,000		1,000,000

Security	Par (000)		Value
Asset-Backed Securities (continued)
Carlyle Global Market Strategies CLO Ltd., Series 2015-1A, Class AR3, (3-mo. CME Term SOFR + 1.24%), 6.56%, 07/20/31(a)(b)		USD  1,496	$	1,497,697
Carlyle U.S. CLO Ltd.(a)(b)
Series 2018-4A, Class A2, (3-mo. CME Term SOFR + 2.06%), 7.38%, 01/20/31		250		249,625
Series 2020-2A, Class CR, (3-mo. CME Term SOFR + 3.46%), 8.79%, 01/25/35		250		248,173
Carrington Mortgage Loan Trust(a)
Series 2006-FRE2, Class A2, (1-mo. Term SOFR + 0.23%), 5.56%, 10/25/36		2,731		2,132,740
Series 2006-FRE2, Class A5, (1-mo. Term SOFR + 0.19%), 5.52%, 03/25/35		5,627		4,393,597
CarVal CLO III Ltd., Series 2019-2A, Class E, (3-mo. CME Term SOFR + 6.70%), 12.02%, 07/20/32(a)(b)		500		494,222
CBAM Ltd., Series 2017-1A, Class A1, (3-mo. CME Term SOFR + 1.51%), 6.83%, 07/20/30(a)(b)		781		781,978
C-BASS Trust, Series 2006-CB7, Class A4, (1-mo. Term SOFR + 0.43%), 5.76%, 10/25/36(a)		4,004		2,578,981
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 7.12%, 04/20/35(a)(b)		400		398,723
CIFC Funding Ltd.(a)(b)
Series 2013-4A, Class A1RR, (3-mo. CME Term SOFR + 1.32%), 6.64%, 04/27/31		238		237,908
Series 2014-5A, Class A1R2, (3-mo. CME Term SOFR + 1.46%), 6.78%, 10/17/31		550		550,155
Series 2016-1A, Class BRR, (3-mo. CME Term SOFR + 1.96%), 7.28%, 10/21/31		750		749,473
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 7.73%, 04/21/37		700		701,629
Series 2017-4A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 6.53%, 10/24/30		381		381,166
Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.68%, 07/15/36		500		499,220
Series 2022-7A, Class D, (3-mo. CME Term SOFR + 5.35%), 10.67%, 10/22/35		250		253,432
Series 2022-7A, Class E, (3-mo. CME Term SOFR + 8.94%), 14.26%, 10/22/35		500		510,795
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 7.28%, 10/25/36		322		179,336
Clear Creek CLO, Series 2015-1A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.53%, 10/20/30(a)(b)		250		249,501
Countrywide Asset-Backed Certificates Trust, Series 2006-26, Class 1A, (1-mo. Term SOFR + 0.25%), 5.58%, 06/25/37(a)		484		445,256
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1-mo. Term SOFR + 0.25%), 5.58%, 01/15/37(a)		366		335,645
Deer Creek CLO Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.44%), 6.76%, 10/20/30(a)(b)		239		238,958
Dryden CLO Ltd., Series 2022-106A, Class E, (3-mo. CME Term SOFR + 8.87%), 14.18%, 10/15/35(a)(b)		500		508,285
Dryden Senior Loan Fund, Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 6.68%, 01/15/31(a)(b)		228		228,361
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, (3-mo. CME Term SOFR + 1.16%), 6.48%, 04/15/29(a)(b)		341		341,378
Elmwood CLO 14 Ltd., Series 2022-1A, Class E, (3-mo. CME Term SOFR + 6.35%), 11.67%, 04/20/35(a)(b)		415		414,758

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Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities (continued)
Elmwood CLO 22 Ltd, Series 2023-1A, Class E, (3-mo. CME Term SOFR + 7.65%), 12.97%, 04/17/36(a)(b)		USD  500	$	500,306
Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3-mo. CME Term SOFR + 1.96%), 7.28%, 04/15/33(a)(b)		250		250,403
FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/19/39(b)		3,800		3,655,232
Flatiron CLO Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.21%), 6.53%, 04/17/31(a)(b)		1,150		1,150,825
Fremont Home Loan Trust(a)
Series 2006-A, Class 2A3, (1-mo. Term SOFR + 0.43%), 5.76%, 05/25/36		4,041		2,463,961
Series 2006-D, Class 2A3, (1-mo. Term SOFR + 0.26%), 5.59%, 11/25/36		6,107		2,116,023
Galaxy CLO Ltd., Series 2023-31A, Class E, (3-mo. CME Term SOFR + 8.43%), 13.74%, 04/15/36(a)(b)		300		305,009
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3-mo. CME Term SOFR + 5.51%), 10.83%, 04/20/31(a)(b)		500		487,550
Galaxy XXVI CLO Ltd., Series 2018-26A, Class A, (3-mo. CME Term SOFR + 1.46%), 6.79%, 11/22/31(a)(b)		713		712,647
Galaxy XXVII CLO Ltd., Series 2018-28A, Class A1, (3-mo. CME Term SOFR + 1.36%), 6.68%, 07/15/31(a)(b)		444		443,944
Generate CLO Ltd.(a)(b)
Series 2A, Class DR, (3-mo. CME Term SOFR + 2.86%), 8.18%, 01/22/31		600		595,258
Series 2A, Class ER, (3-mo. CME Term SOFR + 5.91%), 11.23%, 01/22/31		250		249,237
Gilbert Park CLO Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.45%), 6.77%, 10/15/30(a)(b)		335		335,664
GoldenTree Loan Management U.S. CLO Ltd.(a)(b)
Series 2017-2A, Class AR, (3-mo. CME Term SOFR + 1.17%), 6.49%, 11/20/30		602		602,172
Series 2018-3A, Class D, (3-mo. CME Term SOFR + 3.11%), 8.43%, 04/20/30		250		250,214
Series 2019-5A, Class BR, (3-mo. CME Term SOFR + 1.81%), 7.13%, 10/20/32		250		250,184
Goldentree Loan Opportunities X Ltd., Series 2015- 10A, Class AR, (3-mo. CME Term SOFR + 1.38%), 6.70%, 07/20/31(a)(b)		433		433,836
GoldenTree Loan Opportunities X Ltd., Series 2015- 10A, Class DR, (3-mo. CME Term SOFR + 3.31%), 8.63%, 07/20/31(a)(b)		250		250,812
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1-mo. Term SOFR + 0.28%), 5.61%, 04/25/37(a)		3,227		2,223,053
HPS Loan Management Ltd., Series 8A-2016, Class ER, (3-mo. CME Term SOFR + 5.76%), 11.08%, 07/20/30(a)(b)		1,000		998,650
LCM XXIV Ltd., Series 24A, Class AR, (3-mo. CME Term SOFR + 1.24%), 6.56%, 03/20/30(a)(b)		145		144,973
Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A3, (1-mo. Term SOFR + 0.43%), 5.76%, 08/25/36(a)		4,892		1,924,245

Security	Par (000)		Value
Asset-Backed Securities (continued)
Madison Park Funding LXIII Ltd., Series 2023-63A, Class E, (3-mo. CME Term SOFR + 8.57%), 13.98%, 04/21/35(a)(b)		USD  350	$	360,068
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, (3-mo. CME Term SOFR + 6.51%), 11.82%, 04/19/33(a)(b)		500		499,317
Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3-mo. CME Term SOFR + 3.86%), 9.18%, 07/21/30(a)(b)		500		500,243
Madison Park Funding XVIII Ltd., Series 2015-18A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.53%, 10/21/30(a)(b)		250		245,058
Madison Park Funding XXIX Ltd.(a)(b)
Series 2018-29A, Class D, (3-mo. CME Term SOFR + 3.26%), 8.56%, 10/18/30		565		566,182
Series 2018-29A, Class E, (3-mo. CME Term SOFR + 5.96%), 11.26%, 10/18/30		500		501,039
Madison Park Funding XXV Ltd., Series 2017-25A, Class A1R, (3-mo. CME Term SOFR + 1.23%), 6.56%, 04/25/29(a)(b)		919		918,474
Madison Park Funding XXVI Ltd., Series 2007-4A, Class DR, (3-mo. LIBOR US + 3.00%), 8.58%, 07/29/30(a)(b)		250		248,510
Madison Park Funding XXX Ltd., Series 2018-30A, Class A, (3-mo. CME Term SOFR + 1.01%), 6.33%, 04/15/29(a)(b)		215		215,199
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, (3-mo. CME Term SOFR + 1.91%), 7.23%, 07/15/33(a)(b)		800		800,354
MASTR Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1-mo. Term SOFR + 0.41%), 5.74%, 06/25/36(a)		6,886		2,463,788
Neuberger Berman CLO XV, Series 2013-15A, Class A1R2, (3-mo. CME Term SOFR + 1.18%), 6.50%, 10/15/29(a)(b)		469		469,233
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ERR, (3-mo. CME Term SOFR + 6.76%), 12.08%, 07/15/34(a)(b)		710		707,929
Neuberger Berman Loan Advisers CLO Ltd.(a)(b)
Series 2017-25A, Class AR, (3-mo. CME Term SOFR + 1.19%), 6.49%, 10/18/29		1,291		1,290,992
Series 2017-26A, Class AR, (3-mo. CME Term SOFR + 1.18%), 6.48%, 10/18/30		235		234,909
Series 2020-37A, Class CR, (3-mo. CME Term SOFR + 2.06%), 7.38%, 07/20/31		400		398,195
Series 2021- 46A, Class B, (3-mo. CME Term SOFR + 1.91%), 7.23%, 01/20/36		250		250,278
Neuberger Berman Loan Advisers NBLA CLO Ltd.(a)(b)
Series 2022-52A, Class D, (3-mo. CME Term SOFR + 5.75%), 11.07%, 10/24/35		550		559,480
Series 2022-52A, Class E, (3-mo. CME Term SOFR + 8.81%), 14.13%, 10/24/35		250		254,763
OCP CLO Ltd.(a)(b)
Series 2015-9A, Class A1R2, (3-mo. CME Term SOFR + 1.25%), 6.57%, 01/15/33		550		550,000
Series 2017-13A, Class A1AR, (3-mo. CME Term SOFR + 1.22%), 6.54%, 07/15/30		556		556,280
Series 2017-14A, Class A2, (3-mo. CME Term SOFR + 1.76%), 7.08%, 11/20/30		400		399,799

2

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities (continued)
OCP CLO Ltd.(a)(b) (continued)
Series 2019-17A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 6.62%, 07/20/32		USD  500	$	500,004
Series 2026-11R, Class CR2, (3-mo. CME Term SOFR + 2.35%), 7.67%, 04/26/36		950		951,717
Octagon Investment Partners 31 Ltd., Series 2017-1A, Class E, (3-mo. CME Term SOFR + 6.56%), 11.88%, 07/20/30(a)(b)		500		495,889
Octagon Investment Partners 32 Ltd., Series 2017-1A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 6.53%, 07/15/29(a)(b)		185		185,580
Octagon Investment Partners XIV Ltd., Series 2012- 1A, Class AARR, (3-mo. CME Term SOFR + 1.21%), 6.53%, 07/15/29(a)(b)		238		238,450
Octagon Investment Partners XV Ltd., Series 2013- 1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 6.54%, 07/19/30(a)(b)		2,297		2,295,355
Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 6.99%, 01/25/31(a)(b)		250		250,033
Octagon Investment Partners XXI Ltd., Series 2014- 1A, Class AAR3, (3-mo. CME Term SOFR + 1.26%), 6.57%, 02/14/31(a)(b)		500		500,000
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), 8.33%, 01/22/30(a)(b)		500		492,732
OHA Credit Partners XI Ltd., Series 2015-11A, Class DR, (3-mo. CME Term SOFR + 3.21%), 8.53%, 01/20/32(a)(b)		250		248,829
OZLM VIII Ltd., Series 2014-8A, Class A1R3, (3-mo. CME Term SOFR + 1.24%), 6.56%, 10/17/29(a)(b)		408		407,362
OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. CME Term SOFR + 5.80%), 11.12%, 01/20/31(a)(b)		250		245,797
Palmer Square CLO Ltd., Series 2014-1A, Class A1R2, (3-mo. CME Term SOFR + 1.39%), 6.71%, 01/17/31(a)(b)		389		388,930
Palmer Square Loan Funding Ltd.(a)(b)
Series 2021-1A, Class A1, (3-mo. CME Term SOFR + 1.16%), 6.48%, 04/20/29		145		144,767
Series 2021-3A, Class A1, (3-mo. CME Term SOFR + 1.06%), 6.38%, 07/20/29		709		709,222
Series 2022-1A, Class A1, (3-mo. CME Term SOFR + 1.05%), 6.37%, 04/15/30		172		171,506
Rad CLO Ltd.(a)(b)
Series 2018-1A, Class AR, (3-mo. CME Term SOFR + 1.24%), 6.56%, 07/15/31		575		575,846
Series 2019-6A, Class E, (3-mo. CME Term SOFR + 7.79%), 13.11%, 01/20/33		500		500,734
Series 2022-17A, Class E, (3-mo. CME Term SOFR + 8.30%), 13.62%, 10/20/35		250		253,866
Regatta IX Funding Ltd., Series 2022-1A, Class D, (3-mo. CME Term SOFR + 4.16%), 9.48%, 04/17/30(a)(b)		250		250,382
Regatta VIII Funding Ltd., Series 2017-1A, Class A, (3-mo. CME Term SOFR + 1.51%), 6.83%, 10/17/30(a)(b)		292		292,797
Regatta XI Funding Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.33%), 6.65%, 07/17/31(a)(b)		220		220,487

Security	Par (000)			Value
Asset-Backed Securities (continued)
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 7.03%, 01/15/34(a)(b)		USD  850		$	849,235
Regatta XXV Funding Ltd., Series 2025, Class E, (3-mo. CME Term SOFR + 8.41%), 13.72%, 07/15/36(a)(b)		500			510,970
Regional Management Issuance Trust, Series 2021-3, Class A, 3.88%, 10/17/33(c)		1,110			1,011,543
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37		3,472			1,425,323
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3-mo. CME Term SOFR + 3.11%), 8.43%, 10/15/29(a)(b)		500			499,796
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1-mo. Term SOFR + 0.51%), 5.84%, 09/25/47(a)		3,256			3,020,228
Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 01/30/45(c)		—	(d)		541,024
Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3-mo. CME Term SOFR + 1.21%), 6.54%, 10/26/34(a)(b)		1,000			1,000,178
Sofi Personal Loan Term
Series 2023-1, Class A, 6.00%, 11/12/30		345			345,152
Series 2024-1, Class A, 6.06%, 02/12/31		851			850,963
Series 2024-1, Class R1, 0.00%, 02/12/31		10			500,551
Southwick Park CLO LLC, Series 2019-4A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 6.64%, 07/20/32(a)(b)		250			250,125
Stratus Static CLO Ltd., Series 2022-3A, Class DR, (3-mo. CME Term SOFR + 3.60%), 8.92%, 10/20/31(a)(b)		500			499,961
Symphony CLO XV Ltd., Series 2014-15A, Class AR3, (3-mo. CME Term SOFR + 1.34%), 6.66%, 01/17/32(a)(b)		500			499,484
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 7.17%, 04/23/35(a)(b)		600			599,212
TCI-Flatiron CLO Ltd.(a)(b)
Series 18-1A, Class BR, (3-mo. CME Term SOFR + 1.66%), 6.98%, 01/29/32		645			644,450
Series 2016-1A, Class AR3, (3-mo. CME Term SOFR + 1.10%), 6.42%, 01/17/32		1,065			1,064,781
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.19%), 6.51%, 07/15/30(a)(b)		2,123			2,122,271
TICP CLO IX Ltd., Series 2017-9A, Class D, (3-mo. CME Term SOFR + 3.16%), 8.48%, 01/20/31(a)(b)		250			251,535
TICP CLO VIII Ltd., Series 2017-8A, Class A2R, (3-mo. CME Term SOFR + 1.96%), 7.28%, 10/20/34(a)(b)		250			249,947
Trestles CLO IV Ltd., Series 2021-4A, Class B1, (3-mo. CME Term SOFR + 1.96%), 7.28%, 07/21/34(a)(b)		1,000			998,238
Trestles CLO Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 3.16%), 8.49%, 04/25/32(a)(b)		250			245,365
Trimaran CAVU Ltd.(a)(b)
Series 2021-1A, Class E, (3-mo. CME Term SOFR + 6.76%), 12.08%, 04/23/32		375			372,448
Series 2022-1, Class E, (3-mo. CME Term SOFR + 9.08%), 14.40%, 10/22/35		500			510,288

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Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities (continued)
Trimaran CAVU Ltd.(a)(b) (continued)
Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.12%), 11.44%, 01/20/36		USD  1,100	$	1,135,516
Series 2022-2A, Class E, (3-mo. CME Term SOFR + 8.81%), 14.13%, 01/20/36		500		507,970
Series 2023-1, Class E, (3-mo. CME Term SOFR + 8.94%), 14.26%, 07/20/36		500		510,823
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32(e)		GBP     31		40,802
Voya CLO Ltd.(a)(b)
Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.41%), 8.73%, 07/15/34		USD    250		249,729
Series 2022-4, Class E, (3-mo. CME Term SOFR + 7.50%), 12.82%, 10/20/33		350		352,091
Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME Term SOFR + 1.26%), 6.58%, 10/15/30(a)(b)		352		352,205
WaMu Asset-Backed Certificates WaMu Trust, Series 2007-HE3, Class 2A3, (1-mo. Term SOFR + 0.35%), 5.68%, 05/25/37(a)		5,468		4,782,785
Whetstone Park CLO Ltd., Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 7.18%, 01/20/35(a)(b)		275		274,581
Total Asset-Backed Securities — 18.9% (Cost: $108,993,084)				105,057,608
	Shares
Common Stocks
Aerospace & Defense — 0.5%
RTX Corp.		25,650		2,501,644
Building Products — 0.3%
Carrier Global Corp.		25,650		1,491,035
Machinery — 0.2%
Otis Worldwide Corp.		12,825		1,273,138
Total Common Stocks — 1.0% (Cost: $2,968,841)				5,265,817
	Par (000)
Corporate Bonds
Aerospace & Defense — 3.7%
AAR Escrow Issuer LLC, 6.75%, 03/15/29(b)		USD    360		362,770
Bombardier, Inc.(b)
7.13%, 06/15/26(f)		1,023		1,037,724
7.88%, 04/15/27(g)		103		103,072
6.00%, 02/15/28(f)		683		671,850
7.50%, 02/01/29		63		64,873
8.75%, 11/15/30(f)		607		648,140
7.25%, 07/01/31(h)		388		388,790
7.45%, 05/01/34		286		317,197
Castlelake Aviation Finance DAC, 5.00%, 04/15/27(b)		44		42,379
Embraer Netherlands Finance BV, 7.00%, 07/28/30(b)		734		765,892

Security	Par (000)		Value
Aerospace & Defense (continued)
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(b)(f)		USD  864	$	859,610
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(b)(i)		295		278,582
Lockheed Martin Corp., 4.09%, 09/15/52(f)		451		378,714
Northrop Grumman Corp., 3.85%, 04/15/45(f)		680		547,215
RTX Corp., 3.75%, 11/01/46(f)		700		541,728
Spirit AeroSystems, Inc.(b)
9.38%, 11/30/29(f)		621		677,379
9.75%, 11/15/30		531		593,958
TransDigm, Inc.(b)(f)
6.75%, 08/15/28		2,778		2,814,664
6.38%, 03/01/29		3,368		3,378,485
7.13%, 12/01/31		1,074		1,106,819
6.63%, 03/01/32		3,402		3,437,010
Triumph Group, Inc., 9.00%, 03/15/28(b)(f)		1,247		1,314,627
				20,331,478
Air Freight & Logistics — 0.2%
FedEx Corp.(f)
3.90%, 02/01/35		500		446,008
4.75%, 11/15/45		500		442,952
Rand Parent LLC, 8.50%, 02/15/30(b)		36		35,649
				924,609
Automobile Components — 1.3%
Aptiv PLC, 4.40%, 10/01/46(f)		280		221,229
Clarios Global LP, 6.75%, 05/15/25(b)		140		140,125
Clarios Global LP/Clarios U.S. Finance Co.
4.38%, 05/15/26(e)		EUR    423		452,852
6.25%, 05/15/26(b)(f)		USD    350		349,822
8.50%, 05/15/27(b)(f)		3,576		3,581,409
6.75%, 05/15/28(b)(f)		1,121		1,136,277
Dana Financing Luxembourg SARL, 8.50%, 07/15/31(e)		EUR    100		118,737
Forvia SE, 3.75%, 06/15/28(e)		100		104,648
Goodyear Tire & Rubber Co.
5.00%, 07/15/29(f)		USD    132		123,238
5.63%, 04/30/33		137		125,120
IHO Verwaltungs GmbH, (3.88% PIK), 3.88%, 05/15/27(e)(i)		EUR    100		105,726
Phinia, Inc., 6.75%, 04/15/29(b)(h)		USD    199		200,919
Schaeffler AG, 4.75%, 08/14/29(e)		EUR    100		109,541
Tenneco, Inc., 8.00%, 11/17/28(b)		USD    197		179,750
ZF Finance GmbH, 2.00%, 05/06/27(e)		EUR    100		100,333
				7,049,726
Automobiles — 1.0%
Asbury Automotive Group, Inc.
4.50%, 03/01/28		USD     22		20,946
5.00%, 02/15/32(b)		168		152,215
Aston Martin Capital Holdings Ltd.
10.00%, 03/31/29(b)		200		203,634
10.38%, 03/31/29(e)		GBP    100		128,397
Carvana Co.(b)(i)
(12.00% PIK), 12.00%, 12/01/28		USD    181		176,971
(13.00% PIK), 13.00%, 06/01/30		182		177,491
(14.00% PIK), 14.00%, 06/01/31		279		280,129
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(b)		231		229,944
Ford Motor Co., 6.10%, 08/19/32(f)		331		335,407
General Motors Co., 6.25%, 10/02/43(f)		2,194		2,244,341
LCM Investments Holdings II LLC(b)
4.88%, 05/01/29		55		50,552

4

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Automobiles (continued)
LCM Investments Holdings II LLC(b) (continued)
8.25%, 08/01/31	USD		477	$	499,017
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b)			339		317,941
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30(a)(e)	EUR		100		105,299
TML Holdings Pte. Ltd., 4.35%, 06/09/26(e)(f)	USD		200		191,938
Wabash National Corp., 4.50%, 10/15/28(b)(f)			281		257,687
ZF Europe Finance BV, 6.13%, 03/13/29(e)	EUR		100		114,358
					5,486,267
Banks — 1.5%
Alpha Bank SA, (1-year EUR Swap + 2.43%), 5.00%, 05/12/30(a)(e)			100		108,266
Banca Monte dei Paschi di Siena SpA, (3-mo. EURIBOR + 2.05%), 4.75%, 03/15/29(a)(e)			100		108,694
Banco BPM SpA(a)(e)
(3-mo. EURIBOR + 2.80%), 6.00%, 06/14/28			150		170,515
(5-year EUR Swap + 3.17%), 2.88%, 06/29/31			100		103,300
Banco de Credito Social Cooperativo SA, (1-year EURIBOR ICE Swap + 4.27%), 7.50%, 09/14/29(a)(e)			100		118,998
Banco Santander SA, 6.92%, 08/08/33	USD		400		418,588
Bangkok Bank PCL/Hong Kong 5.50%, 09/21/33(b)			271		273,222
(5-year CMT + 4.73%), 5.00%(a)(e)(j)			505		491,113
Barclays Bank PLC, 1.00%, 02/16/29(k)			476		510,445
Barclays PLC, 5.20%, 05/12/26(f)			200		197,940
Citigroup, Inc., (1-day SOFR + 2.66%), 6.17%, 05/25/34(a)(f)			163		165,525
Commerzbank AG, (5-year EUR Swap + 6.36%), 6.13%(a)(e)(j)	EUR		200		212,803
Credit Suisse AG/New York, 5.00%, 07/09/27(f)	USD		900		891,798
Deutsche Bank AG/New York, (1-day SOFR + 3.18%), 6.72%, 01/18/29(a)(f)			815		842,842
Freedom Mortgage Corp.(b)
12.00%, 10/01/28			134		146,061
12.25%, 10/01/30			133		146,271
HSBC Holdings PLC, 4.38%, 11/23/26(f)			370		361,569
Intesa Sanpaolo SpA, 5.71%, 01/15/26(b)			200		198,261
JPMorgan Chase & Co., (3-mo. CME Term SOFR + 1.21%), 3.51%, 01/23/29(a)(f)			2,250		2,128,348
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35(a)(e)(h)	EUR		100		108,721
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33(a)(b)(f)	USD		500		475,370
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70%(a)(j)			355		360,226
					8,538,876
Beverages — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(f)			2,160		2,052,670
Biotechnology — 0.2%
Amgen, Inc., 2.80%, 08/15/41(f)			250		181,126
Cidron Aida Finco SARL, 5.00%, 04/01/28(e)	EUR		100		104,514
Gilead Sciences, Inc., 4.75%, 03/01/46(f)	USD		700		642,884
					928,524

Security		Par (000)		Value
Broadline Retail(b) — 0.1%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26	USD		155	$	151,787
Rakuten Group, Inc., 11.25%, 02/15/27			283		299,835
					451,622
Building Products — 1.3%
Advanced Drainage Systems, Inc.(b)
5.00%, 09/30/27			373		361,848
6.38%, 06/15/30			522		524,701
Builders FirstSource, Inc., 6.38%, 03/01/34(b)			258		259,065
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b)(f)			295		303,040
Foundation Building Materials, Inc., 6.00%, 03/01/29(b)			104		95,637
Lowe’s Cos., Inc., 4.65%, 04/15/42(f)			400		363,187
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(b)			111		110,256
SRS Distribution, Inc.(b)
4.63%, 07/01/28			1,047		1,054,655
6.13%, 07/01/29(f)			815		831,097
6.00%, 12/01/29(f)			1,204		1,229,894
White Cap Buyer LLC, 6.88%, 10/15/28(b)(f)			1,782		1,747,871
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26(b)(f)(i)			498		497,516
					7,378,767
Capital Markets — 1.1%
Apollo Debt Solutions BDC, 6.90%, 04/13/29(b)			315		317,990
Ares Capital Corp., 5.88%, 03/01/29			185		184,447
Aretec Group, Inc., 10.00%, 08/15/30(b)			130		141,995
Blackstone Private Credit Fund
7.05%, 09/29/25			103		104,537
3.25%, 03/15/27			97		89,524
6.25%, 01/25/31(b)			214		214,895
Blue Owl Capital Corp.
3.75%, 07/22/25(f)			238		230,876
3.40%, 07/15/26			21		19,784
Blue Owl Capital Corp. II, 8.45%, 11/15/26(b)			196		201,877
Blue Owl Credit Income Corp.
3.13%, 09/23/26			10		9,175
7.75%, 09/16/27(f)			395		404,654
6.65%, 03/15/31(b)			430		419,613
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b)(f)			273		259,386
HPS Corporate Lending Fund, 6.75%, 01/30/29(b)			285		284,478
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26			563		543,478
5.25%, 05/15/27(f)			1,071		967,906
9.75%, 01/15/29(b)			391		408,127
4.38%, 02/01/29(f)			272		231,905
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27(k)			396		437,580
Oaktree Strategic Credit Fund, 8.40%, 11/14/28(b)			218		231,239
Raymond James Financial, Inc., 4.95%, 07/15/46(f)			400		367,961
					6,071,427
Chemicals — 1.8%
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(b)			358		372,394
Axalta Coating Systems LLC, 3.38%, 02/15/29(b)(f)			245		219,242
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(b)			600		579,111
Braskem Idesa SAPI, 6.99%, 02/20/32(b)			305		235,338

S C H E D U L E   O F   I N V E S T M E N T S 5

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
Braskem Netherlands Finance BV, 8.50%, 01/12/31(b)	USD		203	$	208,887
Chemours Co.
5.38%, 05/15/27			256		245,418
5.75%, 11/15/28(b)			182		167,822
4.63%, 11/15/29(b)			309		266,379
Element Solutions, Inc., 3.88%, 09/01/28(b)			2,001		1,835,616
HB Fuller Co., 4.25%, 10/15/28			141		130,654
Herens Holdco SARL, 4.75%, 05/15/28(b)			471		411,047
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b)(f)			423		417,289
INEOS Finance PLC, 6.38%, 04/15/29(e)	EUR		100		107,889
INEOS Quattro Finance 2 PLC, Series APR, 8.50%, 03/15/29(e)(h)			102		114,720
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(i)	USD		349		297,182
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(b)			170		153,075
Minerals Technologies, Inc., 5.00%, 07/01/28(b)			218		208,441
Olympus Water U.S. Holding Corp.
9.63%, 11/15/28(e)	EUR		100		115,550
9.75%, 11/15/28(b)	USD		1,098		1,169,608
Scotts Miracle-Gro Co.
4.50%, 10/15/29			115		104,074
4.38%, 02/01/32			32		27,588
Sherwin-Williams Co., 4.50%, 06/01/47(f)			310		270,890
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b)			586		522,340
WR Grace Holdings LLC(b)
4.88%, 06/15/27			177		168,217
5.63%, 08/15/29(f)			1,638		1,465,829
7.38%, 03/01/31			445		450,591
					10,265,191
Commercial Services & Supplies — 3.6%
ADT Security Corp.(b)
4.13%, 08/01/29			35		32,066
4.88%, 07/15/32			173		156,591
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26(b)			222		219,972
Allied Universal Holdco LLC, 7.88%, 02/15/31(b)			1,280		1,296,380
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b)(f)
6.63%, 07/15/26			1,090		1,089,284
9.75%, 07/15/27			909		911,731
6.00%, 06/01/29			1,655		1,424,002
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
4.63%, 06/01/28(b)			2,466		2,245,296
4.88%, 06/01/28(e)	GBP		100		113,625
APi Group DE, Inc.(b)
4.13%, 07/15/29	USD		168		151,365
4.75%, 10/15/29			128		117,969
APX Group, Inc., 5.75%, 07/15/29(b)			342		328,833
Aramark Services, Inc., 5.00%, 02/01/28(b)(f)			1,272		1,227,701
Champions Financing, Inc., 8.75%, 02/15/29(b)			452		473,536
Fortress Transportation and Infrastructure Investors LLC(b)
6.50%, 10/01/25			831		829,755
9.75%, 08/01/27			487		504,258
5.50%, 05/01/28(f)			972		941,789
7.88%, 12/01/30			943		990,256
Garda World Security Corp.(b)
4.63%, 02/15/27			437		418,730
9.50%, 11/01/27			139		139,334

Security		Par (000)		Value
Commercial Services & Supplies (continued)
Garda World Security Corp.(b) (continued)
7.75%, 02/15/28(f)	USD		781	$	800,908
6.00%, 06/01/29			143		127,991
Herc Holdings, Inc., 5.50%, 07/15/27(b)(f)			838		823,074
Inter Media and Communication SpA, 6.75%, 02/09/27(e)	EUR		100		105,455
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26(b)	USD		114		112,939
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29(b)(f)			158		150,273
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b)			230		217,482
NESCO Holdings II, Inc., 5.50%, 04/15/29(b)			305		288,561
Paprec Holding SA, 7.25%, 11/17/29(e)	EUR		100		114,908
Prime Security Services Borrower LLC/Prime Finance, Inc.(b)
5.25%, 04/15/24	USD		24		23,956
5.75%, 04/15/26			444		442,705
6.25%, 01/15/28(f)			268		262,527
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b)(f)			690		579,954
Techem Verwaltungsgesellschaft 675 mbH, 2.00%, 07/15/25(e)	EUR		100		105,758
United Rentals North America, Inc.
5.50%, 05/15/27	USD		173		172,489
6.00%, 12/15/29(b)(f)			1,454		1,463,634
6.13%, 03/15/34(b)			231		231,287
Verisure Holding AB, 9.25%, 10/15/27(e)	EUR		100		115,302
Williams Scotsman, Inc., 7.38%, 10/01/31(b)	USD		412		428,214
					20,179,890
Communications Equipment(b) — 0.3%
CommScope Technologies LLC, 6.00%, 06/15/25(f)			470		408,759
CommScope, Inc.(f)
6.00%, 03/01/26			486		444,690
4.75%, 09/01/29			257		185,040
Viasat, Inc.
5.63%, 09/15/25			477		464,983
5.63%, 04/15/27(f)			248		234,844
7.50%, 05/30/31			68		49,272
					1,787,588
Construction & Engineering — 0.5%
Arcosa, Inc., 4.38%, 04/15/29(b)			477		439,571
Brand Industrial Services, Inc., 10.38%, 08/01/30(b)(f)			1,928		2,087,374
Kier Group PLC, 9.00%, 02/15/29(e)	GBP		100		128,699
Pike Corp., 8.63%, 01/31/31(b)	USD		117		124,332
					2,779,976
Construction Materials — 1.7%
BCPE Empire Holdings, Inc., 7.63%, 05/01/27(b)			534		521,446
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
6.38%, 12/15/30(b)	EUR		205		232,178
6.38%, 12/15/30(e)			100		113,258
6.63%, 12/15/30(b)(f)	USD		3,858		3,895,010
HT Troplast GmbH, 9.38%, 07/15/28(e)	EUR		100		112,859
Jeld-Wen, Inc., 4.63%, 12/15/25(b)	USD		365		356,161
Masonite International Corp., 5.38%, 02/01/28(b)(f)			161		161,216
New Enterprise Stone & Lime Co., Inc.(b)
5.25%, 07/15/28			103		98,673
9.75%, 07/15/28			48		49,108
Resideo Funding, Inc., 4.00%, 09/01/29(b)			77		68,848
Smyrna Ready Mix Concrete LLC(b)
6.00%, 11/01/28(f)			692		676,331
8.88%, 11/15/31			939		1,003,689

6

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Construction Materials (continued)
Standard Industries, Inc.
2.25%, 11/21/26(e)		EUR  131	$	132,364
5.00%, 02/15/27(b)		USD   94		91,182
4.75%, 01/15/28(b)		115		109,754
4.38%, 07/15/30(b)(f)		1,068		959,646
3.38%, 01/15/31(b)		125		104,808
Summit Materials LLC/Summit Materials Finance Corp.(b)
5.25%, 01/15/29		40		38,977
7.25%, 01/15/31		612		636,105
				9,361,613
Consumer Finance — 2.6%
Block, Inc.
2.75%, 06/01/26		845		794,709
3.50%, 06/01/31(f)		2,157		1,877,334
Bread Financial Holdings, Inc., 9.75%, 03/15/29(b)		182		189,403
Ford Motor Credit Co. LLC
4.39%, 01/08/26		1,250		1,219,229
7.35%, 03/06/30		394		420,066
7.20%, 06/10/30(f)		400		424,548
Global Payments, Inc., 1.50%, 03/01/31(b)(k)		717		757,869
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31(b)(f)		1,806		1,890,544
Navient Corp.
5.50%, 03/15/29(f)		268		249,534
9.38%, 07/25/30		241		257,817
OneMain Finance Corp.
6.88%, 03/15/25(f)		288		291,011
7.13%, 03/15/26(f)		401		408,276
3.50%, 01/15/27(f)		389		361,109
6.63%, 01/15/28		285		285,915
9.00%, 01/15/29(f)		411		436,117
5.38%, 11/15/29(f)		131		123,168
7.88%, 03/15/30		529		545,701
4.00%, 09/15/30		267		228,511
Sabre GLBL, Inc.(b)
8.63%, 06/01/27(f)		744		652,876
11.25%, 12/15/27		34		31,909
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(b)(f)		819		791,849
Shift4 Payments, Inc., 0.00%, 12/15/25(k)(l)		219		234,330
Verscend Escrow Corp., 9.75%, 08/15/26(b)(f)		2,007		2,012,638
				14,484,463
Consumer Staples Distribution & Retail — 1.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b)
3.25%, 03/15/26		65		61,985
7.50%, 03/15/26		127		129,239
4.63%, 01/15/27		1,035		1,001,667
5.88%, 02/15/28(f)		377		373,245
6.50%, 02/15/28		199		201,112
3.50%, 03/15/29		309		277,354
4.88%, 02/15/30(f)		320		304,457
Bellis Acquisition Co. PLC(e)
3.25%, 02/16/26		GBP  100		119,004
4.50%, 02/16/26		100		121,482
BRF GmbH, 4.35%, 09/29/26(e)		USD  200		190,964
Lamb Weston Holdings, Inc.(b)(f)
4.13%, 01/31/30		368		335,543
4.38%, 01/31/32		474		425,044

Security	Par (000)		Value
Consumer Staples Distribution & Retail (continued)
Market Bidco Finco PLC, 5.50%, 11/04/27(e)		GBP  100	$	114,919
Performance Food Group, Inc., 4.25%, 08/01/29(b)(f)		USD  383		350,986
Post Holdings, Inc.(b)
4.63%, 04/15/30(f)		397		364,449
4.50%, 09/15/31		42		37,779
6.25%, 02/15/32		359		361,616
Premier Foods Finance PLC, 3.50%, 10/15/26(e)		GBP  100		120,501
U.S. Foods, Inc.(b)
6.88%, 09/15/28		USD  185		189,376
4.75%, 02/15/29(f)		427		405,332
4.63%, 06/01/30		51		47,312
7.25%, 01/15/32(f)		306		318,463
United Natural Foods, Inc., 6.75%, 10/15/28(b)		44		36,546
Walgreens Boots Alliance, Inc.
3.20%, 04/15/30(f)		40		34,766
4.80%, 11/18/44		128		107,669
4.10%, 04/15/50		192		140,789
				6,171,599
Containers & Packaging — 2.1%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b)
6.00%, 06/15/27		736		714,486
3.25%, 09/01/28		200		172,764
4.00%, 09/01/29(f)		1,600		1,289,682
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/25(b)		400		386,412
2.13%, 08/15/26(e)		EUR  243		225,458
4.13%, 08/15/26(b)		USD  869		786,196
5.25%, 08/15/27(b)		255		160,650
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25(b)(f)		211		201,267
Clydesdale Acquisition Holdings, Inc.(b)(f)
6.63%, 04/15/29		706		705,433
8.75%, 04/15/30		1,004		986,469
Crown Americas LLC, 5.25%, 04/01/30		31		29,888
Crown Americas LLC/Crown Americas Capital Corp. V,
4.25%, 09/30/26		74		71,689
Graphic Packaging International LLC, 2.63%, 02/01/29(e)		EUR  195		195,130
LABL, Inc.(b)
6.75%, 07/15/26		USD   92		90,889
5.88%, 11/01/28(f)		280		257,489
9.50%, 11/01/28		567		573,552
Mauser Packaging Solutions Holding Co.(b)
7.88%, 08/15/26(f)		4,200		4,278,754
9.25%, 04/15/27		80		79,363
OI European Group BV, 6.25%, 05/15/28(b)		EUR  150		168,637
Owens-Brockway Glass Container, Inc.(b)
6.63%, 05/13/27		USD   51		51,029
7.25%, 05/15/31(f)		221		225,089
Sealed Air Corp., 5.00%, 04/15/29(b)		77		73,910
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28(b)(f)		110		110,228
Trident TPI Holdings, Inc., 12.75%, 12/31/28(b)		16		17,071
				11,851,535
Diversified Consumer Services — 0.6%
Grand Canyon University, 5.13%, 10/01/28		249		225,188
Service Corp. International(f)
5.13%, 06/01/29		107		104,115

S C H E D U L E   O F   I N V E S T M E N T S 7

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Consumer Services (continued)
Service Corp. International(f) (continued)
4.00%, 05/15/31	USD		503	$	445,636
Sotheby’s, 7.38%, 10/15/27(b)(f)			1,730		1,610,770
Wand NewCo 3, Inc., 7.63%, 01/30/32(b)			802		829,450
					3,215,159
Diversified REITs — 1.0%
American Tower Corp., 2.30%, 09/15/31(f)			1,000		816,181
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32(f)			493		415,021
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27(b)			268		279,444
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b)			353		322,385
MPT Operating Partnership LP/MPT Finance Corp.
2.50%, 03/24/26	GBP		382		411,340
5.25%, 08/01/26	USD		72		65,911
5.00%, 10/15/27			58		48,575
4.63%, 08/01/29			208		159,633
3.50%, 03/15/31			1,185		813,645
SBA Communications Corp.
3.13%, 02/01/29(f)			1,435		1,266,395
3.88%, 02/15/27			73		69,429
VICI Properties LP/VICI Note Co., Inc.(b)
4.63%, 12/01/29			409		386,801
4.13%, 08/15/30			306		278,248
					5,333,008
Diversified Telecommunication Services — 4.2%
AT&T, Inc.(f)
4.65%, 06/01/44			111		97,752
4.75%, 05/15/46			2,545		2,279,171
Cablevision Lightpath LLC(b)
3.88%, 09/15/27			418		375,317
5.63%, 09/15/28			401		334,642
Cellnex Telecom SA, 2.13%, 08/11/30(e)(k)	EUR		100		110,442
Frontier Communications Holdings LLC(b)
5.88%, 10/15/27	USD		405		392,095
5.00%, 05/01/28(f)			1,139		1,057,234
8.75%, 05/15/30			1,794		1,835,661
8.63%, 03/15/31			331		338,060
Iliad Holding SASU(b)(f)
6.50%, 10/15/26			1,722		1,705,871
7.00%, 10/15/28			438		433,494
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(e)	EUR		117		122,055
Level 3 Financing, Inc.(b)
10.50%, 04/15/29	USD		1,339		1,365,780
4.88%, 06/15/29			1,352		902,460
11.00%, 11/15/29			1,008		1,048,635
10.50%, 05/15/30			1,605		1,641,112
3.88%, 10/15/30			128		75,520
Lumen Technologies, Inc.(b)
4.13%, 04/15/29			260		163,595
4.13%, 04/15/30			260		160,998
Network i2i Ltd., (5-year CMT + 4.27%), 5.65%(a)(e)(j)			250		247,734
Sable International Finance Ltd., 5.75%, 09/07/27(b)(f)			200		192,118
SoftBank Group Corp.(e)
4.50%, 04/20/25	EUR		100		107,736
3.38%, 07/06/29			100		98,989
3.88%, 07/06/32			100		96,557
Telecom Italia Capital SA
6.38%, 11/15/33	USD		112		105,959

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Telecom Italia Capital SA (continued)
6.00%, 09/30/34(f)	USD		698	$	638,428
7.20%, 07/18/36			270		263,546
7.72%, 06/04/38			68		68,116
Telecom Italia SpA/Milano
5.30%, 05/30/24(b)			202		200,901
2.75%, 04/15/25(e)	EUR		100		105,192
1.63%, 01/18/29(e)			100		92,670
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(b)(f)	USD		1,881		1,950,086
Verizon Communications, Inc.(f)
4.50%, 08/10/33			500		478,156
3.70%, 03/22/61			1,250		913,976
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28(b)			159		147,166
Zayo Group Holdings, Inc.(b)(f)
4.00%, 03/01/27			3,392		2,792,101
6.13%, 03/01/28			759		531,125
					23,470,450
Electric Utilities — 1.2%
AES Panama Generation Holdings SRL, 4.38%, 05/31/30(e)			219		190,307
Duke Energy Corp., 4.80%, 12/15/45(f)			1,500		1,331,859
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(a)(j)			40		38,708
EnBW Energie Baden-Wuerttemberg AG, (5-year EURIBOR ICE Swap + 2.66%), 5.25%, 01/23/84(a)(e)	EUR		100		110,286
Enel Finance International NV, 3.63%, 05/25/27(b)(f)	USD		1,250		1,191,745
FirstEnergy Corp., 2.65%, 03/01/30			68		58,454
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(e)			231		220,197
NextEra Energy Operating Partners LP(b)
4.25%, 07/15/24			205		203,194
4.25%, 09/15/24			11		10,615
3.88%, 10/15/26			86		80,205
7.25%, 01/15/29			219		224,073
Pacific Gas and Electric Co., 6.95%, 03/15/34(f)			214		234,279
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b)			407		379,383
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(e)			162		162,971
Talen Energy Supply LLC, 8.63%, 06/01/30(b)			174		186,068
TransAlta Corp., 7.75%, 11/15/29			142		147,607
Virginia Electric and Power Co., Series A, 6.00%, 05/15/37(f)			750		786,813
Vistra Operations Co. LLC(b)
7.75%, 10/15/31			480		502,694
6.95%, 10/15/33			300		320,209
					6,379,667
Electrical Equipment — 0.2%
Nexans SA, 4.25%, 03/11/30(e)	EUR		100		108,424
WESCO Distribution, Inc.(b)
7.25%, 06/15/28(f)	USD		414		422,668
6.38%, 03/15/29			294		297,023
6.63%, 03/15/32			296		300,792
					1,128,907
Electronic Equipment, Instruments & Components — 0.7%
Coherent Corp., 5.00%, 12/15/29(b)(f)			610		574,525
Corning, Inc., 4.38%, 11/15/57(f)			1,915		1,585,731

8

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electronic Equipment, Instruments & Components (continued)
Imola Merger Corp., 4.75%, 05/15/29(b)(f)		USD    582	$	545,713
Sensata Technologies, Inc.(b)
4.38%, 02/15/30		1,066		970,215
3.75%, 02/15/31		26		22,490
				3,698,674
Energy Equipment & Services — 1.0%
Archrock Partners LP/Archrock Partners Finance Corp.(b)
6.88%, 04/01/27		381		382,156
6.25%, 04/01/28(f)		1,088		1,076,508
Borr IHC Ltd./Borr Finance LLC(b)
10.00%, 11/15/28(f)		215		223,600
10.38%, 11/15/30		256		266,240
Kodiak Gas Services LLC, 7.25%, 02/15/29(b)(f)		685		697,733
Oceaneering International, Inc., 6.00%, 02/01/28		92		90,640
Patterson-UTI Energy, Inc., 7.15%, 10/01/33		135		145,131
Seadrill Finance Ltd., 8.38%, 08/01/30(b)		200		209,838
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26		397		396,544
6.88%, 09/01/27		710		711,689
7.13%, 03/15/29(b)		553		559,888
Vallourec SACA, 8.50%, 06/30/26(e)		EUR     44		47,885
Weatherford International Ltd.(b)
6.50%, 09/15/28		USD    182		187,712
8.63%, 04/30/30(f)		538		561,655
				5,557,219
Entertainment — 0.2%
CPUK Finance Ltd., 4.50%, 08/28/27(e)		GBP    100		114,754
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b)		USD    303		231,806
Live Nation Entertainment, Inc.(b)
4.75%, 10/15/27(f)		618		590,083
3.75%, 01/15/28		253		234,062
				1,170,705
Environmental, Maintenance & Security Service — 1.0%
Clean Harbors, Inc.(b)
4.88%, 07/15/27		297		288,091
5.13%, 07/15/29		149		143,225
6.38%, 02/01/31		87		87,639
Covanta Holding Corp.
4.88%, 12/01/29(b)		181		162,221
5.00%, 09/01/30		91		80,197
GFL Environmental, Inc.(b)
4.25%, 06/01/25		5		4,918
3.75%, 08/01/25		402		391,529
4.00%, 08/01/28		567		522,592
3.50%, 09/01/28		259		237,242
4.75%, 06/15/29(f)		483		454,232
4.38%, 08/15/29(f)		403		371,273
6.75%, 01/15/31		887		909,009
Waste Pro USA, Inc., 5.50%, 02/15/26(b)		1,690		1,664,444
				5,316,612
Financial Services — 1.4%
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)		262		257,577
Freedom Mortgage Holdings LLC, 9.25%, 02/01/29(b)		79		80,852
GGAM Finance Ltd.(b)
7.75%, 05/15/26		58		59,195
8.00%, 02/15/27		493		509,032
8.00%, 06/15/28		177		184,846

Security	Par (000)		Value
Financial Services (continued)
GGAM Finance Ltd.(b) (continued)
6.88%, 04/15/29(h)		USD    341	$	342,279
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28(b)(f)		415		381,629
Macquarie Airfinance Holdings Ltd.(b)
6.40%, 03/26/29		85		86,345
8.13%, 03/30/29		391		413,530
6.50%, 03/26/31		220		223,923
MGIC Investment Corp., 5.25%, 08/15/28		216		209,821
Nationstar Mortgage Holdings, Inc.(b)
5.00%, 02/01/26(f)		1,902		1,861,306
6.00%, 01/15/27(f)		237		233,638
5.13%, 12/15/30(f)		241		218,655
5.75%, 11/15/31		170		156,800
7.13%, 02/01/32		995		988,186
PennyMac Financial Services, Inc., 7.88%, 12/15/29(b)		367		377,109
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b)
2.88%, 10/15/26(f)		1,123		1,037,565
3.88%, 03/01/31(f)		201		175,111
4.00%, 10/15/33		104		88,097
				7,885,496
Food Products — 0.7%
Aramark International Finance SARL, 3.13%, 04/01/25(e)		EUR    200		213,043
Chobani LLC/Chobani Finance Corp., Inc.(b)
4.63%, 11/15/28		USD  1,233		1,149,818
7.63%, 07/01/29		1,528		1,549,010
Darling Global Finance BV, 3.63%, 05/15/26(e)		EUR    156		165,776
Darling Ingredients, Inc., 6.00%, 06/15/30(b)(f)		USD    557		551,989
Fiesta Purchaser, Inc., 7.88%, 03/01/31(b)		194		200,344
				3,829,980
Gas Utilities(b) — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.,
9.38%, 06/01/28		387		400,742
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31		117		106,667
				507,409
Ground Transportation — 1.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.00%, 02/15/31(b)		309		308,498
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42(f)		500		447,538
GN Bondco LLC, 9.50%, 10/15/31(b)(f)		419		418,251
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b)(f)		1,747		1,733,377
RXO, Inc., 7.50%, 11/15/27(b)		87		89,284
Uber Technologies, Inc.
0.00%, 12/15/25(f)(k)(l)		215		241,337
8.00%, 11/01/26(b)(f)		363		367,368
7.50%, 09/15/27(b)(f)		545		558,084
6.25%, 01/15/28(b)(f)		196		196,802
4.50%, 08/15/29(b)(f)		760		721,102
Series 2028, 0.88%, 12/01/28(b)(k)		648		801,576
Union Pacific Corp., 3.20%, 05/20/41(f)		275		214,280
				6,097,497
Health Care Equipment & Supplies — 1.2%
Avantor Funding, Inc.
2.63%, 11/01/25(e)		EUR    300		315,564
4.63%, 07/15/28(b)(f)		USD  1,050		994,995
3.88%, 11/01/29(b)		31		27,945

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 (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Equipment & Supplies (continued)
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28(b)(f)	USD		1,860	$	1,924,467
Becton Dickinson & Co., 4.69%, 12/15/44(f)			600		543,316
Medline Borrower LP(b)
3.88%, 04/01/29			888		808,263
5.25%, 10/01/29(f)			1,866		1,763,684
Neogen Food Safety Corp., 8.63%, 07/20/30(b)			254		273,622
Teleflex, Inc., 4.63%, 11/15/27			100		96,179
					6,748,035
Health Care Providers & Services — 2.8%
AHP Health Partners, Inc., 5.75%, 07/15/29(b)			442		402,220
Catalent Pharma Solutions, Inc.(b)
5.00%, 07/15/27(f)			683		672,564
3.13%, 02/15/29			313		299,096
3.50%, 04/01/30(f)			453		431,442
Charles River Laboratories International, Inc., 4.00%, 03/15/31(b)			55		49,145
CHS/Community Health Systems, Inc.(b)
5.63%, 03/15/27			275		253,110
6.00%, 01/15/29			769		671,797
5.25%, 05/15/30(f)			1,146		934,462
4.75%, 02/15/31(f)			847		653,670
Encompass Health Corp.
4.75%, 02/01/30(f)			380		356,044
4.63%, 04/01/31			303		275,488
Ephios Subco 3 SARL, 7.88%, 01/31/31(e)	EUR		100		113,167
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)(f)	USD		254		262,200
HealthEquity, Inc., 4.50%, 10/01/29(b)			988		911,566
IQVIA, Inc.
5.00%, 10/15/26(b)(f)			348		340,514
6.25%, 02/01/29			159		165,094
6.50%, 05/15/30(b)			274		279,621
Legacy LifePoint Health LLC, 4.38%, 02/15/27(b)			365		347,814
LifePoint Health, Inc.(b)
9.88%, 08/15/30(f)			381		398,542
11.00%, 10/15/30			600		641,275
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29(b)			567		569,539
Molina Healthcare, Inc.(b)
4.38%, 06/15/28			59		55,462
3.88%, 11/15/30			321		285,393
3.88%, 05/15/32(f)			213		185,464
Northwell Healthcare, Inc., 4.26%, 11/01/47(f)			686		568,475
Prime Healthcare Services, Inc., 7.25%, 11/01/25(b)			62		61,672
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(b)			114		114,153
Star Parent, Inc., 9.00%, 10/01/30(b)(f)			1,325		1,402,256
Surgery Center Holdings, Inc.(b)
6.75%, 07/01/25			392		392,039
10.00%, 04/15/27(f)			457		457,842
7.25%, 04/15/32(h)			826		832,414
Tenet Healthcare Corp.
6.13%, 06/15/30			320		319,266
6.75%, 05/15/31(b)(f)			1,097		1,116,998
UnitedHealth Group, Inc., 4.38%, 03/15/42(f)			750		680,644
					15,500,448
Health Care Technology — 0.5%
AthenaHealth Group, Inc., 6.50%, 02/15/30(b)(f)			2,808		2,568,249
Hotel & Resort REITs — 0.6%
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27			82		78,950
7.25%, 07/15/28(b)			356		366,614

Security		Par (000)		Value
Hotel & Resort REITs (continued)
RHP Hotel Properties LP/RHP Finance Corp. (continued)
4.50%, 02/15/29(b)	USD		142	$	132,593
6.50%, 04/01/32(b)			1,034		1,037,490
Service Properties Trust(f)
7.50%, 09/15/25			215		217,898
8.63%, 11/15/31(b)			1,536		1,638,047
					3,471,592
Hotels, Restaurants & Leisure — 6.4%
Boyd Gaming Corp., 4.75%, 06/15/31(b)(f)			482		442,933
Boyne USA, Inc., 4.75%, 05/15/29(b)			465		431,042
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b)
3.88%, 01/15/28			69		64,847
4.38%, 01/15/28(f)			157		148,511
4.00%, 10/15/30			771		686,962
Caesars Entertainment, Inc.(b)(f)
8.13%, 07/01/27			1,468		1,503,468
4.63%, 10/15/29			184		167,784
7.00%, 02/15/30			2,112		2,167,936
6.50%, 02/15/32			892		899,855
Carnival Corp.
7.63%, 03/01/26(b)			197		199,317
7.63%, 03/01/26(e)	EUR		100		109,959
5.75%, 03/01/27(b)	USD		1,024		1,013,489
4.00%, 08/01/28(b)			449		416,016
6.00%, 05/01/29(b)(f)			1,119		1,104,128
7.00%, 08/15/29(b)			217		226,328
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28(b)(f)			3,535		3,856,187
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(b)			559		556,684
Churchill Downs, Inc.(b)
5.50%, 04/01/27(f)			684		671,372
4.75%, 01/15/28			618		588,314
5.75%, 04/01/30(f)			1,073		1,035,769
6.75%, 05/01/31(f)			504		506,815
Cirsa Finance International SARL, (3-mo. EURIBOR + 4.50%), 8.41%, 07/31/28(a)(e)	EUR		100		109,773
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(b)
4.63%, 01/15/29	USD		390		357,621
6.75%, 01/15/30			172		154,441
Hilton Domestic Operating Co., Inc.
3.75%, 05/01/29(b)(f)			186		170,633
4.88%, 01/15/30(f)			450		431,460
4.00%, 05/01/31(b)(f)			302		269,917
3.63%, 02/15/32(b)			3		2,583
6.13%, 04/01/32(b)			266		267,132
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow Esc, 6.63%, 01/15/32(b)			305		306,231
Life Time, Inc.(b)
5.75%, 01/15/26			435		431,471
8.00%, 04/15/26(f)			336		340,058
Light & Wonder International, Inc.(b)
7.00%, 05/15/28			190		191,400
7.25%, 11/15/29(f)			213		218,659
7.50%, 09/01/31			272		282,854
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b)			319		337,330

10

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Lindblad Expeditions LLC, 6.75%, 02/15/27(b)	USD		389	$	392,009
Lottomatica SpA/Roma, (3-mo. EURIBOR + 4.00%), 7.94%, 12/15/30(a)(e)	EUR		100		109,234
Melco Resorts Finance Ltd.
4.88%, 06/06/25(b)	USD		400		390,000
5.75%, 07/21/28(b)			200		189,160
5.38%, 12/04/29(b)			800		728,152
5.38%, 12/04/29(e)			250		227,548
Merlin Entertainments Group US Holdings, Inc.,
7.38%, 02/15/31(b)			392		394,951
Merlin Entertainments Ltd., 5.75%, 06/15/26(b)			600		594,430
MGM China Holdings Ltd.
5.88%, 05/15/26(e)(f)			250		246,563
5.88%, 05/15/26(b)			200		197,250
4.75%, 02/01/27(b)			200		190,111
Motion Bondco DAC, 6.63%, 11/15/27(b)			200		193,279
NCL Corp. Ltd.(b)
5.88%, 03/15/26(f)			429		423,488
8.38%, 02/01/28			173		182,744
8.13%, 01/15/29			159		168,251
7.75%, 02/15/29			80		83,062
NCL Finance Ltd., 6.13%, 03/15/28(b)(f)			333		328,843
Ontario Gaming GTA LP, 8.00%, 08/01/30(b)			366		376,970
Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp.(b)
5.63%, 09/01/29			148		112,988
5.88%, 09/01/31			148		108,197
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b)			185		199,937
Royal Caribbean Cruises Ltd.(b)
4.25%, 07/01/26			92		88,784
5.38%, 07/15/27(f)			173		170,560
5.50%, 04/01/28			152		150,237
8.25%, 01/15/29			251		265,483
9.25%, 01/15/29(f)			247		264,924
7.25%, 01/15/30			343		356,371
6.25%, 03/15/32			440		443,502
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30(b)			280		270,689
Six Flags Entertainment Corp., 7.25%, 05/15/31(b)(f)			1,141		1,155,957
Station Casinos LLC(b)
4.63%, 12/01/31			354		318,173
6.63%, 03/15/32			275		277,796
TUI AG, 5.88%, 03/15/29(e)	EUR		100		109,443
Viking Cruises Ltd.(b)
5.88%, 09/15/27(f)	USD		308		302,183
7.00%, 02/15/29			66		66,286
9.13%, 07/15/31(f)			931		1,018,152
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b)			206		200,475
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.,
5.25%, 05/15/27(b)(f)			268		262,484
Wynn Macau Ltd.
5.50%, 01/15/26(b)			200		194,186
5.50%, 01/15/26(e)			200		194,186
5.63%, 08/26/28(b)(f)			963		911,841
5.13%, 12/15/29(b)			200		182,125
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b)(f)
5.13%, 10/01/29			1,011		957,772

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b)(f) (continued)
7.13%, 02/15/31	USD		671	$	694,415
Yum! Brands, Inc., 4.75%, 01/15/30(b)			219		207,714
					35,570,184
Household Durables(b) — 0.4%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
4.63%, 04/01/30			185		169,029
Beazer Homes USA, Inc., 7.50%, 03/15/31			116		117,149
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
5.00%, 06/15/29			266		241,296
4.88%, 02/15/30			476		426,939
Dream Finders Homes, Inc., 8.25%, 08/15/28			151		157,629
LGI Homes, Inc., 8.75%, 12/15/28			116		122,395
New Home Co., Inc.
8.25%, 10/15/27			23		23,664
9.25%, 10/01/29(h)			296		297,480
STL Holding Co. LLC, 8.75%, 02/15/29			158		162,154
SWF Escrow Issuer Corp., 6.50%, 10/01/29(f)			225		166,399
Taylor Morrison Communities, Inc., 5.13%, 08/01/30			75		71,623
Tempur Sealy International, Inc., 3.88%, 10/15/31			66		56,048
					2,011,805
Household Products — 0.1%
Central Garden & Pet Co.
5.13%, 02/01/28			20		19,390
4.13%, 10/15/30(f)			244		218,892
Spectrum Brands, Inc.(b)
5.00%, 10/01/29			106		103,885
5.50%, 07/15/30			198		193,926
3.88%, 03/15/31			91		87,657
					623,750
Independent Power and Renewable Electricity Producers — 0.6%
Alexander Funding Trust II, 7.47%, 07/31/28(b)			220		232,606
Calpine Corp.(b)
5.25%, 06/01/26			195		192,982
5.13%, 03/15/28(f)			1,281		1,229,431
5.00%, 02/01/31			120		110,076
Clearway Energy Operating LLC, 4.75%, 03/15/28(b)(f)			116		110,263
NRG Energy, Inc.
6.63%, 01/15/27			958		958,478
7.00%, 03/15/33(b)(f)			270		288,105
SCC Power PLC, (4.00% Cash and 4.00% PIK),
8.00%, 12/31/28(b)(i)			175		72,315
					3,194,256
Insurance — 6.1%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(b)
4.25%, 10/15/27			2,168		2,041,084
6.75%, 10/15/27(f)			2,087		2,056,162
6.75%, 04/15/28			491		494,466
5.88%, 11/01/29(f)			1,796		1,668,463
7.00%, 01/15/31(f)			1,374		1,387,766
AmWINS Group, Inc.(b)
6.38%, 02/15/29			182		182,982
4.88%, 06/30/29			232		216,545

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 (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Insurance (continued)
Ardonagh Finco Ltd.
6.88%, 02/15/31(e)	EUR		100	$	106,267
7.75%, 02/15/31(b)	USD		915		910,870
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(b)			819		808,617
AssuredPartners, Inc., 7.50%, 02/15/32(b)			504		495,258
AXA SA, (5-year EURIBOR ICE Swap + 3.84%), 6.38%, 12/31/99(a)(e)(j)	EUR		100		112,057
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42(f)	USD		250		234,211
FWD Group Holdings Ltd., 8.40%, 04/05/29(b)(h)			230		238,050
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC(b)
7.25%, 02/15/31(f)			2,253		2,261,509
8.13%, 02/15/32			1,048		1,056,894
HUB International Ltd.(b)(f)
7.25%, 06/15/30			4,488		4,612,304
7.38%, 01/31/32			5,280		5,314,953
Jones Deslauriers Insurance Management, Inc.(b)
8.50%, 03/15/30			711		741,132
10.50%, 12/15/30			335		353,502
NFP Corp.(b)
4.88%, 08/15/28			912		914,065
6.88%, 08/15/28(f)			2,145		2,172,377
7.50%, 10/01/30(f)			136		143,277
8.50%, 10/01/31			277		304,855
Panther Escrow Issuer LLC, 7.13%, 06/01/31(b)(h)			3,748		3,810,629
Ryan Specialty LLC, 4.38%, 02/01/30(b)			163		152,344
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(b)(f)			700		580,242
USI, Inc./New York, 7.50%, 01/15/32(b)			611		612,125
					33,983,006
Interactive Media & Services — 0.2%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(b)			514		467,042
iliad SA(e)
5.38%, 06/14/27	EUR		100		109,901
5.63%, 02/15/30			100		110,733
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27(b)	USD		357		365,062
					1,052,738
Internet Software & Services(b) — 0.2%
Go Daddy Operating Co. LLC/GD Finance Co., Inc.,
5.25%, 12/01/27			179		175,057
Match Group Holdings II LLC
5.63%, 02/15/29			209		202,576
4.13%, 08/01/30			262		233,113
3.63%, 10/01/31(f)			564		479,260
					1,090,006
IT Services — 1.0%
CA Magnum Holdings, 5.38%, 10/31/26(b)			488		468,480
Camelot Finance SA, 4.50%, 11/01/26(b)			602		579,218
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29(b)			589		610,579
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b)(f)			711		725,794
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28(e)	EUR		100		115,976
Fair Isaac Corp., 4.00%, 06/15/28(b)	USD		112		104,614
KBR, Inc., 4.75%, 09/30/28(b)			306		281,384
Presidio Holdings, Inc., 4.88%, 02/01/27(b)			59		57,226

Security		Par (000)		Value
IT Services (continued)
Science Applications International Corp., 4.88%, 04/01/28(b)	USD		377	$	359,987
Twilio, Inc.
3.63%, 03/15/29			206		185,281
3.88%, 03/15/31			630		549,984
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,
3.88%, 02/01/29(b)(f)			1,599		1,439,378
					5,477,901
Leisure Products — 0.1%
Acushnet Co., 7.38%, 10/15/28(b)			114		118,135
Amer Sports Co., 6.75%, 02/16/31(b)(f)			389		386,011
Mattel, Inc., 6.20%, 10/01/40			167		166,786
					670,932
Machinery — 1.9%
Chart Industries, Inc.(b)
7.50%, 01/01/30(f)			876		909,679
9.50%, 01/01/31			178		193,838
Esab Corp., 6.25%, 04/15/29(b)(h)			350		351,639
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28(b)(f)			170		126,191
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(b)(i)			587		587,988
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29(b)			1,016		1,050,664
Loxam SAS, 6.38%, 05/31/29(e)	EUR		100		112,124
Madison IAQ LLC(b)
4.13%, 06/30/28	USD		320		295,968
5.88%, 06/30/29(f)			606		554,417
OT Merger Corp., 7.88%, 10/15/29(b)			147		104,967
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(b)			155		141,921
Terex Corp., 5.00%, 05/15/29(b)			421		397,461
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(b)			1,341		1,339,404
TK Elevator Holdco GmbH
6.63%, 07/15/28(e)	EUR		167		174,730
7.63%, 07/15/28(b)	USD		552		541,198
TK Elevator Midco GmbH, 4.38%, 07/15/27(e)	EUR		372		385,788
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)(f)	USD		2,366		2,285,768
Vertiv Group Corp., 4.13%, 11/15/28(b)(f)			847		788,084
					10,341,829
Marine Transportation — 0.0%
Danaos Corp., 8.50%, 03/01/28(b)			100		102,050
Media — 6.4%
Altice Financing SA(b)
9.63%, 07/15/27			667		637,977
5.75%, 08/15/29(f)			1,398		1,120,135
Banijay Entertainment SASU, 8.13%, 05/01/29(b)			200		206,278
Cable One, Inc.
0.00%, 03/15/26(k)(l)			114		99,294
1.13%, 03/15/28(k)			940		705,564
4.00%, 11/15/30(b)			272		212,276
CCO Holdings LLC/CCO Holdings Capital Corp.(b)
5.13%, 05/01/27(f)			711		677,420
5.00%, 02/01/28(f)			527		490,587
5.38%, 06/01/29			76		69,574
6.38%, 09/01/29(f)			955		905,992
4.75%, 03/01/30(f)			315		270,472
4.25%, 02/01/31(f)			941		768,467
7.38%, 03/01/31(f)			2,710		2,657,651

12

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp.(b) (continued)
4.75%, 02/01/32	USD		209	$	170,570
4.25%, 01/15/34			578		436,306
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45(f)			3,000		2,780,468
Clear Channel Outdoor Holdings, Inc.(b)
5.13%, 08/15/27(f)			586		552,384
7.75%, 04/15/28(f)			319		279,380
9.00%, 09/15/28(f)			2,037		2,121,770
7.50%, 06/01/29(f)			862		712,910
7.88%, 04/01/30			865		859,945
CMG Media Corp., 8.88%, 12/15/27(b)			409		271,048
CSC Holdings LLC(b)
5.50%, 04/15/27(f)			427		382,043
11.25%, 05/15/28(f)			1,935		1,917,475
11.75%, 01/31/29			1,720		1,722,683
4.13%, 12/01/30(f)			535		382,552
4.50%, 11/15/31			204		144,425
Directv Financing LLC, 8.88%, 02/01/30(b)			203		202,510
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(b)(f)			1,274		1,205,250
Discovery Communications LLC, 4.95%, 05/15/42(f)			400		322,673
DISH DBS Corp.(b)
5.25%, 12/01/26			1,285		1,011,820
5.75%, 12/01/28			65		44,672
DISH Network Corp., 11.75%, 11/15/27(b)			1,243		1,269,017
GCI LLC, 4.75%, 10/15/28(b)			136		124,699
Gray Television, Inc.(b)(f)
5.88%, 07/15/26			320		311,643
7.00%, 05/15/27			511		475,246
Hughes Satellite Systems Corp., 5.25%, 08/01/26			150		124,839
Lamar Media Corp., 4.00%, 02/15/30			53		48,169
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b)			580		544,341
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(b)			209		198,374
Nexstar Media, Inc., 5.63%, 07/15/27(b)			103		98,810
Outfront Media Capital LLC/Outfront Media Capital Corp.(b)
5.00%, 08/15/27(f)			1,045		1,005,771
4.25%, 01/15/29(f)			381		345,178
4.63%, 03/15/30			122		109,413
7.38%, 02/15/31			387		405,353
Pinewood Finco PLC, 6.00%, 03/27/30(e)	GBP		100		126,215
Radiate Holdco LLC/Radiate Finance, Inc.(b)
4.50%, 09/15/26	USD		421		334,759
6.50%, 09/15/28			584		278,531
Sirius XM Radio, Inc.(b)
3.13%, 09/01/26			58		54,330
5.00%, 08/01/27(f)			951		914,940
4.00%, 07/15/28			96		87,828
Stagwell Global LLC, 5.63%, 08/15/29(b)(f)			129		117,146
Sunrise FinCo I BV, 4.88%, 07/15/31(b)(f)			794		708,627
TEGNA, Inc., 4.75%, 03/15/26(b)			59		57,844
Tele Columbus AG, (10.00% PIK), 10.00%, 03/19/29(e)(i)	EUR		100		74,009
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(b)	USD		400		375,693
Univision Communications, Inc.(b)
6.63%, 06/01/27			322		314,927

Security		Par (000)		Value
Media (continued)
Univision Communications, Inc.(b) (continued)
8.00%, 08/15/28(f)	USD		1,411	$	1,437,472
7.38%, 06/30/30(f)			225		222,489
Videotron Ltd., 3.63%, 06/15/29(b)			112		101,235
VZ Secured Financing BV, 3.50%, 01/15/32(e)	EUR		100		94,490
Ziggo Bond Co. BV(b)
6.00%, 01/15/27	USD		638		628,794
5.13%, 02/28/30			295		252,639
Ziggo BV, 4.88%, 01/15/30(b)			217		194,809
					35,780,201
Metals & Mining — 3.0%
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24(e)			250		249,070
Amsted Industries, Inc., 5.63%, 07/01/27(b)			185		182,222
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200		173,770
Arsenal AIC Parent LLC(b)
8.00%, 10/01/30			312		327,564
11.50%, 10/01/31			1,113		1,239,619
ATI, Inc.
5.88%, 12/01/27(f)			216		212,684
4.88%, 10/01/29			129		121,388
7.25%, 08/15/30(f)			685		708,032
5.13%, 10/01/31			350		324,246
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(f)			250		218,276
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b)(f)			1,740		1,749,786
Carpenter Technology Corp.
6.38%, 07/15/28			47		46,921
7.63%, 03/15/30			463		477,654
Constellium SE
4.25%, 02/15/26(e)	EUR		100		107,457
5.88%, 02/15/26(b)	USD		1,193		1,184,641
5.63%, 06/15/28(b)			250		243,041
3.75%, 04/15/29(b)(f)			2,013		1,811,091
First Quantum Minerals Ltd., 9.38%, 03/01/29(b)			794		823,680
JSW Steel Ltd., 5.95%, 04/18/24(e)			200		199,820
Kaiser Aluminum Corp.(b)(f)
4.63%, 03/01/28			309		289,946
4.50%, 06/01/31			1,094		967,894
Metinvest BV, 7.65%, 10/01/27(e)			200		143,000
New Gold, Inc., 7.50%, 07/15/27(b)			961		963,172
Novelis Corp.(b)(f)
3.25%, 11/15/26			1,113		1,037,071
4.75%, 01/30/30			1,100		1,014,885
3.88%, 08/15/31			1,372		1,178,556
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(e)	EUR		300		304,268
Rio Tinto Finance USA PLC, 4.75%, 03/22/42(f)	USD		400		379,152
Samarco Mineracao SA, (9.50% PIK), 9.50%, 06/30/31(e)(i)			72		64,800
Vedanta Resources Finance II PLC, 13.88%, 01/21/27(e)			94		88,536
					16,832,242
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
5.25%, 10/01/25			54		53,039
4.25%, 02/01/27			220		205,828
4.75%, 06/15/29			85		77,268
Starwood Property Trust, Inc., 7.25%, 04/01/29			226		227,799
					563,934

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 (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Office REITs — 0.0%
Highwoods Realty LP, 7.65%, 02/01/34	USD		85	$	92,703
Oil, Gas & Consumable Fuels — 11.4%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(b)			865		874,981
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b)
5.75%, 03/01/27			382		377,217
5.75%, 01/15/28			75		73,845
5.38%, 06/15/29			263		252,917
6.63%, 02/01/32			383		384,672
Apache Corp.
4.75%, 04/15/43			800		630,685
5.35%, 07/01/49			16		13,525
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b)
9.00%, 11/01/27			570		717,373
8.25%, 12/31/28(f)			1,043		1,071,457
Baytex Energy Corp., 8.50%, 04/30/30(b)			232		242,252
Buckeye Partners LP
4.13%, 03/01/25(b)			345		337,084
5.85%, 11/15/43			182		155,060
5.60%, 10/15/44			117		93,509
Callon Petroleum Co.
6.38%, 07/01/26			208		210,211
8.00%, 08/01/28(b)			673		703,244
7.50%, 06/15/30(b)(f)			505		534,037
Chesapeake Energy Corp.(b)
5.88%, 02/01/29			53		52,565
6.75%, 04/15/29(f)			353		356,782
CITGO Petroleum Corp., 8.38%, 01/15/29(b)(f)			666		699,727
Civitas Resources, Inc.(b)
8.38%, 07/01/28			843		887,436
8.63%, 11/01/30(f)			370		397,297
8.75%, 07/01/31(f)			910		973,755
CNX Midstream Partners LP, 4.75%, 04/15/30(b)			124		110,517
CNX Resources Corp., 7.38%, 01/15/31(b)			127		129,341
Comstock Resources, Inc.(b)(f)
6.75%, 03/01/29			498		474,914
5.88%, 01/15/30			1,195		1,082,202
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b)(f)			2,219		2,097,213
Crescent Energy Finance LLC(b)
9.25%, 02/15/28			782		825,703
7.63%, 04/01/32			793		799,110
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30(b)			290		306,068
DT Midstream, Inc.(b)(f)
4.13%, 06/15/29			415		381,523
4.38%, 06/15/31			527		477,264
Ecopetrol SA, 8.38%, 01/19/36			90		90,675
Empresa Nacional del Petroleo, 6.15%, 05/10/33(b)			200		201,438
Enbridge, Inc.(a)
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78(f)			1,865		1,815,169
(5-year CMT + 4.43%), 8.50%, 01/15/84			257		279,239
Series 20-A, (5-year CMT + 5.31%), 5.75%, 07/15/80(f)			690		653,015
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28(b)			567		571,596
Energean Israel Finance Ltd., 8.50%, 09/30/33(b)(e)			160		159,003

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Energy Transfer LP
6.13%, 12/15/45(f)	USD		500	$	502,573
5.30%, 04/15/47(f)			350		318,210
(5-year CMT + 4.02%), 8.00%, 05/15/54(a)			829		869,514
Series H, (5-year CMT + 5.69%), 6.50%(a)(j)			581		569,462
EnLink Midstream LLC
5.63%, 01/15/28(b)(f)			402		398,172
5.38%, 06/01/29(f)			316		310,237
6.50%, 09/01/30(b)			245		252,062
EnLink Midstream Partners LP, 5.60%, 04/01/44			249		221,697
Enterprise Products Operating LLC, (3-mo. CME Term SOFR + 2.83%), 5.38%, 02/15/78(a)			420		391,428
EQM Midstream Partners LP
4.13%, 12/01/26			131		125,967
4.50%, 01/15/29(b)			34		31,880
6.38%, 04/01/29(b)			452		455,320
7.50%, 06/01/30(b)			108		115,446
4.75%, 01/15/31(b)(f)			804		747,684
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27(b)			74		77,102
Genesis Energy LP/Genesis Energy Finance Corp.
7.75%, 02/01/28(f)			227		228,168
8.25%, 01/15/29			431		442,463
8.88%, 04/15/30			262		274,249
Harvest Midstream I LP, 7.50%, 09/01/28(b)			78		79,087
Hess Corp., 4.30%, 04/01/27(f)			750		735,386
Hilcorp Energy I LP/Hilcorp Finance Co.(b)
6.25%, 11/01/28			188		187,795
5.75%, 02/01/29			281		273,704
6.00%, 04/15/30			28		27,415
8.38%, 11/01/33			792		858,682
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28(b)			343		361,938
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(e)			200		194,750
Impulsora Pipeline LLC, 6.05%, 01/01/43(c)			1,480		1,250,512
ITT Holdings LLC, 6.50%, 08/01/29(b)(f)			437		398,806
Kinetik Holdings LP(b)
6.63%, 12/15/28			121		123,148
5.88%, 06/15/30(f)			285		278,766
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(b)			41		40,331
Matador Resources Co.
5.88%, 09/15/26(f)			255		255,027
6.88%, 04/15/28(b)(f)			399		408,207
6.50%, 04/15/32(b)(h)			399		399,484
Medco Bell Pte. Ltd., 6.38%, 01/30/27(e)			250		243,516
MPLX LP, 4.25%, 12/01/27(f)			235		228,549
Murphy Oil Corp., 5.88%, 12/01/42			35		31,405
Nabors Industries Ltd.(b)
7.25%, 01/15/26			127		126,214
7.50%, 01/15/28			305		286,065
Nabors Industries, Inc.(b)
7.38%, 05/15/27			33		32,939
9.13%, 01/31/30			246		255,756
New Fortress Energy, Inc.(b)
6.75%, 09/15/25(f)			157		155,930
8.75%, 03/15/29			1,068		1,063,929
NGL Energy Operating LLC/NGL Energy Finance Corp.(b)
8.13%, 02/15/29(f)			675		691,323
8.38%, 02/15/32			1,365		1,399,271
Noble Finance II LLC, 8.00%, 04/15/30(b)			402		418,743

14

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Northern Oil & Gas, Inc.
8.13%, 03/01/28(b)(f)	USD		1,528	$	1,550,903
3.63%, 04/15/29(k)			201		244,718
8.75%, 06/15/31(b)(f)			408		430,832
NuStar Logistics LP, 6.00%, 06/01/26			182		181,188
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(b)			271		281,100
Permian Resources Operating LLC(b)
8.00%, 04/15/27(f)			352		362,538
5.88%, 07/01/29(f)			528		519,205
9.88%, 07/15/31			402		447,949
7.00%, 01/15/32(f)			431		447,125
Petroleos Mexicanos
8.75%, 06/02/29			146		142,182
5.95%, 01/28/31(f)			183		146,656
6.70%, 02/16/32			44		36,630
Prairie Acquiror LP, 9.00%, 08/01/29(b)			253		260,449
Precision Drilling Corp., 6.88%, 01/15/29(b)			16		15,970
Puma International Financing SA, 5.00%, 01/24/26(e)			310		300,506
Rockcliff Energy II LLC, 5.50%, 10/15/29(b)			263		246,121
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b)			66		61,683
Shell International Finance BV, 4.38%, 05/11/45(f)			450		402,384
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(b)(f)			510		527,494
SM Energy Co.
6.75%, 09/15/26(f)			221		221,221
6.50%, 07/15/28			141		141,604
Southwestern Energy Co.
5.38%, 02/01/29			260		252,521
4.75%, 02/01/32			6		5,523
Suncor Energy, Inc., 6.50%, 06/15/38(f)			800		852,785
Sunoco LP/Sunoco Finance Corp.
5.88%, 03/15/28			147		145,594
7.00%, 09/15/28(b)			44		44,957
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b)
6.00%, 03/01/27			53		52,174
5.50%, 01/15/28			126		121,399
7.38%, 02/15/29			621		624,712
6.00%, 12/31/30			13		12,349
6.00%, 09/01/31			168		156,786
Talos Production, Inc.(b)
9.00%, 02/01/29			242		256,996
9.38%, 02/01/31			202		215,344
Transocean Aquila Ltd., 8.00%, 09/30/28(b)			169		173,463
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b)			228		237,282
Transocean, Inc.(b)
7.50%, 01/15/26			876		870,515
11.50%, 01/30/27			710		739,975
8.00%, 02/01/27			496		492,315
8.75%, 02/15/30(f)			1,148		1,197,409
Valaris Ltd., 8.38%, 04/30/30(b)			1,072		1,105,803
Venture Global Calcasieu Pass LLC(b)
3.88%, 08/15/29			1,025		922,651
4.13%, 08/15/31			157		139,604
3.88%, 11/01/33			822		698,373
Venture Global LNG, Inc.(b)
8.13%, 06/01/28			1,031		1,051,812
9.50%, 02/01/29(f)			2,775		2,991,070
8.38%, 06/01/31(f)			1,809		1,865,566
9.88%, 02/01/32(f)			1,692		1,823,543

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Vermilion Energy, Inc., 6.88%, 05/01/30(b)	USD		204	$	199,185
Vital Energy, Inc.
9.75%, 10/15/30(f)			427		466,945
7.88%, 04/15/32(b)			656		666,409
Western Midstream Operating LP, 5.25%, 02/01/50(f)			111		99,292
YPF SA, 9.50%, 01/17/31(b)			105		106,828
					63,189,571
Passenger Airlines(b) — 0.7%
Air Canada, 3.88%, 08/15/26			582		555,473
American Airlines, Inc., 8.50%, 05/15/29(f)			632		667,681
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29			981		964,218
United Airlines, Inc.(f)
4.38%, 04/15/26			660		638,047
4.63%, 04/15/29			1,136		1,056,480
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.88%, 05/01/27			165		139,495
					4,021,394
Personal Care Products — 0.1%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30(b)(f)			337		342,220
Pharmaceuticals — 1.3%
1375209 BC Ltd., 9.00%, 01/30/28(b)			332		325,361
AbbVie, Inc.(f)
4.75%, 03/15/45			500		470,871
4.45%, 05/14/46			1,000		897,955
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27(e)	EUR		100		104,227
CVS Health Corp., 5.05%, 03/25/48(f)	USD		1,110		1,008,077
Jazz Securities DAC, 4.38%, 01/15/29(b)(f)			200		186,308
Option Care Health, Inc., 4.38%, 10/31/29(b)(f)			314		287,893
Organon & Co./Organon Foreign Debt Co-Issuer BV(b)(f)
4.13%, 04/30/28			1,153		1,074,471
5.13%, 04/30/31			200		177,821
Rossini SARL, 6.75%, 10/30/25(e)	EUR		166		179,089
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29			100		119,380
Teva Pharmaceutical Finance Netherlands III BV
7.13%, 01/31/25	USD		200		200,875
3.15%, 10/01/26(f)			740		689,806
4.75%, 05/09/27			200		192,356
6.75%, 03/01/28			200		203,872
7.88%, 09/15/29			200		214,112
8.13%, 09/15/31(f)			200		218,298
Utah Acquisition Sub, Inc., 3.95%, 06/15/26(f)			650		627,987
					7,178,759
Professional Services(b)(f) — 0.3%
CoreLogic, Inc., 4.50%, 05/01/28			1,225		1,098,412
Dun & Bradstreet Corp., 5.00%, 12/15/29			826		762,449
					1,860,861
Real Estate Management & Development — 0.3%
Agps Bondco PLC, 5.50%, 11/13/26(e)(m)(n)	EUR		200		82,736
Anywhere Real Estate Group LLC/Anywhere Co.- Issuer Corp.
7.00%, 04/15/30(b)	USD		316		281,865
Series AI, 7.00%, 04/15/30			348		309,870
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31(b)			372		393,115

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 (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate Management & Development (continued)
Fantasia Holdings Group Co. Ltd.(e)(m)(n)
11.75%, 04/17/22	USD		430	$	6,450
12.25%, 10/18/22			200		3,000
11.88%, 06/01/23			200		3,000
9.25%, 07/28/23			400		6,000
Howard Hughes Corp., 5.38%, 08/01/28(b)(f)			106		101,672
SBB Treasury OYJ, 1.13%, 11/26/29(e)	EUR		100		61,153
Theta Capital Pte. Ltd., 8.13%, 01/22/25(e)	USD		200		189,954
					1,438,815
Retail REITs — 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b)			204		186,202
Semiconductors & Semiconductor Equipment — 0.7%
ams-OSRAM AG, 10.50%, 03/30/29(e)	EUR		100		106,698
Broadcom, Inc., 4.15%, 04/15/32(b)(f)	USD		1,000		927,739
Entegris, Inc.(b)
4.38%, 04/15/28			152		142,860
4.75%, 04/15/29(f)			1,847		1,770,084
NCR Atleos Corp., 9.50%, 04/01/29(b)			327		349,762
QUALCOMM, Inc., 4.65%, 05/20/35(f)			400		396,574
Synaptics, Inc., 4.00%, 06/15/29(b)			216		194,399
					3,888,116
Software — 3.5%
Boxer Parent Co., Inc.
6.50%, 10/02/25(e)	EUR		100		107,764
7.13%, 10/02/25(b)	USD		761		761,680
9.13%, 03/01/26(b)			735		734,727
Capstone Borrower, Inc., 8.00%, 06/15/30(b)			394		408,833
Clarivate Science Holdings Corp.(b)(f)
3.88%, 07/01/28			1,664		1,539,520
4.88%, 07/01/29			1,125		1,040,772
Cloud Software Group, Inc.(b)(f)
6.50%, 03/31/29			4,516		4,285,510
9.00%, 09/30/29			2,015		1,932,621
Elastic NV, 4.13%, 07/15/29(b)(f)			481		432,854
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28(b)			200		179,455
Iron Mountain U.K. PLC, 3.88%, 11/15/25(e)	GBP		100		122,271
McAfee Corp., 7.38%, 02/15/30(b)(f)	USD		851		780,407
MicroStrategy, Inc., 6.13%, 06/15/28(b)			603		581,732
Open Text Corp., 6.90%, 12/01/27(b)			415		429,106
Oracle Corp., 3.60%, 04/01/50(f)			250		180,619
Playtika Holding Corp., 4.25%, 03/15/29(b)			101		87,437
SS&C Technologies, Inc., 5.50%, 09/30/27(b)(f)			1,530		1,495,969
UKG, Inc., 6.88%, 02/01/31(b)(f)			3,828		3,899,687
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b)			372		341,073
					19,342,037
Specialized REITs(b) — 0.2%
Iron Mountain, Inc.
7.00%, 02/15/29(f)			951		969,123
5.63%, 07/15/32			89		84,068
					1,053,191
Specialty Retail(b) — 0.3%
Arko Corp., 5.13%, 11/15/29(f)			158		130,772
eG Global Finance PLC, 12.00%, 11/30/28			391		415,609

Security		Par (000)		Value
Specialty Retail (continued)
PetSmart, Inc./PetSmart Finance Corp.
4.75%, 02/15/28	USD		436	$	408,203
7.75%, 02/15/29(f)			895		871,320
					1,825,904
Technology Hardware, Storage & Peripherals(b) — 0.2%
Seagate HDD Cayman
8.25%, 12/15/29			649		697,327
8.50%, 07/15/31			615		664,608
					1,361,935
Textiles, Apparel & Luxury Goods(b) — 0.0%
Hanesbrands, Inc., 4.88%, 05/15/26(f)			228		221,987
Levi Strauss & Co., 3.50%, 03/01/31			21		18,423
					240,410
Tobacco(f) — 0.4%
Altria Group, Inc., 4.50%, 05/02/43			750		631,928
Philip Morris International, Inc., 4.38%, 11/15/41			900		776,175
Reynolds American, Inc., 5.85%, 08/15/45			715		663,196
					2,071,299
Trading Companies & Distributors(b) — 0.2%
Beacon Roofing Supply, Inc.
4.13%, 05/15/29			122		110,655
6.50%, 08/01/30(f)			377		382,554
GYP Holdings III Corp., 4.63%, 05/01/29			472		438,809
					932,018
Transportation Infrastructure — 0.2%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(b)			320		233,000
Azzurra Aeroporti SpA, 2.13%, 05/30/24(e)	EUR		100		107,362
DP World Salaam, (5-year CMT + 5.75%), 6.00%(a)(e)(j)	USD		200		199,625
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27(e)			200		185,313
Heathrow Finance PLC, 4.13%, 09/01/29(e)(o)	GBP		100		115,344
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26(b)(f)	USD		520		507,323
					1,347,967
Wireless Telecommunication Services — 1.0%
Altice France SA/France
5.88%, 02/01/27(e)	EUR		100		83,341
8.13%, 02/01/27(b)	USD		570		445,545
5.50%, 01/15/28(b)			357		253,557
5.13%, 01/15/29(b)			200		136,961
5.13%, 07/15/29(b)			1,406		950,503
4.25%, 10/15/29(e)	EUR		100		75,241
5.50%, 10/15/29(b)	USD		800		542,986
Cellnex Finance Co. SA(e)
1.25%, 01/15/29	EUR		100		96,865
2.00%, 09/15/32			100		94,329
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b)(f)	USD		1,466		1,437,083
Eutelsat SA, 1.50%, 10/13/28(e)	EUR		100		80,310
Kenbourne Invest SA, 6.88%, 11/26/24(b)	USD		243		118,007
Millicom International Cellular SA, 5.13%, 01/15/28(e)			283		268,735
VF Ukraine PAT via VFU Funding PLC, 6.20%,
02/11/25(e)			208		171,600
Vmed O2 U.K. Financing I PLC
4.00%, 01/31/29(e)	GBP		100		110,438
4.50%, 07/15/31(e)			100		107,283

16

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
Vmed O2 U.K. Financing I PLC (continued)
4.75%, 07/15/31(b)(f)	USD		562	$	484,379
7.75%, 04/15/32(b)(h)			252		252,729
					5,709,892
Total Corporate Bonds — 90.3% (Cost: $508,121,783)					501,353,056
Floating Rate Loan Interests(a)
Aerospace & Defense — 0.3%
Dynasty Acquisition Co., Inc., 2024 Term Loan B1, 08/24/28(p)			114		114,429
Ovation Parent, Inc., 2024 Term Loan, 03/27/31(p)			170		170,107
Peraton Corp.
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 13.18%, 02/01/29			744		745,093
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 9.18%, 02/01/28			311		310,982
Standard Aero Ltd., 2024 Term Loan B2, 08/24/28(p)			44		44,016
					1,384,627
Air Freight & Logistics — 0.1%
Clue Opco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.50%), 9.83%, 12/19/30			249		245,084
Automobile Components — 0.0%
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 10.42%, 11/17/28			170		160,062
Beverages — 0.0%
Naked Juice LLC
2nd Lien Term Loan, (3-mo. CME Term SOFR + 6.10%), 11.40%, 01/24/30			38		30,602
Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.66%, 01/24/29			32		29,643
					60,245
Broadline Retail — 0.1%
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (3-mo. CME Term SOFR + 4.75%), 10.08%, 03/15/30			769		768,631
Building Products — 0.0%
Foundation Building Materials, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR + 4.00%), 9.31%, 01/29/31			114		114,399
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.08%, 10/19/27			94		94,732
					209,131
Chemicals — 0.3%
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 7.85%), 13.18%, 11/24/28(c)			118		116,622
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 08/18/28			252		251,158
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.71%, 10/04/29			661		660,315

Security		Par (000)		Value
Chemicals (continued)
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR + 4.03%), 9.33%, 07/03/28	USD		178	$	166,647
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.83%, 03/29/28			274		269,261
					1,464,003
Commercial Services & Supplies — 0.1%
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.75%), 10.07%, 02/23/29(c)			316		316,790
PECF USS Intermediate Holding III Corp., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 9.82%, 12/15/28			261		198,106
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 8.76%), 14.07%, 11/02/28			79		60,797
					575,693
Communications Equipment — 0.1%
Viasat, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.61%), 9.93%, 05/30/30			286		276,920
Construction & Engineering — 0.2%
Brand Industrial Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 10.81%, 08/01/30			1,137		1,140,409
Groundworks, LLC(p)
2024 Delayed Draw Term Loan, 03/14/31			31		30,902
2024 Term Loan, 03/14/31			168		167,900
					1,339,211
Construction Materials — 0.1%
BCPE Empire Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.33%, 12/11/28			162		162,071
Chariot Buyer LLC, 2024 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.08%, 11/03/28			204		204,255
					366,326
Consumer Finance — 0.0%
Sabre GLBL, Inc.
2021 Term Loan B1, (1-mo. CME Term SOFR + 3.61%), 8.94%, 12/17/27			61		50,888
2021 Term Loan B2, (1-mo. CME Term SOFR + 3.61%), 8.94%, 12/17/27			95		80,173
					131,061
Containers & Packaging — 0.0%
Trident TPI Holdings, Inc., 2023 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.81%, 09/15/28			164		164,369
Diversified Consumer Services — 0.3%
Ascend Learning LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.85%), 11.18%, 12/10/29			157		154,204
2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 8.93%, 12/11/28			203		201,333
OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.07%, 07/25/30			34		34,745

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 (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Consumer Services (continued)
PG Investment Co. 59 SARL, Term Loan B, 02/24/31(c)(p)	USD		348	$	348,435
Wand NewCo 3, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 9.08%, 01/30/31			1,030		1,032,410
					1,771,127
Diversified Telecommunication Services — 0.1%
Connect Finco SARL, 2024 Extended Term Loan B, 09/13/29(p)			234		229,961
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.86%), 9.19%, 10/08/27			219		218,563
Level 3 Financing, Inc.(c)
2024 Extended Term Loan B1, (1-week CME Term SOFR at 2.00% Floor + 6.56%), 11.81%, 04/15/29			78		77,132
2024 Extended Term Loan B2, (1-week CME Term SOFR at 2.00% Floor + 6.56%), 11.81%, 04/15/30			78		77,698
Lumen Technologies, Inc., 2024 Term Loan A, 06/01/28(p)			91		76,137
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.44%, 03/09/27			24		21,073
					700,564
Electronic Equipment, Instruments & Components — 0.0%
Roper Industrial Products Investment Co., 2023 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.30%, 11/22/29			124		124,957
Energy Equipment & Services — 0.0%
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. CME Term SOFR + 3.11%), 8.44%, 06/28/24(c)			17		8,603
Entertainment — 0.0%
Motion Finco SARL, 2024 USD Term Loan B,
11/12/29(p)			240		239,458
Financial Services — 0.1%
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 9.06%, 04/09/27			33		32,740
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR + 7.01%), 12.32%, 04/07/28			274		272,973
					305,713
Food Products — 0.1%
Chobani LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 3.75%), 9.08%, 10/25/27			306		307,764
Health Care Equipment & Supplies — 0.2%
Bausch & Lomb Corp., 2023 Incremental Term Loan, (1-mo. CME Term SOFR + 4.00%), 9.33%, 09/29/28			266		265,168
Bausch and Lomb Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 8.68%, 05/10/27			590		582,264
					847,432
Health Care Providers & Services — 0.2%
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 8.82%, 11/08/27			269		269,336

Security		Par (000)			Value
Health Care Providers & Services (continued)
ICON Luxembourg SARL, LUX Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.56%, 07/03/28	USD		—	(d)	$	2
LifePoint Health, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 5.76%), 11.09%, 11/16/28			137			137,076
Phoenix Newco, Inc., 2021 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.36%), 8.69%, 11/15/28			123			123,236
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.35%), 13.68%, 04/29/25			303			181,889
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.00%), 9.31%, 09/27/30			493			489,379
Surgery Center Holdings, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.83%, 12/19/30			130			130,859
						1,331,777
Health Care Technology — 1.3%
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.58%, 02/15/29			2,201			2,177,168
Cotiviti, Inc., 2024 Fixed Term Loan B, 02/21/31(p)			3,462			3,465,829
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR + 4.10%), 9.41%, 10/01/27			549			524,444
Verscend Holding Corp., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.11%), 9.44%, 08/27/25			1,223			1,223,197
						7,390,638
Household Durables — 0.1%
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.82%, 02/26/29			273			269,221
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 4.11%), 9.44%, 10/06/28			526			481,965
						751,186
Industrial Conglomerates — 0.1%
Chromalloy Corp., 2024 Term Loan B, 03/27/31(p)			401			399,328
Insurance — 0.4%
Alliant Holdings Intermediate LLC, 2023 Term Loan B6, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 11/06/30			66			66,212
Truist Insurance Holdings LLC(p)
1st Lien Term Loan, 03/24/31			689			687,849
2nd Lien Term Loan, 03/08/32			1,665			1,673,325
						2,427,386
IT Services — 0.0%
Project Alpha Intermediate Holding, Inc., 2023 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.06%, 10/28/30			117			117,194
Leisure Products — 0.0%
Peloton Interactive, Inc., Term Loan, (6-mo. CME Term SOFR + 7.10%), 12.48%, 05/25/27			130			130,096
Machinery — 0.6%
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR + 4.60%), 9.93%, 04/05/29			468			469,590
Titan Acquisition Ltd./Canada
2018 Term Loan B, (1-mo. CME Term SOFR + 3.11%), 8.44%, 03/28/25			977			975,713
2024 Term Loan B, 02/01/29(p)			347			347,720

18

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Machinery (continued)
TK Elevator U.S. Newco, Inc., USD Term Loan B, 04/30/30(p)	USD		1,114	$	1,117,244
Wec US Holdings Ltd., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.08%, 01/27/31			170		169,754
					3,080,021
Media — 0.6%
AVSC Holding Corp., 2018 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.36%), 12.69%, 09/01/25			311		292,435
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 4.11%), 9.44%, 08/23/28			726		724,617
Directv Financing LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 5.36%), 10.69%, 08/02/29			686		684,635
Morgan Stanley & Co. International PLC, 2024 CCIBV Fixed Term Loan(c)(j)(p)			1,323		1,316,385
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 8.69%, 09/25/26			328		273,913
					3,291,985
Metals & Mining — 0.1%
Morgan Stanley & Co International PLC, 2024 Term Loan B, 03/25/31(j)(p)			296		296,556
Oil, Gas & Consumable Fuels — 0.4%
Ecopetrol SA, 2023 Term Loan, (6-mo. CME Term SOFR + 4.75%), 10.00%, 09/06/30(c)			150		154,500
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 9.08%, 12/21/28			135		133,451
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.60%), 9.93%, 09/19/29			142		142,277
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 10.32%, 10/27/28			1,366		1,369,608
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 4.50%), 9.83%, 02/02/31			228		228,456
					2,028,292
Passenger Airlines — 0.1%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 10.33%, 04/20/28			460		477,379
Personal Care Products — 0.1%
KDC/ONE Development Corp., Inc., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 5.00%), 10.33%, 08/15/28			252		252,275
Pharmaceuticals — 0.0%
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 5.50%), 10.83%, 05/04/28			88		87,655

Security		Par (000)			Value
Professional Services — 0.1%
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 8.94%, 06/02/28	USD		164		$	160,284
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.75%), 10.06%, 04/29/29(c)			169			152,398
						312,682
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%), 9.33%, 01/31/30(c)			104			104,220
Software — 0.9%
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR + 5.25%), 10.56%, 02/23/32			251			259,471
Boxer Parent Co., Inc., 2023 USD Term Loan, (1-mo. CME Term SOFR + 4.25%), 9.58%, 12/29/28			428			430,142
Cloud Software Group, Inc.
2022 USD Term Loan B, (3-mo. CME Term SOFR + 4.60%), 9.91%, 03/30/29			536			533,190
2024 Term Loan, 03/21/31(p)			491			487,627
Cloudera, Inc., 2021 Second Lien Term Loan, (1-mo. CME Term SOFR + 6.10%), 11.43%, 10/08/29			442			437,161
Delta TopCo, Inc., 2020 Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.12%, 12/01/27			—	(d)		1
Ellucian Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.60%), 8.93%, 10/09/29			346			347,450
Genesys Cloud Services Holdings II LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 9.19%, 12/01/27			256			256,801
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR + 3.85%), 9.18%, 03/01/29			189			188,313
MH Sub I LLC
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.58%, 02/23/29			66			63,336
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.58%, 05/03/28			961			954,675
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.35%), 12.65%, 12/18/28(c)			195			188,175
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 9.57%, 06/02/28			361			357,801
Proofpoint, Inc., 1st Lien Term Loan, 08/31/28(p)			196			196,002
UKG, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR + 5.35%), 10.68%, 05/03/27			365			367,086
						5,067,231
Transportation Infrastructure — 0.0%
Apple Bidco LLC, 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.83%, 09/22/28			66			65,708
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.16%, 07/02/29			85			84,958
						150,666

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 (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Wireless Telecommunication Services — 0.1%
Digicel International Finance Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 5.15%), 10.47%, 05/25/27(c)	USD		725	$	699,688
Total Floating Rate Loan Interests — 7.2% (Cost: $39,574,055)					39,847,236
Foreign Agency Obligations
Bahrain — 0.0%
Bahrain Government International Bond, 5.45%, 09/16/32(e)			200		183,188
Chile — 0.0%
Chile Government International Bond, 4.34%, 03/07/42(f)			200		174,563
Colombia — 0.1%
Colombia Government International Bond
4.50%, 01/28/26(f)			200		195,100
3.88%, 03/22/26	EUR		100		106,390
8.00%, 04/20/33(f)	USD		200		211,200
					512,690
Dominican Republic — 0.1%
Dominican Republic International Bond
6.88%, 01/29/26(e)			107		108,016
5.95%, 01/25/27(e)			176		174,944
4.50%, 01/30/30(b)			200		181,700
7.05%, 02/03/31(b)			150		155,344
					620,004
Egypt — 0.0%
Egypt Government International Bond, 7.50%, 02/16/61(b)			200		143,500
Guatemala — 0.1%
Guatemala Government Bond(b)
5.38%, 04/24/32			200		192,160
6.60%, 06/13/36			200		204,312
4.65%, 10/07/41			200		160,688
					557,160
Hungary — 0.1%
Hungary Government International Bond, 5.38%, 09/12/33(e)	EUR		114		129,707
Magyar Export-Import Bank, 6.00%, 05/16/29(e)			121		137,761
					267,468
Indonesia — 0.0%
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27(b)(f)	USD		200		196,707
Ivory Coast — 0.1%
Ivory Coast Government International Bond, 6.38%, 03/03/28(e)(f)			365		360,209
Mexico — 0.1%
Mexico Government International Bond
3.75%, 01/11/28(f)			300		285,281
6.35%, 02/09/35			200		206,625
					491,906
Morocco — 0.0%
Morocco Government International Bond, 5.95%, 03/08/28(b)			200		202,250

Security		Par (000)		Value
Nigeria — 0.0%
Nigeria Government International Bond, 8.38%, 03/24/29(b)	USD		200	$	195,062
Oman — 0.1%
Oman Government International Bond, 6.75%, 01/17/48(e)			309		316,532
Panama — 0.1%
Panama Government International Bond
6.40%, 02/14/35(f)			337		317,791
6.85%, 03/28/54			200		180,700
					498,491
Peru — 0.1%
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25(e)			379		374,805
Peruvian Government International Bond(f)
2.78%, 01/23/31			117		100,510
1.86%, 12/01/32			356		271,784
					747,099
Poland — 0.1%
Republic of Poland Government International Bond
4.88%, 10/04/33(f)			138		135,799
5.50%, 04/04/53			71		70,979
					206,778
Romania — 0.1%
Romanian Government International Bond
5.25%, 11/25/27(b)(f)			168		165,638
2.88%, 03/11/29(e)	EUR		140		139,286
2.50%, 02/08/30(e)			150		143,116
2.12%, 07/16/31(e)			168		148,169
					596,209
Saudi Arabia — 0.1%
Saudi Government International Bond, 4.50%, 04/17/30(e)(f)	USD		362		354,873
Senegal — 0.0%
Senegal Government International Bond, 6.25%, 05/23/33(e)(f)			231		197,072
South Africa — 0.1%
Republic of South Africa Government International Bond
5.88%, 04/20/32(f)			390		351,487
5.00%, 10/12/46			200		134,300
					485,787
Ukraine — 0.0%
Ukraine Government International Bond(m)(n)
7.75%, 09/01/27(e)			107		36,273
7.25%, 03/15/35(b)			371		107,776
					144,049
Total Foreign Agency Obligations — 1.3% (Cost: $7,822,052)					7,451,597
Municipal Bonds
Illinois — 0.1%
State of Illinois, GO, 5.10%, 06/01/33			800		793,274
Total Municipal Bonds — 0.1% (Cost: $790,464)					793,274

20

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 14.4%
Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(a)(b)	USD	12	$	3,982
Alternative Loan Trust
Series 2006-J8, Class A5, 6.00%, 02/25/37		1,754		748,679
Series 2007-19, Class 1A1, 6.00%, 08/25/37		543		262,374
Bravo Residential Funding Trust(b)
Series 2021-NQM1, Class A1, 0.94%, 02/25/49(a)		591		522,427
Series 2023-NQM3, Class A1, 4.85%, 09/25/62		382		371,689
Series 2023-NQM4, Class A1, 6.44%, 05/25/63		1,291		1,298,604
Chase Home Lending Mortgage Trust,
Series 2019-ATR1, Class A12, 6.50%, 04/25/49(a)(b)		364		359,894
CHL Mortgage Pass-Through Trust
Series 2007-J2, Class 2A1, (1-mo. Term SOFR + 0.76%), 6.00%, 07/25/37(a)		2,621		682,148
Series 2007-J2, Class 2A8, 6.00%, 07/25/37		1,447		507,073
CIM Trust(b)
Series 2023-I1, Class A1, 6.03%, 04/25/58		1,204		1,189,729
Series 2023-I2, Class A1, 6.64%, 12/25/67		1,180		1,179,968
Citigroup Mortgage Loan Trust,
Series 2006-AR7, Class 2A3A, 4.36%, 11/25/36(a)		606		554,330
COLT Mortgage Loan Trust(b)
Series 2020-2, Class M1, 5.25%, 03/25/65(a)		2,550		2,478,300
Series 2020-3, Class M1, 3.36%, 04/27/65(a)		2,850		2,603,245
Series 2022-1, Class A1, 4.55%, 04/25/67(a)		1,309		1,307,914
Series 2022-7, Class A1, 5.16%, 04/25/67		2,141		2,108,239
Series 2022-9, Class A1, 6.79%, 12/25/67		296		296,844
Series 2023-2, Class A1, 6.60%, 07/25/68		1,333		1,342,415
Countrywide Alternative Loan Trust
Series 2005-9CB, Class 1A3, (1-mo. Term SOFR + 0.56%), 5.50%, 05/25/35(a)		1,139		949,286
Series 2006-40T1, Class 2A5, (1-mo. Term SOFR + 0.51%), 5.84%, 12/25/36(a)		2,273		481,465
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36		1,403		663,522
Series 2006-J7, Class 2A1, (1-mo. LIBOR US + 1.50%), 6.94%, 11/20/46(a)		2,499		1,860,821
Series 2006-OA14, Class 3A1, (12-mo. MTA + 0.85%), 5.94%, 11/25/46(a)		4,163		3,642,158
Series 2006-OA16, Class A2, (1-mo. Term SOFR + 0.49%), 5.82%, 10/25/46(a)		2,606		2,323,762
Series 2006-OA18, Class A1, (1-mo. Term SOFR + 0.35%), 5.68%, 12/25/46(a)		1,441		1,220,166
Series 2006-OA6, Class 1A1A, (1-mo. Term SOFR + 0.53%), 5.86%, 07/25/46(a)		3,002		2,629,447
Series 2006-OA8, Class 1A1, (1-mo. Term SOFR + 0.49%), 5.82%, 07/25/46(a)		1,021		858,812
Series 2007-12T1, Class A22, 5.75%, 06/25/37		3,241		1,435,588
Series 2007-12T1, Class A5, 6.00%, 06/25/37		1,573		724,864
Series 2007-22, Class 2A16, 6.50%, 09/25/37		6,898		2,616,184
Series 2007-23CB, Class A1, 6.00%, 09/25/37		3,958		1,954,420
Series 2007-4CB, Class 1A3, (1-mo. Term SOFR + 0.46%), 5.75%, 04/25/37(a)		1,502		1,118,655
Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%), 5.93%, 03/25/47(a)		1,710		1,424,418
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1-mo. Term SOFR + 0.51%), 5.84%, 04/25/46(a)		3,571		3,287,858
Credit Suisse Mortgage Capital Certificates Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67(a)(b)		2,646		2,622,208

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
CSMC Trust(a)(b)
Series 2011-4R, Class 1A2, (1-mo. Term SOFR + 1.61%), 6.94%, 09/27/37	USD	1,165	$	939,884
Series 2021-NQM2, Class M1, 2.28%, 02/25/66		1,500		1,053,631
Ellington Financial Mortgage Trust(a)(b)
Series 2020-1, Class M1, 5.24%, 05/25/65		500		490,898
Series 2021-2, Class A1, 0.93%, 06/25/66		195		156,276
Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51(a)(b)		2,050		1,642,635
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67(a)(b)		948		916,699
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67(b)		1,009		995,474
JP Morgan Mortgage Trust(a)(b)
Series 2022-DSC1, Class A1, 4.75%, 01/25/63		506		482,890
Series 2023-DSC1, Class A1, 4.63%, 07/25/63		322		307,417
MFA Trust(b)
Series 2021-NQM1, Class M1, 2.31%, 04/25/65(a)		2,000		1,541,863
Series 2023-NQM3, Class A1, 6.62%, 07/25/68		1,649		1,657,522
Mill City Mortgage Trust, Series 2023-NQM2, Class A1, 6.24%, 12/25/67(b)		1,608		1,603,753
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 3.59%, 05/26/37(b)		3,517		3,580,506
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(a)		6,538		1,181,525
OBX Trust(b)
Class A1A, 6.57%, 06/25/63		1,403		1,414,450
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62		533		534,344
Series 2023-NQM1, Class A1, 6.12%, 11/25/62(a)		436		436,148
Series 2023-NQM6, Class A1, 6.52%, 07/25/63		1,469		1,481,276
PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%, 06/25/58(b)		1,430		1,427,494
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1-mo. Term SOFR + 0.71%), 6.04%, 08/25/36(a)		6,276		1,244,004
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62(b)		655		650,279
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57(b)		659		621,694
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(a)(b)		1,750		1,383,337
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65(a)(b)		1,057		892,158
Verus Securitization Trust(b)
Series 2022-3, Class A1, 4.13%, 02/25/67		444		415,216
Series 2022-7, Class A1, 5.15%, 07/25/67		1,752		1,738,890
Series 2022-INV2, Class A1, 6.79%, 10/25/67		448		450,808
Series 2023-1, Class A1, 5.85%, 12/25/67		286		284,635
Series 2023-5, Class A1, 6.48%, 06/25/68		1,228		1,232,338
Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58(b)		1,581		1,589,090
				79,978,622
Commercial Mortgage-Backed Securities — 4.4%
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1-mo. Term SOFR + 0.52%), 5.85%, 07/25/37(a)(b)		1,194		1,091,376
Beast Mortgage Trust, Series 2021-SSCP, Class A, (1-mo. Term SOFR + 0.86%), 6.19%, 04/15/36(a)(b)		463		459,331

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 (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
BLP Commercial Mortgage Trust, Series 2024-INDS, Class D, (1-mo. Term SOFR + 2.59%), 7.92%, 03/15/41(a)(b)	USD	400	$	400,172
BX Commercial Mortgage Trust(a)(b)
Series 2021-CIP, Class A, (1-mo. Term SOFR + 1.04%), 6.36%, 12/15/38		600		593,625
Series 2021-SOAR, Class A, (1-mo. Term SOFR + 0.78%), 6.11%, 06/15/38		1,457		1,446,514
Series 2022-LP2, Class A, (1-mo. Term SOFR + 1.01%), 6.34%, 02/15/39		1,345		1,337,765
Series 2024-MF, Class C, (1-mo. Term SOFR + 1.94%), 7.27%, 02/15/39		510		507,450
BX Trust(a)(b)
Series 2021-LBA, Class AJV, (1-mo. Term SOFR + 0.91%), 6.24%, 02/15/36		1,650		1,642,781
Series 2022, Class B, (1-mo. Term SOFR + 2.66%), 7.99%, 08/15/41		276		276,552
Series 2022-GPA, Class A, (1-mo. Term SOFR + 2.17%), 7.49%, 08/15/39		645		646,613
Series 2023, Class A, (1-mo. Term SOFR + 2.69%), 8.02%, 05/15/38		140		141,750
Series 2024-BIO, Class C, (1-mo. Term SOFR + 2.64%), 7.97%, 02/15/41		240		239,925
Series 2024-CNYN, Class C, (1-mo. Term SOFR + 1.94%), 1.00%, 04/15/29(h)		800		799,000
Series 2024-PAT, Class B, (1-mo. Term SOFR + 3.04%), 8.29%, 03/15/26		170		169,907
CENT Trust, Series 2023, Class A, (1-mo. Term SOFR + 2.62%), 7.95%, 09/15/38(a)(b)		1,081		1,091,826
Cold Storage Trust(a)(b)
Series 2020-ICE5, Class A, (1-mo. Term SOFR + 1.01%), 6.33%, 11/15/37		101		101,027
Series 2020-ICE5, Class F, (1-mo. Term SOFR + 3.61%), 8.92%, 11/15/37		280		279,057
CSMC BHAR, Series 2021-BHAR, Class C, (1-mo. Term SOFR + 2.11%), 7.44%, 11/15/38(a)(b)		270		267,812
CSMC Trust, Series 2020-NET, Class A, 2.26%, 08/15/37(b)		472		438,982
DC Trust, Series 2024-HLTN, Class C, 1.00%, 04/13/28(a)(b)(h)		220		219,981
Extended Stay America Trust(a)(b)
Series 2021-ESH, Class D, (1-mo. Term SOFR + 2.36%), 7.69%, 07/15/38		1,307		1,305,752
Series 2021-ESH, Class F, (1-mo. Term SOFR + 3.81%), 9.14%, 07/15/38		829		828,193
GS Mortgage Securities Corp II, Series 2023, Class E, 7.43%, 09/10/38(a)(b)		275		275,482
GS Mortgage Securities Corp Trust, Series 2023, Class B, (1-mo. Term SOFR + 2.79%), 8.12%, 03/15/28(a)(b)		550		551,547
Independence Plaza Trust, Series 2018-INDP, Class A, 3.76%, 07/10/35(b)		1,000		957,639
JP Morgan Chase Commercial Mortgage Securities Trust(a)(b)
Series 2016-NINE, Class B, 2.85%, 09/06/38		275		252,025
Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 6.72%, 03/15/39		1,600		1,595,750
KSL Commercial Mortgage Trust, Series 2023-HT, Class D, (1-mo. Term SOFR + 4.29%), 9.61%, 12/15/36(a)(b)		1,100		1,105,499

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
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)	USD	6	$	5,831
MED Trust(a)(b)
Series 2021, Class A, (1-mo. Term SOFR + 1.06%), 6.39%, 11/15/38		1,065		1,062,227
Series 2023, Class E, (1-mo. Term SOFR + 3.26%), 8.59%, 11/15/38		390		388,421
MF1 Trust, Series 2021-W10, Class A, (1-mo. Term SOFR + 1.07%), 6.40%, 12/15/34(a)(b)		520		516,100
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, (1-mo. Term SOFR + 2.19%), 7.51%, 05/15/37(a)(b)		500		503,750
Wells Fargo Commercial Mortgage Trust
Series 2016-LC25, Class A4, 3.64%, 12/15/59		1,600		1,529,460
Series 2020, Class B, (1-mo. Term SOFR + 1.45%), 6.78%, 02/15/37(a)(b)		780		776,122
Series 2020, Class D, (1-mo. Term SOFR + 2.20%), 7.53%, 02/15/37(a)(b)		800		796,023
				24,601,267
Total Non-Agency Mortgage-Backed Securities — 18.8% (Cost: $120,846,061)				104,579,889
Preferred Securities
Capital Trusts — 6.8%(a)
Automobiles(j) — 0.1%
General Motors Financial Co., Inc., Series C, 5.70%		395		378,747
Volkswagen International Finance NV, 3.88%(e)	EUR	100		99,809
				478,556
Banks — 5.8%
AIB Group PLC, 5.25%(e)(j)		200		214,147
Banco Bilbao Vizcaya Argentaria SA, 6.13%(j)	USD	2,000		1,841,846
Bank of America Corp., Series X, 6.25%(f)(j)		2,925		2,928,329
Bank of New York Mellon Corp., Series I, 3.75%(f)(j)		2,845		2,607,727
Barclays PLC(j)
4.38%(f)		2,835		2,324,101
8.00%		275		274,433
9.63%		1,105		1,171,744
BNP Paribas SA(j)
4.63%(b)		1,025		845,550
8.50%(b)		545		569,662
6.88%(e)	EUR	200		225,156
Chong Hing Bank Ltd., 5.70%(e)(j)	USD	250		248,711
Citigroup, Inc., Series AA, 7.63%(j)		425		446,194
Credit Agricole SA, 4.75%(b)(j)		260		228,356
Goldman Sachs Group, Inc., Series R, 4.95%(j)		900		885,128
HSBC Holdings PLC(j)
4.70%		465		391,050
4.60%		200		169,196
6.00%(f)		695		668,985
JPMorgan Chase & Co., Series U, 6.53%, 01/15/87		358		328,011
Lloyds Banking Group PLC(j)
8.00%(f)		2,595		2,612,817
6.75%		515		508,821
NatWest Group PLC, 6.00%(j)		1,185		1,157,142
Nordea Bank Abp, 3.75%(b)(j)		560		461,281
PNC Financial Services Group, Inc.(j)
Series V, 6.20%		377		376,018
Series W, 6.25%(f)		380		368,286
Rizal Commercial Banking Corp., 6.50%(e)(j)		200		196,563

22

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Societe Generale SA(b)(j)
5.38%	USD	2,250	$	1,895,878
6.75%(f)		3,000		2,732,882
UBS Group AG(b)(j)
Series NC10, 9.25%		760		857,688
Series NC5, 9.25%		616		667,421
Wells Fargo & Co.(f)(j)
7.63%		571		610,232
Series S, 5.90%		3,000		2,987,330
Woori Bank, 4.25%(e)(j)		250		246,563
				32,047,248
Diversified Telecommunication Services(e) — 0.1%
British Telecommunications PLC, 8.38%, 12/20/83	GBP	100		134,561
Telefonica Europe BV, 6.14%(j)	EUR	200		223,613
				358,174
Electric Utilities — 0.6%
Edison International, Series B, 5.00%(j)	USD	328		310,748
EDP - Energias de Portugal SA, 5.94%, 04/23/83(e)	EUR	100		112,669
Electricite de France SA, 3.00%(e)(j)		200		197,728
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79(f)	USD	2,500		2,391,069
				3,012,214
Independent Power and Renewable Electricity Producers(b)(j) — 0.2%
NRG Energy, Inc., 10.25%		625		670,442
Vistra Corp., 7.00%		267		264,369
				934,811
Insurance — 0.0%
Liberty Mutual Group, Inc., 3.63%, 05/23/59(e)	EUR	100		107,399
Oil, Gas & Consumable Fuels — 0.0%
Repsol International Finance BV, 4.25%(e)(j)		100		105,997
Pharmaceuticals — 0.0%
Bayer AG, 4.50%, 03/25/82(e)		100		100,872
Real Estate Management & Development — 0.0%
Heimstaden Bostad AB, 2.63%(e)(j)		100		64,622
Transportation Infrastructure — 0.0%
Abertis Infraestructuras Finance BV, 3.25%(e)(j)		100		104,377
Wireless Telecommunication Services(e) — 0.0%
Vodafone Group PLC
2.63%, 08/27/80		100		103,435
6.50%, 08/30/84		100		116,020
				219,455
				37,533,725

Security	Shares		Value
Preferred Stocks — 0.7%(a)(j)
Banks — 0.7%
Morgan Stanley
Series F, 6.88%		100,000	$	2,516,000
Series K, 5.85%		60,125		1,502,524
				4,018,524
Total Preferred Securities — 7.5% (Cost: $42,735,350)				41,552,249
	Par (000)
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 0.8%
Fannie Mae REMICS, Series 4480, Class ZX, 4.00%, 11/15/44	USD	4,472		4,186,598
Ginnie Mae, Series 2017-136, Class GB, 3.00%, 03/20/47		553		502,173
				4,688,771
Mortgage-Backed Securities — 15.7%
Fannie Mae Mortgage-Backed Securities(f)
4.50%, 07/01/55		6,269		6,109,770
4.00%, 02/01/56 - 04/01/56		6,736		6,372,168
Uniform Mortgage-Backed Securities
1.50%, 05/01/31 - 06/01/31(f)		7,066		6,430,087
4.00%, 03/01/34 - 09/01/52(f)		20,561		19,153,020
6.50%, 10/01/53(f)		5,040		5,149,017
3.00%, 04/11/54(q)		8,800		7,569,858
3.50%, 04/11/54(q)		10,000		8,948,774
4.50%, 04/11/54(q)		6,000		5,713,334
5.00%, 04/11/54(q)		11,000		10,732,295
5.50%, 04/11/54(q)		11,020		10,965,300
				87,143,623
Total U.S. Government Sponsored Agency Securities — 16.5% (Cost: $94,982,069)				91,832,394
	Shares
Warrants
Entertainment — 0.0%
Aviron Capital LLC, (Expires 12/16/31)(c)(n)		10		—
Total Warrants — 0.0%  (Cost: $ — )			—
Total Long-Term Investments — 161.6%  (Cost: $926,833,759)			897,733,120

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 (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security	Shares			Value
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.19%(r)(s)		6,647,267		$	6,647,267
Total Short-Term Securities — 1.2% (Cost: $6,647,267)					6,647,267
Options Purchased — 0.0% (Cost: $1,599)					422
Total Investments Before TBA Sale Commitments and Options Written — 162.8% (Cost: $933,482,625)					904,380,809
	Par (000)
TBA Sale Commitments(q)
Mortgage-Backed Securities — (2.6)%
Uniform Mortgage-Backed Securities
3.50%, 04/11/54	USD	(10,000	)		(8,948,774	)
4.50%, 04/11/54		(6,000	)		(5,713,334	)
Total TBA Sale Commitments — (2.6)% (Proceeds: $(14,659,463))					(14,662,108	)
Options Written — (0.0)% (Premiums Received: $(323))					(47	)
Total Investments, Net of TBA Sale Commitments and Options Written — 160.2% (Cost: $918,822,839)					889,718,654
Liabilities in Excess of Other Assets — (60.2)%					(334,248,079	)
Net Assets — 100.0%				$	555,470,575

^(a)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

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

^(d)  Rounds to less than 1,000.

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

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

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

^(h)  When-issued security.

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

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

^(k)  Convertible security.

^(l)  Zero-coupon bond.

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

⁽ⁿ⁾  Non-income producing security.

^(o)  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.

^(p)  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.

^(q)  Represents or includes a TBA transaction.

^(r)  Affiliate of the Fund.

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

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	10,305,527	$	—	$	(3,658,260	)(a)	$	—	$	—	$	6,647,267		6,647,267	$	109,895	$	—

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

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

HSBC Securities (USA), Inc.

5.50

%(b)

12/08/23

Open

$

452,500

$

460,305

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.50

(b)

12/08/23

Open

210,478

214,108

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

5.50

(b)

12/08/23

Open

156,860

159,543

Foreign Agency Obligations

Open/Demand

HSBC Securities (USA), Inc.

5.50

(b)

12/08/23

Open

187,105

190,306

Foreign Agency Obligations

Open/Demand

BNP Paribas SA

5.49

(b)

01/08/24

Open

247,263

250,392

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

01/08/24

Open

151,125

153,038

Corporate Bonds

Open/Demand

24

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

BNP Paribas SA

5.49

%(b)

01/08/24

Open

$

482,501

$

488,608

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

01/08/24

Open

192,240

194,673

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

01/08/24

Open

602,502

610,115

Corporate Bonds

Open/Demand

BNP Paribas SA

5.50

(b)

01/19/24

Open

497,312

502,631

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

(b)

01/19/24

Open

282,625

285,620

Corporate Bonds

Open/Demand

Barclays Bank PLC

5.50

(b)

01/29/24

Open

2,297,337

2,319,098

Capital Trusts

Open/Demand

Barclays Bank PLC

5.50

(b)

01/29/24

Open

1,636,537

1,652,039

Corporate Bonds

Open/Demand

Barclays Bank PLC

5.50

(b)

01/29/24

Open

697,500

704,107

Corporate Bonds

Open/Demand

BNP Paribas SA

5.44

(b)

01/29/24

Open

580,800

586,241

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

5.52

(b)

01/29/24

Open

93,161

94,047

Foreign Agency Obligations

Open/Demand

Goldman Sachs & Co. LLC

5.25

(b)

01/29/24

Open

707,651

714,049

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

01/29/24

Open

814,294

822,077

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

01/29/24

Open

656,040

662,311

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

01/29/24

Open

1,537,717

1,552,416

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

(b)

01/29/24

Open

204,331

206,213

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.35

(b)

01/29/24

Open

136,597

137,856

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

01/29/24

Open

432,285

436,365

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

01/29/24

Open

152,346

153,784

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

01/29/24

Open

177,000

178,670

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

01/29/24

Open

696,065

702,634

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

01/29/24

Open

246,578

248,905

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

01/29/24

Open

248,285

250,628

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

01/29/24

Open

117,300

118,407

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

01/29/24

Open

310,375

313,304

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

01/29/24

Open

678,480

684,883

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

01/30/24

Open

3,565,931

3,599,103

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

(b)

02/01/24

Open

808,110

815,328

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/01/24

Open

1,079,085

1,088,776

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.53

(b)

02/01/24

Open

1,999,474

2,017,595

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.55

(b)

02/01/24

Open

1,083,287

1,092,978

Corporate Bonds

Open/Demand

BNP Paribas SA

4.75

(b)

02/08/24

Open

2,357,700

2,373,876

Corporate Bonds

Open/Demand

BNP Paribas SA

5.15

(b)

02/08/24

Open

122,906

123,821

Corporate Bonds

Open/Demand

BNP Paribas SA

5.30

(b)

02/08/24

Open

516,637

520,593

Corporate Bonds

Open/Demand

BNP Paribas SA

5.37

(b)

02/08/24

Open

190,688

192,167

Corporate Bonds

Open/Demand

BNP Paribas SA

5.39

(b)

02/08/24

Open

394,200

397,269

Corporate Bonds

Open/Demand

BNP Paribas SA

5.39

(b)

02/08/24

Open

276,941

279,097

Corporate Bonds

Open/Demand

BNP Paribas SA

5.41

(b)

02/08/24

Open

108,075

108,920

Corporate Bonds

Open/Demand

BNP Paribas SA

5.42

(b)

02/08/24

Open

204,728

206,330

Corporate Bonds

Open/Demand

BNP Paribas SA

5.44

(b)

02/08/24

Open

342,101

344,789

Corporate Bonds

Open/Demand

BNP Paribas SA

5.44

(b)

02/08/24

Open

194,940

196,472

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

(b)

02/08/24

Open

886,250

893,227

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

(b)

02/08/24

Open

751,500

757,416

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

(b)

02/08/24

Open

241,158

243,056

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

(b)

02/08/24

Open

536,740

540,965

Capital Trusts

Open/Demand

BNP Paribas SA

5.45

(b)

02/08/24

Open

174,328

175,700

Corporate Bonds

Open/Demand

BNP Paribas SA

5.47

(b)

02/08/24

Open

609,825

614,643

Corporate Bonds

Open/Demand

BNP Paribas SA

5.47

(b)

02/08/24

Open

1,211,280

1,220,850

Corporate Bonds

Open/Demand

BNP Paribas SA

5.47

(b)

02/08/24

Open

540,540

544,811

Corporate Bonds

Open/Demand

BNP Paribas SA

5.48

(b)

02/08/24

Open

281,520

283,748

Corporate Bonds

Open/Demand

BNP Paribas SA

5.48

(b)

02/08/24

Open

345,218

347,950

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

02/08/24

Open

312,480

314,958

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

02/08/24

Open

235,258

237,123

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

02/08/24

Open

643,900

649,006

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

02/08/24

Open

480,963

484,777

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

02/08/24

Open

326,533

329,122

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

02/08/24

Open

122,648

123,620

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

02/08/24

Open

895,000

902,097

Corporate Bonds

Open/Demand

BNP Paribas SA

5.54

(b)

02/08/24

Open

2,753,156

2,775,188

Capital Trusts

Open/Demand

Credit Agricole Corporate and Investment Bank

5.50

(b)

02/08/24

Open

338,923

341,615

Foreign Agency Obligations

Open/Demand

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 (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

Credit Agricole Corporate and Investment Bank

5.50

%(b)

02/08/24

Open

$

814,062

$

820,530

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.35

(b)

02/08/24

Open

347,820

350,508

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.35

(b)

02/08/24

Open

1,464,196

1,475,511

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

(b)

02/08/24

Open

543,510

547,789

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

(b)

02/08/24

Open

201,949

203,539

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

(b)

02/08/24

Open

206,869

208,497

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

(b)

02/08/24

Open

857,544

864,295

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

(b)

02/08/24

Open

266,831

268,932

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

(b)

02/08/24

Open

1,504,507

1,516,351

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

1,025,475

1,033,696

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

589,266

593,990

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

303,761

306,196

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

549,765

554,172

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

80,958

81,606

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

1,379,727

1,390,788

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

363,431

366,345

Capital Trusts

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

558,623

563,102

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

354,666

357,509

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

1,661,476

1,674,796

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

1,353,725

1,364,577

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

582,970

587,643

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/08/24

Open

851,757

858,586

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

4.50

(b)

02/08/24

Open

255,750

257,412

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

(b)

02/08/24

Open

438,750

442,141

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

(b)

02/08/24

Open

107,010

107,837

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

(b)

02/08/24

Open

184,163

185,587

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.35

(b)

02/08/24

Open

167,545

168,840

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.40

(b)

02/08/24

Open

1,248,992

1,258,734

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.42

(b)

02/08/24

Open

1,526,090

1,538,038

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.45

(b)

02/08/24

Open

953,750

961,258

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

390,710

393,803

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

115,133

116,044

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

333,750

336,392

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

176,524

177,921

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

263,419

265,504

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

460,365

464,009

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

209,535

211,194

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

340,100

342,792

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

167,693

169,020

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

318,780

321,303

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

649,704

654,847

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

02/08/24

Open

261,681

263,753

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

(b)

02/08/24

Open

354,200

357,101

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

533,800

538,041

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

558,250

562,685

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

218,844

220,582

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

361,500

364,372

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

346,500

349,253

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

377,000

379,995

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

745,875

751,801

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

520,625

524,761

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

343,175

345,901

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

619,500

624,422

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

650,625

655,794

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

1,278,750

1,288,909

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

350,500

353,285

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

749,062

755,013

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

799,000

805,348

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

380,813

383,838

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

259,238

261,297

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

595,562

600,294

Corporate Bonds

Open/Demand

26

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

RBC Capital Markets, LLC

5.50

%(b)

02/08/24

Open

$

421,250

$

424,597

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

174,063

175,445

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

431,875

435,306

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

641,712

646,811

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

5.50

(b)

02/08/24

Open

477,750

481,545

Corporate Bonds

Open/Demand

Societe Generale

5.47

(b)

02/08/24

Open

783,750

789,942

Corporate Bonds

Open/Demand

Societe Generale

5.47

(b)

02/08/24

Open

1,142,175

1,151,199

Corporate Bonds

Open/Demand

Societe Generale

5.47

(b)

02/08/24

Open

171,875

173,233

Corporate Bonds

Open/Demand

Societe Generale

5.47

(b)

02/08/24

Open

600,000

604,741

Corporate Bonds

Open/Demand

Societe Generale

5.47

(b)

02/08/24

Open

310,500

312,953

Corporate Bonds

Open/Demand

Societe Generale

5.47

(b)

02/08/24

Open

93,379

94,117

Corporate Bonds

Open/Demand

Societe Generale

5.47

(b)

02/08/24

Open

3,320,000

3,346,232

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

(b)

02/08/24

Open

218,365

220,097

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

(b)

02/08/24

Open

190,698

192,210

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

(b)

02/08/24

Open

274,725

276,904

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

(b)

02/08/24

Open

306,250

308,679

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

(b)

02/08/24

Open

855,000

861,780

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

(b)

02/08/24

Open

480,625

484,436

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

(b)

02/08/24

Open

452,500

456,088

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

(b)

02/08/24

Open

224,063

225,839

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

(b)

02/08/24

Open

367,565

370,480

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

(b)

02/08/24

Open

397,963

401,124

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

(b)

02/08/24

Open

541,082

545,381

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

(b)

02/08/24

Open

1,551,150

1,563,473

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

02/13/24

Open

981,367

988,401

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

(b)

02/14/24

Open

325,279

327,544

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

(b)

02/14/24

Open

304,110

306,228

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

02/15/24

Open

614,002

618,262

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.45

(b)

02/16/24

Open

867,912

873,825

Corporate Bonds

Open/Demand

BNP Paribas SA

5.55

(b)

02/20/24

Open

225,213

226,601

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

(b)

02/22/24

Open

381,500

383,695

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.49

(b)

02/22/24

Open

159,129

160,051

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.50

(b)

02/22/24

Open

222,828

224,121

Corporate Bonds

Open/Demand

BNP Paribas SA

5.49

(b)

02/23/24

Open

1,708,927

1,718,049

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

(b)

02/27/24

Open

2,680,770

2,695,126

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.68

(b)

02/29/24

Open

2,081,186

2,091,694

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.68

(b)

02/29/24

Open

3,227,974

3,244,271

Corporate Bonds

Open/Demand

BNP Paribas SA

5.45

(b)

03/06/24

Open

471,923

473,709

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

(b)

03/06/24

Open

3,216,440

3,229,105

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.67

(b)

03/06/24

Open

3,265,920

3,278,780

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.32

(b)

03/08/24

Open

300,486

301,419

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.32

(b)

03/08/24

Open

260,113

260,920

Foreign Agency Obligations

Open/Demand

Nomura Securities International, Inc.

5.32

(b)

03/08/24

Open

127,727

128,123

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.32

(b)

03/08/24

Open

181,628

182,191

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.32

(b)

03/08/24

Open

279,650

280,518

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.32

(b)

03/08/24

Open

814,740

817,268

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.32

(b)

03/08/24

Open

563,296

565,044

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.32

(b)

03/08/24

Open

145,410

145,861

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.32

(b)

03/08/24

Open

218,481

219,159

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.32

(b)

03/08/24

Open

219,010

219,690

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.32

(b)

03/08/24

Open

212,400

213,059

Corporate Bonds

Open/Demand

Canadian Imperial Bank of Commerce

5.44

03/12/24

04/11/24

2,599,555

2,607,019

U.S. Government Sponsored Agency Securities

Up to 30 Days

Canadian Imperial Bank of Commerce

5.44

03/12/24

04/11/24

5,042,633

5,057,111

U.S. Government Sponsored Agency Securities

Up to 30 Days

Canadian Imperial Bank of Commerce

5.44

03/12/24

04/11/24

285,832

286,653

U.S. Government Sponsored Agency Securities

Up to 30 Days

Canadian Imperial Bank of Commerce

5.44

03/12/24

04/11/24

1,303,783

1,307,526

U.S. Government Sponsored Agency Securities

Up to 30 Days

Canadian Imperial Bank of Commerce

5.44

03/12/24

04/11/24

5,000,850

5,015,208

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 27

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT)  

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

Cantor Fitzgerald & Co.

5.45

%

03/12/24

04/11/24

$

1,371,752

$

1,375,698

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.45

03/12/24

04/11/24

1,488,870

1,493,152

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.45

03/12/24

04/11/24

1,642,082

1,646,806

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.45

03/12/24

04/11/24

910,746

913,366

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.45

03/12/24

04/11/24

1,859,073

1,864,420

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.45

03/12/24

04/11/24

4,229,316

4,241,855

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.45

03/12/24

04/11/24

12,577,086

12,612,939

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Co.

5.45

03/12/24

04/11/24

3,653,180

3,663,688

U.S. Government Sponsored Agency Securities

Up to 30 Days

J.P. Morgan Securities LLC

4.85

03/12/24

04/17/24

214,010

214,557

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.35

03/12/24

04/17/24

1,259,722

1,263,279

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.40

03/12/24

04/17/24

171,563

172,051

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

03/12/24

04/17/24

1,123,125

1,126,356

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

03/12/24

04/17/24

233,814

234,487

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

03/12/24

04/17/24

452,980

454,283

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.45

03/12/24

04/17/24

176,480

176,988

Foreign Agency Obligations

Up to 30 Days

J.P. Morgan Securities LLC

5.50

03/12/24

04/17/24

170,606

171,101

Foreign Agency Obligations

Up to 30 Days

J.P. Morgan Securities LLC

5.50

03/12/24

04/17/24

292,533

293,382

Foreign Agency Obligations

Up to 30 Days

J.P. Morgan Securities LLC

5.50

03/12/24

04/17/24

158,288

158,747

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

03/12/24

04/17/24

282,200

283,019

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

03/12/24

04/17/24

259,911

260,666

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

03/12/24

04/17/24

304,238

305,121

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

03/12/24

04/17/24

388,080

389,207

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

03/12/24

04/17/24

255,093

255,833

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.49

(b)

03/12/24

Open

271,080

271,865

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.15

03/13/24

04/18/24

1,075,750

1,078,520

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.15

03/13/24

04/18/24

779,062

781,069

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.20

03/13/24

04/18/24

451,913

453,087

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

03/13/24

04/18/24

436,150

437,295

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

03/13/24

04/18/24

92,895

93,139

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.25

03/13/24

04/18/24

257,688

258,364

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.32

03/13/24

04/18/24

273,360

274,087

Foreign Agency Obligations

Up to 30 Days

BofA Securities, Inc.

5.33

03/13/24

04/18/24

683,691

685,513

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

03/13/24

04/18/24

803,720

805,870

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

03/13/24

04/18/24

523,500

524,900

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

03/13/24

04/18/24

679,035

680,851

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

03/13/24

04/18/24

1,146,875

1,149,943

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

03/13/24

04/18/24

206,250

206,802

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

03/13/24

04/18/24

1,548,274

1,552,415

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

03/13/24

04/18/24

337,796

338,700

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

03/13/24

04/18/24

713,385

715,293

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

03/13/24

04/18/24

330,341

331,225

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

03/13/24

04/18/24

686,400

688,236

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.35

03/13/24

04/18/24

541,500

542,948

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

367,138

368,129

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

289,435

290,216

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

129,938

130,288

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

886,500

888,894

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

302,063

302,878

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

733,357

735,338

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

862,840

865,170

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

219,408

220,000

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

754,687

756,725

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

289,463

290,244

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

363,750

364,732

Corporate Bonds

Up to 30 Days

28

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

BofA Securities, Inc.

5.40

%

03/13/24

04/18/24

$

172,040

$

172,505

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

590,762

592,358

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

199,660

200,199

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/13/24

04/18/24

565,000

566,525

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.43

03/13/24

04/18/24

2,195,062

2,201,022

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/13/24

04/18/24

493,187

494,531

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/13/24

04/18/24

1,093,365

1,096,344

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/13/24

04/18/24

730,100

732,090

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/13/24

04/18/24

361,800

362,786

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/13/24

04/18/24

620,120

621,810

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/13/24

04/18/24

718,360

720,318

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/13/24

04/18/24

134,500

134,867

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/13/24

04/18/24

2,180,287

2,186,229

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/13/24

04/18/24

251,146

251,831

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/13/24

04/18/24

413,948

415,076

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/13/24

04/18/24

782,644

784,777

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.49

03/13/24

04/18/24

2,331,250

2,337,649

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

140,108

140,493

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

575,106

576,688

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

124,775

125,118

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

329,970

330,877

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

761,785

763,880

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

2,179,360

2,185,353

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

167,471

167,932

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

452,760

454,005

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

128,925

129,280

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

518,141

519,566

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

79,046

79,264

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

169,313

169,778

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

308,790

309,639

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

296,231

297,046

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

1,518,024

1,522,198

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

979,575

982,269

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

230,344

230,977

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

2,580,000

2,587,095

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

113,040

113,351

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

176,565

177,051

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

868,750

871,139

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

604,012

605,674

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

565,800

567,356

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

172,933

173,408

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

816,609

818,854

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

801,611

803,815

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

841,391

843,705

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

3,218,250

3,227,100

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

361,349

362,342

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

1,643,606

1,648,126

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

795,361

797,548

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

374,735

375,766

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

1,000,620

1,003,372

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

407,788

408,909

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

154,530

154,955

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

1,311,975

1,315,582

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

263,791

264,517

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

734,239

736,258

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

667,894

669,730

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/13/24

04/18/24

510,542

511,946

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.53

03/13/24

04/18/24

2,036,250

2,041,880

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

169,918

170,389

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

236,605

237,262

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

263,428

264,159

Foreign Agency Obligations

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

280,394

281,172

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 29

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

BofA Securities, Inc.

5.55

%

03/13/24

04/18/24

$

110,840

$

111,148

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

817,232

819,500

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

196,000

196,544

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

325,185

326,087

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

1,088,156

1,091,176

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

101,910

102,193

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

153,804

154,231

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

279,480

280,256

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

348,705

349,673

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.55

03/13/24

04/18/24

74,509

74,716

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

909,317

911,864

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

2,757,990

2,765,712

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

3,506,250

3,516,067

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

216,123

216,728

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

2,768,062

2,775,813

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

1,897,406

1,902,719

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

1,721,454

1,726,274

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

361,654

362,666

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

200,330

200,891

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

1,508,925

1,513,150

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

258,604

259,328

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

678,750

680,650

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

2,497,500

2,504,493

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/13/24

04/18/24

433,579

434,793

Corporate Bonds

Up to 30 Days

Merrill Lynch International

5.60

03/13/24

04/18/24

883,225

885,698

Corporate Bonds

Up to 30 Days

Merrill Lynch International

5.65

03/13/24

04/18/24

1,681,425

1,686,175

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/14/24

04/18/24

3,268,455

3,276,790

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/14/24

04/18/24

148,715

149,101

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.30

03/15/24

04/18/24

1,945,372

1,949,382

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.30

03/15/24

04/18/24

298,290

298,905

Capital Trusts

Up to 30 Days

BofA Securities, Inc.

5.40

03/15/24

04/18/24

322,920

323,598

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/15/24

04/18/24

1,167,650

1,170,125

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/15/24

04/18/24

178,266

178,644

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/15/24

04/18/24

129,645

129,920

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/15/24

04/18/24

128,800

129,073

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/15/24

04/18/24

451,500

452,466

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/15/24

04/18/24

101,863

102,080

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/15/24

04/18/24

128,563

128,837

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.53

03/15/24

04/18/24

193,916

194,333

Corporate Bonds

Up to 30 Days

Nomura Securities International, Inc.

5.50

(b)

03/15/24

Open

1,410,380

1,413,332

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.55

(b)

03/15/24

Open

330,165

330,857

Corporate Bonds

Open/Demand

TD Securities (USA) LLC

5.65

(b)

03/15/24

Open

3,469,810

3,477,434

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.45

03/18/24

04/18/24

212,325

212,743

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.60

03/18/24

04/18/24

989,257

991,258

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/19/24

04/18/24

83,188

83,340

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.50

03/19/24

04/18/24

116,965

117,197

Corporate Bonds

Up to 30 Days

Nomura Securities International, Inc.

5.48

(b)

03/20/24

Open

733,987

735,217

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.40

03/21/24

04/18/24

534,465

535,267

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/21/24

04/18/24

757,170

758,306

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/21/24

04/18/24

255,792

256,176

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/21/24

04/18/24

487,500

488,231

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/21/24

04/18/24

560,071

560,912

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/21/24

04/18/24

377,761

378,328

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/21/24

04/18/24

826,044

827,283

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/21/24

04/18/24

165,069

165,316

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/21/24

04/18/24

678,700

679,718

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/21/24

04/18/24

201,266

201,568

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.40

03/21/24

04/18/24

529,162

529,956

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/21/24

04/18/24

293,687

294,132

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/21/24

04/18/24

750,037

751,173

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/21/24

04/18/24

207,949

208,264

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/21/24

04/18/24

626,780

627,729

Corporate Bonds

Up to 30 Days

30

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date

(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

(a)

BofA Securities, Inc.

5.45

%

03/21/24

04/18/24

$

468,576

$

469,286

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/21/24

04/18/24

230,838

231,187

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/21/24

04/18/24

199,631

199,933

Corporate Bonds

Up to 30 Days

BofA Securities, Inc.

5.45

03/21/24

04/18/24

410,550

411,172

Corporate Bonds

Up to 30 Days

Barclays Bank PLC

5.45

03/21/24

04/24/24

207,656

207,970

Capital Trusts

Up to 30 Days

Barclays Bank PLC

5.45

03/21/24

04/24/24

412,500

413,124

Corporate Bonds

Up to 30 Days

Barclays Bank PLC

5.45

03/21/24

04/24/24

447,075

447,752

Corporate Bonds

Up to 30 Days

Barclays Bank PLC

5.45

03/21/24

04/24/24

1,924,279

1,927,192

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

2.00

03/21/24

04/24/24

32,750

32,768

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.25

03/21/24

04/24/24

115,388

115,524

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.50

03/21/24

04/24/24

1,111,612

1,113,002

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

4.50

03/21/24

04/24/24

367,673

368,132

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.24

03/21/24

04/24/24

212,551

212,860

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.40

03/21/24

04/24/24

128,989

129,183

Foreign Agency Obligations

Up to 30 Days

Barclays Capital, Inc.

5.45

03/21/24

04/24/24

264,750

265,151

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.45

03/21/24

04/24/24

424,387

425,029

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.55

03/21/24

04/24/24

2,400,630

2,404,331

Capital Trusts

Up to 30 Days

Barclays Capital, Inc.

5.55

03/21/24

04/24/24

1,523,775

1,526,124

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.65

03/21/24

04/24/24

1,626,210

1,628,762

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.65

03/21/24

04/24/24

1,600,965

1,603,478

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.65

(b)

03/21/24

Open

2,754,042

2,758,365

Corporate Bonds

Open/Demand

Goldman Sachs & Co. LLC

5.55

(b)

03/21/24

Open

219,889

220,228

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

03/21/24

Open

222,435

222,774

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

03/21/24

Open

309,829

310,300

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.50

03/22/24

04/18/24

1,502,044

1,503,650

Corporate Bonds

Up to 30 Days

J.P. Morgan Securities LLC

5.50

03/25/24

04/17/24

309,413

309,696

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.65

03/25/24

04/24/24

932,452

933,330

Corporate Bonds

Up to 30 Days

BNP Paribas SA

5.49

(b)

03/25/24

Open

855,400

856,183

Corporate Bonds

Open/Demand

BofA Securities, Inc.

5.40

03/26/24

04/18/24

358,745

359,014

Corporate Bonds

Up to 30 Days

Barclays Capital, Inc.

5.65

03/26/24

04/24/24

853,775

854,445

Corporate Bonds

Up to 30 Days

Nomura Securities International, Inc.

5.48

(b)

03/26/24

Open

1,625,380

1,626,617

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

4.65

(b)

03/26/24

Open

1,010,500

1,011,153

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

4.80

(b)

03/26/24

Open

1,069,687

1,070,401

Corporate Bonds

Open/Demand

BNP Paribas SA

5.41

(b)

03/27/24

Open

325,643

325,838

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

5.48

(b)

03/27/24

Open

397,150

397,392

Corporate Bonds

Open/Demand

$

298,980,755

$

300,309,641

^(a)  Certain agreements have no stated maturity and can be terminated by either party at any time.

^(b)  Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts	Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
2-Year U.S. Treasury Note	48		06/28/24	$	9,815	$	8,325
5-Year U.S. Treasury Note	1,445		06/28/24		154,638		425,314
							433,639
Short Contracts
10-Year U.S. Treasury Note	592		06/18/24		65,592		(258,390	)
10-Year U.S. Ultra Long Treasury Note	207		06/18/24		23,724		(128,622	)
U.S. Long Bond	368		06/18/24		44,321		(756,424	)
Ultra U.S. Treasury Bond	106		06/18/24		13,674		(308,305	)
							(1,451,741	)
						$	(1,018,102	)

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 (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	106,607	EUR	97,038	Deutsche Bank AG		05/16/24	$	1,738
USD	132,458	EUR	120,545	Deutsche Bank AG		05/16/24		2,185
USD	132,589	EUR	120,658	Deutsche Bank AG		05/16/24		2,194
USD	502,457	EUR	457,247	Deutsche Bank AG		05/16/24		8,311
USD	68,968	EUR	63,000	Deutsche Bank AG		06/20/24		786
USD	108,627	EUR	100,000	Deutsche Bank AG		06/20/24		402
USD	10,250,938	EUR	9,374,000	UBS AG		06/20/24		105,871
USD	113,746	GBP	90,000	Deutsche Bank AG		06/20/24		105
USD	127,369	GBP	100,000	Morgan Stanley & Co. International PLC		06/20/24		1,102
USD	1,696,692	GBP	1,332,000	Morgan Stanley & Co. International PLC		06/20/24		14,814
							$	137,508

Exchange-Traded Options Purchased

Description

Number of Contracts

Expiration Date

Exercise Price

Notional Amount (000)

Value

Put

10-Year U.S. Treasury Note Future

3

04/26/24

USD

109.00

USD

332

$

422

Exchange-Traded Options Written

Description

Number of Contracts

Expiration Date

Exercise Price

Notional Amount (000)

Value

Put

10-Year U.S. Treasury Note Future

3

04/26/24

USD

106.50

USD

332

$

(47

)

Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligation/Index	Financing Rate Paid by the Fund		Payment Frequency	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.41.V2	5.00	%	Quarterly	12/20/28	USD	9,336	$	(702,858	)	$	(267,155	)	$	(435,703	)
CDX.NA.IG.41.V1	1.00		Quarterly	12/20/28	USD	27,020		(626,104	)		(390,232	)		(235,872	)
							$	(1,328,962	)	$	(657,387	)	$	(671,575	)

OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index

Financing Rate Paid by the Fund

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

11,944

$

1,997,886

$

768,493

$

1,229,393

OTC Credit Default Swaps — Sell Protection

	Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)	Notional Amount (000)	(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
	Virgin Media Finance PLC	5.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B-		EUR  20		$	1,344		$	1,088		$	256
					Morgan Stanley & Co.
	CMA CGM SA	5.00		Quarterly	International PLC	06/20/27	N/R		EUR  38			4,417			6,204			(1,787	)
	Adler Real Estate AG	5.00		Quarterly	Bank of America N.A.	12/20/27	N/R		EUR   9			(465	)		(1,570	)		1,105
	Adler Real Estate AG	5.00		Quarterly	Barclays Bank PLC	12/20/27	N/R		EUR   5			(279	)		(922	)		643
	Adler Real Estate AG	5.00		Quarterly	Barclays Bank PLC	12/20/27	N/R		EUR  15			(785	)		(2,592	)		1,807
	Adler Real Estate AG	5.00		Quarterly	Citibank N.A.	12/20/27	N/R		EUR   4			(228	)		(772	)		544

32

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT)

OTC Credit Default Swaps — Sell Protection (continued)

	Reference Obligation/Index	Financing Rate Received by the Fund		Payment Frequency	Counterparty	Termination Date	Credit Rating	(a)	Notional Amount (000)	(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
	Adler Real Estate AG	5.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/27	N/R		EUR     9		$	(477	)	$	(1,623	)	$	1,146
					Morgan Stanley & Co.
	Adler Real Estate AG	5.00		Quarterly	International PLC	12/20/27	N/R		EUR     7			(346	)		(1,156	)		810
	Faurecia SE	5.00		Quarterly	Barclays Bank PLC	06/20/29	BB		EUR    27			3,778			3,721			57
	Ziggo Bond Co. BV	5.00		Quarterly	Bank of America N.A.	06/20/29	B-		EUR    15			960			1,224			(264	)
	CMBX.NA.7	3.00		Monthly	Barclays Bank PLC	01/17/47	D		USD 4,778			(799,154	)		(215,373	)		(583,781	)
	CMBX.NA.7	3.00		Monthly	Barclays Bank PLC	01/17/47	D		USD 2,389			(399,577	)		(107,562	)		(292,015	)
	CMBX.NA.7	3.00		Monthly	Barclays Bank PLC	01/17/47	D		USD 4,778			(799,154	)		(106,487	)		(692,667	)
					Morgan Stanley & Co.
	CMBX.NA.15	3.00		Monthly	International PLC	11/15/64	N/R		USD 2,972			(419,923	)		(549,715	)		129,792
											$	(2,409,889	)	$	(975,535	)	$	(1,434,354	)

^(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 Fund may pay should a negative credit event take place as defined under the terms of the agreement.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	103,505,041	$	1,552,567	$	105,057,608
Common Stocks		5,265,817		—		—		5,265,817
Corporate Bonds
Aerospace & Defense		—		20,331,478		—		20,331,478
Air Freight & Logistics		—		924,609		—		924,609
Automobile Components		—		7,049,726		—		7,049,726
Automobiles		—		5,486,267		—		5,486,267
Banks		—		8,538,876		—		8,538,876
Beverages		—		2,052,670		—		2,052,670
Biotechnology		—		928,524		—		928,524
Broadline Retail		—		451,622		—		451,622
Building Products		—		7,378,767		—		7,378,767
Capital Markets		—		6,071,427		—		6,071,427
Chemicals		—		10,265,191		—		10,265,191
Commercial Services & Supplies		—		20,179,890		—		20,179,890
Communications Equipment		—		1,787,588		—		1,787,588
Construction & Engineering		—		2,779,976		—		2,779,976
Construction Materials		—		9,361,613		—		9,361,613
Consumer Finance		—		14,484,463		—		14,484,463
Consumer Staples Distribution & Retail		—		6,171,599		—		6,171,599
Containers & Packaging		—		11,851,535		—		11,851,535
Diversified Consumer Services		—		3,215,159		—		3,215,159
Diversified REITs		—		5,333,008		—		5,333,008
Diversified Telecommunication Services		110,442		23,360,008		—		23,470,450
Electric Utilities		—		6,379,667		—		6,379,667
Electrical Equipment		—		1,128,907		—		1,128,907
Electronic Equipment, Instruments & Components		—		3,698,674		—		3,698,674
Energy Equipment & Services		—		5,557,219		—		5,557,219
Entertainment		—		1,170,705		—		1,170,705
Environmental, Maintenance & Security Service		—		5,316,612		—		5,316,612
Financial Services		—		7,885,496		—		7,885,496
Food Products		—		3,829,980		—		3,829,980

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 (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Corporate Bonds (continued)
Gas Utilities	$	—	$	507,409		$	—	$	507,409
Ground Transportation		—		6,097,497			—		6,097,497
Health Care Equipment & Supplies		—		6,748,035			—		6,748,035
Health Care Providers & Services		—		15,500,448			—		15,500,448
Health Care Technology		—		2,568,249			—		2,568,249
Hotel & Resort REITs		—		3,471,592			—		3,471,592
Hotels, Restaurants & Leisure		—		35,570,184			—		35,570,184
Household Durables		—		2,011,805			—		2,011,805
Household Products		—		623,750			—		623,750
Independent Power and Renewable Electricity Producers		—		3,194,256			—		3,194,256
Insurance		—		33,983,006			—		33,983,006
Interactive Media & Services		—		1,052,738			—		1,052,738
Internet Software & Services		—		1,090,006			—		1,090,006
IT Services		—		5,477,901			—		5,477,901
Leisure Products		—		670,932			—		670,932
Machinery		—		10,341,829			—		10,341,829
Marine Transportation		—		102,050			—		102,050
Media		—		35,780,201			—		35,780,201
Metals & Mining		—		16,832,242			—		16,832,242
Mortgage Real Estate Investment Trusts (REITs)		—		563,934			—		563,934
Office REITs		—		92,703			—		92,703
Oil, Gas & Consumable Fuels		—		61,939,059			1,250,512		63,189,571
Passenger Airlines		—		4,021,394			—		4,021,394
Personal Care Products		—		342,220			—		342,220
Pharmaceuticals		—		7,178,759			—		7,178,759
Professional Services		—		1,860,861			—		1,860,861
Real Estate Management & Development		—		1,438,815			—		1,438,815
Retail REITs		—		186,202			—		186,202
Semiconductors & Semiconductor Equipment		—		3,888,116			—		3,888,116
Software		—		19,342,037			—		19,342,037
Specialized REITs		—		1,053,191			—		1,053,191
Specialty Retail		—		1,825,904			—		1,825,904
Technology Hardware, Storage & Peripherals		—		1,361,935			—		1,361,935
Textiles, Apparel & Luxury Goods		—		240,410			—		240,410
Tobacco		—		2,071,299			—		2,071,299
Trading Companies & Distributors		—		932,018			—		932,018
Transportation Infrastructure		—		1,347,967			—		1,347,967
Wireless Telecommunication Services		—		5,709,892			—		5,709,892
Floating Rate Loan Interests		—		36,286,590			3,560,646		39,847,236
Foreign Agency Obligations		—		7,451,597			—		7,451,597
Municipal Bonds		—		793,274			—		793,274
Non-Agency Mortgage-Backed Securities		—		104,579,889			—		104,579,889
Preferred Securities
Capital Trusts		—		37,533,725			—		37,533,725
Preferred Stocks		4,018,524		—			—		4,018,524
U.S. Government Sponsored Agency Securities		—		91,832,394			—		91,832,394
Warrants		—		—			—		—
Short-Term Securities
Money Market Funds		6,647,267		—			—		6,647,267
Options Purchased
Interest Rate Contracts		422		—			—		422
Liabilities
Investments
TBA Sale Commitments		—		(14,662,108	)		—		(14,662,108	)
	$	16,042,472	$	867,312,504		$	6,363,725	$	889,718,701
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—	$	1,365,553		$	—	$	1,365,553
Foreign Currency Exchange Contracts		—		137,508			—		137,508
Interest Rate Contracts		433,639		—			—		433,639

34

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Liabilities
Credit Contracts	$	—		$	(2,242,089	)	$	—	$	(2,242,089	)
Interest Rate Contracts		(1,451,788	)		—			—		(1,451,788	)
	$	(1,018,149	)	$	(739,028	)	$	—	$	(1,757,177	)

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

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of period end, reverse repurchase agreements of $300,309,641 are categorized as Level 2 within the fair value hierarchy.

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

	Asset-Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Warrants			Total
Assets
Opening balance, as of December 31, 2023	$	2,044,502		$	1,277,438		$	473,081		$	—	(a)	$	3,795,021
Transfers into Level 3		—			—			436,077			—			436,077
Transfers out of Level 3		(401,500	)		—			(218,645	)		—			(620,145	)
Accrued discounts/premiums		—			—			563			—			563
Net realized gain (loss)		—			—			15			—			15
Net change in unrealized appreciation (depreciation)(b)		(54,189	)		(3,006	)		86,369			—			29,174
Purchases		—			—			2,783,875			—			2,783,875
Sales		(36,246	)		(23,920	)		(689	)		—			(60,855	)
Closing balance, as of March 31, 2024	$	1,552,567		$	1,250,512		$	3,560,646		$	—	(a)	$	6,363,725
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024(b)	$	(54,189	)	$	(3,006	)	$	86,369		$	—	(a)	$	29,174

^(a)  Rounds to less than $1.

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.

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

Currency Abbreviation
EUR	Euro
GBP	British Pound
USD	United States Dollar

Portfolio Abbreviation (continued)
REMIC	Real Estate Mortgage Investment Conduit
SG	Syncora Guarantee
SOFR	Secured Overnight Financing Rate
TBA	To-Be-Announced

Portfolio Abbreviation
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
PIK	Payment-in-Kind
REIT	Real Estate Investment Trust

 

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