Name of Fund: | BlackRock Multi-Sector Income Trust (BIT) |
Fund Address: | 100 Bellevue Parkway, Wilmington, DE 19809 |
APRIL 30, 2023 |
2023 Semi-Annual Report (Unaudited) |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Total Cumulative Distributions for the Fiscal Period | % Breakdown of the Total Cumulative Distributions for the Fiscal Period | |||||||||||||||||||||||||||||||||||||||||||||||
Trust Name | | Net Income | | | Net Realized Capital Gains Short-Term | | | Net Realized Capital Gains Long-Term | | | Return of Capital | (a) | | Total Per Common Share | | | | | Net Income | | | Net Realized Capital Gains Short-Term | | | Net Realized Capital Gains Long-Term | | | Return of Capital | | | Total Per Common Share | | ||||||||||||||||
BIT | $ | 0.429748 | $ | — | $ | — | $ | 0.312452 | $ | 0.742200 | 58 | % | — | % | — | % | 42 | % | 100 | % |
(a) | The Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Trust is returned to the shareholder. A return of capital does not necessarily reflect the Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce the Trust’s net asset value per share. |
Exchange Symbol | Amount Per Common Share | |||
BIT | $ | 0.1237 |
2 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Total Returns as of April 30, 2023 | ||||
6‑Month | 12‑Month | |||
U.S. large cap equities (S&P 500® Index) | 8.63% | 2.66% | ||
U.S. small cap equities (Russell 2000® Index) | (3.45) | (3.65) | ||
International equities (MSCI Europe, Australasia, Far East Index) | 24.19 | 8.42 | ||
Emerging market equities (MSCI Emerging Markets Index) | 16.36 | (6.51) | ||
3‑month Treasury bills (ICE BofA 3‑Month U.S. Treasury Bill Index) | 2.09 | 2.83 | ||
U.S. Treasury securities (ICE BofA 10‑Year U.S. Treasury Index) | 7.14 | (1.68) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | 6.91 | (0.43) | ||
Tax‑exempt municipal bonds (Bloomberg Municipal Bond Index) | 7.65 | 2.87 | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 6.21 | 1.21 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T | 3 |
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The Benefits and Risks of Leveraging | BlackRock Multi-Sector Income Trust (BIT) |
T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S | 5 |
Trust Summary as of April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Symbol on New York Stock Exchange | BIT | |
Initial Offering Date | February 27, 2013 | |
Current Distribution Rate on Closing Market Price as of April 30, 2023 ($14.73)(a) | 10.08% | |
Current Monthly Distribution per Common Share(b) | $0.1237 | |
Current Annualized Distribution per Common Share(b) | $1.4844 | |
Leverage as of April 30, 2023(c) | 33% |
(a) | Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
(b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. |
(c) | Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
04/30/23 | 10/31/22 | Change | High | Low | ||||||||||||||||
Closing Market Price | $ | 14.73 | $ | 14.43 | 2.08 | % | $ | 15.24 | $ | 14.08 | ||||||||||
Net Asset Value | 14.72 | 14.66 | 0.41 | 15.36 | 14.37 |
Average Annual Total Returns | ||||||||||||||||
6‑month | 1 Year | 5 Years | 10 Years | |||||||||||||
Trust at NAV(a)(b) | 5.58 | % | 0.40 | % | 3.98 | % | 6.39 | % | ||||||||
Trust at Market Price(a)(b) | 7.33 | 3.02 | 6.35 | 6.60 | ||||||||||||
Bloomberg U.S. Aggregate Bond Index(c) | 6.91 | (0.43 | ) | 1.18 | 1.32 |
(a) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage. |
(b) | The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
(c) | A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. |
6 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Trust Summary as of April 30, 2023 (continued) | BlackRock Multi-Sector Income Trust (BIT) |
PORTFOLIO COMPOSITION | ||||
Asset Type | Percentage of Total Investments | |||
Corporate Bonds | 51.5 | % | ||
U.S. Government��Sponsored Agency Securities | 15.2 | |||
Asset-Backed Securities | 11.5 | |||
Non‑Agency Mortgage-Backed Securities | 10.4 | |||
Floating Rate Loan Interests | 4.6 | |||
Preferred Securities | 3.4 | |||
Foreign Government and Agency Obligations | 1.8 | |||
Short-Term Securities | 1.0 | |||
Other* | 0.6 |
CREDIT QUALITY ALLOCATION | ||||
Credit Rating(a)(b) | Percentage of Total Investments | |||
AAA/Aaa(c) | 21.8 | % | ||
AA/Aa | 1.0 | |||
A | 2.4 | |||
BBB/Baa | 12.8 | |||
BB/Ba | 22.1 | |||
B | 21.6 | |||
CCC/Caa | 6.2 | |||
CC | 2.3 | |||
C | 2.4 | |||
N/R(d) | 7.4 |
(a) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(b) | Excludes short-term securities. |
(c) | Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser. |
(d) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2023, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust’s total investments. |
* | Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details. |
T R U S T S U M M A R Y | 7 |
Schedule of Investments (unaudited) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Asset-Backed Securities | ||||||||||||
Allegro CLO V Ltd., Series 2017‑1A, Class AR, (3‑mo. LIBOR US + 0.95%), 6.21%, 10/16/30(a)(b) | USD | 474 | $ | 467,063 | ||||||||
ALM Ltd., Series 2020‑1A, Class D, (3‑mo. LIBOR US + 6.00%), 11.26%, 10/15/29(a)(b) | 287 | 255,681 | ||||||||||
Anchorage Capital CLO 5‑R Ltd., Series 2014‑5RA, Class E, (3‑mo. LIBOR US + 5.40%), 10.66%, 01/15/30(a)(b) | 860 | 790,165 | ||||||||||
Anchorage Capital CLO 7 Ltd., Series 2015‑7A, Class D1R2, (3‑mo. LIBOR US + 3.50%), 8.77%, 01/28/31(a)(b) | 250 | 232,241 | ||||||||||
Apidos CLO XXVI, Series 2017‑26A, Class A1AR, (3‑mo. LIBOR US + 0.90%), 6.16%, 07/18/29(a)(b) | 454 | 449,985 | ||||||||||
Apidos CLO XXVII, Series 2017‑27A, Class A1R, (3- mo. LIBOR US + 0.93%), 6.19%, 07/17/30(a)(b) | 247 | 244,642 | ||||||||||
Ares XL CLO Ltd., Series 2016‑40A, Class A1RR, (3‑mo. LIBOR US + 0.87%), 6.13%, 01/15/29(a)(b) | 804 | 797,013 | ||||||||||
ARES XLVII CLO Ltd., Series 2018‑47A, Class A1, (3‑mo. LIBOR US + 0.92%), 6.18%, 04/15/30(a)(b) | 250 | 247,689 | ||||||||||
Argent Securities Trust, Series 2006‑W5, Class A1A, (1‑mo. LIBOR US + 0.30%), 5.32%, 06/25/36(a) | 4,185 | 2,734,829 | ||||||||||
Atrium XIII, Series 13A, Class A2, (3‑mo. LIBOR US + 1.25%), 6.52%, 11/21/30(a)(b) | 250 | 242,028 | ||||||||||
Atrium XV, Series 15A, Class D, (3‑mo. LIBOR US + 3.00%), 8.27%, 01/23/31(a)(b) | 550 | 526,585 | ||||||||||
Bain Capital Credit CLO Ltd., Series 2020‑2A, Class DR, (3‑mo. LIBOR US + 3.30%), 8.57%, 07/19/34(a)(b) | 250 | 227,513 | ||||||||||
Barings CLO Ltd., (3‑mo. LIBOR US + 3.15%), 8.41%, 07/15/34 | 250 | 231,669 | ||||||||||
Bayview Commercial Asset Trust, Series 2007‑2A, Class A1, (1‑mo. LIBOR US + 0.27%), 5.29%, 07/25/37(a)(b) | 1,385 | 1,224,665 | ||||||||||
Bear Stearns Asset-Backed Securities I Trust, Series 2006‑HE9, Class 2A, (1‑mo. LIBOR US + 0.28%), 5.30%, 11/25/36(a) | 1,078 | 1,038,174 | ||||||||||
Benefit Street Partners CLO II Ltd., Series 2013‑IIA, Class A1R2, (3‑mo. LIBOR US + 0.87%), 6.13%, 07/15/29(a)(b) | 160 | 159,110 | ||||||||||
Benefit Street Partners CLO XX Ltd., Series 2020‑20A, Class CR, (3‑mo. LIBOR US + 2.05%), 7.31%, 07/15/34(a)(b) | 250 | 233,168 | ||||||||||
BlueMountain CLO Ltd., Series 2013‑2A, Class A1R, (3‑mo. LIBOR US + 1.18%), 6.45%, 10/22/30(a)(b) | 437 | 432,838 | ||||||||||
BlueMountain Fuji U.S. CLO II Ltd., (3‑mo. LIBOR US + 1.00%), 6.25%, 10/20/30 | 3,405 | 3,369,658 | ||||||||||
Carlyle Global Market Strategies CLO Ltd., Series 2015‑1A, Class AR3, (3‑mo. LIBOR US + 0.98%), 6.23%, 07/20/31(a)(b) | 1,624 | 1,599,311 | ||||||||||
Carlyle U.S. CLO Ltd. | ||||||||||||
(3‑mo. LIBOR US + 3.20%), 8.46%, 01/25/35 | 250 | 226,986 | ||||||||||
Series 2018‑4A, Class A2, (3‑mo. LIBOR US + 1.80%), 7.05%, 01/20/31(a)(b) | 250 | 244,389 | ||||||||||
Carrington Mortgage Loan Trust(a) | ||||||||||||
Series 2006-FRE2, Class A2, (1‑mo. LIBOR US + 0.12%), 5.14%, 10/25/36 | 2,974 | 2,309,479 | ||||||||||
Series 2006-FRE2, Class A5, (1‑mo. LIBOR US + 0.08%), 5.10%, 03/25/35 | 6,126 | 4,750,169 | ||||||||||
CarVal CLO III Ltd., Series 2019‑2A, Class E, (3‑mo. LIBOR US + 6.44%), 11.69%, 07/20/32(a)(b) | 500 | 441,470 |
Security | Par (000) | Value | ||||||||||
Asset-Backed Securities (continued) | ||||||||||||
CBAM Ltd., Series 2017‑1A, Class A1, (3‑mo. LIBOR US + 1.25%), 6.50%, 07/20/30(a)(b) | USD | 1,165 | $ | 1,156,439 | ||||||||
C‑BASS Trust, Series 2006‑CB7, Class A4, (1‑mo. LIBOR US + 0.32%), 5.34%, 10/25/36(a) | 4,163 | 2,723,025 | ||||||||||
Cedar Funding XV CLO Ltd., Series 2022‑15A, Class B, (3‑mo. CME Term SOFR + 1.80%), 6.85%, 04/20/35(a)(b) | 400 | 385,993 | ||||||||||
CIFC Funding IV Ltd., Series 2017‑4A, Class A1R, (3‑mo. LIBOR US + 0.95%), 6.22%, 10/24/30(a)(b) | 476 | 470,542 | ||||||||||
CIFC Funding Ltd.(a)(b) | ||||||||||||
Class 1A, (3‑mo. LIBOR US + 1.70%), 6.96%, 10/21/31 | 750 | 730,200 | ||||||||||
Series 2013‑4A, Class A1RR, (3‑mo. LIBOR US + 1.06%), 6.35%, 04/27/31 | 250 | 247,746 | ||||||||||
Series 2014‑5A, Class A1R2, (3‑mo. LIBOR US + 1.20%), 6.46%, 10/17/31 | 550 | 545,692 | ||||||||||
Series 2020‑1A, Class DR, (3‑mo. LIBOR US + 3.10%), 8.36%, 07/15/36 | 500 | 476,492 | ||||||||||
CIFC Funding VII Ltd.(a)(b) | ||||||||||||
Series 2022‑7A, Class D, (3‑mo. CME Term SOFR + 5.35%), 10.42%, 10/22/35 | 250 | 245,027 | ||||||||||
Series 2022‑7A, Class E, (3‑mo. CME Term SOFR + 8.94%), 14.01%, 10/22/35 | 500 | 494,587 | ||||||||||
Citigroup Mortgage Loan Trust, Series 2006‑FX1, Class A7, 5.78%, 10/25/36 | 337 | 222,083 | ||||||||||
Clear Creek CLO, Series 2015‑1A, Class DR, (3‑mo. LIBOR US + 2.95%), 8.20%, 10/20/30(a)(b) | 250 | 233,569 | ||||||||||
Countrywide Asset-Backed Certificates Trust, Series 2006‑26, Class 1A, (1‑mo. LIBOR US + 0.14%), 5.16%, 06/25/37(a) | 526 | 480,270 | ||||||||||
CWHEQ Revolving Home Equity Loan Trust, Series 2006‑I, Class 1A, (1‑mo. LIBOR US + 0.14%), 5.09%, 01/15/37(a) | 435 | 384,927 | ||||||||||
Deer Creek CLO Ltd., Series 2017‑1A, Class A, (3‑mo. LIBOR US + 1.18%), 6.43%, 10/20/30(a)(b) | 416 | 411,860 | ||||||||||
Dryden 106 CLO Ltd., Series 2022-106A, Class E, (3‑mo. CME Term SOFR + 8.87%), 13.43%, 10/15/35(a)(b) | 500 | 497,226 | ||||||||||
Dryden 37 Senior Loan Fund, Series 2015‑37A, Class AR, (3‑mo. LIBOR US + 1.10%), 6.36%, 01/15/31(a)(b) | 245 | 243,152 | ||||||||||
Dryden XXVI Senior Loan Fund, Series 2013‑26A, Class AR, (3‑mo. LIBOR US + 0.90%), 6.16%, 04/15/29(a)(b) | 419 | 414,864 | ||||||||||
Elmwood CLO IV Ltd., Series 2020‑1A, Class B, (3- mo. LIBOR US + 1.70%), 6.96%, 04/15/33(a)(b) | 250 | 244,410 | ||||||||||
Flatiron CLO 18 Ltd., Series 2018‑1A, Class A, (3‑mo. CME Term SOFR + 1.21%), 6.20%, 04/17/31(a)(b) | 1,500 | 1,486,839 | ||||||||||
Fremont Home Loan Trust(a) | ||||||||||||
Series 2006‑A, Class 2A3, (1‑mo. LIBOR US + 0.32%), 5.34%, 05/25/36 | 4,148 | 2,381,276 | ||||||||||
Series 2006‑D, Class 2A3, (1‑mo. LIBOR US + 0.15%), 5.17%, 11/25/36 | 6,282 | 2,298,036 | ||||||||||
Galaxy XXI CLO Ltd., Series 2015‑21A, Class ER, (3‑mo. LIBOR US + 5.25%), 10.50%, 04/20/31(a)(b) | 500 | 430,509 | ||||||||||
Galaxy XXVI CLO Ltd., Series 2018‑26A, Class A, (3‑mo. LIBOR US + 1.20%), 6.11%, 11/22/31(a)(b) | 750 | 741,979 | ||||||||||
Galaxy XXVIII CLO Ltd., Series 2018‑28A, Class A1, (3‑mo. LIBOR US + 1.10%), 6.36%, 07/15/31(a)(b) | 500 | 492,849 |
8 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Asset-Backed Securities (continued) | ||||||||||||
Generate CLO 2 Ltd.(a)(b) | ||||||||||||
Series 2A, Class DR, (3-mo. LIBOR US + 2.60%), 7.87%, 01/22/31 | USD | 600 | $ | 560,596 | ||||||||
Series 2A, Class ER, (3-mo. LIBOR US + 5.65%), 10.92%, 01/22/31 | 250 | 218,458 | ||||||||||
Gilbert Park CLO Ltd., Series 2017-1A, Class A, (3-mo. LIBOR US + 1.19%), 6.45%, 10/15/30(a)(b) | 500 | 495,855 | ||||||||||
GoldenTree Loan Management U.S. CLO 2 Ltd., Series 2017-2A, Class AR, (3-mo. LIBOR US + 0.91%), 6.16%, 11/20/30(a)(b) | 1,000 | 988,558 | ||||||||||
GoldenTree Loan Management U.S. CLO 3 Ltd., (3-mo. LIBOR US + 2.85%), 8.10%, 04/20/30 | 250 | 238,141 | ||||||||||
GoldenTree Loan Management U.S. CLO 5 Ltd., Series 2019-5A, Class BR, (3-mo. LIBOR US + 1.55%), 6.80%, 10/20/32(a)(b) | 250 | 246,106 | ||||||||||
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class AR, (3-mo. LIBOR US + 1.12%), 6.37%, 07/20/31(a)(b) | 500 | 496,029 | ||||||||||
GoldenTree Loan Opportunities X Ltd., Series 2015-10A, Class DR, (3-mo. LIBOR US + 3.05%), 8.30%, 07/20/31(a)(b) | 250 | 239,963 | ||||||||||
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3-mo. LIBOR US + 6.45%), 11.71%, 04/15/33(a)(b) | 500 | 441,352 | ||||||||||
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1-mo. LIBOR US + 0.17%), 5.19%, 04/25/37(a) | 3,416 | 2,347,508 | ||||||||||
HPS Loan Management Ltd., Series 8A-2016, Class ER, (3-mo. LIBOR US + 5.50%), 10.75%, 07/20/30(a)(b) | 1,000 | 829,711 | ||||||||||
Jay Park CLO Ltd., Series 2016-1A, Class CR, (3-mo. LIBOR US + 2.65%), 7.90%, 10/20/27(a)(b) | 250 | 241,285 | ||||||||||
LCM XXI LP, Series 21A, Class AR, (3-mo. LIBOR US + 0.88%), 6.13%, 04/20/28(a)(b) | 34 | 33,677 | ||||||||||
LCM XXIV Ltd., Series 24A, Class AR, (3-mo. LIBOR US + 0.98%), 6.23%, 03/20/30(a)(b) | 218 | 215,473 | ||||||||||
Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A3, (1-mo. LIBOR US + 0.32%), 5.34%, 08/25/36(a) | 5,084 | 2,107,487 | ||||||||||
Madison Park Funding XLI Ltd., Series 12A, Class AR, (3-mo. LIBOR US + 0.83%), 6.10%, 04/22/27(a)(b) | 273 | 270,418 | ||||||||||
Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3-mo. LIBOR US + 3.60%), 8.86%, 07/21/30(a)(b) | 500 | 479,058 | ||||||||||
Madison Park Funding XVIII Ltd., Series 2015-18A, Class DR, (3-mo. LIBOR US + 2.95%), 8.21%, 10/21/30(a)(b) | 250 | 232,807 | ||||||||||
Madison Park Funding XXIX Ltd.(a)(b) | ||||||||||||
Series 2018-29A, Class D, (3-mo. LIBOR US + 3.00%), 8.26%, 10/18/30 | 565 | 539,408 | ||||||||||
Series 2018-29A, Class E, (3-mo. LIBOR US + 5.70%), 10.96%, 10/18/30 | 500 | 460,953 | ||||||||||
Madison Park Funding XXV Ltd., Series 2017-25A, Class A1R, (3-mo. LIBOR US + 0.97%), 6.23%, 04/25/29(a)(b) | 975 | 965,373 | ||||||||||
Madison Park Funding XXVI Ltd., Series 2007-4A, Class DR, (3-mo. LIBOR US + 3.00%), 8.30%, 07/29/30(a)(b) | 250 | 236,580 | ||||||||||
Madison Park Funding XXX Ltd., Series 2018-30A, Class A, (3-mo. LIBOR US + 0.75%), 6.01%, 04/15/29(a)(b) | 237 | 234,734 |
Security | Par (000) | Value | ||||||||||
Asset-Backed Securities (continued) | ||||||||||||
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR, (3-mo. LIBOR US + 1.65%), 6.91%, 07/15/33(a)(b) | USD | 800 | $ | 782,228 | ||||||||
Mastr Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1-mo. LIBOR US + 0.30%), 5.32%, 06/25/36(a) | 7,145 | 2,661,453 | ||||||||||
Neuberger Berman CLO XV, Series 2013-15A, Class A1R2, (3-mo. LIBOR US + 0.92%), 6.18%, 10/15/29(a)(b) | 492 | 486,375 | ||||||||||
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ERR, (3-mo. LIBOR US + 6.50%), 11.76%, 07/15/34(a)(b) | 710 | 633,675 | ||||||||||
Neuberger Berman Loan Advisers CLO 25 Ltd., Series 2017-25A, Class AR, (3-mo. LIBOR US + 0.93%), 6.19%, 10/18/29(a)(b) | 1,371 | 1,356,094 | ||||||||||
Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A, Class AR, (3-mo. LIBOR US + 0.92%), 6.18%, 10/18/30(a)(b) | 246 | 243,731 | ||||||||||
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3-mo. LIBOR US + 1.80%), 7.05%, 07/20/31(a)(b) | 400 | 388,649 | ||||||||||
Neuberger Berman Loan Advisers CLO 46 Ltd., Series 2021-46A, Class B, (3-mo. LIBOR US + 1.65%), 6.90%, 01/20/36(a)(b) | 250 | 241,379 | ||||||||||
Neuberger Berman Loan Advisers NBLA CLO 52 Ltd.(a)(b) | ||||||||||||
Series 2022-52A, Class D, (3-mo. CME Term SOFR + 5.75%), 10.82%, 10/24/35 | 550 | 548,372 | ||||||||||
Series 2022-52A, Class E, (3-mo. CME Term SOFR + 8.81%), 13.88%, 10/24/35 | 250 | 246,771 | ||||||||||
OCP CLO Ltd.(a)(b) | ||||||||||||
Series 2015-9A, Class A1R2, (3-mo. CME Term SOFR + 1.25%), 6.24%, 01/15/33 | 550 | 539,750 | ||||||||||
Series 2017-13A, Class A1AR, (3-mo. LIBOR US + 0.96%), 6.22%, 07/15/30 | 590 | 583,584 | ||||||||||
Series 2017-14A, Class A2, (3-mo. LIBOR US + 1.50%), 6.42%, 11/20/30 | 400 | 389,205 | ||||||||||
Series 2019-17A, Class A1R, (3-mo. LIBOR US + 1.04%), 6.29%, 07/20/32 | 500 | 490,934 | ||||||||||
Octagon Investment Partners 31 Ltd., Series 2017-1A, Class E, (3-mo. LIBOR US + 6.30%), 11.55%, 07/20/30(a)(b) | 500 | 441,395 | ||||||||||
Octagon Investment Partners 32 Ltd., Series 2017-1A, Class A1R, (3-mo. LIBOR US + 0.95%), 6.21%, 07/15/29(a)(b) | 237 | 234,514 | ||||||||||
Octagon Investment Partners XIV Ltd., Series 2012- 1A, Class AARR, (3-mo. LIBOR US + 0.95%), 6.21%, 07/15/29(a)(b) | 468 | 463,476 | ||||||||||
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. LIBOR US + 0.97%), 6.24%, 07/19/30(a)(b) | 2,623 | 2,595,386 | ||||||||||
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3-mo. LIBOR US + 1.40%), 6.66%, 01/25/31(a)(b) | 250 | 243,476 | ||||||||||
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, (3-mo. LIBOR US + 1.00%), 5.87%, 02/14/31(a)(b) | 500 | 493,421 | ||||||||||
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3-mo. LIBOR US + 2.75%), 8.02%, 01/22/30(a)(b) | 500 | 463,682 |
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) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Asset-Backed Securities (continued) | ||||||||||||
OHA Credit Partners XI Ltd., Series 2015-11A, Class DR, (3-mo. LIBOR US + 2.95%), 8.20%, 01/20/32 | USD | 250 | $ | 237,792 | ||||||||
OZLM VII Ltd., Series 2014-7RA, Class A1R, (3-mo. LIBOR US + 1.01%), 6.27%, 07/17/29(a)(b) | 490 | 486,243 | ||||||||||
OZLM VIII Ltd., Series 2014-8A, Class A1R3, (3-mo. LIBOR US + 0.98%), 6.24%, 10/17/29(a)(b) | 721 | 714,141 | ||||||||||
OZLM XXI Ltd., Series 2017-21A, Class D, (3-mo. LIBOR US + 5.54%), 10.79%, 01/20/31(a)(b) | 250 | 201,679 | ||||||||||
Palmer Square CLO Ltd., Series 2014-1A, Class A1R2, (3-mo. LIBOR US + 1.13%), 6.39%, 01/17/31(a)(b) | 672 | 667,468 | ||||||||||
Palmer Square Loan Funding Ltd.(a)(b) | ||||||||||||
Series 2020-1A, Class A1, (3-mo. LIBOR US + 0.80%), 5.72%, 02/20/28 | 99 | 99,029 | ||||||||||
Series 2021-1A, Class A1, (3-mo. LIBOR US + 0.90%), 6.15%, 04/20/29 | 243 | 241,038 | ||||||||||
Series 2021-3A, Class A1, (3-mo. LIBOR US + 0.80%), 6.05%, 07/20/29 | 976 | 964,433 | ||||||||||
Series 2022-1A, Class A1, (3-mo. CME Term SOFR + 1.05%), 6.04%, 04/15/30 | 213 | 210,859 | ||||||||||
Rad CLO 1 Ltd., Series 2018-1A, Class AR, (3-mo. LIBOR US + 0.98%), 6.24%, 07/15/31(a)(b) | 700 | 689,296 | ||||||||||
Rad CLO 6 Ltd., Series 2019-6A, Class E, (3-mo. LIBOR US + 7.53%), 12.78%, 01/20/33(a)(b) | 500 | 456,426 | ||||||||||
Rad CLO Ltd., Series 2022-17A, Class E, (3-mo. CME Term SOFR + 8.30%), 13.35%, 10/20/35(a)(b) | 250 | 239,281 | ||||||||||
Regatta IX Funding Ltd., Series 2022-1A, Class D, (3-mo. LIBOR US + 3.90%), 9.16%, 04/17/30(a)(b) | 250 | 243,655 | ||||||||||
Regatta VIII Funding Ltd., Series 2017-1A, Class A, (3-mo. LIBOR US + 1.25%), 6.51%, 10/17/30(a)(b) | 415 | 412,464 | ||||||||||
Regatta XI Funding Ltd., Series 2018-1A, Class A, (3-mo. LIBOR US + 1.07%), 6.33%, 07/17/31(a)(b) | 250 | 247,416 | ||||||||||
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. LIBOR US + 1.45%), 6.71%, 01/15/34(a)(b) | 850 | 825,456 | ||||||||||
Regional Management Issuance Trust, 3.88%, 10/17/33(b)(c) | 1,110 | 964,368 | ||||||||||
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37 | 3,562 | 1,627,868 | ||||||||||
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3-mo. LIBOR US + 2.85%), 8.11%, 10/15/29(a)(b) | 500 | 463,652 | ||||||||||
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1-mo. LIBOR US + 0.40%), 5.42%, 09/25/47(a) | 3,664 | 3,326,775 | ||||||||||
Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 01/30/45(c) | — | (d) | 701,808 | |||||||||
Signal Peak CLO 4 Ltd., (3-mo. LIBOR US + 0.95%), 6.22%, 10/26/34 | 1,200 | 1,194,292 | ||||||||||
Southwick Park CLO LLC, Series 2019-4A, Class A1R, (3-mo. LIBOR US + 1.06%), 6.31%, 07/20/32(a)(b) | 250 | 247,787 | ||||||||||
Stratus Static CLO Ltd., Series 2022-3A, Class D, (3-mo. CME Term SOFR + 5.29%), 10.34%, 10/20/31(a)(b) | 500 | 501,224 | ||||||||||
Symphony CLO XV Ltd., Series 2014-15A, Class AR3, (3-mo. LIBOR US + 1.08%), 6.34%, 01/17/32(a)(b) | 500 | 493,680 | ||||||||||
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 6.92%, 04/23/35(a)(b) | 600 | 579,247 |
Security | Par (000) | Value | ||||||||||
Asset-Backed Securities (continued) | ||||||||||||
TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, (3-mo. CME Term SOFR + 1.10%), 6.09%, 01/17/32(a)(b) | USD | 1,368 | $ | 1,353,440 | ||||||||
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. LIBOR US + 0.93%), 6.19%, 07/15/30(a)(b) | 2,364 | 2,332,484 | ||||||||||
TICP CLO IX Ltd., Series 2017-9A, Class D, (3-mo. LIBOR US + 2.90%), 8.15%, 01/20/31(a)(b) | 250 | 240,403 | ||||||||||
TICP CLO VIII Ltd., Series 2017-8A, Class A2R, (3- mo. LIBOR US + 1.70%), 6.95%, 10/20/34(a)(b) | 250 | 241,969 | ||||||||||
Trestles CLO IV Ltd., Series 2021-4A, Class B1, (3- mo. LIBOR US + 1.70%), 6.96%, 07/21/34(a)(b) | 1,000 | 967,470 | ||||||||||
Trestles CLO Ltd., Series 2017-1A, Class CR, (3-mo. LIBOR US + 2.90%), 8.16%, 04/25/32(a)(b) | 250 | 234,324 | ||||||||||
Trimaran CAVU Ltd.(a)(b) | ||||||||||||
Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.12%), 11.17%, 01/20/36 | 1,100 | 1,089,230 | ||||||||||
Series 2022-2A, Class E, (3-mo. CME Term SOFR + 8.81%), 13.86%, 01/20/36 | 500 | 468,760 | ||||||||||
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32(e) | GBP | 31 | 38,306 | |||||||||
Voya CLO Ltd., Series 2021-1A, Series D, (3-mo. LIBOR US + 3.15%), 8.41%, 07/15/34(a)(b) | USD | 250 | 230,300 | |||||||||
Voya Ltd., Series 2012-4A, Class A1R3, (3-mo. CME Term SOFR + 1.26%), 6.25%, 10/15/30(a)(b) | 466 | 462,980 | ||||||||||
WaMu Asset-Backed Certificates Trust, Series 2007- HE3, Class 2A3, (1-mo. LIBOR US + 0.24%), 5.26%, 05/25/37(a) | 5,781 | 4,725,024 | ||||||||||
Whetstone Park CLO Ltd., Series 2021-1A, Classs 1A, (3-mo. LIBOR US + 1.60%), 6.85%, 01/20/35(a)(b) | 275 | 269,849 | ||||||||||
York CLO 1 Ltd., Series 2014-1A, Class DRR, (3-mo. LIBOR US + 3.01%), 8.28%, 10/22/29(a)(b) | 250 | 239,366 | ||||||||||
Total Asset-Backed Securities — 17.9% (Cost: $104,358,444) | 99,494,474 | |||||||||||
Shares | ||||||||||||
Common Stocks | ||||||||||||
Aerospace & Defense — 0.5% | ||||||||||||
Raytheon Technologies Corp. | 25,650 | 2,562,435 | ||||||||||
Building Products — 0.2% | ||||||||||||
Carrier Global Corp. | 25,650 | 1,072,683 | ||||||||||
Machinery — 0.2% | ||||||||||||
Otis Worldwide Corp. | 12,825 | 1,093,973 | ||||||||||
Total Common Stocks — 0.9% (Cost: $2,968,841) | 4,729,091 | |||||||||||
Par (000) | ||||||||||||
Corporate Bonds | ||||||||||||
Aerospace & Defense — 3.9% | ||||||||||||
Amsted Industries, Inc., 5.63%, 07/01/27(b) | USD | 185 | 181,369 | |||||||||
Boeing Co., 5.15%, 05/01/30(f) | 1,489 | 1,500,459 | ||||||||||
Bombardier, Inc.(b) | ||||||||||||
7.50%, 03/15/25 | 22 | 22,002 | ||||||||||
7.13%, 06/15/26(f) | 1,318 | 1,313,858 |
10 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Aerospace & Defense (continued) | ||||||||||||
Bombardier, Inc.(b) (continued) | ||||||||||||
7.88%, 04/15/27(f) | USD | 781 | $ | 778,704 | ||||||||
6.00%, 02/15/28(f) | 683 | 647,787 | ||||||||||
7.50%, 02/01/29 | 970 | 954,010 | ||||||||||
7.45%, 05/01/34 | 286 | 315,744 | ||||||||||
Embraer Netherlands Finance BV, 6.95%, 01/17/28(b) | 269 | 271,165 | ||||||||||
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(b) | 464 | 388,600 | ||||||||||
Howmet Aerospace, Inc., 5.13%, 10/01/24 | 2 | 1,992 | ||||||||||
Lockheed Martin Corp., 4.09%, 09/15/52 | 451 | 406,344 | ||||||||||
Northrop Grumman Corp., 3.85%, 04/15/45(f) | 680 | 566,561 | ||||||||||
Raytheon Technologies Corp., 3.75%, 11/01/46(f) | 700 | 577,864 | ||||||||||
Rolls-Royce PLC, 5.75%, 10/15/27(b)(f) | 1,545 | 1,541,855 | ||||||||||
Spirit AeroSystems, Inc.(b) | ||||||||||||
7.50%, 04/15/25 | 40 | 39,740 | ||||||||||
9.38%, 11/30/29 | 787 | 845,956 | ||||||||||
TransDigm, Inc. | ||||||||||||
6.25%, 03/15/26(b)(f) | 6,944 | 6,975,231 | ||||||||||
6.38%, 06/15/26 | 58 | 57,921 | ||||||||||
7.50%, 03/15/27 | 134 | 134,669 | ||||||||||
6.75%, 08/15/28(b)(f) | 3,142 | 3,190,830 | ||||||||||
Triumph Group, Inc., 9.00%, 03/15/28(b) | 1,159 | 1,174,902 | ||||||||||
21,887,563 | ||||||||||||
Automobile Components — 1.4% | ||||||||||||
Aptiv PLC, 4.40%, 10/01/46(f) | 280 | 219,997 | ||||||||||
Clarios Global LP, 6.75%, 05/15/25(b) | 140 | 140,197 | ||||||||||
Clarios Global LP/Clarios U.S. Finance Co. | ||||||||||||
4.38%, 05/15/26(e) | EUR | 423 | 445,129 | |||||||||
6.25%, 05/15/26(b) | USD | 1,265 | 1,258,767 | |||||||||
8.50%, 05/15/27(b)(f) | 3,592 | 3,613,001 | ||||||||||
6.75%, 05/15/28(g) | 1,034 | 1,038,002 | ||||||||||
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(b) | 231 | 214,253 | ||||||||||
Faurecia SE(e) | ||||||||||||
2.75%, 02/15/27 | EUR | 100 | 97,685 | |||||||||
3.75%, 06/15/28 | 100 | 97,518 | ||||||||||
Goodyear Tire & Rubber Co. | ||||||||||||
5.00%, 07/15/29 | USD | 132 | 116,682 | |||||||||
5.63%, 04/30/33 | 137 | 118,585 | ||||||||||
IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27(e)(h) | EUR | 100 | 96,557 | |||||||||
ZF Finance GmbH, 2.00%, 05/06/27(e) | 100 | 95,314 | ||||||||||
7,551,687 | ||||||||||||
Automobiles — 1.8% | ||||||||||||
Asbury Automotive Group, Inc., 5.00%, 02/15/32(b) | USD | 168 | 144,754 | |||||||||
Constellation Automotive Financing PLC, 4.88%, 07/15/27(e) | GBP | 100 | 95,490 | |||||||||
Ford Motor Co.(f) | ||||||||||||
3.25%, 02/12/32 | USD | 741 | 574,658 | |||||||||
6.10%, 08/19/32 | 232 | 221,254 | ||||||||||
Ford Motor Credit Co. LLC | ||||||||||||
5.13%, 06/16/25 | 397 | 386,455 | ||||||||||
3.38%, 11/13/25 | 200 | 185,732 | ||||||||||
4.39%, 01/08/26(f) | 1,250 | 1,187,610 | ||||||||||
6.86%, 06/05/26 | GBP | 108 | 135,234 | |||||||||
2.70%, 08/10/26 | USD | 376 | 333,513 | |||||||||
4.95%, 05/28/27(f) | 519 | 490,814 | ||||||||||
4.87%, 08/03/27 | EUR | 125 | 133,605 | |||||||||
4.13%, 08/17/27 | USD | 320 | 293,619 | |||||||||
3.82%, 11/02/27 | 400 | 358,638 |
Security | Par (000) | Value | ||||||||||
Automobiles (continued) | ||||||||||||
Ford Motor Credit Co. LLC (continued) | ||||||||||||
2.90%, 02/16/28(f) | USD | 376 | $ | 325,477 | ||||||||
6.80%, 05/12/28 | 754 | 754,451 | ||||||||||
5.11%, 05/03/29 | 214 | 199,399 | ||||||||||
7.35%, 03/06/30 | 400 | 410,864 | ||||||||||
3.63%, 06/17/31 | 617 | 508,630 | ||||||||||
General Motors Co. | ||||||||||||
5.60%, 10/15/32 | 127 | 124,423 | ||||||||||
6.25%, 10/02/43(f) | 2,194 | 2,125,819 | ||||||||||
General Motors Financial Co., Inc., 4.25%, 05/15/23(f) | 326 | 325,808 | ||||||||||
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b) | 228 | 180,120 | ||||||||||
Renault SA, 2.38%, 05/25/26(e) | EUR | 100 | 100,581 | |||||||||
TML Holdings Pte. Ltd., 4.35%, 06/09/26(e)(f) | USD | 200 | 183,725 | |||||||||
Wabash National Corp., 4.50%, 10/15/28(b) | 281 | 244,497 | ||||||||||
10,025,170 | ||||||||||||
Banks — 0.8% | ||||||||||||
Banco Bilbao Vizcaya Argentaria SA, (5-year USD Swap + 3.87%), 6.13%(a)(f)(i) | 2,000 | 1,594,150 | ||||||||||
Banco BPM SpA, (5-year EUR Swap + 3.17%), 2.88%, 06/29/31(a)(e) | EUR | 100 | 94,901 | |||||||||
Banco de Sabadell SA, (1-year EUR Swap + 2.40%), 5.25%, 02/07/29(a)(e) | 100 | 105,957 | ||||||||||
Banco do Brasil SA, 6.25%, 04/18/30 | USD | 218 | 216,147 | |||||||||
Bangkok Bank PCL, (5-year CMT + 4.73%), 5.00% | 205 | 191,329 | ||||||||||
Bank Leumi Le-Israel BM, (5-year CMT + 3.47%), 7.13%, 07/18/33(a)(b)(e) | 200 | 193,788 | ||||||||||
Chong Hing Bank Ltd., (5-year CMT + 3.86%), 5.70%(a)(e)(i) | 250 | 243,328 | ||||||||||
Credit Suisse AG/New York, 5.00%, 07/09/27 | 900 | 867,668 | ||||||||||
Intesa Sanpaolo SpA, 5.71%, 01/15/26(b)(f) | 200 | 192,594 | ||||||||||
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33(a)(b)(f) | 500 | 459,850 | ||||||||||
4,159,712 | ||||||||||||
Beverages — 1.8% | ||||||||||||
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(f) | 2,160 | 2,140,459 | ||||||||||
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(b)(f)(h) | 864 | 708,514 | ||||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b) | ||||||||||||
6.00%, 06/15/27 | 736 | 732,360 | ||||||||||
3.25%, 09/01/28 | 200 | 175,111 | ||||||||||
4.00%, 09/01/29(f) | 2,668 | 2,173,260 | ||||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | ||||||||||||
5.25%, 04/30/25(b) | 200 | 196,701 | ||||||||||
2.13%, 08/15/26(e) | EUR | 243 | 237,292 | |||||||||
4.13%, 08/15/26(b) | USD | 400 | 376,814 | |||||||||
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25(b) | 211 | 187,262 | ||||||||||
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/27(b) | 120 | 113,880 | ||||||||||
Trivium Packaging Finance BV(b) | ||||||||||||
5.50%, 08/15/26 | 1,189 | 1,154,345 | ||||||||||
8.50%, 08/15/27(f) | 1,924 | 1,857,483 | ||||||||||
10,053,481 | ||||||||||||
Biotechnology — 0.2% | ||||||||||||
Amgen, Inc., 2.80%, 08/15/41(f) | 250 | 182,177 |
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) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Biotechnology (continued) | ||||||||||||
Cidron Aida Finco SARL, 5.00%, 04/01/28(e) | EUR | 100 | $ | 98,371 | ||||||||
Gilead Sciences, Inc., 4.75%, 03/01/46(f) | USD | 700 | 668,554 | |||||||||
949,102 | ||||||||||||
Broadline Retail — 0.0% | ||||||||||||
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(b) | 206 | 191,429 | ||||||||||
Building Materials — 0.5% | ||||||||||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b) | 269 | 254,877 | ||||||||||
Jeld-Wen, Inc.(b) | ||||||||||||
6.25%, 05/15/25 | 189 | 190,315 | ||||||||||
4.63%, 12/15/25 | 150 | 144,750 | ||||||||||
Masonite International Corp., Class C, 5.38%, 02/01/28(b) | 161 | 154,962 | ||||||||||
New Enterprise Stone & Lime Co., Inc.(b) | ||||||||||||
5.25%, 07/15/28 | 103 | 92,185 | ||||||||||
9.75%, 07/15/28 | 48 | 45,840 | ||||||||||
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28(b) | 731 | 684,162 | ||||||||||
Standard Industries, Inc. | ||||||||||||
2.25%, 11/21/26(e) | EUR | 131 | 126,359 | |||||||||
5.00%, 02/15/27(b) | USD | 94 | 89,882 | |||||||||
4.75%, 01/15/28(b) | 115 | 107,484 | ||||||||||
4.38%, 07/15/30(b)(f) | 1,082 | 933,927 | ||||||||||
3.38%, 01/15/31(b) | 55 | 43,527 | ||||||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(b) | 40 | 38,008 | ||||||||||
2,906,278 | ||||||||||||
Building Products — 1.0% | ||||||||||||
Advanced Drainage Systems, Inc.(b) | ||||||||||||
5.00%, 09/30/27 | 315 | 301,219 | ||||||||||
6.38%, 06/15/30 | 580 | 573,806 | ||||||||||
Beacon Roofing Supply, Inc., 4.13%, 05/15/29(b) | 159 | 139,094 | ||||||||||
Foundation Building Materials, Inc., 6.00%, 03/01/29(b) | 104 | 83,087 | ||||||||||
GYP Holdings III Corp., 4.63%, 05/01/29(b) | 472 | 416,540 | ||||||||||
Lowe’s Cos., Inc., 4.65%, 04/15/42(f) | 400 | 361,395 | ||||||||||
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(b) | 111 | 100,733 | ||||||||||
SRS Distribution, Inc.(b) | ||||||||||||
4.63%, 07/01/28 | 936 | 824,312 | ||||||||||
6.13%, 07/01/29(f) | 638 | 526,305 | ||||||||||
6.00%, 12/01/29(f) | 976 | 794,952 | ||||||||||
White Cap Buyer LLC, 6.88%, 10/15/28(b)(f) | 1,577 | 1,367,514 | ||||||||||
White Cap Parent LLC, (8.25% Cash or 9.00% PIK), 8.25%, 03/15/26(b)(h) | 324 | 297,066 | ||||||||||
5,786,023 | ||||||||||||
Capital Markets — 1.5% | ||||||||||||
Blackstone Holdings Finance Co. LLC, 5.90%, 11/03/27(b) | 766 | 785,859 | ||||||||||
Blackstone Private Credit Fund | ||||||||||||
7.05%, 09/29/25(b) | 103 | 103,143 | ||||||||||
3.25%, 03/15/27 | 97 | 83,587 | ||||||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b)(f) | 273 | 245,727 | ||||||||||
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 | 698 | 572,366 | ||||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||||||||
6.25%, 05/15/26 | 534 | 525,434 | ||||||||||
5.25%, 05/15/27(f) | 842 | 793,472 | ||||||||||
4.38%, 02/01/29 | 378 | 331,963 |
Security | Par (000) | Value | ||||||||||
Capital Markets (continued) | ||||||||||||
Intercorp Peru Ltd., 3.88%, 08/15/29(b) | USD | 270 | $ | 226,007 | ||||||||
Morgan Stanley, (5-year CMT + 2.43%), 5.95%, 01/19/38(a) | 125 | 125,664 | ||||||||||
NFP Corp.(b) | ||||||||||||
4.88%, 08/15/28(f) | 1,027 | 934,806 | ||||||||||
6.88%, 08/15/28(f) | 2,267 | 1,977,678 | ||||||||||
7.50%, 10/01/30 | 136 | 133,300 | ||||||||||
Northern Trust Corp., 6.13%, 11/02/32(f) | 300 | 320,837 | ||||||||||
Owl Rock Capital Corp. | ||||||||||||
3.75%, 07/22/25(f) | 238 | 219,819 | ||||||||||
3.40%, 07/15/26 | 83 | 74,341 | ||||||||||
Owl Rock Core Income Corp. | ||||||||||||
3.13%, 09/23/26 | 56 | 48,625 | ||||||||||
7.75%, 09/16/27(b)(f) | 395 | 396,865 | ||||||||||
Raymond James Financial, Inc., 4.95%, 07/15/46(f) | 400 | 368,515 | ||||||||||
8,268,008 | ||||||||||||
Chemicals — 1.8% | ||||||||||||
Avient Corp., 7.13%, 08/01/30(b) | 141 | 144,104 | ||||||||||
Axalta Coating Systems LLC, 3.38%, 02/15/29(b) | 245 | 211,864 | ||||||||||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(b) | 600 | 579,483 | ||||||||||
Braskem Idesa SAPI, 6.99%, 02/20/32(b) | 305 | 216,321 | ||||||||||
Braskem Netherlands Finance BV, 7.25%, 02/13/33(b) | 290 | 276,363 | ||||||||||
Element Solutions, Inc., 3.88%, 09/01/28(b)(f) | 2,001 | 1,765,626 | ||||||||||
HB Fuller Co., 4.25%, 10/15/28 | 141 | 129,466 | ||||||||||
Herens Holdco SARL, 4.75%, 05/15/28(b) | 671 | 556,356 | ||||||||||
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b) | 443 | 393,004 | ||||||||||
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(h) | 332 | 232,400 | ||||||||||
Kronos International, Inc., 3.75%, 09/15/25(e) | EUR | 100 | 101,894 | |||||||||
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(b) | USD | 170 | 146,412 | |||||||||
MEGlobal BV, 2.63%, 04/28/28(e) | 200 | 176,850 | ||||||||||
Minerals Technologies, Inc., 5.00%, 07/01/28(b) | 218 | 198,925 | ||||||||||
Sasol Financing USA LLC | ||||||||||||
8.75%, 05/03/29(g) | 348 | 349,392 | ||||||||||
5.50%, 03/18/31 | 320 | 264,760 | ||||||||||
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(b)(f) | 305 | 280,798 | ||||||||||
Sherwin-Williams Co., 4.50%, 06/01/47(f) | 310 | 274,508 | ||||||||||
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) | 703 | 598,548 | ||||||||||
WESCO Distribution, Inc.(b) | ||||||||||||
7.13%, 06/15/25 | 830 | 844,029 | ||||||||||
7.25%, 06/15/28(f) | 573 | 588,167 | ||||||||||
WR Grace Holdings LLC(b) | ||||||||||||
4.88%, 06/15/27 | 177 | 168,097 | ||||||||||
5.63%, 08/15/29(f) | 1,429 | 1,232,636 | ||||||||||
7.38%, 03/01/31 | 419 | 419,647 | ||||||||||
10,149,650 | ||||||||||||
Commercial Services & Supplies — 1.5% | ||||||||||||
ADT Security Corp. | ||||||||||||
4.13%, 06/15/23 | 2 | 1,990 | ||||||||||
4.13%, 08/01/29(b) | 35 | 30,406 | ||||||||||
4.88%, 07/15/32(b) | 16 | 13,840 | ||||||||||
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26(b) | 222 | 202,354 | ||||||||||
APX Group, Inc., 5.75%, 07/15/29(b) | 342 | 305,506 | ||||||||||
Cablevision Lightpath LLC, 3.88%, 09/15/27(b) | 418 | 348,879 |
12 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Commercial Services & Supplies (continued) | ||||||||||||
Fortress Transportation and Infrastructure Investors LLC(b) | ||||||||||||
6.50%, 10/01/25 | USD | 698 | $ | 689,298 | ||||||||
9.75%, 08/01/27 | 180 | 187,458 | ||||||||||
5.50%, 05/01/28(f) | 520 | 476,624 | ||||||||||
Herc Holdings, Inc., 5.50%, 07/15/27(b)(f) | 682 | 651,299 | ||||||||||
Hertz Corp.(b) | ||||||||||||
4.63%, 12/01/26 | 161 | 145,006 | ||||||||||
5.00%, 12/01/29(f) | 130 | 106,356 | ||||||||||
LABL, Inc., 9.50%, 11/01/28 | 408 | 420,012 | ||||||||||
Loxam SAS, 4.50%, 02/15/27(e) | EUR | 101 | 105,182 | |||||||||
Metis Merger Sub LLC, 6.50%, 05/15/29(b) | USD | 158 | 133,926 | |||||||||
NESCO Holdings II, Inc., 5.50%, 04/15/29(b) | 305 | 275,584 | ||||||||||
Prime Security Services Borrower LLC/Prime Finance, Inc.(b) | ||||||||||||
5.25%, 04/15/24 | 178 | 177,153 | ||||||||||
5.75%, 04/15/26(f) | 788 | 782,061 | ||||||||||
6.25%, 01/15/28(f) | 201 | 188,244 | ||||||||||
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b) | 690 | 568,008 | ||||||||||
United Rentals North America, Inc. | ||||||||||||
5.50%, 05/15/27 | 173 | 171,890 | ||||||||||
6.00%, 12/15/29(b)(f) | 2,204 | 2,236,815 | ||||||||||
Verisure Holding AB(e) | ||||||||||||
3.25%, 02/15/27 | EUR | 100 | 96,587 | |||||||||
9.25%, 10/15/27 | 100 | 117,764 | ||||||||||
8,432,242 | ||||||||||||
Communications Equipment(b) — 0.5% | ||||||||||||
CommScope Technologies LLC, 6.00%, 06/15/25(f) | USD | 655 | 615,676 | |||||||||
CommScope, Inc. | ||||||||||||
6.00%, 03/01/26 | 486 | 464,171 | ||||||||||
8.25%, 03/01/27 | 222 | 171,632 | ||||||||||
7.13%, 07/01/28 | 188 | 134,890 | ||||||||||
4.75%, 09/01/29(f) | 604 | 487,758 | ||||||||||
Viasat, Inc. | ||||||||||||
5.63%, 09/15/25(f) | 692 | 660,860 | ||||||||||
5.63%, 04/15/27 | 87 | 80,692 | ||||||||||
2,615,679 | ||||||||||||
Construction Materials(b) — 0.1% | ||||||||||||
BCPE Empire Holdings, Inc., 7.63%, 05/01/27(f) | 425 | 389,937 | ||||||||||
Resideo Funding, Inc., 4.00%, 09/01/29 | 77 | 65,217 | ||||||||||
Ritchie Bros Holdings, Inc., 6.75%, 03/15/28 | 102 | 105,570 | ||||||||||
560,724 | ||||||||||||
Consumer Discretionary — 2.0% | ||||||||||||
APi Group DE, Inc.(b) | ||||||||||||
4.13%, 07/15/29 | 168 | 145,370 | ||||||||||
4.75%, 10/15/29 | 128 | 115,969 | ||||||||||
Carnival Corp. | ||||||||||||
10.13%, 02/01/26(e) | EUR | 100 | 114,846 | |||||||||
10.50%, 02/01/26(b)(f) | USD | 762 | 795,471 | |||||||||
7.63%, 03/01/26(b)(f) | 91 | 83,209 | ||||||||||
5.75%, 03/01/27(b) | 1,192 | 981,015 | ||||||||||
9.88%, 08/01/27(b) | 335 | 343,453 | ||||||||||
4.00%, 08/01/28(b) | 600 | 520,107 | ||||||||||
6.00%, 05/01/29(b)(f) | 610 | 478,788 | ||||||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28(b)(f) | 2,597 | 2,791,993 | ||||||||||
CoreLogic, Inc., 4.50%, 05/01/28(b)(f) | 835 | 682,612 |
Security | Par (000) | Value | ||||||||||
Consumer Discretionary (continued) | ||||||||||||
Legends Hospitality Holding Co. LLC/Legends | ||||||||||||
Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26(b) | USD | 114 | $ | 103,170 | ||||||||
Life Time, Inc.(b) | ||||||||||||
5.75%, 01/15/26 | 435 | 424,792 | ||||||||||
8.00%, 04/15/26 | 336 | 334,103 | ||||||||||
Lindblad Expeditions LLC, 6.75%, 02/15/27(b) | 389 | 365,667 | ||||||||||
NCL Corp. Ltd.(b) | ||||||||||||
5.88%, 03/15/26 | 301 | 259,272 | ||||||||||
8.38%, 02/01/28 | 173 | 174,035 | ||||||||||
7.75%, 02/15/29 | 54 | 45,724 | ||||||||||
NCL Finance Ltd., 6.13%, 03/15/28(b) | 333 | 268,897 | ||||||||||
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b) | 108 | 101,655 | ||||||||||
Royal Caribbean Cruises Ltd.(b) | ||||||||||||
11.50%, 06/01/25 | 154 | 163,433 | ||||||||||
4.25%, 07/01/26 | 92 | 82,348 | ||||||||||
5.50%, 08/31/26 | 176 | 161,342 | ||||||||||
5.38%, 07/15/27 | 173 | 153,590 | ||||||||||
11.63%, 08/15/27 | 229 | 243,607 | ||||||||||
5.50%, 04/01/28 | 152 | 134,033 | ||||||||||
8.25%, 01/15/29 | 251 | 263,675 | ||||||||||
9.25%, 01/15/29 | 448 | 477,915 | ||||||||||
7.25%, 01/15/30(f) | 352 | 352,990 | ||||||||||
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) | 187 | 158,048 | ||||||||||
11,321,129 | ||||||||||||
Consumer Finance — 1.8% | ||||||||||||
Block, Inc. | ||||||||||||
2.75%, 06/01/26 | 596 | 539,387 | ||||||||||
3.50%, 06/01/31(f) | 2,184 | 1,779,295 | ||||||||||
Discover Financial Services, 6.70%, 11/29/32 | 115 | 121,680 | ||||||||||
Global Payments, Inc.(f) | ||||||||||||
3.20%, 08/15/29 | 736 | 650,951 | ||||||||||
2.90%, 05/15/30 | 748 | 641,058 | ||||||||||
5.40%, 08/15/32 | 317 | 313,531 | ||||||||||
Iron Mountain U.K. PLC, 3.88%, 11/15/25(e) | GBP | 100 | 119,402 | |||||||||
Navient Corp. | ||||||||||||
7.25%, 09/25/23 | USD | 91 | 91,167 | |||||||||
6.13%, 03/25/24 | 105 | 104,074 | ||||||||||
5.88%, 10/25/24 | 76 | 74,691 | ||||||||||
5.50%, 03/15/29 | 268 | 230,735 | ||||||||||
OneMain Finance Corp. | ||||||||||||
6.88%, 03/15/25 | 362 | 354,138 | ||||||||||
7.13%, 03/15/26(f) | 422 | 411,256 | ||||||||||
3.50%, 01/15/27 | 389 | 332,253 | ||||||||||
6.63%, 01/15/28 | 285 | 264,337 | ||||||||||
5.38%, 11/15/29(f) | 131 | 110,204 | ||||||||||
4.00%, 09/15/30 | 141 | 106,481 | ||||||||||
Sabre Global, Inc.(b) | ||||||||||||
9.25%, 04/15/25 | 229 | 211,252 | ||||||||||
7.38%, 09/01/25 | 376 | 334,170 | ||||||||||
11.25%, 12/15/27 | 74 | 65,027 | ||||||||||
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(b) | 819 | 770,141 | ||||||||||
Shift4 Payments, Inc., 0.00%, 12/15/25(j)(k) | 219 | 238,819 | ||||||||||
Verscend Escrow Corp., 9.75%, 08/15/26(b)(f) | 2,007 | 2,025,523 | ||||||||||
9,889,572 |
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) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Consumer Staples Distribution & Retail — 0.9% | ||||||||||||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(b) | ||||||||||||
3.25%, 03/15/26 | USD | 79 | $ | 74,296 | ||||||||
7.50%, 03/15/26 | 127 | 131,134 | ||||||||||
4.63%, 01/15/27(f) | 1,035 | 1,000,531 | ||||||||||
5.88%, 02/15/28 | 377 | 373,207 | ||||||||||
6.50%, 02/15/28 | 199 | 201,488 | ||||||||||
3.50%, 03/15/29 | 114 | 101,004 | ||||||||||
4.88%, 02/15/30(f) | 281 | 262,032 | ||||||||||
Bellis Acquisition Co. PLC, 3.25%, 02/16/26(e) | GBP | 100 | 103,054 | |||||||||
BRF GmbH, 4.35%, 09/29/26(e) | USD | 200 | 174,225 | |||||||||
Darling Ingredients, Inc., 6.00%, 06/15/30(b)(f) | 557 | 551,020 | ||||||||||
Lamb Weston Holdings, Inc.(b)(f) | ||||||||||||
4.13%, 01/31/30 | 368 | 337,026 | ||||||||||
4.38%, 01/31/32 | 491 | 447,900 | ||||||||||
Ocado Group PLC, 3.88%, 10/08/26(e) | GBP | 100 | 92,371 | |||||||||
Performance Food Group, Inc., 4.25%, 08/01/29(b) | USD | 376 | 342,293 | |||||||||
Post Holdings, Inc.(b) | ||||||||||||
5.75%, 03/01/27 | 42 | 41,748 | ||||||||||
4.63%, 04/15/30(f) | 397 | 358,576 | ||||||||||
Premier Foods Finance PLC, 3.50%, 10/15/26(e) | GBP | 100 | 113,736 | |||||||||
U.S. Foods, Inc.(b) | ||||||||||||
4.75%, 02/15/29 | USD | 427 | 397,188 | |||||||||
4.63%, 06/01/30 | 51 | 46,640 | ||||||||||
United Natural Foods, Inc., 6.75%, 10/15/28(b) | 44 | 41,765 | ||||||||||
5,191,234 | ||||||||||||
Containers & Packaging — 1.3% | ||||||||||||
Clydesdale Acquisition Holdings, Inc.(b) | ||||||||||||
6.63%, 04/15/29 | 1,346 | 1,321,094 | ||||||||||
8.75%, 04/15/30 | 523 | 481,324 | ||||||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 | 74 | 70,840 | ||||||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 | 258 | 252,926 | ||||||||||
Graphic Packaging International LLC, 2.63%, 02/01/29(e) | EUR | 195 | 187,370 | |||||||||
Kleopatra Finco SARL, 4.25%, 03/01/26(e) | 100 | 89,023 | ||||||||||
LABL, Inc., 5.88%, 11/01/28(b) | USD | 280 | 258,300 | |||||||||
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26(b)(f) | 4,174 | 4,233,794 | ||||||||||
Sealed Air Corp., 5.13%, 12/01/24(b) | 54 | 53,583 | ||||||||||
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28(b) | 208 | 211,058 | ||||||||||
7,159,312 | ||||||||||||
Diversified Consumer Services — 2.2% | ||||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp.(b)(f) | ||||||||||||
6.63%, 07/15/26 | 2,652 | 2,556,400 | ||||||||||
9.75%, 07/15/27 | 895 | 832,558 | ||||||||||
6.00%, 06/01/29 | 1,655 | 1,297,488 | ||||||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(b) | 2,246 | 1,953,509 | ||||||||||
Clarivate Science Holdings Corp.(b)(f) | ||||||||||||
3.88%, 07/01/28 | 1,421 | 1,278,616 | ||||||||||
4.88%, 07/01/29 | 1,061 | 955,528 | ||||||||||
Garda World Security Corp.(b) | ||||||||||||
4.63%, 02/15/27 | 183 | 168,101 | ||||||||||
7.75%, 02/15/28 | 509 | 511,545 | ||||||||||
Graham Holdings Co., 5.75%, 06/01/26(b) | 135 | 133,312 |
Security | Par (000) | Value | ||||||||||
Diversified Consumer Services (continued) | ||||||||||||
Rekeep SpA, 7.25%, 02/01/26(e) | EUR | 100 | $ | 96,809 | ||||||||
Service Corp. International | ||||||||||||
5.13%, 06/01/29 | USD | 107 | 102,987 | |||||||||
4.00%, 05/15/31(f) | 454 | 400,097 | ||||||||||
Sotheby’s, 7.38%, 10/15/27(b)(f) | 1,930 | 1,809,438 | ||||||||||
12,096,388 | ||||||||||||
Diversified REITs — 0.6% | ||||||||||||
American Tower Corp., 2.30%, 09/15/31 | 1,000 | 811,100 | ||||||||||
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b) | 204 | 168,708 | ||||||||||
Iron Mountain, Inc.(b) | ||||||||||||
5.00%, 07/15/28 | 40 | 37,649 | ||||||||||
5.25%, 07/15/30 | 183 | 168,548 | ||||||||||
5.63%, 07/15/32 | 123 | 111,711 | ||||||||||
MPT Operating Partnership LP/MPT Finance Corp. | ||||||||||||
2.55%, 12/05/23 | GBP | 136 | 164,081 | |||||||||
4.63%, 08/01/29(f) | USD | 359 | 271,771 | |||||||||
3.50%, 03/15/31(f) | 1,545 | 1,056,058 | ||||||||||
RHP Hotel Properties LP/RHP Finance Corp. | ||||||||||||
4.75%, 10/15/27 | 35 | 32,900 | ||||||||||
4.50%, 02/15/29(b) | 97 | 87,344 | ||||||||||
Trust Fibra Uno, 5.25%, 01/30/26(b) | 235 | 224,395 | ||||||||||
VICI Properties LP, 4.95%, 02/15/30 | 254 | 242,796 | ||||||||||
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29(b) | 64 | 57,512 | ||||||||||
3,434,573 | ||||||||||||
Diversified Telecommunication Services — 2.3% | ||||||||||||
AT&T, Inc.(f) | ||||||||||||
4.65%, 06/01/44 | 111 | 98,135 | ||||||||||
4.75%, 05/15/46 | 2,545 | 2,280,307 | ||||||||||
Level 3 Financing, Inc.(b) | ||||||||||||
3.40%, 03/01/27 | 675 | 528,107 | ||||||||||
4.63%, 09/15/27 | 233 | 143,908 | ||||||||||
4.25%, 07/01/28(f) | 799 | 465,774 | ||||||||||
3.63%, 01/15/29 | 140 | 78,298 | ||||||||||
3.75%, 07/15/29 | 221 | 124,374 | ||||||||||
3.88%, 11/15/29 | 557 | 406,605 | ||||||||||
10.50%, 05/15/30(f) | 491 | 470,036 | ||||||||||
Lumen Technologies, Inc., 4.00%, 02/15/27(b)(f) | 1,347 | 899,527 | ||||||||||
SoftBank Group Corp., 4.50%, 04/20/25(e) | EUR | 100 | 105,484 | |||||||||
Sprint Capital Corp., 8.75%, 03/15/32 | USD | 1,008 | 1,232,094 | |||||||||
Telecom Italia Capital SA | ||||||||||||
6.38%, 11/15/33 | 191 | 170,749 | ||||||||||
6.00%, 09/30/34 | 569 | 485,063 | ||||||||||
7.20%, 07/18/36 | 137 | 123,803 | ||||||||||
7.72%, 06/04/38 | 71 | 66,376 | ||||||||||
Telecom Italia SpA | ||||||||||||
5.30%, 05/30/24(b) | 202 | 197,301 | ||||||||||
2.75%, 04/15/25(e) | EUR | 100 | 104,132 | |||||||||
6.88%, 02/15/28(e) | 100 | 110,609 | ||||||||||
1.63%, 01/18/29(e) | 100 | 84,846 | ||||||||||
Verizon Communications, Inc.(f) | ||||||||||||
4.50%, 08/10/33 | USD | 500 | 483,057 | |||||||||
3.70%, 03/22/61 | 1,250 | 928,505 | ||||||||||
Zayo Group Holdings, Inc.(b)(f) | ||||||||||||
4.00%, 03/01/27 | 2,618 | 1,982,237 | ||||||||||
6.13%, 03/01/28 | 1,599 | 1,022,195 | ||||||||||
12,591,522 |
14 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Education — 0.0% | ||||||||||||
Grand Canyon University, 5.13%, 10/01/28 | USD | 249 | $ | 224,655 | ||||||||
Electric Utilities — 0.8% | ||||||||||||
Comision Federal de Electricidad, 4.88%, 01/15/24 | 323 | 318,922 | ||||||||||
Duke Energy Corp., 4.80%, 12/15/45(f) | 1,500 | 1,391,385 | ||||||||||
Enel Finance International NV, 3.63%, 05/25/27(b)(f) | 1,250 | 1,190,777 | ||||||||||
FirstEnergy Transmission LLC, 5.45%, 07/15/44(b)(f) | 497 | 484,392 | ||||||||||
NextEra Energy Operating Partners LP(b) | ||||||||||||
4.25%, 07/15/24 | 205 | 201,921 | ||||||||||
4.25%, 09/15/24 | 11 | 10,560 | ||||||||||
Virginia Electric and Power Co., Series A, 6.00%, 05/15/37(f) | 750 | 810,161 | ||||||||||
4,408,118 | ||||||||||||
Electrical Equipment(b) — 0.4% | ||||||||||||
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 | 572 | 566,280 | ||||||||||
Regal Rexnord Corp. | ||||||||||||
6.05%, 02/15/26 | 115 | 116,624 | ||||||||||
6.05%, 04/15/28 | 769 | 776,302 | ||||||||||
6.30%, 02/15/30 | 265 | 269,985 | ||||||||||
6.40%, 04/15/33 | 275 | 280,441 | ||||||||||
2,009,632 | ||||||||||||
Electronic Equipment, Instruments & Components — 0.6% | ||||||||||||
CDW LLC/CDW Finance Corp., 3.25%, 02/15/29 | 351 | 303,483 | ||||||||||
Corning, Inc., 4.38%, 11/15/57(f) | 1,915 | 1,621,503 | ||||||||||
Imola Merger Corp., 4.75%, 05/15/29(b)(f) | 683 | 591,445 | ||||||||||
Vertiv Group Corp., 4.13%, 11/15/28(b) | 776 | 700,483 | ||||||||||
3,216,914 | ||||||||||||
Energy Equipment & Services — 0.8% | ||||||||||||
Archrock Partners LP/Archrock Partners Finance Corp.(b) | ||||||||||||
6.88%, 04/01/27 | 381 | 374,356 | ||||||||||
6.25%, 04/01/28(f) | 1,088 | 1,044,415 | ||||||||||
Noble Finance II LLC, 8.00%, 04/15/30 | 424 | 434,184 | ||||||||||
USA Compression Partners LP/USA Compression Finance Corp. | ||||||||||||
6.88%, 04/01/26 | 516 | 510,427 | ||||||||||
6.88%, 09/01/27 | 717 | 697,777 | ||||||||||
Valaris Ltd., 8.38%, 04/30/30 | 712 | 712,306 | ||||||||||
Vallourec SA, 8.50%, 06/30/26(e) | EUR | 32 | 35,129 | |||||||||
Weatherford International Ltd.(b) | ||||||||||||
11.00%, 12/01/24 | USD | 9 | 9,269 | |||||||||
6.50%, 09/15/28 | 280 | 280,000 | ||||||||||
8.63%, 04/30/30(f) | 408 | 415,597 | ||||||||||
4,513,460 | ||||||||||||
Environmental, Maintenance & Security Service — 0.8% | ||||||||||||
Clean Harbors, Inc.(b) | ||||||||||||
4.88%, 07/15/27 | 297 | 287,502 | ||||||||||
5.13%, 07/15/29 | 149 | 143,164 | ||||||||||
6.38%, 02/01/31 | 142 | 144,874 | ||||||||||
Covanta Holding Corp. | ||||||||||||
4.88%, 12/01/29(b) | 181 | 161,090 | ||||||||||
5.00%, 09/01/30 | 91 | 80,480 | ||||||||||
GFL Environmental, Inc.(b) | ||||||||||||
4.25%, 06/01/25 | 22 | 21,399 | ||||||||||
3.75%, 08/01/25(f) | 402 | 388,625 | ||||||||||
5.13%, 12/15/26 | 496 | 487,928 | ||||||||||
4.00%, 08/01/28 | 567 | 517,490 | ||||||||||
3.50%, 09/01/28 | 208 | 189,042 | ||||||||||
4.75%, 06/15/29(f) | 483 | 449,533 |
Security | Par (000) | Value | ||||||||||
Environmental, Maintenance & Security Service (continued) | ||||||||||||
GFL Environmental, Inc.(b) (continued) | ||||||||||||
4.38%, 08/15/29 | USD | 403 | $ | 364,731 | ||||||||
Tervita Corp., 11.00%, 12/01/25(b) | 147 | 156,675 | ||||||||||
Waste Pro USA, Inc., 5.50%, 02/15/26(b) | 1,144 | 1,063,386 | ||||||||||
4,455,919 | ||||||||||||
Financial Services — 2.0% | ||||||||||||
ABRA Global Finance, 11.50%, 03/02/28 | 213 | 170,458 | ||||||||||
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(b) | 514 | 407,756 | ||||||||||
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b) | 262 | 256,105 | ||||||||||
Bank of America Corp., (1-day SOFR + 1.99%), 6.20%, 11/10/28(a)(f) | 454 | 473,372 | ||||||||||
Barclays PLC, 5.20%, 05/12/26 | 200 | 195,224 | ||||||||||
Credit Suisse Group AG, (5-year EURIBOR ICE Swap + 4.95%), 7.75%, 03/01/29(a)(e) | EUR | 100 | 120,507 | |||||||||
Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, 01/18/29(a) | USD | 815 | 828,659 | |||||||||
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(b)(h) | 285 | 254,300 | ||||||||||
Goldman Sachs Group, Inc., Series R, (5-year CMT + 3.22%), 4.95%(a)(i) | 900 | 841,466 | ||||||||||
Home Point Capital, Inc., 5.00%, 02/01/26(b) | 247 | 208,715 | ||||||||||
HSBC Holdings PLC | ||||||||||||
4.38%, 11/23/26(f) | 370 | 358,287 | ||||||||||
(5-year CMT + 3.25%), 4.70%(a)(f)(i) | 465 | 346,425 | ||||||||||
(5-year CMT + 3.65%), 4.60%(a)(i) | 200 | 151,125 | ||||||||||
(1-day SOFR + 3.35%), 7.39%, 11/03/28(a) | 350 | 376,758 | ||||||||||
ION Trading Technologies SARL, 5.75%, 05/15/28(b) | 246 | 205,850 | ||||||||||
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28(b) | 415 | 348,952 | ||||||||||
JPMorgan Chase & Co., (3-mo. LIBOR US + 0.95%), 3.51%, 01/23/29(a)(f) | 2,250 | 2,116,169 | ||||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(b) | ||||||||||||
5.25%, 10/01/25 | 54 | 50,760 | ||||||||||
4.25%, 02/01/27 | 220 | 187,550 | ||||||||||
4.75%, 06/15/29 | 85 | 67,256 | ||||||||||
Lloyds Banking Group PLC, (5-year CMT + 4.82%), 6.75%(a)(i) | 515 | 474,302 | ||||||||||
MGIC Investment Corp., 5.25%, 08/15/28 | 216 | 206,418 | ||||||||||
Nationstar Mortgage Holdings, Inc.(b) | ||||||||||||
6.00%, 01/15/27 | 237 | 224,558 | ||||||||||
5.13%, 12/15/30 | 136 | 111,398 | ||||||||||
5.75%, 11/15/31 | 146 | 121,435 | ||||||||||
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26(b)(f) | 962 | 856,267 | ||||||||||
Spectrum Brands, Inc.(b) | ||||||||||||
5.00%, 10/01/29 | 106 | 95,930 | ||||||||||
5.50%, 07/15/30 | 198 | 182,391 | ||||||||||
Voya Financial, Inc., (3-mo. LIBOR US + 3.58%), 5.65%, 05/15/53(a)(f) | 1,090 | 1,089,487 | ||||||||||
11,327,880 | ||||||||||||
Food Products — 0.8% | ||||||||||||
Aramark International Finance SARL, 3.13%, 04/01/25(e) | EUR | 200 | 210,057 | |||||||||
Aramark Services, Inc.(b)(f) | ||||||||||||
5.00%, 04/01/25 | USD | 320 | 316,770 | |||||||||
6.38%, 05/01/25 | 105 | 105,000 | ||||||||||
5.00%, 02/01/28 | 1,184 | 1,127,641 |
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) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Food Products (continued) | ||||||||||||
Chobani LLC/Chobani Finance Corp., Inc.(b) | ||||||||||||
7.50%, 04/15/25(f) | USD | 1,512 | $ | 1,482,229 | ||||||||
4.63%, 11/15/28 | 1,233 | 1,131,338 | ||||||||||
Darling Global Finance BV, 3.63%, 05/15/26(e) | EUR | 156 | 167,417 | |||||||||
4,540,452 | ||||||||||||
Gas Utilities — 0.0% | ||||||||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(b) | USD | 117 | 102,451 | |||||||||
Ground Transportation — 0.5% | ||||||||||||
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42(f) | 500 | 465,182 | ||||||||||
Danaos Corp., 8.50%, 03/01/28(b) | 100 | 98,974 | ||||||||||
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b)(f) | 1,835 | 1,766,698 | ||||||||||
Union Pacific Corp., 3.20%, 05/20/41(f) | 275 | 221,047 | ||||||||||
2,551,901 | ||||||||||||
Health Care Equipment & Supplies — 0.4% | ||||||||||||
Avantor Funding, Inc. | ||||||||||||
2.63%, 11/01/25(e) | EUR | 300 | 315,566 | |||||||||
4.63%, 07/15/28(b)(f) | USD | 1,021 | 955,018 | |||||||||
3.88%, 11/01/29(b) | 31 | 27,307 | ||||||||||
Becton Dickinson & Co., 4.69%, 12/15/44 | 600 | 561,165 | ||||||||||
Embecta Corp., 6.75%, 02/15/30(b) | 95 | 86,071 | ||||||||||
Garden Spinco Corp., 8.63%, 07/20/30(b) | 254 | 273,050 | ||||||||||
2,218,177 | ||||||||||||
Health Care Providers & Services — 2.1% | ||||||||||||
AdaptHealth LLC(b) | ||||||||||||
6.13%, 08/01/28 | 97 | 85,614 | ||||||||||
5.13%, 03/01/30 | 34 | 28,135 | ||||||||||
AHP Health Partners, Inc., 5.75%, 07/15/29(b) | 415 | 352,750 | ||||||||||
Cano Health LLC, 6.25%, 10/01/28(b) | 100 | 53,531 | ||||||||||
CHS/Community Health Systems, Inc.(b) | ||||||||||||
5.63%, 03/15/27 | 132 | 121,806 | ||||||||||
6.00%, 01/15/29(f) | 653 | 578,721 | ||||||||||
5.25%, 05/15/30 | 811 | 675,939 | ||||||||||
4.75%, 02/15/31 | 416 | 335,603 | ||||||||||
Encompass Health Corp. | ||||||||||||
4.75%, 02/01/30(f) | 500 | 461,088 | ||||||||||
4.63%, 04/01/31 | 326 | 292,330 | ||||||||||
HealthEquity, Inc., 4.50%, 10/01/29(b) | 904 | 808,357 | ||||||||||
Legacy LifePoint Health LLC(b) | ||||||||||||
6.75%, 04/15/25 | 210 | 202,037 | ||||||||||
4.38%, 02/15/27(f) | 255 | 216,957 | ||||||||||
Medline Borrower LP(b)(f) | ||||||||||||
3.88%, 04/01/29 | 746 | 652,715 | ||||||||||
5.25%, 10/01/29 | 1,707 | 1,476,492 | ||||||||||
ModivCare, Inc., 5.88%, 11/15/25(b) | 175 | 167,216 | ||||||||||
Molina Healthcare, Inc.(b) | ||||||||||||
4.38%, 06/15/28 | 59 | 55,296 | ||||||||||
3.88%, 11/15/30 | 321 | 283,165 | ||||||||||
3.88%, 05/15/32(f) | 213 | 182,537 | ||||||||||
Northwell Healthcare, Inc., 4.26%, 11/01/47(f) | 686 | 574,158 | ||||||||||
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(b) | 24 | 19,959 | ||||||||||
Surgery Center Holdings, Inc.(b)(f) | ||||||||||||
6.75%, 07/01/25 | 392 | 391,510 | ||||||||||
10.00%, 04/15/27 | 457 | 468,422 | ||||||||||
Teleflex, Inc., 4.63%, 11/15/27 | 100 | 96,250 | ||||||||||
Tenet Healthcare Corp. | ||||||||||||
4.63%, 07/15/24 | 104 | 103,106 | ||||||||||
4.88%, 01/01/26 | 920 | 906,068 |
Security | Par (000) | Value | ||||||||||
Health Care Providers & Services (continued) | ||||||||||||
Tenet Healthcare Corp. (continued) | ||||||||||||
6.25%, 02/01/27 | USD | 231 | $ | 229,854 | ||||||||
5.13%, 11/01/27(f) | 490 | 475,435 | ||||||||||
6.13%, 10/01/28 | 235 | 227,999 | ||||||||||
6.13%, 06/15/30(b)(f) | 452 | 447,078 | ||||||||||
UnitedHealth Group, Inc., 4.38%, 03/15/42(f) | 750 | 694,584 | ||||||||||
11,664,712 | ||||||||||||
Health Care Technology(b) — 0.6% | ||||||||||||
AthenaHealth Group, Inc., 6.50%, 02/15/30(f) | 2,189 | 1,797,910 | ||||||||||
Catalent Pharma Solutions, Inc. | ||||||||||||
5.00%, 07/15/27(f) | 341 | 327,360 | ||||||||||
3.50%, 04/01/30 | 479 | 406,146 | ||||||||||
Charles River Laboratories International, Inc., 4.00%, 03/15/31 | 55 | 47,918 | ||||||||||
IQVIA, Inc., 5.00%, 10/15/26 | 548 | 538,329 | ||||||||||
3,117,663 | ||||||||||||
Hotels, Restaurants & Leisure — 3.4% | ||||||||||||
Boyd Gaming Corp., 4.75%, 06/15/31(b)(f) | 439 | 401,938 | ||||||||||
Boyne USA, Inc., 4.75%, 05/15/29(b) | 440 | 398,554 | ||||||||||
Burger King (Restaurant Brands Int)/New Red Finance, Inc., 3.88%, 01/15/28(b) | 69 | 64,718 | ||||||||||
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) | ||||||||||||
4.38%, 01/15/28(f) | 157 | 146,769 | ||||||||||
4.00%, 10/15/30 | 627 | 547,359 | ||||||||||
Caesars Entertainment, Inc.(b)(f) | ||||||||||||
6.25%, 07/01/25 | 1,533 | 1,534,871 | ||||||||||
8.13%, 07/01/27 | 2,072 | 2,113,962 | ||||||||||
4.63%, 10/15/29 | 803 | 704,468 | ||||||||||
7.00%, 02/15/30 | 2,001 | 2,018,859 | ||||||||||
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(b) | 20 | 20,165 | ||||||||||
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(b)(f) | 857 | 826,342 | ||||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(b) | 559 | 557,338 | ||||||||||
Champion Path Holdings Ltd., 4.50%, 01/27/26(e) | 250 | 220,047 | ||||||||||
Churchill Downs, Inc. | ||||||||||||
5.50%, 04/01/27(b) | 684 | 667,275 | ||||||||||
4.75%, 01/15/28(b) | 618 | 585,243 | ||||||||||
6.75%, 05/01/31 | 504 | 507,301 | ||||||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30(b) | 82 | 66,427 | ||||||||||
Fortune Star BVI Ltd., 6.75%, 07/02/23(e) | 200 | 194,000 | ||||||||||
Hilton Domestic Operating Co., Inc. | ||||||||||||
5.75%, 05/01/28(b) | 111 | 110,731 | ||||||||||
3.75%, 05/01/29(b) | 186 | 167,653 | ||||||||||
4.88%, 01/15/30 | 469 | 445,273 | ||||||||||
4.00%, 05/01/31(b) | 302 | 267,111 | ||||||||||
3.63%, 02/15/32(b) | 20 | 17,068 | ||||||||||
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(g) | 319 | 319,921 | ||||||||||
Lottomatica SpA/Roma, 6.25%, 07/15/25(e) | EUR | 100 | 111,292 | |||||||||
Melco Resorts Finance Ltd. | ||||||||||||
4.88%, 06/06/25(b) | USD | 200 | 188,038 | |||||||||
5.25%, 04/26/26(e) | 250 | 229,688 | ||||||||||
5.75%, 07/21/28(b) | 200 | 174,500 | ||||||||||
5.38%, 12/04/29(b) | 800 | 661,900 | ||||||||||
Merlin Entertainments Ltd., 5.75%, 06/15/26(b) | 600 | 570,000 |
16 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||||||
MGM China Holdings Ltd. | ||||||||||||
5.88%, 05/15/26(e)(f) | USD | 250 | $ | 238,438 | ||||||||
4.75%, 02/01/27(b) | 200 | 180,913 | ||||||||||
Motion Bondco DAC, 6.63%, 11/15/27(b) | 200 | 181,034 | ||||||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b) | ||||||||||||
5.63%, 09/01/29 | 148 | 107,343 | ||||||||||
5.88%, 09/01/31 | 148 | 104,710 | ||||||||||
Scientific Games International, Inc.(b) | ||||||||||||
7.00%, 05/15/28(f) | 190 | 189,536 | ||||||||||
7.25%, 11/15/29 | 213 | 213,000 | ||||||||||
Six Flags Entertainment Corp., 7.25%, 05/03/31(g) | 488 | 478,106 | ||||||||||
Station Casinos LLC, 4.63%, 12/01/31(b) | 354 | 303,125 | ||||||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(b)(f) | 268 | 257,817 | ||||||||||
Wynn Macau Ltd. | ||||||||||||
5.50%, 01/15/26(e) | 200 | 185,250 | ||||||||||
5.63%, 08/26/28(b) | 500 | 434,687 | ||||||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(b)(f) | ||||||||||||
5.13%, 10/01/29 | 968 | 891,285 | ||||||||||
7.13%, 02/15/31 | 360 | 368,753 | ||||||||||
18,972,808 | ||||||||||||
Household Durables — 0.4% | ||||||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30(b) | 185 | 153,296 | ||||||||||
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(b) | ||||||||||||
5.00%, 06/15/29 | 266 | 209,631 | ||||||||||
4.88%, 02/15/30 | 476 | 371,280 | ||||||||||
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(b) | 284 | 279,030 | ||||||||||
Meritage Homes Corp., 5.13%, 06/06/27 | 57 | 55,860 | ||||||||||
NCR Corp.(b) | ||||||||||||
5.75%, 09/01/27 | 259 | 254,156 | ||||||||||
5.00%, 10/01/28 | 143 | 124,721 | ||||||||||
5.13%, 04/15/29(f) | 197 | 170,405 | ||||||||||
6.13%, 09/01/29 | 93 | 91,154 | ||||||||||
SWF Escrow Issuer Corp., 6.50%, 10/01/29(b)(f) | 422 | 257,420 | ||||||||||
Taylor Morrison Communities, Inc.(b) | ||||||||||||
5.88%, 06/15/27 | 299 | 298,136 | ||||||||||
5.13%, 08/01/30 | 75 | 70,328 | ||||||||||
Tempur Sealy International, Inc., 3.88%, 10/15/31(b) | 130 | 107,777 | ||||||||||
2,443,194 | ||||||||||||
Household Products — 0.0% | ||||||||||||
Central Garden & Pet Co. | ||||||||||||
5.13%, 02/01/28 | 20 | 18,938 | ||||||||||
4.13%, 10/15/30 | 244 | 209,133 | ||||||||||
228,071 | ||||||||||||
Independent Power and Renewable Electricity Producers — 0.7% | ||||||||||||
Calpine Corp.(b) | ||||||||||||
5.25%, 06/01/26 | 195 | 189,632 | ||||||||||
5.13%, 03/15/28(f) | 1,281 | 1,183,271 | ||||||||||
5.00%, 02/01/31 | 58 | 48,864 | ||||||||||
Clearway Energy Operating LLC, 4.75%, 03/15/28(b) | 116 | 109,930 | ||||||||||
India Cleantech Energy, 4.70%, 08/10/26(b) | 229 | 200,738 | ||||||||||
NRG Energy, Inc. | ||||||||||||
6.63%, 01/15/27 | 958 | 960,704 | ||||||||||
5.25%, 06/15/29(b) | 135 | 124,525 | ||||||||||
3.88%, 02/15/32(b) | 15 | 12,112 |
Security | Par (000) | Value | ||||||||||
Independent Power and Renewable Electricity Producers (continued) | ||||||||||||
NRG Energy, Inc. (continued) 7.00%, 03/15/33(b) | USD | 270 | $ | 280,130 | ||||||||
SCC Power PLC(b)(h) | ||||||||||||
(4.00% PIK), 4.00%, 05/17/32 | 363 | 33,268 | ||||||||||
(8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28 | 670 | 225,914 | ||||||||||
Talen Energy Supply LLC, 8.63%, 06/01/30(g) | 174 | 174,000 | ||||||||||
TransAlta Corp., 7.75%, 11/15/29 | 142 | 149,111 | ||||||||||
3,692,199 | ||||||||||||
Industrial Conglomerates — 0.0% | ||||||||||||
CK Hutchison International 23 Ltd., 4.75%, 04/21/28 | 231 | 232,944 | ||||||||||
Insurance — 1.9% | ||||||||||||
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(b) | 295 | 244,018 | ||||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(b) | ||||||||||||
4.25%, 10/15/27 | 2,129 | 1,949,199 | ||||||||||
6.75%, 10/15/27(f) | 2,135 | 1,993,009 | ||||||||||
6.75%, 04/15/28 | 794 | 792,997 | ||||||||||
5.88%, 11/01/29(f) | 1,984 | 1,711,486 | ||||||||||
AmWINS Group, Inc., 4.88%, 06/30/29(b) | 366 | 332,114 | ||||||||||
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42(f) | 250 | 242,429 | ||||||||||
GTCR AP Finance, Inc., 8.00%, 05/15/27(b) | 351 | 343,109 | ||||||||||
HUB International Ltd.(b) | ||||||||||||
7.00%, 05/01/26 | 1,392 | 1,385,804 | ||||||||||
5.63%, 12/01/29 | 67 | 59,630 | ||||||||||
Jones Deslauriers Insurance Management, Inc. | ||||||||||||
8.50%, 03/15/30(g) | 462 | 467,484 | ||||||||||
10.50%, 12/15/30(b) | 350 | 355,250 | ||||||||||
Liberty Mutual Group, Inc., (5-year EUR Swap + 3.70%), 3.63%, 05/23/59(a)(e) | EUR | 100 | 101,126 | |||||||||
Ryan Specialty Group LLC, 4.38%, 02/01/30(b) | USD | 239 | 214,204 | |||||||||
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(b)(f) | 700 | 592,889 | ||||||||||
10,784,748 | ||||||||||||
Interactive Media & Services — 0.2% | ||||||||||||
Cablevision Lightpath LLC, 5.63%, 09/15/28(b) | 401 | 292,912 | ||||||||||
iliad SA(e) | ||||||||||||
5.38%, 06/14/27 | EUR | 100 | 108,321 | |||||||||
5.63%, 02/15/30 | 100 | 105,303 | ||||||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27(b) | USD | 337 | 292,348 | |||||||||
798,884 | ||||||||||||
Internet Software & Services — 1.1% | ||||||||||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27(b) | 359 | 344,814 | ||||||||||
Match Group Holdings II LLC(b) | ||||||||||||
5.63%, 02/15/29 | 209 | 196,506 | ||||||||||
4.13%, 08/01/30 | 262 | 223,939 | ||||||||||
3.63%, 10/01/31 | 564 | 460,732 | ||||||||||
Uber Technologies, Inc. | ||||||||||||
0.00%, 12/15/25(f)(j)(k) | 1,537 | 1,336,810 | ||||||||||
8.00%, 11/01/26(b) | 983 | 1,007,860 | ||||||||||
7.50%, 09/15/27(b)(f) | 1,157 | 1,193,427 | ||||||||||
6.25%, 01/15/28(b)(f) | 366 | 369,331 | ||||||||||
4.50%, 08/15/29(b)(f) | 875 | 804,635 | ||||||||||
5,938,054 |
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) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
IT Services — 1.1% | ||||||||||||
Ahead DB Holdings LLC, 6.63%, 05/01/28(b) | USD | 190 | $ | 158,650 | ||||||||
CA Magnum Holdings, 5.38%, 10/31/26(b) | 488 | 427,854 | ||||||||||
Camelot Finance SA, 4.50%, 11/01/26(b) | 602 | 570,141 | ||||||||||
Dun & Bradstreet Corp., 5.00%, 12/15/29(b) | 787 | 691,041 | ||||||||||
Gartner, Inc., 4.50%, 07/01/28(b) | 15 | 14,097 | ||||||||||
KBR, Inc., 4.75%, 09/30/28(b) | 273 | 252,427 | ||||||||||
La Financiere Atalian SASU, 5.13%, 05/15/25(e) | EUR | 100 | 72,875 | |||||||||
McAfee Corp., 7.38%, 02/15/30(b)(f) | USD | 1,368 | 1,135,576 | |||||||||
Presidio Holdings, Inc., 4.88%, 02/01/27(b) | 59 | 55,877 | ||||||||||
Science Applications International Corp., 4.88%, 04/01/28(b)(f) | 377 | 355,673 | ||||||||||
Twilio, Inc. | ||||||||||||
3.63%, 03/15/29 | 206 | 175,873 | ||||||||||
3.88%, 03/15/31(f) | 630 | 526,478 | ||||||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b)(f) | 1,621 | 1,397,675 | ||||||||||
5,834,237 | ||||||||||||
Leisure Products — 0.1% | ||||||||||||
Mattel, Inc. | ||||||||||||
6.20%, 10/01/40 | 291 | 274,249 | ||||||||||
5.45%, 11/01/41 | 326 | 289,810 | ||||||||||
564,059 | ||||||||||||
Machinery — 1.1% | ||||||||||||
Chart Industries, Inc.(b) | ||||||||||||
7.50%, 01/01/30 | 813 | 837,390 | ||||||||||
9.50%, 01/01/31 | 120 | 127,050 | ||||||||||
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(b)(f)(h) | 587 | 534,170 | ||||||||||
Madison IAQ LLC, 5.88%, 06/30/29(b)(f) | 447 | 349,916 | ||||||||||
OT Merger Corp., 7.88%, 10/15/29(b) | 147 | 86,730 | ||||||||||
Renk AG/Frankfurt am Main, 5.75%, 07/15/25(e) | EUR | 100 | 107,730 | |||||||||
Terex Corp., 5.00%, 05/15/29(b)(f) | USD | 421 | 391,577 | |||||||||
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(b)(f) | 1,241 | 1,104,490 | ||||||||||
TK Elevator Holdco GmbH, 7.63%, 07/15/28(b)(f) | 552 | 493,772 | ||||||||||
TK Elevator Midco GmbH, 4.38%, 07/15/27(e) | EUR | 235 | 230,786 | |||||||||
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)(f) | USD | 2,166 | 2,024,921 | |||||||||
6,288,532 | ||||||||||||
Marine Transportation — 0.0% | ||||||||||||
Huntington Ingalls Industries, Inc., 4.20%, 05/01/30(f) | 232 | 218,873 | ||||||||||
Media — 7.5% | ||||||||||||
Altice Financing SA | ||||||||||||
3.00%, 01/15/28(e) | EUR | 100 | 85,122 | |||||||||
5.00%, 01/15/28(b)(f) | USD | 462 | 374,082 | |||||||||
5.75%, 08/15/29(b)(f) | 1,778 | 1,418,228 | ||||||||||
Altice France Holding SA, 10.50%, 05/15/27(b) | 576 | 425,364 | ||||||||||
AMC Networks, Inc. | ||||||||||||
4.75%, 08/01/25 | 283 | 262,507 | ||||||||||
4.25%, 02/15/29 | 157 | 108,770 | ||||||||||
Cable One, Inc. | ||||||||||||
0.00%, 03/15/26(j)(k) | 114 | 93,252 | ||||||||||
1.13%, 03/15/28(j) | 940 | 720,510 | ||||||||||
4.00%, 11/15/30(b)(f) | 191 | 155,321 | ||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. | ||||||||||||
5.13%, 05/01/27(b) | 711 | 670,878 | ||||||||||
5.00%, 02/01/28(b) | 527 | 487,260 | ||||||||||
6.38%, 09/01/29(b)(f) | 955 | 907,593 | ||||||||||
4.75%, 03/01/30(b)(f) | 368 | 316,626 | ||||||||||
4.25%, 02/01/31(b)(f) | 1,017 | 832,934 |
Security | Par (000) | Value | ||||||||||
Media (continued) | ||||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. (continued) | ||||||||||||
7.38%, 03/01/31(b)(f) | USD | 398 | $ | 390,024 | ||||||||
4.75%, 02/01/32(b) | 549 | 454,287 | ||||||||||
4.50%, 05/01/32(f) | 318 | 254,583 | ||||||||||
4.50%, 06/01/33(b) | 332 | 264,276 | ||||||||||
4.25%, 01/15/34(b)(f) | 1,710 | 1,302,576 | ||||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45 | 3,000 | 2,779,625 | ||||||||||
Clear Channel International BV, 6.63%, 08/01/25(b) | 507 | 501,687 | ||||||||||
Clear Channel Outdoor Holdings, Inc.(b)(f) | ||||||||||||
5.13%, 08/15/27 | 1,797 | 1,623,163 | ||||||||||
7.75%, 04/15/28 | 1,036 | 786,112 | ||||||||||
7.50%, 06/01/29 | 1,051 | 777,734 | ||||||||||
CMG Media Corp., 8.88%, 12/15/27(b) | 841 | 652,027 | ||||||||||
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b) | 2,129 | 2,029,050 | ||||||||||
CSC Holdings LLC | ||||||||||||
5.25%, 06/01/24 | 687 | 669,814 | ||||||||||
5.50%, 04/15/27(b) | 427 | 365,088 | ||||||||||
11.25%, 05/15/28(b) | 580 | 578,028 | ||||||||||
6.50%, 02/01/29(b)(f) | 368 | 307,255 | ||||||||||
4.13%, 12/01/30(b)(f) | 935 | 671,033 | ||||||||||
4.50%, 11/15/31(b) | 811 | 568,149 | ||||||||||
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27(b)(f) | 551 | 483,541 | ||||||||||
Discovery Communications LLC, 4.95%, 05/15/42(f) | 400 | 324,124 | ||||||||||
DISH DBS Corp.(f) | ||||||||||||
7.75%, 07/01/26 | 1,070 | 618,128 | ||||||||||
5.25%, 12/01/26(b) | 1,341 | 1,024,299 | ||||||||||
5.75%, 12/01/28(b) | 277 | 196,921 | ||||||||||
DISH Network Corp., 11.75%, 11/15/27(b) | 234 | 221,047 | ||||||||||
Frontier Communications Holdings LLC(b) | ||||||||||||
5.88%, 10/15/27(f) | 341 | 313,885 | ||||||||||
5.00%, 05/01/28 | 1,029 | 903,577 | ||||||||||
8.75%, 05/15/30(f) | 1,409 | 1,393,643 | ||||||||||
GCI LLC, 4.75%, 10/15/28(b) | 136 | 116,280 | ||||||||||
Iliad Holding SASU | ||||||||||||
6.50%, 10/15/26(b)(f) | 1,722 | 1,656,926 | ||||||||||
5.63%, 10/15/28(e) | EUR | 100 | 100,455 | |||||||||
7.00%, 10/15/28(b)(f) | USD | 1,038 | 982,120 | |||||||||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b) | 180 | 170,980 | ||||||||||
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(b)(h) | 313 | 77,405 | ||||||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(b) | 303 | 220,732 | ||||||||||
Live Nation Entertainment, Inc.(b) | ||||||||||||
5.63%, 03/15/26 | 22 | 21,405 | ||||||||||
6.50%, 05/15/27 | 1,896 | 1,917,379 | ||||||||||
4.75%, 10/15/27(f) | 618 | 572,361 | ||||||||||
3.75%, 01/15/28 | 253 | 226,435 | ||||||||||
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(b) | 209 | 193,536 | ||||||||||
Network i2i Ltd., (5-year CMT + 4.27%), 5.65%(a)(e)(f)(i) | 250 | 239,656 | ||||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp.(b) | ||||||||||||
5.00%, 08/15/27(f) | 1,045 | 964,859 | ||||||||||
4.25%, 01/15/29(f) | 295 | 252,669 | ||||||||||
4.63%, 03/15/30 | 105 | 88,644 |
18 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Media (continued) | ||||||||||||
Paramount Global, 5.85%, 09/01/43(f) | USD | 645 | $ | 552,454 | ||||||||
Radiate Holdco LLC/Radiate Finance, Inc.(b) | ||||||||||||
4.50%, 09/15/26(f) | 616 | 479,407 | ||||||||||
6.50%, 09/15/28 | 1,468 | 684,969 | ||||||||||
Sable International Finance Ltd., 5.75%, 09/07/27(b) | 200 | 185,750 | ||||||||||
Sinclair Television Group, Inc., 4.13%, 12/01/30(b)(f) | 643 | 511,404 | ||||||||||
Sirius XM Radio, Inc.(b)(f) | ||||||||||||
5.00%, 08/01/27 | 888 | 816,786 | ||||||||||
4.00%, 07/15/28 | 312 | 263,437 | ||||||||||
Stagwell Global LLC, 5.63%, 08/15/29(b) | 129 | 112,153 | ||||||||||
Summer BC Holdco B SARL, 5.75%, 10/31/26(e) | EUR | 100 | 95,728 | |||||||||
Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25(e)(h) | 113 | 103,912 | ||||||||||
TEGNA, Inc., 4.75%, 03/15/26(b) | USD | 59 | 56,334 | |||||||||
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(b) | 400 | 369,200 | ||||||||||
Univision Communications, Inc.(b) | ||||||||||||
5.13%, 02/15/25 | 110 | 108,311 | ||||||||||
6.63%, 06/01/27 | 132 | 127,098 | ||||||||||
7.38%, 06/30/30(f) | 270 | 259,072 | ||||||||||
UPC Broadband Finco BV, 4.88%, 07/15/31(b) | 574 | 495,328 | ||||||||||
VZ Secured Financing BV, 3.50%, 01/15/32(e) | EUR | 100 | 85,832 | |||||||||
Warnermedia Holdings, Inc., 6.41%, 03/15/26 | USD | 115 | 115,992 | |||||||||
Ziggo Bond Co. BV(b) | ||||||||||||
6.00%, 01/15/27(f) | 638 | 605,282 | ||||||||||
5.13%, 02/28/30 | 295 | 239,703 | ||||||||||
Ziggo BV, 4.88%, 01/15/30(b) | 217 | 186,822 | ||||||||||
41,568,939 | ||||||||||||
Metals & Mining — 2.7% | ||||||||||||
ABJA Investment Co. Pte. Ltd., 5.95%, 07/31/24(e) | 250 | 248,797 | ||||||||||
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 | 400 | 350,700 | ||||||||||
Arconic Corp.(b) | ||||||||||||
6.00%, 05/15/25 | 361 | 358,910 | ||||||||||
6.13%, 02/15/28(f) | 488 | 481,618 | ||||||||||
ATI, Inc. | ||||||||||||
5.88%, 12/01/27 | 216 | 210,938 | ||||||||||
4.88%, 10/01/29 | 129 | 118,932 | ||||||||||
5.13%, 10/01/31 | 350 | 314,953 | ||||||||||
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(f) | 250 | 228,023 | ||||||||||
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b)(f) | 1,785 | 1,770,300 | ||||||||||
Carpenter Technology Corp. | ||||||||||||
6.38%, 07/15/28 | 106 | 105,073 | ||||||||||
7.63%, 03/15/30(f) | 422 | 431,624 | ||||||||||
Commercial Metals Co., 4.38%, 03/15/32 | 46 | 39,788 | ||||||||||
Constellium SE | ||||||||||||
4.25%, 02/15/26(e) | EUR | 100 | 107,406 | |||||||||
5.88%, 02/15/26(b)(f) | USD | 1,193 | 1,187,202 | |||||||||
5.63%, 06/15/28(b) | 250 | 240,065 | ||||||||||
3.75%, 04/15/29(b) | 2,013 | 1,732,619 | ||||||||||
JSW Steel Ltd., 5.95%, 04/18/24(e) | 200 | 197,600 | ||||||||||
Kaiser Aluminum Corp.(b) | ||||||||||||
4.63%, 03/01/28(f) | 243 | 214,579 | ||||||||||
4.50%, 06/01/31 | 770 | 610,202 | ||||||||||
Metinvest BV(e) | ||||||||||||
8.50%, 04/23/26 | 302 | 192,525 | ||||||||||
7.65%, 10/01/27 | 200 | 120,875 | ||||||||||
New Gold, Inc., 7.50%, 07/15/27(b) | 900 | 867,537 | ||||||||||
Nexans SA, 5.50%, 04/05/28(e) | EUR | 100 | 112,129 |
Security | Par (000) | Value | ||||||||||
Metals & Mining (continued) | ||||||||||||
Novelis Corp.(b)(f) | ||||||||||||
3.25%, 11/15/26 | USD | 1,042 | $ | 953,913 | ||||||||
4.75%, 01/30/30 | 1,059 | 958,261 | ||||||||||
3.88%, 08/15/31 | 1,372 | 1,148,914 | ||||||||||
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(e) | EUR | 300 | 284,290 | |||||||||
Rio Tinto Finance USA PLC, 4.75%, 03/22/42(f) | USD | 400 | 392,018 | |||||||||
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(b) | 155 | 140,595 | ||||||||||
Stillwater Mining Co., 4.00%, 11/16/26(e) | 426 | 382,149 | ||||||||||
Vedanta Resources Finance II PLC | ||||||||||||
13.88%, 01/21/24(e) | 200 | 170,250 | ||||||||||
8.95%, 03/11/25(b) | 320 | 226,400 | ||||||||||
14,899,185 | ||||||||||||
Multi-Utilities — 0.0% | ||||||||||||
Abu Dhabi National Energy Co. PJSC, 4.38%, 01/24/29(g) | 200 | 201,000 | ||||||||||
Offshore Drilling & Other Services(b) — 0.4% | ||||||||||||
Entegris Escrow Corp., 4.75%, 04/15/29(f) | 1,939 | 1,803,507 | ||||||||||
Entegris, Inc. | ||||||||||||
4.38%, 04/15/28 | 223 | 203,383 | ||||||||||
3.63%, 05/01/29 | 202 | 172,973 | ||||||||||
2,179,863 | ||||||||||||
Oil, Gas & Consumable Fuels — 12.5% | ||||||||||||
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(b) | 944 | 916,687 | ||||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b) | ||||||||||||
5.75%, 03/01/27 | 382 | 369,515 | ||||||||||
5.75%, 01/15/28 | 75 | 72,648 | ||||||||||
5.38%, 06/15/29(f) | 263 | 246,269 | ||||||||||
Antero Resources Corp., 7.63%, 02/01/29(b) | 158 | 161,747 | ||||||||||
Apache Corp. | ||||||||||||
4.25%, 01/15/30(f) | 278 | 254,023 | ||||||||||
5.10%, 09/01/40(f) | 520 | 445,661 | ||||||||||
4.75%, 04/15/43 | 800 | 623,712 | ||||||||||
5.35%, 07/01/49 | 83 | 64,341 | ||||||||||
Arcosa, Inc., 4.38%, 04/15/29(b) | 477 | 434,508 | ||||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(b) | ||||||||||||
9.00%, 11/01/27 | 1,055 | 1,304,244 | ||||||||||
8.25%, 12/31/28 | 1,141 | 1,126,849 | ||||||||||
5.88%, 06/30/29 | 27 | 24,250 | ||||||||||
Baytex Energy Corp., 8.50%, 04/30/30 | 227 | 228,208 | ||||||||||
Buckeye Partners LP | ||||||||||||
4.13%, 03/01/25(b) | 345 | 329,450 | ||||||||||
5.85%, 11/15/43 | 182 | 140,056 | ||||||||||
5.60%, 10/15/44 | 117 | 84,299 | ||||||||||
Callon Petroleum Co. | ||||||||||||
8.25%, 07/15/25 | 56 | 55,720 | ||||||||||
6.38%, 07/01/26 | 208 | 200,958 | ||||||||||
8.00%, 08/01/28(b)(f) | 1,399 | 1,380,286 | ||||||||||
7.50%, 06/15/30(b)(f) | 775 | 736,107 | ||||||||||
Cellnex Finance Co. SA(e) | ||||||||||||
1.25%, 01/15/29 | EUR | 100 | 92,523 | |||||||||
2.00%, 09/15/32 | 100 | 87,428 | ||||||||||
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31(e)(j) | 100 | 87,960 | ||||||||||
Cheniere Energy Partners LP | ||||||||||||
4.50%, 10/01/29(f) | USD | 1,194 | 1,123,359 | |||||||||
4.00%, 03/01/31 | 537 | 480,306 |
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) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||
Cheniere Energy Partners LP (continued) | ||||||||||||
3.25%, 01/31/32(f) | USD | 715 | $ | 595,654 | ||||||||
Chesapeake Energy Corp.(b) | ||||||||||||
5.88%, 02/01/29 | 53 | 50,687 | ||||||||||
6.75%, 04/15/29(f) | 555 | 549,408 | ||||||||||
Civitas Resources, Inc., 5.00%, 10/15/26(b) | 113 | 106,220 | ||||||||||
CNX Midstream Partners LP, 4.75%, 04/15/30(b) | 124 | 103,817 | ||||||||||
CNX Resources Corp., 7.38%, 01/15/31(b)(f) | 127 | 122,532 | ||||||||||
Comstock Resources, Inc.(b) | ||||||||||||
6.75%, 03/01/29 | 376 | 340,422 | ||||||||||
5.88%, 01/15/30(f) | 1,024 | 879,076 | ||||||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b)(f) | 2,219 | 2,065,222 | ||||||||||
Crescent Energy Finance LLC(b) | ||||||||||||
7.25%, 05/01/26 | 902 | 864,134 | ||||||||||
9.25%, 02/15/28(f) | 333 | 332,088 | ||||||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(b) | ||||||||||||
5.63%, 05/01/27 | 67 | 64,295 | ||||||||||
6.00%, 02/01/29 | 369 | 347,782 | ||||||||||
8.00%, 04/01/29 | 57 | 57,998 | ||||||||||
7.38%, 02/01/31 | 126 | 126,000 | ||||||||||
CrownRock LP/CrownRock Finance, Inc.(b) | ||||||||||||
5.63%, 10/15/25 | 1,141 | 1,126,383 | ||||||||||
5.00%, 05/01/29 | 81 | 76,524 | ||||||||||
DCP Midstream Operating LP(b) | ||||||||||||
6.45%, 11/03/36 | 182 | 190,737 | ||||||||||
6.75%, 09/15/37 | 323 | 350,890 | ||||||||||
Diamondback Energy, Inc., 6.25%, 03/15/33(f) | 785 | 837,366 | ||||||||||
DT Midstream, Inc.(b)(f) | ||||||||||||
4.13%, 06/15/29 | 415 | 367,795 | ||||||||||
4.38%, 06/15/31 | 527 | 458,234 | ||||||||||
Earthstone Energy Holdings LLC, 8.00%, 04/15/27(b)(f) | 352 | 343,531 | ||||||||||
Ecopetrol SA | ||||||||||||
4.13%, 01/16/25(f) | 396 | 378,556 | ||||||||||
4.63%, 11/02/31 | 370 | 274,910 | ||||||||||
8.88%, 01/13/33 | 339 | 327,771 | ||||||||||
5.88%, 05/28/45 | 215 | 139,911 | ||||||||||
eG Global Finance PLC(b) | ||||||||||||
6.75%, 02/07/25 | 252 | 238,770 | ||||||||||
8.50%, 10/30/25(f) | 299 | 284,866 | ||||||||||
Empresa Nacional del Petroleo ENAP, 6.15%, 05/10/33(b) | 200 | 200,990 | ||||||||||
Enbridge, Inc.(a)(f) | ||||||||||||
(3-mo. LIBOR US + 3.64%), 6.25%, 03/01/78 | 1,865 | 1,684,468 | ||||||||||
Series 20-A, (5-year CMT + 5.31%), 5.75%, 07/15/80 | 690 | 631,638 | ||||||||||
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28(b) | 567 | 564,163 | ||||||||||
Energy Transfer LP | ||||||||||||
3.75%, 05/15/30(f) | 926 | 851,355 | ||||||||||
6.13%, 12/15/45 | 500 | 488,481 | ||||||||||
5.30%, 04/15/47 | 350 | 306,628 | ||||||||||
Series H, (5-year CMT + 5.69%), 6.50%(a)(i) | 581 | 514,185 | ||||||||||
EnLink Midstream LLC | ||||||||||||
5.63%, 01/15/28(b) | 450 | 443,203 | ||||||||||
5.38%, 06/01/29 | 341 | 329,186 | ||||||||||
6.50%, 09/01/30(b) | 300 | 303,051 | ||||||||||
EnLink Midstream Partners LP 4.15%, 06/01/25 | 28 | 27,074 |
Security | Par (000) | Value | ||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||
EnLink Midstream Partners LP (continued) | ||||||||||||
4.85%, 07/15/26 | USD | 160 | $ | 155,794 | ||||||||
5.60%, 04/01/44 | 274 | 227,714 | ||||||||||
5.45%, 06/01/47 | 78 | 65,130 | ||||||||||
Enterprise Products Operating LLC, (3-mo. LIBOR US + 2.57%), 5.38%, 02/15/78(a) | 420 | 342,316 | ||||||||||
EQM Midstream Partners LP | ||||||||||||
6.00%, 07/01/25(b) | 44 | 43,227 | ||||||||||
4.13%, 12/01/26 | 131 | 118,876 | ||||||||||
4.50%, 01/15/29(b) | 34 | 28,894 | ||||||||||
7.50%, 06/01/30(b) | 108 | 104,832 | ||||||||||
4.75%, 01/15/31(b)(f) | 804 | 658,935 | ||||||||||
Genesis Energy LP/Genesis Energy Finance Corp. | ||||||||||||
6.50%, 10/01/25 | 135 | 132,156 | ||||||||||
7.75%, 02/01/28 | 204 | 200,784 | ||||||||||
8.88%, 04/15/30 | 201 | 201,270 | ||||||||||
Gulfport Energy Corp., 8.00%, 05/17/26(b) | 47 | 47,118 | ||||||||||
Harvest Midstream I LP, 7.50%, 09/01/28(b) | 78 | 76,319 | ||||||||||
Hess Corp., 4.30%, 04/01/27(f) | 750 | 736,377 | ||||||||||
Hilcorp Energy I LP/Hilcorp Finance Co.(b) | ||||||||||||
6.25%, 11/01/28 | 188 | 180,057 | ||||||||||
5.75%, 02/01/29 | 283 | 264,395 | ||||||||||
6.00%, 02/01/31 | 20 | 18,432 | ||||||||||
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(e) | 200 | 190,225 | ||||||||||
HTA Group Ltd., 7.00%, 12/18/25(b) | 431 | 404,817 | ||||||||||
IHS Holding Ltd. | ||||||||||||
5.63%, 11/29/26(e) | 262 | 218,164 | ||||||||||
6.25%, 11/29/28(b) | 200 | 159,350 | ||||||||||
Impulsora Pipeline LLC, 6.05%, 01/01/43(c) | 1,524 | 1,375,335 | ||||||||||
ITT Holdings LLC, 6.50%, 08/01/29(b) | 437 | 362,828 | ||||||||||
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24(f) | 2,500 | 2,474,139 | ||||||||||
Kinetik Holdings LP, 5.88%, 06/15/30(b)(f) | 683 | 654,294 | ||||||||||
Leviathan Bond Ltd., 5.75%, 06/30/23(b)(e) | 75 | 73,970 | ||||||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(b) | 41 | 39,770 | ||||||||||
Matador Resources Co. | ||||||||||||
5.88%, 09/15/26 | 401 | 393,232 | ||||||||||
6.88%, 04/15/28 | 290 | 291,818 | ||||||||||
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(b) | 309 | 237,080 | ||||||||||
Medco Bell Pte. Ltd., 6.38%, 01/30/27(e) | 250 | 227,938 | ||||||||||
MPLX LP, 4.25%, 12/01/27(f) | 235 | 229,766 | ||||||||||
Murphy Oil Corp. | ||||||||||||
5.88%, 12/01/27 | 25 | 24,586 | ||||||||||
6.13%, 12/01/42 | 35 | 29,972 | ||||||||||
Murphy Oil USA, Inc., 4.75%, 09/15/29 | 171 | 158,603 | ||||||||||
Nabors Industries Ltd.(b) | ||||||||||||
7.25%, 01/15/26 | 273 | 257,323 | ||||||||||
7.50%, 01/15/28(f) | 382 | 347,613 | ||||||||||
Nabors Industries, Inc. | ||||||||||||
5.75%, 02/01/25 | 1,259 | 1,228,985 | ||||||||||
7.38%, 05/15/27(b)(f) | 481 | 466,570 | ||||||||||
New Fortress Energy, Inc.(b) | ||||||||||||
6.75%, 09/15/25 | 1,332 | 1,268,513 | ||||||||||
6.50%, 09/30/26 | 1,708 | 1,572,778 | ||||||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(b) | 486 | 465,982 | ||||||||||
NGPL PipeCo LLC, 7.77%, 12/15/37(b)(f) | 270 | 299,322 | ||||||||||
Northern Oil and Gas, Inc., 8.13%, 03/01/28(b)(f) | 1,620 | 1,599,750 | ||||||||||
NuStar Logistics LP | ||||||||||||
6.00%, 06/01/26 | 234 | 230,272 |
20 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||
NuStar Logistics LP (continued) | ||||||||||||
6.38%, 10/01/30 | USD | 30 | $ | 28,890 | ||||||||
Occidental Petroleum Corp. | ||||||||||||
6.95%, 07/01/24 | 38 | 38,665 | ||||||||||
5.88%, 09/01/25 | 150 | 151,594 | ||||||||||
8.88%, 07/15/30 | 411 | 482,925 | ||||||||||
6.63%, 09/01/30(f) | 1,047 | 1,117,672 | ||||||||||
6.13%, 01/01/31 | 33 | 34,497 | ||||||||||
7.50%, 05/01/31 | 193 | 215,336 | ||||||||||
6.45%, 09/15/36(f) | 573 | 608,096 | ||||||||||
6.20%, 03/15/40 | 801 | 822,253 | ||||||||||
4.63%, 06/15/45 | 36 | 29,514 | ||||||||||
6.60%, 03/15/46 | 244 | 260,380 | ||||||||||
4.40%, 04/15/46 | 132 | 106,312 | ||||||||||
4.20%, 03/15/48 | 43 | 33,559 | ||||||||||
OQ SAOC, 5.13%, 05/06/28(b) | 300 | 287,258 | ||||||||||
PDC Energy, Inc. | ||||||||||||
6.13%, 09/15/24 | 89 | 88,331 | ||||||||||
5.75%, 05/15/26 | 292 | 283,449 | ||||||||||
Permian Resources Operating LLC(b) | ||||||||||||
5.38%, 01/15/26 | 82 | 78,048 | ||||||||||
7.75%, 02/15/26 | 718 | 726,077 | ||||||||||
6.88%, 04/01/27 | 196 | 194,040 | ||||||||||
5.88%, 07/01/29 | 503 | 475,978 | ||||||||||
Petroleos Mexicanos | ||||||||||||
6.50%, 03/13/27 | 359 | 320,013 | ||||||||||
8.75%, 06/02/29(f) | 357 | 327,221 | ||||||||||
5.95%, 01/28/31 | 435 | 321,639 | ||||||||||
6.70%, 02/16/32 | 220 | 168,988 | ||||||||||
Precision Drilling Corp., 6.88%, 01/15/29(b) | 16 | 14,680 | ||||||||||
Puma International Financing SA, 5.13%, 10/06/24(b) | 483 | 461,265 | ||||||||||
Range Resources Corp., 4.88%, 05/15/25 | 18 | 17,757 | ||||||||||
Rockcliff Energy II LLC, 5.50%, 10/15/29(b) | 121 | 109,423 | ||||||||||
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b) | 66 | 60,948 | ||||||||||
Shell International Finance BV, 4.38%, 05/11/45(f) | 450 | 418,385 | ||||||||||
SM Energy Co. | ||||||||||||
5.63%, 06/01/25 | 203 | 198,309 | ||||||||||
6.75%, 09/15/26(f) | 161 | 158,585 | ||||||||||
6.63%, 01/15/27 | 27 | 26,055 | ||||||||||
6.50%, 07/15/28 | 222 | 210,345 | ||||||||||
Southwestern Energy Co. | ||||||||||||
5.38%, 02/01/29(f) | 260 | 245,122 | ||||||||||
4.75%, 02/01/32 | 6 | 5,291 | ||||||||||
Suncor Energy, Inc., 6.50%, 06/15/38(f) | 800 | 861,794 | ||||||||||
Sunoco LP/Sunoco Finance Corp. | ||||||||||||
6.00%, 04/15/27 | 75 | 74,589 | ||||||||||
5.88%, 03/15/28 | 147 | 143,693 | ||||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b) | ||||||||||||
7.50%, 10/01/25 | 16 | 16,122 | ||||||||||
6.00%, 03/01/27 | 53 | 51,136 | ||||||||||
5.50%, 01/15/28 | 98 | 90,666 | ||||||||||
6.00%, 12/31/30 | 36 | 31,973 | ||||||||||
6.00%, 09/01/31 | 168 | 148,751 | ||||||||||
Tap Rock Resources LLC, 7.00%, 10/01/26(b) | 982 | 943,515 | ||||||||||
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) | 228 | 232,384 | ||||||||||
Transocean, Inc.(b) | ||||||||||||
7.50%, 01/15/26 | 316 | 291,472 | ||||||||||
11.50%, 01/30/27 | 239 | 244,612 |
Security | Par (000) | Value | ||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||
Transocean, Inc.(b) (continued) | ||||||||||||
8.75%, 02/15/30 | USD | 1,276 | $ | 1,287,471 | ||||||||
Venture Global Calcasieu Pass LLC(b) | ||||||||||||
3.88%, 08/15/29 | 1,114 | 1,000,593 | ||||||||||
4.13%, 08/15/31(f) | 1,172 | 1,038,219 | ||||||||||
3.88%, 11/01/33(f) | 1,924 | 1,622,352 | ||||||||||
Vermilion Energy, Inc., 6.88%, 05/01/30(b) | 204 | 189,296 | ||||||||||
Vivo Energy Investments BV, 5.13%, 09/24/27(b) | 349 | 316,019 | ||||||||||
Western Midstream Operating LP | ||||||||||||
6.15%, 04/01/33 | 95 | 96,597 | ||||||||||
5.45%, 04/01/44 | 934 | 812,125 | ||||||||||
5.30%, 03/01/48 | 43 | 36,288 | ||||||||||
5.50%, 08/15/48 | 103 | 88,084 | ||||||||||
5.50%, 02/01/50(f) | 978 | 829,709 | ||||||||||
Williams Cos, Inc., 4.50%, 11/15/23(f) | 1,750 | 1,742,050 | ||||||||||
69,619,146 | ||||||||||||
Passenger Airlines — 1.4% | ||||||||||||
Air Canada, 3.88%, 08/15/26(b) | 495 | 458,213 | ||||||||||
Allegiant Travel Co., 7.25%, 08/15/27(b) | 147 | 145,181 | ||||||||||
American Airlines, Inc.(b) | ||||||||||||
11.75%, 07/15/25 | 1,305 | 1,435,577 | ||||||||||
7.25%, 02/15/28 | 92 | 89,482 | ||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b) | ||||||||||||
5.50%, 04/20/26 | 267 | 261,690 | ||||||||||
5.75%, 04/20/29 | 1,251 | 1,188,853 | ||||||||||
Avianca Midco 2 PLC, 9.00%, 12/01/28(b) | 304 | 253,021 | ||||||||||
Deutsche Lufthansa AG, 3.75%, 02/11/28(e) | EUR | 100 | 102,267 | |||||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(b)(f) | USD | 260 | 242,221 | |||||||||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b)(f) | 1,158 | 1,156,273 | ||||||||||
United Airlines Pass-Through Trust | ||||||||||||
Series 2020-1, Class A, 5.88%, 04/15/29(f) | 649 | 648,846 | ||||||||||
Series 2020-1, Class B, 4.88%, 07/15/27 | 41 | 39,844 | ||||||||||
United Airlines, Inc.(b)(f) | ||||||||||||
4.38%, 04/15/26 | 694 | 662,783 | ||||||||||
4.63%, 04/15/29 | 877 | 793,709 | ||||||||||
7,477,960 | ||||||||||||
Pharmaceuticals — 1.3% | ||||||||||||
AbbVie, Inc. | ||||||||||||
4.75%, 03/15/45 | 500 | 471,958 | ||||||||||
4.45%, 05/14/46(f) | 1,000 | 902,903 | ||||||||||
Bayer AG, (5-year EUR Swap + 3.75%), 4.50%, 03/25/82(a)(e) | EUR | 100 | 102,262 | |||||||||
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27(e) | 100 | 99,584 | ||||||||||
CVS Health Corp., 5.05%, 03/25/48(f) | USD | 1,110 | 1,036,213 | |||||||||
Gruenenthal GmbH, 4.13%, 05/15/28(e) | EUR | 100 | 100,824 | |||||||||
Jazz Securities DAC, 4.38%, 01/15/29(b)(f) | USD | 200 | 183,813 | |||||||||
Option Care Health, Inc., 4.38%, 10/31/29(b) | 314 | 282,330 | ||||||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV(b)(f) | ||||||||||||
4.13%, 04/30/28 | 1,153 | 1,060,765 | ||||||||||
5.13%, 04/30/31 | 536 | 477,599 | ||||||||||
Rossini SARL, 6.75%, 10/30/25(e) | EUR | 166 | 183,105 | |||||||||
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29 | 100 | 111,486 | ||||||||||
Teva Pharmaceutical Finance Netherlands III BV 7.13%, 01/31/25 | USD | 200 | 203,250 |
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) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Pharmaceuticals (continued) | ||||||||||||
Teva Pharmaceutical Finance Netherlands III BV (continued) | ||||||||||||
3.15%, 10/01/26 | USD | 655 | $ | 590,319 | ||||||||
4.75%, 05/09/27 | 200 | 186,163 | ||||||||||
6.75%, 03/01/28 | 200 | 199,500 | ||||||||||
7.88%, 09/15/29 | 200 | 208,900 | ||||||||||
8.13%, 09/15/31 | 200 | 210,252 | ||||||||||
Utah Acquisition Sub, Inc., 3.95%, 06/15/26(f) | 650 | 621,919 | ||||||||||
7,233,145 | ||||||||||||
Real Estate — 0.0% | ||||||||||||
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28(b) | 128 | 120,096 | ||||||||||
Real Estate Management & Development — 0.5% | ||||||||||||
Agps Bondco PLC, 2.75%, 11/13/26(e)(l)(m) | EUR | 200 | 84,846 | |||||||||
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25(e)(l)(m) | USD | 200 | 29,000 | |||||||||
Country Garden Holdings Co. Ltd., 6.50%, 04/08/24(e)(f) | 200 | 153,975 | ||||||||||
Easy Tactic Ltd., (6.50% Cash or 7.50% PIK), 7.50%, 07/11/27(h) | 218 | 37,215 | ||||||||||
Fantasia Holdings Group Co. Ltd.(l)(m) | ||||||||||||
11.75%, 04/17/22(e) | 430 | 40,850 | ||||||||||
11.88%, 06/01/23(e) | 200 | 19,000 | ||||||||||
9.25%, 07/28/23(e) | 400 | 38,000 | ||||||||||
0.00%, 12/31/79 | 200 | 19,000 | ||||||||||
Fastighets AB Balder, (5-year EUR Swap + 3.19%), 2.87%, 06/02/81(a)(e) | EUR | 100 | 74,125 | |||||||||
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b) | USD | 120 | 117,349 | |||||||||
Heimstaden Bostad AB, (5-year EUR Swap + 3.15%), 2.63%(a)(e)(i) | EUR | 100 | 58,116 | |||||||||
Howard Hughes Corp., 5.38%, 08/01/28(b) | USD | 106 | 95,689 | |||||||||
MAF Sukuk Ltd.(e) | ||||||||||||
4.64%, 05/14/29(f) | 325 | 321,202 | ||||||||||
3.93%, 02/28/30 | 262 | 247,721 | ||||||||||
Modern Land China Co. Ltd., (2.00% Cash or 9.00% PIK), 9.00%, 12/30/26(e)(h)(l)(m) | 226 | 14,485 | ||||||||||
Realogy Group LLC/Realogy Co.-Issuer Corp.(b) | ||||||||||||
5.75%, 01/15/29 | 375 | 278,437 | ||||||||||
5.25%, 04/15/30 | 173 | 123,342 | ||||||||||
Ronshine China Holdings Ltd., 7.35%, 12/15/23(e)(l)(m) | 23 | 1,495 | ||||||||||
Shui On Development Holding Ltd., 5.75%, 11/12/23(e) | 200 | 195,475 | ||||||||||
Sinic Holdings Group Co. Ltd., 10.50%, 12/31/79(l)(m) | 200 | 2,000 | ||||||||||
Theta Capital Pte. Ltd., 8.13%, 01/22/25(e) | 200 | 165,850 | ||||||||||
VICI Properties LP, 5.13%, 05/15/32 | 805 | 768,241 | ||||||||||
2,885,413 | ||||||||||||
Semiconductors & Semiconductor Equipment — 0.7% | ||||||||||||
ams-OSRAM AG, 6.00%, 07/31/25(e) | EUR | 100 | 102,076 | |||||||||
Broadcom, Inc.(f) | ||||||||||||
4.30%, 11/15/32 | USD | 732 | 671,172 | |||||||||
3.42%, 04/15/33(b) | 527 | 443,545 | ||||||||||
3.14%, 11/15/35(b) | 160 | 123,866 | ||||||||||
Marvell Technology, Inc., 2.95%, 04/15/31(f) | 302 | 252,056 | ||||||||||
QUALCOMM, Inc., 4.65%, 05/20/35(f) | 400 | 403,406 | ||||||||||
Sensata Technologies BV(b) | ||||||||||||
5.00%, 10/01/25 | 368 | 362,329 | ||||||||||
5.88%, 09/01/30 | 309 | 303,435 |
Security | Par (000) | Value | ||||||||||
Semiconductors & Semiconductor Equipment (continued) | ||||||||||||
Sensata Technologies, Inc., 4.38%, 02/15/30(b) | USD | 1,020 | $ | 929,092 | ||||||||
Synaptics, Inc., 4.00%, 06/15/29(b)(f) | 216 | 182,520 | ||||||||||
3,773,497 | ||||||||||||
Software — 2.5% | ||||||||||||
ACI Worldwide, Inc., 5.75%, 08/15/26(b) | 510 | 508,087 | ||||||||||
Alteryx, Inc., 8.75%, 03/15/28 | 320 | 311,091 | ||||||||||
Black Knight InfoServ LLC, 3.63%, 09/01/28(b) | 501 | 452,153 | ||||||||||
Boxer Parent Co., Inc. | ||||||||||||
6.50%, 10/02/25(e) | EUR | 100 | 108,642 | |||||||||
7.13%, 10/02/25(b) | USD | 761 | 758,725 | |||||||||
9.13%, 03/01/26(b) | 629 | 613,167 | ||||||||||
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b)(f) | 662 | 655,472 | ||||||||||
Cloud Software Group Holdings, Inc., 6.50%, 03/31/29(b)(f) | 4,064 | 3,660,112 | ||||||||||
Cloud Software Group, Inc., 9.00%, 09/30/29 | 1,904 | 1,636,107 | ||||||||||
Crowdstrike Holdings, Inc., 3.00%, 02/15/29 | 53 | 46,102 | ||||||||||
Elastic NV, 4.13%, 07/15/29(b) | 481 | 416,161 | ||||||||||
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28(b) | 200 | 168,000 | ||||||||||
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) | 294 | 257,543 | ||||||||||
MicroStrategy, Inc., 6.13%, 06/15/28(b)(f) | 577 | 521,475 | ||||||||||
Open Text Corp., 6.90%, 12/01/27(b) | 1,133 | 1,170,222 | ||||||||||
Oracle Corp.(f) | ||||||||||||
6.25%, 11/09/32 | 648 | 699,609 | ||||||||||
3.60%, 04/01/50 | 250 | 177,753 | ||||||||||
SS&C Technologies, Inc., 5.50%, 09/30/27(b)(f) | 1,438 | 1,391,863 | ||||||||||
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(b)(f) | 372 | 282,279 | ||||||||||
13,834,563 | ||||||||||||
Specialized REITs — 0.1% | ||||||||||||
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) | 631 | 603,802 | ||||||||||
Specialty Retail(b) — 0.4% | ||||||||||||
Arko Corp., 5.13%, 11/15/29 | 232 | 187,989 | ||||||||||
PetSmart, Inc./PetSmart Finance Corp. | ||||||||||||
4.75%, 02/15/28 | 436 | 412,085 | ||||||||||
7.75%, 02/15/29 | 895 | 882,587 | ||||||||||
Staples, Inc., 7.50%, 04/15/26 | 526 | 443,595 | ||||||||||
1,926,256 | ||||||||||||
Technology Hardware, Storage & Peripherals — 0.1% | ||||||||||||
Coherent Corp., 5.00%, 12/15/29(b)(f) | 828 | 745,308 | ||||||||||
Textiles, Apparel & Luxury Goods(b) — 0.1% | ||||||||||||
Hanesbrands, Inc. | ||||||||||||
4.88%, 05/15/26 | 124 | 116,859 | ||||||||||
9.00%, 02/15/31 | 372 | 380,797 | ||||||||||
497,656 | ||||||||||||
Tobacco(f) — 0.4% | ||||||||||||
Altria Group, Inc., 4.50%, 05/02/43 | 750 | 608,602 | ||||||||||
Philip Morris International, Inc., 4.38%, 11/15/41 | 900 | 781,046 | ||||||||||
Reynolds American, Inc., 5.85%, 08/15/45 | 715 | 646,579 | ||||||||||
2,036,227 | ||||||||||||
Transportation Infrastructure — 0.6% | ||||||||||||
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(b) | 320 | 245,860 |
22 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Transportation Infrastructure (continued) | ||||||||||||
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b) | USD | 274 | $ | 268,794 | ||||||||
Azzurra Aeroporti SpA, 2.63%, 05/30/27(e) | EUR | 100 | 97,245 | |||||||||
DP World Salaam, (5-year CMT + 5.75%), 6.00%(a)(e)(i) | USD | 456 | 455,002 | |||||||||
FedEx Corp.(f) | ||||||||||||
3.90%, 02/01/35 | 500 | 450,638 | ||||||||||
4.75%, 11/15/45 | 500 | 452,225 | ||||||||||
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27(e) | 200 | 175,350 | ||||||||||
Heathrow Finance PLC, 4.13%, 09/01/29(e)(n) | GBP | 100 | 104,587 | |||||||||
Mexico City Airport Trust, 5.50%, 07/31/47(e) | USD | 308 | 236,159 | |||||||||
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26(b)(f) | 520 | 506,412 | ||||||||||
XPO Escrow Sub LLC, 7.50%, 11/15/27(b) | 109 | 111,723 | ||||||||||
3,103,995 | ||||||||||||
Utilities — 0.3% | ||||||||||||
AES Panama Generation Holdings SRL, 4.38%, 05/31/30(e) | 223 | 192,340 | ||||||||||
Centrais Eletricas Brasileiras SA, 3.63%, 02/04/25(b) | 200 | 189,970 | ||||||||||
Consensus Cloud Solutions, Inc.(b) | ||||||||||||
6.00%, 10/15/26 | 91 | 83,670 | ||||||||||
6.50%, 10/15/28 | 83 | 72,625 | ||||||||||
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(e) | 250 | 216,460 | ||||||||||
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b) | 471 | 438,184 | ||||||||||
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(e)(f) | 162 | 158,511 | ||||||||||
Vistra Operations Co. LLC(b) | ||||||||||||
5.50%, 09/01/26 | 18 | 17,637 | ||||||||||
5.63%, 02/15/27(f) | 254 | 247,726 | ||||||||||
5.00%, 07/31/27 | 18 | 17,106 | ||||||||||
4.38%, 05/01/29 | 191 | 170,765 | ||||||||||
1,804,994 | ||||||||||||
Wireless Telecommunication Services — 1.1% | ||||||||||||
Altice France SA/France | ||||||||||||
5.88%, 02/01/27(e) | EUR | 100 | 95,314 | |||||||||
8.13%, 02/01/27(b)(f) | USD | 570 | 508,961 | |||||||||
5.50%, 01/15/28(b) | 357 | 281,048 | ||||||||||
5.13%, 01/15/29(b) | 201 | 148,545 | ||||||||||
5.13%, 07/15/29(b) | 1,206 | 891,651 | ||||||||||
5.50%, 10/15/29(b) | 200 | 149,716 | ||||||||||
Kenbourne Invest SA(b) | ||||||||||||
6.88%, 11/26/24 | 205 | 135,467 | ||||||||||
4.70%, 01/22/28 | 200 | 106,750 | ||||||||||
Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/31(b) | 345 | 327,405 | ||||||||||
Millicom International Cellular SA, 5.13%, 01/15/28(e) | 283 | 249,448 | ||||||||||
SBA Communications Corp., 3.13%, 02/01/29(f) | 1,409 | 1,205,401 | ||||||||||
VICI Properties LP/VICI Note Co., Inc.(b) | ||||||||||||
5.63%, 05/01/24 | 69 | 68,663 | ||||||||||
3.50%, 02/15/25 | 140 | 134,525 | ||||||||||
4.25%, 12/01/26 | 135 | 128,640 |
Security | Par (000) | Value | ||||||||||
Wireless Telecommunication Services (continued) | ||||||||||||
VICI Properties LP/VICI Note Co., Inc.(b) (continued) | ||||||||||||
4.63%, 12/01/29 | USD | 696 | $ | 646,451 | ||||||||
4.13%, 08/15/30 | 488 | 435,086 | ||||||||||
Vmed O2 U.K. Financing I PLC | ||||||||||||
4.00%, 01/31/29(e) | GBP | 100 | 101,671 | |||||||||
4.50%, 07/15/31(e) | 100 | 97,800 | ||||||||||
4.75%, 07/15/31(b)(f) | USD | 562 | 478,901 | |||||||||
6,191,443 | ||||||||||||
Total Corporate Bonds — 80.3% (Cost: $477,511,252) | 446,271,503 | |||||||||||
Floating Rate Loan Interests(a) | ||||||||||||
Aerospace & Defense — 0.3% | ||||||||||||
Peraton Corp. | ||||||||||||
2nd Lien Term Loan B1, (3-mo. LIBOR US at 0.75% Floor + 7.75%), 12.65%, 02/01/29 | 748 | 714,985 | ||||||||||
Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.83%, 02/01/28 | 966 | 945,458 | ||||||||||
1,660,443 | ||||||||||||
Beverages — 0.0% | ||||||||||||
Naked Juice LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.00%, 01/24/30 | 38 | 28,500 | ||||||||||
Broadline Retail — 0.0% | ||||||||||||
PUG LLC, USD Term Loan, (1-mo. LIBOR US + 3.50%), 8.52%, 02/12/27 | 120 | 94,510 | ||||||||||
Capital Markets — 0.1% | ||||||||||||
Advisor Group, Inc., 2021 Term Loan, (1-mo. LIBOR US + 4.50%), 9.52%, 07/31/26 | 153 | 151,756 | ||||||||||
Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.50%), 11.38%, 08/02/29 | 232 | 207,321 | ||||||||||
359,077 | ||||||||||||
Chemicals — 0.3% | ||||||||||||
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. LIBOR US at 0.50% Floor + 3.75%), 8.77%, 09/30/28 | 237 | 215,652 | ||||||||||
Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 7.75%), 12.77%, 11/24/28 | 118 | 104,842 | ||||||||||
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 9.71%, 08/27/26 | 281 | 277,875 | ||||||||||
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 9.28%, 10/04/29 | 666 | 637,458 |
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) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Chemicals (continued) | ||||||||||||
Momentive Performance Materials Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.50%), 9.48%, 03/29/28 | USD | 277 | $ | 275,789 | ||||||||
W.R. Grace Holdings LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.75%), 8.94%, 09/22/28 | 254 | 253,468 | ||||||||||
1,765,084 | ||||||||||||
Commercial Services & Supplies — 0.1% | ||||||||||||
PECF USS Intermediate Holding III Corp., Term Loan B, (3‑mo. LIBOR US at 0.50% Floor + 4.25%), 9.54%, 12/15/28 | 606 | 496,436 | ||||||||||
TruGreen LP, 2020 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.50%), 13.77%, 11/02/28(c) | 201 | 130,650 | ||||||||||
627,086 | ||||||||||||
Construction & Engineering — 0.5% | ||||||||||||
Amentum Government Services Holdings LLC, Term Loan B, (1-mo. LIBOR US + 4.00%), 9.02%, 01/29/27(c) | 79 | 76,015 | ||||||||||
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (1-mo. LIBOR US at 1.00% Floor + 4.25%), 9.24%, 06/21/24 | 2,569 | 2,413,337 | ||||||||||
Propulsion BC Newco LLC, Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.90%, 09/14/29 | 158 | 155,523 | ||||||||||
2,644,875 | ||||||||||||
Consumer Finance — 0.0% | ||||||||||||
Credito Real SAB de CV Sofom ENR, Term Loan B, (Defaulted), 0.00%, 02/17/24(c)(l)(m) | 56 | 4,200 | ||||||||||
Containers & Packaging — 0.1% | ||||||||||||
Mauser Packaging Solutions Holding Co., Term Loan B, (1‑mo. CME Term SOFR + 4.00%), 8.80%, 08/14/26 | 176 | 175,368 | ||||||||||
Trident TPI Holdings, Inc., 2023 USD Term Loan, 09/15/28(o) | 329 | 320,005 | ||||||||||
495,373 | ||||||||||||
Diversified Consumer Services — 0.1% | ||||||||||||
Ascend Learning LLC | ||||||||||||
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.75%), 10.83%, 12/10/29 | 157 | 136,001 | ||||||||||
2021 Term Loan, 12/11/28(o) | 139 | 126,755 | ||||||||||
Sotheby’s, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.50%), 9.76%, 01/15/27 | — | (d) | 1 | |||||||||
WCG Purchaser Corp., 2019 Term Loan, (3-mo. LIBOR US at 1.00% Floor + 4.00%), 8.95%, 01/08/27 | 78 | 74,433 | ||||||||||
337,190 | ||||||||||||
Diversified Telecommunication Services — 0.2% | ||||||||||||
Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.81%, 05/01/28 | 222 | 211,296 |
Security | Par (000) | Value | ||||||||||
Diversified Telecommunication Services (continued) | ||||||||||||
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 3.25%), 8.27%, 09/25/26 | USD | 74 | $ | 61,056 | ||||||||
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. LIBOR US + 3.00%), 8.02%, 03/09/27 | 794 | 643,809 | ||||||||||
916,161 | ||||||||||||
Energy Equipment & Services — 0.0% | ||||||||||||
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1-mo. LIBOR US + 3.00%), 8.02%, 06/28/24 | 17 | 11,614 | ||||||||||
Entertainment — 0.0% | ||||||||||||
Delta 2 Lux SARL, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.23%, 01/15/30 | 60 | 60,045 | ||||||||||
EP Purchaser LLC, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 11/06/28 | 82 | 81,907 | ||||||||||
141,952 | ||||||||||||
Financial Services — 0.1% | ||||||||||||
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 6.75%), 11.91%, 04/07/28 | 274 | 251,622 | ||||||||||
White Cap Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.73%, 10/19/27 | 426 | 421,530 | ||||||||||
673,152 | ||||||||||||
Food Products — 0.0% | ||||||||||||
Chobani LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 8.60%, 10/25/27 | 61 | 60,704 | ||||||||||
Ground Transportation — 0.0% | ||||||||||||
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 9.62%, 04/06/28 | 142 | 135,694 | ||||||||||
Health Care Equipment & Supplies — 0.1% | ||||||||||||
Bausch and Lomb, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.46%, 05/10/27 | 172 | 167,054 | ||||||||||
Chariot Buyer LLC, Term Loan B, (1-mo. LIBOR US at 0.50% Floor + 3.25%), 8.27%, 11/03/28 | 327 | 317,193 | ||||||||||
484,247 | ||||||||||||
Health Care Providers & Services — 0.1% | ||||||||||||
Envision Healthcare Corp., 2022 First Out Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 7.88%), 12.92%, 03/31/27 | 78 | 60,913 | ||||||||||
LifePoint Health, Inc., 2018 Term Loan B, (3-mo. LIBOR US + 3.75%), 9.02%, 11/16/25 | 146 | 136,932 | ||||||||||
Quorum Health Corp., 2020 Term Loan, (3-mo. LIBOR US at 1.00% Floor + 8.25%), 13.24%, 04/29/25 | 279 | 163,746 | ||||||||||
Surgery Center Holdings, Inc., 2021 Term Loan, (1- mo. LIBOR US at 0.75% Floor + 3.75%), 8.70%, 08/31/26 | 207 | 206,768 | ||||||||||
568,359 | ||||||||||||
Health Care Technology — 0.6% | ||||||||||||
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.46%, 02/15/29 | 1,985 | 1,857,433 |
24 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Health Care Technology (continued) | ||||||||||||
Polaris Newco LLC, USD Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 4.00%), 9.16%, 06/02/28 | USD | 364 | $ | 337,081 | ||||||||
Verscend Holding Corp., 2021 Term Loan B, (1-mo. LIBOR US + 4.00%), 9.02%, 08/27/25 | 1,236 | 1,233,464 | ||||||||||
3,427,978 | ||||||||||||
Hotels, Restaurants & Leisure — 0.1% | ||||||||||||
Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.98%, 01/27/29 | 468 | 455,190 | ||||||||||
IRB Holding Corp., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.08%, 12/15/27 | 204 | 200,003 | ||||||||||
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3-mo. LIBOR US + 2.25%), 7.41%, 07/21/26 | 39 | 38,896 | ||||||||||
694,089 | ||||||||||||
Household Durables — 0.1% | ||||||||||||
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR + 3.50%), 8.37%, 02/26/29(c) | 275 | 249,492 | ||||||||||
Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 4.00%), 9.01%, 10/06/28 | 532 | 448,233 | ||||||||||
697,725 | ||||||||||||
Insurance — 0.1% | ||||||||||||
Alliant Holdings Intermediate LLC, 2023 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.38%, 11/05/27 | 122 | 121,320 | ||||||||||
Hub International Ltd. | ||||||||||||
2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.25%), 8.51%, 04/25/25 | 125 | 124,279 | ||||||||||
2022 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 8.73%, 11/10/29 | 117 | 116,419 | ||||||||||
Ryan Specialty Group LLC, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.08%, 09/01/27 | 232 | 231,372 | ||||||||||
593,390 | ||||||||||||
Interactive Media & Services — 0.1% | ||||||||||||
Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.05%, 02/16/28 | 125 | 120,356 | ||||||||||
Camelot Finance SA, Term Loan B, (1-mo. LIBOR US + 3.00%), 8.02%, 10/30/26 | 168 | 167,865 | ||||||||||
Grab Holdings, Inc., Term Loan B, (1-mo. LIBOR US at 1.00% Floor + 4.50%), 9.53%, 01/29/26 | 34 | 34,382 | ||||||||||
322,603 | ||||||||||||
IT Services — 0.2% | ||||||||||||
Epicor Software Corp., 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR at 1.00% Floor + 7.75%), 12.83%, 07/31/28 | 117 | 116,250 | ||||||||||
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.00%), 9.00%, 10/01/27 | 555 | 533,961 | ||||||||||
Quartz Acquireco LLC, Term Loan B, 04/14/30(c)(o) | 191 | 190,045 | ||||||||||
TierPoint LLC, 2021 Term Loan, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.77%, 05/05/26 | 64 | 61,411 | ||||||||||
901,667 |
Security | Par (000) | Value | ||||||||||
Leisure Products — 0.0% | ||||||||||||
Peloton Interactive, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.50%), 11.76%, 05/25/27 | USD | 131 | $ | 130,559 | ||||||||
Machinery — 0.4% | ||||||||||||
Roper Industrial Products Investment Co., USD Term Loan, (3-mo. CME Term SOFR + 4.50%), 9.40%, 11/22/29 | 374 | 371,371 | ||||||||||
SPX Flow, Inc., 2022 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.58%, 04/05/29 | 339 | 326,651 | ||||||||||
Titan Acquisition Ltd., 2018 Term Loan B, (3-mo. LIBOR US + 3.00%), 8.15%, 03/28/25 | 1,850 | 1,769,393 | ||||||||||
2,467,415 | ||||||||||||
Media — 0.6% | ||||||||||||
AVSC Holding Corp., 2018 2nd Lien Term Loan, (3- mo. LIBOR US at 1.00% Floor + 7.25%), 12.06%, 09/01/25 | 311 | 270,640 | ||||||||||
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.81%, 08/21/26 | 1,580 | 1,486,633 | ||||||||||
DirecTV Financing LLC, Term Loan, (1-mo. LIBOR US at 0.75% Floor + 5.00%), 10.02%, 08/02/27 | 1,075 | 1,030,305 | ||||||||||
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.08%, 02/01/29 | 541 | 533,301 | ||||||||||
3,320,879 | ||||||||||||
Oil, Gas & Consumable Fuels — 0.6% | ||||||||||||
Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3-mo. LIBOR US at 1.00% Floor + 9.00%), 14.21%, 11/01/25 | 2,934 | 3,106,099 | ||||||||||
Freeport LNG Investments LLLP, Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.75%, 12/21/28 | 321 | 311,612 | ||||||||||
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.55%, 09/19/29 | 143 | 142,182 | ||||||||||
3,559,893 | ||||||||||||
Passenger Airlines — 0.4% | ||||||||||||
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.00%, 04/20/28 | 748 | 752,318 | ||||||||||
Air Canada, 2021 Term Loan B, (3-mo. LIBOR US at 0.75% Floor + 3.50%), 8.37%, 08/11/28 | 257 | 255,579 | ||||||||||
Mileage Plus Holdings LLC, 2020 Term Loan B, (3-mo. LIBOR US at 1.00% Floor + 5.25%), 10.21%, 06/21/27 | 194 | 201,861 | ||||||||||
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.80%, 10/20/27 | 343 | 354,998 | ||||||||||
United Airlines, Inc., 2021 Term Loan B, (1-mo. LIBOR US at 0.75% Floor + 3.75%), 8.77%, 04/21/28 | 772 | 768,510 | ||||||||||
2,333,266 | ||||||||||||
Pharmaceuticals — 0.0% | ||||||||||||
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1-mo. LIBOR US + 3.50%), 8.56%, 05/04/25 | 89 | 82,922 | ||||||||||
Professional Services — 0.1% | ||||||||||||
CoreLogic, Inc., Term Loan, 06/02/28(o) | 166 | 148,540 |
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) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Professional Services (continued) | ||||||||||||
Galaxy U.S. Opco, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.73%, 04/29/29(c) | USD | 170 | $ | 151,429 | ||||||||
VS Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.90%, 02/28/27 | 91 | 89,737 | ||||||||||
389,706 | ||||||||||||
Software — 1.4% | ||||||||||||
Boxer Parent Co., Inc. | ||||||||||||
2021 USD 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 5.50%), 10.52%, 02/27/26 | 529 | 510,263 | ||||||||||
2021 USD Term Loan, (1-mo. LIBOR US + 3.75%), 8.77%, 10/02/25 | 212 | 209,299 | ||||||||||
Central Parent, Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.25%), 9.15%, 07/06/29 | 129 | 128,482 | ||||||||||
Cloud Software Group, Inc., 2022 USD Term Loan, (2-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.50%, 03/30/29 | 807 | 753,456 | ||||||||||
Cloudera, Inc. | ||||||||||||
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 11.08%, 10/08/29 | 442 | 389,506 | ||||||||||
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.83%, 10/08/28 | 340 | 327,930 | ||||||||||
Delta TopCo, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.66%, 12/01/27 | 310 | 296,378 | ||||||||||
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3-mo. CME Term SOFR + 3.75%), 8.83%, 03/11/28 | 90 | 87,900 | ||||||||||
Magenta Buyer LLC | ||||||||||||
2021 USD 1st Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 4.75%), 10.03%, 07/27/28 | 795 | 667,489 | ||||||||||
2021 USD 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 8.25%), 13.53%, 07/27/29 | 530 | 398,825 | ||||||||||
McAfee Corp., 2022 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.65%, 03/01/29 | 872 | 821,315 | ||||||||||
MH Sub I LLC | ||||||||||||
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.25%), 11.23%, 02/23/29 | 66 | 61,022 | ||||||||||
2023 Term Loan, 0.00%, 04/25/28 | 825 | 790,969 | ||||||||||
Planview Parent, Inc., 2nd Lien Term Loan, (3-mo. LIBOR US at 0.75% Floor + 7.25%), 12.41%, 12/18/28 | 195 | 173,550 | ||||||||||
Proofpoint, Inc., 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 6.25%), 11.27%, 08/31/29 | 472 | 447,063 | ||||||||||
Sabre Global, Inc. | ||||||||||||
2021 Term Loan B1, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.52%, 12/17/27 | 71 | 54,940 | ||||||||||
2021 Term Loan B2, (1-mo. LIBOR US at 0.50% Floor + 3.50%), 8.52%, 12/17/27 | 114 | 87,902 | ||||||||||
Sophia LP, 2021 Term Loan B, (3-mo. LIBOR US at 0.50% Floor + 3.50%), 8.66%, 10/07/27 | 772 | 761,511 | ||||||||||
SS&C Technologies, Inc. | ||||||||||||
2018 Term Loan B3, (1-mo. LIBOR US + 1.75%), 6.77%, 04/16/25 | 86 | 85,413 |
Security | Par (000) | Value | ||||||||||
Software (continued) | ||||||||||||
SS&C Technologies, Inc. (continued) | ||||||||||||
2018 Term Loan B4, (1-mo. LIBOR US + 1.75%), 6.77%, 04/16/25 | USD | 68 | $ | 67,885 | ||||||||
UKG, Inc., 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 5.25%), 10.27%, 05/03/27 | 556 | 533,634 | ||||||||||
Ultimate Software Group, Inc., Term Loan B, (3-mo. CME Term SOFR + 3.75%), 8.90%, 05/04/26 | 208 | 203,930 | ||||||||||
7,858,662 | ||||||||||||
Specialty Retail — 0.0% | ||||||||||||
Staples, Inc., 7 Year Term Loan, (3-mo. LIBOR US + 5.00%), 9.81%, 04/16/26 | — | (d) | 2 | |||||||||
Textiles, Apparel & Luxury Goods — 0.1% | ||||||||||||
Crocs, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.58%, 02/20/29 | 273 | 272,871 | ||||||||||
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.73%, 03/08/30 | 138 | 137,224 | ||||||||||
410,095 | ||||||||||||
Trading Companies & Distributors — 0.1% | ||||||||||||
SRS Distribution, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.47%, 06/02/28 | 287 | 272,865 | ||||||||||
Transportation Infrastructure — 0.2% | ||||||||||||
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.78%, 07/02/29 | 423 | 420,106 | ||||||||||
KKR Apple Bidco LLC, 2021 2nd Lien Term Loan, (1-mo. LIBOR US at 0.50% Floor + 5.75%), 10.77%, 09/21/29 | 34 | 33,320 | ||||||||||
MHI Holdings LLC, Term Loan B, (1-mo. LIBOR US + 5.00%), 10.02%, 09/21/26 | 352 | 351,276 | ||||||||||
804,702 | ||||||||||||
Wireless Telecommunication Services — 0.1% | ||||||||||||
Digicel International Finance Ltd., 2017 Term Loan B, (1-mo. LIBOR US + 3.25%), 8.27%, 05/28/24 | 700 | 631,299 | ||||||||||
Total Floating Rate Loan Interests — 7.2% (Cost: $41,492,972) | 39,907,938 | |||||||||||
Foreign Government and Agency Obligations | ||||||||||||
Bahrain — 0.0% | ||||||||||||
Bahrain Government International Bond, 5.45%, 09/16/32(e) | 200 | 178,475 | ||||||||||
Chile — 0.1% | ||||||||||||
Chile Government International Bond | ||||||||||||
4.34%, 03/07/42 | 200 | 181,662 | ||||||||||
4.00%, 01/31/52(f) | 200 | 165,913 | ||||||||||
347,575 | ||||||||||||
Colombia — 0.3% | ||||||||||||
Colombia Government International Bond | ||||||||||||
4.50%, 01/28/26 | 542 | 513,816 | ||||||||||
3.88%, 04/25/27 | 200 | 179,662 |
26 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Colombia (continued) | ||||||||||||
Colombia Government International Bond (continued) | ||||||||||||
3.13%, 04/15/31(f) | USD | 677 | $ | 501,107 | ||||||||
8.00%, 04/20/33 | 544 | 541,722 | ||||||||||
1,736,307 | ||||||||||||
Dominican Republic — 0.3% | ||||||||||||
Dominican Republic International Bond | ||||||||||||
6.88%, 01/29/26(e) | 207 | 210,661 | ||||||||||
5.95%, 01/25/27(e) | 523 | 518,195 | ||||||||||
5.50%, 02/22/29(b) | 260 | 247,374 | ||||||||||
4.50%, 01/30/30(b) | 452 | 399,116 | ||||||||||
7.05%, 02/03/31(b) | 150 | 152,297 | ||||||||||
4.88%, 09/23/32(b) | 339 | 291,392 | ||||||||||
1,819,035 | ||||||||||||
Egypt — 0.0% | ||||||||||||
Egypt Government International Bond, 7.50%, 02/16/61(b) | 200 | 99,600 | ||||||||||
Guatemala — 0.2% | ||||||||||||
Guatemala Government Bond | ||||||||||||
4.50%, 05/03/26(e)(f) | 200 | 195,037 | ||||||||||
5.25%, 08/10/29(b) | 200 | 194,663 | ||||||||||
5.38%, 04/24/32(b) | 200 | 194,912 | ||||||||||
4.65%, 10/07/41(b) | 401 | 327,141 | ||||||||||
911,753 | ||||||||||||
Hungary — 0.1% | ||||||||||||
Hungary Government International Bond | ||||||||||||
5.38%, 03/25/24 | 64 | 64,052 | ||||||||||
5.25%, 06/16/29(b) | 250 | 247,234 | ||||||||||
311,286 | ||||||||||||
Indonesia — 0.0% | ||||||||||||
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27(b) | 200 | 200,413 | ||||||||||
Ivory Coast — 0.1% | ||||||||||||
Ivory Coast Government International Bond, 6.38%, 03/03/28(e)(f) | 731 | 695,958 | ||||||||||
Mexico — 0.2% | ||||||||||||
Mexico Government International Bond | ||||||||||||
3.75%, 01/11/28(f) | 805 | 777,227 | ||||||||||
4.88%, 05/19/33 | 200 | 193,663 | ||||||||||
6.35%, 02/09/35 | 200 | 214,037 | ||||||||||
1,184,927 | ||||||||||||
Morocco — 0.0% | ||||||||||||
Morocco Government International Bonds, 5.95%, 03/08/28 | 200 | 205,100 | ||||||||||
Nigeria — 0.1% | ||||||||||||
Nigeria Government International Bond, 8.38%, 03/24/29(b) | 400 | 325,075 | ||||||||||
Oman — 0.1% | ||||||||||||
Oman Government International Bond(e) | ||||||||||||
6.50%, 03/08/47 | 309 | 289,166 | ||||||||||
6.75%, 01/17/48(f) | 309 | 298,243 | ||||||||||
587,409 |
Security | Par (000) | Value | ||||||||||
Panama — 0.2% | ||||||||||||
Panama Government International Bond | ||||||||||||
3.16%, 01/23/30(f) | USD | 396 | $ | 349,792 | ||||||||
6.40%, 02/14/35 | 337 | 356,335 | ||||||||||
6.85%, 03/28/54 | 200 | 208,500 | ||||||||||
914,627 | ||||||||||||
Paraguay — 0.1% | ||||||||||||
Paraguay Government International Bond | ||||||||||||
4.95%, 04/28/31(b) | 200 | 193,225 | ||||||||||
5.60%, 03/13/48(e) | 210 | 183,461 | ||||||||||
5.40%, 03/30/50(e) | 400 | 340,825 | ||||||||||
717,511 | ||||||||||||
Peru — 0.2% | ||||||||||||
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25(e) | 379 | 367,583 | ||||||||||
Peruvian Government International Bond(f) | ||||||||||||
2.78%, 01/23/31 | 233 | 201,734 | ||||||||||
1.86%, 12/01/32 | 712 | 550,376 | ||||||||||
1,119,693 | ||||||||||||
Poland — 0.1% | ||||||||||||
Republic of Poland Government International Bond | ||||||||||||
4.88%, 10/04/33 | 138 | 140,096 | ||||||||||
5.50%, 04/04/53 | 211 | 219,084 | ||||||||||
359,180 | ||||||||||||
Romania — 0.3% | ||||||||||||
Romanian Government International Bond | ||||||||||||
5.25%, 11/25/27(b) | 336 | 331,548 | ||||||||||
2.88%, 03/11/29(e) | EUR | 365 | 345,334 | |||||||||
2.50%, 02/08/30(e) | 381 | 338,299 | ||||||||||
2.12%, 07/16/31(e) | 428 | 348,345 | ||||||||||
1,363,526 | ||||||||||||
Saudi Arabia — 0.2% | ||||||||||||
Saudi Government International Bond | ||||||||||||
4.75%, 01/18/28(b) | USD | 275 | 279,864 | |||||||||
4.50%, 04/17/30(e)(f) | 362 | 365,236 | ||||||||||
5.00%, 01/18/53(b) | 371 | 351,360 | ||||||||||
996,460 | ||||||||||||
Senegal — 0.0% | ||||||||||||
Senegal Government International Bond, 6.25%, 05/23/33(e)(f) | 231 | 181,306 | ||||||||||
South Africa — 0.2% | ||||||||||||
Republic of South Africa Government International Bond | ||||||||||||
4.85%, 09/30/29 | 210 | 188,383 | ||||||||||
5.88%, 04/20/32(f) | 390 | 353,998 | ||||||||||
5.00%, 10/12/46 | 501 | 340,618 | ||||||||||
882,999 | ||||||||||||
Sri Lanka — 0.0% | ||||||||||||
Sri Lanka Government International Bond, 6.85%, 03/14/24(e)(f)(l)(m) | 400 | 132,200 | ||||||||||
Ukraine — 0.0% | ||||||||||||
Ukraine Government International Bond(l)(m) 8.99%, 02/01/26(e) | 224 | 38,682 |
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) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Ukraine (continued) | ||||||||||||
Ukraine Government International Bond(l)(m) (continued) | ||||||||||||
7.75%, 09/01/27(e) | USD | 226 | $ | 39,028 | ||||||||
7.25%, 03/15/35(b) | 371 | 60,125 | ||||||||||
137,835 | ||||||||||||
Total Foreign Government and Agency Obligations — 2.8% (Cost: $16,867,988) | 15,408,250 | |||||||||||
Municipal Bonds | ||||||||||||
California — 0.0% | ||||||||||||
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(k) | 1,230 | 206,567 | ||||||||||
Illinois — 0.2% | ||||||||||||
State of Illinois, GO, 5.10%, 06/01/33 | 800 | 801,358 | ||||||||||
Total Municipal Bonds — 0.2% (Cost: $1,016,527) | 1,007,925 | |||||||||||
Non-Agency Mortgage-Backed Securities | ||||||||||||
Collateralized Mortgage Obligations — 12.8% | ||||||||||||
Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(a)(b) | 20 | 10,131 | ||||||||||
Alternative Loan Trust | ||||||||||||
Series 2006-J8, Class A5, 6.00%, 02/25/37 | 1,829 | 828,799 | ||||||||||
Series 2007-19, Class 1A1, 6.00%, 08/25/37 | 546 | 282,504 | ||||||||||
Bravo Residential Funding Trust | ||||||||||||
4.85%, 09/25/62 | 425 | 411,805 | ||||||||||
Series 2021-NQM1, Class A1, 0.94%, 02/25/49(a)(b) | 717 | 629,608 | ||||||||||
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49(a)(b) | 415 | 424,353 | ||||||||||
CHL Mortgage Pass-Through Trust | ||||||||||||
Series 2007-J2, Class 2A1, (1-mo. LIBOR US + 0.65%), 5.67%, 07/25/37(a) | 2,655 | 754,120 | ||||||||||
Series 2007-J2, Class 2A8, 6.00%, 07/25/37 | 1,466 | 582,951 | ||||||||||
CIM TRUST, 6.03%, 04/25/58 | 1,364 | 1,362,165 | ||||||||||
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 3.78%, 11/25/36(a) | 771 | 721,839 | ||||||||||
COLT Mortgage Loan Trust(b) | ||||||||||||
Series 2020-2, Class M1, 5.25%, 03/25/65(a) | 2,550 | 2,464,104 | ||||||||||
Series 2020-3, Class M1, 3.36%, 04/27/65(a) | 2,850 | 2,566,408 | ||||||||||
Series 2022-1, Class A1, 4.55%, 04/25/67(a) | 1,416 | 1,388,766 | ||||||||||
Series 2022-7, Class A1, 5.16%, 04/25/67 | 2,453 | 2,421,505 | ||||||||||
Series 2022-9, Class A1, 6.79%, 12/25/67 | 352 | 356,172 | ||||||||||
Countrywide Alternative Loan Trust | ||||||||||||
Series 2005-9CB, Class 1A3, (1-mo. LIBOR US + 0.45%), 5.47%, 05/25/35(a) | 1,295 | 1,117,445 | ||||||||||
Series 2006-40T1, Class 2A5, (1-mo. LIBOR US + 0.40%), 5.42%, 12/25/36(a) | 2,261 | 476,067 | ||||||||||
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 | 1,402 | 703,584 | ||||||||||
Series 2006-J7, Class 2A1, (1-mo. LIBOR US + 1.50%), 6.35%, 11/20/46(a) | 2,930 | 2,149,073 | ||||||||||
Series 2006-OA14, Class 3A1, (12-mo. MTA + 0.85%), 4.31%, 11/25/46(a) | 4,274 | 3,559,236 | ||||||||||
Series 2006-OA16, Class A2, (1-mo. LIBOR US + 0.38%), 5.40%, 10/25/46(a) | 2,820 | 2,524,374 |
Security | Par (000) | Value | ||||||||||
Collateralized Mortgage Obligations (continued) | ||||||||||||
Countrywide Alternative Loan Trust (continued) | ||||||||||||
Series 2006-OA18, Class A1, (1-mo. LIBOR US + 0.24%), 5.26%, 12/25/46(a) | USD | 1,635 | $ | 1,396,012 | ||||||||
Series 2006-OA6, Class 1A1A, (1-mo. LIBOR US + 0.42%), 5.44%, 07/25/46(a) | 3,373 | 2,848,963 | ||||||||||
Series 2006-OA8, Class 1A1, (1-mo. LIBOR US + 0.38%), 5.40%, 07/25/46(a) | 1,113 | 946,461 | ||||||||||
Series 2007-12T1, Class A22, 5.75%, 06/25/37 | 3,360 | 1,588,568 | ||||||||||
Series 2007-12T1, Class A5, 6.00%, 06/25/37 | 1,631 | 803,104 | ||||||||||
Series 2007-22, Class 2A16, 6.50%, 09/25/37 | 7,074 | 2,994,264 | ||||||||||
Series 2007-23CB, Class A1, 6.00%, 09/25/37 | 4,050 | 2,299,997 | ||||||||||
Series 2007-4CB, Class 1A3, (1-mo. LIBOR US + 0.35%), 5.37%, 04/25/37(a) | 1,626 | 1,238,660 | ||||||||||
Series 2007-OA2, Class 1A1, (12-mo. MTA + 0.84%), 4.30%, 03/25/47(a) | 1,947 | 1,611,044 | ||||||||||
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1-mo. LIBOR US + 0.40%), 5.42%, 04/25/46(a) | 4,067 | 3,749,427 | ||||||||||
Credit Suisse Mortgage Capital Certificates Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67(a)(b) | 2,854 | 2,788,799 | ||||||||||
Csmc Trust(a)(b) | ||||||||||||
Series 2011-4R, Class 1A2, (1-mo. LIBOR US + 1.50%), 6.16%, 09/27/37 | 1,206 | 1,002,499 | ||||||||||
Series 2021-NQM2, Class M1, 2.28%, 02/25/66 | 1,500 | 899,749 | ||||||||||
Ellington Financial Mortgage Trust(a)(b) | ||||||||||||
Series 2020-1, Class M1, 5.24%, 05/25/65 | 500 | 480,952 | ||||||||||
Series 2021-2, Class A1, 0.93%, 06/25/66 | 211 | 170,896 | ||||||||||
GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67(a)(b) | 994 | 961,407 | ||||||||||
GS Mortgage-Backed Securities Trust, Series 2021- PJ7, Class A2, 2.50%, 01/25/52(a)(b) | 2,128 | 1,748,084 | ||||||||||
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67(b) | 1,072 | 1,050,952 | ||||||||||
JP Morgan Mortgage Trust | ||||||||||||
Series 2022-DSC1, Class A1, 4.75%, 01/25/63(a)(b) | 549 | 527,435 | ||||||||||
Series 2023-DSC1, Class A1, 4.63%, 07/25/63 | 346 | 331,251 | ||||||||||
MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65(a)(b) | 2,000 | 1,479,334 | ||||||||||
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 2.94%, 05/26/37(b) | 4,084 | 3,897,066 | ||||||||||
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(a) | 6,709 | 1,502,074 | ||||||||||
OBX Trust(b) | ||||||||||||
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 | 585 | 588,893 | ||||||||||
Series 2023-NQM1, Class A1, 6.12%, 11/25/62(a) | 499 | 500,496 | ||||||||||
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1-mo. LIBOR US + 0.60%), 5.62%, 08/25/36(a) | 6,255 | 1,178,710 | ||||||||||
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62(b) | 720 | 710,900 | ||||||||||
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57(b) | 706 | 680,056 | ||||||||||
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(a)(b) | 1,750 | 1,336,526 | ||||||||||
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65(a)(b) | 1,057 | 881,075 | ||||||||||
Verus Securitization Trust(b) Series 2022-3, Class A1, 4.13%, 02/25/67 | 495 | 467,130 |
28 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Collateralized Mortgage Obligations (continued) | ||||||||||||
Verus Securitization Trust(b) (continued) | ||||||||||||
Series 2022-7, Class A1, 5.15%, 07/25/67 | USD | 1,913 | $ | 1,880,834 | ||||||||
Series 2022-INV2, Class A1, 6.79%, 10/25/67 | 536 | 540,787 | ||||||||||
Series 2023-1, Class A1, 5.85%, 12/25/67 | 340 | 340,338 | ||||||||||
71,157,752 | ||||||||||||
Commercial Mortgage-Backed Securities — 3.4% | ||||||||||||
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36(b) | 2,000 | 1,976,376 | ||||||||||
BX Commercial Mortgage Trust(a)(b) | ||||||||||||
Series 2019-XL, Class A, (1-mo. CME Term SOFR + 1.03%), 5.92%, 10/15/36 | 1,078 | 1,066,391 | ||||||||||
Series 2021-CIP, Class A, (1-mo. LIBOR US + 0.92%), 5.87%,12/15/38 | 600 | 580,479 | ||||||||||
Series 2021-SOAR, Class A, (1-mo. LIBOR US + 0.67%), 5.62%, 06/15/38 | 1,599 | 1,547,315 | ||||||||||
Series 2022-LP2, Class A, (1-mo. CME Term SOFR + 1.01%), 5.90%, 02/15/39 | 1,551 | 1,502,780 | ||||||||||
BX Trust(a)(b) | ||||||||||||
Series 2021-LBA, Class AJV, (1-mo. CME Term SOFR + 0.91%), 5.80%, 02/15/36 | 1,650 | 1,589,302 | ||||||||||
Series 2021-SDMF, Class A, (1-mo. LIBOR US + 0.59%), 5.54%, 09/15/34 | 199 | 191,277 | ||||||||||
Series 2022-GPA, Class A, (1-mo. CME Term SOFR + 2.17%), 7.05%, 10/15/39 | 650 | 648,371 | ||||||||||
Cold Storage Trust, Class A, (1-mo. LIBOR US + 0.90%), 5.85%, 11/15/37(a)(b) | 101 | 98,962 | ||||||||||
Csmc Trust, Series 2020-NET, Class A, 2.26%, 08/15/37(b) | 489 | 440,717 | ||||||||||
Extended Stay America Trust, Series 2021-ESH, Class D, (1-mo. LIBOR US + 2.25%), 7.20%, 07/15/38(a)(b) | 322 | 309,235 | ||||||||||
FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/17/39(b) | 3,800 | 3,546,671 | ||||||||||
GS Mortgage Securities Corp. Trust, Series 2022- SHIP, Class A, (1-mo. CME Term SOFR + 0.73%), 5.62%, 08/15/36(a)(b) | 600 | 595,932 | ||||||||||
Independence Plaza Trust 2018-INDP, Series 2018- INDP, Class A, 3.76%, 07/10/35(b) | 1,000 | 946,368 | ||||||||||
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 6.15%, 03/15/39(a)(b) | 1,600 | 1,563,949 | ||||||||||
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1-mo. LIBOR US + 1.00%), 6.02%, 04/25/31(a)(b) | 203 | 201,849 | ||||||||||
Taubman Centers Commercial Mortgage Trust, Series 2022-DPM, Class A, (1-mo. CME Term SOFR + 2.19%), 7.08%, 05/15/37(a)(b) | 500 | 482,450 | ||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2016- LC25, Class A4, 3.64%, 12/15/59 | 1,600 | 1,510,297 | ||||||||||
18,798,721 | ||||||||||||
Total Non-Agency Mortgage-Backed Securities — 16.2% (Cost: $105,977,860) | 89,956,473 | |||||||||||
Security | Par (000) | Value | ||||||||||
Preferred Securities | ||||||||||||
Capital Trusts — 3.8%(a) | ||||||||||||
Automobiles — 0.1% | ||||||||||||
General Motors Financial Co., Inc., Series C, 5.70%(f)(i) | USD | 395 | $ | 345,131 | ||||||||
Banks(i) — 1.0% | ||||||||||||
AIB Group PLC, 5.25%(e) | EUR | 200 | 200,647 | |||||||||
Banco Mercantil del Norte SA(b) | ||||||||||||
5.88% | USD | 205 | 177,709 | |||||||||
6.75% | 292 | 279,736 | ||||||||||
Bank of East Asia Ltd., 5.88%(e) | 250 | 227,937 | ||||||||||
Industrial & Commercial Bank of China Ltd., 3.20%(e) | 210 | 196,849 | ||||||||||
Kasikornbank PCL, 5.28%(e)(f) | 246 | 228,519 | ||||||||||
Nordea Bank Abp, 3.75%(b) | 560 | 420,970 | ||||||||||
PNC Financial Services Group, Inc.(f) | ||||||||||||
6.25%, 12/31/99 | 380 | 348,270 | ||||||||||
Series V, 6.20% | 377 | 355,024 | ||||||||||
Rizal Commercial Banking Corp., 6.50%(e) | 200 | 177,250 | ||||||||||
Wells Fargo & Co., Series S, 5.90%(f) | 3,000 | 2,828,700 | ||||||||||
5,441,611 | ||||||||||||
Capital Markets — 0.4% | ||||||||||||
Bank of New York Mellon Corp., Series I, 3.75%(f)(i) | 2,845 | 2,377,396 | ||||||||||
Diversified Telecommunication Services(e)(i) — 0.1% | ||||||||||||
Telefonica Europe BV | ||||||||||||
7.13% | EUR | 100 | 111,980 | |||||||||
6.14% | 200 | 213,218 | ||||||||||
325,198 | ||||||||||||
Electric Utilities — 0.5% | ||||||||||||
Edison International, Series B, 5.00%(i) | USD | 220 | 188,060 | |||||||||
EDP - Energias de Portugal SA, 5.94%, 04/23/83(e) | EUR | 100 | 108,537 | |||||||||
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 | USD | 2,500 | 2,257,519 | |||||||||
2,554,116 | ||||||||||||
Financial Services(i) — 1.5% | ||||||||||||
Bank of America Corp., Series X, 6.25%(f) | 2,925 | 2,859,480 | ||||||||||
Barclays PLC | ||||||||||||
4.38% | 585 | 387,517 | ||||||||||
8.00% | 275 | 240,872 | ||||||||||
BNP Paribas SA, 6.88%(e) | EUR | 200 | 204,403 | |||||||||
Credit Agricole SA, 4.75%(b) | USD | 260 | 199,940 | |||||||||
HSBC Holdings PLC, 6.00%(f) | 695 | 614,032 | ||||||||||
Lloyds Banking Group PLC, 8.00% | 345 | 315,502 | ||||||||||
NatWest Group PLC, 6.00% | 1,185 | 1,110,819 | ||||||||||
Societe Generale SA, 6.75%(b)(f) | 3,000 | 2,347,020 | ||||||||||
Woori Bank, 4.25%(e) | 250 | 237,313 | ||||||||||
8,516,898 | ||||||||||||
Independent Power and Renewable Electricity Producers(b)(i) — 0.2% | ||||||||||||
NRG Energy, Inc., 10.25% | 595 | 583,741 | ||||||||||
Vistra Corp., 7.00% | 307 | 275,326 | ||||||||||
859,067 | ||||||||||||
Media — 0.0% | ||||||||||||
SES SA, 2.88%(e)(i) | EUR | 100 | 89,510 | |||||||||
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) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||||||
Oil, Gas & Consumable Fuels(e)(i) — 0.0% | ||||||||||||
Abertis Infraestructuras Finance BV, 3.25% | EUR | 100 | $ | 97,421 | ||||||||
Repsol International Finance BV, 4.25% | 100 | 98,859 | ||||||||||
196,280 | ||||||||||||
Real Estate Management & Development — 0.0% | ||||||||||||
Aroundtown SA, 3.38%(e)(i) | 100 | 48,175 | ||||||||||
Utilities — 0.0% | ||||||||||||
Electricite de France SA, 3.00%(e)(i) | 200 | 180,436 | ||||||||||
Wireless Telecommunication Services — 0.0% | ||||||||||||
Vodafone Group PLC | ||||||||||||
3.25%, 06/04/81 | USD | 58 | 50,742 | |||||||||
2.63%, 08/27/80(e) | EUR | 100 | 98,869 | |||||||||
149,611 | ||||||||||||
21,083,429 | ||||||||||||
Shares | ||||||||||||
Preferred Stocks — 1.5%(a)(i) | ||||||||||||
Capital Markets — 1.5% | ||||||||||||
Goldman Sachs Group, Inc., Series J | 175,000 | 4,392,500 | ||||||||||
Morgan Stanley | ||||||||||||
Series F | 100,000 | 2,538,000 | ||||||||||
Series K | 60,125 | 1,503,726 | ||||||||||
8,434,226 | ||||||||||||
Total Preferred Securities — 5.3% (Cost: $32,350,248) | 29,517,655 | |||||||||||
Par (000) | ||||||||||||
U.S. Government Sponsored Agency Securities | ||||||||||||
Collateralized Mortgage Obligations — 1.0% | ||||||||||||
Freddie Mac REMICS, Series 4480, Class ZX, 4.00%, 11/15/44 | USD | 4,829 | 4,678,105 | |||||||||
Ginnie Mae, Series 2017-136, Class GB, 3.00%, 03/20/47 | 616 | 573,016 | ||||||||||
5,251,121 | ||||||||||||
Mortgage-Backed Securities — 22.8% | ||||||||||||
Fannie Mae Mortgage-Backed Securities(f) | ||||||||||||
1.50%, 06/01/31 | 4,890 | 4,523,687 | ||||||||||
4.50%, 07/01/55 | 6,857 | 6,856,077 | ||||||||||
4.00%, 02/01/56 - 04/01/56 | 7,346 | 7,042,297 | ||||||||||
Freddie Mac Mortgage-Backed Securities, 1.50%, 05/01/31(f) | 3,516 | 3,238,232 | ||||||||||
Uniform Mortgage-Backed Securities | ||||||||||||
4.50%, 11/01/23 - 05/12/52(f)(p) | 20,150 | 19,840,592 | ||||||||||
4.00%, 02/01/34 - 09/01/52(f) | 56,303 | 54,053,316 | ||||||||||
3.50%, 03/25/52(p) | 10,000 | 9,291,406 | ||||||||||
5.00%, 05/11/53(p) | 11,000 | 10,936,836 | ||||||||||
5.50%, 05/11/53(p) | 11,000 | 11,090,234 | ||||||||||
126,872,677 | ||||||||||||
Total U.S. Government Sponsored Agency Securities — 23.8% (Cost: $136,242,072) | 132,123,798 | |||||||||||
Security | Shares | Value | ||||||||||
Warrants | ||||||||||||
Entertainment — 0.0% | ||||||||||||
Aviron Capital LLC, (Expires 12/16/31)(c)(m) | 10 | $ | — | |||||||||
Total Warrants — 0.0% (Cost: $ — ) | — | |||||||||||
Total Long-Term Investments — 154.6% (Cost: $918,786,204) | 858,417,107 | |||||||||||
Short-Term Securities | ||||||||||||
Money Market Funds — 1.5% | ||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.72%(q)(r) | 8,479,460 | 8,479,460 | ||||||||||
Total Short-Term Securities — 1.5% (Cost: $8,479,460) | 8,479,460 | |||||||||||
Total Investments Before TBA Sale Commitments — 156.1% (Cost: $927,265,664) | 866,896,567 | |||||||||||
Par (000) | ||||||||||||
TBA Sale Commitments | ||||||||||||
Mortgage-Backed Securities — (1.5)% | ||||||||||||
Uniform Mortgage-Backed Securities, 4.00%, 06/25/52(p) | USD | (8,500 | ) | (8,124,805 | ) | |||||||
Total TBA Sale Commitments — (1.5)% (Proceeds: $(8,125,137)) | (8,124,805 | ) | ||||||||||
Total Investments, Net of TBA Sale Commitments — 154.6% (Cost: $919,140,527) | 858,771,762 | |||||||||||
Liabilities in Excess of Other Assets — (54.6)% | (303,321,058 | ) | ||||||||||
Net Assets — 100.0% | $ | 555,450,704 | ||||||||||
(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) | When-issued security. |
(h) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
(i) | Perpetual security with no stated maturity date. |
(j) | Convertible security. |
(k) | Zero-coupon bond. |
(l) | Issuer filed for bankruptcy and/or is in default. |
(m) | Non-income producing security. |
(n) | Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end. |
(o) | Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
(p) | Represents or includes a TBA transaction. |
(q) | Affiliate of the Trust. |
(r) | Annualized 7-day yield as of period end. |
30 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Affiliated Issuer | Value at 10/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/23 | Shares Held at 04/30/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ | 11,782,913 | $ | — | $ (3,303,453 | )(a) | $ | — | $ | — | $ | 8,479,460 | 8,479,460 | $ | 209,946 | $ | — | |||||||||||||||||||
(a) | Represents net amount purchased (sold). |
Counterparty | | Interest Rate | | | Trade Date | | | Maturity Date | (a) | Face Value | | Face Value Including Accrued Interest | | Type of Non‑Cash Underlying Collateral | | Remaining Contractual Maturity of the Agreements | (a) | |||||||||
HSBC Securities (USA), Inc. | 5.00 | %(b) | 12/28/22 | Open | $ | 408,425 | $ | 414,968 | Corporate Bonds | Open/Demand | ||||||||||||||||
HSBC Securities (USA), Inc. | 5.00 | (b) | 12/28/22 | Open | 304,500 | 309,378 | Corporate Bonds | Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. | 5.00 | (b) | 12/28/22 | Open | 455,000 | 462,289 | Corporate Bonds | Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. | 5.00 | (b) | 02/03/23 | Open | 247,263 | 250,056 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.95 | (b) | 02/17/23 | Open | 205,100 | 206,992 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 02/24/23 | Open | 308,441 | 311,061 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 02/24/23 | Open | 450,521 | 454,347 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.90 | (b) | 02/27/23 | Open | 339,295 | 342,085 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 02/28/23 | Open | 221,250 | 223,071 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 02/28/23 | Open | 310,040 | 312,592 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.65 | (b) | 03/06/23 | Open | 236,848 | 238,491 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.95 | (b) | 03/06/23 | Open | 731,250 | 736,658 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.95 | (b) | 03/06/23 | Open | 351,073 | 353,669 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 5.00 | (b) | 03/06/23 | Open | 1,061,547 | 1,069,480 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 5.10 | (b) | 03/06/23 | Open | 452,800 | 456,122 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/06/23 | Open | 1,956,144 | 1,970,760 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC | 4.99 | (b) | 03/06/23 | Open | 203,870 | 205,390 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 03/07/23 | Open | 279,680 | 281,725 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.85 | (b) | 03/09/23 | Open | 451,162 | 454,257 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.85 | (b) | 03/09/23 | Open | 215,683 | 217,162 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.87 | (b) | 03/09/23 | Open | 297,510 | 299,559 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.87 | (b) | 03/09/23 | Open | 222,750 | 224,284 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/15/23 | Open | 2,350,000 | 2,364,769 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/15/23 | Open | 605,069 | 608,871 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BofA Securities, Inc. | 3.65 | 03/23/23 | 05/10/23 | 192,290 | 193,031 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.00 | 03/23/23 | 05/10/23 | 480,562 | 482,592 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.25 | 03/23/23 | 05/10/23 | 354,375 | 355,965 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.50 | 03/23/23 | 05/10/23 | 397,575 | 399,463 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.50 | 03/23/23 | 05/10/23 | 2,686,250 | 2,699,010 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.65 | 03/23/23 | 05/10/23 | 916,456 | 920,955 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.72 | 03/23/23 | 05/10/23 | 860,000 | 864,285 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.82 | 03/23/23 | 05/10/23 | 270,461 | 271,837 | Foreign Agency Obligations | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.85 | 03/23/23 | 05/10/23 | 241,258 | 242,493 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.85 | 03/23/23 | 05/10/23 | 670,647 | 674,081 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.85 | 03/23/23 | 05/10/23 | 143,450 | 144,184 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.85 | 03/23/23 | 05/10/23 | 1,212,675 | 1,218,883 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.85 | 03/23/23 | 05/10/23 | 1,590,260 | 1,598,401 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 425,149 | 427,348 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 323,764 | 325,438 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 712,177 | 715,861 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 445,508 | 447,812 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 335,000 | 336,733 | 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 | 31 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Counterparty | | Interest Rate | | | Trade Date | | | Maturity Date | (a) | Face Value | | Face Value Including Accrued Interest | | Type of Non‑Cash Underlying Collateral | | Remaining Contractual Maturity of the Agreements | (a) | |||||||||
BofA Securities, Inc. | 4.90 | % | 03/23/23 | 05/10/23 | $ | 189,040 | $ | 190,018 | Corporate Bonds | Up to 30 Days | ||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 415,504 | 417,653 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 455,812 | 458,170 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 294,188 | 295,709 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 335,283 | 337,017 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 141,000 | 141,729 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 271,306 | 272,710 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 566,756 | 569,688 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 79,463 | 79,874 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 802,500 | 806,651 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 655,191 | 658,580 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 393,158 | 395,191 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 285,863 | 287,341 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 356,870 | 358,716 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 355,000 | 356,836 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 603,322 | 606,443 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.90 | 03/23/23 | 05/10/23 | 109,311 | 109,877 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 711,370 | 715,087 | Foreign Agency Obligations | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 165,010 | 165,872 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 301,250 | 302,824 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 320,625 | 322,300 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 355,100 | 356,955 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 490,906 | 493,471 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 583,875 | 586,926 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 303,880 | 305,468 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 621,641 | 624,889 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 348,125 | 349,944 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 269,280 | 270,687 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.95 | 03/23/23 | 05/10/23 | 480,000 | 482,508 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 1,008,712 | 1,014,036 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 538,200 | 541,040 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 82,039 | 82,472 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 195,570 | 196,602 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 197,730 | 198,774 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 1,070,557 | 1,076,208 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 409,758 | 411,920 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 143,750 | 144,509 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 333,923 | 335,685 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 80,194 | 80,617 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 1,326,614 | 1,333,615 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 249,783 | 251,101 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 667,920 | 671,445 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 667,732 | 671,257 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 310,650 | 312,290 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 1,202,860 | 1,209,208 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 489,880 | 492,465 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 741,600 | 745,514 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 445,802 | 448,155 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 495,342 | 497,957 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 143,500 | 144,257 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 116,121 | 116,734 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 308,550 | 310,178 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 361,425 | 363,333 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 1,547,440 | 1,555,607 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/23/23 | 05/10/23 | 350,000 | 351,847 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.03 | 03/23/23 | 05/10/23 | 2,008,125 | 2,018,787 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.09 | 03/23/23 | 05/10/23 | 126,819 | 127,500 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.09 | 03/23/23 | 05/10/23 | 410,091 | 412,295 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.09 | 03/23/23 | 05/10/23 | 232,444 | 233,693 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.09 | 03/23/23 | 05/10/23 | 333,350 | 335,141 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.09 | 03/23/23 | 05/10/23 | 408,065 | 410,257 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
TD Securities (USA) LLC | 5.00 | (b) | 03/23/23 | Open | 1,532,000 | 1,540,086 | Corporate Bonds | Open/Demand |
32 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Counterparty | | Interest Rate | | | Trade Date | | | Maturity Date | (a) | Face Value | | Face Value Including Accrued Interest | | Type of Non‑Cash Underlying Collateral | | Remaining Contractual Maturity of the Agreements | (a) | |||||||||
TD Securities (USA) LLC | 5.00 | %(b) | 03/23/23 | Open | $ | 560,805 | $ | 563,765 | Corporate Bonds | Open/Demand | ||||||||||||||||
TD Securities (USA) LLC | 5.00 | (b) | 03/23/23 | Open | 1,095,109 | 1,100,889 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BofA Securities, Inc. | 5.00 | 03/24/23 | 05/10/23 | 2,415,000 | 2,426,740 | Capital Trusts | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 4.75 | (b) | 03/24/23 | Open | 963,989 | 968,440 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.85 | (b) | 03/24/23 | Open | 217,195 | 218,219 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.95 | (b) | 03/24/23 | Open | 512,262 | 514,728 | Corporate Bonds | Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | (b) | 03/24/23 | Open | 1,288,560 | 1,294,824 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC | 5.00 | (b) | 03/27/23 | Open | 692,812 | 696,084 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.89 | (b) | 03/27/23 | Open | 997,802 | 1,002,411 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Credit Agricole Corporate and Investment Bank | 5.02 | (b) | 03/27/23 | Open | 325,710 | 327,254 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 03/27/23 | Open | 446,250 | 448,349 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 03/27/23 | Open | 245,875 | 247,031 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 03/27/23 | Open | 837,390 | 841,329 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 03/27/23 | Open | 421,583 | 423,565 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 609,040 | 611,916 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 516,806 | 519,247 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 584,187 | 586,946 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 546,000 | 548,578 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 431,875 | 433,914 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 387,000 | 388,828 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 807,000 | 810,811 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 1,284,375 | 1,290,440 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 645,937 | 648,988 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 2,163,250 | 2,173,465 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 343,000 | 344,620 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 341,000 | 342,610 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 360,000 | 361,700 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 171,875 | 172,687 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 479,050 | 481,312 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 332,538 | 334,108 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 731,250 | 734,703 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 566,250 | 568,924 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 568,750 | 571,436 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 2,007,510 | 2,016,990 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 420,625 | 422,611 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 310,515 | 311,981 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 309,500 | 310,962 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 384,000 | 385,813 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 771,562 | 775,206 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 618,625 | 621,546 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 217,963 | 218,992 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 1,129,687 | 1,135,022 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/27/23 | Open | 256,525 | 257,736 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC | 4.99 | (b) | 03/27/23 | Open | 294,810 | 296,199 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC | 4.99 | (b) | 03/27/23 | Open | 207,953 | 208,933 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC | 4.99 | (b) | 03/27/23 | Open | 225,938 | 227,002 | Corporate Bonds | Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. | 5.00 | (b) | 03/29/23 | Open | 776,169 | 779,618 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 03/29/23 | Open | 670,680 | 673,661 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Barclays Capital, Inc. | 1.00 | (b) | 03/30/23 | Open | 314,090 | 314,360 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 03/30/23 | Open | 412,100 | 413,867 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 03/30/23 | Open | 344,250 | 345,726 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 03/30/23 | Open | 670,000 | 672,873 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BofA Securities, Inc. | 5.10 | 03/31/23 | 05/10/23 | 1,540,770 | 1,546,882 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 4.99 | (b) | 03/31/23 | Open | 298,124 | 299,405 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Barclays Bank PLC | 4.95 | 04/10/23 | 05/11/23 | 2,008,800 | 2,014,324 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
Barclays Bank PLC | 4.95 | 04/10/23 | 05/11/23 | 426,250 | 427,422 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
Barclays Bank PLC | 4.95 | 04/10/23 | 05/11/23 | 434,375 | 435,570 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
Barclays Bank PLC | 4.95 | 04/10/23 | 05/11/23 | 195,213 | 195,749 | Capital Trusts | Up to 30 Days | |||||||||||||||||||
Barclays Bank PLC | 5.10 | 04/10/23 | 05/11/23 | 1,152,500 | 1,155,765 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. | 4.25 | 04/10/23 | 05/11/23 | 403,650 | 404,603 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. | 4.25 | 04/10/23 | 05/11/23 | 65,975 | 66,131 | 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 | 33 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Counterparty | | Interest Rate | | | Trade Date | | | Maturity Date | (a) | Face Value | | Face Value Including Accrued Interest | | Type of Non‑Cash Underlying Collateral | | Remaining Contractual Maturity of the Agreements | (a) | |||||||||
Barclays Capital, Inc. | 4.95 | % | 04/10/23 | 05/11/23 | $ | 398,738 | $ | 399,834 | Capital Trusts | Up to 30 Days | ||||||||||||||||
Barclays Capital, Inc. | 4.95 | 04/10/23 | 05/11/23 | 259,125 | 259,838 | Capital Trusts | Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. | 5.05 | 04/10/23 | 05/11/23 | 1,178,181 | 1,181,487 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. | 5.05 | 04/10/23 | 05/11/23 | 678,750 | 680,654 | Capital Trusts | Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. | 5.10 | 04/10/23 | 05/11/23 | 1,339,585 | 1,343,380 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. | 5.10 | 04/10/23 | 05/11/23 | 1,182,755 | 1,186,106 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 3.25 | 04/11/23 | 05/10/23 | 278,160 | 278,637 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
Barclays Capital, Inc. | 5.10 | 04/11/23 | 05/11/23 | 1,012,559 | 1,015,284 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 1,501,042 | 1,504,802 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 1,929,526 | 1,934,359 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 689,021 | 690,747 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 4,790,691 | 4,802,692 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 1,593,564 | 1,597,556 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 2,039,733 | 2,044,842 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 3,136,452 | 3,144,308 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 6,654,104 | 6,670,773 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 639,843 | 641,446 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 2,927,678 | 2,935,012 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 1,118,403 | 1,121,205 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 2,117,876 | 2,123,181 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 1,300,726 | 1,303,984 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 1,205,365 | 1,208,384 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 1,572,609 | 1,576,549 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 4,382,161 | 4,393,138 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.01 | 04/11/23 | 05/11/23 | 1,569,777 | 1,573,709 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 20,348 | 20,399 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 102,230 | 102,486 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 233,885 | 234,471 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 23,010 | 23,068 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 40,784,911 | 40,864,118 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 416,869 | 417,913 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 26,369 | 26,435 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 125,230 | 125,544 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 21,706 | 21,761 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 354,968 | 355,857 | U.S. Government Sponsored Agency Securities | Up to 30 Days |
34 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Counterparty | | Interest Rate | | | Trade Date | | | Maturity Date | (a) | Face Value | | Face Value Including Accrued Interest | | Type of Non‑Cash Underlying Collateral | | Remaining Contractual Maturity of the Agreements | (a) | |||||||||
Citigroup Global Markets, Inc. | 5.01 | % | 04/11/23 | 05/11/23 | $ | 161,951 | $ | 162,357 | U.S. Government Sponsored Agency Securities | Up to 30 Days | ||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 31,473 | 31,552 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 21,396 | 21,449 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
Citigroup Global Markets, Inc. | 5.01 | 04/11/23 | 05/11/23 | 115,416 | 115,705 | U.S. Government Sponsored Agency Securities | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 0.75 | 04/11/23 | 05/12/23 | 315,619 | 315,744 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.00 | 04/11/23 | 05/12/23 | 119,479 | 119,731 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.75 | 04/11/23 | 05/12/23 | 394,200 | 395,188 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.80 | 04/11/23 | 05/12/23 | 937,082 | 939,456 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.80 | 04/11/23 | 05/12/23 | 866,276 | 868,471 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.80 | 04/11/23 | 05/12/23 | 277,469 | 277,469 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.90 | 04/11/23 | 05/12/23 | 365,600 | 366,545 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.90 | 04/11/23 | 05/12/23 | 899,977 | 902,305 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.90 | 04/11/23 | 05/12/23 | 626,850 | 628,471 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.90 | 04/11/23 | 05/12/23 | 140,670 | 141,034 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.90 | 04/11/23 | 05/12/23 | 412,965 | 414,033 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.90 | 04/11/23 | 05/12/23 | 960,937 | 963,423 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.90 | 04/11/23 | 05/12/23 | 153,904 | 154,302 | Foreign Agency Obligations | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/11/23 | 05/12/23 | 364,170 | 365,121 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/11/23 | 05/12/23 | 183,750 | 184,230 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/11/23 | 05/12/23 | 1,245,790 | 1,249,045 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/11/23 | 05/12/23 | 395,560 | 396,593 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/11/23 | 05/12/23 | 463,586 | 464,797 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/11/23 | 05/12/23 | 734,500 | 736,419 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/11/23 | 05/12/23 | 2,017,500 | 2,022,771 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/11/23 | 05/12/23 | 198,575 | 199,094 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/11/23 | 05/12/23 | 336,289 | 337,167 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/11/23 | 05/12/23 | 205,875 | 206,413 | Capital Trusts | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/11/23 | 05/12/23 | 328,680 | 328,680 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/11/23 | 05/12/23 | 163,114 | 163,544 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/11/23 | 05/12/23 | 209,715 | 210,268 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/11/23 | 05/12/23 | 323,125 | 323,978 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/11/23 | 05/12/23 | 671,220 | 672,991 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/11/23 | 05/12/23 | 369,000 | 369,974 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/11/23 | 05/12/23 | 325,468 | 326,326 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/11/23 | 05/12/23 | 440,250 | 441,412 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/11/23 | 05/12/23 | 183,750 | 184,235 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/11/23 | 05/12/23 | 498,750 | 500,066 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 5.05 | 04/11/23 | 05/12/23 | 274,050 | 274,780 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
J.P. Morgan Securities LLC | 5.15 | 04/11/23 | 05/12/23 | 5,234,040 | 5,248,266 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 5.12 | (b) | 04/11/23 | Open | 3,778,662 | 3,789,411 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 04/11/23 | Open | 1,684,375 | 1,688,820 | Corporate Bonds | Open/Demand | ||||||||||||||||||
RBC Capital Markets LLC | 5.15 | (b) | 04/11/23 | Open | 1,434,694 | 1,438,799 | Corporate Bonds | Open/Demand | ||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/12/23 | 05/12/23 | 1,172,745 | 1,175,677 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/12/23 | Open | 445,625 | 446,735 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 5.10 | (b) | 04/12/23 | Open | 1,502,512 | 1,506,344 | Corporate Bonds | Open/Demand | ||||||||||||||||||
HSBC Securities (USA), Inc. | 5.00 | (b) | 04/13/23 | Open | 829,927 | 831,887 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/13/23 | Open | 571,106 | 572,449 | Corporate Bonds | Open/Demand | ||||||||||||||||||
TD Securities (USA) LLC | 4.99 | (b) | 04/13/23 | Open | 1,542,976 | 1,546,612 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BofA Securities, Inc. | 5.09 | 04/14/23 | 05/10/23 | 677,120 | 678,460 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 4.50 | 04/17/23 | 05/10/23 | 98,108 | 98,267 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 5.00 | 04/17/23 | 05/10/23 | 1,226,452 | 1,228,667 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BNP Paribas S.A. | 4.89 | (b) | 04/17/23 | Open | 356,400 | 357,029 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BNP Paribas S.A. | 4.99 | (b) | 04/17/23 | Open | 457,119 | 457,942 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/17/23 | Open | 227,500 | 227,909 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/17/23 | Open | 359,500 | 360,147 | Corporate Bonds | Open/Demand | ||||||||||||||||||
BofA Securities, Inc. | (0.25 | ) | 04/18/23 | 05/10/23 | 381,875 | 381,867 | Corporate Bonds | Up to 30 Days | ||||||||||||||||||
BofA Securities, Inc. | 2.00 | 04/18/23 | 05/10/23 | 246,875 | 246,916 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||
BofA Securities, Inc. | 3.25 | 04/18/23 | 05/10/23 | 574,469 | 575,335 | 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 | 35 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Counterparty | | Interest Rate | | | Trade Date | | | Maturity Date | (a) | Face Value | | Face Value Including Accrued Interest | | | Type of Non‑Cash Underlying Collateral | | | Remaining Contractual Maturity of the Agreements | (a) | |||||||||
BofA Securities, Inc. | 4.70 | % | 04/18/23 | 05/10/23 | $ | 429,510 | $ | 430,210 | Corporate Bonds | Up to 30 Days | ||||||||||||||||||
BofA Securities, Inc. | 4.75 | 04/18/23 | 05/10/23 | 571,320 | 572,246 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.85 | 04/18/23 | 05/10/23 | 590,879 | 591,834 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.85 | 04/18/23 | 05/10/23 | 592,779 | 593,745 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.90 | 04/18/23 | 05/10/23 | 188,703 | 189,013 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.90 | 04/18/23 | 05/10/23 | 496,000 | 496,816 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.90 | 04/18/23 | 05/10/23 | 183,251 | 183,544 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.95 | 04/18/23 | 05/10/23 | 559,125 | 560,048 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.95 | 04/18/23 | 05/10/23 | 2,302,500 | 2,306,242 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.95 | 04/18/23 | 05/10/23 | 267,520 | 267,961 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.95 | 04/18/23 | 05/10/23 | 575,000 | 575,704 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.95 | 04/18/23 | 05/10/23 | 2,197,711 | 2,199,717 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.95 | 04/18/23 | 05/10/23 | 350,455 | 351,033 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.95 | 04/18/23 | 05/10/23 | 429,750 | 430,470 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.95 | 04/18/23 | 05/10/23 | 139,750 | 139,979 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.95 | 04/18/23 | 05/10/23 | 273,130 | 273,581 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 4.95 | 04/18/23 | 05/10/23 | 585,632 | 586,599 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 5.05 | 04/18/23 | 05/10/23 | 515,489 | 516,331 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
HSBC Securities (USA), Inc. | 5.00 | (b) | 04/18/23 | Open | 118,600 | 118,798 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
HSBC Securities (USA), Inc. | 5.00 | (b) | 04/18/23 | Open | 647,820 | 648,900 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
J.P. Morgan Securities LLC | 4.00 | 04/19/23 | 05/12/23 | 127,000 | 127,155 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 4.00 | 04/19/23 | 05/12/23 | 112,000 | 112,137 | Foreign Agency Obligations | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 4.00 | 04/19/23 | 05/12/23 | 134,000 | 134,164 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 4.80 | 04/19/23 | 05/12/23 | 447,666 | 448,323 | Foreign Agency Obligations | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 4.90 | 04/19/23 | 05/12/23 | 246,814 | 247,183 | Foreign Agency Obligations | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 4.90 | 04/19/23 | 05/12/23 | 151,050 | 151,276 | Foreign Agency Obligations | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/19/23 | 05/12/23 | 575,662 | 576,542 | Foreign Agency Obligations | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/19/23 | 05/12/23 | 169,250 | 169,509 | Foreign Agency Obligations | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/19/23 | 05/12/23 | 196,563 | 196,863 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
Barclays Bank PLC | 5.00 | (b) | 04/19/23 | Open | 2,115,969 | 2,119,201 | Capital Trusts | Open/Demand | ||||||||||||||||||||
Barclays Bank PLC | 5.00 | (b) | 04/19/23 | Open | 1,543,287 | 1,545,645 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Barclays Bank PLC | 5.10 | (b) | 04/19/23 | Open | 3,180,000 | 3,184,955 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Barclays Capital, Inc. | (1.75 | )(b) | 04/19/23 | Open | 316,975 | 316,806 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Barclays Capital, Inc. | 5.00 | (b) | 04/19/23 | Open | 485,817 | 486,560 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
BNP Paribas S.A. | 4.82 | (b) | 04/19/23 | Open | 1,018,750 | 1,020,250 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
BNP Paribas S.A. | 4.87 | (b) | 04/19/23 | Open | 344,955 | 345,468 | Capital Trusts | Open/Demand | ||||||||||||||||||||
BNP Paribas S.A. | 4.90 | (b) | 04/19/23 | Open | 404,325 | 404,930 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
BNP Paribas S.A. | 4.95 | (b) | 04/19/23 | Open | 847,500 | 848,782 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
BNP Paribas S.A. | 4.99 | (b) | 04/19/23 | Open | 309,660 | 310,132 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
BNP Paribas S.A. | 5.05 | (b) | 04/19/23 | Open | 1,193,482 | 1,195,324 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Credit Agricole Corporate and Investment Bank | 5.00 | (b) | 04/19/23 | Open | 343,900 | 344,425 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||||
Credit Agricole Corporate and Investment Bank | 5.00 | (b) | 04/19/23 | Open | 807,812 | 809,047 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Credit Agricole Corporate and Investment Bank | 5.02 | (b) | 04/19/23 | Open | 494,840 | 495,599 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||||
Credit Agricole Corporate and Investment Bank | 5.02 | (b) | 04/19/23 | Open | 186,109 | 186,394 | Foreign Agency Obligations | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.85 | (b) | 04/19/23 | Open | 269,775 | 270,175 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.95 | (b) | 04/19/23 | Open | 896,250 | 897,606 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 395,625 | 396,227 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 381,381 | 381,962 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 330,000 | 330,502 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 244,381 | 244,753 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 175,459 | 175,726 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 1,458,750 | 1,460,970 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 242,880 | 243,250 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 737,905 | 739,028 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 343,750 | 344,273 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 880,924 | 882,264 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 626,652 | 627,606 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 301,760 | 302,219 | Corporate Bonds | Open/Demand |
36 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Counterparty | | Interest Rate | | | Trade Date | | | Maturity Date | (a) | Face Value | | Face Value Including Accrued Interest | | | Type of Non‑Cash Underlying Collateral | | | Remaining Contractual Maturity of the Agreements | (a) | |||||||||
Nomura Securities International, Inc. | 4.98 | %(b) | 04/19/23 | Open | $ | 1,681,440 | $ | 1,683,999 | Corporate Bonds | Open/Demand | ||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 603,419 | 604,337 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
Nomura Securities International, Inc. | 4.98 | (b) | 04/19/23 | Open | 236,538 | 236,897 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 04/19/23 | Open | 93,934 | 94,077 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 04/19/23 | Open | 166,250 | 166,504 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 04/19/23 | Open | 205,450 | 205,764 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 04/19/23 | Open | 213,438 | 213,764 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 04/19/23 | Open | 212,438 | 212,762 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
RBC Capital Markets LLC | 5.00 | (b) | 04/19/23 | Open | 414,063 | 414,695 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC | 5.00 | (b) | 04/19/23 | Open | 369,325 | 369,889 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC | 5.00 | (b) | 04/19/23 | Open | 1,060,025 | 1,061,644 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
BNP Paribas S.A. | 5.04 | (b) | 04/20/23 | Open | 2,643,469 | 2,647,170 | Capital Trusts | Open/Demand | ||||||||||||||||||||
BNP Paribas S.A. | 4.90 | (b) | 04/26/23 | Open | 608,685 | 609,016 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
J.P. Morgan Securities LLC | 4.80 | (b) | 04/26/23 | Open | 200,313 | 200,419 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | (b) | 04/26/23 | Open | 280,194 | 280,350 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | (b) | 04/26/23 | Open | 187,984 | 188,088 | Capital Trusts | Open/Demand | ||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | (b) | 04/26/23 | Open | 153,250 | 153,335 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
BofA Securities, Inc. | 4.90 | 04/27/23 | 05/10/23 | 204,469 | 204,469 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BofA Securities, Inc. | 5.00 | 04/27/23 | 05/10/23 | 787,837 | 788,166 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 2.00 | 04/27/23 | 05/12/23 | 603,000 | 603,100 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 4.95 | 04/27/23 | 05/12/23 | 152,350 | 152,413 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 4.98 | 04/27/23 | 05/12/23 | 293,460 | 293,582 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 185,625 | 185,702 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 384,375 | 384,535 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 224,625 | 224,719 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 421,500 | 421,676 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 338,750 | 338,891 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 163,519 | 163,587 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 364,210 | 364,362 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 474,250 | 474,448 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 166,875 | 166,945 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 558,000 | 558,232 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 322,711 | 322,846 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
J.P. Morgan Securities LLC | 5.00 | 04/27/23 | 05/12/23 | 404,296 | 404,465 | Corporate Bonds | Up to 30 Days | |||||||||||||||||||||
BNP Paribas S.A. | 5.05 | (b) | 04/27/23 | Open | 1,248,812 | 1,249,338 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC | 5.15 | (b) | 04/27/23 | Open | 1,633,316 | 1,634,017 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
TD Securities (USA) LLC | 5.15 | (b) | 04/27/23 | Open | 2,406,690 | 2,407,723 | Corporate Bonds | Open/Demand | ||||||||||||||||||||
$ | 277,342,635 | $ | 278,202,502 | |||||||||||||||||||||||||
(a) | Certain agreements have no stated maturity and can be terminated by either party at any time. |
(b) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
2-Year U.S. Treasury Note | 1,274 | 06/30/23 | $ | 262,852 | $ | 846,489 | ||||||||||
5-Year U.S. Treasury Note | 1,067 | 06/30/23 | 117,320 | 163,604 | ||||||||||||
1,010,093 | ||||||||||||||||
Short Contracts | ||||||||||||||||
10-Year Japanese Government Treasury Bonds | 27 | 06/13/23 | 29,448 | (686,442 | ) | |||||||||||
10-Year U.S. Treasury Note | 741 | 06/21/23 | 85,551 | (2,146,997 | ) | |||||||||||
10-Year U.S. Ultra Long Treasury Note | 321 | 06/21/23 | 39,072 | (1,314,419 | ) |
S C H E D U L E O F I N V E S T M E N T S | 37 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts (continued) | ||||||||||||||||
U.S. Long Bond | 360 | 06/21/23 | $ | 47,475 | $ | (2,175,647 | ) | |||||||||
Ultra U.S. Treasury Bond | 174 | 06/21/23 | 24,637 | (867,638 | ) | |||||||||||
(7,191,143 | ) | |||||||||||||||
$ | (6,181,050 | ) | ||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
EUR | 224,343 | USD | 239,236 | Natwest Markets PLC | 06/14/23 | $ | 8,562 | |||||||||||||||
EUR | 586,000 | USD | 634,514 | JPMorgan Chase Bank N.A. | 06/21/23 | 13,006 | ||||||||||||||||
USD | 11,053 | EUR | 10,000 | Bank of America N.A. | 06/21/23 | 3 | ||||||||||||||||
USD | 29,891 | EUR | 27,000 | BNP Paribas SA | 06/21/23 | 56 | ||||||||||||||||
USD | 284,033 | JPY | 37,260,000 | Deutsche Bank AG | 06/21/23 | 8,479 | ||||||||||||||||
30,106 | ||||||||||||||||||||||
EUR | 10,000 | USD | 11,022 | Bank of America N.A. | 05/03/23 | (3 | ) | |||||||||||||||
USD | 243,288 | EUR | 224,343 | Morgan Stanley & Co. International PLC | 06/14/23 | (4,509 | ) | |||||||||||||||
USD | 1,113,617 | EUR | 1,046,745 | Morgan Stanley & Co. International PLC | 06/14/23 | (42,565 | ) | |||||||||||||||
USD | 13,080 | EUR | 12,000 | Bank of America N.A. | 06/21/23 | (180 | ) | |||||||||||||||
USD | 214,773 | EUR | 196,000 | BNP Paribas SA | 06/21/23 | (1,804 | ) | |||||||||||||||
USD | 3,289 | EUR | 3,000 | Deutsche Bank AG | 06/21/23 | (26 | ) | |||||||||||||||
USD | 82,248 | EUR | 75,000 | Deutsche Bank AG | 06/21/23 | (625 | ) | |||||||||||||||
USD | 89,029 | EUR | 81,000 | Deutsche Bank AG | 06/21/23 | (474 | ) | |||||||||||||||
USD | 89,854 | EUR | 82,000 | Deutsche Bank AG | 06/21/23 | (755 | ) | |||||||||||||||
USD | 236,891 | EUR | 216,000 | Deutsche Bank AG | 06/21/23 | (1,785 | ) | |||||||||||||||
USD | 158,992 | EUR | 146,000 | State Street Bank and Trust Co. | 06/21/23 | (2,335 | ) | |||||||||||||||
USD | 393,997 | EUR | 364,704 | Toronto-Dominion Bank | 06/21/23 | (8,995 | ) | |||||||||||||||
USD | 114,834 | EUR | 106,296 | UBS AG | 06/21/23 | (2,622 | ) | |||||||||||||||
USD | 3,890,692 | EUR | 3,607,000 | UBS AG | 06/21/23 | (94,981 | ) | |||||||||||||||
USD | 3,896,711 | EUR | 3,607,000 | UBS AG | 06/21/23 | (88,963 | ) | |||||||||||||||
USD | 1,490,424 | GBP | 1,241,000 | Deutsche Bank AG | 06/21/23 | (70,808 | ) | |||||||||||||||
(321,430 | ) | |||||||||||||||||||||
$ | (291,324 | ) | ||||||||||||||||||||
Reference Obligation/Index | | Financing Rate Paid by the Trust | | | Payment Frequency | | | Termination Date | | | Notional Amount (000) | | Value | | Upfront Premium Paid (Received) | | | Unrealized Appreciation (Depreciation) | | |||||||||
CDX.NA.HY.40.V1 | 5.00 | % | Quarterly | 06/20/28 | USD 4,140 | $ | (82,793 | ) | $ | 4,147 | $ | (86,940 | ) | |||||||||||||||
CDX.NA.IG.40.V1 | 1.00 | Quarterly | 06/20/28 | USD 26,080 | (323,654 | ) | (126,603 | ) | (197,051 | ) | ||||||||||||||||||
$ | (406,447 | ) | $ | (122,456 | ) | $ | (283,991 | ) | ||||||||||||||||||||
Paid by the Trust | Received by the Trust | Effective | Termination | Notional | Upfront Premium Paid | Unrealized Appreciation | ||||||||||||||||||||||||||||
Rate | Frequency | Rate | Frequency | Date | Date | Amount (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||||||||
1-Day SOFR, 4.81% | Annual | 3.31% | Annual | N/A | 12/01/42 | USD | 1,800 | $ | 32,861 | $ | 43 | $ | 32,818 | |||||||||||||||||||||
1-Day SOFR, 4.81% | Annual | 3.53% | Annual | N/A | 11/10/52 | USD | 3,000 | 305,016 | 92 | 304,924 | ||||||||||||||||||||||||
$ | 337,877 | $ | 135 | $ | 337,742 | |||||||||||||||||||||||||||||
38 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Reference Obligations/Index | | Financing Rate Paid by the Trust | | | Payment Frequency | | Counterparty | | Termination Date | | | Notional Amount (000) | | Value | | Upfront Premium Paid (Received) | | | Unrealized Appreciation (Depreciation) | | ||||||||||||
CMBX.NA.7 | 3.00 | % | Monthly | Deutsche Bank AG | 01/17/47 | USD 25,000 | $ | 5,071,562 | $ | 1,654,766 | $ | 3,416,796 | ||||||||||||||||||||
Reference Obligation/Index | | Financing Rate Received by the Trust | | | Payment Frequency | | Counterparty | | Termination Date | | | Credit Rating | (a) | | Notional Amount (000) | (b) | Value | | Upfront Premium Paid (Received) | | | Unrealized Appreciation (Depreciation) | | |||||||||||||||
Casino, Guichard-Perrachon S.A. | 5.00 | % | Quarterly | JPMorgan Chase Bank N.A. | 06/20/23 | CCC+ | EUR | 20 | $ | (3,205 | ) | $ | (239 | ) | $ | (2,966 | ) | |||||||||||||||||||||
Novafives S.A.S. | 5.00 | Quarterly | Citibank N.A. | 06/20/23 | B- | EUR | 20 | 65 | (207 | ) | 272 | |||||||||||||||||||||||||||
Casino, Guichard-Perrachon S.A. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/23 | CCC+ | EUR | 16 | (9,613 | ) | (2,158 | ) | (7,455 | ) | |||||||||||||||||||||||||
Thyssenkrupp AG | 1.00 | Quarterly | Bank of America N.A. | 12/20/23 | BB | EUR | 20 | 26 | (276 | ) | 302 | |||||||||||||||||||||||||||
Virgin Media Finance PLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B | EUR | 20 | 1,342 | 1,520 | (178 | ) | |||||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Bank of America N.A. | 12/20/26 | BB- | EUR | 20 | (1,241 | ) | (646 | ) | (595 | ) | |||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Barclays Bank PLC | 12/20/26 | BB- | EUR | 10 | (630 | ) | 331 | (961 | ) | ||||||||||||||||||||||||||
Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Credit Suisse International | 12/20/26 | BB- | EUR | 10 | (612 | ) | 340 | (952 | ) | ||||||||||||||||||||||||||
K&S AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/26 | BB+ | EUR | 30 | 3,369 | 1,997 | 1,372 | ||||||||||||||||||||||||||||
CMA CGM SA | 5.00 | Quarterly | Credit Suisse International | 06/20/27 | NR | EUR | 38 | 3,473 | 1,447 | 2,026 | ||||||||||||||||||||||||||||
Ladbrokes Coral Group Ltd. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB | EUR | 10 | (416 | ) | (935 | ) | 519 | ||||||||||||||||||||||||||
Ladbrokes Coral Group Ltd. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB | EUR | 60 | (2,500 | ) | (8,952 | ) | 6,452 | ||||||||||||||||||||||||||
Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC+ | EUR | 9 | (2,394 | ) | (1,983 | ) | (411 | ) | |||||||||||||||||||||||||
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC+ | EUR | 5 | (1,439 | ) | (1,173 | ) | (266 | ) | |||||||||||||||||||||||||
Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC+ | EUR | 15 | (4,044 | ) | (3,297 | ) | (747 | ) | |||||||||||||||||||||||||
Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC+ | EUR | 5 | (1,174 | ) | (983 | ) | (191 | ) | |||||||||||||||||||||||||
Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC+ | EUR | 9 | (2,456 | ) | (2,042 | ) | (414 | ) | |||||||||||||||||||||||||
Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | CCC+ | EUR | 7 | (1,781 | ) | (1,460 | ) | (321 | ) | |||||||||||||||||||||||||
Loxam SAS | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | B | EUR | 30 | (2,493 | ) | (2,174 | ) | (319 | ) | |||||||||||||||||||||||||
United Group B.V. | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | B | EUR | 23 | (3,586 | ) | (3,289 | ) | (297 | ) | |||||||||||||||||||||||||
United Group B.V. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | B | EUR | 27 | (4,345 | ) | (4,270 | ) | (75 | ) | |||||||||||||||||||||||||
Ladbrokes Coral Group Ltd. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/28 | BB | EUR | 7 | (469 | ) | (497 | ) | 28 | ||||||||||||||||||||||||||
CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | C- | USD | 10,000 | (2,028,624 | ) | (463,924 | ) | (1,564,700 | ) | |||||||||||||||||||||||||
CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | C- | USD | 5,000 | (1,014,313 | ) | (231,694 | ) | (782,619 | ) | |||||||||||||||||||||||||
CMBX.NA.7 | 3.00 | Monthly | Barclays Bank PLC | 01/17/47 | C- | USD | 10,000 | (2,028,625 | ) | (229,437 | ) | (1,799,188 | ) | |||||||||||||||||||||||||
CMBX.NA.9 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 09/17/58 | N/R | USD | 407 | (92,033 | ) | (41,597 | ) | (50,436 | ) | |||||||||||||||||||||||||
CMBX.NA.15 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 11/15/64 | N/R | USD | 2,972 | (791,851 | ) | (555,417 | ) | (236,434 | ) | |||||||||||||||||||||||||
$ | (5,989,569 | ) | $ | (1,551,015 | ) | $ | (4,438,554 | ) | ||||||||||||||||||||||||||||||
(a) | Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
(b) | The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||
Centrally Cleared Swaps(a) | $ | 4,282 | $ | (126,603 | ) | $ | 337,742 | $ | (283,991 | ) | ||||||
OTC Swaps | 1,660,401 | (1,556,650 | ) | 3,427,767 | (4,449,525 | ) |
(a) | Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
S C H E D U L E O F I N V E S T M E N T S | 39 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | — | $ | — | $ | 1,010,093 | $ | — | $ | 1,010,093 | ||||||||||||||
Forward foreign currency exchange contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 30,106 | — | — | 30,106 | |||||||||||||||||||||
Swaps — centrally cleared | ||||||||||||||||||||||||||||
Unrealized appreciation on centrally cleared swaps(a) | — | — | — | — | 337,742 | — | 337,742 | |||||||||||||||||||||
Swaps — OTC | ||||||||||||||||||||||||||||
Unrealized appreciation on OTC swaps; Swap premiums paid | — | 5,088,168 | — | — | — | — | 5,088,168 | |||||||||||||||||||||
$ | — | $ | 5,088,168 | $ | — | $ | 30,106 | $ | 1,347,835 | $ | — | $ | 6,466,109 | |||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | — | $ | — | $ | 7,191,143 | $ | — | $ | 7,191,143 | ||||||||||||||
Forward foreign currency exchange contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | — | — | — | 321,430 | — | — | 321,430 | |||||||||||||||||||||
Swaps — centrally cleared | ||||||||||||||||||||||||||||
Unrealized depreciation on centrally cleared swaps(a) | — | 283,991 | — | — | — | — | 283,991 | |||||||||||||||||||||
Swaps — OTC | ||||||||||||||||||||||||||||
Unrealized depreciation on OTC swaps; Swap premiums received | — | 6,006,175 | — | — | — | — | 6,006,175 | |||||||||||||||||||||
$ | — | $ | 6,290,166 | $ | — | $ | 321,430 | $ | 7,191,143 | $ | — | $ | 13,802,739 | |||||||||||||||
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | 10,782,294 | $ | — | $ | 10,782,294 | ||||||||||||||
Forward foreign currency exchange contracts | — | — | — | (553,928 | ) | — | — | (553,928 | ) | |||||||||||||||||||
Options purchased(a) | — | (1,073 | ) | — | — | — | — | (1,073 | ) | |||||||||||||||||||
Options written | — | (2,903 | ) | — | — | — | — | (2,903 | ) | |||||||||||||||||||
Swaps | — | (961,519 | ) | — | — | 1,490,837 | — | 529,318 | ||||||||||||||||||||
$ | — | $ | (965,495 | ) | $ | — | $ | (553,928 | ) | $ | 12,273,131 | $ | — | $ | 10,753,708 | |||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | — | $ | — | $ | (25,995,932 | ) | $ | — | $ | (25,995,932 | ) | ||||||||||||
Forward foreign currency exchange contracts | — | — | — | (396,450 | ) | — | — | (396,450 | ) | |||||||||||||||||||
Options purchased(b) | — | 1,033 | — | — | — | — | 1,033 | |||||||||||||||||||||
Options written | —37 | — | — | — | — | 37 | ||||||||||||||||||||||
Swaps | — | 264,603 | — | — | (1,250,806 | ) | — | (986,203 | ) | |||||||||||||||||||
$ | — | $ | 265,673 | $ | — | $ | (396,450 | ) | $ | (27,246,738 | ) | $ | — | $ | (27,377,515 | ) | ||||||||||||
(a) | Options purchased are included in net realized gain (loss) from investments — unaffiliated. |
(b) | Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. |
Futures contracts: | ||||
Average notional value of contracts — long | $ | 324,857,398 | ||
Average notional value of contracts — short | $ | 249,463,072 |
40 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Forward foreign currency exchange contracts: | ||||
Average amounts purchased — in USD | $ | 11,091,232 | ||
Average amounts sold — in USD | $ | 442,386 | ||
Options: | ||||
Average notional value of swaption contracts purchased | $ | — | (a) | |
Average notional value of swaption contracts written | $ | — | (a) | |
Credit default swaps: | ||||
Average notional value — buy protection | $ | 58,815,000 | ||
Average notional value — sell protection | $ | 28,870,181 | ||
Interest rate swaps: | ||||
Average notional value — pays fixed rate | $ | 26,845,000 | ||
Average notional value — receives fixed rate | $ | 26,980,000 |
(a) | Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |
Assets | Liabilities | |||||||
Derivative Financial Instruments | ||||||||
Futures contracts | $ | 868,285 | $ | 1,847,379 | ||||
Forward foreign currency exchange contracts | 30,106 | 321,430 | ||||||
Swaps — centrally cleared | — | 26,471 | ||||||
Swaps — OTC(a) | 5,088,168 | 6,006,175 | ||||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 5,986,559 | 8,201,455 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (868,285 | ) | (1,873,850 | ) | ||||
Total derivative assets and liabilities subject to an MNA | $ | 5,118,274 | $ | 6,327,605 | ||||
(a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities. |
Counterparty | | Derivative Assets Subject to an MNA by Counterparty | | | Derivatives Available for Offset | (a) | | Non-Cash Collateral Received | | | Cash Collateral Received | (b) | | Net Amount of Derivative Assets | (c)(d) | |||||
Bank of America N.A. | $ | 305 | $ | (305 | ) | $ | — | $ | — | $ | — | |||||||||
Barclays Bank PLC | 331 | (331 | ) | — | — | — | ||||||||||||||
BNP Paribas SA | 56 | (56 | ) | — | — | — | ||||||||||||||
Citibank N.A. | 272 | (272 | ) | — | — | — | ||||||||||||||
Credit Suisse International | 3,813 | (952 | ) | — | — | 2,861 | ||||||||||||||
Deutsche Bank AG | 5,080,041 | (74,473 | ) | — | (5,005,568 | ) | — | |||||||||||||
JPMorgan Chase Bank N.A. | 24,894 | (24,894 | ) | — | — | — | ||||||||||||||
Natwest Markets PLC | 8,562 | — | — | — | 8,562 | |||||||||||||||
$ | 5,118,274 | $ | (101,283 | ) | $ | — | $ | (5,005,568 | ) | $ | 11,423 | |||||||||
Counterparty | | Derivative Liabilities Subject to an MNA by Counterparty | | | Derivatives Available for Offset | (a) | | Non-Cash Collateral Pledged | | | Cash Collateral Pledged | (b) | | Net Amount of Derivative Liabilities | (c)(e) | |||||
Bank of America N.A. | $ | 10,173 | $ | (305 | ) | $ | — | $ | — | $ | 9,868 | |||||||||
Barclays Bank PLC | 5,078,006 | (331 | ) | — | (5,040,000 | ) | 37,675 | |||||||||||||
BNP Paribas SA | 1,804 | (56 | ) | — | — | 1,748 | ||||||||||||||
Citibank N.A. | 1,381 | (272 | ) | — | (1,109 | ) | — | |||||||||||||
Credit Suisse International | 952 | (952 | ) | — | — | — | ||||||||||||||
Deutsche Bank AG | 74,473 | (74,473 | ) | — | — | — |
S C H E D U L E O F I N V E S T M E N T S | 41 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Counterparty | | Derivative Liabilities Subject to an MNA by Counterparty | | | Derivatives Available for Offset | (a) | | Non-Cash Collateral Pledged | | | Cash Collateral Pledged | (b) | | Net Amount of Derivative Liabilities | (c)(e) | |||||
JPMorgan Chase Bank N.A. | $ | 30,181 | $ | (24,894 | ) | $ | — | $ | — | $ | 5,287 | |||||||||
Morgan Stanley & Co. International PLC | 932,739 | — | — | (710,000 | ) | 222,739 | ||||||||||||||
State Street Bank and Trust Co. | 2,335 | — | — | — | 2,335 | |||||||||||||||
Toronto-Dominion Bank | 8,995 | — | — | — | 8,995 | |||||||||||||||
UBS AG | 186,566 | — | — | — | 186,566 | |||||||||||||||
$ | 6,327,605 | $ | (101,283 | ) | $ | — | $ | (5,751,109 | ) | $ | 475,213 | |||||||||
(a) | The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. |
(b) | Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
(c) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(d) | Net amount represents the net amount receivable from the counterparty in the event of default. |
(e) | Net amount represents the net amount payable due to counterparty in the event of default. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 97,828,298 | $ | 1,666,176 | $ | 99,494,474 | ||||||||
Common Stocks | 4,729,091 | — | — | 4,729,091 | ||||||||||||
Corporate Bonds | ||||||||||||||||
Aerospace & Defense | — | 21,887,563 | — | 21,887,563 | ||||||||||||
Automobile Components | — | 7,551,687 | — | 7,551,687 | ||||||||||||
Automobiles | — | 10,025,170 | — | 10,025,170 | ||||||||||||
Banks | — | 4,159,712 | — | 4,159,712 | ||||||||||||
Beverages | — | 10,053,481 | — | 10,053,481 | ||||||||||||
Biotechnology | — | 949,102 | — | 949,102 | ||||||||||||
Broadline Retail | — | 191,429 | — | 191,429 | ||||||||||||
Building Materials | — | 2,906,278 | — | 2,906,278 | ||||||||||||
Building Products | — | 5,786,023 | — | 5,786,023 | ||||||||||||
Capital Markets | — | 8,268,008 | — | 8,268,008 | ||||||||||||
Chemicals | — | 10,149,650 | — | 10,149,650 | ||||||||||||
Commercial Services & Supplies | — | 8,432,242 | — | 8,432,242 | ||||||||||||
Communications Equipment | — | 2,615,679 | — | 2,615,679 | ||||||||||||
Construction Materials | — | 560,724 | — | 560,724 | ||||||||||||
Consumer Discretionary | — | 11,321,129 | — | 11,321,129 | ||||||||||||
Consumer Finance | — | 9,889,572 | — | 9,889,572 | ||||||||||||
Consumer Staples Distribution & Retail | — | 5,191,234 | — | 5,191,234 | ||||||||||||
Containers & Packaging | — | 7,159,312 | — | 7,159,312 | ||||||||||||
Diversified Consumer Services | — | 12,096,388 | — | 12,096,388 | ||||||||||||
Diversified REITs | — | 3,434,573 | — | 3,434,573 | ||||||||||||
Diversified Telecommunication Services | — | 12,591,522 | — | 12,591,522 | ||||||||||||
Education | — | 224,655 | — | 224,655 | ||||||||||||
Electric Utilities | — | 4,408,118 | — | 4,408,118 | ||||||||||||
Electrical Equipment | — | 2,009,632 | — | 2,009,632 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 3,216,914 | — | 3,216,914 | ||||||||||||
Energy Equipment & Services | — | 4,513,460 | — | 4,513,460 | ||||||||||||
Environmental, Maintenance & Security Service | — | 4,455,919 | — | 4,455,919 | ||||||||||||
Financial Services | — | 11,327,880 | — | 11,327,880 | ||||||||||||
Food Products | — | 4,540,452 | — | 4,540,452 | ||||||||||||
Gas Utilities | — | 102,451 | — | 102,451 | ||||||||||||
Ground Transportation | — | 2,551,901 | — | 2,551,901 | ||||||||||||
Health Care Equipment & Supplies | — | 2,218,177 | — | 2,218,177 |
42 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Corporate Bonds (continued) | ||||||||||||||||
Health Care Providers & Services | $ | — | $ | 11,664,712 | $ | — | $ | 11,664,712 | ||||||||
Health Care Technology | — | 3,117,663 | — | 3,117,663 | ||||||||||||
Hotels, Restaurants & Leisure | — | 18,972,808 | — | 18,972,808 | ||||||||||||
Household Durables | — | 2,443,194 | — | 2,443,194 | ||||||||||||
Household Products | — | 228,071 | — | 228,071 | ||||||||||||
Independent Power and Renewable Electricity Producers | — | 3,692,199 | — | 3,692,199 | ||||||||||||
Industrial Conglomerates | — | 232,944 | — | 232,944 | ||||||||||||
Insurance | — | 10,784,748 | — | 10,784,748 | ||||||||||||
Interactive Media & Services | — | 798,884 | — | 798,884 | ||||||||||||
Internet Software & Services | — | 5,938,054 | — | 5,938,054 | ||||||||||||
IT Services | — | 5,834,237 | — | 5,834,237 | ||||||||||||
Leisure Products | — | 564,059 | — | 564,059 | ||||||||||||
Machinery | — | 6,288,532 | — | 6,288,532 | ||||||||||||
Marine Transportation | — | 218,873 | — | 218,873 | ||||||||||||
Media | — | 41,568,939 | — | 41,568,939 | ||||||||||||
Metals & Mining | — | 14,899,185 | — | 14,899,185 | ||||||||||||
Multi-Utilities | — | 201,000 | — | 201,000 | ||||||||||||
Offshore Drilling & Other Services | — | 2,179,863 | — | 2,179,863 | ||||||||||||
Oil, Gas & Consumable Fuels | 87,960 | 68,155,851 | 1,375,335 | 69,619,146 | ||||||||||||
Passenger Airlines | — | 7,477,960 | — | 7,477,960 | ||||||||||||
Pharmaceuticals | — | 7,233,145 | — | 7,233,145 | ||||||||||||
Real Estate | — | 120,096 | — | 120,096 | ||||||||||||
Real Estate Management & Development | — | 2,885,413 | — | 2,885,413 | ||||||||||||
Semiconductors & Semiconductor Equipment | — | 3,773,497 | — | 3,773,497 | ||||||||||||
Software | — | 13,834,563 | — | 13,834,563 | ||||||||||||
Specialized REITs | — | 603,802 | — | 603,802 | ||||||||||||
Specialty Retail | — | 1,926,256 | — | 1,926,256 | ||||||||||||
Technology Hardware, Storage & Peripherals | — | 745,308 | — | 745,308 | ||||||||||||
Textiles, Apparel & Luxury Goods | — | 497,656 | — | 497,656 | ||||||||||||
Tobacco | — | 2,036,227 | — | 2,036,227 | ||||||||||||
Transportation Infrastructure | — | 3,103,995 | — | 3,103,995 | ||||||||||||
Utilities | — | 1,804,994 | — | 1,804,994 | ||||||||||||
Wireless Telecommunication Services | — | 6,191,443 | — | 6,191,443 | ||||||||||||
Floating Rate Loan Interests | — | 39,106,107 | 801,831 | 39,907,938 | ||||||||||||
Foreign Government and Agency Obligations | — | 15,408,250 | — | 15,408,250 | ||||||||||||
Municipal Bonds | — | 1,007,925 | — | 1,007,925 | ||||||||||||
Non-Agency Mortgage-Backed Securities | — | 89,956,473 | — | 89,956,473 | ||||||||||||
Preferred Securities | ||||||||||||||||
Capital Trusts | — | 21,083,429 | — | 21,083,429 | ||||||||||||
Preferred Stocks | 8,434,226 | — | — | 8,434,226 | ||||||||||||
U.S. Government Sponsored Agency Securities | — | 132,123,798 | — | 132,123,798 | ||||||||||||
Warrants | — | — | — | — | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 8,479,460 | — | — | 8,479,460 | ||||||||||||
Liabilities | ||||||||||||||||
Investments | ||||||||||||||||
TBA Sale Commitments | — | (8,124,805 | ) | — | (8,124,805 | ) | ||||||||||
Unfunded Floating Rate Loan Interests(a) | — | (11,659 | ) | — | (11,659 | ) | ||||||||||
$ | 21,730,737 | $ | 833,186,024 | $ | 3,843,342 | $ | 858,760,103 | |||||||||
Derivative Financial Instruments(b) | ||||||||||||||||
Assets | ||||||||||||||||
Credit Contracts | $ | — | $ | 3,427,767 | $ | — | $ | 3,427,767 | ||||||||
Foreign Currency Exchange Contracts | — | 30,106 | — | 30,106 | ||||||||||||
Interest Rate Contracts | 1,010,093 | 337,742 | — | 1,347,835 | ||||||||||||
Liabilities | ||||||||||||||||
Credit Contracts | — | (4,733,516 | ) | — | (4,733,516 | ) |
S C H E D U L E O F I N V E S T M E N T S | 43 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Multi-Sector Income Trust (BIT) |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities (continued) | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | (321,430 | ) | $ | — | $ | (321,430 | ) | ||||||
Interest Rate Contracts | (7,191,143 | ) | — | — | (7,191,143 | ) | ||||||||||
$ | (6,181,050 | ) | $ | (1,259,331 | ) | $ | — | $ | (7,440,381 | ) | ||||||
(a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
(b) | Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
44 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BIT | ||||
ASSETS | ||||
Investments, at value — unaffiliated(a) | $ | 858,417,107 | ||
Investments, at value — affiliated(b) | 8,479,460 | |||
Cash | 57,508 | |||
Cash pledged: | ||||
Collateral — reverse repurchase agreements | 1,608,393 | |||
Collateral — OTC derivatives | 5,760,000 | |||
Futures contracts | 4,667,400 | |||
Centrally cleared swaps | 1,108,000 | |||
Foreign currency, at value(c) | 740,606 | |||
Receivables: | ||||
Investments sold | 1,574,658 | |||
Reverse repurchase agreements | 2,444,718 | |||
TBA sale commitments | 8,125,137 | |||
Dividends — unaffiliated | 26,555 | |||
Dividends — affiliated | 33,601 | |||
Interest — unaffiliated | 9,266,799 | |||
Variation margin on futures contracts | 868,285 | |||
Swap premiums paid | 1,660,401 | |||
Unrealized appreciation on: | ||||
Forward foreign currency exchange contracts | 30,106 | |||
OTC swaps | 3,427,767 | |||
Deferred offering costs | 177,734 | |||
Other assets | 246,763 | |||
Total assets | 908,720,998 | |||
LIABILITIES | ||||
Cash received: | ||||
Collateral — reverse repurchase agreements | 431,093 | |||
Collateral — OTC derivatives | 5,050,000 | |||
TBA sale commitments, at value(d) | 8,124,805 | |||
Reverse repurchase agreements, at value | 278,202,502 | |||
Payables: | ||||
Investments purchased | 49,629,373 | |||
Reverse repurchase agreements | 1,799,752 | |||
Accounting services fees | 30,977 | |||
Custodian fees | 26,549 | |||
Interest expense | 9,409 | |||
Investment advisory fees | 1,091,745 | |||
Offering costs | 66,394 | |||
Trustees’ and Officer’s fees | 144,785 | |||
Other accrued expenses | 75,017 | |||
Principal payups | 160,968 | |||
Professional fees | 157,812 | |||
Transfer agent fees | 55,999 | |||
Variation margin on futures contracts | 1,847,379 | |||
Variation margin on centrally cleared swaps | 26,471 | |||
Swap premiums received | 1,556,650 | |||
Unrealized depreciation on: | ||||
Forward foreign currency exchange contracts | 321,430 | |||
OTC swaps | 4,449,525 | |||
Unfunded floating rate loan interests | 11,659 | |||
Total liabilities | 353,270,294 | |||
NET ASSETS | $ | 555,450,704 | ||
F I N A N C I A L S T A T E M E N T S | 45 |
BIT | ||||
NET ASSETS CONSIST OF | ||||
Paid-in capital(e)(f)(g) | $ | 656,505,815 | ||
Accumulated loss | (101,055,111 | ) | ||
NET ASSETS | $ | 555,450,704 | ||
Net asset value | $ | 14.72 | ||
(a) Investments, at cost — unaffiliated | $ | 918,786,204 | ||
(b) Investments, at cost — affiliated | $ | 8,479,460 | ||
(c) Foreign currency, at cost | $ | 762,632 | ||
(d) Proceeds from TBA sale commitments | $ | 8,125,137 | ||
(e) Shares outstanding | 37,725,451 | |||
(f) Shares authorized | Unlimited | |||
(g) Par value | $ | 0.001 |
46 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BIT | ||||
INVESTMENT INCOME | ||||
Dividends — unaffiliated | $ | 227,978 | ||
Dividends — affiliated | 209,946 | |||
Interest — unaffiliated | 26,203,882 | |||
Other income — unaffiliated | 5,976 | |||
Foreign taxes withheld | (375 | ) | ||
Total investment income | 26,647,407 | |||
EXPENSES | ||||
Investment advisory | 3,365,734 | |||
Professional | 65,783 | |||
Accounting services | 56,417 | |||
Transfer agent | 40,970 | |||
Trustees and Officer | 25,782 | |||
Custodian | 23,922 | |||
Printing and postage | 9,242 | |||
Registration | 6,425 | |||
Miscellaneous | 36,073 | |||
Total expenses excluding interest expense | 3,630,348 | |||
Interest expense | 6,487,839 | |||
Total expenses | 10,118,187 | |||
Less: | ||||
Fees waived and/or reimbursed by the Manager | (3,755 | ) | ||
Total expenses after fees waived and/or reimbursed | 10,114,432 | |||
Net investment income | 16,532,975 | |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (20,644,336 | ) | ||
Forward foreign currency exchange contracts | (553,928 | ) | ||
Foreign currency transactions | 137,914 | |||
Futures contracts | 10,782,294 | |||
Options written | (2,903 | ) | ||
Swaps | 529,318 | |||
(9,751,641 | ) | |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated | 50,846,180 | |||
Forward foreign currency exchange contracts | (396,450 | ) | ||
Foreign currency translations | 739 | |||
Futures contracts | (25,995,932 | ) | ||
Options written | 37 | |||
Swaps | (986,203 | ) | ||
Unfunded floating rate loan interests | 13,121 | |||
23,481,492 | ||||
Net realized and unrealized gain | 13,729,851 | |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 30,262,826 | ||
F I N A N C I A L S T A T E M E N T S | 47 |
BIT | ||||||||
Six Months Ended 04/30/23 (unaudited) | Year Ended 10/31/22 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 16,532,975 | $ | 38,948,323 | ||||
Net realized gain (loss) | (9,751,641 | ) | 5,527,115 | |||||
Net change in unrealized appreciation (depreciation) | 23,481,492 | (113,608,350 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 30,262,826 | (69,132,912 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
From net investment income | (27,982,395 | )(b) | (40,442,459 | ) | ||||
Return of capital | — | (15,441,926 | ) | |||||
Decrease in net assets resulting from distributions to shareholders | (27,982,395 | ) | (55,884,385 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Reinvestment of distributions | 618,028 | 1,178,157 | ||||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | 2,898,459 | (123,839,140 | ) | |||||
Beginning of period | 552,552,245 | 676,391,385 | ||||||
End of period | $ | 555,450,704 | $ | 552,552,245 | ||||
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
48 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BIT | ||||
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | ||||
Net increase in net assets resulting from operations | $ | 30,262,826 | ||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | ||||
Proceeds from sales of long-term investments and principal paydowns/payups | 615,365,350 | |||
Purchases of long-term investments | (586,988,267 | ) | ||
Net proceeds from sales of short-term securities | 3,303,453 | |||
Amortization of premium and accretion of discount on investments and other fees | (1,921,712 | ) | ||
Net realized loss on investments and options written | 20,647,239 | |||
Net unrealized appreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests | (50,684,451 | ) | ||
(Increase) Decrease in Assets | ||||
Receivables | ||||
Dividends — affiliated | (6,411 | ) | ||
Dividends — unaffiliated | 113,080 | |||
Interest — unaffiliated | 36,049 | |||
Swaps | 582,693 | |||
Variation margin on futures contracts | 324,940 | |||
Variation margin on centrally cleared swaps | 63,854 | |||
Swap premiums paid | 29,348 | |||
Prepaid expenses | 2,429 | |||
Other assets | 303,237 | |||
Increase (Decrease) in Liabilities | ||||
Due to broker | (144,387 | ) | ||
Cash received | ||||
Collateral — reverse repurchase agreements | 97,901 | |||
Collateral — OTC derivatives | 200,000 | |||
Payables | ||||
Swaps | (611,551 | ) | ||
Accounting services fees | (34,524 | ) | ||
Custodian fees | (28,329 | ) | ||
Interest expense | 387,993 | |||
Investment advisory fees | 551,402 | |||
Trustees’ and Officer’s fees | 2,726 | |||
Other accrued expenses | 21,737 | |||
Professional fees | (72,760 | ) | ||
Transfer agent fees | 28,434 | |||
Variation margin on futures contracts | 1,847,379 | |||
Variation margin on centrally cleared swaps | 26,471 | |||
Swap premiums received | (506,988 | ) | ||
Net cash provided by operating activities | 33,199,161 | |||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | ||||
Cash dividends paid to shareholders | (27,429,184 | ) | ||
Payments for offering costs | (358 | ) | ||
Decrease in bank overdraft | (1,080 | ) | ||
Net borrowing of reverse repurchase agreements | (13,399,773 | ) | ||
Net cash used for financing activities | (40,830,395 | ) | ||
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS | ||||
Cash impact from foreign exchange fluctuations | (12,020 | ) | ||
CASH AND FOREIGN CURRENCY | ||||
Net decrease in restricted and unrestricted cash and foreign currency | (7,643,254 | ) | ||
Restricted and unrestricted cash and foreign currency at beginning of period | 21,585,161 | |||
Restricted and unrestricted cash and foreign currency at end of period | $ | 13,941,907 | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||
Cash paid during the period for interest expense | $ | 6,099,846 | ||
NON-CASH FINANCING ACTIVITIES | ||||
Reinvestment of distributions | $ | 618,028 | ||
F I N A N C I A L S T A T E M E N T S | 49 |
BIT | ||||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES | ||||
Cash | $ | 57,508 | ||
Cash pledged | ||||
Collateral — reverse repurchase agreements | 1,608,393 | |||
Collateral — OTC derivatives | 5,760,000 | |||
Futures contracts | 4,667,400 | |||
Centrally cleared swaps | 1,108,000 | |||
Foreign currency at value | 740,606 | |||
$ | 13,941,907 | |||
50 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
BIT | ||||||||||||||||||||||||||||
| Six Months Ended 04/30/23 (unaudited) | | | Year Ended 10/31/22 | | | Year Ended 10/31/21 | | | Year Ended 10/31/20 | (a) | | Year Ended 10/31/19 | (a) | | Year Ended 10/31/18 | (a) | |||||||||||
Net asset value, beginning of period | $ | 14.66 | $ | 17.98 | $ | 17.66 | $ | 17.28 | $ | 18.79 | $ | 20.07 | ||||||||||||||||
Net investment income(b) | 0.44 | 1.03 | 1.13 | 1.08 | 1.18 | 1.38 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.36 | (2.87 | ) | 0.67 | 0.78 | (1.28 | ) | (1.13 | ) | |||||||||||||||||||
Net increase (decrease) from investment operations | 0.80 | (1.84 | ) | 1.80 | 1.86 | (0.10 | ) | 0.25 | ||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (0.74 | )(d) | (1.07 | ) | (1.11 | ) | (0.99 | ) | (1.14 | ) | (1.49 | ) | ||||||||||||||||
Return of capital | — | (0.41 | ) | (0.37 | ) | (0.49 | ) | (0.27 | ) | (0.04 | ) | |||||||||||||||||
Total distributions | (0.74 | ) | (1.48 | ) | (1.48 | ) | (1.48 | ) | (1.41 | ) | (1.53 | ) | ||||||||||||||||
Net asset value, end of period | $ | 14.72 | $ | 14.66 | $ | 17.98 | $ | 17.66 | $ | 17.28 | (e) | $ | 18.79 | |||||||||||||||
Market price, end of period | $ | 14.73 | $ | 14.43 | $ | 18.90 | $ | 15.65 | $ | 17.15 | $ | 16.25 | ||||||||||||||||
Total Return(f) | ||||||||||||||||||||||||||||
Based on net asset value | 5.58 | %(g) | (10.47 | )%(h) | 10.55 | % | 12.68 | %(i) | 0.00 | %(e)(j) | 2.18 | %(h) | ||||||||||||||||
Based on market price | 7.33 | %(g) | (16.16 | )% | 31.13 | % | 0.61 | % | 14.76 | % | (4.40 | )% | ||||||||||||||||
Ratios to Average Net Assets(k) | ||||||||||||||||||||||||||||
Total expenses | 3.65 | %(l) | 1.99 | % | 1.70 | % | 2.36 | % | 2.89 | % | 2.90 | % | ||||||||||||||||
Total expenses after fees waived and/or reimbursed | 3.65 | %(l) | 1.99 | % | 1.70 | % | 2.19 | %(m) | 2.89 | % | 2.89 | % | ||||||||||||||||
Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.31 | %(l) | 1.34 | % | 1.42 | % | 1.39 | % | 1.35 | % | 1.42 | % | ||||||||||||||||
Net investment income | 5.97 | %(l) | 6.39 | % | 6.14 | % | 6.51 | % | 6.43 | % | 7.17 | % | ||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 555,451 | $ | 552,552 | $ | 676,391 | $ | 662,853 | $ | 648,617 | $ | 710,832 | ||||||||||||||||
Borrowings outstanding, end of period (000) | $ | 278,203 | $ | 288,231 | $ | 386,820 | $ | 353,128 | $ | 373,345 | $ | 376,302 | ||||||||||||||||
Portfolio turnover rate(n) | 68 | % | 112 | % | 75 | % | 101 | % | 32 | % | 38 | % | ||||||||||||||||
(a) | Consolidated Financial Highlights. |
(b) | Based on average shares outstanding. |
(c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(e) | For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on October 31, 2019. |
(f) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
(g) | Not annualized. |
(h) | Includes payment from an affiliate, which had no impact on the Trust’s total return. |
(i) | Includes payments received from an affiliate and unaffiliated third parties, which impacted the Trust’s total return. Excluding the payments, the Trust’s total return would have been 1.38%. |
(j) | Amount is greater than (0.005)%. |
(k) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(l) | Annualized. |
(m) | Includes reimbursement of professional fees by unaffiliated third parties, which impacted the Trust’s expense ratio. Excluding the payment, the Trust’s total expense ratio would have been 2.36%. |
(n) | Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| Six Months Ended 04/30/23 (unaudited | ) | | Year Ended 10/31/22 | | | Year Ended 10/31/21 | | | Year Ended 10/31/20 | (a) | | Year Ended 10/31/19 | (a) | | Year Ended 10/31/18 | (a) | |||||||
Portfolio turnover rate (excluding MDRs) | 43 | % | 77 | % | 58 | % | 72 | % | 32 | % | 38 | % | ||||||||||||
F I N A N C I A L H I G H L I G H T S | 51 |
1. | ORGANIZATION |
2. | SIGNIFICANT ACCOUNTING POLICIES |
52 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price. |
• | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
• | Investments in open‑end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• | Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies. |
• | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
• | Repurchase agreements are valued at amortized cost, which approximates market value. |
N O T E S T O F I N A N C I A L S T A T E M E N T S | 53 |
Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services | ||||
Market approach | (i) | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; | ||
(ii) | recapitalizations and other transactions across the capital structure; and | |||
(iii) | market multiples of comparable issuers. | |||
Income approach | (i) | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; | ||
(ii) | quoted prices for similar investments or assets in active markets; and | |||
(iii) | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. | |||
Cost approach | (i) | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; | ||
(ii) | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; | |||
(iii) | relevant news and other public sources; and | |||
(iv) | known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company. |
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
4. | SECURITIES AND OTHER INVESTMENTS |
54 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
N O T E S T O F I N A N C I A L S T A T E M E N T S | 55 |
Unrealized | ||||||||||||||||||
Commitment | Appreciation | |||||||||||||||||
Trust Name | Borrower | Par | Amount | Value | (Depreciation) | |||||||||||||
BIT | AthenaHealth Group, Inc. | $ | 243,630 | $ | 239,626 | $ | 227,967 | $ | (11,659) |
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Fair Value of | ||||||||||||||||||||||||
Non‑Cash Collateral | ||||||||||||||||||||||||
Reverse Repurchase | Pledged Including | Cash Collateral | ||||||||||||||||||||||
Counterparty | Agreements | Accrued Interest | (a) | Pledged/Received | (a) | Net Amount | ||||||||||||||||||
Barclays Bank PLC | $ | (11,774,715) | $ | 11,529,016 | $ | 245,699 | $ | — | ||||||||||||||||
Barclays Capital, Inc. | (7,655,043) | 7,655,043 | — | — | ||||||||||||||||||||
BNP Paribas S.A. | (60,103,441) | 60,103,441 | — | — | ||||||||||||||||||||
BofA Securities, Inc. | (60,451,484) | 60,451,484 | — | — | ||||||||||||||||||||
Citigroup Global Markets, Inc. | (42,523,115) | 42,523,115 | — | — | ||||||||||||||||||||
Credit Agricole Corporate and Investment Bank | (2,162,719) | 2,162,719 | — | — | ||||||||||||||||||||
HSBC Securities (USA), Inc. | (3,815,894) | 3,815,894 | — | — | ||||||||||||||||||||
J.P. Morgan Securities LLC | (32,207,690) | 32,207,690 | — | — | ||||||||||||||||||||
Nomura Securities International, Inc. | (17,910,914) | 17,910,914 | — | — | ||||||||||||||||||||
RBC Capital Markets LLC | (28,435,338) | 28,435,338 | — | — | ||||||||||||||||||||
TD Securities (USA) LLC | (11,162,149) | 11,162,149 | — | — | ||||||||||||||||||||
$ | (278,202,502) | $ | 277,956,803 | $ | 245,699 | $ | — | |||||||||||||||||
(a) | Collateral with a value of $318,989,862 has been pledged in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes. |
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
N O T E S T O F I N A N C I A L S T A T E M E N T S | 57 |
• | Swaptions — The Trust may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Trust’s holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option. |
• | Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk). |
58 | 2 0 2 3 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
• | Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk). |
6. | INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
N O T E S T O F I N A N C I A L S T A T E M E N T S | 59 |
7. | PURCHASES AND SALES |
8. | INCOME TAX INFORMATION |
Net Unrealized | ||||||||||||||||
Gross Unrealized | Gross Unrealized | Appreciation | ||||||||||||||
Trust Name | Tax Cost | Appreciation | Depreciation | (Depreciation) | ||||||||||||
BIT | $ | 914,296,011 | $ | 30,262,342 | $ | (85,101,835 | ) | $ | (54,839,493 | ) | ||||||
9. | PRINCIPAL RISKS |
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N O T E S T O F I N A N C I A L S T A T E M E N T S | 61 |
10. | CAPITAL SHARE TRANSACTIONS |
Six Months Ended | Year Ended | |||||||
Trust Name | 04/30/23 | 10/31/22 | ||||||
BIT | 39,531 | 74,296 | ||||||
11. | SUBSEQUENT EVENTS |
Declaration | Record | Payable/ | Dividend Per | |||||||||||||
Trust Name | Date | Date | Paid Date | Common Share | ||||||||||||
BIT | 05/01/23 | 05/15/23 | 05/31/23 | $ | 0.123700 | |||||||||||
06/01/23 | 06/15/23 | 06/30/23 | 0.123700 | |||||||||||||
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A D D I T I O N A L I N F O R M A T I O N | 63 |
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A D D I T I O N A L I N F O R M A T I O N | 65 |
Currency Abbreviation | ||
EUR | Euro | |
GBP | British Pound | |
JPY | Japanese Yen | |
USD | United States Dollar | |
Portfolio Abbreviation | ||
CAB | Capital Appreciation Bonds | |
CDI | CREST Depository Interest | |
CLO | Collateralized Loan Obligation | |
CMT | Constant Maturity Treasury | |
CR | Custodian Receipt | |
DAC | Designated Activity Company | |
EURIBOR | Euro Interbank Offered Rate | |
GO | General Obligation Bonds | |
LIBOR | London Interbank Offered Rate | |
MTA | Month Treasury Average | |
PCL | Public Company Limited | |
PIK | Payment‑in‑Kind | |
PJSC | Public Joint Stock Company | |
RB | Revenue Bond | |
REIT | Real Estate Investment Trust | |
REMIC | Real Estate Mortgage Investment Conduit | |
SAB | Special Assessment Bonds | |
SG | Syncora Guarantee | |
SOFR | Secured Overnight Financing Rate | |
TBA | To‑Be‑Announced |
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(b) Not Applicable
Item 2 – | Code of Ethics – Not Applicable to this semi-annual report |
Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report |
Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
Item 5 – | Audit Committee of Listed Registrant – Not Applicable to this semi-annual report |
Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies |
(a) Not Applicable to this semi-annual report
(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report. |
Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
Item 11 – | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies– Not Applicable to this semi-annual report |
Item 13 – | Exhibits attached hereto |
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(a)(1) Code of Ethics – Not Applicable to this semi-annual report
(a)(2) Section 302 Certifications are attached
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
1 The Fund has received exemptive relief from the Securities and Exchange Commission permitting it to make periodic distributions of long-term capital gains with respect to its outstanding common stock as frequently as twelve times each year, and as frequently as distributions are specified by or in accordance with the terms of its outstanding preferred stock. This relief is conditioned, in part, on an undertaking by the Fund to make the disclosures to the holders of the Fund’s common shares, in addition to the information required by Section 19(a) of the 1940 Act and Rule 19a-1 thereunder. The Fund is likewise obligated to file with the SEC the information contained in any such notice to shareholders and, in that regard, has attached hereto copies of each such notice made during the period.
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Multi-Sector Income Trust
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Multi-Sector Income Trust |
Date: June 21, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock Multi-Sector Income Trust |
Date: June 21, 2023
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock Multi-Sector Income Trust |
Date: June 21, 2023
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