BlackRock Multi-Sector Income Trust (BIT) NPORT-P BlackRock Multi-Sector Income Trust (Jan 2020 report)

Schedule of Investments  (unaudited) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Shares		Value
Common Stocks — 0.6%
Aerospace & Defense — 0.6%
United Technologies Corp.			25,650	$	3,852,630
Diversified Financial Services — 0.0%
Arrow Global Group PLC			4,064		14,232
Total Common Stocks — 0.6% (Cost — $2,980,457)					3,866,862
		Par (000)
Asset-Backed Securities — 19.3%
522 Funding Clo I Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 7.34%), 9.24%, 01/15/33(a)(b)	USD		250		251,425
Ajax Mortgage Loan Trust, Series 2017-D(a):
Class A, 3.75%, 12/25/57			2,881		3,008,493
Class B, 0.00%, 12/25/57(c)(d)			933		419,522
ALM VI Ltd.(a)(b):
(3 mo. LIBOR US + 2.70%), 4.53%, 07/15/26			1,010		997,665
Series 2012-6A, Class BR3, (3 mo. LIBOR US + 1.75%), 3.58%, 07/15/26			1,200		1,185,025
ALM XII Ltd., Series 2015-12A, Class C1R2, (3 mo. LIBOR US + 2.65%), 4.49%, 04/16/27(a)(b)			545		544,929
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36(a)			2,000		2,244,816
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 8.83%, 10/15/28(a)(b)			1,000		1,002,175
Anchorage Capital CLO Ltd.(a):
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.85%), 3.65%, 01/28/31(b)			1,000		968,022
Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 7.23%, 01/15/30(b)			860		839,649
Series 2015-6A, Class DR, (3 mo. LIBOR US + 3.55%), 5.38%, 07/15/30(b)			1,000		999,840
Series 2015-7A, Class DR, (3 mo. LIBOR US + 2.70%), 4.53%, 10/15/27(b)			250		249,341
Series 2015-7A, Class ER, 7.43%, 10/15/27(d)			333	��	329,669
Series 2016-8A, Class DR, (3 mo. LIBOR US + 3.00%), 4.80%, 07/28/28(b)			1,000		994,944

Security		Par (000)		Value
Asset-Backed Securities (continued)
Ares XLI CLO Ltd., Series 2016-41A, Class D, (3 mo. LIBOR US + 4.20%), 6.03%, 01/15/29(a)(b)	USD		900	$	900,050
Battalion CLO VIII Ltd., Series 2015-8A, Class D1R, (3 mo. LIBOR US + 7.00%), 8.82%, 07/18/30(a)(b)			500		500,608
Battalion CLO XI Ltd., Series 2017-11A, Class E, (3 mo. LIBOR US + 5.98%), 7.78%, 10/24/29(a)(b)			325		308,728
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 1.80%, 11/25/36(b)			2,578		2,523,765
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class CR, (3 mo. LIBOR US + 3.70%), 5.53%, 07/15/29(a)(b)			1,750		1,638,749
Benefit Street Partners CLO VI Ltd., Series 2015-VIA(a)(b):
Class BR, (3 mo. LIBOR US + 2.40%), 4.22%, 10/18/29			1,000		999,735
Class CR, (3 mo. LIBOR US + 3.45%), 5.27%, 10/18/29			1,000		999,705
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class CR, (3 mo. LIBOR US + 3.50%), 5.33%, 01/15/29(a)(b)			420		416,898
Benefit Street Partners CLO XVIII Ltd., Series 2019-18A, Class E, (3 mo. LIBOR US + 6.90%), 8.81%, 10/15/32(a)(b)			500		489,987
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 4.49%, 01/17/28(a)(b)			250		249,050
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.16%), 1.82%, 10/25/36(b)			6,422		4,920,839
Carrington Mortgage Loan Trust, Series 2006-FRE2(b):
Class A2, (1 mo. LIBOR US + 0.12%), 1.78%, 10/25/36			4,095		3,295,911
Class A5, (1 mo. LIBOR US + 0.08%), 1.74%, 03/25/35			8,436		6,754,787
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 8.26%, 07/20/32(a)(b)			500		494,304
CIFC Funding II Ltd., Series 2015-2A, Class DR, 4.28%, 04/15/27(a)(d)			750		749,887
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 8.83%, 10/15/32(a)(b)			950		949,830

1

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities (continued)
Fremont Home Loan Trust(b):
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.16%), 1.82%, 05/25/36	USD		22,072	$	14,806,157
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 1.81%, 11/25/36			20,143		9,010,902
Galaxy CLO Ltd., Series 2015-21A, (3 mo. LIBOR US + 5.25%), 7.07%, 04/20/31(a)(b)			500		469,818
Galaxy CLO XXIX Ltd., Series 2018-29A, Class D, (3 mo. LIBOR US + 2.40%), 4.31%, 11/15/26(a)(b)			530		528,672
Highbridge Loan Management Ltd., Series 4A-2014, Class BR, (3 mo. LIBOR US + 1.85%), 3.65%, 01/28/30(a)(b)			1,750		1,696,875
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 1.83%, 04/25/37(b)			10,236		7,498,465
HPS Loan Management Ltd.(a)(b):
Series 8A-2016, Class ER, (3 mo. LIBOR US + 5.50%), 7.32%, 07/20/30			1,000		957,408
Series 10A-16, Class C, (3 mo. LIBOR US + 3.65%), 5.47%, 01/20/28			2,500		2,471,125
Invitation Homes Trust, Series 2018-SFR2, Class E, (1 mo. LIBOR US + 2.00%), 3.68%, 06/17/37(a)(b)			3,000		3,014,929
Kayne CLO Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 9.28%, 01/20/33(a)(b)			500		498,173
Long Beach Mortgage Loan Trust(b):
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 1.82%, 11/25/36			11,289		5,312,676
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 1.82%, 08/25/36			6,396		3,534,128
Madison Park Funding X Ltd., Series 2012-10A(a)(b):
Class DR2, (3 mo. LIBOR US + 3.25%), 5.07%, 01/20/29			750		736,974
Class ER2, (3 mo. LIBOR US + 6.40%), 8.22%, 01/20/29			1,500		1,488,549
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 5.52%, 04/20/26(a)(b)			1,000		999,848

Security		Par (000)			Value
Asset-Backed Securities (continued)
Mastr Asset-Backed Securities Trust, Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.15%), 1.81%, 06/25/36(b)	USD		9,463		$	5,395,039
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 5.00%), 6.83%, 01/15/28(a)(b)			710			695,929
Oaktree CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 5.20%), 7.02%, 10/20/27(a)(b)			1,000			956,239
Octagon Investment Partners LLC, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 8.12%, 07/20/30(a)(b)			500			497,548
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 2.75%), 4.55%, 01/22/30(a)(b)			500			490,345
OHA Credit Partners VII Ltd., Series 2012-7A, Class DR, (3 mo. LIBOR US + 4.20%), 6.10%, 11/20/27(a)(b)			590			590,679
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, (3 mo. LIBOR US + 7.15%), 8.97%, 01/21/30(a)(b)			405			404,869
OZLM XIV Ltd., Series 2015-14A, Class CR, (3 mo. LIBOR US + 3.00%), 4.83%, 01/15/29(a)(b)			1,000			950,602
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 7.36%, 01/20/31(a)(b)			250			238,414
Palmer Square Loan Funding Ltd., Series 2018-5A, Class D, (3 mo. LIBOR US + 4.25%), 6.07%, 01/20/27(a)(b)			500			494,634
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.22%), 8.13%, 11/14/29(a)(b)			1,750			1,682,829
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37			4,070			2,343,557
Rockford Tower CLO Ltd., Series 2017-2A, Class D, (3 mo. LIBOR US + 3.45%), 5.28%, 10/15/29(a)(b)			500			496,438
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 2.06%, 09/25/47(b)			5,000			4,724,294
Scholar Funding Trust, Series 2013-A, Class R, 0.00%(c)			—	(q)		1,543,442
TICP CLO VII Ltd., Series 2017-7A, Class E, (3 mo. LIBOR US + 6.51%), 8.34%, 07/15/29(a)(b)			500			487,783

2

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities (continued)
Treman Park CLO Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 2.65%), 4.47%, 10/20/28(a)(b)	USD		1,500	$	1,466,775
TRESTLES CLO II Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 3.65%), 5.44%, 07/25/29(a)(b)			250		248,337
WaMu Asset-Backed Certificates Trust, Series 2007-HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 1.90%, 05/25/37(b)			8,347		7,512,783
Wellfleet CLO Ltd., Series 2017-3A, Class B, (3 mo. LIBOR US + 1.95%), 3.79%, 01/17/31(a)(b)			500		467,569
Westcott Park CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 5.07%, 07/20/28(a)(b)			550		549,391
York CLO-2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 7.45%, 01/22/31(a)(b)			250		238,000
Total Asset-Backed Securities — 19.3% (Cost — $119,825,053)					125,728,543
Corporate Bonds — 77.3%
Aerospace & Defense — 3.0%
Amsted Industries, Inc., 5.63%, 07/01/27(a)			185		196,665
Arconic, Inc.:
5.40%, 04/15/21			12		12,346
5.87%, 02/23/22(e)			1,065		1,135,567
5.13%, 10/01/24(e)			808		872,454
Bombardier, Inc.(a):
8.75%, 12/01/21			709		758,630
5.75%, 03/15/22			120		119,700
6.00%, 10/15/22			10		9,800
6.13%, 01/15/23			408		402,667
7.50%, 12/01/24			181		175,796
7.50%, 03/15/25(e)			197		189,366
7.88%, 04/15/27(e)			1,593		1,509,288
CenturyLink, Inc., 4.00%, 02/15/27(a)			605		609,961
Global Aircraft Leasing Co. Ltd., (6.5% Cash or 7.25% PIK), 6.50%, 09/15/24(a)(f)			913		951,803
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(a)(e)			448		477,120
Lockheed Martin Corp., 4.09%, 09/15/52(e)			451		556,506
Moog, Inc., 4.25%, 12/15/27(a)			393		402,884
Signature Aviation US Holdings, Inc.(a):
5.38%, 05/01/26			322		334,075
4.00%, 03/01/28			487		481,676
SoftBank Group Corp., 4.00%, 04/20/23	EUR		240		283,473

Security		Par (000)		Value
Aerospace & Defense (continued)
TransDigm UK Holdings PLC, 6.88%, 05/15/26	USD		431	$	459,015
TransDigm, Inc.(a):
6.25%, 03/15/26(e)			6,854		7,392,039
5.50%, 11/15/27			505		508,106
Triumph Group, Inc., 6.25%, 09/15/24(a)			239		246,517
United Technologies Corp., 3.75%, 11/01/46(e)			700		800,822
Wolverine Escrow LLC(a):
8.50%, 11/15/24			282		289,989
9.00%, 11/15/26			569		591,009
					19,767,274
Air Freight & Logistics — 0.2%
FedEx Corp.(e):
3.90%, 02/01/35			500		528,201
4.75%, 11/15/45			500		556,615
XPO Logistics, Inc., 6.75%, 08/15/24(a)			22		23,735
					1,108,551
Airlines — 2.2%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/22(a)			1,833		1,886,442
American Airlines Group, Inc., 5.00%, 06/01/22(a)			1,300		1,350,375
American Airlines Pass-Through Trust:
Series 2013-2, Class A, 4.95%, 07/15/24			1,180		1,237,434
Series 2017-1, Class B, 4.95%, 08/15/26			1,365		1,458,550
Avianca Holdings SA, 9.00%, 05/10/23(a)			465		468,953
Continental Airlines Pass-Through Trust, Class B:
Series 2007-1, 6.90%, 10/19/23			102		107,745
Series 2012-1, 6.25%, 10/11/21			196		197,333
Delta Air Lines Pass-Through Trust, Series 2007-1, Class B, 8.02%, 02/10/24			1,085		1,189,405
Latam Finance Ltd., 6.88%, 04/11/24(a)			737		784,145
United Airlines Pass-Through Trust(e):
Series 2014-2, Class B, 4.63%, 03/03/24			1,723		1,788,050
Series 2015-1, Class A, 3.70%, 06/01/24			3,570		3,705,616
					14,174,048
Auto Components — 1.0%
Allison Transmission, Inc.(a):
5.00%, 10/01/24			38		38,713
5.88%, 06/01/29			381		415,940
Aptiv PLC(e):
4.25%, 01/15/26			400		439,318

3

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Auto Components (continued)
4.40%, 10/01/46	USD		280	$	287,373
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(a)			337		341,213
Goodyear Tire & Rubber Co., 5.00%, 05/31/26			77		79,988
IHO Verwaltungs GmbH(f):
(3.63% Cash or 4.38% PIK), 3.63%, 05/15/25	EUR		100		113,848
(4.63% PIK), 3.88%, 05/15/27			100		114,715
Jaguar Land Rover Automotive PLC, 6.88%, 11/15/26			100		117,997
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.:
4.38%, 05/15/26			101		115,374
6.25%, 05/15/26(a)(e)	USD		1,544		1,656,097
8.50%, 05/15/27(a)(e)			2,102		2,259,650
Tesla, Inc., 5.30%, 08/15/25(a)			398		401,988
					6,382,214
Automobiles — 0.4%
General Motors Co., 6.25%, 10/02/43(e)			2,194		2,592,874
Banks — 0.6%
Allied Irish Banks PLC, (5 year EUR Swap + 3.95%), 4.13%, 11/26/25(g)	EUR		100		114,334
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25			100		111,052
Banco BPM SpA, 2.50%, 06/21/24			100		116,387
Barclays PLC:
4.38%, 09/11/24	USD		720		770,967
5.20%, 05/12/26			200		225,155
BBVA Bancomer SA, 6.75%, 09/30/22(a)			682		748,495
CIT Group, Inc., 5.00%, 08/01/23(e)			847		908,408
HSBC Holdings PLC, 4.38%, 11/23/26(e)			370		407,708
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33(a)(e)(g)			500		556,451
					3,958,957
Beverages — 0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(e)			2,160		2,684,491

Security		Par (000)		Value
Beverages (continued)
Central American Bottling Corp., 5.75%, 01/31/27(a)	USD		637	$	673,030
					3,357,521
Biotechnology — 0.3%
Amgen, Inc., 4.40%, 05/01/45(e)			1,100		1,272,066
Gilead Sciences, Inc., 4.75%, 03/01/46(e)			700		871,229
					2,143,295
Building Materials — 0.0%
Cemex SAB de CV, 3.13%, 03/19/26	EUR		100		116,034
Building Products — 0.4%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27(a)	USD		310		320,075
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26(a)			317		333,643
Beacon Roofing Supply, Inc.(a):
4.88%, 11/01/25			62		61,671
4.50%, 11/15/26			104		106,860
Jeld-Wen, Inc.(a):
4.63%, 12/15/25			163		166,260
4.88%, 12/15/27			23		23,805
Masonite International Corp.(a):
5.75%, 09/15/26			106		112,360
5.38%, 02/01/28			186		195,823
Standard Industries, Inc.(a):
5.50%, 02/15/23			32		32,480
5.38%, 11/15/24(e)			522		536,355
6.00%, 10/15/25(e)			659		687,831
5.00%, 02/15/27			48		50,040
4.75%, 01/15/28			68		69,743
					2,696,946
Capital Markets — 0.3%
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%(g)(h)			620		647,900
Intercorp Peru Ltd., 3.88%, 08/15/29(a)			200		202,094
Intertrust Group BV, 3.38%, 11/15/25	EUR		100		115,605
LABL Escrow Issuer LLC, 6.75%, 07/15/26(a)	USD		414		444,648
Owl Rock Capital Corp., 5.25%, 04/15/24			106		113,990
Raymond James Financial, Inc., 4.95%, 07/15/46(e)			400		493,009
Stevens Holding Co., Inc., 6.13%, 10/01/26(a)			197		215,715
					2,232,961
Chemicals — 1.6%
Atotech Alpha 2 BV, (8.75% Cash or 9.50% PIK), 8.75%, 06/01/23(a)(f)			306		311,386

4

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chemicals (continued)
Atotech Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25(a)	USD		2,170	$	2,216,112
Axalta Coating Systems LLC, 4.88%, 08/15/24(a)			265		272,950
Blue Cube Spinco LLC:
9.75%, 10/15/23			915		975,637
10.00%, 10/15/25			430		469,530
Chemours Co.:
6.63%, 05/15/23			259		254,967
5.38%, 05/15/27			170		147,475
Cydsa SAB de CV, 6.25%, 10/04/27(a)(e)			914		948,275
Element Solutions, Inc., 5.88%, 12/01/25(a)(e)			1,636		1,691,002
GCP Applied Technologies, Inc., 5.50%, 04/15/26(a)			199		206,960
Monitchem HoldCo 3 SA, 5.25%, 03/15/25	EUR		100		116,008
NOVA Chemicals Corp., 4.88%, 06/01/24(a)	USD		80		81,200
Orbia Advance Corp SAB de CV, 5.50%, 01/15/48(a)(e)			526		570,546
PQ Corp.(a)(e):
6.75%, 11/15/22			437		447,925
5.75%, 12/15/25			644		672,980
Sherwin-Williams Co., 4.50%, 06/01/47(e)			310		368,003
WR Grace & Co-Conn(a)(e):
5.13%, 10/01/21			277		287,651
5.63%, 10/01/24			300		330,705
					10,369,312
Commercial Services & Supplies — 2.3%
ADT Security Corp.:
6.25%, 10/15/21			234		247,656
3.50%, 07/15/22			71		71,997
4.13%, 06/15/23			16		16,260
4.88%, 07/15/32(a)			685		636,913
Advanced Disposal Services, Inc., 5.63%, 11/15/24(a)			176		183,304
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27(a)			636		678,930
Autostrade per l’Italia SpA, 5.88%, 06/09/24	EUR		200		258,836
Aviation Capital Group LLC, 6.75%, 04/06/21(a)(e)	USD		5,000		5,266,085
Booz Allen Hamilton, Inc., 5.13%, 05/01/25(a)			455		467,512
Clean Harbors, Inc.(a)(e):
4.88%, 07/15/27			297		312,563
5.13%, 07/15/29			205		218,325
Core & Main LP, 6.13%, 08/15/25(a)			1,119		1,149,627

Security		Par (000)		Value
Commercial Services & Supplies (continued)
Fortress Transportation & Infrastructure Investors LLC(a):
6.75%, 03/15/22	USD		85	$	87,550
6.50%, 10/01/25			92		97,674
GFL Environmental, Inc.(a):
5.38%, 03/01/23			36		36,765
7.00%, 06/01/26			980		1,021,356
5.13%, 12/15/26			562		578,776
8.50%, 05/01/27			609		663,810
Harland Clarke Holdings Corp., 8.38%, 08/15/22(a)			470		408,618
KAR Auction Services, Inc., 5.13%, 06/01/25(a)(e)			323		331,343
Mobile Mini, Inc., 5.88%, 07/01/24(e)			585		608,400
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(a)(e)			188		195,285
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		115,692
United Rentals North America, Inc.:
4.63%, 10/15/25(e)	USD		324		331,088
5.88%, 09/15/26			60		63,825
5.50%, 05/15/27			345		366,493
3.88%, 11/15/27(e)			292		294,920
5.25%, 01/15/30			170		182,495
					14,892,098
Communications Equipment — 0.9%
CommScope, Inc.(a):
5.50%, 03/01/24(e)			1,042		1,070,655
6.00%, 03/01/26			205		214,994
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, 05/01/24(a)			277		297,786
Nokia OYJ(e):
3.38%, 06/12/22			126		127,890
4.38%, 06/12/27			177		186,735
6.63%, 05/15/39			245		297,675
ViaSat, Inc., 5.63%, 04/15/27(a)			753		788,692
Ypso Finance Bis SA, 6.00%, 02/15/28(a)(i)			497		492,030
Zayo Group LLC/Zayo Capital, Inc.(e):
6.38%, 05/15/25			343		350,546
5.75%, 01/15/27(a)			2,096		2,140,331
					5,967,334
Construction & Engineering — 0.3%
Brand Industrial Services, Inc., 8.50%, 07/15/25(a)			624		625,479
frontdoor, Inc., 6.75%, 08/15/26(a)			436		476,616
SPIE SA, 2.63%, 06/18/26	EUR		100		114,253

5

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Construction & Engineering (continued)
SRS Distribution, Inc., 8.25%, 07/01/26(a)	USD		393	$	408,720
					1,625,068
Construction Materials — 0.7%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28(a)			444		447,659
Core & Main Holdings LP, (8.625% Cash or 9.38% PIK), 8.63%, 09/15/24(a)(f)			551		574,418
HD Supply, Inc., 5.38%, 10/15/26(a)(e)			2,397		2,540,820
Navistar International Corp., 6.63%, 11/01/25(a)(e)			415		434,019
New Enterprise Stone & Lime Co., Inc.(a):
10.13%, 04/01/22			162		169,695
6.25%, 03/15/26			88		91,960
Williams Scotsman International, Inc.(a):
7.88%, 12/15/22			116		120,930
6.88%, 08/15/23			464		487,353
					4,866,854
Consumer Discretionary — 0.2%
Nielsen Co. Luxembourg Sarl, 5.00%, 02/01/25(a)(e)			196		199,454
Viking Cruises Ltd.(a)(e):
6.25%, 05/15/25			300		308,001
5.88%, 09/15/27			605		620,155
					1,127,610
Consumer Finance — 1.6%
Ally Financial, Inc., 8.00%, 11/01/31(e)			1,832		2,573,960
Credivalores-Crediservicios SAS, 9.75%, 07/27/22(a)			457		481,421
Iron Mountain UK PLC, 3.88%, 11/15/25	GBP		100		134,506
Muthoot Finance Ltd., 6.13%, 10/31/22(a)	USD		481		498,436
Navient Corp.:
5.00%, 10/26/20(e)			370		375,180
7.25%, 09/25/23(e)			153		169,065
6.13%, 03/25/24			105		111,859
5.88%, 10/25/24			137		144,524
6.75%, 06/15/26			40		43,400
5.00%, 03/15/27			335		334,162
Refinitiv US Holdings, Inc.:
4.50%, 05/15/26	EUR		118		141,828
4.50%, 05/15/26(a)			480		576,928
6.25%, 05/15/26(a)	USD		50		54,065
8.25%, 11/15/26(a)(e)			1,152		1,283,098
Springleaf Finance Corp.:
6.13%, 05/15/22			85		90,525
6.88%, 03/15/25			334		376,585
7.13%, 03/15/26			483		554,170

Security		Par (000)		Value
Consumer Finance (continued)
6.63%, 01/15/28	USD		262	$	294,750
5.38%, 11/15/29			195		202,780
Verscend Escrow Corp., 9.75%, 08/15/26(a)(e)			1,880		2,044,500
					10,485,742
Containers & Packaging — 1.4%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(a)(f)			799		824,888
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.13%, 08/15/26(a)(e)			310		318,913
4.75%, 07/15/27(a)	GBP		100		137,136
4.75%, 07/15/27			100		137,136
Berry Global, Inc.:
1.00%, 01/15/25	EUR		100		109,796
4.88%, 07/15/26(a)(e)	USD		467		487,946
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			513		534,802
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26(e)			543		562,738
Intertape Polymer Group, Inc., 7.00%, 10/15/26(a)			237		250,628
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(a)(e)			1,577		1,625,051
OI European Group BV, 2.88%, 02/15/25	EUR		100		113,678
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(a):
5.13%, 07/15/23	USD		172		175,528
7.00%, 07/15/24			421		434,682
Sealed Air Corp.(a):
5.13%, 12/01/24			54		58,320
6.88%, 07/15/33			44		52,140
Silgan Holdings, Inc., 4.13%, 02/01/28(a)			278		276,332
Trivium Packaging Finance BV:
3.75%, 08/15/26	EUR		100		115,954
5.50%, 08/15/26(a)	USD		1,189		1,252,909
8.50%, 08/15/27(a)			1,508		1,658,800
					9,127,377
Diversified Consumer Services — 0.7%
APX Group, Inc.:
8.75%, 12/01/20			289		289,452
7.88%, 12/01/22			185		188,147
8.50%, 11/01/24(a)			166		176,652
Ascend Learning LLC, 6.88%, 08/01/25(a)(e)			1,197		1,250,865
Garda World Security Corp., 4.63%, 02/15/27(a)			345		341,498

6

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Consumer Services (continued)
Graham Holdings Co., 5.75%, 06/01/26(a)	USD		204	$	217,260
Laureate Education, Inc., 8.25%, 05/01/25(a)			138		147,832
Pinnacle Bidco PLC, 6.38%, 02/15/25	GBP		100		138,410
Prime Security Services Borrower LLC/Prime Finance, Inc.(a):
9.25%, 05/15/23(e)	USD		236		247,210
5.25%, 04/15/24			178		185,565
5.75%, 04/15/26(e)			416		438,880
Service Corp. International, 5.13%, 06/01/29			281		299,237
ServiceMaster Co. LLC, 5.13%, 11/15/24(a)(e)			546		564,275
					4,485,283
Diversified Financial Services — 1.8%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26(a)(e)			1,966		2,090,104
Alpha Holding SA de CV, 9.00%, 02/10/25(a)(i)			405		405,506
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		134,192
ASG Finance Designated Activity Co., 7.88%, 12/03/24(a)	USD		262		251,520
Citigroup, Inc., Series V, (Secured Overnight Financing Rate + 3.23%), 4.70%(g)(h)			720		733,500
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(a)			264		280,500
Ford Motor Credit Co. LLC, 4.39%, 01/08/26(e)			1,250		1,288,039
Garfunkelux Holdco 3 SA, 7.50%, 08/01/22	EUR		100		111,237
General Motors Financial Co., Inc., 4.25%, 05/15/23(e)	USD		326		345,359
Gilex Holding Sarl, 8.50%, 05/02/23(a)			256		277,120
Intesa Sanpaolo SpA, 5.02%, 06/26/24(a)			2,888		3,066,685
Intrum AB, 3.00%, 09/15/27	EUR		100		108,942
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(f)			101		115,117
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%(g)(h)	USD		515		575,512
MSCI, Inc.(a):
5.25%, 11/15/24			48		49,440
4.00%, 11/15/29			99		101,104
Murphy Oil USA, Inc., 4.75%, 09/15/29			194		202,730

Security		Par (000)		Value
Diversified Financial Services (continued)
Spectrum Brands, Inc., 5.00%, 10/01/29(a)	USD		132	$	137,168
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(a)(e)			924		956,340
Usiminas International Sarl, 5.88%, 07/18/26(a)			200		214,900
Verisure Midholding AB, 5.75%, 12/01/23	EUR		100		113,554
VZ Vendor Financing BV, 2.50%, 01/31/24			100		112,569
WMG Acquisition Corp.:
4.13%, 11/01/24	EUR		90		102,914
5.50%, 04/15/26(a)	USD		197		207,342
					11,981,394
Diversified Telecommunication Services — 3.8%
AT&T, Inc.(e):
4.65%, 06/01/44			111		125,469
4.85%, 07/15/45			389		457,222
4.75%, 05/15/46			2,545		2,946,619
Axtel SAB de CV, 6.38%, 11/14/24(a)(e)			525		554,039
CenturyLink, Inc.:
5.13%, 12/15/26(a)			1,101		1,134,030
Series P, 7.60%, 09/15/39			279		301,808
Series U, 7.65%, 03/15/42			544		589,821
Series W, 6.75%, 12/01/23(e)			620		687,425
Series Y, 7.50%, 04/01/24(e)			715		806,756
Cincinnati Bell, Inc., 7.00%, 07/15/24(a)(e)			100		104,625
Frontier Communications Corp., 8.00%, 04/01/27(a)(e)			1,439		1,502,028
GCI LLC, 6.63%, 06/15/24(a)			182		196,105
Level 3 Financing, Inc.:
5.38%, 08/15/22			91		91,364
5.63%, 02/01/23			146		146,044
5.13%, 05/01/23(e)			360		361,692
5.38%, 05/01/25			146		150,745
5.25%, 03/15/26(e)			864		898,646
4.63%, 09/15/27(a)			169		173,651
Oi SA, (8.00% Cash or 4.00% PIK), 10.00%, 07/27/25(f)			507		491,537
SoftBank Group Corp., 4.50%, 04/20/25	EUR		100		120,901
Telecom Argentina SA, 8.00%, 07/18/26(a)	USD		262		255,614
Telecom Italia Capital SA:
6.38%, 11/15/33			82		95,637
6.00%, 09/30/34			473		531,631
7.20%, 07/18/36			54		66,960
7.72%, 06/04/38			133		172,774
Telecom Italia SpA:
4.00%, 04/11/24	EUR		100		122,605

7

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
5.30%, 05/30/24(a)(e)	USD		800	$	872,000
2.75%, 04/15/25	EUR		100		117,259
Telesat Canada/Telesat LLC, 4.88%, 06/01/27(a)	USD		404		415,049
Verizon Communications, Inc., 6.55%, 09/15/43(e)			6,500		9,965,114
					24,455,170
Electric Utilities — 1.0%
Duke Energy Corp., 4.80%, 12/15/45(e)			1,500		1,873,885
Emera US Finance LP, 4.75%, 06/15/46(e)			200		243,294
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(a)			309		321,619
Enel Finance International NV, 3.63%, 05/25/27(a)(e)			1,250		1,334,474
Energuate Trust, 5.88%, 05/03/27(a)(e)			375		393,281
Inkia Energy Ltd., 5.88%, 11/09/27(a)(e)			455		480,594
NextEra Energy Operating Partners LP(a):
4.25%, 07/15/24			626		652,743
4.25%, 09/15/24			119		123,909
4.50%, 09/15/27			138		143,914
Talen Energy Supply LLC:
6.50%, 06/01/25			60		46,800
10.50%, 01/15/26(a)			60		53,219
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37(e)			750		1,056,232
					6,723,964
Electronic Equipment, Instruments & Components — 0.5%
CDW LLC/CDW Finance Corp.:
5.50%, 12/01/24(e)			724		808,165
5.00%, 09/01/25			127		131,921
Corning, Inc., 4.38%, 11/15/57(e)			1,915		2,080,045
Itron, Inc., 5.00%, 01/15/26(a)			29		30,160
					3,050,291
Energy Equipment & Services — 0.5%
Apergy Corp., 6.38%, 05/01/26			283		297,321
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27(a)			213		227,208
Gates Global LLC/Gates Global Co., 6.25%, 01/15/26(a)			367		377,038
Odebrecht Oil & Gas Finance Ltd., 0.00%(a)(h)(j)	BRL		155		1,304
Pattern Energy Group, Inc., 5.88%, 02/01/24(a)	USD		263		270,233
Transocean, Inc.:
8.38%, 12/15/21			47		48,645
9.00%, 07/15/23(a)(e)			1,046		1,123,822

Security		Par (000)		Value
Energy Equipment & Services (continued)
USA Compression Partners LP/USA Compression Finance Corp.:
6.88%, 04/01/26(e)	USD		329	$	342,160
6.88%, 09/01/27			567		591,041
					3,278,772
Environmental, Maintenance, & Security Service — 0.1%
Tervita Corp., 7.63%, 12/01/21(a)(e)			383		389,703
Waste Pro USA, Inc., 5.50%, 02/15/26(a)			217		222,936
					612,639
Equity Real Estate Investment Trusts (REITs) — 2.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(a)			205		213,903
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(a)(e)			265		274,275
GLP Capital LP/GLP Financing II, Inc.(e):
5.25%, 06/01/25			124		138,858
5.38%, 04/15/26			208		236,018
Iron Mountain, Inc.(a):
4.88%, 09/15/27			471		485,130
4.88%, 09/15/29			233		237,683
iStar, Inc., 5.25%, 09/15/22(e)			81		82,671
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27(a)			992		990,026
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			48		51,960
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.(e):
5.63%, 05/01/24			1,713		1,868,523
4.50%, 09/01/26			665		691,836
MPT Operating Partnership LP/MPT Finance Corp.:
5.50%, 05/01/24			88		89,870
5.00%, 10/15/27(e)			1,095		1,151,064
4.63%, 08/01/29(e)			539		563,255
Ryman Hospitality Properties, Inc., 4.75%, 10/15/27(a)			731		760,240
SBA Communications Corp., 4.88%, 09/01/24(e)			1,636		1,691,215

8

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Starwood Property Trust, Inc., 5.00%, 12/15/21(e)	USD		278	$	284,950
Trust F/1401, 6.95%, 01/30/44			1,738		2,118,731
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23(e)			168		181,082
VICI Properties LP/VICI Note Co, Inc., 4.63%, 12/01/29(a)			932		973,940
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(a)			148		154,845
					13,240,075
Food & Staples Retailing — 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC:
6.63%, 06/15/24(e)			206		214,240
5.75%, 03/15/25			94		97,292
7.50%, 03/15/26(a)			127		140,653
4.63%, 01/15/27(a)(i)			843		854,701
5.88%, 02/15/28(a)			377		402,447
4.88%, 02/15/30(a)(i)			319		327,447
B&M European Value Retail SA, 4.13%, 02/01/22	GBP		100		133,030
BRF GmbH, 4.35%, 09/29/26	USD		200		204,375
Post Holdings, Inc., 5.50%, 12/15/29(a)			248		262,545
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44(e)			750		788,737
					3,425,467
Food Products — 1.4%
Aramark Services, Inc.:
5.00%, 04/01/25(a)			347		361,494
4.75%, 06/01/26			252		262,080
5.00%, 02/01/28(a)(e)			668		699,730
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(a)(e)			532		529,138
Darling Ingredients, Inc., 5.25%, 04/15/27(a)			146		154,030
Graphic Packaging International LLC, 4.75%, 07/15/27(a)			104		112,320
JBS Investments II GmbH, 5.75%, 01/15/28(a)			395		417,005
JBS USA LUX SA/JBS USA Finance, Inc.(a):
5.88%, 07/15/24			594		610,026
5.75%, 06/15/25(e)			1,153		1,193,931
6.75%, 02/15/28			464		514,112
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(a):
6.50%, 04/15/29			862		965,440
5.50%, 01/15/30			683		737,640
MARB BondCo PLC:
7.00%, 03/15/24			229		237,015
6.88%, 01/19/25(a)			637		671,000

Security		Par (000)		Value
Food Products (continued)
MHP Lux SA, 6.25%, 09/19/29(a)	USD		600	$	580,500
Performance Food Group, Inc., 5.50%, 10/15/27(a)			331		348,378
Post Holdings, Inc.(a):
5.50%, 03/01/25(e)			273		282,782
5.75%, 03/01/27(e)			294		310,170
5.63%, 01/15/28			86		90,945
Simmons Foods, Inc., 7.75%, 01/15/24(a)			279		298,530
					9,376,266
Health Care Equipment & Supplies — 1.0%
Avantor, Inc.(a)(e):
6.00%, 10/01/24			2,044		2,171,750
9.00%, 10/01/25			1,292		1,427,919
Hologic, Inc.(a):
4.38%, 10/15/25			225		229,124
4.63%, 02/01/28			179		188,327
Immucor, Inc., 11.13%, 02/15/22(a)			112		110,880
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA(a):
6.63%, 05/15/22(e)			489		487,166
7.25%, 02/01/28			1,529		1,555,956
Teleflex, Inc.:
4.88%, 06/01/26			284		296,070
4.63%, 11/15/27			72		75,780
					6,542,972
Health Care Providers & Services — 3.8%
Acadia Healthcare Co., Inc., 5.13%, 07/01/22			72		72,090
AHP Health Partners, Inc., 9.75%, 07/15/26(a)			252		274,680
Centene Corp.:
6.13%, 02/15/24			40		41,300
5.25%, 04/01/25(a)			543		562,684
5.38%, 06/01/26(a)(e)			401		426,564
5.38%, 08/15/26(a)			387		411,187
4.25%, 12/15/27(a)			802		836,085
4.63%, 12/15/29(a)(e)			2,173		2,335,758
CHS/Community Health Systems, Inc.(a):
8.63%, 01/15/24			836		888,250
6.63%, 02/15/25(i)			230		232,341
8.00%, 03/15/26(e)			1,188		1,238,134
Encompass Health Corp., 5.75%, 11/01/24			45		45,550
Envision Healthcare Crop., 8.75%, 10/15/26(a)			252		151,956

9

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
HCA, Inc.:
5.38%, 02/01/25(e)	USD		1,326	$	1,481,938
5.88%, 02/15/26			54		62,033
5.38%, 09/01/26(e)			403		453,395
5.63%, 09/01/28(e)			1,040		1,205,100
5.88%, 02/01/29			553		652,595
MEDNAX, Inc.(a):
5.25%, 12/01/23(e)			198		201,960
6.25%, 01/15/27			695		708,031
Molina Healthcare, Inc.:
5.38%, 11/15/22			207		219,182
4.88%, 06/15/25(a)			204		208,080
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(a)(e)			879		851,417
Northwell Healthcare, Inc., 4.26%, 11/01/47(e)			686		789,229
NVA Holdings, Inc., 6.88%, 04/01/26(a)			206		222,480
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22(a)(e)(f)			514		477,977
Radiology Partners, Inc., 9.25%, 02/01/28(a)			170		176,800
Regional Care Hospital Partners Holdings, Inc., 8.25%, 05/01/23(a)(e)			711		746,763
Surgery Center Holdings, Inc.(a):
6.75%, 07/01/25(e)			726		738,705
10.00%, 04/15/27			352		391,600
Team Health Holdings, Inc., 6.38%, 02/01/25(a)(e)			105		61,691
Tenet Healthcare Corp.:
8.13%, 04/01/22(e)			1,295		1,414,839
4.63%, 07/15/24(e)			428		438,700
4.63%, 09/01/24(a)			433		445,990
4.88%, 01/01/26(a)(e)			1,703		1,765,798
6.25%, 02/01/27(a)(e)			683		722,341
5.13%, 11/01/27(a)			1,129		1,188,272
UnitedHealth Group, Inc., 4.38%, 03/15/42(e)			750		890,148
Vizient, Inc., 6.25%, 05/15/27(a)			483		520,628
					24,552,271
Health Care Technology — 0.4%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(a)			810		824,969
IQVIA, Inc.:
3.25%, 03/15/25	EUR		194		218,383
3.25%, 03/15/25(a)			100		112,568
5.00%, 10/15/26(a)	USD		548		573,345
5.00%, 05/15/27(a)			717		756,464
					2,485,729

Security		Par (000)		Value
Hotels, Restaurants & Leisure — 5.3%
1011778 BC ULC/New Red Finance, Inc.(a):
4.25%, 05/15/24(e)	USD		28	$	28,595
5.00%, 10/15/25(e)			1,853		1,911,740
3.88%, 01/15/28			541		544,435
4.38%, 01/15/28			371		371,890
Boyd Gaming Corp., 6.00%, 08/15/26			133		141,313
Boyne USA, Inc., 7.25%, 05/01/25(a)			260		282,100
Cedar Fair LP, 5.25%, 07/15/29(a)			297		313,335
Churchill Downs, Inc.(a):
5.50%, 04/01/27			965		1,018,075
4.75%, 01/15/28			309		318,270
EI Group PLC, 6.00%, 10/06/23	GBP		3,320		4,391,816
Eldorado Resorts, Inc.:
6.00%, 04/01/25	USD		106		110,922
6.00%, 09/15/26			138		151,283
Golden Nugget, Inc., 6.75%, 10/15/24(a)(e)			1,507		1,548,744
Hilton Domestic Operating Co., Inc.:
4.25%, 09/01/24(e)			382		387,730
5.13%, 05/01/26(e)			852		892,214
4.88%, 01/15/30			1,189		1,257,367
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.:
4.63%, 04/01/25			34		34,765
4.88%, 04/01/27			246		258,915
IRB Holding Corp., 6.75%, 02/15/26(a)			178		185,289
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(a):
5.00%, 06/01/24			45		46,294
5.25%, 06/01/26(e)			406		425,285
4.75%, 06/01/27			5		5,267
LHMC Finco 2 Sarl, (7.25% Cash or 8.00% PIK), 7.25%, 10/02/25(f)	EUR		100		114,127
Lions Gate Capital Holdings LLC(a):
6.38%, 02/01/24	USD		30		30,150
5.88%, 11/01/24			203		198,432
McDonald’s Corp., 3.70%, 01/30/26(e)			750		817,557
MGM Resorts International:
7.75%, 03/15/22(e)			438		485,103
6.00%, 03/15/23			494		542,017
5.75%, 06/15/25			52		57,971
4.63%, 09/01/26			38		39,818
Motion Bondco DAC, 6.63%, 11/15/27(a)			200		212,500
Scientific Games International, Inc.:
5.00%, 10/15/25(a)(e)			840		863,906
3.38%, 02/15/26	EUR		300		338,611
8.25%, 03/15/26(a)	USD		901		977,585
7.00%, 05/15/28(a)			343		361,964
7.25%, 11/15/29(a)			339		363,577

10

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Six Flags Entertainment Corp.(a):
4.88%, 07/31/24(e)	USD		1,683	$	1,718,764
5.50%, 04/15/27			30		31,055
Unique Pub Finance Co. PLC:
Series M, 7.40%, 03/28/24	GBP		6,400		9,610,861
Series N, 6.46%, 03/30/32			100		167,020
Wyndham Destinations, Inc.:
5.40%, 04/01/24	USD		16		17,080
5.75%, 04/01/27			76		82,935
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(a)			328		340,300
Wynn Macau Ltd., 5.50%, 10/01/27(a)			600		607,650
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(a)			626		649,475
Yum! Brands, Inc.:
3.88%, 11/01/23			110		113,209
4.75%, 01/15/30(a)			503		537,581
5.35%, 11/01/43			85		87,125
					33,992,017
Household Durables — 0.7%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.(a):
6.13%, 07/01/22(e)			599		607,236
6.25%, 09/15/27			255		272,850
Controladora Mabe SA de CV, 5.60%, 10/23/28(a)			624		702,800
Lennar Corp.:
6.25%, 12/15/21(e)			450		472,500
4.88%, 12/15/23			146		156,585
4.75%, 05/30/25(e)			410		447,695
5.25%, 06/01/26			32		35,440
4.75%, 11/29/27(e)			425		470,688
MDC Holdings, Inc., 6.00%, 01/15/43			144		160,291
Meritage Homes Corp., 5.13%, 06/06/27			57		61,275
PulteGroup, Inc.:
6.38%, 05/15/33(e)			469		567,490
6.00%, 02/15/35			48		55,080
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(a)			312		347,100
Tempur Sealy International, Inc., 5.50%, 06/15/26(e)			191		200,162
TRI Pointe Group, Inc., 4.88%, 07/01/21			66		67,980
					4,625,172
Household Products — 0.1%
ACCO Brands Corp., 5.25%, 12/15/24(a)			102		105,570
Energizer Holdings, Inc.(a):
6.38%, 07/15/26			54		57,513

Security		Par (000)		Value
Household Products (continued)
7.75%, 01/15/27(e)	USD		327	$	360,534
					523,617
Independent Power and Renewable Electricity Producers — 1.3%
Calpine Corp.:
5.50%, 02/01/24			77		78,001
5.75%, 01/15/25(e)			591		607,560
5.25%, 06/01/26(a)(e)			654		675,320
4.50%, 02/15/28(a)			709		705,455
5.13%, 03/15/28(a)			1,645		1,633,691
Clearway Energy Operating LLC:
5.75%, 10/15/25			242		254,342
4.75%, 03/15/28(a)			378		388,905
Genneia SA, 8.75%, 01/20/22(a)(e)			1,061		882,288
NRG Energy, Inc.(e):
6.63%, 01/15/27			1,184		1,272,800
5.75%, 01/15/28			56		60,273
5.25%, 06/15/29(a)			1,049		1,130,455
QEP Resources, Inc., 5.38%, 10/01/22			228		228,570
TerraForm Power Operating LLC(a):
4.25%, 01/31/23			214		219,964
5.00%, 01/31/28			254		274,320
4.75%, 01/15/30			355		374,085
					8,786,029
Industrial Conglomerates — 0.5%
BWX Technologies, Inc., 5.38%, 07/15/26(a)			470		498,200
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.25%, 02/01/22(e)			341		346,967
6.75%, 02/01/24(e)			240		249,000
4.75%, 09/15/24(a)			143		146,062
6.38%, 12/15/25(e)			231		241,106
6.25%, 05/15/26			498		522,741
5.25%, 05/15/27(a)			604		606,271
Vertiv Group Corp., 9.25%, 10/15/24(a)			522		559,521
					3,169,868
Insurance — 1.2%
Acrisure LLC/Acrisure Finance, Inc., 8.13%, 02/15/24(a)			246		262,912
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(a)			1,159		1,222,745
AmWINS Group, Inc., 7.75%, 07/01/26(a)			262		286,014
Aon PLC, 3.88%, 12/15/25(e)			1,280		1,402,081
GTCR AP Finance, Inc., 8.00%, 05/15/27(a)			374		396,440
HUB International Ltd., 7.00%, 05/01/26(a)			1,506		1,562,475

11

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Insurance (continued)
Nationstar Mortgage Holdings, Inc.(a):
8.13%, 07/15/23	USD		846	$	894,645
9.13%, 07/15/26			211		234,305
Nationwide Building Society, (5 year USD ICE Swap + 1.85%), 4.13%, 10/18/32(a)(e)(g)			690		735,472
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(a)(e)			700		834,756
					7,831,845
Interactive Media & Services — 0.8%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27(a)			359		376,501
Match Group, Inc., 5.63%, 02/15/29(a)			209		225,459
Netflix, Inc.:
4.88%, 04/15/28			89		95,230
5.88%, 11/15/28(e)			904		1,018,040
3.88%, 11/15/29	EUR		100		116,903
5.38%, 11/15/29(a)	USD		700		761,908
3.63%, 06/15/30	EUR		100		115,049
4.88%, 06/15/30(a)	USD		610		636,306
Rackspace Hosting, Inc., 8.63%, 11/15/24(a)(e)			280		277,200
Sabre GLBL, Inc., 5.25%, 11/15/23(a)(e)			305		312,250
Twitter, Inc., 3.88%, 12/15/27(a)			158		158,197
Uber Technologies, Inc.(a):
7.50%, 11/01/23(e)			301		314,545
8.00%, 11/01/26			255		271,309
7.50%, 09/15/27			194		204,610
United Group BV, 3.63%, 02/15/28(i)	EUR		100		109,950
					4,993,457
IT Services — 0.6%
Banff Merger Sub, Inc., 9.75%, 09/01/26(a)(e)	USD		1,899		1,948,469
Camelot Finance SA, 4.50%, 11/01/26(a)			850		864,875
Fair Isaac Corp., 4.00%, 06/15/28(a)			207		210,623
Gartner, Inc., 5.13%, 04/01/25(a)(e)			207		215,193
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27(a)			566		592,828
WEX, Inc., 4.75%, 02/01/23(a)			108		109,080
Xerox Corp., 4.80%, 03/01/35			240		227,400
					4,168,468
Leisure Products — 0.2%
Mattel, Inc.(a):
6.75%, 12/31/25(e)			792		849,420
5.88%, 12/15/27			358		376,312
					1,225,732

Security		Par (000)		Value
Machinery — 0.6%
Colfax Corp.(a):
6.00%, 02/15/24	USD		680	$	715,918
6.38%, 02/15/26			321		344,674
Manitowoc Co., Inc., 9.00%, 04/01/26(a)			231		246,015
Mueller Water Products, Inc., 5.50%, 06/15/26(a)			345		361,387
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(a)(e)			607		620,566
SPX FLOW, Inc.(a):
5.63%, 08/15/24(e)			228		237,120
5.88%, 08/15/26			93		98,347
Terex Corp., 5.63%, 02/01/25(a)(e)			276		284,280
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(a)(e)			1,017		990,411
Wabash National Corp., 5.50%, 10/01/25(a)(e)			286		283,140
					4,181,858
Media — 7.8%
Altice Financing SA:
6.63%, 02/15/23(a)			433		440,577
7.50%, 05/15/26(a)(e)			1,249		1,334,806
3.00%, 01/15/28	EUR		100		108,687
5.00%, 01/15/28(a)	USD		462		453,458
Altice France SA:
7.38%, 05/01/26(a)(e)			2,017		2,148,266
5.88%, 02/01/27	EUR		100		122,689
8.13%, 02/01/27(a)	USD		780		871,650
3.38%, 01/15/28	EUR		100		112,620
5.50%, 01/15/28(a)(e)			757		773,101
Altice Luxembourg SA:
7.63%, 02/15/25(a)	USD		200		207,940
8.00%, 05/15/27	EUR		100		125,323
10.50%, 05/15/27(a)	USD		1,636		1,891,707
AMC Networks, Inc.:
5.00%, 04/01/24			40		40,800
4.75%, 08/01/25			476		480,560
CCO Holdings LLC/CCO Holdings Capital Corp.(a):
4.00%, 03/01/23			421		427,315
5.13%, 05/01/27(e)			1,454		1,519,503
5.88%, 05/01/27			54		56,892
5.00%, 02/01/28(e)			116		121,365
5.38%, 06/01/29(e)			1,321		1,413,470
4.75%, 03/01/30			290		298,156
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45			3,000		3,898,248

12

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Clear Channel Worldwide Holdings, Inc.(a)(e):
9.25%, 02/15/24	USD		1,631	$	1,775,751
5.13%, 08/15/27			2,143		2,207,290
Comcast Corp.(e):
4.60%, 08/15/45			1,750		2,175,594
4.70%, 10/15/48			2,750		3,532,135
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(a)			1,737		1,839,049
CSC Holdings LLC:
5.38%, 07/15/23(a)(e)			980		1,000,874
5.25%, 06/01/24			633		683,640
7.75%, 07/15/25(a)(e)			284		299,271
6.63%, 10/15/25(a)			288		304,056
10.88%, 10/15/25(a)(e)			1,603		1,775,643
5.50%, 05/15/26(a)			200		209,541
5.38%, 02/01/28(a)			200		212,000
6.50%, 02/01/29(a)			368		408,885
5.75%, 01/15/30(a)			1,057		1,136,296
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(a)			785		781,940
Discovery Communications LLC, 4.95%, 05/15/42(e)			400		458,291
DISH DBS Corp.(e):
6.75%, 06/01/21			397		416,354
5.88%, 07/15/22			1,207		1,267,350
5.00%, 03/15/23			303		307,551
5.88%, 11/15/24			254		257,030
Entercom Media Corp., 6.50%, 05/01/27(a)			338		361,797
Hughes Satellite Systems Corp., 5.25%, 08/01/26(e)			217		235,423
iHeartCommunications, Inc.:
6.38%, 05/01/26			192		207,159
5.25%, 08/15/27(a)			213		222,053
4.75%, 01/15/28(a)			96		97,850
Intelsat Jackson Holdings SA:
5.50%, 08/01/23			933		748,732
9.75%, 07/15/25(a)			774		659,835
Lamar Media Corp.:
5.75%, 02/01/26			146		154,030
4.00%, 02/15/30(a)(i)			163		164,223
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(a)			400		423,016
Live Nation Entertainment, Inc.(a):
4.88%, 11/01/24			34		35,142
4.75%, 10/15/27			235		241,768
Meredith Corp., 6.88%, 02/01/26			68		69,979
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(a)			209		221,018

Security		Par (000)		Value
Media (continued)
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25(a)	USD		203	$	209,851
Radiate Holdco LLC/Radiate Finance, Inc.(a):
6.88%, 02/15/23			136		139,570
6.63%, 02/15/25			200		202,000
Sable International Finance Ltd., 5.75%, 09/07/27(a)			200		211,250
SES SA, (5 year EUR Swap + 5.40%), 5.63%(g)(h)	EUR		100		122,804
Sirius XM Radio, Inc.(a):
4.63%, 07/15/24	USD		181		187,674
5.00%, 08/01/27(e)			308		323,400
5.50%, 07/01/29			563		605,872
TEGNA, Inc.(a):
5.50%, 09/15/24			79		81,370
4.63%, 03/15/28			311		312,555
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(a)			600		636,000
Terrier Media Buyer, Inc., 8.88%, 12/15/27(a)			598		615,940
United Group BV, 4.88%, 07/01/24	EUR		100		114,736
Univision Communications, Inc.(a):
5.13%, 05/15/23(e)	USD		593		593,000
5.13%, 02/15/25			110		109,725
UPC Holding BV, 3.88%, 06/15/29	EUR		100		116,335
ViacomCBS, Inc., 5.85%, 09/01/43(e)	USD		645		839,635
Videotron Ltd., 5.13%, 04/15/27(a)(e)			519		543,759
Virgin Media Finance PLC, 5.75%, 01/15/25(a)(e)			1,050		1,081,500
Virgin Media Secured Finance PLC:
4.88%, 01/15/27	GBP		130		177,561
6.25%, 03/28/29			158		221,389
5.50%, 05/15/29(a)	USD		400		421,000
Ziggo Bond Co. BV, 6.00%, 01/15/27(a)			638		670,040
Ziggo BV(a):
5.50%, 01/15/27(e)			613		649,780
4.88%, 01/15/30			217		223,460
					51,147,905
Metals & Mining — 2.0%
Allegheny Technologies, Inc., 5.88%, 12/01/27			382		389,583
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(e)			250		295,612
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25(a)			303		318,214
Constellium SE(a):
5.75%, 05/15/24			256		262,400
6.63%, 03/01/25(e)			300		309,375
5.88%, 02/15/26(e)			1,693		1,748,022
Freeport-McMoRan, Inc.:
3.55%, 03/01/22			751		759,449

13

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Metals & Mining (continued)
3.88%, 03/15/23	USD		1,246	$	1,270,920
5.00%, 09/01/27			259		268,078
5.25%, 09/01/29			201		213,060
5.40%, 11/14/34			184		189,520
5.45%, 03/15/43			1,900		1,938,000
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24(a)			254		273,050
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(a)(e)			362		371,455
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22(a)			155		162,750
Kaiser Aluminum Corp., 4.63%, 03/01/28(a)			214		218,280
Nexa Resources SA, 5.38%, 05/04/27(a)(e)			857		922,346
Novelis Corp.(a):
5.88%, 09/30/26			577		611,620
4.75%, 01/30/30			1,077		1,081,739
Rio Tinto Finance USA PLC, 4.75%, 03/22/42(e)			400		509,475
thyssenkrupp AG:
1.88%, 03/06/23	EUR		43		47,570
2.88%, 02/22/24			100		113,677
Vale Overseas Ltd., 6.25%, 08/10/26(e)	USD		680		802,102
					13,076,297
Multi-Utilities — 0.1%
Superior Plus LP/Superior General Partner, Inc., 7.00%, 07/15/26(a)			371		399,754
Multiline Retail — 0.1%
Dufry One BV, 2.00%, 02/15/27	EUR		100		110,105
Future Retail Ltd., 5.60%, 01/22/25(a)	USD		200		201,250
Target Corp., 4.00%, 07/01/42(e)			300		356,558
					667,913
Offshore Drilling & Other Services — 0.0%
Entegris, Inc., 4.63%, 02/10/26(a)			225		232,312
Oil, Gas & Consumable Fuels — 8.2%
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24			65		57,558
Antero Resources Corp., 5.38%, 11/01/21			194		185,270
Apache Corp., 4.75%, 04/15/43(e)			800		782,136
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22(a)			670		656,600
Berry Petroleum Co. LLC, 7.00%, 02/15/26(a)			208		192,920
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(j)			364		254,572

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Callon Petroleum Co.:
6.13%, 10/01/24	USD		216	$	206,550
Series WI, 6.38%, 07/01/26			452		427,140
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23(e)			414		415,035
8.25%, 07/15/25			229		233,642
Centennial Resource Production LLC, 6.88%, 04/01/27(a)			342		341,145
Cheniere Energy Partners LP:
5.63%, 10/01/26			479		501,753
4.50%, 10/01/29(a)			799		812,982
Series WI, 5.25%, 10/01/25			57		58,710
Chesapeake Energy Corp.(e):
6.63%, 08/15/20			352		336,160
4.88%, 04/15/22			773		548,830
5.75%, 03/15/23			248		148,750
11.50%, 01/01/25(a)			648		521,446
Citgo Holding, Inc., 9.25%, 08/01/24(a)			407		435,490
CNX Resources Corp., 5.88%, 04/15/22(e)			994		981,575
Comstock Resources, Inc., 9.75%, 08/15/26			266		216,790
CONSOL Energy, Inc., 11.00%, 11/15/25(a)(e)			447		310,665
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(a)			341		268,537
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.:
6.25%, 04/01/23			18		18,165
5.63%, 05/01/27(a)(e)			511		514,219
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(a)(e)			1,335		1,346,841
CVR Energy, Inc.(a):
5.25%, 02/15/25			282		278,616
5.75%, 02/15/28			94		92,026
DCP Midstream Operating LP(e):
5.38%, 07/15/25			262		285,939
5.13%, 05/15/29			186		196,230
6.45%, 11/03/36(a)			254		266,700
6.75%, 09/15/37(a)			418		450,395
Denbury Resources, Inc.(a):
9.00%, 05/15/21			563		529,220
9.25%, 03/31/22			82		72,570
eG Global Finance PLC:
6.75%, 02/07/25(a)			470		475,875
6.25%, 10/30/25	EUR		142		162,997
8.50%, 10/30/25(a)	USD		299		316,940
Enbridge, Inc. (3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78(g)			1,865		2,035,666
Endeavor Energy Resources LP/EER Finance, Inc.(a):
5.50%, 01/30/26			670		687,587

14

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
5.75%, 01/30/28	USD		599	$	622,960
Energy Transfer Operating LP(e):
6.13%, 12/15/45			500		577,981
5.30%, 04/15/47			350		370,463
EnLink Midstream LLC, 5.38%, 06/01/29			98		88,690
EnLink Midstream Partners LP:
4.40%, 04/01/24			281		268,285
4.15%, 06/01/25			20		18,450
4.85%, 07/15/26			116		106,140
5.60%, 04/01/44			211		165,635
5.05%, 04/01/45			34		25,500
Enterprise Products Operating LLC (3 mo. LIBOR US + 2.57%), 5.38%, 02/15/78(g)			420		426,300
Extraction Oil & Gas, Inc.(a):
7.38%, 05/15/24			340		168,300
5.63%, 02/01/26(e)			706		345,940
Genesis Energy LP/Genesis Energy Finance Corp.:
6.00%, 05/15/23			219		220,029
5.63%, 06/15/24			204		198,390
6.50%, 10/01/25(e)			111		108,225
7.75%, 02/01/28			222		223,838
Geopark Ltd., 6.50%, 09/21/24(a)			228		239,899
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21(a)(e)			636		601,020
Hess Corp., 4.30%, 04/01/27(e)			750		800,699
Hess Midstream Operations LP, 5.63%, 02/15/26(a)			249		260,630
Impulsora Pipeline LLC, 6.05%, 01/01/43(c)			1,645		1,805,284
Indigo Natural Resources LLC, 6.88%, 02/15/26(a)			545		498,675
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24(e)			2,500		2,718,440
Matador Resources Co., 5.88%, 09/15/26			439		429,693
MEG Energy Corp.(a):
6.38%, 01/30/23			407		411,843
7.00%, 03/31/24			58		58,435
6.50%, 01/15/25(e)			906		949,035
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 01/15/28			402		414,786
MPLX LP, 4.25%, 12/01/27(a)			235		250,972
Murphy Oil Corp.:
5.75%, 08/15/25			118		121,467
5.88%, 12/01/27			214		219,350

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
5.88%, 12/01/42	USD		126	$	117,810
Nabors Industries Ltd.(a):
7.25%, 01/15/26			214		213,754
7.50%, 01/15/28			195		193,050
Nabors Industries, Inc.:
4.63%, 09/15/21			23		23,000
5.10%, 09/15/23			47		42,888
Neptune Energy Bondco PLC, 6.63%, 05/15/25(a)			200		197,000
NGPL PipeCo LLC, 7.77%, 12/15/37(a)(e)			270		358,050
Noble Holding International Ltd.:
7.75%, 01/15/24			21		10,815
7.88%, 02/01/26(a)(e)			214		153,010
NuStar Logistics LP, 6.00%, 06/01/26			234		246,215
Oasis Petroleum, Inc.:
6.88%, 03/15/22			57		54,720
6.88%, 01/15/23			110		104,053
Occidental Petroleum Corp., 4.50%, 07/15/44			500		514,151
Odebrecht Offshore Drilling Finance Ltd.(a):
6.72%, 12/01/22(e)	BRL		248		245,671
(7.72% PIK), 7.72%, 12/01/26(f)			32		7,293
Pacific Drilling SA, 8.38%, 10/01/23(a)(e)	USD		735		617,400
Parsley Energy LLC/Parsley Finance Corp.(a):
6.25%, 06/01/24			163		168,705
5.38%, 01/15/25(e)			284		292,199
5.25%, 08/15/25			70		71,750
5.63%, 10/15/27			340		357,850
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25(e)			163		173,119
PDC Energy, Inc.:
6.25%, 12/01/25			144		145,080
1.13%, 09/15/21(k)			1,091		1,031,284
6.13%, 09/15/24			177		177,443
5.75%, 05/15/26			161		155,405
Petrobras Global Finance BV:
8.38%, 05/23/21(e)			126		136,356
6.13%, 01/17/22(e)			310		332,475
5.30%, 01/27/25			200		221,594
8.75%, 05/23/26(e)			637		832,877
6.00%, 01/27/28(e)			693		806,479
7.25%, 03/17/44			480		605,850
Petroleos Mexicanos:
6.50%, 03/13/27(e)			424		458,761
5.35%, 02/12/28			199		200,910
QEP Resources, Inc.:
6.88%, 03/01/21			410		419,737
5.25%, 05/01/23			198		190,080

15

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
5.63%, 03/01/26	USD		249	$	222,220
Range Resources Corp.:
5.88%, 07/01/22			57		54,150
5.00%, 08/15/22(e)			312		294,902
5.00%, 03/15/23(e)			240		206,405
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24			10		11,261
Saudi Arabian Oil Co.:
3.50%, 04/16/29(a)			225		238,275
3.50%, 04/16/29			449		475,491
Shell International Finance BV, 4.38%, 05/11/45(e)			450		550,968
SM Energy Co.:
6.13%, 11/15/22			176		174,240
5.00%, 01/15/24			409		373,212
5.63%, 06/01/25(e)			147		133,035
6.75%, 09/15/26			143		129,852
6.63%, 01/15/27			41		37,105
Southwestern Energy Co., 4.10%, 03/15/22			272		267,920
Suncor Energy, Inc., 6.50%, 06/15/38(e)			800		1,125,706
Sunoco LP/Sunoco Finance Corp.:
6.00%, 04/15/27			168		177,235
Series WI, 4.88%, 01/15/23			253		259,641
Series WI, 5.50%, 02/15/26			38		39,093
Series WI, 5.88%, 03/15/28			147		156,386
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a):
4.75%, 10/01/23			31		31,039
5.50%, 09/15/24(e)			572		577,731
5.50%, 01/15/28			156		156,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.13%, 02/01/25			156		160,680
5.88%, 04/15/26(e)			312		329,160
5.38%, 02/01/27			2		2,075
6.50%, 07/15/27			424		462,160
5.00%, 01/15/28(e)			301		306,267
6.88%, 01/15/29(e)			1,018		1,121,709
5.50%, 03/01/30(a)			443		456,888
Transocean, Inc., 8.00%, 02/01/27(a)			396		368,597
Valaris PLC, 4.88%, 06/01/22			630		466,200
Viper Energy Partners LP, 5.38%, 11/01/27(a)			145		151,163
Williams Partners LP, 4.50%, 11/15/23(e)			1,750		1,892,937
WPX Energy, Inc.:
8.25%, 08/01/23			123		141,911
5.25%, 09/15/24(e)			143		149,793

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
WPX Energy, Inc. (continued):
5.75%, 06/01/26	USD		109	$	114,178
5.25%, 10/15/27			53		55,385
4.50%, 01/15/30			506		509,147
YPF SA, 8.50%, 07/28/25			906		829,981
					53,426,528
Oil: Crude Producers — 0.0%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 5.75%, 02/01/27			32		35,600
Paper & Forest Products — 0.0%
Norbord, Inc., 6.25%, 04/15/23(a)			182		197,015
Pharmaceuticals — 2.8%
AbbVie, Inc., 4.45%, 05/14/46(e)			1,000		1,124,693
Allergan Funding SCS, 4.75%, 03/15/45(e)			500		577,551
Allergan Sales LLC, 5.00%, 12/15/21(a)(e)			718		752,612
Bausch Health Americas, Inc.(a):
8.50%, 01/31/27			1,032		1,167,450
9.25%, 04/01/26			61		69,616
Bausch Health Cos., Inc.:
5.50%, 03/01/23(a)(e)			876		878,190
4.50%, 05/15/23	EUR		552		615,773
5.88%, 05/15/23(a)	USD		30		30,263
7.00%, 03/15/24(a)			176		182,459
6.13%, 04/15/25(a)			215		221,153
5.50%, 11/01/25(a)(e)			1,164		1,205,706
9.00%, 12/15/25(a)			608		686,280
5.75%, 08/15/27(a)			423		452,568
7.00%, 01/15/28(a)			193		209,046
5.00%, 01/30/28(a)			762		771,525
7.25%, 05/30/29(a)			664		748,467
5.25%, 01/30/30(a)			695		708,031
Catalent Pharma Solutions, Inc. :
4.88%, 01/15/26(a)			384		394,560
5.00%, 07/15/27(a)			477		502,114
Charles River Laboratories International, Inc.(a):
5.50%, 04/01/26			514		546,768
4.25%, 05/01/28			171		173,493
CVS Health Corp., 5.05%, 03/25/48(e)			1,110		1,345,478
Eagle Holding Co. II LLC(a)(e)(f):
(7.63% Cash or 8.38% PIK), 7.63%, 05/15/22			116		117,160
(7.750% Cash or 8.50% PIK), 7.75%, 05/15/22			407		411,070
Elanco Animal Health, Inc., 4.90%, 08/28/28			342		393,044

16

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Pharmaceuticals (continued)
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23(a)(e)	USD		1,770	$	1,818,675
Mylan NV, 3.95%, 06/15/26(e)			650		693,776
Nidda BondCo GmbH, 7.25%, 09/30/25	EUR		100		116,477
Nidda Healthcare Holding GmbH, Series NOV, 3.50%, 09/30/24			100		112,045
Par Pharmaceutical, Inc., 7.50%, 04/01/27(a)	USD		958		974,765
Rossini Sarl, 6.75%, 10/30/25	EUR		166		202,402
					18,203,210
Professional Services — 0.4%
ASGN, Inc., 4.63%, 05/15/28(a)	USD		351		358,020
Dun & Bradstreet Corp.(a):
6.88%, 08/15/26(e)			1,077		1,182,007
10.25%, 02/15/27			647		741,656
					2,281,683
Real Estate Management & Development — 0.2%
ADLER Real Estate AG:
1.88%, 04/27/23	EUR		100		113,539
3.00%, 04/27/26			100		118,391
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(a)	USD		208		215,045
Heimstaden Bostad AB, (5 year EUR Swap + 3.67%), 3.25%(g)(h)	EUR		100		112,846
Howard Hughes Corp., 5.38%, 03/15/25(a)(e)	USD		218		224,540
Newmark Group, Inc., 6.13%, 11/15/23			128		140,378
Residomo SRO, 3.38%, 10/15/24	EUR		100		114,509
					1,039,248
Road & Rail — 0.8%
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42(e)	USD		500		607,833
Europcar Mobility Group, 4.00%, 04/30/26	EUR		100		103,134
Flexi-Van Leasing, Inc., 10.00%, 02/15/23(a)	USD		203		217,819
Herc Holdings, Inc., 5.50%, 07/15/27(a)			494		516,082
Hertz Corp.(a):
7.63%, 06/01/22(e)			168		173,250
6.00%, 01/15/28			270		272,362
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(a)(e)			2,177		2,582,831
Union Pacific Corp., 4.05%, 11/15/45(e)			500		569,516
					5,042,827
Semiconductors & Semiconductor Equipment — 0.8%
Advanced Micro Devices, Inc., 7.50%, 08/15/22			89		100,399
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27(e)			2,600		2,743,664

Security		Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Microchip Technology, Inc., 1.63%, 02/15/25(k)	USD		102	$	203,980
ON Semiconductor Corp., 1.00%, 12/01/20(k)			327		426,653
Qorvo, Inc.:
5.50%, 07/15/26			278		293,985
4.38%, 10/15/29(a)			98		102,410
QUALCOMM, Inc., 4.65%, 05/20/35(e)			400		495,623
Sensata Tech, Inc., 4.38%, 02/15/30(a)			236		239,198
Sensata Technologies BV, 5.00%, 10/01/25(a)			368		398,360
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26(a)			222		233,133
					5,237,405
Software — 2.9%
ACI Worldwide, Inc., 5.75%, 08/15/26(a)			833		891,647
CA, Inc., 3.60%, 08/15/22(e)			660		675,106
Castle US Holding Corp., 9.50%, 02/15/28(a)			354		354,000
CDK Global, Inc.:
4.88%, 06/01/27			858		900,003
5.25%, 05/15/29(a)			164		175,480
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24(a)(e)			1,244		1,338,855
Infor US, Inc., 6.50%, 05/15/22(e)			2,690		2,710,175
Informatica LLC, 7.13%, 07/15/23(a)(e)			1,011		1,021,110
Microsoft Corp., 3.70%, 08/08/46(e)			1,750		2,059,010
Nuance Communications, Inc., 5.63%, 12/15/26			153		162,754
Oracle Corp., 4.00%, 07/15/46(e)			1,500		1,741,049
PTC, Inc.:
6.00%, 05/15/24(e)			269		279,246
3.63%, 02/15/25(a)(i)			214		215,872
4.00%, 02/15/28(a)(i)			242		244,420
RP Crown Parent LLC, 7.38%, 10/15/24(a)(e)			900		929,250
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(a)(e)			1,872		1,981,980
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23(a)			54		55,485
SS&C Technologies, Inc., 5.50%, 09/30/27(a)(e)			1,697		1,795,087
TIBCO Software, Inc., 11.38%, 12/01/21(a)			797		823,899
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 02/01/23(a)			200		198,500
					18,552,928

17

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Specialty Retail — 0.6%
Asbury Automotive Group, Inc., 6.00%, 12/15/24	USD		395	$	406,850
Group 1 Automotive, Inc., 5.25%, 12/15/23(a)			53		54,458
IAA, Inc., 5.50%, 06/15/27(a)			443		470,089
L Brands, Inc.:
6.88%, 11/01/35(e)			478		479,195
6.75%, 07/01/36			79		78,392
Lowe’s Cos., Inc., 4.65%, 04/15/42(e)			400		473,572
Penske Automotive Group, Inc., 5.50%, 05/15/26			32		33,122
PetSmart, Inc.(a):
7.13%, 03/15/23			170		169,362
5.88%, 06/01/25(e)			422		433,014
Staples, Inc., 7.50%, 04/15/26(a)(e)			1,254		1,284,598
					3,882,652
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc., 4.65%, 02/23/46(e)			1,500		1,947,890
Dell International LLC/EMC Corp., 7.13%, 06/15/24(a)(e)			1,104		1,160,580
NCR Corp.(a):
5.75%, 09/01/27			259		275,888
6.13%, 09/01/29			267		291,337
Presidio Holdings, Inc.(a):
4.88%, 02/01/27			444		443,934
8.25%, 02/01/28			468		480,870
Western Digital Corp., 4.75%, 02/15/26(e)			698		745,115
					5,345,614
Textiles, Apparel & Luxury Goods — 0.0%
William Carter Co., 5.63%, 03/15/27(a)			202		215,101
Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(a)(e):
5.25%, 03/15/22			27		27,742
5.25%, 10/01/25			182		187,005
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27(a)			443		450,828
					665,575
Tobacco — 0.4%
Altria Group, Inc., 4.50%, 05/02/43(e)			750		787,502
Philip Morris International, Inc., 4.38%, 11/15/41(e)			900		1,028,030
Reynolds American, Inc., 5.85%, 08/15/45			715		851,738
					2,667,270

Security		Par (000)		Value
Transportation Infrastructure — 0.1%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%(g)(h)	EUR		100	$	110,162
Heathrow Finance PLC, 4.13%, 09/01/29	GBP		100		135,615
Transurban Finance Co. Property Ltd., 4.13%, 02/02/26(a)(e)	USD		520		566,925
					812,702
Utilities — 0.3%
ContourGlobal Power Holdings SA:
3.38%, 08/01/23	EUR		100		113,338
4.13%, 08/01/25			100		115,480
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23(a)	USD		1,061		689,650
Stoneway Capital Corp., 10.00%, 03/01/27(a)			940		475,674
Vistra Operations Co. LLC(a):
5.50%, 09/01/26			80		83,200
5.63%, 02/15/27			428		445,120
5.00%, 07/31/27			195		200,850
					2,123,312
Wireless Telecommunication Services — 2.2%
C&W Senior Financing DAC, 6.88%, 09/15/27(a)			1,143		1,227,296
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24(a)			1,000		1,022,688
Iron Mountain, Inc., 3.00%, 01/15/25	EUR		100		112,251
Matterhorn Telecom SA, 4.00%, 11/15/27			100		116,866
SBA Communications Corp.:
4.00%, 10/01/22(e)	USD		475		483,313
3.88%, 02/15/27(a)(i)			939		951,911
Sprint Capital Corp.:
6.88%, 11/15/28(e)			1,025		1,042,937
8.75%, 03/15/32			242		268,015
Sprint Corp.:
7.88%, 09/15/23			604		641,684
7.13%, 06/15/24(e)			558		576,330
7.63%, 02/15/25			242		252,588
7.63%, 03/01/26(e)			816		851,618
T-Mobile USA, Inc.:
4.00%, 04/15/22(e)			234		240,435
6.38%, 03/01/25			220		227,082
6.50%, 01/15/26			286		305,005
4.50%, 02/01/26(e)			570		586,205
4.75%, 02/01/28(e)			800		851,000
Telesat Canada/Telesat LLC, 6.50%, 10/15/27(a)			40		41,900
VEON Holdings BV, 4.00%, 04/09/25(a)			200		208,000

18

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
VICI Properties LP/VICI Note Co., Inc.(a):
3.50%, 02/15/25(i)	USD		503	$	510,666
4.25%, 12/01/26			1,546		1,586,706
3.75%, 02/15/27(i)			534		536,670
4.13%, 08/15/30(i)			1,128		1,142,438
					13,783,604
Total Corporate Bonds — 77.3% (Cost — $478,248,310)					503,736,881
Floating Rate Loan Interests(b) — 7.1%
Aerospace & Defense — 0.0%
Atlantic Aviation FBO, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 5.40%, 12/06/25			64		64,913
Auto Components — 0.1%
Panther BF Aggregator 2 LP, USD Term Loan B, (1 mo. LIBOR + 3.50%), 5.16%, 04/30/26			838		842,911
Banks — 0.0%
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 4.78%, 11/01/24			212		209,736
Building Products — 0.0%
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 5.93%, 05/05/24			141		141,286
Maverick Purchaser Sub LLC, Term Loan B, 01/23/27(l)			81		81,101
					222,387
Capital Markets — 0.1%
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.25%), 5.06%, 06/03/26			493		492,098
Chemicals — 0.3%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 4.94%, 01/31/24			661		660,735
Ascend Performance Materials Operations LLC, 2019 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.19%, 08/27/26(c)			499		501,244
Charter NEX US, Inc., Incremental Term Loan, (1 mo. LIBOR + 3.50%), 5.15%, 05/16/24			223		223,123
Invictus US LLC, 2nd Lien Term Loan, (6 mo. LIBOR + 6.75%), 8.53%, 03/30/26			60		53,847

Security		Par (000)		Value
Chemicals (continued)
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.90%, 05/15/24(c)	USD		265	$	265,930
					1,704,879
Commercial Services & Supplies — 0.6%
Aramark Services, Inc., 2019 Term Loan B4, (3 mo. LIBOR + 1.75%), 3.47%, 01/15/27			57		57,071
Asurion LLC, 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.15%, 08/04/25			514		521,629
Dealer Tire, LLC, 2020 Term Loan B, 12/12/25(c)(l)			95		95,237
Diamond (BC) BV, Term Loan, (1 mo. LIBOR + 3.00%), 4.65%, 09/06/24			572		554,737
GFL Environmental, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.65%, 05/30/25			752		749,730
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 3.94%, 09/19/26			67		67,464
PUG LLC, USD Term Loan, 01/15/27(c)(l)			217		216,707
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 6.15%, 08/27/25			1,546		1,551,136
					3,813,711
Construction & Engineering — 0.5%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.06%, 06/21/24			2,614		2,609,774
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.90%, 05/23/25			350		347,152
					2,956,926
Containers & Packaging — 0.1%
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.08%, 04/03/24			449		445,123
Diversified Consumer Services — 0.1%
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.65%, 07/12/24			302		303,014
BidFair MergerRight, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 7.17%, 01/15/27			412		414,107
					717,121

19

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Financial Services — 0.0%
Advisor Group, Inc., 2019 Term Loan, 08/01/26(l)	USD		122	$	121,739
Diversified Telecommunication Services — 0.4%
CenturyLink, Inc., 2020 Term Loan B, 03/15/27(l)			1,392		1,389,829
Frontier Communications Corp., 2017 Term Loan B1, 06/15/24(l)			774		780,447
Iridium Satellite LLC, Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.40%, 11/04/26			146		146,851
Telesat Canada, 2019 Term Loan, (3 mo. LIBOR + 2.75%), 4.63%, 12/07/26			88		88,308
					2,405,435
Energy Equipment & Services — 0.1%
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 9.40%, 11/08/22(c)			865		830,407
Entertainment — 0.0%
Aviron Capital LLC, 2017 Term Loan, 15.00%, 07/17/20(c)(m)(n)(s)			73,300		—
Aviron Pictures LLC, 2020 Term Loan, 15.00%, 07/17/20(c)(n)(s)			680		—
					—
Food & Staples Retailing — 0.0%
US Foods, Inc., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.65%, 09/13/26			119		119,080
Food Products — 0.0%
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.15%, 10/10/23			285		285,132
Health Care Equipment & Supplies — 0.4%
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.94%, 06/15/21			1,581		1,581,680
Ortho-Clinical Diagnostics SA(l):
2018 Term Loan B, 06/30/25			174		171,989
EUR Term Loan B, 01/06/27	EUR		1,000		1,108,129
					2,861,798
Health Care Providers & Services — 0.4%
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.15%, 06/30/25	USD		416		418,264
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.87%, 01/08/27			233		234,312

Security		Par (000)		Value
Health Care Providers & Services (continued)
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 5.40%, 10/10/25	USD		1,162	$	974,144
Gentiva Health Services, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 4.94%, 07/02/25(c)			592		593,910
Quorum Health Corporation, Term Loan B, (3 mo. LIBOR + 6.75%, 1.00% Floor), 8.53%, 04/29/22			235		234,465
					2,455,095
Health Care Services — 0.1%
Emerald TopCo., Inc., Term Loan, (1 mo. LIBOR + 3.50%), 5.15%, 07/24/26			790		792,738
Health Care Technology — 0.2%
Athenahealth, Inc., 2019 Term Loan B, (3 mo. LIBOR + 4.50%), 6.40%, 02/11/26			1,474		1,477,514
Hotels, Restaurants & Leisure — 0.1%
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 5.44%, 07/10/25			559		561,731
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.50%), 4.15%, 08/12/26			218		218,127
Industrial Conglomerates — 0.2%
Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.00%, 1.00% Floor), 5.65%, 11/30/23			985		983,507
PSAV Holdings LLC, 2018 2nd Lien Term Loan, 09/01/25(c)(l)			442		433,528
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.90%, 11/28/21			198		198,370
					1,615,405
Insurance — 0.3%
Alliant Holdings I, Inc., 2018 Term Loan B, 05/09/25(l)			254		253,008
Hub International Ltd., 2019 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.90%, 04/25/25			572		575,936
Sedgwick Claims Management Services, Inc.:
2019 Term Loan B, (1 mo. LIBOR + 4.00%), 5.65%, 09/03/26			280		281,169

20

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Insurance (continued)
Term Loan B, (1 mo. LIBOR + 3.25%), 4.90%, 12/31/25	USD		1,045	$	1,044,855
					2,154,968
Interactive Media & Services — 0.0%
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 5.40%, 05/06/24			171		166,469
IT Services — 0.1%
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.25%), 4.90%, 10/31/26			206		206,824
Flexential Intermediate Corp.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 5.44%, 08/01/24			174		139,072
2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.16%, 08/01/25			75		41,063
					386,959
Life Sciences Tools & Services — 0.1%
Sotera Health Holdings LLC, 2019 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.15%, 12/11/26			890		892,783
Machinery — 0.3%
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 6.65%, 09/21/26			256		256,640
Titan Acquisition Ltd., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.65%, 03/28/25			1,456		1,424,009
					1,680,649
Media — 0.9%
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 5.68%, 08/14/26			543		541,593
Clear Channel Outdoor Holdings, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.15%, 08/21/26			984		986,299
Connect Finco Sarl, Term Loan B, 12/11/26(l)			836		839,757
Intelsat Jackson Holdings SA:
2017 Term Loan B3, (6 mo. LIBOR + 3.75%, 1.00% Floor), 5.68%, 11/27/23			107		106,632
2017 Term Loan B4, (6 mo. LIBOR + 4.50%, 1.00% Floor), 6.31%, 01/02/24			330		332,367

Security		Par (000)		Value
Media (continued)
2017 Term Loan B5, 6.63%, 01/02/24	USD		1,841	$	1,854,868
Learfield Communications LLC, 2016 1st Lien Term Loan, 12/01/23(l)			91		83,092
Terrier Media Buyer, Inc., Term Loan B, (3 mo. LIBOR + 4.25%), 6.15%, 12/17/26			927		933,721
					5,678,329
Oil & Gas Equipment & Services — 0.1%
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 10.00%, 1.00% Floor), 11.90%, 10/21/21			311		335,653
Oil, Gas & Consumable Fuels — 0.4%
California Resources Corp., Second Out Term Loan, (1 mo. LIBOR + 10.38%, 1.00% Floor), 12.03%, 12/31/21			612		423,951
Chesapeake Energy Corp., 2019 Last Out Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 9.93%, 06/24/24			1,613		1,619,049
CITGO Holding, Inc., 2019 Term Loan B, (1 mo. LIBOR + 7.00%, 1.00% Floor), 8.65%, 08/01/23			242		246,937
CONSOL Energy, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.15%, 09/27/24			246		212,500
					2,502,437
Pharmaceuticals — 0.2%
Endo Luxembourg Finance Co. I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 5.94%, 04/29/24			598		575,744
Jaguar Holding Co. II, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 4.15%, 08/18/22			208		208,024

21

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 4.67%, 06/02/25	USD		213	$	213,407
					997,175
Professional Services — 0.1%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 5.00%), 6.66%, 02/06/26			364		365,911
Road & Rail — 0.0%
Genesee & Wyoming Inc. (New), Term Loan, (3 mo. LIBOR + 2.00%), 3.91%, 12/30/26			187		187,856
Semiconductors & Semiconductor Equipment — 0.0%
ON Semiconductor Corp., 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 3.65%, 09/19/26			136		136,068
Software — 0.8%
Castle US Holding Corp., USD Term Loan B, 01/27/27 (l)			200		198,190
Cypress Intermediate Holdings III, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 4.40%, 04/29/24			130		130,106
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 8.40%, 04/27/25			40		40,260
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 5.34%, 05/28/24			249		225,160
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, (1 mo. LIBOR + 3.25%), 4.90%, 10/01/25			1,604		1,619,403
Infor (US), Inc., Term Loan B6, (3 mo. LIBOR + 2.75%, 1.00% Floor), 4.69%, 02/01/22			163		163,387
Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.16%, 11/01/24			624		635,970
Mitchell International, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.90%, 11/29/24			572		565,731
Renaissance Holding Corp., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%), 4.90%, 05/30/25			201		199,898
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 2.25%), 3.90%, 04/16/25			118		118,251

Security		Par (000)		Value
Software (continued)
SS&C Technologies, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 2.25%), 3.90%, 04/16/25	USD		181	$	180,605
Tibco Software, Inc., 2019 Term Loan B, (1 mo. LIBOR + 4.00%), 5.74%, 06/30/26			511		512,635
Ultimate Software Group, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 5.40%, 05/04/26			285		285,539
					4,875,135
Specialty Retail — 0.1%
PetSmart, Inc., Term Loan B2, 03/11/22(l)			635		633,057
Wireless Telecommunication Services — 0.0%
Xplornet Communications, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.94%, 09/09/21(c)			216		215,883
Total Floating Rate Loan Interests — 7.1% (Cost — $120,378,865)					46,423,338
Foreign Agency Obligations — 5.1%
Argentina — 0.0%
Argentine Republic Government International Bond:
6.88%, 04/22/21			272		145,010
4.63%, 01/11/23			136		62,560
					207,570
Bahrain — 0.1%
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25			430		500,413
Colombia — 0.4%
Colombia Government International Bond:
8.13%, 05/21/24			826		1,023,207
4.50%, 01/28/26(e)			337		372,385
3.88%, 04/25/27(e)			944		1,015,685
					2,411,277
Cyprus — 0.5%
Cyprus Government International Bond, 4.63%, 02/03/20(a)	EUR		2,950		3,280,235
Dominican Republic — 0.1%
Dominican Republic International Bond, 5.50%, 01/27/25	USD		445		475,872
Egypt — 0.7%
Egypt Government Bond:
16.00%, 06/11/22	EGP		7,418		482,865
14.30%, 09/03/22			16,070		1,018,095

22

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Egypt (continued)
Egypt Government International Bond:
5.75%, 04/29/20(e)	USD		2,360	$	2,376,963
7.60%, 03/01/29(a)(e)			256		286,480
6.38%, 04/11/31(a)	EUR		130		156,792
					4,321,195
Iceland — 0.6%
Iceland Government International Bond, 5.88%, 05/11/22(e)	USD		3,415		3,711,492
Indonesia — 0.5%
Indonesia Government International Bond:
4.75%, 01/08/26			670		751,656
4.10%, 04/24/28			774		851,400
5.35%, 02/11/49(e)			295		385,528
Indonesia Treasury Bond, 8.38%, 09/15/26	IDR		17,965,000		1,444,568
					3,433,152
Mexico — 0.1%
Mexico Government International Bond:
4.15%, 03/28/27	USD		730		796,156
3.75%, 01/11/28(e)			200		212,063
					1,008,219
Nigeria — 0.2%
Nigeria Government International Bond(e):
6.38%, 07/12/23			223		242,234
7.63%, 11/21/25			767		866,710
					1,108,944
Paraguay — 0.0%
Paraguay Government International Bond, 5.40%, 03/30/50(a)			200		234,000
Portugal — 0.6%
Portugal Government International Bond, 5.13%, 10/15/24(a)(e)			3,680		4,182,985
Qatar — 0.4%
Qatar Government International Bond:
4.50%, 04/23/28			970		1,122,775
4.00%, 03/14/29(a)(e)			1,335		1,508,550
					2,631,325
Russia — 0.3%
Russian Foreign Bond – Eurobond:
4.75%, 05/27/26			800		904,000
4.25%, 06/23/27			800		884,000
					1,788,000
Saudi Arabia — 0.2%
Saudi Government International Bond:
4.38%, 04/16/29(a)			200		228,562

Security		Par (000)		Value
Saudi Arabia (continued)
4.50%, 04/17/30	USD		764	$	889,296
					1,117,858
South Africa — 0.1%
Republic of South Africa Government International Bond, 5.88%, 05/30/22			667		714,315
Turkey — 0.1%
Turkey Government International Bond, 6.25%, 09/26/22			467		499,544
Ukraine — 0.2%
Ukraine Government International Bond:
7.75%, 09/01/22			136		148,104
7.75%, 09/01/23			221		244,426
8.99%, 02/01/24			224		257,040
7.75%, 09/01/25			461		518,855
9.75%, 11/01/28			272		338,470
					1,506,895
Total Foreign Agency Obligations — 5.1% (Cost — $32,044,835)					33,133,291
Non-Agency Mortgage-Backed Securities — 13.9%
Collateralized Mortgage Obligations — 13.9%
American Home Mortgage Assets Trust, Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 3.07%, 11/25/46(b)			5,126		2,361,145
CHL Mortgage Pass-Through Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.24%), 1.90%, 03/25/36(b)			8,045		7,902,790
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 2.31%, 07/25/37(b)			3,609		1,592,049
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			1,993		1,312,908

23

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 4.04%, 11/25/36(d)	USD		3,173	$	3,054,267
Countrywide Alternative Loan Trust:
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 2.11%, 05/25/35(b)			2,537		2,338,570
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 2.06%, 12/25/36(b)			2,311		491,170
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			2,032		1,366,315
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 2.54%, 11/20/46(b)			5,037		3,604,053
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,648		1,141,818
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 3.00%, 11/25/46(b)			7,299		6,702,700
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.19%), 1.85%, 10/25/46(b)			4,797		4,671,348
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.12%), 1.78%, 12/25/46(b)			2,967		2,903,188
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.21%), 1.87%, 07/25/46(b)			5,379		4,561,253
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.19%), 1.85%, 07/25/46(b)			2,118		2,011,693
Series 2007-12T1, Class A22, 5.75%, 06/25/37			4,424		3,305,918
Series 2007-12T1, Class A5, 6.00%, 06/25/37			2,147		1,645,966
Series 2007-22, Class 2A16, 6.50%, 09/25/37			8,412		5,527,277
Series 2007-23CB, Class A1, 6.00%, 09/25/37			5,561		4,466,373
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 2.01%, 04/25/37(b)			3,075		2,426,265
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 2.99%, 03/25/47(b)			3,557		3,072,423
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.20%), 1.86%, 04/25/46(b)			6,898		6,610,596
CSMC, Series 2011-4R, Class 1A2, (1 mo. LIBOR US + 1.50%), 3.21%, 09/27/37(a)(b)			2,000		1,922,381

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 2.92%, 05/26/37(a)(c)	USD		8,148	$	8,066,635
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(d)			7,563		2,861,007
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 2.26%, 08/25/36(b)			6,515		1,447,855
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.77%), 2.92%, 05/25/47(b)			3,345		3,243,804
Total Non-Agency Mortgage-Backed Securities — 13.9% (Cost — $90,996,835)					90,611,767
Preferred Securities — 17.4%
Capital Trusts — 13.1%
Banks — 3.9%
AIB Group PLC, 5.25%(g)(h)	EUR		200		244,268
Banco Bilbao Vizcaya Argentaria SA(g)(h):
6.13%(e)	USD		2,000		2,104,400
8.88%	EUR		200		241,613
Banco de Sabadell SA, 6.50%(g)(h)	USD		200		234,265
Bankia SA, 6.38%(g)(h)			200		245,180
BNP Paribas SA, 7.20%(a)(e)(g)(h)			4,000		4,510,000
Capital One Financial Corp., Series E, 5.55%(e)(g)(h)			3,500		3,526,250
CIT Group, Inc., Series A, 5.80%(e)(g)(h)			282		289,050
Fifth Third Bancorp, Series J, 5.07%(g)(h)			3,000		3,003,750
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 2.13%(b)(h)			40		32,801
ING Groep NV, 6.75%(g)(h)			200		219,841
Wells Fargo & Co.,(g)(h):
Series S, 5.90%(e)			8,800		9,566,392
Series U, 5.88%			1,150		1,299,051
					25,516,861
Building Materials — 0.0%
Holcim Finance Luxembourg SA, 3.00%(g)(h)	EUR		100		116,851
Capital Markets — 0.8%
Goldman Sachs Group, Inc., Series P, 5.00%(e)(g)(h)	USD		144		146,379
Morgan Stanley, Series H, 5.44%(e)(g)(h)			5,007		5,032,035

24

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Capital Markets (continued)
UBS Group AG, 5.75%(g)(h)	EUR		200	$	241,236
					5,419,650
Diversified Financial Services — 5.8%
Banco Santander SA, 4.38%(g)(h)			200		229,884
Bank of America Corp.,(g)(h):
Series AA, 6.10%	USD		3,890		4,360,729
Series DD, 6.30%			205		238,696
Series U, 5.20%(e)			1,750		1,822,187
Series X, 6.25%(e)			6,175		6,877,406
Series Z, 6.50%			170		192,100
Bank of New York Mellon Corp., Series D, 4.50%(e)(g)(h)			4,567		4,624,087
Credit Agricole SA, 6.50%(g)(h)	EUR		100		119,056
Credit Suisse Group AG(a)(g)(h):	USD
5.10%			200		202,000
6.38%			585		648,619
7.50%			200		220,370
HBOS Capital Funding LP, 6.85%(h)			200		204,434
HSBC Holdings PLC(e)(g)(h):
6.00%			695		745,388
6.50%			655		729,506
JPMorgan Chase & Co.,(g)(h):
Series 1, 5.24%			181		182,088
Series FF, 5.00%			1,595		1,668,370
Series HH, 4.60%			745		759,304
Series Q, 5.15%(e)			5,500		5,761,250
Series R, 6.00%			228		245,784
Series S, 6.75%			180		202,925
Series V, 5.23%(e)			3,830		3,858,342
Royal Bank of Scotland Group PLC, 8.63%(g)(h)			200		216,000
Societe Generale SA, 6.75%(a)(e)(g)(h)			3,000		3,371,250
					37,479,775
Diversified Telecommunication Services — 0.1%
Koninklijke KPN NV, 2.00%(g)(h)	EUR		100		111,941
Telefonica Europe BV(g)(h):
3.75%			100		116,732
4.38%			100		123,245
5.88%			100		128,465
					480,383
Electric Utilities — 1.7%
Electricite de France SA, 5.25%(a)(e)(g)(h)	USD		7,500		7,890,000
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79(g)			2,500		2,828,316

Security		Par (000)		Value
Electric Utilities (continued)
RWE AG, 2.75%, 04/21/75(g)	EUR		20	$	22,488
					10,740,804
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26			100		118,060
Industrial Conglomerates — 0.2%
General Electric Co., Series D, 5.00%(e)(g)(h)	USD		1,383		1,376,445
Insurance — 0.6%
Achmea BV, 4.63%(g)(h)	EUR		200		235,950
Allstate Corp., Series B, 5.75%, 08/15/53(g)	USD		2,000		2,165,000
Voya Financial, Inc., 5.65%, 05/15/53(e)(g)			1,090		1,158,125
					3,559,075
Oil, Gas & Consumable Fuels — 0.0%
Naturgy Finance BV, 4.13%(g)(h)	EUR		100		119,836
Real Estate Management & Development — 0.0%
Citycon OYJ, 4.50%(g)(h)			100		113,007
Utilities — 0.0%
Electricite de France SA, 3.00%(g)(h)			200		231,791
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 3.10%, 01/03/79(d)			200		232,415
Total Capital Trusts — 13.1% (Cost — $80,570,362)					85,504,953
		Shares
Preferred Stocks — 4.3%
Capital Markets — 2.3%
Goldman Sachs Group, Inc., Series J, 5.50%(g)(h)			395,017		10,637,808
Morgan Stanley,(g)(h):
Series F, 6.88%			100,000		2,876,000
Series K, 5.85%			60,125		1,729,195
					15,243,003
Equity Real Estate Investment Trusts (REITs) — 2.0%
Firstar Realty LLC, 8.88%(a)(h)			10,000		11,050,000
Trust Bank, 9.00%(a)(c)(h)			15		1,642,500
					12,692,500
Total Preferred Stocks — 4.3% (Cost — $28,734,864)					27,935,503
Total Preferred Securities — 17.4% (Cost — $109,305,226)					113,440,456

25

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
U.S. Government Sponsored Agency Securities — 23.1%
Collateralized Mortgage Obligations — 0.9%
Freddie Mac Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44	USD		5,404	$	6,168,771
Mortgage-Backed Securities — 22.2%
Fannie Mae Mortgage-Backed Securities(e):
4.00%, 02/01/34 - 04/01/56(o)			90,480		95,894,310
4.50%, 09/01/48 - 07/01/55			44,881		48,732,080
					144,626,390
Total U.S. Government Sponsored Agency Securities — 23.1% (Cost — $147,868,578)					150,795,161
U.S. Treasury Obligations — 1.9%
U.S. Treasury Notes(e):
2.75%, 08/31/25			7,000		7,516,250
3.00%, 09/30/25			4,500		4,896,914
Total U.S. Treasury Obligations — 1.9% (Cost — $11,390,590)					12,413,164
		Shares
Warrants — 0.0%
Entertainment — 0.0%
Aviron Capital LLC, (Expires 12/16/31)(c)(m)(n)			10		—
Total Warrants — 0.0% (Cost — $—)					—
Total Long-Term Investments — 165.7% (Cost — $1,113,038,749)					1,080,149,463
		Par (000)
Short-Term Securities — 2.2%
Foreign Agency Obligations(p) — 0.1%
Nigeria Treasury Bill, 11.64%, 02/27/20	NGN		207,906		567,812
Total Foreign Agency Obligations — 0.1% (Cost — $569,278)					567,812

Security		Shares		Value
Money Market Fund — 0.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.48%(r)(t)			5,784,290	$	5,784,290
Total Money Market Fund — 0.9% (Cost — $5,784,290)					5,784,290
		Par (000)
U.S. Treasury Obligations — 1.2%
U.S. Treasury Bills(e):
2.75%, 09/30/20	USD		2,700		2,720,566
2.88%, 10/31/20			5,000		5,047,461
Total U.S. Treasury Obligations — 1.2% (Cost — $7,699,001)					7,768,027
Total Short-Term Securities — 2.2% (Cost — $14,052,569)					14,120,129
Options Purchased — 0.0% (Cost — $129,125)					131,582
Total Investments Before TBA Sale Commitments and Options Written — 167.9% (Cost — $1,127,220,443)					1,094,401,174
		Par (000)
TBA Sale Commitments(o) — (5.4%)
Mortgage-Backed Securities — (5.4%)
Fannie Mae Mortgage-Backed Securities, 4.00%, 2/15/50	USD		33,290		(34,783,092	)
Total TBA Sale Commitments — (5.4)% (Proceeds — $34,657,264)					(34,783,092	)
Options Written — (0.0)% (Premiums Received — $48,849)					(42,780	)
Total Investments, Net of TBA Sale Commitments and Options Written — 162.5% (Cost — $1,092,514,330)					1,059,575,302
Liabilities in Excess of Other Assets — (62.5)%					(407,660,774	)
Net Assets — 100.0%				$651,914,528

^(a)  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.

^(b)  Variable rate security. Rate shown is the rate in effect as of period end.

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

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

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

26

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

^(f)  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.

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

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

⁽ⁱ⁾  When-issued security.

^(j)  Zero-coupon bond.

^(k)  Convertible security.

^(l)  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.

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

⁽ⁿ⁾  Non-income producing security.

^(o)  Represents or includes a TBA transaction.

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

^(q)  Amount is less than 500.

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

^(s)  Fixed rate.

^(t)  During the period ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 10/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		7,913,547		(2,129,257	)		5,784,290	$	5,784,290	$	26,478	$	12	$	—

^(a)  Includes net capital gain distributions, if applicable.

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
MXN	Mexican Peso
NGN	Nigerian Naira
NOK	Norwegian Krone
NZD	New Zealand Dollar
USD	United States Dollar

Portfolio Abbreviations
ABS	Asset-Backed Security
CLO	Collateralized Loan Obligation
CR	Custodian Receipt
MSCI	Morgan Stanley Capital International
PIK	Payment-In-Kind
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit

27

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

UBS Ltd.

2.05

%

09/20/18

Open

$

3,410,731

$

3,532,622

Foreign Agency Obligations

Open/Demand

UBS Ltd.

2.20

09/20/18

Open

279,650

290,225

Corporate Bonds

Open/Demand

UBS Ltd.

2.20

09/20/18

Open

379,225

393,566

Corporate Bonds

Open/Demand

UBS Ltd.

2.20

09/20/18

Open

405,350

420,679

Corporate Bonds

Open/Demand

UBS Ltd.

2.20

09/20/18

Open

283,511

294,233

Corporate Bonds

Open/Demand

UBS Ltd.

2.20

09/20/18

Open

3,468,400

3,599,563

Foreign Agency Obligations

Open/Demand

UBS Ltd.

2.20

09/20/18

Open

273,700

284,050

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.90

10/09/18

Open

2,545,000

2,627,688

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.90

11/30/18

Open

708,000

728,498

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.90

12/14/18

Open

3,318,000

3,410,222

Corporate Bonds

Open/Demand

UBS Securities LLC

1.95

12/18/18

Open

337,344

346,889

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

12/18/18

Open

314,550

323,630

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

12/18/18

Open

4,812,500

4,949,101

Corporate Bonds

Open/Demand

UBS Securities LLC

2.00

12/18/18

Open

7,050,000

7,250,112

Capital Trusts

Open/Demand

UBS Securities LLC

2.00

12/18/18

Open

3,860,000

3,969,565

Corporate Bonds

Open/Demand

UBS Securities LLC

2.20

12/18/18

Open

1,697,850

1,750,726

Corporate Bonds

Open/Demand

UBS Securities LLC

2.20

12/18/18

Open

382,235

394,139

Corporate Bonds

Open/Demand

UBS Securities LLC

2.20

12/18/18

Open

407,340

420,026

Corporate Bonds

Open/Demand

UBS Securities LLC

2.20

12/18/18

Open

491,175

506,472

Corporate Bonds

Open/Demand

UBS Securities LLC

2.20

12/18/18

Open

387,838

399,916

Corporate Bonds

Open/Demand

UBS Securities LLC

2.20

12/18/18

Open

451,920

465,994

Corporate Bonds

Open/Demand

UBS Securities LLC

2.20

12/18/18

Open

246,986

254,678

Corporate Bonds

Open/Demand

UBS Securities LLC

2.20

12/18/18

Open

3,730,000

3,846,164

Capital Trusts

Open/Demand

UBS Securities LLC

2.20

12/18/18

Open

275,558

284,139

Corporate Bonds

Open/Demand

UBS Securities LLC

2.20

12/18/18

Open

337,871

348,394

Corporate Bonds

Open/Demand

UBS Securities LLC

2.20

12/18/18

Open

388,578

400,679

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

02/12/19

Open

167,500

171,493

Foreign Agency Obligations

Open/Demand

Goldman Sachs & Co LLC

1.75

02/12/19

Open

393,992

402,881

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

2.00

02/12/19

Open

1,043,954

1,068,182

Capital Trusts

Open/Demand

Goldman Sachs & Co LLC

2.10

02/12/19

Open

971,473

990,719

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

2.10

02/20/19

Open

671,138

681,817

Capital Trusts

Open/Demand

Goldman Sachs & Co LLC

2.10

02/20/19

Open

560,686

573,140

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

1.75

03/04/19

Open

242,685

247,661

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

1.75

03/04/19

Open

284,346

290,556

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

1.80

03/04/19

Open

209,576

213,761

Foreign Agency Obligations

Open/Demand

Goldman Sachs & Co LLC

1.85

03/04/19

Open

220,314

225,183

Corporate Bonds

Open/Demand

Goldman Sachs & Co LLC

2.05

03/04/19

Open

608,747

622,205

Corporate Bonds

Open/Demand

UBS Securities LLC

2.20

03/05/19

Open

540,078

553,484

Corporate Bonds

Open/Demand

28

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

Goldman Sachs & Co LLC

2.00

%

03/11/19

Open

$

348,317

$

355,700

Foreign Agency Obligations

Open/Demand

UBS Ltd.

2.20

03/15/19

Open

500,650

512,709

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.95

04/01/19

Open

617,094

629,607

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.70

04/05/19

Open

279,513

284,474

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

05/07/19

Open

388,300

395,133

Corporate Bonds

Open/Demand

UBS Securities LLC

2.03

06/19/19

Open

271,795

275,891

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

07/11/19

Open

492,500

499,081

��

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

07/11/19

Open

705,938

715,371

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

07/11/19

Open

501,250

507,881

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

07/11/19

Open

8,596,250

8,708,443

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

07/11/19

Open

351,323

355,970

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

1.95

07/11/19

Open

5,369,375

5,441,123

Capital Trusts

Open/Demand

BNP Paribas S.A.

1.95

07/11/19

Open

498,739

505,348

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/11/19

Open

706,875

716,921

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

07/11/19

Open

2,180,050

2,211,652

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.95

07/15/19

Open

987,998

1,000,568

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

1,603,875

1,626,233

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

6,224,895

6,310,226

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

675,000

684,481

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

126,000

127,767

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

1,075,436

1,090,405

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

1,231,811

1,249,087

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

1,449,315

1,469,672

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

188,233

190,872

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

1,503,480

1,524,407

Capital Trusts

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

286,259

290,279

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

271,950

275,684

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

547,336

554,955

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

243,100

246,438

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/15/19

Open

928,150

940,991

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/16/19

Open

447,578

453,313

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/16/19

Open

399,474

404,635

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/16/19

Open

186,000

188,403

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

07/16/19

Open

759,000

768,806

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.66

07/17/19

Open

7,412,000

7,493,065

U.S. Treasury Obligations

Open/Demand

HSBC Securities (USA), Inc.

1.66

07/17/19

Open

2,747,000

2,777,044

U.S. Treasury Obligations

Open/Demand

HSBC Securities (USA), Inc.

1.66

07/17/19

Open

5,089,000

5,144,658

U.S. Treasury Obligations

Open/Demand

29

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

BNP Paribas S.A.

1.95

%

07/18/19

Open

$

941,640

$

953,787

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.15

08/08/19

Open

262,999

266,048

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.00

08/27/19

Open

1,487,500

1,501,879

Capital Trusts

Open/Demand

Barclays Bank PLC

2.00

08/27/19

Open

187,163

188,972

Capital Trusts

Open/Demand

Barclays Bank PLC

2.15

08/27/19

Open

701,250

708,490

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.20

08/27/19

Open

129,465

130,830

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.20

08/27/19

Open

398,073

402,271

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

500,755

506,145

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

328,125

331,657

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

497,933

503,292

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

692,860

700,318

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

872,000

881,386

Capital Trusts

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

1,831,219

1,850,930

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

4,203,750

4,248,999

Capital Trusts

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

1,141,913

1,154,204

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

705,128

712,717

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

2,325,000

2,350,026

Capital Trusts

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

517,450

523,020

Capital Trusts

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

3,045,000

3,077,776

Capital Trusts

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

843,173

852,249

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.25

08/27/19

Open

8,547,000

8,638,999

Capital Trusts

Open/Demand

Barclays Bank PLC

2.30

08/27/19

Open

432,819

437,573

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

225,500

227,704

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

421,093

425,207

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

1,007,500

1,017,345

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

533,125

538,335

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

2,019,063

2,038,792

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

2,460,250

2,484,291

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

787,706

795,403

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

406,000

409,967

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

2,424,370

2,448,060

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

1,809,375

1,827,056

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

822,500

830,537

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

2,462,400

2,486,462

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

115,301

116,428

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

494,375

499,206

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

1,207,250

1,219,047

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

279,063

281,789

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

437,500

441,775

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

2,704,063

2,730,486

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

1,221,875

1,233,815

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

770,625

778,155

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

1,749,375

1,766,469

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

1,206,250

1,218,037

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

268,100

270,720

Corporate Bonds

Open/Demand

30

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

RBC Capital Markets, LLC

2.04

%

08/27/19

Open

$

379,713

$

383,423

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

639,438

645,686

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

519,778

524,857

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

413,000

417,036

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

737,000

744,202

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

631,950

638,125

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

570,000

575,570

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

1,315,200

1,328,052

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

1,949,063

1,968,108

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

575,625

581,250

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

2,571,875

2,597,007

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

369,688

373,300

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

782,813

790,462

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

652,913

659,293

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

850,313

858,621

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

1,621,875

1,637,723

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

335,188

338,463

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

526,500

531,645

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

529,375

534,548

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

335,250

338,526

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

530,438

535,621

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

741,125

748,367

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

461,000

465,505

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

1,789,375

1,806,860

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

448,500

452,883

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

961,875

971,274

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

976,875

986,421

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

1,060,000

1,070,358

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

778,750

786,360

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/27/19

Open

486,000

490,749

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.15

08/28/19

Open

1,476,764

1,491,794

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

235,450

237,999

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

157,450

159,155

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

451,051

455,935

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

161,395

163,143

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

181,583

183,549

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

134,438

135,893

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

385,313

389,485

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

430,669

435,332

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

709,750

717,435

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

394,450

398,721

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

102,848

103,961

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

229,994

232,484

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

282,178

285,233

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

234,439

236,977

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

224,279

226,707

Corporate Bonds

Open/Demand

31

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

RBC Capital Markets, LLC

2.30

%

08/28/19

Open

$

229,163

$

231,644

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

140,006

141,522

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

391,219

395,455

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

22,984

23,233

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

244,294

246,939

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

211,494

213,784

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

1,506,088

1,522,395

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

67,838

68,572

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

116,009

117,265

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

148,238

149,843

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

231,783

234,292

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/28/19

Open

229,323

231,806

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.75

08/29/19

Open

139,685

140,396

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.45

08/29/19

Open

464,348

467,640

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.00

08/29/19

Open

378,975

382,559

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.00

08/29/19

Open

953,438

962,455

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

08/29/19

Open

280,125

283,076

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

08/29/19

Open

232,298

234,745

Capital Trusts

Open/Demand

Barclays Capital, Inc.

2.25

08/29/19

Open

277,183

280,103

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

08/29/19

Open

262,629

265,395

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

08/29/19

Open

2,211,233

2,234,527

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

08/29/19

Open

246,030

248,622

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

08/29/19

Open

994,175

1,004,648

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

08/29/19

Open

867,191

875,543

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

167,500

169,301

Foreign Agency Obligations

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

63,426

64,108

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

393,656

397,888

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

1,227,808

1,241,006

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

316,933

320,340

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

119,048

120,327

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

132,458

133,881

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

184,450

186,433

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

308,025

311,336

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

88,523

89,474

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

264,750

267,596

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

1,372,963

1,387,722

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

183,393

185,364

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

269,280

272,175

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

177,244

179,149

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

413,931

418,381

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

195,098

197,195

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

165,850

167,633

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

354,650

358,462

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

08/29/19

Open

172,525

174,380

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

09/04/19

Open

1,417,460

1,431,107

Corporate Bonds

Open/Demand

32

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

BNP Paribas S.A.

2.15

%

09/04/19

Open

$

441,840

$

446,094

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

09/10/19

Open

210,210

212,232

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

09/20/19

Open

500,805

505,229

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.30

09/30/19

Open

1,337,875

1,349,031

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

205,025

206,788

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

561,850

566,682

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

1,119,195

1,128,820

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

703,316

709,365

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

102,165

103,044

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

574,574

579,515

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

1,403,201

1,415,269

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

528,124

532,666

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

674,000

679,796

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

208,810

210,606

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

96,280

97,108

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

10/01/19

Open

624,791

630,164

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.70

10/02/19

Open

4,372,903

4,399,383

Capital Trusts

Open/Demand

J.P. Morgan Securities LLC

1.75

10/11/19

Open

237,150

238,481

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

2.10

10/11/19

Open

298,688

300,612

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

2.10

10/11/19

Open

545,400

548,630

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

2.10

10/11/19

Open

296,601

298,487

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

10/28/19

Open

390,469

392,871

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/05/19

Open

237,495

238,815

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/05/19

Open

120,643

121,313

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/05/19

Open

280,800

282,361

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/05/19

Open

135,596

136,350

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/05/19

Open

722,520

726,536

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/05/19

Open

23,275

23,404

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/05/19

Open

140,384

141,164

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.00

11/12/19

Open

192,338

192,765

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.04

11/15/19

Open

320,295

321,711

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/15/19

Open

449,391

451,631

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/15/19

Open

110,670

111,222

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/15/19

Open

243,270

244,482

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/15/19

Open

184,080

184,997

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/15/19

Open

99,268

99,762

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/15/19

Open

234,330

235,498

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/15/19

Open

345,050

346,770

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

11/22/19

Open

49,560

49,775

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

11/27/19

Open

743,105

746,077

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

11/27/19

Open

1,010,100

1,014,140

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

11/27/19

Open

1,155,325

1,159,946

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

11/27/19

Open

879,948

883,467

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

11/27/19

Open

956,920

960,748

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(0.50

)

12/05/19

Open

48,431

48,393

Corporate Bonds

Open/Demand

33

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

J.P. Morgan Securities LLC

1.75

%

12/05/19

Open

$

644,490

$

646,276

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/05/19

Open

98,745

99,105

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/05/19

Open

1,769,918

1,776,363

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/05/19

Open

228,390

229,222

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/06/19

Open

47,509

47,669

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/06/19

Open

204,300

205,005

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/06/19

Open

522,731

524,535

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/11/19

Open

90,606

90,901

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

12/13/19

Open

80,738

80,976

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

12/17/19

Open

976,553

979,299

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

12/18/19

Open

314,736

315,563

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

12/19/19

Open

383,456

384,441

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

12/19/19

Open

1,571,423

1,575,927

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/19/19

Open

138,260

138,649

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/19/19

Open

154,845

155,280

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/19/19

Open

286,440

287,245

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/19/19

Open

230,233

230,880

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/19/19

Open

178,094

178,594

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

12/20/19

Open

240,531

241,146

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.23

12/24/19

Open

367,140

367,981

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.67

01/02/20

Open

4,843,125

4,849,623

U.S. Treasury Obligations

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

1,323,658

1,325,555

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

2,484,888

2,488,449

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

837,471

838,672

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

1,936,675

1,939,451

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

2,041,208

2,044,133

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

476,508

477,191

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

616,395

617,279

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

1,677,891

1,680,296

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

996,413

997,841

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

738,203

739,261

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

792,533

793,668

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

927,325

928,654

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

1,637,978

1,640,325

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

1,217,565

1,219,310

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

833,263

834,457

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

486,765

487,463

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

1,045,031

1,046,529

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/07/20

Open

1,350,863

1,352,799

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.25

01/07/20

Open

573,953

574,813

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.12

01/08/20

Open

926,344

927,598

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.12

01/08/20

Open

1,093,155

1,094,636

Corporate Bonds

Open/Demand

BNP Paribas S.A.

1.74

01/13/20

02/12/20

9,456,726

9,464,953

U.S. Government Sponsored Agency Securities

Up to 30 Days

34

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

BNP Paribas S.A.

1.74

%

01/13/20

02/12/20

$

4,561,280

$

4,565,248

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

1.74

01/13/20

02/12/20

13,619,491

13,631,375

U.S. Government Sponsored Agency Securities

Up to 30 Days

J.P. Morgan Securities LLC

1.73

01/13/20

02/12/20

7,702,292

7,708,954

U.S. Government Sponsored Agency Securities

Up to 30 Days

J.P. Morgan Securities LLC

1.73

01/13/20

02/12/20

3,741,520

3,744,756

U.S. Government Sponsored Agency Securities

Up to 30 Days

J.P. Morgan Securities LLC

1.73

01/13/20

02/12/20

3,877,035

3,880,389

U.S. Government Sponsored Agency Securities

Up to 30 Days

J.P. Morgan Securities LLC

1.73

01/13/20

02/12/20

1,890,587

1,892,222

U.S. Government Sponsored Agency Securities

Up to 30 Days

J.P. Morgan Securities LLC

1.73

01/13/20

02/12/20

1,303,481

1,304,609

U.S. Government Sponsored Agency Securities

Up to 30 Days

J.P. Morgan Securities LLC

1.73

01/13/20

02/12/20

8,596,963

8,604,399

U.S. Government Sponsored Agency Securities

Up to 30 Days

J.P. Morgan Securities LLC

1.73

01/13/20

02/12/20

3,825,979

3,829,288

U.S. Government Sponsored Agency Securities

Up to 30 Days

J.P. Morgan Securities LLC

1.73

01/13/20

02/12/20

12,153,116

12,163,628

U.S. Government Sponsored Agency Securities

Up to 30 Days

J.P. Morgan Securities LLC

1.73

01/13/20

02/12/20

9,929,348

9,937,937

U.S. Government Sponsored Agency Securities

Up to 30 Days

J.P. Morgan Securities LLC

1.73

01/13/20

02/12/20

2,998,139

3,000,732

U.S. Government Sponsored Agency Securities

Up to 30 Days

Barclays Bank PLC

2.25

01/14/20

Open

313,100

313,452

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.25

01/14/20

Open

339,998

340,040

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

01/14/20

Open

252,000

252,284

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

01/14/20

Open

257,731

258,021

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

01/14/20

Open

466,560

467,085

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

01/14/20

Open

690,515

691,292

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

01/14/20

Open

359,178

359,582

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

01/14/20

Open

769,995

770,813

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/14/20

Open

283,920

284,225

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/14/20

Open

503,003

503,543

Corporate Bonds

Open/Demand

35

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

RBC Capital Markets, LLC

2.30

%

01/14/20

Open

$

315,628

$

315,990

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

448,286

448,802

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

447,930

448,445

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

366,273

366,694

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

164,885

165,075

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

503,051

503,630

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

335,961

336,348

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

535,609

536,225

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

386,400

386,844

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

398,580

399,038

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

285,976

286,305

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

810,210

811,090

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

687,818

688,565

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/14/20

Open

756,510

757,332

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

01/16/20

Open

373,965

374,316

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.12

01/16/20

Open

1,030,643

1,031,553

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/16/20

Open

690,358

690,976

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.35

01/16/20

Open

1,573,146

1,574,687

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/16/20

Open

270,540

270,799

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/16/20

Open

1,472,148

1,473,558

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/16/20

Open

395,199

395,577

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/16/20

Open

250,594

250,834

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/16/20

Open

1,551,888

1,553,375

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/17/20

Open

171,144

171,256

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/17/20

Open

1,387,901

1,388,813

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

1.75

01/17/20

Open

337,341

337,522

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/21/20

Open

83,750

83,804

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/22/20

Open

407,680

407,899

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/22/20

Open

1,395,840

1,396,590

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

1.50

01/23/20

Open

753,578

753,829

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/23/20

Open

781,935

782,335

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

2.25

01/24/20

Open

1,213,669

1,214,048

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/24/20

Open

722,453

722,668

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/24/20

Open

712,526

712,739

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/24/20

Open

1,286,271

1,286,682

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/27/20

Open

1,390,434

1,390,766

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.15

01/28/20

Open

419,843

419,918

Corporate Bonds

Open/Demand

BoFA Securities Inc

(0.25

)

01/28/20

Open

158,100

158,096

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

2.30

01/30/20

Open

186,323

186,334

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.00

01/31/20

Open

702,488

702,488

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.00

01/31/20

Open

212,268

212,268

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.00

01/31/20

Open

560,381

560,381

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.00

01/31/20

Open

288,296

288,296

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.00

01/31/20

Open

503,595

503,595

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.00

01/31/20

Open

467,060

467,060

Corporate Bonds

Open/Demand

36

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements (a)

BNP Paribas S.A.

0.00

%

01/31/20

Open

$

203,150

$

203,150

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.00

01/31/20

Open

4,029,600

4,029,600

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.00

01/31/20

Open

295,689

295,689

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.00

01/31/20

Open

272,636

272,636

Corporate Bonds

Open/Demand

RBC Capital Markets, LLC

0.00

01/31/20

Open

979,215

979,215

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.00

01/31/20

Open

3,461,956

3,461,956

Foreign Agency Obligations

Open/Demand

$

394,771,891

$

398,280,592

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year U.S. Ultra Long Treasury Note		157		03/20/20	$	22,868	$	489,229
Short Contracts
10-Year U.S. Treasury Note		738		03/20/20		97,162		(2,076,738	)
Long U.S. Treasury Bond		29		03/20/20		4,742		(129,495	)
U.S. Treasury Ultra Bond		168		03/20/20		32,540		(1,039,782	)
2-Year U.S. Treasury Note		738		03/31/20		159,673		(394,378	)
5-Year U.S. Treasury Note		39		03/31/20		4,692		(51,790	)
								(3,692,183	)
							$	(3,202,954	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	130,000	USD	143,064	Bank of America N.A.		02/05/20	$	1,121
EUR	138,000	USD	152,131	Bank of America N.A.		02/05/20		927
EUR	10,284,000	USD	11,337,082	Bank of America N.A.		02/05/20		69,074
GBP	1,106,000	USD	1,440,897	BNP Paribas S.A.		02/05/20		19,614
GBP	10,570,000	USD	13,770,596	BNP Paribas S.A.		02/05/20		187,450
USD	4,464	EUR	4,000	Bank of America N.A.		02/05/20		28
USD	107,804	EUR	97,000	Barclays Bank PLC		02/05/20		220
USD	146,095	EUR	130,000	HSBC Bank USA N.A.		02/05/20		1,910
USD	593,492	EUR	532,000	JPMorgan Chase Bank N.A.		02/05/20		3,442

37

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	8,917	EUR	8,000	Morgan Stanley & Co. International PLC		02/05/20	$	44
USD	35,707	EUR	32,000	Morgan Stanley & Co. International PLC		02/05/20		215
USD	8,016	GBP	6,000	Barclays Bank PLC		02/05/20		93
CAD	6,550,000	NOK	44,655,843	JPMorgan Chase Bank N.A.		03/18/20		93,385
CAD	6,580,000	NOK	45,031,658	JPMorgan Chase Bank N.A.		03/18/20		75,187
CAD	6,460,000	NOK	43,537,816	Morgan Stanley & Co. International PLC		03/18/20		146,953
NZD	7,654,543	AUD	7,300,000	JPMorgan Chase Bank N.A.		03/18/20		60,153
								659,816
USD	11,141,811	EUR	10,079,000	Barclays Bank PLC		02/05/20		(36,975	)
USD	3,412,042	EUR	3,088,000	Citibank N.A.		02/05/20		(12,910	)
USD	98,681	EUR	89,000	Morgan Stanley & Co. International PLC		02/05/20		(30	)
USD	13,815,547	GBP	10,688,000	BNP Paribas S.A.		02/05/20		(298,321	)
USD	1,847,240	GBP	1,430,000	State Street Bank and Trust Co.		02/05/20		(41,124	)
USD	1,609,099	MXN	31,780,000	Goldman Sachs International		02/05/20		(72,783	)
USD	152,392	EUR	138,000	Bank of America N.A.		03/04/20		(929	)
USD	11,356,508	EUR	10,284,000	Bank of America N.A.		03/04/20		(69,217	)
USD	1,442,119	GBP	1,106,000	BNP Paribas S.A.		03/04/20		(19,482	)
USD	13,782,276	GBP	10,570,000	BNP Paribas S.A.		03/04/20		(186,189	)
AUD	7,210,000	NZD	7,532,215	Bank of America N.A.		03/18/20		(41,330	)
AUD	7,300,000	NZD	7,627,186	Bank of America N.A.		03/18/20		(42,460	)
NOK	45,276,980	CAD	6,580,000	Bank of America N.A.		03/18/20		(48,512	)
NOK	44,890,785	CAD	6,550,000	JPMorgan Chase Bank N.A.		03/18/20		(67,838	)
NOK	43,872,606	CAD	6,460,000	Morgan Stanley & Co. International PLC		03/18/20		(110,549	)
NZD	7,449,869	AUD	7,210,000	Bank of America N.A.		03/18/20		(11,927	)
USD	143,433	EUR	130,000	Bank of America N.A.		03/18/20		(1,124	)
								(1,061,700	)
	Net unrealized depreciation						$	(401,884	)

OTC Interest Rate Swaptions Purchased

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

1-Year Interest Rate Swap, 11/25/21

3-Month LIBOR, 1.75

%

Quarterly

1.25

%

Semi-Annual

Morgan Stanley & Co. International PLC

11/23/20

1.25

%

USD

68,320

$

131,582

38

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

OTC Interest Rate Swaptions Written

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

1-Year Interest Rate Swap, 11/25/21

0.75

%

Semi-Annual

3-Month LIBOR, 1.75

%

Quarterly

Morgan Stanley & Co. International PLC

11/23/20

0.75

%

USD

68,320

$

(42,780

)

Centrally Cleared Credit Default Swaps — Buy Protection

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.33.V1		5.00	%		Quarterly	12/20/24		USD	2,921	$	(263,359	)	$	(176,678	)	$	(86,681	)
CDX.NA.IG.33.V1		1.00			Quarterly	12/20/24		USD	74,100		(1,821,378	)		(1,296,099	)		(525,279	)
										$	(2,084,737	)	$	(1,472,777	)	$	(611,960	)

Centrally Cleared Interest Rate Swaps

Paid by the Trust		Received by the Trust		Effective Date		Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
3-Month LIBOR, 1.75%	Quarterly	2.39%	Semi-Annual		N/A		02/12/20	USD	185,500	$	1,305,586	$	32	$	1,305,554
3-Month LIBOR, 1.75%	Quarterly	2.36	Semi-Annual		N/A		02/13/20	USD	150,000		1,035,153		28		1,035,125
										$	2,340,739	$	60	$	2,340,679

OTC Credit Default Swaps — Buy Protection

Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%		Quarterly	Citibank N.A.		06/20/20		USD	604	$	(2,627	)	$	454		$	(3,081	)
United Mexican States		1.00			Quarterly	Bank of America N.A.		09/20/20		USD	604		(3,726	)		983			(4,709	)
UPC Holding BV		5.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/24		EUR	30		(5,533	)		(6,269	)		736
UPC Holding BV		5.00			Quarterly	BNP Paribas S.A.		06/20/24		EUR	6		(1,142	)		(1,369	)		227
UPC Holding BV		5.00			Quarterly	Bank of America N.A.		06/20/24		EUR	20		(3,689	)		(4,360	)		671
Altice Finco SA		5.00			Quarterly	Credit Suisse International		12/20/24		EUR	50		(6,143	)		(6,659	)		516
CMBX.NA.7		3.00			Annual	Deutsche Bank AG		01/17/47		USD	25,000		72,184			1,809,073			(1,736,889	)
												$	49,324		$	1,791,853		$	(1,742,529	)

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Counterparty	Termination Date		Credit Rating (a)	Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%		Quarterly	Bank of America N.A.		06/20/20	BBB+		USD	604	$	2,628		$	(475	)	$	3,103
United Mexican States		1.00			Quarterly	Citibank N.A.		09/20/20	NR		USD	604		3,726			933			2,793
Casino Guichard Perrachon SA		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/23	B		EUR	10		(1,566	)		(712	)		(854	)
Casino Guichard Perrachon SA		1.00			Quarterly	Citibank N.A.		06/20/23	B		EUR	28		(4,333	)		(2,859	)		(1,474	)

39

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

OTC Credit Default Swaps — Sell Protection (continued)

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 SA		1.00	%		Quarterly		Barclays Bank PLC		12/20/23	B		EUR	30	$	(5,614	)	$	(3,797	)	$	(1,817	)
Chesapeake Energy Corp.		5.00			Quarterly		Barclays Bank PLC		12/20/23	CCC-		USD	94		(45,423	)		142			(45,565	)
Chesapeake Energy Corp.		5.00			Quarterly		Barclays Bank PLC		12/20/23	CCC-		USD	402		(194,255	)		3,061			(197,316	)
Casino Guichard Perrachon SA		5.00			Quarterly		Credit Suisse International		06/20/24	B		EUR	11		(648	)		(698	)		50
Casino Guichard Perrachon SA		5.00			Quarterly		Credit Suisse International		06/20/24	B		EUR	9		(573	)		(712	)		139
Altice SA		5.00			Quarterly		Citibank N.A.		12/20/24	CCC+		EUR	10		1,172			1,143			29
Garfunkelux Holdco 2 SA		5.00			Quarterly		Credit Suisse International		12/20/24	B-		EUR	10		411			(131	)		542
Garfunkelux Holdco 2 SA		5.00			Quarterly		Credit Suisse International		12/20/24	B-		EUR	30		1,231			—			1,231
Tesco PLC		1.00			Quarterly		Morgan Stanley & Co. International PLC		12/20/28	BBB-		EUR	70		(2,641	)		(6,396	)		3,755
CMBX.NA.7		3.00			Annual		Barclays Bank PLC		01/17/47	C		USD	10,000		(28,874	)		(507,824	)		478,950
CMBX.NA.7		3.00			Annual		Barclays Bank PLC		01/17/47	C		USD	5,000		(14,437	)		(253,619	)		239,182
CMBX.NA.7		3.00			Annual		Barclays Bank PLC		01/17/47	C		USD	10,000		(28,874	)		(251,372	)		222,498
CMBX.NA.9		2.00			Annual		Morgan Stanley & Co. International PLC		09/17/58	NR		USD	2,500		68,020			(337,484	)		405,504
CMBX.NA.9		2.00			Annual		Credit Suisse International		09/17/58	NR		USD	2,500		68,020			(340,775	)		408,795
CMBX.NA.9		2.00			Annual		Morgan Stanley & Co. International PLC		09/17/58	NR		USD	5,000		136,040			(668,683	)		804,723
CMBX.NA.9		3.00			Annual		Morgan Stanley & Co. International PLC		09/17/58	NR		USD	2,500		(18,547	)		(545,437	)		526,890
CMBX.NA.9		3.00			Annual		Deutsche Bank AG		09/17/58	NR		USD	15,000		(111,282	)		(1,462,556	)		1,351,274
CMBX.NA.9		3.00			Annual		Goldman Sachs International		09/17/58	NR		USD	5,000		(37,094	)		(523,090	)		485,996
CMBX.NA.9		3.00			Annual		Credit Suisse International		09/17/58	NR		USD	5,000		(37,094	)		(538,360	)		501,266
CMBX.NA.9		3.00			Annual		Morgan Stanley & Co. International PLC		09/17/58	NR		USD	5,000		(37,094	)		(537,737	)		500,643
														$	(287,101	)	$	(5,977,438	)	$	5,690,337

^(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.

40

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End

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

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

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

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—	$	123,765,579		$	1,962,964	$	125,728,543
Common Stocks(a)		3,866,862		—			—		3,866,862
Corporate Bonds(a)		—		501,931,597			1,805,284		503,736,881
Floating Rate Loan Interests(a)		—		43,270,492			3,152,846		46,423,338
Foreign Agency Obligations(a)		—		33,133,291			—		33,133,291
Non-Agency Mortgage-Backed Securities		—		82,545,132			8,066,635		90,611,767
Preferred Securities(a)		15,243,003		96,554,953			1,642,500		113,440,456
U.S. Government Sponsored Agency Securities		—		150,795,161			—		150,795,161
U.S. Treasury Obligations		—		12,413,164			—		12,413,164
Options Purchased
Interest rate contracts		—		131,582			—		131,582
Short-Term Securities:
Foreign Agency Obligations		—		567,812			—		567,812
Money Market Fund		5,784,290		—			—		5,784,290
U.S. Treasury Obligations		—		7,768,027			—		7,768,027
Unfunded floating rate loan interests		—		24,343			—		24,343
Liabilities:
Investments:
TBA Sale Commitments		—		(34,783,092	)		—		(34,783,092	)
	$	24,894,155	$	1,018,118,041		$	16,630,229	$	1,059,642,425

41

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments(b)
Assets:
Credit contracts	$	—		$	5,939,513		$	—	$	5,939,513
Forward foreign currency contracts		—			659,816			—		659,816
Interest rate contracts		489,229			2,340,679			—		2,829,908
Liabilities:
Credit contracts		—			(2,603,665	)		—		(2,603,665	)
Forward foreign currency contracts		—			(1,061,700	)		—		(1,061,700	)
Interest rate contracts		(3,692,183	)		(42,780	)		—		(3,734,963	)
	$	(3,202,954	)	$	5,231,863		$	—	$	2,028,909

^(a)  See above Schedule of Investments for values in each industry, country or political subdivision.

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

The Trust may hold liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement Purposes. As of period end, reverse repurchase agreements of $398,280,592 are categorized as Level 2 within the disclosure hierarchy.

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

	Asset- Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities			Preferred Securities		Total
Assets:
Opening balance, as of October 31, 2019	$	5,513,457		$	1,798,893		$	2,297,649		$	8,255,880		$	1,581,148	$	19,447,027
Transfers into Level 3		—			—			761,837			—			—		761,837
Transfers out of Level 3		—			—			(979,788	)		—			—		(979,788	)
Accrued discounts/premiums		7,612			—			827			33,252			—		41,691
Net realized gain (loss)		(975	)		—			1,951			103,677			—		104,653
Net change in unrealized appreciation (depreciation)(a)		(33,909	)		25,420			(646,055	)		(22,018	)		61,352		(615,210	)
Purchases		975			—			2,325,852			—			—		2,326,827
Sales		(3,524,196	)		(19,029	)		(609,427	)		(304,156	)		—		(4,456,808	)
Closing Balance, as of January 31, 2020	$	1,962,964		$	1,805,284		$	3,152,846		$	8,066,635		$	1,642,500		16,630,229
Net change in unrealized appreciation (depreciation) on investments still held at January 31, 2020(a)	$	(28,351	)	$	25,420		$	(644,030	)	$	(22,018	)	$	61,352	$	(607,627	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at January 31, 2020 is generally due to investments no longer held or categorized as Level 3 at period end.

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

42