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

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

Security		Par (000)		Value
Asset-Backed Securities
522 Funding Clo I Ltd., Series 2019-1A, Class E, (3 mo. LIBOR US + 7.34%), 7.62%, 01/15/33(a)(b)	USD		250	$	225,637
Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(a)(c)(d)			894		482,828
Ajax Mortgage Loan Trust , Series 2017-D, Class A, 3.75%, 12/25/57(a)			2,614		2,624,452
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36(a)			2,000		2,228,735
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 7.28%, 10/15/28(a)(b)			1,000		791,028
Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 5.68%, 01/15/30(a)(b)			860		686,866
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 3.75%, 01/28/31(a)(b)			250		237,547
Anchorage Capital CLO Ltd.(a)(b)
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.85%), 2.10%, 01/28/31			1,000		945,580
Series 2015-6A, Class DR, (3 mo. LIBOR US + 3.55%), 3.83%, 07/15/30			1,000		956,147
Series 2016-8A, Class DR, (3 mo. LIBOR US + 3.00%), 3.25%, 07/28/28			1,000		945,237
Ares LV CLO Ltd., Series 2020-55A, Class D, (3 mo. LIBOR US + 4.83%), 5.20%, 04/15/31(a)(b)			1,000		999,949
Ares XLI CLO Ltd., Series 2016-41A, Class D, (3 mo. LIBOR US + 4.20%), 4.48%, 01/15/29(a)(b)			900		852,000
Argent Securities Trust, Series 2006-W5, Class A1A, (1 mo. LIBOR US + 0.15%), 0.32%, 06/25/36(b)			5,396		3,863,206
Bain Capital Credit CLO Ltd., (3 mo. LIBOR US + 4.81%), 5.17%, 07/19/31(a)(b)(c)			250		248,825
Battalion CLO XI Ltd., Series 2017-11A, Class E, (3 mo. LIBOR US + 5.98%), 6.24%, 10/24/29(a)(b)			325		283,957
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 0.31%, 11/25/36(b)			2,268		2,146,236
Benefit Street Partners CLO VI Ltd.(a)(b)
Series 2015-VIA, Class BR, (3 mo. LIBOR US + 2.40%), 2.67%, 10/18/29			1,000		944,324
Series 2015-VIA, Class CR, (3 mo. LIBOR US + 3.45%), 3.72%, 10/18/29			1,000		900,589
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class CR, (3 mo. LIBOR US + 3.50%), 3.78%, 01/15/29(a)(b)			420		370,574
Benefit Street Partners CLO XVIII Ltd., Series 2019- 18A, Class E, (3 mo. LIBOR US + 6.90%), 7.18%, 10/15/32(a)(b)			500		439,832
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class C, (3 mo. LIBOR US + 2.60%), 2.75%, 07/15/31(a)(b)			250		244,957
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.92%, 01/17/28(a)(b)			250		225,499
Carrington Mortgage Loan Trust(b)
Series 2006-FRE2, Class A2, (1 mo. LIBOR US + 0.12%), 0.29%, 10/25/36			3,969		3,245,798
Series 2006-FRE2, Class A5, (1 mo. LIBOR US + 0.08%), 0.25%, 03/25/35			8,176		6,655,885
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.71%, 07/20/32(a)(b)			500		439,158

Security		Par (000)		Value
Asset-Backed Securities (continued)
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.16%), 0.33%, 10/25/36(b)	USD		6,242	$	4,827,011
CIFC Funding Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 4.00%), 4.24%, 07/15/32(a)(b)(c)			500		500,000
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 5.78%, 10/25/36			456		382,215
Clear Creek CLO, Series 2015-1A, Class DR, 3.22%, 10/20/30(a)(d)			250		225,165
Countrywide Asset-Backed Certificates, Series 2006- 26, Class 1A, (1 mo. LIBOR US + 0.14%), 0.31%, 06/25/37(b)			791		707,270
Dryden 75 CLO Ltd., Series 2019-75A, Class CR, (3 mo. LIBOR US + 2.40%), 2.68%, 07/15/30(a)(b)			500		487,633
Elmwood CLO III Ltd., Series 2019-3A, Class E, (3 mo. LIBOR US + 7.00%), 7.28%, 10/15/32(a)(b)			950		919,820
Elmwood CLO V Ltd., Series 2020-2A, Class C, (3 mo. LIBOR US + 2.75%), 3.02%, 07/24/31(a)(b)			500		489,800
Fremont Home Loan Trust(b)
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.33%, 05/25/36			21,688		14,897,043
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 0.32%, 11/25/36			19,762		9,376,604
Galaxy CLO Ltd., Series 2015-21A, Class ER, (3 mo. LIBOR US + 5.25%), 5.52%, 04/20/31(a)(b)			500		386,789
Galaxy XXIX CLO Ltd., Series 2018-29A, Class D, (3 mo. LIBOR US + 2.40%), 2.79%, 11/15/26(a)(b)			530		493,809
Highbridge Loan Management Ltd., Series 4A-2014, Class BR, (3 mo. LIBOR US + 1.85%), 2.10%, 01/28/30(a)(b)			1,750		1,630,644
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 0.34%, 04/25/37(b)			9,959		7,272,276
HPS Loan Management Ltd.(a)(b)
Series 10A-16, Class C, (3 mo. LIBOR US + 3.65%), 3.92%, 01/20/28			2,500		2,348,155
Series 8A-2016, Class ER, (3 mo. LIBOR US + 5.50%), 5.77%, 07/20/30			1,000		781,307
Invitation Homes Trust, Series 2018-SFR2, Class E, (1 mo. LIBOR US + 2.00%), 2.17%, 06/17/37(a)(b)			3,000		2,907,258
Kayne CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.80%, 01/20/33(a)(b)			500		437,226
Long Beach Mortgage Loan Trust(b)
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.33%, 11/25/36			10,985		5,068,092
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.33%, 08/25/36			6,187		3,117,639
Madison Park Funding X Ltd.(a)(b)
Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.52%, 01/20/29			750		681,261
Series 2012-10A, Class ER2, (3 mo. LIBOR US + 6.40%), 6.67%, 01/20/29			1,500		1,260,781
Madison Park Funding XVI Ltd., Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 3.97%, 04/20/26(a)(b)			1,000		947,312
Mastr Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1 mo. LIBOR US + 0.15%), 0.32%, 06/25/36(b)			9,087		4,871,847
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ER, (3 mo. LIBOR US + 5.00%), 5.28%, 01/15/28(a)(b)			710		593,381

1

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

Security		Par (000)			Value
Asset-Backed Securities (continued)
Oaktree CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 5.20%), 5.47%, 10/20/27(a)(b)	USD		1,000		$	748,866
Octagon Investment Partners LLC, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 6.57%, 07/20/30(a)(b)			500			436,866
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3 mo. LIBOR US + 2.75%), 3.01%, 01/22/30(a)(b)			500			448,309
OHA Credit Partners VII Ltd., Series 2012-7A, Class DR, (3 mo. LIBOR US + 4.20%), 4.58%, 11/20/27(a)(b)			590			584,468
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, (3 mo. LIBOR US + 7.15%), 7.42%, 01/21/30(a)(b)			405			370,693
OZLM XIV Ltd., Series 2015-14A, Class CR, (3 mo. LIBOR US + 3.00%), 3.28%, 01/15/29(a)(b)			1,000			918,647
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 5.81%, 01/20/31(a)(b)			250			175,109
Palmer Square CLO Ltd., Series 2020-1A, Class C, (3 mo. LIBOR US + 3.00%), 3.29%, 04/20/29(a)(b)			250			239,991
Palmer Square Loan Funding Ltd.(a)(b) (3 mo. LIBOR US + 2.10%), 2.48%, 08/20/27			750			727,500
Series 2018-5A, Class D, (3 mo. LIBOR US + 4.25%), 4.52%, 01/20/27			500			393,722
Series 2019-2A, Class B, (3 mo. LIBOR US + 2.25%), 2.52%, 04/20/27			250			244,466
Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 6.22%), 6.64%, 11/14/29(a)(b)			1,750			1,554,949
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37			3,996			2,172,894
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3 mo. LIBOR US + 2.85%), 3.13%, 10/15/29(a)(b)			500			492,020
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 0.57%, 09/25/47(b)			5,000			4,497,257
Scholar Funding Trust, Series 2013-A, Class R, 0.00%,(c)			—	(e)		1,551,557
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 7.33%, 04/15/33(a)(b)			250			205,972
Treman Park CLO Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 2.65%), 2.92%, 10/20/28(a)(b)			1,500			1,385,937
TRESTLES CLO Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 3.65%), 3.89%, 07/25/29(a)(b)			250			239,481
WaMu Asset-Backed Certificates Trust, Series 2007- HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 0.41%, 05/25/37(b)			7,970			6,684,093
Wellfleet CLO Ltd., Series 2017-3A, Class B, (3 mo. LIBOR US + 1.95%), 2.22%, 01/17/31(a)(b)			500			466,251

Security	Par (000)				Value
Asset-Backed Securities (continued)
Westcott Park CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.25%), 3.52%, 07/20/28(a)(b)		USD		550	$	518,177
York CLO-2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 5.91%, 01/22/31(a)(b)				250		191,424
Total Asset-Backed Securities — 19.5% (Cost: $121,530,909)						122,843,833
	Shares
Common Stocks
Aerospace & Defense — 0.3%
Raytheon Technologies Corp.				25,650		1,453,842
Building Products — 0.1%
Carrier Global Corp.				25,650		698,706
Diversified Financial Services — 0.0%
Arrow Global Group PLC				3,344		3,309
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp,(c)(f)				908		35,260
Machinery — 0.1%
Otis Worldwide Corp.				12,825		804,641
Total Common Stocks — 0.5% (Cost: $2,990,686)						2,995,758
			Par (000)
Corporate Bonds
Aerospace & Defense — 2.5%
Amsted Industries, Inc., 5.63%, 07/01/27(a)		USD		185		195,175
Bombardier, Inc. (a) 8.75%, 12/01/21(g)				1,177		1,177,000
5.75%, 03/15/22				120		114,000
6.00%, 10/15/22				10		9,200
6.13%, 01/15/23				408		350,880
7.50%, 12/01/24				181		146,610
7.50%, 03/15/25(g)				44		35,530
7.88%, 04/15/27(g)				1,237		983,415
Global Aircraft Leasing Co. Ltd., (6.5% Cash or 7.25% PIK), 6.50%, 09/15/24(a)(h)				256		159,360
Howmet Aerospace, Inc.
5.87%, 02/23/22(g)				1,065		1,131,775
5.13%, 10/01/24				38		40,380
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(a)(g)				448		472,640
Lockheed Martin Corp., 4.09%, 09/15/52(g)				451		629,043
Moog, Inc., 4.25%, 12/15/27(a)				172		175,834
Raytheon Technologies Corp., 3.75%, 11/01/46(g)				700		861,320
Signature Aviation US Holdings, Inc.(a)
5.38%, 05/01/26				322		334,205
4.00%, 03/01/28				303		286,335

2

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

Security		Par (000)		Value
Aerospace & Defense (continued)
SoftBank Group Corp., 4.00%, 04/20/23	EUR		140	$	169,877
TransDigm, Inc.(a)
8.00%, 12/15/25	USD		825		895,125
6.25%, 03/15/26(g)			6,999		7,383,945
Wolverine Escrow LLC(a) 8.50%, 11/15/24			314		227,650
9.00%, 11/15/26			276		200,100
					15,979,399
Air Freight & Logistics — 0.2%
FedEx Corp.(g) 3.90%, 02/01/35			500		568,042
4.75%, 11/15/45			500		623,311
XPO Logistics, Inc., 6.75%, 08/15/24(a)			22		23,660
					1,215,013
Airlines — 1.4%
Air Canada Pass-Through Trust, Series 2013-1, Class B, 5.38%, 11/15/22(a)			1,702		1,549,937
American Airlines Pass-Through Trust, 4.95%, 07/15/24(g)			1,118		906,670
Avianca Holdings SA, 9.00%, 05/10/23(a)(f)(i)			465		88,350
Continental Airlines Pass-Through Trust, Series 2007-1, Class B, 6.90%, 04/19/22			76		62,783
Delta Air Lines Pass-Through Trust, Series 2007-1, Class B, 8.02%, 02/10/24			979		922,316
Latam Finance Ltd., 6.88%, 04/11/24(a)(f)(i)			737		251,501
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(a)			1,374		1,422,090
United Airlines Pass-Through Trust, Series 2015-1, Class A, 3.70%, 12/01/22(g)			3,570		3,331,133
					8,534,780
Auto Components — 1.3%
Allison Transmission, Inc.(a) 5.00%, 10/01/24			38		38,732
5.88%, 06/01/29			381		420,917
Aptiv PLC(g) 4.25%, 01/15/26			400		460,062
4.40%, 10/01/46			280		284,788
Clarios Global LP/Clarios U.S. Finance Co., 4.38%, 05/15/26	EUR		101		118,973
Clarios Global LP/Clarios US Finance Co.(a)(g)
6.25%, 05/15/26	USD		1,381		1,477,836
8.50%, 05/15/27			2,163		2,273,313
Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/28(a)			337		331,102
Faurecia SE, 3.75%, 06/15/28	EUR		100		117,795
FCE Bank PLC, 1.62%, 05/11/23			100		113,803
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 6.25%, 02/01/22(g)	USD		341		347,922
6.75%, 02/01/24(g)			240		247,200
4.75%, 09/15/24			143		145,860
6.38%, 12/15/25(g)			231		240,240
6.25%, 05/15/26			498		526,271
5.25%, 05/15/27			604		622,120
IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27(h)	EUR		100		118,486
Tesla, Inc., 5.30%, 08/15/25(a)	USD		429		444,015
					8,329,435
Automobiles — 0.5%
General Motors Co., 6.25%, 10/02/43(g)			2,194		2,613,103

Security		Par (000)		Value
Automobiles (continued)
Rolls-Royce PLC 0.88%, 05/09/24	EUR		100	$	105,623
1.63%, 05/09/28			100		100,594
Winnebago Industries, Inc., 6.25%, 07/15/28(a)	USD		176		186,120
					3,005,440
Banks — 1.7%
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25	EUR		100		115,691
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%(g)(j)(k)	USD		2,000		1,800,000
Bancolombia SA, (5 year CMT + 2.94%), 4.63%, 12/18/29(k)			500		474,219
Bank Leumi Le-Israel BM, (5 year CMT + 1.63%), 3.28%, 01/29/31(a)(k)			407		401,913
Bank of East Asia Ltd., (5 year CMT + 4.26%), 5.88%(j)(k)			250		244,375
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25			200		198,125
Barclays PLC, 5.20%, 05/12/26			200		227,338
BBVA Bancomer SA, 6.75%, 09/30/22(a)			682		736,389
Burgan Bank SAK, (5 year USD Swap + 4.01%), 5.75%(j)(k)			250		242,500
Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70%(j)(k)			250		248,047
CIT Group, Inc., 5.00%, 08/01/23(g)			847		886,174
Commerzbank AG(k)
(5 year EUR Swap + 4.35%), 4.00%, 12/05/30	EUR		100		119,003
(5 year EUR Swap + 6.36%), 6.13%(j)			200		222,983
Emirates NBD Bank PJSC, (6 year USD Swap + 3.66%), 6.13%(j)(k)	USD		250		248,828
HSBC Holdings PLC, 4.38%, 11/23/26(g)			370		417,530
Intesa Sanpaolo SpA, 5.02%, 06/26/24(a)(g)			2,888		3,039,205
Itau Unibanco Holding SA, 5.13%, 05/13/23(a)			417		441,108
Phoenix PIB Dutch Finance BV, 2.38%, 08/05/25(l)	EUR		100		118,611
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33(a)(g)(k)	USD		500		552,393
Unione di Banche Italiane SpA, (5 year EUR Swap + 5.75%), 5.88%, 03/04/29(k)	EUR		100		129,417
					10,863,849
Beverages — 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(g)	USD		2,160		2,758,960
Central American Bottling Corp., 5.75%, 01/31/27(a)			637		661,286
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			45		53,100
Silgan Holdings, Inc. 4.13%, 02/01/28			278		284,950
2.25%, 06/01/28	EUR		100		115,734
					3,874,030
Biotechnology(g) — 0.4%
Amgen, Inc., 4.40%, 05/01/45	USD		1,100		1,483,980
Gilead Sciences, Inc., 4.75%, 03/01/46			700		1,010,293
					2,494,273
Building Materials — 0.1%
Cemex SAB de CV, 3.13%, 03/19/26	EUR		100		110,286
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(a)(l)	USD		227		235,512
					345,798

3

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

Security		Par (000)		Value
Building Products(a) — 0.5%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27	USD		310	$	319,300
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26			317		335,228
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25			463		490,780
JELD-WEN, Inc., 6.25%, 05/15/25			189		202,230
Masonite International Corp. 5.75%, 09/15/26			106		111,075
5.38%, 02/01/28			186		198,090
Standard Industries, Inc. 6.00%, 10/15/25(g)			659		686,322
5.00%, 02/15/27			48		51,000
4.75%, 01/15/28			68		72,675
4.38%, 07/15/30			804		868,320
					3,335,020
Capital Markets — 0.5%
CFLD Cayman Investment Ltd., 6.90%, 01/13/23			200		198,750
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%, 12/31/99(g)(j)(k)			900		902,765
Intercorp Peru Ltd., 3.88%, 08/15/29(a)			470		465,535
Intertrust Group BV, 3.38%, 11/15/25	EUR		100		120,137
LABL Escrow Issuer LLC, 6.75%, 07/15/26(a)	USD		414		447,120
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(a)			210		183,356
Owl Rock Capital Corp., 5.25%, 04/15/24(g)			106		111,531
Raymond James Financial, Inc., 4.95%, 07/15/46(g)			400		516,463
Stevens Holding Co., Inc., 6.13%, 10/01/26(a)			197		210,790
					3,156,447
Chemicals — 2.3%
Ashland Services BV, 2.00%, 01/30/28	EUR		100		112,200
Atotech Alpha 2 BV, (8.75% Cash or 9.50% PIK), 8.75%, 06/01/23(a)(h)	USD		706		713,060
Atotech Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25(a)(g)			2,170		2,232,387
Axalta Coating Systems LLC, 4.88%, 08/15/24(a)			265		271,625
Blue Cube Spinco LLC 9.75%, 10/15/23(g)			915		953,888
10.00%, 10/15/25			430		459,025
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(a)(k)			537		545,055
Chemours Co., 6.63%, 05/15/23			369		369,000
Cydsa SAB de CV, 6.25%, 10/04/27(a)(g)			914		918,284
Element Solutions, Inc., 5.88%, 12/01/25(a)(g)			1,636		1,689,170
ENN Clean Energy International Investment Ltd., 7.50%, 02/27/21			200		202,250
Equate Petrochemical BV, 4.25%, 11/03/26(a)			442		474,459
GCP Applied Technologies, Inc., 5.50%, 04/15/26(a)			199		202,980
Minerals Technologies, Inc., 5.00%, 07/01/28(a)			218		226,240
Monitchem HoldCo 3 SA, 5.25%, 03/15/25	EUR		100		120,660
NOVA Chemicals Corp., 4.88%, 06/01/24(a)	USD		80		79,960
Orbia Advance Corp SAB de CV, 5.50%, 01/15/48(a)(g)			526		573,998
PQ Corp., 5.75%, 12/15/25(a)(g)			644		663,320
Sherwin-Williams Co., 4.50%, 06/01/47(g)			310		415,446
Valvoline, Inc., 4.25%, 02/15/30(a)			342		359,528
Vedanta Resources Finance II PLC, 9.25%, 04/23/26			282		197,312

Security		Par (000)		Value
Chemicals (continued)
WESCO Distribution, Inc.(a) 7.13%, 06/15/25	USD		830	$	910,834
7.25%, 06/15/28			937		1,023,672
WR Grace & Co-Conn(a) 5.63%, 10/01/24(g)			300		324,750
4.88%, 06/15/27			392		417,480
Yingde Gases Investment Ltd., 6.25%, 01/19/23			200		206,000
					14,662,583
Commercial Services & Supplies — 1.8%
ADT Security Corp. 6.25%, 10/15/21			234		245,700
4.13%, 06/15/23			16		16,749
4.88%, 07/15/32(a)			685		688,425
Advanced Disposal Services, Inc., 5.63%, 11/15/24(a)			176		182,635
Aviation Capital Group LLC, 6.75%, 04/06/21(a)(g)			5,000		5,079,835
Booz Allen Hamilton, Inc., 5.13%, 05/01/25(a)			455		465,238
Clean Harbors, Inc.(a)(g) 4.88%, 07/15/27			297		314,853
5.13%, 07/15/29			205		219,350
Garda World Security Corp.(a) 4.63%, 02/15/27			345		354,460
9.50%, 11/01/27(g)			176		191,840
GFL Environmental, Inc.(a) 7.00%, 06/01/26(g)			675		715,500
5.13%, 12/15/26			630		668,896
8.50%, 05/01/27			278		311,443
KAR Auction Services, Inc., 5.13%, 06/01/25(a)(g)			323		324,615
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(a)(g)			157		162,462
United Rentals North America, Inc. 4.63%, 10/15/25(g)			324		333,315
5.88%, 09/15/26			60		64,050
5.50%, 05/15/27			345		371,306
3.88%, 11/15/27(g)			292		306,600
5.25%, 01/15/30			170		186,150
4.00%, 07/15/30			200		207,000
					11,410,422
Communications Equipment — 0.4%
CommScope Technologies LLC, 6.00%, 06/15/25(a)			28		28,608
CommScope, Inc.(a) 5.50%, 03/01/24(g)			1,097		1,139,256
6.00%, 03/01/26			292		311,526
8.25%, 03/01/27			50		53,920
Nokia OYJ(g) 3.38%, 06/12/22			126		130,095
4.38%, 06/12/27			177		188,948
ViaSat, Inc., 5.63%, 04/15/27(a)			677		717,417
					2,569,770
Construction & Engineering — 0.3%
Brand Industrial Services, Inc., 8.50%, 07/15/25(a)(g)			624		577,200
Delhi International Airport Ltd., 6.45%, 06/04/29			200		196,438
frontdoor, Inc., 6.75%, 08/15/26(a)			323		348,436
SPIE SA, 2.63%, 06/18/26	EUR		100		117,737
SRS Distribution, Inc., 8.25%, 07/01/26(a)(g)	USD		618		642,720
					1,882,531
Construction Materials(a) — 0.8%
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/28			444		461,760

4

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

Security		Par (000)		Value
Construction Materials (continued)
Core & Main LP, 6.13%, 08/15/25	USD		1,178	$	1,213,434
HD Supply, Inc., 5.38%, 10/15/26(g)			2,397		2,511,912
New Enterprise Stone & Lime Co., Inc., 6.25%, 03/15/26			88		90,640
Williams Scotsman International, Inc., 6.88%, 08/15/23			418		431,673
					4,709,419
Consumer Discretionary — 0.1%
Carnival Corp. 11.50%, 04/01/23(a)			361		392,587
10.13%, 02/01/26	EUR		100		118,250
Fiat Chrysler Automobiles NV, 3.88%, 01/05/26			100		125,412
Nielsen Co. Luxembourg Sarl, 5.00%, 02/01/25(a)(g)	USD		196		201,149
					837,398
Consumer Finance — 2.0%
Ally Financial, Inc., 8.00%, 11/01/31(g)			1,832		2,533,783
Ford Motor Credit Co. LLC 5.13%, 06/16/25			597		636,444
4.39%, 01/08/26(g)			1,250		1,283,975
Husky III Holding Ltd., (13.00% Cash or 13.00% PIK), 13.00%, 02/15/25(a)(h)			327		328,635
Iron Mountain UK PLC, 3.88%, 11/15/25	GBP		100		129,897
Muthoot Finance Ltd. 6.13%, 10/31/22(a)	USD		481		491,973
4.40%, 09/02/23			200		196,625
Navient Corp.
5.00%, 10/26/20(g)			370		372,816
7.25%, 09/25/23(g)			153		161,560
6.13%, 03/25/24			105		108,675
5.88%, 10/25/24			76		77,900
6.75%, 06/15/26			40		41,600
5.00%, 03/15/27			335		320,762
OneMain Finance Corp. 6.13%, 05/15/22			85		89,463
6.88%, 03/15/25			263		293,902
7.13%, 03/15/26			483		566,235
6.63%, 01/15/28			262		300,239
5.38%, 11/15/29			85		89,684
Refinitiv US Holdings, Inc. 4.50%, 05/15/26(a)	EUR		480		592,222
4.50%, 05/15/26			118		145,588
6.25%, 05/15/26(a)	USD		157		169,756
8.25%, 11/15/26(a)(g)			1,102		1,216,332
Verscend Escrow Corp., 9.75%, 08/15/26(a)(g)			1,936		2,143,713
					12,291,779
Containers & Packaging — 1.3%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(a)(g)(h)			999		1,021,477
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
4.13%, 08/15/26(a)(g)			310		321,718
4.75%, 07/15/27	GBP		100		128,936
4.75%, 07/15/27(a)			100		128,936
Ball Corp. 5.25%, 07/01/25	USD		44		50,160
4.88%, 03/15/26			238		270,685
Berry Global, Inc., 1.00%, 01/15/25	EUR		100		112,848

Security		Par (000)		Value
Containers & Packaging (continued)
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26	USD		513	$	543,975
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26(g)			543		566,610
Graphic Packaging International LLC, 3.50%, 03/15/28(a)			152		154,470
Intertape Polymer Group, Inc., 7.00%, 10/15/26(a)			237		247,369
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(a)(g)			1,030		1,050,167
OI European Group BV, 2.88%, 02/15/25	EUR		100		117,487
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 7.00%, 07/15/24(a)	USD		421		428,894
Sealed Air Corp.(a) 5.13%, 12/01/24			54		59,400
6.88%, 07/15/33			44		53,460
Trivium Packaging Finance BV 3.75%, 08/15/26	EUR		100		117,437
5.50%, 08/15/26(a)(g)	USD		1,189		1,266,642
8.50%, 08/15/27(a)(g)			1,508		1,651,260
					8,291,931
Diversified Consumer Services — 0.5%
APX Group, Inc. 7.88%, 12/01/22			139		140,042
8.50%, 11/01/24			166		170,980
Ascend Learning LLC(a) 6.88%, 08/01/25			823		843,575
6.88%, 08/01/25(g)			374		385,220
Graham Holdings Co., 5.75%, 06/01/26(a)			204		216,240
Laureate Education, Inc., 8.25%, 05/01/25(a)			138		147,660
Pinewood Finance Co. Ltd., 3.25%, 09/30/25	GBP		100		131,182
Prime Security Services Borrower LLC/Prime Finance, Inc.(a)
5.25%, 04/15/24	USD		178		191,350
5.75%, 04/15/26(g)			416		461,760
Service Corp. International, 5.13%, 06/01/29			281		310,505
ServiceMaster Co. LLC, 5.13%, 11/15/24(a)(g)			326		335,780
					3,334,294
Diversified Financial Services — 2.3%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(a)
6.63%, 07/15/26(g)			2,489		2,663,230
9.75%, 07/15/27			636		706,927
Alpha Holding SA de CV, 9.00%, 02/10/25(a)			405		330,885
Altice France Holding SA 8.00%, 05/15/27	EUR		100		126,599
10.50%, 05/15/27(a)	USD		1,841		2,105,644
6.00%, 02/15/28(a)			497		496,399
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		123,293
ASG Finance Designated Activity Co., 7.88%, 12/03/24(a)	USD		262		175,376
CFLD Cayman Investment Ltd. 8.63%, 02/28/21			200		203,000
8.60%, 04/08/24			200		201,625
Citigroup, Inc., Series V, (Secured Overnight Financing Rate + 3.23%), 4.70%(g)(j)(k)			785		754,581
Credit Suisse Group AG, (5 year USD Swap + 4.60%), 7.50%(a)(j)(k)			200		210,908

5

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

Security		Par (000)		Value
Diversified Financial Services (continued)
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(a)	USD		464	$	372,499
Garfunkelux Holdco 3 SA, 7.50%, 08/01/22	EUR		100		110,018
General Motors Financial Co., Inc., 4.25%, 05/15/23(g)	USD		326		346,200
Greenko Dutch BV, 5.25%, 07/24/24			200		204,125
Greenko Mauritius Ltd., 6.25%, 02/21/23			200		204,000
Intrum AB, 3.00%, 09/15/27	EUR		100		104,244
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/27(a)(g)	USD		408		344,760
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 03/15/22(a)(g)			27		26,460
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(h)	EUR		101		118,854
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%, 12/31/99(j)(k)	USD		515		531,737
Manappuram Finance Ltd., 5.90%, 01/13/23			200		197,500
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29			250		251,719
Murphy Oil USA, Inc., 4.75%, 09/15/29			194		205,091
Scenery Journey Ltd.
11.00%, 11/06/20			200		201,312
11.50%, 10/24/22			219		212,088
13.00%, 11/06/22			200		199,125
Spectrum Brands, Inc.(a)
5.00%, 10/01/29			153		157,590
5.50%, 07/15/30			198		205,425
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(a)(g)(l)			1,198		1,236,935
Usiminas International Sarl, 5.88%, 07/18/26(a)			200		197,850
Verisure Midholding AB, 5.75%, 12/01/23	EUR		100		118,367
Vertical Holdco GmbH, 7.63%, 07/15/28(a)	USD		200		212,500
Vertical Midco GmbH, 4.38%, 07/15/27	EUR		100		118,368
VZ Vendor Financing BV, 2.50%, 01/31/24			100		116,028
Wanda Group Overseas Ltd., 7.50%, 07/24/22	USD		200		194,438
WMG Acquisition Corp., 5.50%, 04/15/26(a)			197		204,387
					14,490,087
Diversified Telecommunication Services — 2.6%
AT&T, Inc.(g)
4.65%, 06/01/44			111		130,050
4.85%, 07/15/45			389		482,029
4.75%, 05/15/46			2,545		3,170,840
Axtel SAB de CV, 6.38%, 11/14/24(a)(g)			525		549,281
CenturyLink, Inc.
5.13%, 12/15/26(a)(g)			1,101		1,152,626
4.00%, 02/15/27(a)			605		631,886
Series P, 7.60%, 09/15/39			441		505,906
Series U, 7.65%, 03/15/42			544		620,160
Series W, 6.75%, 12/01/23(g)			620		687,425
Series Y, 7.50%, 04/01/24(g)			715		807,950
Cincinnati Bell, Inc., 7.00%, 07/15/24(a)(g)			100		103,468
Frontier Communications Corp., 8.00%, 04/01/27(a)			1,439		1,489,365
GCI LLC, 6.63%, 06/15/24(a)			182		191,593
Level 3 Financing, Inc.
5.63%, 02/01/23			41		41,172
5.38%, 05/01/25			146		150,745
5.25%, 03/15/26(g)			864		902,422
4.63%, 09/15/27(a)			169		177,661
4.25%, 07/01/28(a)			996		1,038,330

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Oi SA, (8.00% Cash or 4.00% PIK), 10.00%, 07/27/25(h)	USD		527	$	503,944
SoftBank Group Corp., 4.50%, 04/20/25	EUR		100		123,181
Telecom Italia Capital SA
6.38%, 11/15/33	USD		82		100,070
6.00%, 09/30/34			569		689,611
7.20%, 07/18/36			137		179,949
7.72%, 06/04/38			236		327,679
Telecom Italia SpA
4.00%, 04/11/24	EUR		100		126,041
5.30%, 05/30/24(a)(g)	USD		800		893,984
2.75%, 04/15/25	EUR		100		121,586
Telesat Canada/Telesat LLC, 4.88%, 06/01/27(a)	USD		404		410,060
					16,309,014
Electric Utilities — 2.4%
Adani Green Energy UP Ltd. / Prayatna Developers Pvt Ltd. / Parampujya Solar Energ, 6.25%, 12/10/24			200		210,437
Duke Energy Corp., 4.80%, 12/15/45(g)			1,500		2,081,864
Electricite de France SA, (10 year USD Swap + 3.71%), 5.25%(a)(g)(j)(k)			7,500		7,800,000
Emera US Finance LP, 4.75%, 06/15/46(g)			200		259,800
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(a)			309		314,716
Enel Finance International NV, 3.63%, 05/25/27(a)(g)			1,250		1,396,732
Energuate Trust, 5.88%, 05/03/27(a)(g)			375		379,102
Inkia Energy Ltd., 5.88%, 11/09/27(a)(g)			455		462,678
NextEra Energy Operating Partners LP(a)
4.25%, 07/15/24			626		666,690
4.25%, 09/15/24			119		126,735
4.50%, 09/15/27			48		52,200
ReNew Power Synthetic, 6.67%, 03/12/24			200		206,563
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37(g)			750		1,124,415
					15,081,932
Electronic Equipment, Instruments & Components — 0.5%
CDW LLC/CDW Finance Corp.
5.50%, 12/01/24(g)			724		812,538
5.00%, 09/01/25			127		131,445
Corning, Inc., 4.38%, 11/15/57(g)			1,915		2,394,999
Itron, Inc., 5.00%, 01/15/26(a)			29		29,957
					3,368,939
Energy Equipment & Services — 0.5%
Archrock Partners LP/Archrock Partners Finance Corp.(a)
6.88%, 04/01/27			213		217,997
6.25%, 04/01/28			28		28,280
ChampionX Corp., 6.38%, 05/01/26			283		265,313
Gates Global LLC/Gates Global Co., 6.25%, 01/15/26(a)			428		448,330
Odebrecht Oil & Gas Finance Ltd., 0.00%, 12/31/99(a)(j)(m)			155		773
Pattern Energy Group, Inc., 5.88%, 02/01/24(a)			263		270,890
Pioneer Energy Services Corp.(a)(h)
(11% Cash), 11.00%, 05/15/25			372		297,923
(5.00% PIK), 5.00%, 11/15/25			254		137,273
Transocean, Inc. 8.38%, 12/15/21			47		31,960

6

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

Security		Par (000)		Value
Energy Equipment & Services (continued)
Transocean, Inc. (continued) 8.00%, 02/01/27(a)	USD		396	$	193,169
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26(g)			305		312,625
6.88%, 09/01/27			567		579,638
					2,784,171
Environmental, Maintenance, & Security Service(a) — 0.2%
Tervita Corp., 7.63%, 12/01/21(g)			383		302,570
Waste Pro USA, Inc., 5.50%, 02/15/26			609		618,135
					920,705
Equity Real Estate Investment Trusts (REITs) — 1.6%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(a)			205		172,214
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(a)(g)			265		256,062
Fortune Star BVI Ltd.
6.88%, 01/31/21			200		201,500
5.95%, 01/29/23			200		201,188
6.75%, 07/02/23			250		256,250
Iron Mountain, Inc.(a)
4.88%, 09/15/27			413		429,004
4.88%, 09/15/29			2		2,084
5.25%, 07/15/30			607		636,591
5.63%, 07/15/32			799		857,926
LMIRT Capital Pte Ltd., 7.25%, 06/19/24			232		211,918
MAF Sukuk Ltd., 4.64%, 05/14/29			515		539,623
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26			48		49,200
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc., 5.75%, 02/01/27			32		34,640
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.(g)
5.63%, 05/01/24			1,713		1,858,605
4.50%, 09/01/26			665		691,600
MPT Operating Partnership LP/MPT Finance Corp.(g)
5.00%, 10/15/27			1,095		1,174,387
4.63%, 08/01/29			539		569,486
Starwood Property Trust, Inc., 5.00%, 12/15/21(g)			278		280,952
Trust F/1401, 6.95%, 01/30/44			1,738		1,877,040
					10,300,270
Food & Staples Retailing — 0.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC
6.63%, 06/15/24(g)			206		214,363
5.75%, 03/15/25			94		97,290
7.50%, 03/15/26(a)(g)			127		142,875
4.63%, 01/15/27(a)(g)			928		981,360
5.88%, 02/15/28(a)			377		412,815
4.88%, 02/15/30(a)			319		345,477
BRF GmbH, 4.35%, 09/29/26			200		198,875
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24			200		205,000
Lamb Weston Holdings, Inc., 4.88%, 05/15/28(a)			560		629,300
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44(g)			750		850,121
					4,077,476

Security		Par (000)		Value
Food Products — 2.5%
Aramark Services, Inc.
5.00%, 04/01/25(a)	USD		347	$	356,543
4.75%, 06/01/26			252		250,740
5.00%, 02/01/28(a)(g)			735		739,594
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(a)(g)			532		554,610
Darling Ingredients, Inc., 5.25%, 04/15/27(a)			124		132,370
Graphic Packaging International LLC, 4.75%, 07/15/27(a)			104		112,320
JBS USA LUX SA/JBS USA Finance, Inc.(a)
5.88%, 07/15/24			297		303,683
5.75%, 06/15/25(g)			1,153		1,190,472
6.75%, 02/15/28			464		518,520
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(a)
6.50%, 04/15/29			862		976,215
5.50%, 01/15/30			683		753,008
Kraft Heinz Foods Co.
3.88%, 05/15/27(a)			189		203,557
4.25%, 03/01/31(a)(g)			1,851		2,043,194
5.00%, 07/15/35			165		193,313
6.88%, 01/26/39			306		410,305
4.63%, 10/01/39(a)			138		144,824
6.50%, 02/09/40			205		258,969
5.00%, 06/04/42			163		183,007
5.20%, 07/15/45			356		406,119
4.38%, 06/01/46			487		512,065
4.88%, 10/01/49(a)			1,338		1,478,316
5.50%, 06/01/50(a)(g)			1,703		1,997,807
MHP Lux SA, 6.25%, 09/19/29(a)			600		571,500
Post Holdings, Inc.(a)
5.75%, 03/01/27(g)			294		313,110
5.63%, 01/15/28			86		93,981
5.50%, 12/15/29			152		166,812
4.63%, 04/15/30			645		678,863
Simmons Foods, Inc., 7.75%, 01/15/24(a)			279		293,299
					15,837,116
Health Care Equipment & Supplies — 1.0%
Avantor Funding, Inc., 4.63%, 07/15/28(a)			1,329		1,404,089
Avantor, Inc., 6.00%, 10/01/24(a)(g)			2,081		2,190,252
Hologic, Inc.(a)
4.38%, 10/15/25			225		230,625
4.63%, 02/01/28			179		191,113
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 7.25%, 02/01/28(a)			1,529		1,599,716
Teleflex, Inc.
4.88%, 06/01/26			284		298,200
4.63%, 11/15/27			72		77,851
4.25%, 06/01/28(a)			386		413,503
					6,405,349
Health Care Providers & Services — 4.0%
AdaptHealth LLC, 6.13%, 08/01/28(a)			194		202,177
AHP Health Partners, Inc., 9.75%, 07/15/26(a)			274		291,125
Centene Corp. 5.25%, 04/01/25(a)			543		566,197
5.38%, 06/01/26(a)(g)			401		428,833
5.38%, 08/15/26(a)			387		414,090
4.25%, 12/15/27(g)			802		852,125
4.63%, 12/15/29(g)			2,173		2,423,460

7

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

Security		Par (000)		Value
Health Care Providers & Services (continued)
Centene Corp. (continued) 3.38%, 02/15/30	USD		593	$	627,839
CHS/Community Health Systems, Inc.(a)
8.63%, 01/15/24(g)			807		831,210
6.63%, 02/15/25			332		335,420
8.00%, 03/15/26(g)			1,406		1,440,124
Encompass Health Corp., 5.75%, 11/01/24			45		45,450
HCA, Inc.
5.38%, 02/01/25(g)			1,326		1,495,065
5.88%, 02/15/26			54		63,196
5.38%, 09/01/26(g)			403		460,427
5.63%, 09/01/28(g)			726		865,755
5.88%, 02/01/29			262		318,985
3.50%, 09/01/30(g)			1,896		1,992,723
LifePoint Health, Inc., 4.38%, 02/15/27(a)			124		126,717
MEDNAX, Inc.(a)
5.25%, 12/01/23(g)			198		200,475
6.25%, 01/15/27			323		341,573
Molina Healthcare, Inc.
5.38%, 11/15/22			207		217,350
4.88%, 06/15/25(a)			204		208,590
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(a)(g)			879		902,074
Northwell Healthcare, Inc., 4.26%, 11/01/47(g)			686		809,137
Polaris Intermediate Corp., (8.5% Cash or 9.25% PIK), 8.50%, 12/01/22(a)(g)(h)			514		522,941
Surgery Center Holdings, Inc.(a)
6.75%, 07/01/25(g)			782		756,585
10.00%, 04/15/27			407		431,542
Tenet Healthcare Corp.
8.13%, 04/01/22(g)			1,295		1,395,362
4.63%, 07/15/24(g)			428		435,490
4.63%, 09/01/24(a)			433		442,742
4.88%, 01/01/26(a)(g)			1,703		1,781,270
6.25%, 02/01/27(a)(g)			215		228,375
5.13%, 11/01/27(a)(g)			1,129		1,198,151
UnitedHealth Group, Inc., 4.38%, 03/15/42(g)			750		1,003,966
Vizient, Inc., 6.25%, 05/15/27(a)			483		514,395
					25,170,936
Health Care Technology — 0.4%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(a)			810		828,225
IQVIA, Inc.
3.25%, 03/15/25	EUR		194		231,717
5.00%, 10/15/26(a)	USD		548		578,129
5.00%, 05/15/27(a)			717		765,173
2.88%, 06/15/28	EUR		100		120,179
					2,523,423
Hotels, Restaurants & Leisure — 4.3%
1011778 BC ULC/New Red Finance, Inc.(a)
4.25%, 05/15/24(g)	USD		28		28,560
5.00%, 10/15/25(g)			1,853		1,894,692
3.88%, 01/15/28			541		562,472
4.38%, 01/15/28			371		385,888
Boyd Gaming Corp.
8.63%, 06/01/25(a)			124		136,695
6.38%, 04/01/26			66		67,485
6.00%, 08/15/26			133		134,048

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Boyne USA, Inc., 7.25%, 05/01/25(a)	USD		230	$	245,813
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 05/01/25(a)			594		606,622
Churchill Downs, Inc.(a)
5.50%, 04/01/27(g)			965		1,009,631
4.75%, 01/15/28			321		327,420
Cirsa Finance International Sarl, 4.75%, 05/22/25	EUR		100		103,519
Gamma Bidco SpA, 6.25%, 07/15/25			100		117,353
GLP Capital LP/GLP Financing II, Inc.(g)
5.25%, 06/01/25	USD		124		133,560
5.38%, 04/15/26			208		232,688
Golden Nugget, Inc., 6.75%, 10/15/24(a)(g)			1,273		881,552
Hilton Domestic Operating Co., Inc.(g)
4.25%, 09/01/24			382		385,820
5.13%, 05/01/26			852		881,820
4.88%, 01/15/30			1,189		1,245,477
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25			34		34,553
4.88%, 04/01/27			246		255,533
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(a)
5.00%, 06/01/24			45		46,094
5.25%, 06/01/26(g)			406		426,178
Las Vegas Sands Corp.
3.50%, 08/18/26			60		60,192
3.90%, 08/08/29			56		56,055
Lions Gate Capital Holdings LLC(a)
6.38%, 02/01/24			30		30,282
5.88%, 11/01/24			203		202,493
McDonald’s Corp., 3.70%, 01/30/26(g)			750		859,594
Melco Resorts Finance Ltd., 5.25%, 04/26/26			250		253,438
MGM China Holdings Ltd., 5.88%, 05/15/26			250		262,500
MGM Resorts International
7.75%, 03/15/22(g)			438		465,922
6.00%, 03/15/23			494		516,230
5.75%, 06/15/25			35		36,138
Powder Corp., 6.00%, 08/01/25(a)			231		236,198
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27			676		630,573
Scientific Games International, Inc.
5.00%, 10/15/25(a)(g)			461		456,966
3.38%, 02/15/26	EUR		300		327,517
8.25%, 03/15/26(a)	USD		603		603,959
7.00%, 05/15/28(a)			284		261,280
7.25%, 11/15/29(a)			213		194,895
Stonegate Pub Co. Financing 2019 PLC, 8.25%, 07/31/25	GBP		100		125,664
Studio City Finance Ltd., 7.25%, 02/11/24	USD		250		263,125
Unique Pub Finance Co. PLC
Series M, 7.40%, 03/28/24	GBP		6,400		8,713,007
Series N, 6.46%, 03/30/32			100		136,167
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(a)	USD		268		238,667
Wynn Macau Ltd., 5.50%, 10/01/27			200		198,625

8

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

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(a)	USD		518	$	495,985
Yum! Brands, Inc.
3.88%, 11/01/23			110		113,988
7.75%, 04/01/25(a)(g)			553		620,742
4.75%, 01/15/30(a)(g)			503		545,755
5.35%, 11/01/43			85		88,400
					27,137,830
Household Durables — 1.0%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.(a)
6.25%, 09/15/27			255		255,000
4.88%, 02/15/30			447		405,652
Controladora Mabe SA de CV, 5.60%, 10/23/28(a)			624		656,955
Global Prime Capital Pte Ltd., 5.50%, 10/18/23			200		197,625
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(a)			398		390,040
Lennar Corp.
6.25%, 12/15/21(g)			450		467,424
4.88%, 12/15/23			146		157,346
4.75%, 05/30/25(g)			410		451,000
5.25%, 06/01/26			32		35,840
4.75%, 11/29/27			425		485,562
Mattamy Group Corp., 4.63%, 03/01/30(a)			306		310,590
MDC Holdings, Inc., 6.00%, 01/15/43			144		165,600
Meritage Homes Corp., 5.13%, 06/06/27			57		60,990
PulteGroup, Inc.
5.00%, 01/15/27			31		35,545
7.88%, 06/15/32			28		37,240
6.38%, 05/15/33			469		585,992
6.00%, 02/15/35			48		56,880
Shui On Development Holding Ltd., 5.75%, 11/12/23			200		198,500
Taylor Morrison Communities, Inc.(a)
5.88%, 06/15/27			312		344,760
5.13%, 08/01/30			198		216,315
Tempur Sealy International, Inc., 5.50%, 06/15/26(g)			191		200,073
Theta Capital Pte Ltd., 8.13%, 01/22/25			200		184,813
Yanlord Land HK Co. Ltd.
6.75%, 04/23/23			200		204,312
6.80%, 02/27/24			200		202,312
					6,306,366
Household Products(a) — 0.1%
ACCO Brands Corp., 5.25%, 12/15/24			102		104,550
Energizer Holdings, Inc., 7.75%, 01/15/27(g)			130		144,326
					248,876
Independent Power and Renewable Electricity Producers — 1.6%
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24			200		202,500
Calpine Corp.
5.50%, 02/01/24			77		78,186
5.75%, 01/15/25(g)			591		608,139
5.25%, 06/01/26(a)(g)			654		680,160
4.50%, 02/15/28(a)			709		732,042
5.13%, 03/15/28(a)(g)			1,657		1,723,562
4.63%, 02/01/29(a)(l)			582		587,808
5.00%, 02/01/31(a)(l)			675		691,794
Clearway Energy Operating LLC
5.75%, 10/15/25			242		258,335
4.75%, 03/15/28(a)			378		403,987
Genneia SA, 8.75%, 01/20/22(a)(g)			700		605,500

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26	USD		200	$	202,813
NRG Energy, Inc.(g)
6.63%, 01/15/27			1,184		1,260,960
5.75%, 01/15/28			56		61,551
5.25%, 06/15/29(a)			872		964,144
QEP Resources, Inc., 5.38%, 10/01/22			228		182,400
TerraForm Power Operating LLC(a)
4.25%, 01/31/23			214		224,336
5.00%, 01/31/28			136		149,940
4.75%, 01/15/30			355		384,288
					10,002,445
Industrial Conglomerates(a) — 0.2%
BWX Technologies, Inc., 5.38%, 07/15/26			470		491,150
Vertical U.S. Newco, Inc., 5.25%, 07/15/27			908		962,480
					1,453,630
Insurance — 1.2%
Acrisure LLC/Acrisure Finance, Inc., 8.13%, 02/15/24(a)			120		127,500
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(a)(g)			1,159		1,231,437
AmWINS Group, Inc., 7.75%, 07/01/26(a)			262		288,528
Aon PLC, 3.88%, 12/15/25(g)			1,280		1,479,152
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%(j)(k)			310		333,649
GTCR AP Finance, Inc., 8.00%, 05/15/27(a)			374		394,570
HUB International Ltd., 7.00%, 05/01/26(a)			1,404		1,492,452
Nationstar Mortgage Holdings, Inc., 8.13%, 07/15/23(a)(g)			581		604,118
Nationwide Building Society, (5 year USD ICE Swap + 1.85%), 4.13%, 10/18/32(a)(g)(k)			690		761,443
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(a)(g)			700		889,521
					7,602,370
Interactive Media & Services — 0.8%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27(a)			359		382,784
Match Group Holdings II LLC(a)
5.63%, 02/15/29			209		226,765
4.13%, 08/01/30			302		311,060
Netflix, Inc.
4.88%, 04/15/28			89		103,455
5.88%, 11/15/28(g)			949		1,172,015
5.38%, 11/15/29(a)(g)			700		847,875
3.63%, 06/15/30	EUR		100		128,353
4.88%, 06/15/30(a)	USD		637		748,857
Rackspace Hosting, Inc., 8.63%, 11/15/24(a)(g)			236		246,620
Twitter, Inc., 3.88%, 12/15/27(a)		��	158		169,033
Uber Technologies, Inc.(a)(g)
7.50%, 11/01/23			335		347,563
8.00%, 11/01/26			144		151,135
7.50%, 09/15/27			381		398,621
					5,234,136
IT Services — 0.9%
21Vianet Group, Inc., 7.88%, 10/15/21			200		203,000
Banff Merger Sub, Inc., 9.75%, 09/01/26(a)(g)			1,909		2,020,447
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26(a)			727		753,572
Camelot Finance SA, 4.50%, 11/01/26(a)(g)			850		879,750

9

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

Security		Par (000)		Value
IT Services (continued)
Fair Isaac Corp., 4.00%, 06/15/28(a)	USD		207	$	216,522
Gartner, Inc., 5.13%, 04/01/25(a)(g)			207		213,995
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27(a)			493		482,706
Science Applications International Corp., 4.88%, 04/01/28(a)			332		347,770
WEX, Inc., 4.75%, 02/01/23(a)			108		108,270
Xerox Corp., 4.80%, 03/01/35			240		225,600
					5,451,632
Leisure Products — 0.2%
Mattel, Inc.
6.75%, 12/31/25(a)(g)			812		869,709
5.88%, 12/15/27(a)			358		388,498
6.20%, 10/01/40			31		28,675
5.45%, 11/01/41			149		133,355
					1,420,237
Machinery — 0.6%
Colfax Corp.(a)
6.00%, 02/15/24			508		534,670
6.38%, 02/15/26			193		208,440
Mueller Water Products, Inc., 5.50%, 06/15/26(a)			345		362,485
Navistar International Corp., 6.63%, 11/01/25(a)(g)			382		391,550
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(a)(g)			607		623,705
Rebecca Bidco GmbH, 5.75%, 07/15/25	EUR		100		118,849
SPX FLOW, Inc., 5.63%, 08/15/24(a)(g)	USD		228		234,544
Terex Corp., 5.63%, 02/01/25(a)(g)			264		267,664
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(a)(g)			763		753,462
Wabash National Corp., 5.50%, 10/01/25(a)(g)			286		278,135
					3,773,504
Media — 8.4%
Altice Financing SA
7.50%, 05/15/26(a)(g)			1,249		1,342,987
3.00%, 01/15/28	EUR		100		110,713
5.00%, 01/15/28(a)	USD		462		474,266
Altice France SA 7.38%, 05/01/26(a)(g)			2,017		2,151,433
5.88%, 02/01/27	EUR		100		125,604
8.13%, 02/01/27(a)	USD		780		870,714
5.50%, 01/15/28(a)(g)			757		795,796
AMC Networks, Inc.
5.00%, 04/01/24			40		40,650
4.75%, 08/01/25			331		339,275
Block Communications, Inc., 4.88%, 03/01/28(a)			168		169,680
Cable Onda SA, 4.50%, 01/30/30			450		471,923
CCO Holdings LLC/CCO Holdings Capital Corp.(a)
4.00%, 03/01/23			421		427,315
5.13%, 05/01/27(g)			1,454		1,542,603
5.88%, 05/01/27			54		57,105
5.00%, 02/01/28(g)			116		122,960
5.38%, 06/01/29(g)			1,321		1,446,495
4.75%, 03/01/30			189		201,167
4.50%, 08/15/30(g)			1,777		1,883,442
4.25%, 02/01/31			1,388		1,448,406
4.50%, 05/01/32(g)			1,390		1,466,450
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45(g)			3,000		4,187,846

Security		Par (000)		Value
Media (continued)
Clear Channel International BV, 6.63%, 08/01/25(a)(l)	USD		507	$	518,408
Clear Channel Worldwide Holdings, Inc.(g)
9.25%, 02/15/24			759		683,100
5.13%, 08/15/27(a)			2,143		2,100,140
Comcast Corp., 4.60%, 08/15/45(g)			1,750		2,445,225
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(a)(g)			2,548		2,612,464
CSC Holdings LLC
5.25%, 06/01/24			633		696,300
6.63%, 10/15/25(a)			288		300,960
10.88%, 10/15/25(a)(g)			1,603		1,718,576
5.50%, 05/15/26(a)			200		209,750
5.38%, 02/01/28(a)			200		216,500
6.50%, 02/01/29(a)			368		421,360
5.75%, 01/15/30(a)			1,057		1,171,737
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26(a)			710		546,750
Discovery Communications LLC, 4.95%, 05/15/42(g)			400		483,106
DISH DBS Corp.
6.75%, 06/01/21(g)			397		410,895
5.88%, 07/15/22(g)			1,207		1,270,368
5.00%, 03/15/23(g)			303		315,896
7.75%, 07/01/26			871		982,140
DISH Network Corp.(n)
2.38%, 03/15/24			328		300,652
3.38%, 08/15/26			498		458,474
Entercom Media Corp., 6.50%, 05/01/27(a)			338		301,665
Hughes Satellite Systems Corp., 5.25%, 08/01/26(g)			217		238,240
iHeartCommunications, Inc. 6.38%, 05/01/26			192		201,884
5.25%, 08/15/27(a)			213		215,130
4.75%, 01/15/28(a)			96		95,309
Lamar Media Corp.
5.75%, 02/01/26			146		153,344
4.00%, 02/15/30(a)			163		164,630
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(a)			400		432,200
Live Nation Entertainment, Inc., 6.50%, 05/15/27(a)			1,369		1,471,675
Meredith Corp., 6.88%, 02/01/26			68		59,072
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(a)			209		216,967
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(j)(k)			250		246,406
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25(a)			403		417,105
Radiate Holdco LLC/Radiate Finance, Inc.(a)
6.88%, 02/15/23			136		138,040
6.63%, 02/15/25			200		205,022
Sable International Finance Ltd., 5.75%, 09/07/27(a)			200		209,418
SES SA, (5 year EUR Swap + 5.40%), 5.63%(j)(k)	EUR		100		125,939
Sirius XM Radio, Inc.(a)
4.63%, 07/15/24	USD		181		190,593
5.00%, 08/01/27(g)			308		328,273
5.50%, 07/01/29			563		627,041
4.13%, 07/01/30			804		848,461
Summer BC Holdco B Sarl, 5.75%, 10/31/26	EUR		100		113,296
TEGNA, Inc., 5.50%, 09/15/24(a)	USD		79		80,840
Tele Columbus AG, 3.88%, 05/02/25	EUR		100		111,448
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(a)	USD		600		630,000

10

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

Security		Par (000)		Value
Media (continued)
Terrier Media Buyer, Inc., 8.88%, 12/15/27(a)	USD		598	$	612,950
Tower Bersama Infrastructure Tbk PT, 4.25%, 01/21/25			200		199,500
United Group BV 4.88%, 07/01/24	EUR		100		120,233
3.63%, 02/15/28			100		112,863
Univision Communications, Inc., 5.13%, 02/15/25(a)	USD		110		106,700
ViacomCBS, Inc., 5.85%, 09/01/43(g)			645		830,092
Videotron Ltd., 5.13%, 04/15/27(a)(g)			519		548,843
Virgin Media Secured Finance PLC(a) 5.50%, 05/15/29			400		436,000
4.50%, 08/15/30			599		640,870
Zayo Group Holdings, Inc.(a)(g) 4.00%, 03/01/27			823		824,819
6.13%, 03/01/28			1,130		1,166,725
Ziggo Bond Co. BV(a) 6.00%, 01/15/27(g)			638		676,280
5.13%, 02/28/30			295		314,264
Ziggo BV(a) 5.50%, 01/15/27(g)			463		488,465
4.88%, 01/15/30			217		230,628
					52,670,861
Metals & Mining — 2.2%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24			450		458,578
ArcelorMittal SA, 1.75%, 11/19/25	EUR		100		113,199
Arconic Corp.(a) 6.00%, 05/15/25	USD		572		616,685
6.13%, 02/15/28			289		307,424
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(g)			250		327,757
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25(a)			317		319,973
Constellium SE(a) 5.75%, 05/15/24			256		260,950
6.63%, 03/01/25(g)			300		309,750
5.88%, 02/15/26(g)			1,693		1,743,790
Freeport-McMoRan, Inc. 4.38%, 08/01/28			655		694,496
4.63%, 08/01/30			583		624,574
5.40%, 11/14/34			184		206,540
5.45%, 03/15/43			1,872		2,082,600
Gold Fields Orogen Holdings BVI Ltd., 5.13%, 05/15/24(a)			254		276,463
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(a)(g)			362		367,882
HTA Group Ltd., 7.00%, 12/18/25(a)			210		217,350
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22(a)			155		159,852
JSW Steel Ltd., 5.95%, 04/18/24			200		200,187
Kaiser Aluminum Corp., 4.63%, 03/01/28(a)			115		114,483
Nexa Resources SA, 5.38%, 05/04/27(a)(g)			857		885,929
Novelis Corp.(a) 5.88%, 09/30/26			577		615,607
4.75%, 01/30/30(g)			1,077		1,123,602
Rio Tinto Finance USA PLC, 4.75%, 03/22/42(g)			400		560,494
thyssenkrupp AG 1.88%, 03/06/23	EUR		43		48,948
2.88%, 02/22/24			100		114,261
Vale Overseas Ltd. 6.25%, 08/10/26(g)	USD		425		509,734

Security		Par (000)		Value
Metals & Mining (continued)
Vale Overseas Ltd. (continued) 3.75%, 07/08/30	USD		431	$	462,666
Vedanta Resources Finance II PLC, 8.00%, 04/23/23			313		221,350
					13,945,124
Multiline Retail — 0.1%
Dufry One BV, 2.00%, 02/15/27	EUR		100		84,148
Future Retail Ltd., 5.60%, 01/22/25	USD		200		127,000
Marks & Spencer PLC, 4.50%, 07/10/27	GBP		100		129,166
Target Corp., 4.00%, 07/01/42(g)	USD		300		404,082
					744,396
Multi-Utilities — 0.0%
Grupo Energia Bogota SA ESP, 4.88%, 05/15/30(a)			200		218,750
Oil, Gas & Consumable Fuels — 8.0%
Apache Corp. 3.25%, 04/15/22			13		13,071
4.75%, 04/15/43(g)			800		762,000
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22(a)(g)			598		494,277
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(m)			361		260,076
Buckeye Partners LP 4.13%, 03/01/25(a)			345		346,725
4.50%, 03/01/28(a)			476		473,620
5.85%, 11/15/43			162		149,040
5.60%, 10/15/44			207		185,265
Callon Petroleum Co. 6.25%, 04/15/23(g)			583		189,475
6.13%, 10/01/24			254		78,105
8.25%, 07/15/25			229		68,700
6.38%, 07/01/26			263		81,530
Cenovus Energy, Inc., 5.38%, 07/15/25			819		819,141
Centennial Resource Production LLC, 6.88%, 04/01/27(a)			342		154,755
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27			196		221,593
Cheniere Energy Partners LP 5.63%, 10/01/26			300		316,875
4.50%, 10/01/29			633		669,587
5.25%, 10/01/25			57		58,425
Citgo Holding, Inc., 9.25%, 08/01/24(a)			407		407,000
CNX Resources Corp. 5.88%, 04/15/22(g)			524		518,760
7.25%, 03/14/27(a)			101		98,976
Comstock Resources, Inc. 7.50%, 05/15/25(a)			341		320,540
9.75%, 08/15/26			153		153,000
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
6.25%, 04/01/23			18		17,415
5.63%, 05/01/27(a)(g)			440		411,400
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(a)(g)			1,335		1,308,300
CVR Energy, Inc.(a) 5.25%, 02/15/25			282		257,325
5.75%, 02/15/28			94		84,158
DCP Midstream Operating LP(g) 5.38%, 07/15/25			262		275,891
5.13%, 05/15/29			186		187,231
6.45%, 11/03/36(a)			254		243,840

11

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

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
DCP Midstream Operating LP(g) (continued) 6.75%, 09/15/37(a)	USD		418	$	405,460
Diamondback Energy, Inc., 3.50%, 12/01/29			554		554,796
eG Global Finance PLC 6.75%, 02/07/25(a)			252		263,290
6.25%, 10/30/25	EUR		142		166,375
8.50%, 10/30/25(a)	USD		299		326,634
Enbridge, Inc.(k)
(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78			1,865		1,846,350
Series 20-A, (5 year CMT + 5.31%), 5.75%, 07/15/80			690		703,429
Endeavor Energy Resources LP/EER Finance, Inc.(a) 5.50%, 01/30/26			728		731,640
5.75%, 01/30/28			599		614,724
Energy Transfer Operating LP(g) 6.13%, 12/15/45			500		525,861
5.30%, 04/15/47			350		342,535
EnLink Midstream LLC, 5.38%, 06/01/29			98		78,321
EnLink Midstream Partners LP 4.40%, 04/01/24			281		241,357
4.15%, 06/01/25			20		16,024
4.85%, 07/15/26			116		89,916
5.60%, 04/01/44			211		117,105
5.05%, 04/01/45			34		18,360
Enterprise Products Operating LLC, (3 mo. LIBOR US + 2.57%), 5.38%, 02/15/78(k)			420		369,495
EQT Corp. 3.90%, 10/01/27			86		81,038
8.75%, 02/01/30			50		57,890
EQT Midstream Partners LP, 4.13%, 12/01/26			131		127,398
Extraction Oil & Gas, Inc.(a)(f)(i) 7.38%, 05/15/24			340		74,800
5.63%, 02/01/26			706		148,260
Genesis Energy LP/Genesis Energy Finance Corp. 6.00%, 05/15/23			184		172,960
5.63%, 06/15/24			204		188,445
6.50%, 10/01/25(g)			53		49,091
7.75%, 02/01/28			144		138,875
Geopark Ltd., 6.50%, 09/21/24(a)			228		213,893
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27			200		177,438
Great Western Petroleum LLC/Great Western Finance Corp., 9.00%, 09/30/21(a)(g)			636		359,340
Hess Corp., 4.30%, 04/01/27(g)			750		788,222
Hess Midstream Operations LP, 5.63%, 02/15/26(a)			249		258,285
Hilong Holding Ltd., 8.25%, 09/26/22(f)(i)			200		81,250
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26			200		197,375
Impulsora Pipeline LLC, 6.05%, 01/01/43(c)			1,627		1,756,697
Indigo Natural Resources LLC, 6.88%, 02/15/26(a)			545		525,211
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24(g)			2,500		2,790,195
Matador Resources Co., 5.88%, 09/15/26			420		319,200
Medco Bell Pte Ltd., 6.38%, 01/30/27			250		226,641
MEG Energy Corp.(a) 7.00%, 03/31/24			58		55,245
6.50%, 01/15/25(g)			753		739,822
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 01/15/28			402		409,035
MPLX LP, 4.25%, 12/01/27			235		255,156

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Murphy Oil Corp. 5.75%, 08/15/25	USD		27	$	25,413
6.38%, 12/01/42			35		27,825
Nabors Industries Ltd.(a) 7.25%, 01/15/26			214		134,820
7.50%, 01/15/28			195		123,884
Neptune Energy Bondco PLC, 6.63%, 05/15/25(a)			200		175,000
NGPL PipeCo LLC, 7.77%, 12/15/37(a)(g)			270		343,910
NuStar Logistics LP, 6.00%, 06/01/26			234		239,850
Occidental Petroleum Corp. 2.70%, 08/15/22			435		420,227
4.50%, 07/15/44			761		624,020
Odebrecht Offshore Drilling Finance Ltd.(a) 6.72%, 12/01/22(g)			205		176,401
(7.72% PIK), 7.72%, 12/01/26(h)			33		2,809
Parsley Energy LLC/Parsley Finance Corp.(a) 5.38%, 01/15/25(g)			284		292,435
5.25%, 08/15/25			70		71,050
5.63%, 10/15/27			340		356,150
4.13%, 02/15/28			368		362,480
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25(a)			46		51,404
PDC Energy, Inc. 1.13%, 09/15/21(n)			1,091		1,036,654
6.13%, 09/15/24			177		179,149
6.25%, 12/01/25			144		130,320
5.75%, 05/15/26			161		161,356
Pertamina Persero PT, 4.30%, 05/20/23			442		472,794
Petrobras Global Finance BV 8.38%, 05/23/21(g)			126		132,261
6.13%, 01/17/22(g)			310		325,791
5.30%, 01/27/25			200		215,531
8.75%, 05/23/26(g)			637		792,667
6.00%, 01/27/28(g)			152		166,858
5.60%, 01/03/31			674		708,542
Petroleos Mexicanos 6.88%, 08/04/26			964		958,457
5.35%, 02/12/28			199		174,560
Puma International Financing SA, 5.13%, 10/06/24(a)			483		431,076
QEP Resources, Inc. 6.88%, 03/01/21			410		399,750
5.25%, 05/01/23			198		138,105
5.63%, 03/01/26			202		117,665
Range Resources Corp. 5.88%, 07/01/22			57		53,580
5.00%, 08/15/22(g)			312		299,520
5.00%, 03/15/23			193		179,065
Rattler Midstream LP, 5.63%, 07/15/25(a)			316		333,314
Sabine Pass Liquefaction LLC, 4.50%, 05/15/30(a)			672		775,201
Saudi Arabian Oil Co. 3.50%, 04/16/29			449		501,056
3.50%, 04/16/29(a)			225		251,086
Shell International Finance BV, 4.38%, 05/11/45(g)			450		591,959
SM Energy Co., 10.00%, 01/15/25(a)			668		659,650
Southwestern Energy Co. 4.10%, 03/15/22			272		262,480
6.45%, 01/23/25			104		96,061
7.50%, 04/01/26			121		113,528
Suncor Energy, Inc., 6.50%, 06/15/38(g)			800		1,088,753

12

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

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Sunoco Logistics Partners Operations LP, 5.40%, 10/01/47	USD		212	$	212,262
Sunoco LP/Sunoco Finance Corp.
4.88%, 01/15/23			253		257,111
5.50%, 02/15/26			38		38,950
6.00%, 04/15/27			75		79,125
5.88%, 03/15/28			147		153,615
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 09/15/24(a)(g)			572		548,588
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.13%, 02/01/25			156		158,340
5.88%, 04/15/26(g)			312		331,587
5.38%, 02/01/27			2		2,066
6.50%, 07/15/27			258		276,060
5.00%, 01/15/28(g)			404		412,080
6.88%, 01/15/29(g)			901		1,016,436
5.50%, 03/01/30(a)			443		467,365
Ultrapar International SA, 5.25%, 06/06/29(a)			529		529,331
Viper Energy Partners LP, 5.38%, 11/01/27(a)			145		152,294
Williams Partners LP, 4.50%, 11/15/23(g)			1,750		1,919,256
WPX Energy, Inc.
8.25%, 08/01/23			123		137,760
5.25%, 09/15/24(g)			143		147,419
5.75%, 06/01/26			109		110,499
5.25%, 10/15/27			53		52,271
4.50%, 01/15/30			582		541,784
YPF SA, 8.50%, 07/28/25			542		449,182
					50,397,378
Paper & Forest Products(a) — 0.1%
Boise Cascade Co., 4.88%, 07/01/30			179		189,740
Norbord, Inc., 6.25%, 04/15/23			182		192,010
					381,750
Pharmaceuticals — 2.4%
AbbVie, Inc.
5.00%, 12/15/21(a)(g)			718		752,598
4.75%, 03/15/45(a)			500		644,065
4.45%, 05/14/46(g)			1,000		1,280,137
Bausch Health Americas, Inc.(a)
9.25%, 04/01/26			61		68,607
8.50%, 01/31/27(g)			1,032		1,148,100
Bausch Health Cos., Inc.
5.50%, 03/01/23(a)(g)			658		658,000
4.50%, 05/15/23	EUR		552		647,862
5.88%, 05/15/23(a)	USD		30		30,000
6.13%, 04/15/25(a)			197		203,403
5.50%, 11/01/25(a)(g)			214		222,070
9.00%, 12/15/25(a)			608		671,840
5.75%, 08/15/27(a)			423		459,116
7.00%, 01/15/28(a)			193		209,887
5.00%, 01/30/28(a)			223		224,111
7.25%, 05/30/29(a)(g)			664		730,400
5.25%, 01/30/30(a)			653		666,876
Catalent Pharma Solutions, Inc.
4.88%, 01/15/26(a)			384		394,560
5.00%, 07/15/27(a)			477		507,585
2.38%, 03/01/28	EUR		124		139,895
Charles River Laboratories International, Inc.(a) 5.50%, 04/01/26	USD		514		542,912

Security		Par (000)		Value
Pharmaceuticals (continued)
Charles River Laboratories International, Inc.(a) (continued)
4.25%, 05/01/28	USD		199	$	210,442
CVS Health Corp., 5.05%, 03/25/48(g)			1,110		1,529,015
Elanco Animal Health, Inc., 5.65%, 08/28/28			342		396,720
Endo Dac/Endo Finance LLC/Endo Finco, Inc.(a)
9.50%, 07/31/27			270		290,587
6.00%, 06/30/28			200		152,500
Mylan NV, 3.95%, 06/15/26(g)			650		741,081
Nidda BondCo GmbH, 7.25%, 09/30/25	EUR		100		121,093
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24			100		116,101
Par Pharmaceutical, Inc., 7.50%, 04/01/27(a)(g)	USD		1,182		1,257,211
Rossini Sarl, 6.75%, 10/30/25	EUR		166		208,598
Synlab Bondco PLC, (3 mo. EURIBOR + 4.75%), 4.75%, 07/01/25(b)			100		118,651
					15,344,023
Producer Durables: Miscellaneous — 0.3%
Boxer Parent Co., Inc.
6.50%, 10/02/25			100		123,697
7.13%, 10/02/25(a)	USD		566		624,015
9.13%, 03/01/26(a)			83		87,980
Open Text Corp., 3.88%, 02/15/28(a)			539		560,398
Open Text Holdings, Inc., 4.13%, 02/15/30(a)			539		565,950
					1,962,040
Professional Services(a) — 0.3%
ASGN, Inc., 4.63%, 05/15/28			143		146,217
Dun & Bradstreet Corp.
6.88%, 08/15/26(g)			1,010		1,103,425
10.25%, 02/15/27			388		440,547
					1,690,189
Real Estate Management & Development — 2.4%
ADLER Real Estate AG
1.88%, 04/27/23	EUR		100		113,732
3.00%, 04/27/26			100		114,850
Agile Group Holdings Ltd.
6.70%, 03/07/22	USD		250		257,187
(5 year CMT + 11.29%), 7.88%(j)(k)			200		201,000
Central China Real Estate Ltd.
6.88%, 08/08/22			200		200,750
7.25%, 04/24/23			200		200,750
7.65%, 08/27/23			245		246,837
China Aoyuan Group Ltd.
7.50%, 05/10/21			200		202,996
7.95%, 02/19/23			450		471,937
China Evergrande Group
8.25%, 03/23/22			200		190,500
9.50%, 04/11/22			200		192,625
11.50%, 01/22/23			450		443,391
12.00%, 01/22/24			250		240,781
China SCE Group Holdings Ltd.
7.25%, 04/19/23			200		203,313
7.38%, 04/09/24			200		202,250
CIFI Holdings Group Co. Ltd.
7.63%, 03/02/21			200		203,750
7.63%, 02/28/23			200		211,187
6.55%, 03/28/24			200		207,938
6.45%, 11/07/24			200		206,313
Consus Real Estate AG, 9.63%, 05/15/24	EUR		100		127,219

13

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

Security		Par (000)		Value
Real Estate Management & Development (continued)
Country Garden Holdings Co. Ltd.
8.00%, 01/27/24	USD		200	$	217,625
6.50%, 04/08/24			200		214,375
6.15%, 09/17/25			200		214,937
5.13%, 01/14/27			200		204,500
Easy Tactic Ltd.
8.75%, 01/10/21			200		200,000
9.13%, 07/28/22			200		193,500
8.13%, 02/27/23			200		184,750
Fantasia Holdings Group Co. Ltd.
8.38%, 03/08/21			200		201,938
11.75%, 04/17/22			200		211,125
12.25%, 10/18/22			200		215,187
Greenland Global Investment Ltd.
5.60%, 11/13/22			200		195,750
6.25%, 12/16/22			200		200,000
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(a)			120		120,900
Heimstaden Bostad AB, (5 year EUR Swap + 3.67%), 3.25%, 12/31/99(j)(k)	EUR		100		115,639
Hopson Development Holdings Ltd., 7.50%, 06/27/22	USD		200		201,000
Howard Hughes Corp., 5.38%, 03/15/25(a)(g)			218		220,195
Kaisa Group Holdings Ltd.
11.25%, 04/09/22			200		209,937
11.95%, 10/22/22			200		212,500
11.50%, 01/30/23			200		207,563
10.88%, 07/23/23			200		204,000
11.95%, 11/12/23			200		208,625
KWG Group Holdings Ltd.
7.88%, 08/09/21			200		204,938
7.88%, 09/01/23			200		208,750
7.40%, 03/05/24			200		208,062
Logan Group Co. Ltd.
7.50%, 08/25/22			200		207,750
6.90%, 06/09/24			200		208,000
5.75%, 01/14/25			200		200,500
Logan Property Holdings Co. Ltd., 6.50%, 07/16/23			200		206,000
New Metro Global Ltd.
6.50%, 04/23/21			200		201,138
6.80%, 08/05/23			200		203,500
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			200		204,250
Redsun Properties Group Ltd., 9.95%, 04/11/22			200		205,000
RKPF Overseas 2019 A Ltd., 6.70%, 09/30/24			513		528,871
Ronshine China Holdings Ltd.
11.25%, 08/22/21			200		211,000
10.50%, 03/01/22			200		213,687
8.95%, 01/22/23			200		211,375
Seazen Group Ltd., 6.45%, 06/11/22			200		202,250
Shimao Group Holdings Ltd., 6.13%, 02/21/24			200		212,250
Shimao Property Holdings Ltd., 5.60%, 07/15/26			200		213,187
Sunac China Holdings Ltd.
7.25%, 06/14/22			200		203,750
7.95%, 10/11/23			200		206,625
7.50%, 02/01/24			200		203,813
Times China Holdings Ltd., 6.75%, 07/16/23			313		320,434
Yango Justice International Ltd., 10.00%, 02/12/23			200		210,812
Yuzhou Group Holdings Co. Ltd. 8.63%, 01/23/22			200		208,250

Security		Par (000)		Value
Real Estate Management & Development (continued)
Yuzhou Group Holdings Co. Ltd. (continued)
8.50%, 02/04/23	USD		200	$	210,750
8.50%, 02/26/24			200		209,750
8.38%, 10/30/24			200		207,688
Zhenro Properties Group Ltd.
9.15%, 03/08/22			200		206,438
8.70%, 08/03/22			200		204,938
					15,037,108
Road & Rail — 0.8%
Autostrade per l’Italia SpA, 5.88%, 06/09/24	EUR		200		269,226
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42(g)	USD		500		666,875
Herc Holdings, Inc., 5.50%, 07/15/27(a)			455		481,163
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(a)(l)			2,129		2,591,228
Union Pacific Corp., 4.05%, 11/15/45(g)			500		639,680
United Rentals North America, Inc., 3.88%, 02/15/31(l)			438		438,000
					5,086,172
Semiconductors & Semiconductor Equipment — 1.3%
ams AG, 6.00%, 07/31/25			200		238,405
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27(g)			2,600		2,888,384
Broadcom, Inc., 3.46%, 09/15/26(a)(g)			688		753,830
Entegris, Inc., 4.63%, 02/10/26(a)			225		233,802
Microchip Technology, Inc.
1.63%, 02/15/25(n)			102		221,340
4.25%, 09/01/25(a)			1,374		1,444,368
ON Semiconductor Corp., 1.00%, 12/01/20(n)			327		386,737
Qorvo, Inc.
5.50%, 07/15/26			278		298,375
4.38%, 10/15/29(a)			98		105,595
QUALCOMM, Inc., 4.65%, 05/20/35(g)			400		553,201
Sensata Tech, Inc., 4.38%, 02/15/30(a)			236		252,211
Sensata Technologies BV, 5.00%, 10/01/25(a)			368		397,440
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26(a)			222		233,677
					8,007,365
Software — 1.7%
ACI Worldwide, Inc., 5.75%, 08/15/26(a)(g)			833		868,403
Castle U.S. Holding Corp., 9.50%, 02/15/28(a)			390		360,750
CDK Global, Inc.
4.88%, 06/01/27			761		813,311
5.25%, 05/15/29(a)			164		179,588
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24(a)(g)			1,244		1,327,970
MSCI, Inc.(a)
4.00%, 11/15/29			99		106,425
3.63%, 09/01/30			116		122,380
3.88%, 02/15/31			981		1,065,611
Nuance Communications, Inc., 5.63%, 12/15/26			153		163,136
PTC, Inc.(a)
3.63%, 02/15/25			214		221,869
4.00%, 02/15/28			242		254,185
RP Crown Parent LLC, 7.38%, 10/15/24(a)(g)			900		912,375
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(a)(g)			1,872		1,980,576

14

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

Security		Par (000)		Value
Software (continued)
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23(a)	USD		54	$	54,405
SS&C Technologies, Inc., 5.50%, 09/30/27(a)(g)			1,697		1,822,154
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 02/01/23(a)			200		200,042
					10,453,180
Specialty Retail — 0.5%
Asbury Automotive Group, Inc.(a)
4.50%, 03/01/28			115		117,917
4.75%, 03/01/30			111		113,775
IAA, Inc., 5.50%, 06/15/27(a)			443		472,349
L Brands, Inc.
6.88%, 11/01/35(g)			478		457,541
6.75%, 07/01/36			79		76,243
Lowe’s Cos., Inc., 4.65%, 04/15/42(g)			400		534,194
Penske Automotive Group, Inc., 5.50%, 05/15/26			32		33,440
PetSmart, Inc.(a)(g)
7.13%, 03/15/23			314		317,140
5.88%, 06/01/25			291		298,275
Staples, Inc., 7.50%, 04/15/26(a)(g)			749		657,098
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.25%, 09/15/24(b)	EUR		100		100,458
					3,178,430
Technology Hardware, Storage & Peripherals — 0.3%
Dell International LLC/EMC Corp., 7.13%, 06/15/24(a)(g)	USD		756		785,295
NCR Corp.(a)
5.75%, 09/01/27			259		267,417
6.13%, 09/01/29			106		116,118
Presidio Holdings, Inc., 4.88%, 02/01/27(a)			333		339,660
Western Digital Corp., 4.75%, 02/15/26			543		589,899
					2,098,389
Textiles, Apparel & Luxury Goods — 0.0%
William Carter Co., 5.63%, 03/15/27(a)			202		215,130
Thrifts & Mortgage Finance — 0.0%
Nationstar Mortgage Holdings, Inc., 6.00%, 01/15/27(a)			238		242,760
Tobacco — 0.5%
Altria Group, Inc., 4.50%, 05/02/43(g)			750		881,231
Philip Morris International, Inc., 4.38%, 11/15/41(g)			900		1,178,490
Reynolds American, Inc., 5.85%, 08/15/45			715		945,440
					3,005,161
Transportation Infrastructure — 0.1%
Ferrovial Netherlands BV, (5 year EUR Swap + 2.13%), 2.12%, 12/31/99(j)(k)	EUR		100		113,029
Heathrow Finance PLC, 4.13%, 09/01/29	GBP		100		122,418
Transurban Finance Co. Property Ltd., 4.13%, 02/02/26(a)(g)	USD		520		572,513
					807,960
Utilities — 0.5%
Centrais Eletricas Brasileiras SA(a)
3.63%, 02/04/25			424		421,435
4.63%, 02/04/30			503		507,401
ContourGlobal Power Holdings SA
3.38%, 08/01/23	EUR		100		118,944
4.13%, 08/01/25			100		120,165

Security		Par (000)		Value
Utilities (continued)
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(a)	USD		771	$	817,260
Stoneway Capital Corp.(i)
10.00%, 03/01/27(a)(f)			939		321,227
10.00%, 03/01/27			333		113,837
Vistra Operations Co. LLC(a)
5.50%, 09/01/26			80		84,300
5.63%, 02/15/27			428		459,227
5.00%, 07/31/27			195		208,162
					3,171,958
Wireless Telecommunication Services — 2.6%
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24(a)			1,000		1,024,375
Iron Mountain, Inc., 3.00%, 01/15/25	EUR		100		117,503
Matterhorn Telecom SA, 4.00%, 11/15/27			100		118,090
Millicom International Cellular SA, 5.13%, 01/15/28	USD		514		539,009
SBA Communications Corp.(g)
4.88%, 09/01/24			1,636		1,680,990
3.88%, 02/15/27(a)			939		971,865
Sprint Capital Corp.
6.88%, 11/15/28(g)			1,160		1,504,172
8.75%, 03/15/32			281		433,443
Sprint Corp.
7.88%, 09/15/23(g)			604		700,640
7.13%, 06/15/24(g)			558		650,935
7.63%, 02/15/25			242		293,926
7.63%, 03/01/26(g)			816		1,019,984
Telesat Canada/Telesat LLC, 6.50%, 10/15/27(a)			40		41,112
T-Mobile USA, Inc.
6.38%, 03/01/25(g)			220		225,839
6.50%, 01/15/26			286		301,487
4.50%, 02/01/26(g)			570		587,100
4.75%, 02/01/28(g)			800		866,880
VEON Holdings BV, 4.00%, 04/09/25(a)			200		206,375
VICI Properties LP/VICI Note Co., Inc.(a)
3.50%, 02/15/25			503		509,287
4.25%, 12/01/26(g)			1,546		1,592,380
3.75%, 02/15/27(g)			534		538,005
4.63%, 12/01/29			640		670,592
4.13%, 08/15/30(g)			1,420		1,437,040
VTR Comunicaciones SpA, 5.13%, 01/15/28(a)			467		497,355
					16,528,384
Total Corporate Bonds — 81.3% (Cost: $491,138,242)					512,210,563
Floating Rate Loan Interests(b)
Airlines — 0.0%
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/25/27			223		222,331
Auto Components — 0.1%
Dealer Tire, LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.41%, 12/12/25			95		91,807
Panther BF Aggregator 2 LP, USD Term Loan B, (1 mo. LIBOR + 3.50%), 3.67%, 04/30/26			335		326,947
					418,754

15

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

Security		Par (000)		Value
Banks — 0.0%
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 3.26%, 11/01/24	USD		211	$	210,846
Building Products — 0.0%
CPG International, Inc., 2017 Term Loan, (12 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/05/24			82		81,404
Capital Markets — 0.1%
Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27			106		104,011
Jefferies Finance LLC, 2019 Term Loan, (1 mo. LIBOR + 3.25%), 3.44%, 06/03/26			290		278,245
					382,256
Chemicals — 0.4%
Alpha 3 BV, 2017 Term Loan B1, 01/31/24(o)			1,100		1,081,151
Ascend Performance Materials Operations LLC, 2019 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 08/27/26(c)			496		497,491
Charter NEX US, Inc., Incremental Term Loan, (1 mo. LIBOR + 3.25%), 3.41%, 05/16/24			219		214,571
Illuminate Buyer, LLC, Term Loan, (3 mo. LIBOR + 4.00%), 4.31%, 06/16/27			348		343,824
Invictus U.S., LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 6.91%, 03/30/26			60		47,079
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.42%, 05/15/24			264		247,219
					2,431,335
Commercial Services & Supplies — 0.4%
Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%), 2.36%, 11/10/23			57		56,959
Asurion LLC
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 6.67%, 08/04/25			483		486,320
2017 Term Loan B4, (1 mo. LIBOR + 3.00%), 3.16%, 08/04/22			95		93,418
Diamond (BC) BV, Term Loan, 09/06/24(o)			594		559,372
GFL Environmental, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 05/30/25			182		180,788
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.44%, 09/19/26(c)			67		64,181
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 4.66%, 08/27/25			1,155		1,148,353
					2,589,391
Construction & Engineering — 0.3%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			1,837		1,672,702
SRS Distribution, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 4.07%, 05/23/25			348		335,607
					2,008,309
Construction Materials — 0.0%
Forterra Finance LLC, 2017 Term Loan B, 10/25/23(o)			100		97,580
Containers & Packaging — 0.1%
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 3.52%, 04/03/24			447		416,082

Security		Par (000)		Value
Diversified Consumer Services — 0.1%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 4.00%), 4.16%, 02/01/27	USD		81	$	80,392
Ascend Learning LLC, 2017 Term Loan B, 07/12/24(l)(o)			114		110,797
BidFair MergerRight, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 6.50%, 01/15/27			409		389,199
					580,388
Diversified Financial Services — 0.0%
Advisor Group, Inc., 2019 Term Loan, (1 mo. LIBOR + 5.00%), 5.16%, 07/31/26			121		114,542
Credito Real Sab DE CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 4.12%, 02/17/23(c)			80		72,800
McDermott Technology Americas Inc, 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.17%, 06/30/24(c)			17		15,313
VS Buyer, LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 3.42%, 02/28/27			94		91,773
					294,428
Diversified Telecommunication Services — 0.1%
Frontier Communications Corp., 2017 Term Loan B1, (PRIME + 2.75%), 3.91%, 06/15/24			772		758,505
Electric Utilities — 0.1%
Pacific Gas & Electric Co., 2020 Exit Term Loan B, (3 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/23/25			467		461,307
Food Products — 0.0%
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/10/23			312		308,822
Health Care Equipment & Supplies — 0.2%
Ortho-Clinical Diagnostics SA
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.42%, 06/30/25			172		166,808
EUR Term Loan B, (EURIBOR + 3.50%), 3.50%, 06/30/25	EUR		997		1,110,381
					1,277,189
Health Care Providers & Services — 0.3%
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 06/30/25(c)	USD		408		404,416
Da Vinci Purchaser Corp., 2019 Term Loan, (6 mo. LIBOR + 4.00%, 1.00% Floor), 5.24%, 01/08/27			233		230,088
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.91%, 10/10/25			797		522,284
GENTIVA HEALTH SERVICES Inc. 2020 TERM LOAN, (1 mo. LIBOR + 3.25%), 3.44%, 07/02/25			207		203,289
Quorum Health Corporation, 2020 Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 9.25%, 04/29/25			219		201,568
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 3.91%, 11/17/25			168		164,370
					1,726,015
Health Care Services — 0.0%
Emerald TopCo., Inc., Term Loan, (1 mo. LIBOR + 3.50%), 3.76%, 07/24/26			205		201,230

16

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

Security		Par (000)		Value
Hotels, Restaurants & Leisure — 0.0%
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 3.81%, 07/10/25	USD		49	$	48,414
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.16%, 08/12/26			45		43,787
Industrial Conglomerates — 0.1%
PSAV Holdings LLC, 2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.25%, 09/01/25(c)			623		124,541
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 11/28/21			197		184,767
Vertiv Group Corporation, Term Loan B, (1 mo. LIBOR + 3.00%), 3.16%, 03/02/27			432		421,659
					730,967
Insurance — 0.3%
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 2.91%, 05/09/25			252		243,034
HUB International Ltd., 2019 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 04/25/25			246		245,854
Ryan Specialty Group, LLC, Term Loan, 06/29/27(o)			238		236,215
Sedgwick Claims Management Services, Inc.
2019 Term Loan B, (1 mo. LIBOR + 4.00%), 4.16%, 09/03/26			278		271,185
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 4.41%, 09/03/26			412		406,508
Term Loan B, (1 mo. LIBOR + 3.25%), 3.41%, 12/31/25			753		717,345
					2,120,141
Interactive Media & Services — 0.0%
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (2 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 11/03/23			136		133,124
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 05/06/24			170		163,253
					296,377
IT Services — 0.1%
Camelot U.S. Acquisition 1 Co., Term Loan B, (1 mo. LIBOR + 3.00%), 3.16%, 10/30/26			205		200,358
Flexential Intermediate Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 7.59%, 08/01/25			75		33,141
Flexential Intermediate Corporation, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 3.81%, 08/01/24			173		139,133
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.66%, 02/12/27			216		182,298
					554,930
Life Sciences Tools & Services — 0.1%
Sotera Health Holdings LLC, 2019 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/11/26			626		624,078

Security		Par (000)		Value
Machinery — 0.3%
Ingersoll-Rand Services Company, 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.91%, 03/01/27	USD		106	$	101,479
MHI Holdings,LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 5.16%, 09/21/26(c)			255		247,078
Titan Acquisition Ltd., 2018 Term Loan B, 03/28/25(o)			1,605		1,477,339
					1,825,896
Media — 0.9%
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 4.17%, 08/14/26			208		203,556
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.76%, 08/21/26			884		784,333
Connect Finco Sarl, Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 12/11/26			237		230,646
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			107		107,719
2017 Term Loan B4, (PRIME + 5.50%), 8.75%, 01/02/24			330		331,855
2017 Term Loan B5, (Fixed + 8.62%), 8.63%, 01/02/24			1,841		1,854,205
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			91		64,739
Radiate Holdco LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 3.75%, 02/01/24			53		51,695
Terrier Media Buyer, Inc., Term Loan B, (1 mo. LIBOR + 4.25%), 4.41%, 12/17/26			197		192,254
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.16%, 03/09/27			1,688		1,637,137
					5,458,139
Metals & Mining — 0.0%
Big River Steel LLC, Term Loan B, 08/23/23(o)			105		100,165
Oil, Gas & Consumable Fuels — 0.1%
CITGO Holding, Inc., 2019 Term Loan B, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/01/23			241		229,119
CONSOL Energy, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 4.67%, 09/27/24			167		135,125
					364,244
Pharmaceuticals — 0.2%
Endo Luxembourg Finance Co. I Sarl, 2017 Term Loan B, (3 mo. LIBOR + 4.25%), 5.00%, 04/29/24			595		568,126
Jaguar Holding Co. II, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 3.50%, 08/18/22			304		302,787
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.18%, 06/02/25			193		188,911
					1,059,824
Professional Services — 0.1%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.75%), 3.92%, 02/06/26			411		408,488
Software — 0.6%
BMC Software Finance, Inc., 2017 Term Loan, 10/02/25(o)			250		240,770
Castle US Holding Corporation, USD Term Loan B, (3 mo. LIBOR + 3.75%), 4.06%, 01/29/27			264		247,314

17

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

Security		Par (000)		Value
Software (continued)
Cypress Intermediate Holdings III, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 04/29/24	USD		129	$	127,964
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 4.25%, 05/28/24			248		212,396
Epicor Software Corporation(o)
2020 2nd Lien Term Loan, , 07/30/28			117		119,340
2020 Term Loan, , 07/30/27			323		322,686
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, (1 mo. LIBOR + 3.25%), 3.41%, 10/01/25			245		243,154
Informatica LLC
2020 USD 2nd Lien Term Loan, (Fixed + 7.12%), 7.13%, 02/25/25			538		542,481
2020 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.41%, 02/25/27			252		245,922
Mitchell International, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.41%, 11/29/24			171		161,979
Renaissance Holding Corp., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%), 3.41%, 05/30/25			18		17,633
RP Crown Parent LLC, 2016 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 2.92%, 10/12/23			37		36,442
Solera LLC, Term Loan B, (1 mo. LIBOR + 2.75%), 2.91%, 03/03/23			145		142,610
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.91%, 04/16/25			88		85,147
SS&C Technologies, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.91%, 04/16/25			140		135,223
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 2.75%), 2.91%, 05/01/24			46		44,594
Tibco Software Inc.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.42%, 03/03/28			232		221,270
2020 Term Loan B, (1 mo. LIBOR + 3.75%), 3.92%, 06/30/26			280		268,111
Ultimate Software Group, Inc., Term Loan B, (1 mo. LIBOR + 3.75%), 3.91%, 05/04/26			309		305,824
Veritas Bermuda Ltd., Repriced Term Loan B, 01/27/23(o)			59		56,537
					3,777,397
Specialty Retail — 0.1%
PetSmart, Inc., Term Loan B2, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 03/11/22			684		680,381
Wireless Telecommunication Services — 0.1%
Xplornet Communications, Inc., 2020 Term Loan B, (1 mo. LIBOR + 4.75%), 4.91%, 05/29/27			358		348,266
Total Floating Rate Loan Interests — 5.2% (Cost: $34,226,398)					32,907,666
Foreign Agency Obligations
Bahrain — 0.2%
Bahrain Government International Bond, 6.75%, 09/20/29			265		292,742

Security		Par (000)		Value
Bahrain (continued)
CBB International Sukuk Co. 7 SPC, 6.88%, 10/05/25	USD		430	$	482,541
CBB International Sukuk Programme Co. SPC, 6.25%, 11/14/24(a)			299		322,826
					1,098,109
Colombia — 0.5%
Colombia Government International Bond
8.13%, 05/21/24			385		469,892
4.50%, 01/28/26(g)			1,437		1,602,704
3.88%, 04/25/27(g)			944		1,027,544
4.13%, 05/15/51			200		222,438
					3,322,578
Dominican Republic — 0.3%
Dominican Republic International Bond
5.50%, 01/27/25			445		460,992
5.95%, 01/25/27			831		878,263
6.40%, 06/05/49			271		273,456
					1,612,711
Egypt — 0.5%
Egypt Government International Bond
5.75%, 05/29/24(a)			450		454,500
5.88%, 06/11/25			803		812,034
7.60%, 03/01/29			1,269		1,291,207
6.38%, 04/11/31(a)	EUR		130		141,936
8.50%, 01/31/47(a)	USD		502		495,254
					3,194,931
Iceland — 0.6%
Iceland Government International Bond, 5.88%, 05/11/22(g)			3,415		3,667,508
Indonesia — 0.4%
Indonesia Government International Bond
4.75%, 01/08/26			200		231,125
4.10%, 04/24/28			1,629		1,865,205
5.35%, 02/11/49(g)			295		404,242
					2,500,572
Mexico — 0.1%
Mexico Government International Bond
4.15%, 03/28/27			330		362,835
3.75%, 01/11/28(g)			200		214,500
					577,335
Mongolia — 0.0%
Mongolia Government International Bond, 8.75%, 03/09/24			250		275,078
Panama — 0.3%
Panama Government International Bond, 3.16%, 01/23/30			1,467		1,637,539
Paraguay — 0.2%
Paraguay Government International Bond
4.95%, 04/28/31			220		249,920
5.40%, 03/30/50			569		708,761
					958,681

18

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

Security		Par (000)		Value
Peru — 0.2%
Peruvian Government International Bond, 2.78%, 01/23/31	USD		1,261	$	1,406,015
Portugal — 0.7%
Portugal Government International Bond, 5.13%, 10/15/24(a)(g)			3,680		4,284,624
Qatar — 0.4%
Qatar Government International Bond
4.50%, 04/23/28			1,310		1,586,737
4.00%, 03/14/29(a)(g)			878		1,042,625
					2,629,362
Romania — 0.1%
Romanian Government International Bond, 3.00%, 02/14/31(a)			538		548,088
Russia — 0.4%
Russian Foreign Bond - Eurobond
4.75%, 05/27/26			1,400		1,616,300
4.25%, 06/23/27			800		902,000
					2,518,300
Saudi Arabia — 0.3%
Saudi Government International Bond
4.38%, 04/16/29(a)			200		238,250
4.50%, 04/17/30			1,514		1,839,510
					2,077,760
South Africa — 0.0%
Republic of South Africa Government International Bond, 5.88%, 05/30/22			210		221,813
Sri Lanka — 0.1%
Sri Lanka Government International Bond
6.85%, 03/14/24			200		158,813
6.35%, 06/28/24			200		158,250
7.85%, 03/14/29			400		298,375
7.55%, 03/28/30			200		146,875
					762,313
Ukraine — 0.3%
Ukraine Government International Bond
7.75%, 09/01/22			136		141,236
7.75%, 09/01/23			221		229,288
8.99%, 02/01/24			424		454,740
7.75%, 09/01/25			226		233,119
7.25%, 03/15/33(a)			571		552,442
					1,610,825
Uruguay — 0.0%
Uruguay Government International Bond, 4.98%, 04/20/55			198		274,832
Total Foreign Agency Obligations — 5.6% (Cost: $32,810,290)					35,178,974

Security		Par (000)		Value
Municipal Bonds
California — 0.0%
California County Tobacco Securitization Agency Refunding RB, CAB, Series B-2, 0.00%, 06/01/55(m)	USD		1,230	$	213,700
Total Municipal Bonds — 0.0% (Cost: $195,532)					213,700
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 12.7%
Alternative Loan Trust 2007-19, Series 2007-19, Class 1A1, 6.00%, 08/25/37			695		518,755
American Home Mortgage Assets Trust, Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 2.24%, 11/25/46(b)			4,989		2,140,017
CHL Mortgage Pass-Through Trust
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.24%), 0.41%, 03/25/36(b)			7,872		7,265,898
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 0.82%, 07/25/37(b)			3,204		903,760
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			1,769		1,065,101
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 3.88%, 11/25/36(d)			2,541		2,325,664
Countrywide Alternative Loan Trust
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 0.62%, 05/25/35(b)			2,299		2,019,891
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 0.57%, 12/25/36(b)			2,316		227,694
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			1,933		1,330,885
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 2.26%, 11/20/46(b)			4,705		3,379,277
Series 2006-J8, Class A5, 6.00%, 02/25/37			2,274		1,450,294
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 2.17%, 11/25/46(b)			6,811		5,757,040
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.19%), 0.36%, 10/25/46(b)			4,471		4,121,677
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.12%), 0.29%, 12/25/46(b)			2,741		2,494,899
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.21%), 0.38%, 07/25/46(b)			5,056		3,950,574
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.19%), 0.36%, 07/25/46(b)			1,945		1,669,323
Series 2007-12T1, Class A22, 5.75%, 06/25/37			4,256		3,003,034
Series 2007-12T1, Class A5, 6.00%, 06/25/37			2,065		1,496,315
Series 2007-22, Class 2A16, 6.50%, 09/25/37			8,175		4,920,609
Series 2007-23CB, Class A1, 6.00%, 09/25/37			5,232		3,895,554
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 0.52%, 04/25/37(b)			2,787		2,149,753
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 2.16%, 03/25/47(b)			3,315		2,720,207
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.20%), 0.37%, 04/25/46(b)			6,530		5,825,322

19

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

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
CSMC, Series 2011-4R, Class 1A2, (1 mo. LIBOR US + 1.50%), 1.67%, 09/27/37(a)(b)	USD		2,000	$	1,783,060
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.63%, 05/26/37(a)(c)			7,561		7,523,293
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(d)			7,389		2,506,710
Residential Asset Securitization Trust, Series 2006- A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 0.77%, 08/25/36(b)			6,501		748,905
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.77%), 2.09%, 05/25/47(b)			3,023		2,658,579
					79,852,090
Total Non-Agency Mortgage-Backed Securities — 12.7% (Cost: $87,229,617)					79,852,090
Preferred Securities
Capital Trusts — 11.7%
Banks — 3.6%
AIB Group PLC, 5.25%(k)	EUR		200		222,927
Al Ahli Bank of Kuwait KSCP, 7.25%(k)	USD		200		200,375
Banco Bilbao Vizcaya Argentaria SA, 8.88%(k)	EUR		200		242,658
Banco de Sabadell SA, 6.50%(k)			200		191,417
Banco Santander SA, 4.38%(k)			200		205,552
Bankia SA, 6.38%(k)			200		224,694
BNP Paribas SA, 7.20%(a)(g)(k)	USD		4,000		4,345,000
Capital One Financial Corp., Series E, 4.15%(b)(g)			3,500		3,045,000
CIT Group, Inc., Series A, 5.80%(g)(k)			282		218,367
Fifth Third Bancorp, Series J, 3.44%(g)(k)			3,000		2,580,000
ING Groep NV, 6.75%(k)			200		208,064
Nanyang Commercial Bank Ltd., 5.00%(k)			200		197,063
TMB Bank PCL, 4.90%(k)			250		232,812
Wells Fargo & Co.(g)(k)
Series S, 5.90%			8,800		8,954,000
Series U, 5.88%			1,150		1,244,875
					22,312,804
Capital Markets — 0.8%
China Cinda Asset Management Co. Ltd., 4.45%			200		201,625
Morgan Stanley, Series H, 3.89%(g)			5,007		4,706,580
UBS Group Funding Switzerland AG, 5.75%	EUR		200		242,406
					5,150,611
Diversified Financial Services — 5.9%
Bank of America Corp.(k)
Series AA, 6.10%(g)	USD		3,890		4,269,275
Series DD, 6.30%			205		235,714
Series U, 5.20%(g)			1,750		1,767,500
Series X, 6.25%(g)			6,175		6,710,453
Series Z, 6.50%			170		190,255
Bank of New York Mellon Corp., Series D, 4.50%(g)(k)			4,567		4,446,477
BNP Paribas SA, 4.50%(a)(k)			265		246,781
Credit Agricole SA, 6.50%(k)	EUR		100		119,857
Credit Suisse Group AG(a)(k)
5.10%	USD		200		197,700
6.38%			585		616,081
HBOS Capital Funding LP, 6.85%			200		202,574

Security		Par (000)		Value
Diversified Financial Services (continued)
HSBC Holdings PLC(g)(k)
6.50%	USD		655	$	661,550
6.00%			695		687,703
JPMorgan Chase & Co.(k)
4.60%			721		697,640
Series FF, 5.00%(g)			1,595		1,605,678
Series I, 3.74%			181		173,398
Series Q, 5.15%(g)			5,500		5,508,800
Series R, 6.00%			228		237,120
Series S, 6.75%			180		199,499
Series V, 3.62%(g)			3,830		3,584,048
Natwest Group PLC(k)
6.00%			1,185		1,244,250
8.63%(g)			200		208,958
Societe Generale SA, 6.75%(a)(g)(k)			3,000		3,013,140
Woori Bank, 4.25%(k)			250		252,578
					37,077,029
Diversified Telecommunication Services — 0.1%
Koninklijke KPN NV, 2.00%	EUR		100		115,155
Telefonica Europe BV
5.88%			100		128,855
4.38%			100		123,732
					367,742
Electric Utilities — 0.5%
NextEra Energy Capital Holdings, Inc., 5.65%(k)	USD		2,500		2,840,396
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%	EUR		100		118,355
Industrial Conglomerates — 0.2%
General Electric Co., Series D, 5.00%(g)(j)(k)	USD		1,383		1,096,027
Insurance — 0.6%
Achmea BV, 4.63%(j)	EUR		200		226,779
Allstate Corp., Series B, 5.75%	USD		2,000		2,127,517
Heungkuk Life Insurance Co. Ltd., 4.48%(j)			200		196,500
Voya Financial, Inc., 5.65%(g)			1,090		1,132,521
					3,683,317
Oil, Gas & Consumable Fuels — 0.0%
Naturgy Finance BV, 4.13%(j)(k)	EUR		100		122,055
Real Estate Management & Development — 0.0%
Citycon OYJ, 4.50%(j)(k)			100		99,946
Utilities — 0.0%
Electricite de France SA, 3.00%(j)(k)			200		232,417
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 3.10%(k)			200		238,796
Total Capital Trusts — 11.7%					73,339,495
		Shares
Preferred Stocks — 4.4%(j)
Capital Markets — 2.4%
Goldman Sachs Group, Inc., Series J, 5.50%			395,017		10,637,808

20

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

Security		Shares		Value
Capital Markets (continued)
Morgan Stanley
Series F, 6.88%			100,000	$	2,870,000
Series K, 5.85%			60,125		1,720,176
					15,227,984
Equity Real Estate Investment Trusts (REITs) — 2.0%
Firstar Realty LLC, 8.88%			10,000		11,000,000
Truist Bank, 9.00%(c)			15		1,575,000
					12,575,000
Total Preferred Stocks — 4.4%					27,802,984
Total Preferred Securities — 16.1% (Cost: $101,999,990)					101,142,479
		Par (000)
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 1.0%
Freddie Mac Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44	USD		5,513		6,383,829
Mortgage-Backed Securities — 19.0%
Fannie Mae Mortgage-Backed Securities(g)
4.00%, 02/01/34 - 04/01/56			31,799		35,118,966
4.50%, 09/01/48 - 07/01/55			26,342		29,135,412
Uniform Mortgage-Backed Securities(p)
2.50%, 08/01/50			39,000		40,974,375
4.50%, 08/01/50			13,555		14,573,214
					119,801,967
Total U.S. Government Sponsored Agency Securities — 20.0% (Cost: $122,502,261)					126,185,796
		Shares
Warrants
Entertainment — 0.0%
Aviron Capital LLC (Expires 12/16/31)(c)			10		—
Oil, Gas & Consumable Fuels — 0.0%
SM Energy Co. (Expires 06/23/30)(f)			14,537		42,739
Total Warrants — 0.0% (Cost: $62,364)					42,739
Total Long-Term Investments — 160.9% (Cost: $994,686,289)					1,013,573,598
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.08%(q)(r)			8,710,041		8,710,041
Total Short-Term Securities — 1.4% (Cost: $8,710,041)					8,710,041
Total Investments Before TBA Sale Commitments — 162.3% (Cost: $1,003,396,330)					1,022,283,639

Security		Par (000)			Value
TBA Sale Commitments
Mortgage-Backed Securities — (6.5)%
Uniform Mortgage-Backed Securities, 2.50%, 08/13/50(p)	USD		(39,000	)	$	(40,974,375	)
Total TBA Sale Commitments — (6.5)% (Proceeds: $(40,379,781))						(40,974,375	)
Total Investments, Net of TBA Sale Commitments — 155.8% (Cost: $963,016,549)						981,309,264
Liabilities in Excess of Other Assets — (55.8)%						(351,506,757	)
Net Assets — 100.0%					$	629,802,507

^(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)  Amount is less than 500.

^(f)  Non-income producing security.

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

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

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

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

^(k)  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.

^(l)  When-issued security.

^(m)  Zero-coupon bond.

⁽ⁿ⁾  Convertible security.

^(o)  Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

^(p)  Represents or includes a TBA transaction.

^(q)  Affiliate of the Trust.

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

21

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

Affiliates

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

Affiliated Issuer	Shares Held at 10/31/19	Shares Purchased		Shares Sold	Shares Held at 07/31/20		Value at 07/31/20		Income		Net Realized Gain (Loss)	(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class	7,913,547	796,494	(b)	—	8,710,041	$	8,710,041	$	48,422	$	12		$	—

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

^(b) Represents net shares purchased (sold).

Reverse Repurchase Agreements

Counterparty	Interest Rate		Trade Date	Maturity Date	(a)		Face Value		Face Value Including Accrued Interest	Type of Non-Cash Underlying Collateral	Remaining    Contractual Maturity    of the Agreements(a)
BNP Paribas S.A.	0.95	%(b)	07/11/19	Open		$	705,937	$	719,918	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.95	(b)	07/11/19	Open			501,250		511,110	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.95	(b)	07/11/19	Open			351,323		358,233	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A.	0.95	(b)	07/11/19	Open			5,369,375		5,475,711	Capital Trusts	Open/Demand
BNP Paribas S.A.	0.95	(b)	07/11/19	Open			498,739		508,561	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/11/19	Open			706,875		722,190	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.95	(b)	07/15/19	Open			987,997		1,006,933	Capital Trusts	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/15/19	Open			1,603,875		1,638,187	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/15/19	Open			6,224,895		6,356,619	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/15/19	Open			675,000		689,512	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/15/19	Open			1,231,811		1,258,267	Capital Trusts	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/15/19	Open			188,233		192,275	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/15/19	Open			1,503,480		1,535,612	Capital Trusts	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/15/19	Open			271,950		277,710	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/15/19	Open			243,100		248,249	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/15/19	Open			928,150		947,908	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/16/19	Open			447,578		456,649	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/16/19	Open			399,474		407,612	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/16/19	Open			759,000		774,462	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.95	(b)	07/18/19	Open			941,640		959,853	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A.	1.15	(b)	08/08/19	Open			262,999		268,008	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.50	(b)	08/27/19	Open			1,487,500		1,514,378	Capital Trusts	Open/Demand
Barclays Bank PLC	1.50	(b)	08/27/19	Open			187,163		190,544	Capital Trusts	Open/Demand
Barclays Bank PLC	1.75	(b)	08/27/19	Open			692,860		707,016	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.75	(b)	08/27/19	Open			872,000		889,815	Capital Trusts	Open/Demand
Barclays Bank PLC	1.75	(b)	08/27/19	Open			4,203,750		4,289,635	Capital Trusts	Open/Demand
Barclays Bank PLC	1.75	(b)	08/27/19	Open			705,127		719,534	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.75	(b)	08/27/19	Open			2,325,000		2,372,501	Capital Trusts	Open/Demand
Barclays Bank PLC	1.75	(b)	08/27/19	Open			517,450		528,022	Capital Trusts	Open/Demand
Barclays Bank PLC	1.75	(b)	08/27/19	Open			3,045,000		3,107,211	Capital Trusts	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			225,500		229,140	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			421,093		427,891	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			1,007,500		1,023,765	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			533,125		541,732	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			2,019,062		2,051,658	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			2,460,250		2,499,968	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			787,706		800,423	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			406,000		412,554	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			2,424,370		2,463,509	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			822,500		835,778	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			2,462,400		2,502,153	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			115,301		117,163	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			494,375		502,356	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			1,207,250		1,226,740	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			279,063		283,568	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			437,500		444,563	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			2,704,062		2,747,717	Corporate Bonds	Open/Demand

22

Consolidated Schedule of Investments  (unaudited) (continued) July 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	0.45	%(b)	08/27/19	Open		$	1,221,875	$	1,241,601	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			770,625		783,066	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			1,749,375		1,777,617	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			268,100		272,428	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			379,713		385,843	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			639,438		649,760	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			519,778		528,169	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			413,000		419,667	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			1,315,200		1,336,432	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			575,625		584,918	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			782,812		795,450	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			652,913		663,453	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			850,312		864,040	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			335,188		340,599	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			526,500		535,000	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			529,375		537,921	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			335,250		340,662	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			530,438		539,001	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			741,125		753,090	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			461,000		468,442	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			448,500		455,741	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			961,875		977,403	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			976,875		992,646	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			1,060,000		1,077,112	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			778,750		791,322	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	08/27/19	Open			486,000		493,846	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			451,051		459,864	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			161,395		164,466	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			181,583		185,037	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			385,313		392,644	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			394,450		401,955	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			102,848		104,804	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			282,178		287,546	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			229,163		233,523	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			140,006		142,670	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			1,476,764		1,502,788	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			391,219		398,862	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			22,984		23,421	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			244,294		248,942	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			211,494		215,518	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			1,506,087		1,535,513	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			116,009		118,216	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			148,238		151,058	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/28/19	Open			231,783		236,192	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.45	(b)	08/29/19	Open			464,348		469,457	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00	(b)	08/29/19	Open			378,975		385,096	Capital Trusts	Open/Demand
Barclays Capital, Inc.	1.25	(b)	08/29/19	Open			280,125		285,305	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	08/29/19	Open			232,298		236,593	Capital Trusts	Open/Demand
Barclays Capital, Inc.	1.25	(b)	08/29/19	Open			262,629		267,486	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	08/29/19	Open			2,211,232		2,252,125	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	08/29/19	Open			246,030		250,580	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	08/29/19	Open			994,175		1,012,560	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			316,933		322,938	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			119,048		121,303	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			132,458		134,967	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			184,450		187,945	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			308,025		313,862	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			264,750		269,767	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			1,372,962		1,399,680	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			183,393		186,868	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			269,280		274,382	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			167,500		170,674	Corporate Bonds	Open/Demand

23

Consolidated Schedule of Investments  (unaudited) (continued) July 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	0.85	%(b)	08/29/19	Open		$	867,191	$	882,538	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			177,244		180,602	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			235,951		240,422	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	08/29/19	Open			354,650		361,370	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	09/04/19	Open			1,417,460		1,441,671	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	09/04/19	Open			441,840		449,387	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	09/10/19	Open			210,210		213,905	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	09/20/19	Open			500,805		509,335	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.30	(b)	09/30/19	Open			1,337,875		1,360,017	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	10/01/19	Open			208,810		212,318	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	10/01/19	Open			1,119,195		1,138,568	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	10/01/19	Open			703,316		715,131	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	10/01/19	Open			674,000		685,322	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.70	(b)	10/02/19	Open			4,372,902		4,422,025	Capital Trusts	Open/Demand
J.P. Morgan Securities LLC	0.75	(b)	10/11/19	Open			237,150		239,769	Corporate Bonds	Open/Demand
J.P. Morgan Securities LLC	1.10	(b)	10/11/19	Open			298,688		302,763	Corporate Bonds	Open/Demand
J.P. Morgan Securities LLC	1.10	(b)	10/11/19	Open			545,400		552,557	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/05/19	Open			237,495		240,762	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/05/19	Open			280,800		284,663	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/05/19	Open			135,596		137,462	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/05/19	Open			722,520		732,460	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/05/19	Open			23,275		23,595	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	11/15/19	Open			320,295		323,752	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/15/19	Open			449,391		455,315	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/15/19	Open			110,670		112,129	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/15/19	Open			243,270		246,477	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/15/19	Open			184,080		186,507	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/15/19	Open			99,268		100,576	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/15/19	Open			234,330		237,419	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/15/19	Open			345,050		349,598	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	11/22/19	Open			49,560		50,182	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	11/27/19	Open			743,105		751,991	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	11/27/19	Open			1,155,325		1,169,141	Corporate Bonds	Open/Demand
J.P. Morgan Securities LLC	0.75	(b)	12/05/19	Open			644,490		649,776	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	12/05/19	Open			98,745		99,914	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	12/05/19	Open			1,769,917		1,790,874	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	12/06/19	Open			204,300		206,680	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	12/06/19	Open			570,240		577,174	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	12/13/19	Open			80,738		81,618	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	12/18/19	Open			314,736		317,909	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	12/19/19	Open			383,456		387,299	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.40	(b)	12/19/19	Open			1,571,422		1,589,625	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	12/19/19	Open			154,845		156,550	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	12/19/19	Open			230,233		232,767	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	12/19/19	Open			178,094		180,054	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	12/20/19	Open			240,531		243,118	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/07/20	Open			837,471		844,913	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/07/20	Open			2,041,207		2,059,346	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/07/20	Open			616,395		621,872	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/07/20	Open			996,412		1,005,267	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/07/20	Open			1,637,977		1,652,533	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/07/20	Open			833,262		840,667	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/07/20	Open			1,045,031		1,054,317	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/07/20	Open			1,350,862		1,362,866	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.12	(b)	01/08/20	Open			926,344		934,362	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.25	(b)	01/14/20	Open			339,998		340,772	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	01/14/20	Open			257,731		260,072	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	01/14/20	Open			690,515		696,787	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	01/14/20	Open			769,995		776,941	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/14/20	Open			283,920		286,341	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/14/20	Open			315,628		318,578	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/14/20	Open			448,286		452,477	Corporate Bonds	Open/Demand

24

Consolidated Schedule of Investments  (unaudited) (continued) July 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	0.85	%(b)	01/14/20	Open		$	447,930	$	452,346	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/14/20	Open			366,273		369,697	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/14/20	Open			164,885		166,426	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/14/20	Open			503,051		507,754	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/14/20	Open			335,961		339,102	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/14/20	Open			386,400		390,012	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/14/20	Open			398,580		402,306	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/14/20	Open			810,210		817,733	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/14/20	Open			687,818		694,204	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	01/16/20	Open			373,965		377,292	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.35	(b)	01/16/20	Open			1,573,146		1,588,002	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/16/20	Open			270,540		273,017	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/16/20	Open			1,472,147		1,485,628	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/16/20	Open			250,594		252,888	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/16/20	Open			1,551,887		1,566,098	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/21/20	Open			83,750		84,490	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/22/20	Open			407,680		410,937	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/22/20	Open			1,395,840		1,406,993	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	01/23/20	Open			781,935		788,745	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	01/24/20	Open			1,213,669		1,223,707	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/24/20	Open			712,526		718,049	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	01/31/20	Open			702,487		705,356	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.95	(b)	01/31/20	Open			4,029,600		4,054,903	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A.	1.09	(b)	01/31/20	Open			295,689		297,751	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.09	(b)	01/31/20	Open			467,060		470,318	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.09	(b)	01/31/20	Open			288,296		290,307	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	01/31/20	Open			203,150		204,628	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.12	(b)	02/06/20	Open			1,026,412		1,033,544	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.95	(b)	02/11/20	Open			249,288		250,745	Capital Trusts	Open/Demand
BNP Paribas S.A.	1.05	(b)	02/11/20	Open			809,561		814,678	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.09	(b)	02/11/20	Open			154,600		155,607	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.10	(b)	02/11/20	Open			251,600		253,250	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	02/11/20	Open			715,760		720,529	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	02/11/20	Open			418,950		421,741	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	02/11/20	Open			391,020		393,625	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	02/11/20	Open			524,915		528,412	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	02/11/20	Open			263,525		265,281	Capital Trusts	Open/Demand
BNP Paribas S.A.	1.15	(b)	02/11/20	Open			114,000		114,760	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.30	(b)	02/11/20	Open			552,960		556,927	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/11/20	Open			3,153,750		3,177,542	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/11/20	Open			1,326,281		1,336,287	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/11/20	Open			540,960		545,118	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/11/20	Open			155,313		156,506	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/11/20	Open			164,430		165,694	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/11/20	Open			187,780		189,223	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/11/20	Open			113,520		114,393	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/11/20	Open			147,740		148,876	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/11/20	Open			145,138		146,222	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/11/20	Open			78,401		79,004	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	02/12/20	Open			728,722		733,975	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	02/13/20	Open			1,097,952		1,104,767	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	02/13/20	Open			826,752		831,884	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	02/13/20	Open			791,562		796,476	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	02/13/20	Open			1,043,197		1,049,673	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.08	(b)	02/13/20	Open			1,621,924		1,632,219	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.09	(b)	02/13/20	Open			908,137		913,997	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.09	(b)	02/13/20	Open			872,977		878,611	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.09	(b)	02/13/20	Open			839,231		844,647	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.09	(b)	02/13/20	Open			938,462		944,518	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.09	(b)	02/13/20	Open			1,917,737		1,930,001	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/14/20	Open			394,708		397,616	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	02/18/20	Open			631,579		636,071	Corporate Bonds	Open/Demand

25

Consolidated Schedule of Investments  (unaudited) (continued) July 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	0.85	%(b)	02/26/20	Open		$	180,295	$	181,474	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.88	(b)	02/27/20	Open			1,231,937		1,237,765	Capital Trusts	Open/Demand
BNP Paribas S.A.	1.05	(b)	02/27/20	Open			1,122,119		1,128,253	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	02/27/20	Open			1,428,117		1,435,925	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	02/27/20	Open			1,286,875		1,293,910	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	02/27/20	Open			1,610,000		1,618,801	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.10	(b)	02/27/20	Open			715,496		719,563	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.10	(b)	02/27/20	Open			887,861		892,907	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.50	(b)	03/02/20	Open			331,875		332,843	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC	1.00	(b)	03/02/20	Open			190,153		191,343	Foreign Agency Obligations	Open/Demand
Credit Suisse Securities (USA) LLC	1.75	(b)	03/02/20	Open			670,443		676,054	Corporate Bonds	Open/Demand
Goldman Sachs & Co LLC	0.25	(b)	03/02/20	Open			300,286		300,937	Corporate Bonds	Open/Demand
Goldman Sachs & Co LLC	0.25	(b)	03/02/20	Open			253,869		254,419	Corporate Bonds	Open/Demand
Goldman Sachs & Co LLC	0.25	(b)	03/02/20	Open			408,939		409,825	Corporate Bonds	Open/Demand
Goldman Sachs & Co LLC	0.50	(b)	03/02/20	Open			403,394		404,688	Foreign Agency Obligations	Open/Demand
Goldman Sachs & Co LLC	0.50	(b)	03/02/20	Open			1,148,447		1,152,132	Capital Trusts	Open/Demand
Goldman Sachs & Co LLC	0.55	(b)	03/02/20	Open			677,177		679,491	Corporate Bonds	Open/Demand
Goldman Sachs & Co LLC	0.60	(b)	03/02/20	Open			771,542		774,338	Capital Trusts	Open/Demand
HSBC Securities (USA), Inc.	0.45	(b)	03/02/20	Open			3,535,000		3,547,412	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	03/12/20	Open			523,110		525,924	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.	0.45	(b)	03/23/20	Open			103,000		103,230	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	1.04	(b)	03/25/20	Open			1,408,750		1,413,959	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	1.04	(b)	03/25/20	Open			241,063		241,954	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	1.04	(b)	03/25/20	Open			2,184,375		2,192,452	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	1.04	(b)	03/25/20	Open			346,875		348,158	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	03/26/20	Open			779,687		783,253	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.60	(b)	03/31/20	Open			1,312,759		1,319,877	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.60	(b)	03/31/20	Open			682,388		686,088	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	04/01/20	Open			286,065		287,171	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	(0.25	)(b)	04/02/20	Open			136,203		136,089	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.	0.45	(b)	04/02/20	Open			1,276,000		1,278,593	Capital Trusts	Open/Demand
HSBC Securities (USA), Inc.	0.45	(b)	04/02/20	Open			1,517,000		1,520,082	Capital Trusts	Open/Demand
Barclays Capital, Inc.	1.60	(b)	04/03/20	Open			169,871		170,755	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.75	(b)	04/03/20	Open			427,180		429,610	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	04/06/20	Open			944,585		950,216	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	04/06/20	Open			563,985		567,347	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	04/06/20	Open			603,900		607,500	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	04/06/20	Open			645,975		649,826	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	04/06/20	Open			620,375		624,073	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	04/06/20	Open			416,520		419,003	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	04/06/20	Open			830,831		835,784	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	04/06/20	Open			791,595		796,314	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	04/06/20	Open			404,286		406,696	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	04/06/20	Open			492,861		495,799	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	04/06/20	Open			152,919		153,557	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	04/14/20	Open			207,080		207,732	Corporate Bonds	Open/Demand
J.P. Morgan Securities LLC	0.75	(b)	04/14/20	Open			107,900		108,143	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.00	(b)	04/15/20	Open			3,265,594		3,275,300	Foreign Agency Obligations	Open/Demand
Barclays Bank PLC	1.70	(b)	04/15/20	Open			111,825		112,390	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.75	(b)	04/15/20	Open			1,785,737		1,795,026	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.75	(b)	04/15/20	Open			551,816		554,686	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.75	(b)	04/15/20	Open			264,663		266,039	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.75	(b)	04/15/20	Open			1,223,775		1,230,140	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.75	(b)	04/15/20	Open			7,700,000		7,740,051	Capital Trusts	Open/Demand
Barclays Bank PLC	1.75	(b)	04/15/20	Open			304,688		306,272	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.75	(b)	04/15/20	Open			367,822		369,735	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.50	(b)	04/15/20	Open			628,310		631,111	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.50	(b)	04/15/20	Open			975,240		979,588	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.23	(b)	04/17/20	Open			257,899		258,806	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	04/22/20	Open			743,325		745,906	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	04/22/20	Open			512,006		513,500	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	04/22/20	Open			35,245		35,372	Corporate Bonds	Open/Demand

26

Consolidated Schedule of Investments  (unaudited) (continued) July 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)
Barclays Capital, Inc.	1.25	%(b)	04/24/20	Open		$	399,779	$	401,111	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.12	(b)	04/24/20	Open			849,110		851,646	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	04/27/20	Open			265,200		265,935	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	04/27/20	Open			196,680		197,352	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.85	(b)	04/27/20	Open			128,544		128,983	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	04/29/20	Open			860,050		862,605	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	04/30/20	Open			126,048		126,289	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	04/30/20	Open			205,425		205,819	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.75	(b)	04/30/20	Open			185,000		185,355	Capital Trusts	Open/Demand
BNP Paribas S.A.	1.08	(b)	04/30/20	Open			598,635		600,305	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.90	(b)	05/04/20	Open			4,075,000		4,083,965	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.75	(b)	05/04/20	Open			3,565,000		3,580,250	Capital Trusts	Open/Demand
Barclays Bank PLC	1.75	(b)	05/04/20	Open			6,084,375		6,110,403	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	05/04/20	Open			1,080,937		1,083,712	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00	(b)	05/07/20	Open			828,200		830,155	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.25	(b)	05/08/20	Open			221,888		222,519	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	05/08/20	Open			149,940		150,312	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	05/08/20	Open			1,979,600		1,984,975	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	05/08/20	Open			687,715		690,719	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.75	(b)	05/11/20	Open			277,939		279,033	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.10	(b)	05/11/20	Open			581,584		583,041	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	05/12/20	Open			343,175		343,976	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.	0.45	(b)	05/14/20	Open			722,000		722,933	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	06/09/20	Open			331,875		332,378	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	06/09/20	Open			733,361		734,473	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	06/09/20	Open			805,596		806,934	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	06/09/20	Open			1,132,040		1,133,920	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	06/09/20	Open			29,535		29,584	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	06/09/20	Open			1,017,004		1,018,693	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	06/09/20	Open			166,303		166,579	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC	0.45	(b)	06/10/20	Open			690,580		691,029	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	06/19/20	Open			706,860		707,763	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.55	(b)	06/29/20	Open			980,655		981,134	Capital Trusts	Open/Demand
Barclays Capital, Inc.	1.00	(b)	06/29/20	Open			1,798,912		1,800,512	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00	(b)	06/29/20	Open			1,663,586		1,665,065	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.00	(b)	06/29/20	Open			1,018,081		1,018,986	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.05	(b)	06/29/20	Open			2,635,300		2,637,760	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	06/29/20	Open			415,280		415,718	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.45	(b)	06/29/20	Open			1,544,087		1,546,077	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.00	(b)	06/30/20	Open			1,066,295		1,067,213	Capital Trusts	Open/Demand
Barclays Bank PLC	1.00	(b)	06/30/20	Open			1,671,429		1,672,868	Capital Trusts	Open/Demand
Barclays Capital, Inc.	1.00	(b)	06/30/20	Open			690,750		691,345	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00	(b)	06/30/20	Open			535,763		536,224	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	1.00	(b)	06/30/20	Open			1,460,322		1,461,580	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.20	(b)	07/01/20	Open			370,825		371,196	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/02/20	Open			335,500		335,779	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.85	(b)	07/07/20	Open			404,800		405,299	Corporate Bonds	Open/Demand
Barclays Bank PLC	1.65	(b)	07/10/20	Open			413,313		413,672	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.22		07/13/20	08/13/20			4,329,726		4,330,202	U.S. Government Sponsored Agency Securities	Up to 30 Days
BNP Paribas S.A.	0.22		07/13/20	08/13/20			9,076,387		9,077,386	U.S. Government Sponsored Agency Securities	Up to 30 Days
BNP Paribas S.A.	0.22		07/13/20	08/13/20			13,288,288		13,289,750	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.22		07/13/20	08/13/20			3,549,315		3,549,705	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.22		07/13/20	08/13/20			3,615,513		3,615,911	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.22		07/13/20	08/13/20			2,677,939		2,678,233	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.22		07/13/20	08/13/20			8,310,568		8,311,482	U.S. Government Sponsored Agency Securities	Up to 30 Days

27

Consolidated Schedule of Investments  (unaudited) (continued) July 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)
Credit Agricole Corporate and Investment Bank	0.22	%	07/13/20	08/13/20		$	1,703,053	$	1,703,241	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.22		07/13/20	08/13/20			6,738,321		6,739,063	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.22		07/13/20	08/13/20			8,016,264		8,017,146	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.22		07/13/20	08/13/20			1,046,907		1,047,022	U.S. Government Sponsored Agency Securities	Up to 30 Days
RBC Capital Markets, LLC	0.85	(b)	07/14/20	Open			526,000		526,224	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/15/20	Open			146,680		146,755	Corporate Bonds	Open/Demand
BNP Paribas S.A.	1.15	(b)	07/23/20	Open			754,252		754,445	Corporate Bonds	Open/Demand
BNP Paribas S.A.	0.95	(b)	07/28/20	Open			582,255		582,301	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			1,730,430		1,730,512	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			701,024		701,057	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			573,300		573,327	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			411,176		411,196	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			326,168		326,183	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			42,100		42,102	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			207,338		207,347	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			512,785		512,809	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			195,580		195,589	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			154,440		154,447	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.85	(b)	07/29/20	Open			679,470		679,502	Corporate Bonds	Open/Demand
						$	345,148,174	$	347,966,353

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
90-Day Euro-Dollar		420		12/14/20	$	104,732	$	52,983
Short Contracts
10-Year U.S. Ultra Long Treasury Note		161		09/21/20		25,639		(337,146	)
10-Year US Treasury Note		340		09/21/20		47,627		(560,971	)
U.S. Long Treasury Bond		29		09/21/20		5,286		(100,748	)
U.S. Ultra Long Treasury Bond		198		09/21/20		45,082		(2,124,683	)
2-Year U.S. Treasury Note		1,319		09/30/20		291,478		(333,485	)
5-Year U.S. Treasury Note		149		09/30/20		18,793		(122,447	)
90-Day Euro-Dollar		420		12/19/22		104,790		(171,767	)
								(3,751,247	)
							$	(3,698,264	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	14,678,301	EUR	12,388,000	State Street Bank and Trust Co.		09/03/20	$	76,619
USD	1,348,142	GBP	1,025,000	State Street Bank and Trust Co.		09/03/20		6,199
AUD	6,530,000	NZD	6,972,910	Bank of America N.A.		09/16/20		41,434
EUR	4,030,000	USD	4,749,814	Morgan Stanley & Co. International PLC		09/16/20		1,662

28

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

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
SEK	42,357,445	NOK	43,400,000	Morgan Stanley & Co. International PLC	09/16/20	$	57,191
USD	4,776,769	EUR	4,030,000	JPMorgan Chase Bank N.A.	09/16/20		25,293
							208,398
EUR	12,388,000	USD	14,669,305	State Street Bank and Trust Co.	08/05/20		(76,551	)
GBP	1,025,000	USD	1,347,932	State Street Bank and Trust Co.	08/05/20		(6,200	)
USD	7,215	EUR	6,300	Bank of America N.A.	08/05/20		(206	)
USD	113,993	EUR	99,600	Bank of America N.A.	08/05/20		(3,333	)
USD	106,256	EUR	93,000	Deutsche Bank AG	08/05/20		(3,296	)
USD	111,044	EUR	99,000	Deutsche Bank AG	08/05/20		(5,576	)
USD	114,038	EUR	101,000	Morgan Stanley & Co. International PLC	08/05/20		(4,937	)
USD	76,595	EUR	68,000	State Street Bank and Trust Co.	08/05/20		(3,507	)
USD	104,711	EUR	92,000	State Street Bank and Trust Co.	08/05/20		(3,663	)
USD	13,193,682	EUR	11,742,000	State Street Bank and Trust Co.	08/05/20		(638,099	)
USD	8,677,408	GBP	7,050,000	JPMorgan Chase Bank N.A.	08/05/20		(551,092	)
USD	1,438,117	GBP	1,169,000	State Street Bank and Trust Co.	08/05/20		(92,112	)
NOK	43,400,000	SEK	42,295,426	Morgan Stanley & Co. International PLC	09/16/20		(50,124	)
USD	147,726	EUR	130,000	Citibank N.A.	09/16/20		(5,548	)
							(1,444,244	)
						$	(1,235,846	)

Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligatioin/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.34.V7		5.00	%		Quarterly		06/20/25	USD	2,726	$	(93,377	)	$	32,760		$	(126,137	)
CDX.NA.IG.34.V1		1.00			Quarterly		06/20/25	USD	26,000		(412,872	)		(338,345	)		(74,527	)
										$	(506,249	)	$	(305,585	)	$	(200,664	)

OTC Credit Default Swaps — Buy Protection

Reference Obligations/Index	Financing Rate Paid by the Trust			Payment Frequency		Counterparty		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%		Quarterly		Bank of America N.A.		09/20/20		USD	604	$	(1,266	)	$	212	$	(1,478	)
SES SA		1.00			Quarterly		Credit Suisse International		06/20/25		EUR	26		11			599		(588	)
SES SA		1.00			Quarterly		Credit Suisse International		06/20/25		EUR	24		11			632		(621	)
CMBX.NA.7		3.00			Monthly		Deutsche Bank AG		01/17/47		USD	25,000		5,446,851			1,786,153		3,660,698
													$	5,445,607		$	1,787,596	$	3,658,011

OTC Credit Default Swaps — Sell Protection

	Financing Rate Received			Payment			Termination		Credit	Notional						Upfront Premium Paid			Unrealized Appreciation
Reference Obligation/Index		by the Trust			Frequency	Counterparty		Date	Rating(a)		Amount (000)(b)			Value			(Received)			(Depreciation)
United Mexican States		1.00	%		Quarterly	Citibank N.A.		09/20/20	BBB		USD	604	$	1,266		$	201		$	1,065
Rolls-Royce PLC		1.00			Quarterly	Citibank N.A.		06/20/25	BB		EUR	9		(1,568	)		(1,663	)		95
Rolls-Royce PLC		1.00			Quarterly	Citibank N.A.		06/20/25	BB		EUR	21		(3,438	)		(3,657	)		219
Rolls-Royce PLC		1.00			Quarterly	JPMorgan Chase Bank N.A.		06/20/25	BB		EUR	20		(3,337	)		(2,889	)		(448	)
CMBX.NA.7		3.00			Monthly	Barclays Bank PLC		01/17/47	C		USD	10,000		(2,178,740	)		(501,294	)		(1,677,446	)
CMBX.NA.7		3.00			Monthly	Barclays Bank PLC		01/17/47	C-		USD	5,000		(1,089,370	)		(250,357	)		(839,013	)
CMBX.NA.7		3.00			Monthly	Barclays Bank PLC		01/17/47	C-		USD	10,000		(2,178,740	)		(248,106	)		(1,930,634	)
CMBX.NA.9		2.00			Monthly	Credit Suisse International		09/17/58	NR		USD	2,500		(175,764	)		(337,973	)		162,209

29

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

OTC Credit Default Swaps — Sell Protection (continued)

	Financing Rate Received			Payment			Termination		Credit	Notional						Upfront Premium Paid			Unrealized Appreciation
Reference Obligation/Index		by the Trust			Frequency	Counterparty		Date	Rating(a)		Amount (000)(b)			Value			(Received)			(Depreciation)
CMBX.NA.9		2.00	%		Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	2,500	$	(175,764	)	$	(334,709	)	$	158,945
CMBX.NA.9		2.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	5,000		(351,527	)		(663,185	)		311,658
CMBX.NA.9		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	2,500		(499,558	)		(540,952	)		41,394
CMBX.NA.9		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	5,000		(999,117	)		(533,768	)		(465,349	)
CMBX.NA.9		3.00			Monthly	Morgan Stanley & Co. International PLC		09/17/58	NR		USD	5,841		(1,167,175	)		(1,572,484	)		405,309
													$	(8,822,832	)	$	(4,990,836	)	$	(3,831,996	)

^(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.

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 its most recent financial statements.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	120,060,623	$	2,783,210	$	122,843,833
Common Stocks		2,960,498		—		35,260		2,995,758
Corporate Bonds		—		510,453,866		1,756,697		512,210,563
Floating Rate Loan Interests		—		31,481,846		1,425,820		32,907,666
Foreign Agency Obligations		—		35,178,974		—		35,178,974
Municipal Bonds		—		213,700		—		213,700
Non-Agency Mortgage-Backed Securities		—		72,328,797		7,523,293		79,852,090
Preferred Securities
Capital Trusts		—		73,339,495		—		73,339,495
Preferred Stocks
Capital Markets		15,227,984		—		—		15,227,984

30

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

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Preferred Stocks (continued)
Equity Real Estate Investment Trusts (REITs)	$	—		$	11,000,000		$	1,575,000	$	12,575,000
U.S. Government Sponsored Agency Securities		—			126,185,796			—		126,185,796
Warrants		—			42,739			—		42,739
Short-Term Securities
Money Market Funds		8,710,041			—			—		8,710,041
Liabilities
Investments
TBA Sale Commitments		—			(40,974,375	)		—		(40,974,375	)
	$	26,898,523		$	939,311,461		$	15,099,280	$	981,309,264
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	4,741,592		$	—	$	4,741,592
Foreign Currency Exchange Contracts		—			208,398			—		208,398
Interest Rate Contracts		52,983			—			—		52,983
Liabilities
Credit Contracts		—			(5,116,241	)		—		(5,116,241	)
Foreign Currency Exchange Contracts		—			(1,444,244	)		—		(1,444,244	)
Interest Rate Contracts		(3,751,247	)		—			—		(3,751,247	)
	$	(3,698,264	)	$	(1,610,495	)	$	—	$	(5,308,759	)

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, reverse repurchase agreements of $347,966,353 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			Common Stocks		Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			Preferred Stocks			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		—			—		—			905,744			—			—			905,744
Transfers out of Level 3		—			—		—			(661,594	)		—			—			(661,594	)
Accrued discounts (premiums)		22,854			—		—			(9,976	)		96,525			—			109,403
Realized gain (loss)		(28,316	)		—		—			(67,604,859	)		278,774			—			(67,354,401	)
Net change in unrealized appreciation (depreciation)(a)		185,378			23,157		(4,382	)		72,841,231			(257,059	)		(6,148	)		72,782,177
Purchases		751,287			12,103		—			1,111,873			—			—			1,875,263
Sales		(3,661,450	)		—		(37,814	)		(7,454,248	)		(850,827	)		—			(12,004,339	)
Closing balance, as of July 31, 2020	$	2,783,210		$	35,260	$	1,756,697		$	1,425,820		$	7,523,293		$	1,575,000		$	15,099,280
Net change in unrealized appreciation (depreciation) on investments still held at July 31, 2020	$	190,935		$	23,157	$	(4,382	)	$	(494,718	)	$	(257,059	)	$	(6,148	)	$	(548,215	)

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

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

31

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

Currency Abbreviation
AUD	Australian Dollar
EUR	Euro
GBP	British Pound
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
USD	United States Dollar

Portfolio Abbreviation
CAB	Capital Appreciation Bonds
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
PCL	Public Company Limited
PIK	Payment-in-Kind
PJSC	Public Joint Stock Company
RB	Revenue Bond
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SAB	Special Assessment Bonds
TBA	To-Be-Announced

32