BlackRock Multi-Sector Income Trust (BIT) NPORT-P BlackRock Multi-Sector Income Trust (Jan 2022 report)

Schedule of Investments (unaudited)  January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Asset-Backed Securities
Ajax Mortgage Loan Trust, Series 2017-D, Class B, 0.00%, 12/25/57(a)(b)(c)	USD		31		$	13
ALM 2020 Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 6.00%), 6.24%, 10/15/29(b)(c)			287			284,881
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 7.24%, 10/15/28(b)(c)			1,000			1,000,733
Anchorage Capital CLO Ltd.(b)(c)
Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 5.64%, 01/15/30			860			847,381
Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 3.78%, 01/28/31			250			250,077
Argent Securities Trust, Series 2006-W5, Class A1A, (1 mo. LIBOR US + 0.30%), 0.41%, 06/25/36(b)			4,591			3,592,627
Assurant CLO Ltd., Series 2019-5A, Class E, (3 mo. LIBOR US + 7.34%), 7.58%, 01/15/33(b)(c)			250			250,239
Bain Capital Credit CLO Ltd., Series 2020-2A, Class DR, (3 mo. LIBOR US + 3.30%), 3.55%, 07/19/34(b)(c)			250			250,133
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 0.25%, 11/25/36(b)			1,420			1,402,129
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class CR, (3 mo. LIBOR US + 2.05%), 2.29%, 07/15/34(b)(c)			250			248,121
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 2.89%, 01/17/28(b)(c)			250			249,893
Carrington Mortgage Loan Trust(b)
Series 2006-FRE2, Class A2, (1 mo. LIBOR US + 0.12%), 0.23%, 10/25/36			3,301			3,057,731
Series 2006-FRE2, Class A5, (1 mo. LIBOR US + 0.08%), 0.19%, 03/25/35			6,800			6,277,683
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 6.69%, 07/20/32(b)(c)			500			490,445
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.16%), 0.27%, 10/25/36(b)			4,887	��		4,077,499
CIFC Funding Ltd., Series 2020-1A, Class DR, (3 mo. LIBOR US + 3.10%), 3.34%, 07/15/36(b)(c)			500			494,216
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 5.78%, 10/25/36			370			310,369
Clear Creek CLO, Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.95%), 3.20%, 10/20/30(b)(c)			250			247,625
Countrywide Asset-Backed Certificates, Series 2006- 26, Class 1A, (1 mo. LIBOR US + 0.14%), 0.25%, 06/25/37(b)			607			578,897
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. LIBOR US + 0.14%), 0.24%, 01/15/37(b)			588			563,118
Elevation CLO Ltd., 7.52%, 04/20/32(b)(c)			250			246,652
Fremont Home Loan Trust(b)
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.32%), 0.43%, 05/25/36			4,480			3,342,303
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 0.26%, 11/25/36			6,666			3,175,168
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3 mo. LIBOR US + 5.25%), 5.50%, 04/20/31(b)(c)			500			488,017
Generate CLO 2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 5.91%, 01/22/31(b)(c)			250			244,201

Security		Par (000)			Value
Asset-Backed Securities (continued)
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 6.69%, 04/15/33(b)(c)	USD		500		$	498,829
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 0.28%, 04/25/37(b)			3,818			3,103,446
HPS Loan Management Ltd., Series 8A-2016, Class ER, (3 mo. LIBOR US + 5.50%), 5.75%, 07/20/30(b)(c)			1,000			946,538
Kayne CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 7.78%, 01/20/33(b)(c)			500			500,769
Long Beach Mortgage Loan Trust(b)
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.27%, 11/25/36			10,017			4,185,989
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.27%, 08/25/36			5,390			2,786,491
Madison Park Funding X Ltd.(b)(c)
Series 2012-10A, Class DR2, (3 mo. LIBOR US + 3.25%), 3.50%, 01/20/29			750			750,049
Series 2012-10A, Class ER2, (3 mo. LIBOR US + 6.40%), 6.65%, 01/20/29			1,500			1,499,339
Madison Park Funding XXIX Ltd., Series 2018-29A, Class E, (3 mo. LIBOR US + 5.70%), 5.94%, 10/18/30(b)(c)			500			491,728
Mastr Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1 mo. LIBOR US + 0.30%), 0.41%, 06/25/36(b)			7,844			3,997,280
Neuberger Berman CLO Ltd., Series 2015-20A, (3 mo. LIBOR US + 6.50%), 6.74%, 07/15/34(b)(c)			710			704,923
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3 mo. LIBOR US + 1.80%), 2.05%, 07/20/31(b)(c)			400			398,907
Oaktree CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 5.20%), 5.45%, 10/20/27(b)(c)			1,000			998,885
Octagon Investment Partners 31 LLC, Series 2017- 1A, Class E, (3 mo. LIBOR US + 6.30%), 6.55%, 07/20/30(b)(c)			500			495,276
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3 mo. LIBOR US + 2.75%), 3.01%, 01/22/30(b)(c)			500			495,000
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 5.79%, 01/20/31(b)(c)			250			234,324
Palmer Square Loan Funding Ltd.(b)(c)
Series 2018-5A, Class D, (3 mo. LIBOR US + 4.25%), 4.50%, 01/20/27			500			499,560
Series 2019-2A, Class B, (3 mo. LIBOR US + 2.25%), 2.50%, 04/20/27			250			250,085
Series 2019-3A, Class B, (3 mo. LIBOR US + 2.10%), 2.26%, 08/20/27			750			750,222
Regional Management Issuance, 3.88%, 10/17/33(a)			1,110			1,083,693
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37			3,741			2,114,864
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3 mo. LIBOR US + 2.85%), 3.09%, 10/15/29(b)(c)			500			500,001
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 0.51%, 09/25/47(b)			4,278			4,181,627
Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 01/30/45(a)			—	(d)		1,561,989

1

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities (continued)
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 7.29%, 04/15/33(b)(c)	USD		250	$	250,699
Treman Park CLO Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 2.65%), 2.90%, 10/20/28(b)(c)			1,500		1,503,064
TRESTLES CLO Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 3.16%, 04/25/32(b)(c)			250		246,915
Unique Pub Finance Co. PLC(e)
Series M, 7.40%, 03/28/24	GBP		2,465		3,468,356
Series N, 6.46%, 03/30/32			50		79,483
WaMu Asset-Backed Certificates Trust, Series 2007- HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 0.35%, 05/25/37(b)	USD		6,525		6,136,446
Total Asset-Backed Securities — 11.8% (Cost: $72,407,824)					76,684,928
		Shares
Common Stocks
Aerospace & Defense — 0.3%
Raytheon Technologies Corp.			25,650		2,313,373
Building Products — 0.2%
Carrier Global Corp.			25,650		1,222,992
Diversified Telecommunication Services — 0.0%
Liberty Global PLC, Class A(f)			247		6,699
Machinery — 0.2%
Otis Worldwide Corp.			12,825		1,095,640
Total Common Stocks — 0.7% (Cost: $2,975,709)					4,638,704
		Par (000)
Corporate Bonds
Aerospace & Defense — 2.6%
Amsted Industries, Inc., 5.63%, 07/01/27(c)	USD		185		189,801
Bombardier, Inc.(c)
7.50%, 12/01/24			263		272,231
7.50%, 03/15/25			44		44,550
7.13%, 06/15/26			817		830,276
7.88%, 04/15/27			698		707,409
6.00%, 02/15/28			580		561,510
7.45%, 05/01/34			100		116,500
BWX Technologies, Inc.(c)
4.13%, 06/30/28			22		21,698
4.13%, 04/15/29			221		217,685
Embraer Netherlands Finance BV, 6.95%, 01/17/28(c)			269		290,856
F-Brasile SpA/F-Brasile US LLC, Series XR, 7.38%, 08/15/26(c)			464		457,532
Howmet Aerospace, Inc., 5.13%, 10/01/24			2		2,090
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(c)(g)			448		461,440
Lockheed Martin Corp., 4.09%, 09/15/52(g)			451		523,224
Raytheon Technologies Corp., 3.75%, 11/01/46(g)			700		730,470
Rolls-Royce PLC, 5.75%, 10/15/27(c)(g)			1,145		1,201,380
Spirit AeroSystems, Inc., 5.50%, 01/15/25(c)			236		241,900

Security		Par (000)		Value
Aerospace & Defense (continued)
TransDigm, Inc.
8.00%, 12/15/25(c)(g)	USD		825	$	861,935
6.25%, 03/15/26(c)(g)			6,999		7,226,467
6.38%, 06/15/26			113		114,978
7.50%, 03/15/27			134		139,050
4.63%, 01/15/29			347		329,532
4.88%, 05/01/29			382		366,760
Triumph Group, Inc., 8.88%, 06/01/24(c)			1,055		1,126,212
					17,035,486
Airlines — 1.9%
Air Canada, 3.88%, 08/15/26(c)			401		391,131
American Airlines Pass-Through Trust,
Series 2013-2, Class A, 4.95%, 07/15/24			430		431,652
American Airlines, Inc., 11.75%, 07/15/25(c)			336		406,704
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(c)
5.50%, 04/20/26			976		999,395
5.75%, 04/20/29			1,118		1,144,669
Avianca Midco 2 Ltd., 9.00%, 12/01/28(c)			304		304,081
Azul Investments LLP
5.88%, 10/26/24(e)			200		183,750
7.25%, 06/15/26(c)			230		207,618
Continental Airlines Pass-Through Trust, Series 2007-1, Class B, 6.90%, 04/19/22			15		15,615
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(c)			175		186,800
Deutsche Lufthansa AG(e)
2.00%, 07/14/24	EUR		100		112,592
3.75%, 02/11/28			100		114,860
3.50%, 07/14/29			100		112,609
Gol Finance SA, 8.00%, 06/30/26(c)	USD		200		184,850
Hawaiian Brand Intellectual Property
Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(c).			317		324,190
International Consolidated Airlines Group SA(e)
2.75%, 03/25/25	EUR		100		111,097
3.75%, 03/25/29			100		110,379
Latam Finance Ltd., 6.88%, 04/11/24(c)(f)(h)	USD		537		503,874
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(c)(g)			860		913,750
United Airlines Pass-Through Trust
Series 2015-1, Class A, 3.70%, 12/01/22(g)			3,570		3,619,385
Series 2020-1, Class A, 5.88%, 10/15/27(g)			614		660,763
Series 2020-1, Class B, 4.88%, 07/15/27			52		53,618
United Airlines, Inc.(c)
4.38%, 04/15/26(g)			588		583,649
4.63%, 04/15/29			659		652,061
					12,329,092
Auto Components — 1.1%
Aptiv PLC, 4.40%, 10/01/46(g)			280		306,300
Clarios Global LP/Clarios US Finance Co.
4.38%, 05/15/26(e)	EUR		101		115,019
6.25%, 05/15/26(c)(g)	USD		1,403		1,450,351
8.50%, 05/15/27(c)(g)			2,982		3,117,920
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(c)			436		445,810
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29(c)			142		137,207
Faurecia SE, 3.75%, 06/15/28(e)	EUR		100		114,662
Goodyear Tire & Rubber Co.
5.00%, 07/15/29(c)	USD		167		167,083
5.25%, 07/15/31(c)			203		204,399
5.63%, 04/30/33			392		399,522

SCHEDULE   OF  INVESTMENTS 2

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Auto Components (continued)
IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27(e)(i)	EUR		100	$	114,145
ZF Finance GmbH(e)
3.00%, 09/21/25			100		115,323
2.00%, 05/06/27			100		109,474
					6,797,215
Automobiles — 1.9%
Allison Transmission, Inc.(c) 5.88%, 06/01/29	USD		306		322,347
3.75%, 01/30/31			375		348,427
Asbury Automotive Group, Inc. 4.50%, 03/01/28			168		166,740
4.75%, 03/01/30			164		161,614
5.00%, 02/15/32(c)			201		199,426
Carvana Co.(c)
5.50%, 04/15/27			371		345,549
4.88%, 09/01/29			286		254,223
Constellation Automotive Financing PLC, 4.88%, 07/15/27(e)	GBP		100		125,412
Ford Motor Co.
0.00%, 03/15/26(c)(j)(k)	USD		282		382,559
3.25%, 02/12/32			797		758,218
Ford Motor Credit Co. LLC
5.13%, 06/16/25(g)			397		417,346
3.38%, 11/13/25			200		200,224
4.39%, 01/08/26(g)			1,250		1,287,500
2.70%, 08/10/26			376		364,250
4.27%, 01/09/27			214		220,741
4.13%, 08/17/27			320		327,600
3.82%, 11/02/27			200		199,650
2.90%, 02/16/28			376		357,802
4.00%, 11/13/30(g)			937		941,891
General Motors Co., 6.25%, 10/02/43(g)			2,194		2,802,130
General Motors Financial Co., Inc., 4.25%, 05/15/23(g)			326		336,674
Group 1 Automotive, Inc., 4.00%, 08/15/28(c)			59		56,467
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28(e)	EUR		100		111,076
Ken Garff Automotive LLC, 4.88%, 09/15/28(c)	USD		156		150,816
LCM Investments Holdings II LLC, 4.88%, 05/01/29(c) .			373		359,247
Lithia Motors, Inc., 3.88%, 06/01/29(c)			167		164,078
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(c)			228		216,600
Penske Automotive Group, Inc.
3.50%, 09/01/25			104		103,351
3.75%, 06/15/29(c)			87		81,891
Renault SA, 2.38%, 05/25/26(e)	EUR		100		112,064
Sonic Automotive, Inc., 4.63%, 11/15/29(c)	USD		76		74,195
TML Holdings Pte Ltd., 4.35%, 06/09/26(e)			200		197,250
Wabash National Corp., 4.50%, 10/15/28(c)			281		272,368
					12,419,726
Banks — 1.4%
American Finance Trust, Inc./American Finance Operating Partner LP, 4.50%, 09/30/28(c)			38		36,860
Banca Monte dei Paschi di Siena SpA, 2.63%, 04/28/25(e)	EUR		100		110,098
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%(b)(g)(l)	USD		2,000		2,052,500

Security		Par (000)		Value
Banks (continued)
Banco BPM SpA, (5 year EUR Swap + 3.17%), 2.88%, 06/29/31(b)(e)	EUR		100	$	109,396
Banco de Sabadell SA, (5 year EUR Swap + 2.95%), 2.50%, 04/15/31(b)(e)			100		110,050
Banco GNB Sudameris SA, (5 year CMT + 6.66%), 7.50%, 04/16/31(b)(c)	USD		161		158,368
Bangkok Bank PCL(b)
(5 year CMT + 1.90%), 3.73%, 09/25/34(e)			245		244,816
(5 year CMT + 4.73%), 5.00%			205		208,626
Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83%(b)(e)(l)			250		257,500
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25(e)			200		200,522
BBK BSC, 5.50%, 07/09/24(e)			289		297,724
Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70%(b)(e)(l)			250		257,703
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%(b)(e)(l)	EUR		200		237,879
Emirates NBD Bank PJSC, (6 year USD Swap + 3.66%), 6.13%(b)(e)(l)	USD		250		260,000
First Citizens Bancshares, Inc., 5.80%, 12/31/49(b)(c)			282		292,575
Grupo Aval Ltd., 4.38%, 02/04/30(c)			200		187,038
Intesa Sanpaolo SpA, 5.02%, 06/26/24(c)(g)			2,888		3,006,373
NBK Tier 1 Ltd., (6 Year CMT + 2.88%), 3.63%(b)(c)(l)			356		346,433
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33(b)(c)(g)			500		528,854
Wells Fargo & Co., (5 year CMT + 3.45%), 3.90%(b)(l)			465		460,559
					9,363,874
Beverages — 1.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(g)			2,160		2,555,496
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(c)(g)(i)			864		873,197
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29(c)(g)			1,346		1,282,065
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(c)
4.13%, 08/15/26			510		506,022
4.75%, 07/15/27	GBP		100		130,926
Ball Corp.
5.25%, 07/01/25	USD		44		47,300
2.88%, 08/15/30			46		42,665
3.13%, 09/15/31			529		493,954
Canpack SA/Canpack US LLC, 3.13%, 11/01/25(c)			211		209,978
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			45		52,200
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(c)(g)			1,030		1,028,712
OI European Group BV, 2.88%, 02/15/25(e)	EUR		100		111,581
Silgan Holdings, Inc., 4.13%, 02/01/28	USD		71		71,192
Trivium Packaging Finance BV(c)(g)
5.50%, 08/15/26			1,189		1,198,655
8.50%, 08/15/27			1,924		1,984,413
					10,588,356
Biotechnology — 0.2%
Cidron Aida Finco Sarl, 5.00%, 04/01/28(e)	EUR		100		108,456
Gilead Sciences, Inc., 4.75%, 03/01/46(g)	USD		700		838,980
					947,436

3

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Building Materials(c) — 0.7%
Cornerstone Building Brands, Inc., 6.13%, 01/15/29(g)	USD		653	$	674,386
CP Atlas Buyer, Inc., 7.00%, 12/01/28			453		430,948
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25			437		457,758
Jeld-Wen, Inc., 6.25%, 05/15/25			189		195,143
Masonite International Corp.
3.50%, 02/15/30			273		257,717
Class C, 5.38%, 02/01/28			161		165,368
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28			103		103,000
9.75%, 07/15/28			48		50,520
Patrick Industries, Inc., 4.75%, 05/01/29			81		78,165
SRM Escrow Issuer LLC, 6.00%, 11/01/28			620		636,616
Standard Industries, Inc.
5.00%, 02/15/27			48		48,360
4.75%, 01/15/28			68		67,065
4.38%, 07/15/30(g)			952		909,160
3.38%, 01/15/31(g)			296		270,810
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29			227		231,681
Victors Merger Corp., 6.38%, 05/15/29			202		185,268
					4,761,965
Building Products — 0.7%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27(c).			310		312,223
Beacon Roofing Supply, Inc., 4.13%, 05/15/29(c)			128		122,201
Foundation Building Materials, Inc., 6.00%, 03/01/29(c)(g)			247		238,402
GYP Holdings III Corp., 4.63%, 05/01/29(c)			300		291,375
LBM Acquisition LLC, 6.25%, 01/15/29(c)			617		588,029
Lowe’s Cos., Inc., 4.65%, 04/15/42(g)			400		457,966
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(c)			329		338,123
SRS Distribution, Inc.(c)
4.63%, 07/01/28			556		537,410
6.13%, 07/01/29			441		432,180
6.00%, 12/01/29			510		495,368
White Cap Buyer LLC, 6.88%, 10/15/28(c)(g)			540		554,051
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(c)(i)			268		272,020
					4,639,348
Capital Markets — 0.8%
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(b)(l)			1,060		1,038,556
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(c)			273		269,462
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26			498		511,944
5.25%, 05/15/27(g)			723		728,206
4.38%, 02/01/29			261		248,092
Intercorp Peru Ltd., 3.88%, 08/15/29(c)			270		260,263
NFP Corp.(c)
4.88%, 08/15/28			554		541,230
6.88%, 08/15/28(g)			1,132		1,076,815
Raymond James Financial, Inc., 4.95%, 07/15/46(g)			400		480,621
XP, Inc., 3.25%, 07/01/26(c)			335		315,528
					5,470,717
Chemicals — 1.9%
Alpek SAB de CV, 3.25%, 02/25/31(c)			285		273,119
Ashland LLC, 3.38%, 09/01/31(c)			448		423,360

Security		Par (000)		Value
Chemicals (continued)
Axalta Coating Systems LLC, 3.38%, 02/15/29(c)	USD		445	$	409,956
Braskem Idesa SAPI, 6.99%, 02/20/32(c)			305		301,188
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(b)(c)			337		385,191
Chemours Co., 4.00%, 05/15/26	EUR		200		224,112
Diamond (BC) B.V., 4.63%, 10/01/29(c)	USD		336		315,013
Element Solutions, Inc., 3.88%, 09/01/28(c)			1,693		1,625,280
Equate Petrochemical BV, 2.63%, 04/28/28(c)			200		194,750
EverArc Escrow Sarl, 5.00%, 10/30/29(c)			703		671,731
GCP Applied Technologies, Inc., 5.50%, 04/15/26(c)			199		203,229
HB Fuller Co., 4.25%, 10/15/28			125		124,094
Herens Holdco Sarl, 4.75%, 05/15/28(c)			471		449,716
Herens Midco Sarl, 5.25%, 05/15/29(e)	EUR		100		101,534
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(c)	USD		465		490,575
Ingevity Corp., 3.88%, 11/01/28(c)			105		99,404
Kobe US Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(c)(i)			294		299,145
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(c)			144		141,120
Lune Holdings Sarl, 5.63%, 11/15/28(e)	EUR		100		107,570
Minerals Technologies, Inc., 5.00%, 07/01/28(c)	USD		218		220,575
Monitchem HoldCo 3 SA, 5.25%, 03/15/25(e)	EUR		100		113,528
Nobian Finance BV, 3.63%, 07/15/26(e)			100		107,365
NOVA Chemicals Corp., 4.88%, 06/01/24(c)	USD		80		81,600
Sasol Financing USA LLC
6.50%, 09/27/28			290		306,675
5.50%, 03/18/31			320		312,800
SCIH Salt Holdings, Inc., 6.63%, 05/01/29(c)(g)			187		174,723
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(c)			305		305,763
Scotts Miracle-Gro Co.
4.00%, 04/01/31			334		318,970
4.38%, 02/01/32			34		33,029
Sherwin-Williams Co., 4.50%, 06/01/47(g)			310		358,173
SPCM SA, 3.13%, 03/15/27(c)			200		191,000
Vedanta Resources Finance II PLC, 9.25%, 04/23/26(e)			282		251,685
WESCO Distribution, Inc.(c)
7.13%, 06/15/25			830		869,176
7.25%, 06/15/28			547		586,657
WR Grace Holdings LLC(c)
5.63%, 10/01/24(g)			300		310,500
5.63%, 08/15/29			1,241		1,197,565
					12,579,871
Commercial Services & Supplies — 0.8%
ADT Security Corp., 4.13%, 06/15/23			16		16,220
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26(c)			222		221,445
APX Group, Inc., 5.75%, 07/15/29(c)			342		321,682
ASGN, Inc., 4.63%, 05/15/28(c)			120		119,880
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(c)			135		135,281
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(e)	EUR		100		107,399
EC Finance PLC, 3.00%, 10/15/26(e)			200		226,038
Fortress Transportation & Infrastructure Investors LLC(c)
6.50%, 10/01/25	USD		97		99,641
5.50%, 05/01/28			396		383,229

SCHEDULE   OF  INVESTMENTS 4

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Services & Supplies (continued)
Herc Holdings, Inc., 5.50%, 07/15/27(c)	USD		369	$	379,690
Hertz Corp.(c)
4.63%, 12/01/26			161		156,202
5.00%, 12/01/29			256		246,502
Metis Merger Sub LLC, 6.50%, 05/15/29(c)			273		261,348
NESCO Holdings II, Inc., 5.50%, 04/15/29(c)			305		301,950
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29(c)			284		286,840
Prime Security Services Borrower LLC/Prime Finance, Inc.(c)
5.25%, 04/15/24			178		183,518
5.75%, 04/15/26(g)			416		431,143
3.38%, 08/31/27			74		68,838
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(c)(g)			157		159,591
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(c)			690		698,625
United Rentals North America, Inc.
5.50%, 05/15/27			345		356,842
5.25%, 01/15/30			170		178,500
Verisure Holding AB, 3.25%, 02/15/27(e)	EUR		100		108,834
					5,449,238
Communications Equipment — 0.6%
Avaya, Inc., 6.13%, 09/15/28(c)(g)	USD		651		665,648
Ciena Corp., 4.00%, 01/31/30(c)			133		131,670
CommScope, Inc.(c)
6.00%, 03/01/26			103		104,312
8.25%, 03/01/27			646		632,033
7.13%, 07/01/28			391		364,608
4.75%, 09/01/29			598		572,842
Nokia OYJ, 4.38%, 06/12/27(g)			177		183,195
ViaSat, Inc.(c)
5.63%, 04/15/27(g)			205		208,608
6.50%, 07/15/28			832		823,680
Viavi Solutions, Inc., 3.75%, 10/01/29(c)			373		361,810
					4,048,406
Construction Materials(c) — 0.3%
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28(g)			444		434,587
3.88%, 11/15/29			60		56,386
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			139		139,000
H&E Equipment Services, Inc., 3.88%, 12/15/28			76		72,158
IAA, Inc., 5.50%, 06/15/27			443		454,633
Thor Industries, Inc., 4.00%, 10/15/29			215		204,788
Williams Scotsman International, Inc., 4.63%, 08/15/28			316		318,765
Winnebago Industries, Inc., 6.25%, 07/15/28			176		187,218
					1,867,535
Consumer Discretionary — 1.5%
APi Escrow Corp., 4.75%, 10/15/29(c)			128		125,760
APi Group DE, Inc., 4.13%, 07/15/29(c)			168		161,700
Carnival Corp.
10.13%, 02/01/26(e)	EUR		100		124,773
10.50%, 02/01/26(c)(g)	USD		846		950,058
5.75%, 03/01/27(c)(g)			1,000		959,200
9.88%, 08/01/27(c)			488		547,170
4.00%, 08/01/28(c)			1,304		1,240,469
6.00%, 05/01/29(c)			694		667,628
CoreLogic, Inc., 4.50%, 05/01/28(c)			627		600,352

Security		Par (000)		Value
Consumer Discretionary (continued)
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26(c)	USD		114	$	113,573
Life Time, Inc.(c)
5.75%, 01/15/26			329		330,316
8.00%, 04/15/26			223		228,017
Lindblad Expeditions LLC, 6.75%, 02/15/27(c)(m)			224		225,801
NCL Corp. Ltd., 5.88%, 03/15/26(c)			348		331,470
NCL Finance Ltd., 6.13%, 03/15/28(c)			693		655,370
Nielsen Finance LLC/Nielsen Finance Co.(c)
5.63%, 10/01/28			633		631,987
5.88%, 10/01/30			242		242,443
Royal Caribbean Cruises Ltd.(c)
10.88%, 06/01/23			114		122,060
9.13%, 06/15/23			195		205,433
11.50%, 06/01/25			154		170,437
5.50%, 08/31/26			145		141,375
5.38%, 07/15/27			403		389,459
5.50%, 04/01/28(g)			496		481,264
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(c)			233		227,757
					9,873,872
Consumer Finance — 1.4%
American Express Co., (5 year CMT + 2.85%), 3.55%(b)(l)			940		900,050
Block, Inc., 3.50%, 06/01/31(c)(g)			801		762,952
HealthEquity, Inc., 4.50%, 10/01/29(c)			514		502,435
Iron Mountain UK PLC, 3.88%, 11/15/25(e)	GBP		100		134,313
MoneyGram International, Inc., 5.38%, 08/01/26(c)	USD		135		139,038
MPH Acquisition Holdings LLC, 5.50%, 09/01/28(c)			415		398,504
Muthoot Finance Ltd.
6.13%, 10/31/22(c)			281		283,687
4.40%, 09/02/23(e)			200		200,000
Navient Corp.
7.25%, 09/25/23(g)			91		95,778
6.13%, 03/25/24			105		109,357
5.88%, 10/25/24			76		78,839
5.50%, 03/15/29			347		338,603
OneMain Finance Corp.
6.88%, 03/15/25			263		285,355
7.13%, 03/15/26			295		324,304
3.50%, 01/15/27			389		369,464
6.63%, 01/15/28			262		281,219
5.38%, 11/15/29			39		39,599
Sabre GLBL, Inc.(c)
9.25%, 04/15/25			311		349,272
7.38%, 09/01/25			336		344,400
Shift4 Payments Inc., 0.00%, 12/15/25(c)(j)(k)			446		447,715
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(c)			451		457,855
SLM Corp., 3.13%, 11/02/26			221		212,712
Verscend Escrow Corp., 9.75%, 08/15/26(c)(g)			1,936		2,033,168
					9,088,619
Containers & Packaging — 0.3%
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			513		529,031
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26			258		263,235
Graphic Packaging International LLC(c) 4.75%, 07/15/27			104		109,980

5

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Containers & Packaging (continued)
Graphic Packaging International LLC(c) (continued)
3.50%, 03/15/28	USD		22	$	21,120
3.50%, 03/01/29			78		74,100
Intertape Polymer Group, Inc., 4.38%, 06/15/29(c)			171		168,862
Klabin Austria GmbH, 3.20%, 01/12/31(c)			315		282,360
LABL, Inc., 5.88%, 11/01/28(c)			332		328,680
Sealed Air Corp.(c)
5.13%, 12/01/24			54		56,970
4.00%, 12/01/27			92		92,230
					1,926,568
Diversified Consumer Services — 1.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)
6.63%, 07/15/26			2,705		2,777,670
9.75%, 07/15/27(g)			985		1,039,175
6.00%, 06/01/29(g)			655		620,878
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
3.63%, 06/01/28(e)	EUR		100		105,604
4.63%, 06/01/28(c)(g)	USD		900		864,171
4.63%, 06/01/28(c)			710		671,113
Clarivate Science Holdings Corp.(c)
3.88%, 07/01/28			500		476,975
4.88%, 07/01/29(g)			649		618,173
Garda World Security Corp.(c)
4.63%, 02/15/27			394		384,386
9.50%, 11/01/27(g)			204		214,404
Graham Holdings Co., 5.75%, 06/01/26(c)			135		139,388
Rekeep SpA, 7.25%, 02/01/26(e)	EUR		100		118,492
Service Corp. International
5.13%, 06/01/29	USD		107		112,083
3.38%, 08/15/30			341		318,342
4.00%, 05/15/31			454		439,640
Sotheby’s, 7.38%, 10/15/27(c)			537		557,905
					9,458,399
Diversified Financial Services — 1.9%
Acuris Finance US, Inc./Acuris Finance SARL, 5.00%, 05/01/28(c)			514		491,512
ASG Finance Designated Activity Co., 7.88%, 12/03/24(c)			262		260,035
Barclays PLC, 5.20%, 05/12/26			200		218,716
BNP Paribas SA, (5 year CMT + 3.34%), 4.63%(b)(c)(l)			1,750		1,679,965
Castlelake Aviation Finance DAC, 5.00%, 04/15/27(c)			95		92,597
Central Garden & Pet Co.
4.13%, 10/15/30			186		178,793
4.13%, 04/30/31(c)			249		237,795
Citigroup, Inc.(b)(l) (5 year CMT + 3.42%), 3.88%(g)			2,000		1,947,000
Series W, (5 year CMT + 3.60%), 4.00%			200		197,500
Series Y, (5 year CMT + 3.00%), 4.15%			630		614,704
doValue SpA, 3.38%, 07/31/26(e)	EUR		100		111,839
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25(e)	GBP		100		137,559
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(c)(i)	USD		275		256,904
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%(b)(g)(l)			900		925,830
HSBC Holdings PLC
4.38%, 11/23/26(g)			370		394,806
(5 year CMT + 3.25%), 4.70%(b)(g)(l)			465		448,725

Security		Par (000)		Value
Diversified Financial Services (continued)
HSBC Holdings PLC (continued) (5 year CMT + 3.65%), 4.60%(b)(l)	USD		200	$	192,626
Intrum AB, 3.00%, 09/15/27(e)	EUR		100		107,570
ION Trading Technologies Sarl, 5.75%, 05/15/28(c)	USD		246		245,611
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(c)			415		410,194
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(c)
4.25%, 02/01/27			408		397,204
4.75%, 06/15/29			174		170,287
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%(b)(g)(l)			515		565,856
Manappuram Finance Ltd., 5.90%, 01/13/23(e)			200		201,000
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(c)			501		375,750
Shriram Transport Finance Co. Ltd.(e)
5.95%, 10/24/22			320		322,800
5.10%, 07/16/23			200		200,750
Spectrum Brands, Inc.(c)
5.00%, 10/01/29			153		157,973
5.50%, 07/15/30			198		206,415
3.88%, 03/15/31			59		55,460
UBS Group AG, (5 year CMT + 3.31%), 4.38%(b)(c)(l)			210		197,652
VZ Secured Financing BV, 3.50%, 01/15/32(e)	EUR		100		106,143
					12,107,571
Diversified Telecommunication Services — 3.1%
AT&T, Inc.(g)
4.65%, 06/01/44	USD		111		123,346
4.85%, 07/15/45			389		443,518
4.75%, 05/15/46			2,545		2,910,052
Consolidated Communications, Inc., 6.50%, 10/01/28(c)(g)			840		864,948
Level 3 Financing, Inc.
5.38%, 05/01/25			146		148,076
4.63%, 09/15/27(c)			127		126,378
4.25%, 07/01/28(c)(g)			359		342,504
3.63%, 01/15/29(c)			190		172,900
3.75%, 07/15/29(c)			235		214,438
Lumen Technologies, Inc.
5.13%, 12/15/26(c)(g)			479		482,214
4.00%, 02/15/27(c)			546		523,821
4.50%, 01/15/29(c)(g)			664		608,476
5.38%, 06/15/29(c)			582		551,788
Series P, 7.60%, 09/15/39			57		57,000
Series U, 7.65%, 03/15/42			286		287,338
Series W, 6.75%, 12/01/23(g)			620		657,200
Series Y, 7.50%, 04/01/24(g)			715		763,927
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(i)			383		317,890
SoftBank Group Corp.(e)
4.50%, 04/20/25	EUR		100		114,620
2.88%, 01/06/27			100		102,870
Sprint Capital Corp.
6.88%, 11/15/28	USD		1,689		2,009,066
8.75%, 03/15/32(g)			837		1,169,247
Switch Ltd.(c)
3.75%, 09/15/28			399		380,598
4.13%, 06/15/29			788		767,496
Telecom Italia Capital SA 6.38%, 11/15/33			191		196,062

SCHEDULE   OF  INVESTMENTS 6

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Telecom Italia Capital SA (continued)
6.00%, 09/30/34(g)	USD		569	$	560,465
7.20%, 07/18/36			137		145,832
7.72%, 06/04/38			71		77,003
Telecom Italia SpA
4.00%, 04/11/24(e)	EUR		100		116,974
5.30%, 05/30/24(c)(g)	USD		202		208,481
2.75%, 04/15/25(e)	EUR		100		113,890
1.63%, 01/18/29(e)			200		205,235
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30(c)	USD		185		169,275
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28(c)			449		435,292
Verizon Communications, Inc., 3.70%, 03/22/61(g)			1,250		1,253,007
Zayo Group Holdings, Inc.(c)
4.00%, 03/01/27			1,123		1,060,348
6.13%, 03/01/28(g)			1,777		1,676,422
					20,357,997
Education — 0.0%
Grand Canyon University, 5.13%, 10/01/28			249		252,949
Electric Utilities — 1.1%
Duke Energy Corp., 4.80%, 12/15/45(g)			1,500		1,738,343
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(c)			309		282,696
Enel Finance International NV, 3.63%, 05/25/27(c)(g)			1,250		1,315,830
FirstEnergy Corp.
2.65%, 03/01/30			383		360,641
Series B, 2.25%, 09/01/30			27		24,804
Series C, 7.38%, 11/15/31			43		55,062
Series C, 3.40%, 03/01/50			1,032		925,445
FirstEnergy Transmission LLC(c)
5.45%, 07/15/44			500		584,453
4.55%, 04/01/49			206		218,295
NextEra Energy Operating Partners LP(c)
4.25%, 07/15/24			205		211,022
4.25%, 09/15/24			11		11,344
NPC Ukrenergo, 6.88%, 11/09/26(c)			205		160,643
Oryx Funding Ltd., 5.80%, 02/03/31(c)			200		206,750
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37(g)			750		990,240
					7,085,568
Electrical Equipment(c) — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			490		506,170
GrafTech Finance, Inc., 4.63%, 12/15/28			176		169,986
					676,156
Electronic Equipment, Instruments & Components — 0.6%
Corning, Inc., 4.38%, 11/15/57(g)			1,915		2,125,578
Energizer Holdings, Inc., 4.38%, 03/31/29(c)			24		22,685
Imola Merger Corp., 4.75%, 05/15/29(c)(g)			785		763,781
Vertiv Group Corp., 4.13%, 11/15/28(c)			743		724,061
Xerox Corp., 4.80%, 03/01/35			71		65,959
					3,702,064
Energy Equipment & Services — 0.5%
Archrock Partners LP/Archrock Partners Finance Corp.(c)
6.88%, 04/01/27			202		207,181

Security		Par (000)		Value
Energy Equipment & Services (continued)
Archrock Partners LP/Archrock Partners Finance Corp.(c) (continued)
6.25%, 04/01/28(g)	USD		1,057	$	1,061,186
ChampionX Corp., 6.38%, 05/01/26			94		97,055
USA Compression Partners LP/USA Compression Finance Corp.(g)
6.88%, 04/01/26			262		266,030
6.88%, 09/01/27			900		924,210
Vallourec SA, 8.50%, 06/30/26(e)	EUR		32		36,400
Weatherford International Ltd.(c)
6.50%, 09/15/28	USD		17		17,632
8.63%, 04/30/30			266		270,655
					2,880,349
Environmental, Maintenance & Security Service — 0.6%
Clean Harbors, Inc.(c)(g)
4.88%, 07/15/27			297		304,425
5.13%, 07/15/29			205		213,754
Covanta Holding Corp.
4.88%, 12/01/29(c)			196		194,706
5.00%, 09/01/30			179		177,210
GFL Environmental, Inc.(c)
3.75%, 08/01/25			346		346,000
5.13%, 12/15/26			386		398,692
4.00%, 08/01/28			535		498,443
3.50%, 09/01/28			259		243,784
4.75%, 06/15/29			333		323,010
4.38%, 08/15/29			128		122,149
Stericycle, Inc., 3.88%, 01/15/29(c)			210		199,500
Tervita Corp., 11.00%, 12/01/25(c)			147		170,336
Waste Pro USA, Inc., 5.50%, 02/15/26(c)			672		651,840
					3,843,849
Equity Real Estate Investment Trusts (REITs) — 1.3%
Brookfield Property REIT, Inc./BPR Cumulus
LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27(c)			227		214,556
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(c)			208		205,920
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(c)			183		176,093
Iron Mountain, Inc.(c)
5.25%, 07/15/30			366		363,420
5.63%, 07/15/32(g)			566		572,183
LMIRT Capital Pte Ltd., 7.25%, 06/19/24(e)			232		230,840
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24(g)			1,312		1,387,440
4.50%, 09/01/26(g)			665		694,925
5.75%, 02/01/27			32		35,360
4.50%, 01/15/28			402		424,110
3.88%, 02/15/29(c)			402		413,055
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27			68		69,836
4.63%, 08/01/29(g)			462		475,070
3.50%, 03/15/31(g)			1,300		1,254,500
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27(g)			971		956,243
4.50%, 02/15/29(c)			227		219,641

7

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
RLJ Lodging Trust LP(c)
3.75%, 07/01/26	USD		173	$	167,810
4.00%, 09/15/29			124		116,870
Trust Fibra Uno
5.25%, 01/30/26(c)			235		252,522
6.95%, 01/30/44(e)			276		326,247
					8,556,641
Food & Staples Retailing — 1.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(c)
3.25%, 03/15/26			756		732,965
7.50%, 03/15/26(g)			127		134,810
4.63%, 01/15/27(g)			972		994,842
5.88%, 02/15/28			377		393,056
4.88%, 02/15/30			182		185,412
Bellis Acquisition Co. PLC, 3.25%, 02/16/26(e)	GBP		100		124,318
BRF GmbH, 4.35%, 09/29/26(e)	USD		200		199,662
Casino Guichard Perrachon SA, 5.25%, 04/15/27(e)	EUR		100		100,830
Cydsa SAB de CV, 6.25%, 10/04/27(c)(g)	USD		314		314,353
Health & Happiness H&H International Holdings Ltd.,
5.63%, 10/24/24(e)			200		196,975
Kraft Heinz Foods Co.
5.00%, 07/15/35			119		135,739
6.88%, 01/26/39			306		414,843
4.63%, 10/01/39			138		150,852
6.50%, 02/09/40			205		274,301
5.00%, 06/04/42			163		185,580
5.20%, 07/15/45			356		412,499
4.38%, 06/01/46			529		559,025
4.88%, 10/01/49(g)			1,182		1,342,127
5.50%, 06/01/50(g)			1,584		1,957,771
Lamb Weston Holdings, Inc.(c)
4.88%, 05/15/28			289		300,560
4.13%, 01/31/30			212		209,436
4.38%, 01/31/32			205		202,182
Ocado Group PLC, 3.88%, 10/08/26(e)	GBP		100		126,042
Performance Food Group, Inc., 4.25%, 08/01/29(c)	USD		431		404,412
Post Holdings, Inc.(c)
5.75%, 03/01/27			120		123,300
5.63%, 01/15/28			86		88,306
5.50%, 12/15/29			190		195,272
4.63%, 04/15/30			224		215,880
4.50%, 09/15/31			14		13,324
Premier Foods Finance PLC, 3.50%, 10/15/26(e)	GBP		100		129,788
US Foods, Inc., 4.75%, 02/15/29(c)	USD		384		376,877
					11,195,339
Food Products(c) — 0.5%
Aramark Services, Inc., 5.00%, 04/01/25			347		351,580
Chobani LLC/Chobani Finance Corp., Inc. 7.50%, 04/15/25(g)			656		669,579
4.63%, 11/15/28			311		310,956
Frigorifico Concepcion SA, 7.70%, 07/21/28			200		196,600
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31			452		441,062
MHP Lux SA, 6.25%, 09/19/29(g)			200		166,600

Security		Par (000)		Value
Food Products (continued)
Pilgrim’s Pride Corp.
4.25%, 04/15/31	USD		33	$	32,561
3.50%, 03/01/32			714		679,935
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29			364		348,985
					3,197,858
Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(c)			170		167,450
Health Care Equipment & Supplies(c) — 0.5%
Avantor Funding, Inc.
4.63%, 07/15/28(g)			1,195		1,192,012
3.88%, 11/01/29			252		241,920
Embecta Corp., 5.00%, 02/15/30(m)			82		82,103
Hologic, Inc., 3.25%, 02/15/29			112		106,120
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 02/01/28(g)			1,304		1,392,020
					3,014,175
Health Care Providers & Services — 4.3%
180 Medical, Inc., 3.88%, 10/15/29(c)			200		194,500
Acadia Healthcare Co., Inc., 5.00%, 04/15/29(c)			180		177,300
AdaptHealth LLC(c)
6.13%, 08/01/28			97		101,365
5.13%, 03/01/30			64		62,644
AHP Health Partners, Inc., 5.75%, 07/15/29(c)			399		391,529
Anthem, Inc., 2.75%, 10/15/42(j)			163		1,018,573
Cano Health LLC, 6.25%, 10/01/28(c)			159		152,640
Centene Corp.
4.25%, 12/15/27			168		172,089
2.45%, 07/15/28			792		753,279
4.63%, 12/15/29(g)			1,717		1,785,371
3.00%, 10/15/30			826		801,633
2.50%, 03/01/31(g)			1,563		1,450,823
2.63%, 08/01/31			538		503,450
CHS/Community Health Systems, Inc.(c)
6.63%, 02/15/25(g)			879		909,677
8.00%, 03/15/26(g)			1,861		1,937,199
5.63%, 03/15/27			790		794,274
6.00%, 01/15/29			621		632,420
6.13%, 04/01/30			384		365,647
DaVita, Inc., 4.63%, 06/01/30(c)			13		12,648
Encompass Health Corp.
4.50%, 02/01/28			59		58,853
4.75%, 02/01/30			486		479,925
4.63%, 04/01/31			270		264,824
HCA, Inc.
5.38%, 02/01/25(g)			1,193		1,269,662
5.38%, 09/01/26			229		248,465
5.63%, 09/01/28(g)			552		615,480
5.88%, 02/01/29			221		249,730
3.50%, 09/01/30(g)			982		977,473
Legacy LifePoint Health LLC, 4.38%, 02/15/27(c)			124		121,501
LifePoint Health, Inc., 5.38%, 01/15/29(c)(g)			477		453,746
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/29(c)			213		206,305

SCHEDULE   OF  INVESTMENTS 8

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
ModivCare, Inc., 5.88%, 11/15/25(c)	USD		91	$	94,413
Molina Healthcare, Inc.(c)
4.38%, 06/15/28			152		152,404
3.88%, 11/15/30			321		316,586
3.88%, 05/15/32			255		246,075
Mozart Debt Merger Sub, Inc., 5.25%, 10/01/29(c)			1,454		1,414,015
Northwell Healthcare, Inc., 4.26%, 11/01/47(g)			686		782,289
Prime Healthcare Services, Inc., 7.25%, 11/01/25(c)			400		417,000
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(c)(g)			129		135,712
Surgery Center Holdings, Inc.(c)
6.75%, 07/01/25(g)			782		782,978
10.00%, 04/15/27			848		891,460
Teleflex, Inc.
4.63%, 11/15/27			72		73,440
4.25%, 06/01/28(c)			325		322,475
Tenet Healthcare Corp.
4.63%, 07/15/24(g)			104		104,414
4.63%, 09/01/24(c)			433		437,821
7.50%, 04/01/25(c)			166		172,934
4.88%, 01/01/26(c)			1,537		1,543,947
6.25%, 02/01/27(c)			115		117,669
5.13%, 11/01/27(c)(g)			795		796,757
6.13%, 10/01/28(c)			235		235,768
4.25%, 06/01/29(c)			156		150,399
UnitedHealth Group, Inc., 4.38%, 03/15/42(g)			750		861,706
Vizient, Inc., 6.25%, 05/15/27(c)			483		495,075
					27,708,362
Health Care Services(c)(m) — 0.0%
Bausch Health Cos, Inc., 6.13%, 02/01/27			172		172,645
Community Health Systems, Inc., 5.25%, 05/15/30			46		45,802
					218,447
Health Care Technology — 0.8%
CAB SELAS, 3.38%, 02/01/28(e)	EUR		100		109,187
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27(c)	USD		341		347,394
2.38%, 03/01/28(e)	EUR		124		133,777
3.13%, 02/15/29(c)	USD		230		215,050
3.50%, 04/01/30(c)			595		556,450
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(c)(g)			810		813,029
Charles River Laboratories International, Inc.(c)
3.75%, 03/15/29			44		42,447
4.00%, 03/15/31			125		120,313
Chrome Bidco SASU, 3.50%, 05/31/28(e)	EUR		100		109,687
IQVIA, Inc.(c)
5.00%, 10/15/26	USD		548		560,604
5.00%, 05/15/27(g)			717		733,276
MEDNAX, Inc., 6.25%, 01/15/27(c)			163		170,307
Minerva Surgical, Inc., 6.50%, 02/15/30(c)(m)			353		352,118
Syneos Health, Inc., 3.63%, 01/15/29(c)(g)			650		616,057
					4,879,696
Hotels, Restaurants & Leisure — 3.4%
1011778 BC ULC/New Red Finance, Inc.(c)
3.88%, 01/15/28(g)			701		683,370
4.38%, 01/15/28			157		154,048
Affinity Gaming, 6.88%, 12/15/27(c)			43		43,645
Boyd Gaming Corp.(c) 8.63%, 06/01/25			62		65,776

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Boyd Gaming Corp.(c) (continued) 4.75%, 06/15/31	USD		495	$	485,862
Boyne USA, Inc., 4.75%, 05/15/29(c)			314		315,350
Caesars Entertainment, Inc.(c)
6.25%, 07/01/25(g)			1,916		1,982,619
8.13%, 07/01/27(g)			1,861		2,002,901
4.63%, 10/15/29			630		603,164
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(c)(g)			623		641,690
Champion Path Holdings Ltd.(e)
4.50%, 01/27/26			250		222,500
4.85%, 01/27/28			200		173,038
Churchill Downs, Inc.(c)
5.50%, 04/01/27			713		732,180
4.75%, 01/15/28			300		301,765
Cirsa Finance International Sarl, 4.75%, 05/22/25(e)	EUR		100		111,081
Everi Holdings, Inc., 5.00%, 07/15/29(c)	USD		66		65,670
Fertitta Entertainment, Inc.(c)
4.63%, 01/15/29			289		281,642
6.75%, 01/15/30			428		415,888
Food Service Project SA, 5.50%, 01/21/27(e)	EUR		100		111,620
Fortune Star BVI Ltd.(e)
5.95%, 01/29/23	USD		200		197,500
6.75%, 07/02/23			250		248,750
6.85%, 07/02/24			362		360,190
5.95%, 10/19/25			400		388,000
5.05%, 01/27/27			200		181,000
Gamma Bidco SpA, 6.25%, 07/15/25(e)	EUR		100		114,873
Golden Nugget, Inc., 6.75%, 10/15/24(c)(g)	USD		1,273		1,273,127
Hilton Domestic Operating Co., Inc.
4.88%, 01/15/30(g)			1,033		1,066,118
4.00%, 05/01/31(c)			306		300,725
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			246		250,922
International Game Technology PLC, 3.50%, 06/15/26(e)	EUR		100		112,794
Jacobs Entertainment, Inc., 6.75%, 02/15/29(c)(m)	USD		147		148,470
Melco Resorts Finance Ltd., 5.25%, 04/26/26(e)			250		243,484
Merlin Entertainments Ltd., 5.75%, 06/15/26(c)			200		207,500
MGM China Holdings Ltd., 5.88%, 05/15/26(e)			250		249,969
MGM Resorts International
7.75%, 03/15/22(g)			438		440,315
6.00%, 03/15/23			494		510,055
5.75%, 06/15/25			35		36,750
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(c)			331		323,387
Penn National Gaming, Inc., 4.13%, 07/01/29(c)			114		107,160
Powdr Corp., 6.00%, 08/01/25(c)			461		477,135
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(c)
5.63%, 09/01/29			148		139,477
5.88%, 09/01/31			148		139,480
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26(c)			225		222,750
Scientific Games International, Inc.
5.00%, 10/15/25(c)(g)			414		422,580
3.38%, 02/15/26(e)	EUR		300		338,720
8.25%, 03/15/26(c)(g)	USD		692		722,275
7.00%, 05/15/28(c)			190		199,547

9

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Scientific Games International, Inc. (continued)
7.25%, 11/15/29(c)	USD		213	$	230,700
Station Casinos LLC, 4.63%, 12/01/31(c)			308		292,600
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25(e)	GBP		100		138,664
Studio City Finance Ltd., 5.00%, 01/15/29(c)	USD		435		376,221
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(c)			204		202,409
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(c)			268		263,664
Wynn Macau Ltd.(e)
5.50%, 01/15/26			200		187,660
5.50%, 10/01/27			200		186,000
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(c)(g)			808		785,295
Yum! Brands, Inc.
3.88%, 11/01/23			110		113,025
7.75%, 04/01/25(c)			338		354,123
4.75%, 01/15/30(c)			159		163,383
3.63%, 03/15/31			123		116,252
5.35%, 11/01/43			85		89,463
					22,316,321
Household Durables — 0.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.(c)
4.63%, 08/01/29			128		126,080
4.63%, 04/01/30			185		182,427
Brookfield Residential Properties, Inc./Brookfield Residential US LLC(c)
5.00%, 06/15/29			266		262,595
4.88%, 02/15/30			539		523,649
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(c)			27		28,114
Controladora Mabe SA de CV, 5.60%, 10/23/28(c)			283		317,367
Forestar Group, Inc., 3.85%, 05/15/26(c)			133		130,340
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(c)			398		413,920
Mattamy Group Corp., 4.63%, 03/01/30(c)			257		253,384
Meritage Homes Corp., 5.13%, 06/06/27			57		60,990
NCR Corp.(c)
5.75%, 09/01/27			259		263,077
5.00%, 10/01/28			143		142,079
5.13%, 04/15/29			197		196,569
6.13%, 09/01/29			93		97,748
Newell Brands, Inc., 6.00%, 04/01/46			142		167,560
SWF Escrow Issuer Corp., 6.50%, 10/01/29(c)			353		328,290
Taylor Morrison Communities, Inc.(c)
5.88%, 06/15/27			287		307,807
5.13%, 08/01/30			75		77,734
Tempur Sealy International, Inc.(c)
4.00%, 04/15/29			347		332,662
3.88%, 10/15/31			352		328,268
					4,540,660
Independent Power and Renewable Electricity Producers — 1.1%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(e)			200		212,037
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24(e)			200		206,913
Calpine Corp.(c)
5.25%, 06/01/26(g)			195		198,510
4.50%, 02/15/28(g)			535		522,909
5.13%, 03/15/28(g)			1,554		1,515,974

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
Calpine Corp.(c) (continued)
4.63%, 02/01/29	USD		145	$	137,296
5.00%, 02/01/31			86		81,485
3.75%, 03/01/31			7		6,360
Clearway Energy Operating LLC(c)
4.75%, 03/15/28			55		56,613
3.75%, 01/15/32			335		317,831
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27(c)			198		196,267
Greenko Dutch BV, 3.85%, 03/29/26(e)			197		193,553
Greenko Mauritius Ltd., 6.25%, 02/21/23(e)			200		201,750
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26(e)			200		206,500
India Green Energy Holdings
5.38%, 04/29/24(c)			325		328,250
5.38%, 04/29/24(e)			250		252,500
Investment Energy Resources Ltd., 6.25%, 04/26/29(c)			230		238,050
NRG Energy, Inc.
6.63%, 01/15/27(g)			958		990,332
5.25%, 06/15/29(c)(g)			347		357,063
3.63%, 02/15/31(c)			365		338,537
3.88%, 02/15/32(c)			171		160,783
ReNew Power Pvt Ltd., 5.88%, 03/05/27(e)			200		202,250
ReNew Power Synthetic, 6.67%, 03/12/24(e)			200		205,475
TerraForm Power Operating LLC, 4.75%, 01/15/30(c)			179		179,931
					7,307,169
Industrial Conglomerates — 0.0%
Metalloinvest Finance DAC, 3.38%, 10/22/28(c)			265		243,800
Insurance — 1.9%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(c)			295		280,250
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(c)
4.25%, 10/15/27(g)			1,472		1,431,520
6.75%, 10/15/27(g)			1,994		1,970,830
5.88%, 11/01/29			1,431		1,402,380
Allstate Corp., Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53(b)(g)			2,000		2,074,560
AmWINS Group, Inc., 4.88%, 06/30/29(c)			340		332,775
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%(b)(e)(l)			310		326,585
BroadStreet Partners, Inc., 5.88%, 04/15/29(c)			166		158,281
GTCR AP Finance, Inc., 8.00%, 05/15/27(c)			351		356,265
HUB International Ltd., 7.00%, 05/01/26(c)(g)			1,322		1,357,033
Nationwide Building Society, (5 year USD ICE Swap + 1.85%), 4.13%, 10/18/32(b)(c)(g)			690		719,403
Ryan Specialty Group, 4.38%, 02/01/30(c)(m)			173		172,135
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(c)(g)			700		793,562
Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53(b)(g)			1,090		1,110,819
					12,486,398
Interactive Media & Services — 0.3%
Arches Buyer, Inc., 4.25%, 06/01/28(c)			143		135,033
Cablevision Lightpath LLC(c)
3.88%, 09/15/27			218		204,410
5.63%, 09/15/28			401		382,750

SCHEDULE   OF  INVESTMENTS 10

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Interactive Media & Services (continued)
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(c)
4.75%, 04/30/27	USD		387	$	368,618
6.00%, 02/15/28(g)			277		260,463
Twitter, Inc., 3.88%, 12/15/27(c)			360		359,084
United Group BV(e)
4.88%, 07/01/24	EUR		100		112,907
4.00%, 11/15/27			100		107,193
					1,930,458
Internet & Direct Marketing Retail — 0.0%
Very Group Funding PLC, 6.50%, 08/01/26(e)	GBP		100		133,481
Internet Software & Services — 1.2%
Airbnb, Inc., 0.00%, 03/15/26(c)(j)(k)	USD		724		687,805
ANGI Group LLC, 3.88%, 08/15/28(c)			340		311,240
Booking Holdings, Inc., 0.75%, 05/01/25(j)			485		724,168
Go Daddy Operating Co. LLC/GD Finance Co., Inc.(c)
5.25%, 12/01/27			359		367,975
3.50%, 03/01/29			159		148,280
Match Group Holdings II LLC(c)
5.63%, 02/15/29			209		217,360
4.13%, 08/01/30			262		251,520
3.63%, 10/01/31			139		127,370
Uber Technologies, Inc.
0.00%, 12/15/25(j)(k)			2,019		1,890,686
8.00%, 11/01/26(c)(g)			843		893,926
7.50%, 09/15/27(c)(g)			1,085		1,155,308
6.25%, 01/15/28(c)			260		269,750
4.50%, 08/15/29(c)			597		579,090
Zillow Group, Inc., 1.38%, 09/01/26(j)			70		95,025
					7,719,503
IT Services — 1.0%
Ahead DB Holdings LLC, 6.63%, 05/01/28(c)			140		135,542
Austin BidCo, Inc., 7.13%, 12/15/28(c)			93		94,395
Booz Allen Hamilton, Inc.(c)
3.88%, 09/01/28			468		459,309
4.00%, 07/01/29			530		523,375
CA Magnum Holdings, 5.38%, 10/31/26(c)			488		497,614
Camelot Finance SA, 4.50%, 11/01/26(c)(g)			524		531,912
Castle US Holding Corp., 9.50%, 02/15/28(c)			330		339,900
Centurion Bidco SpA, 5.88%, 09/30/26(e)	EUR		100		115,254
Dun & Bradstreet Corp., 5.00%, 12/15/29(c)	USD		399		398,003
Fair Isaac Corp., 4.00%, 06/15/28(c)			459		454,410
Gartner, Inc.(c)
3.63%, 06/15/29			287		278,390
3.75%, 10/01/30(g)			576		558,720
KBR, Inc., 4.75%, 09/30/28(c)			243		242,393
La Financiere Atalian SASU, 5.13%, 05/15/25(e)	EUR		100		107,165
Rackspace Technology Global, Inc., 5.38%, 12/01/28(c)(g)	USD		191		178,108
Science Applications International Corp., 4.88%, 04/01/28(c)			332		333,660
Twilio, Inc., 3.88%, 03/15/31			497		475,877
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(c)			500		470,625
					6,194,652
Leisure Products — 0.2%
Mattel, Inc.
5.88%, 12/15/27(c)			358		380,375

Security		Par (000)		Value
Leisure Products (continued)
Mattel, Inc. (continued)
3.75%, 04/01/29(c)	USD		131	$	129,363
6.20%, 10/01/40			303		373,158
5.45%, 11/01/41			326		365,120
					1,248,016
Machinery — 0.8%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(c)			139		136,915
Colfax Corp., 6.38%, 02/15/26(c)			145		148,987
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(c)(g)(i)			587		613,415
Madison IAQ LLC(c)
4.13%, 06/30/28			67		63,817
5.88%, 06/30/29			560		517,555
Mueller Water Products, Inc., 4.00%, 06/15/29(c)			177		173,460
OT Merger Corp., 7.88%, 10/15/29(c)			147		142,514
Renk AG/Frankfurt am Main, 5.75%, 07/15/25(e)	EUR		100		115,210
Stevens Holding Co., Inc., 6.13%, 10/01/26(c)	USD		197		205,619
Terex Corp., 5.00%, 05/15/29(c)			381		377,914
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(c)(g)			1,130		1,151,187
TK Elevator Holdco GmbH, 7.63%, 07/15/28(c)			552		580,980
TK Elevator Midco GmbH, 4.38%, 07/15/27(e)	EUR		100		113,282
TK Elevator US Newco Inc., 5.25%, 07/15/27(c)(g)	USD		908		919,350
					5,260,205
Media — 8.9%
Altice Financing SA
3.00%, 01/15/28(e)	EUR		100		102,459
5.00%, 01/15/28(c)	USD		462		429,789
5.75%, 08/15/29(c)			1,434		1,340,331
Altice France Holding SA(c)(g)
10.50%, 05/15/27			1,864		1,978,170
6.00%, 02/15/28			497		453,587
AMC Entertainment Holdings, Inc., (10.00% Cash or 12.00% PIK), 10.00%, 06/15/26(c)(i)			473		440,921
AMC Networks, Inc.
5.00%, 04/01/24			16		15,960
4.75%, 08/01/25			331		333,761
4.25%, 02/15/29			157		151,006
Block Communications, Inc., 4.88%, 03/01/28(c)			168		165,220
Cable One, Inc.(c)
1.13%, 03/15/28(j)			1,312		1,215,568
4.00%, 11/15/30			95		89,462
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27(c)(g)			861		882,568
5.00%, 02/01/28(c)(g)			116		117,415
5.38%, 06/01/29(c)(g)			658		678,049
4.75%, 03/01/30(c)			261		258,989
4.50%, 08/15/30(c)(g)			1,623		1,582,425
4.25%, 02/01/31(c)(g)			902		860,490
4.75%, 02/01/32(c)			306		301,012
4.50%, 05/01/32			551		531,026
4.50%, 06/01/33(c)			332		315,765
4.25%, 01/15/34(c)			1,265		1,170,441
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45(g)			3,000		3,772,552
Clear Channel International BV, 6.63%, 08/01/25(c)			507		520,942

11

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Clear Channel Outdoor Holdings, Inc.(c)
7.75%, 04/15/28	USD		784	$	813,400
7.50%, 06/01/29(g)			1,031		1,068,374
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(c)			2,237		2,237,000
Connect Finco Sarl/Connect US Finco LLC, 6.75%, 10/01/26(c)			2,548		2,640,951
CSC Holdings LLC
5.25%, 06/01/24			633		652,009
6.50%, 02/01/29(c)			368		383,125
5.75%, 01/15/30(c)			855		805,649
4.13%, 12/01/30(c)			293		268,151
4.63%, 12/01/30(c)(g)			600		534,000
3.38%, 02/15/31(c)			200		174,500
4.50%, 11/15/31(c)(g)			398		370,833
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.88%, 08/15/27(c)			589		591,179
Discovery Communications LLC, 4.95%, 05/15/42(g)			400		440,488
DISH DBS Corp.
5.88%, 07/15/22(g)			999		1,011,582
5.00%, 03/15/23(g)			83		84,315
7.75%, 07/01/26(g)			1,070		1,101,148
5.25%, 12/01/26(c)			1,567		1,519,990
5.75%, 12/01/28(c)			1,210		1,157,873
5.13%, 06/01/29			188		164,030
DISH Network Corp., 3.38%, 08/15/26(j)			396		368,593
Frontier Communications Holdings LLC(c)
5.88%, 10/15/27(g)			592		609,582
5.00%, 05/01/28			1,094		1,083,060
6.75%, 05/01/29			544		545,360
6.00%, 01/15/30			480		463,296
GCI LLC, 4.75%, 10/15/28(c)			115		113,672
iHeartCommunications, Inc.
6.38%, 05/01/26			192		198,722
8.38%, 05/01/27			45		47,064
5.25%, 08/15/27(c)			213		216,408
4.75%, 01/15/28(c)			96		95,279
Iliad Holding SAS(c)
6.50%, 10/15/26			622		629,856
7.00%, 10/15/28			608		618,099
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(e)	EUR		100		109,479
Lamar Media Corp., 4.00%, 02/15/30	USD		163		156,480
LCPR Senior Secured Financing DAC(c)
6.75%, 10/15/27			180		186,746
5.13%, 07/15/29(g)			670		657,069
Liberty Broadband Corp.(c)(j)
1.25%, 09/30/50			528		514,272
2.75%, 09/30/50			1,018		1,023,949
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(c)(i)			488		363,571
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(c)			367		364,750
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(c)			200		201,500
Live Nation Entertainment, Inc.(c)
4.88%, 11/01/24			40		40,280
6.50%, 05/15/27			1,411		1,518,688
4.75%, 10/15/27			331		326,119
3.75%, 01/15/28			103		99,395
Lorca Telecom Bondco SA, 4.00%, 09/18/27(e)	EUR		100		110,320

Security		Par (000)		Value
Media (continued)
Midas OpCo Holdings LLC, 5.63%, 08/15/29(c)	USD		129	$	126,807
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(c)			209		211,874
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(b)(e)(l)			250		258,563
Outfront Media Capital LLC/Outfront Media Capital Corp.(c)
5.00%, 08/15/27			392		388,938
4.25%, 01/15/29			154		144,938
Pinewood Finance Co. Ltd., 3.25%, 09/30/25(e)	GBP		100		132,205
Radiate Holdco LLC/Radiate Finance, Inc.(c)(g)
4.50%, 09/15/26	USD		597		574,720
6.50%, 09/15/28			2,195		2,118,175
Sable International Finance Ltd.
5.75%, 09/07/27(e)			279		284,940
5.75%, 09/07/27(c)			200		204,258
Scripps Escrow II, Inc., 3.88%, 01/15/29(c)			114		108,797
Sinclair Television Group Inc., 4.13%, 12/01/30(c)			314		288,880
Sirius XM Radio, Inc.(c)
3.13%, 09/01/26			627		601,168
4.00%, 07/15/28			652		630,810
5.50%, 07/01/29			435		451,436
4.13%, 07/01/30(g)			221		210,553
3.88%, 09/01/31			815		753,875
Summer BC Holdco B Sarl, 5.75%, 10/31/26(e)	EUR		100		115,008
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(c)	USD		400		408,000
Telesat Canada/Telesat LLC, 4.88%, 06/01/27(c)			45		36,262
Terrier Media Buyer, Inc., 8.88%, 12/15/27(c)(g)			997		1,052,333
Univision Communications, Inc., 5.13%, 02/15/25(c)			110		110,854
UPC Broadband Finco BV, 4.88%, 07/15/31(c)(g)			574		568,662
UPCB Finance VII Ltd., 3.63%, 06/15/29(e)	EUR		100		111,377
ViacomCBS, Inc., 5.85%, 09/01/43(g)	USD		645		816,891
Videotron Ltd.(c)
5.13%, 04/15/27(g)			345		352,631
3.63%, 06/15/29			374		362,312
Virgin Media Secured Finance PLC, 4.50%, 08/15/30(c)(g)			399		379,054
VTR Comunicaciones SpA, 4.38%, 04/15/29(c)			290		281,068
Ziggo Bond Co. BV(c)(g)
6.00%, 01/15/27			638		655,928
5.13%, 02/28/30			295		279,847
Ziggo BV, 4.88%, 01/15/30(c)			217		209,948
					57,619,226
Metals & Mining — 2.2%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(e)			450		478,125
Allegheny Technologies, Inc.
4.88%, 10/01/29			129		126,656
5.13%, 10/01/31			145		141,977
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200		194,500
Arconic Corp.(c)
6.00%, 05/15/25			361		371,830
6.13%, 02/15/28			443		459,590
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(g)			250		279,921
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(c)(g)			1,258		1,334,927
Commercial Metals Co.
4.13%, 01/15/30			90		89,325
4.38%, 03/15/32			96		95,437

SCHEDULE   OF  INVESTMENTS 12

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Metals & Mining (continued)
Constellium SE(c)
5.88%, 02/15/26(g)	USD		1,193	$	1,203,439
3.75%, 04/15/29			645		609,886
Freeport-McMoRan, Inc., 5.45%, 03/15/43			1,355		1,593,819
JSW Steel Ltd., 5.95%, 04/18/24(e)			200		207,250
Kaiser Aluminum Corp.(c)
4.63%, 03/01/28			115		110,322
4.50%, 06/01/31			164		155,800
Metinvest BV(e)
8.50%, 04/23/26			302		266,062
7.65%, 10/01/27			200		172,250
Mongolian Mining Corp/Energy Resources LLC, 9.25%, 04/15/24(e)			200		154,225
New Gold, Inc., 7.50%, 07/15/27(c)(g)			900		945,000
Nexa Resources SA, 5.38%, 05/04/27(c)(g)			200		207,000
Novelis Corp.(c)
3.25%, 11/15/26			532		515,348
4.75%, 01/30/30			910		905,450
3.88%, 08/15/31			617		581,072
Periama Holdings LLC, 5.95%, 04/19/26(e)			276		284,970
Rio Tinto Finance USA PLC, 4.75%, 03/22/42(g)			400		485,661
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(c)			155		153,431
thyssenkrupp AG, 2.88%, 02/22/24(e)	EUR		100		113,992
United States Steel Corp., 6.88%, 03/01/29	USD		628		634,280
Vedanta Resources Finance II PLC
8.00%, 04/23/23(e)			313		299,267
13.88%, 01/21/24(e)			200		207,600
8.95%, 03/11/25(c)			595		565,369
					13,943,781
Multiline Retail — 0.2%
Bath & Body Works, Inc.
6.88%, 11/01/35(g)			478		549,700
6.75%, 07/01/36			79		89,764
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(c)			506		521,185
					1,160,649
Offshore Drilling & Other Services — 0.0%
Entegris, Inc., 3.63%, 05/01/29(c)			106		101,520
Oil, Gas & Consumable Fuels — 11.8%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(c)(g)			914		962,561
Antero Midstream Partners LP/Antero Midstream Finance Corp.(c)
5.75%, 03/01/27			289		293,335
5.75%, 01/15/28			75		76,485
5.38%, 06/15/29			263		264,733
Antero Resources Corp.(c)
7.63%, 02/01/29			350		381,500
5.38%, 03/01/30			56		57,949
Apache Corp.
4.25%, 01/15/30			308		311,696
5.10%, 09/01/40(g)			600		629,364
5.25%, 02/01/42			114		122,768
4.75%, 04/15/43(g)			800		809,672
Arcosa, Inc., 4.38%, 04/15/29(c)			477		463,882
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(c)
9.00%, 11/01/27(g)			778		1,034,740

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(c) (continued)
5.88%, 06/30/29	USD		383	$	369,595
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34(e)(k)			348		260,316
Brand Industrial Services, Inc., 8.50%, 07/15/25(c)(g)			273		256,620
Buckeye Partners LP
4.13%, 03/01/25(c)			345		343,050
5.85%, 11/15/43			182		166,503
5.60%, 10/15/44			232		210,490
Callon Petroleum Co.
6.13%, 10/01/24			161		161,000
9.00%, 04/01/25(c)(g)			1,257		1,344,990
8.00%, 08/01/28(c)			792		806,850
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31(e)(j)	EUR		200		205,297
Cenovus Energy, Inc., 5.40%, 06/15/47	USD		104		124,949
Centennial Resource Production LLC, 3.25%, 04/01/28(j)			610		899,650
Cheniere Energy Partners LP
4.50%, 10/01/29(g)			469		479,421
4.00%, 03/01/31			412		409,917
3.25%, 01/31/32(c)			712		669,693
Cheniere Energy, Inc., 4.63%, 10/15/28			1,979		2,008,685
Chesapeake Energy Corp., 5.88%, 02/01/29(c)			53		55,258
Citgo Holding, Inc., 9.25%, 08/01/24(c)			344		343,549
Civitas Resources, Inc., 5.00%, 10/15/26(c)			113		112,965
CNX Midstream Partners LP, 4.75%, 04/15/30(c)			118		115,227
CNX Resources Corp.
2.25%, 05/01/26(j)			637		867,944
6.00%, 01/15/29(c)			114		117,420
Colgate Energy Partners III LLC(c)
7.75%, 02/15/26			342		366,795
5.88%, 07/01/29(g)			452		459,345
Comstock Resources, Inc.(c)
7.50%, 05/15/25			117		119,012
6.75%, 03/01/29(g)			633		651,224
5.88%, 01/15/30			563		559,538
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(c)			719		716,577
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.00%, 02/01/29(c)			10		10,075
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(c)			1,307		1,316,763
DCP Midstream Operating LP
6.45%, 11/03/36(c)(g)			254		321,310
6.75%, 09/15/37(c)(g)			348		448,127
5.60%, 04/01/44			7		8,120
DT Midstream, Inc.(c)
4.13%, 06/15/29			553		545,529
4.38%, 06/15/31			673		664,587
Dycom Industries, Inc., 4.50%, 04/15/29(c)			130		127,313
Ecopetrol SA, 4.63%, 11/02/31			370		340,319
eG Global Finance PLC
6.75%, 02/07/25(c)			452		450,474
6.25%, 10/30/25(e)	EUR		142		160,083
8.50%, 10/30/25(c)	USD		299		303,134
Enbridge, Inc.(b) (3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78			1,865		1,995,579
Series 20-A, (5 year CMT + 5.31%), 5.75%, 07/15/80			690		755,550

13

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Endeavor Energy Resources LP/EER Finance, Inc.(c)
6.63%, 07/15/25	USD		32	$	33,446
5.75%, 01/30/28			567		586,601
Energean Israel Finance Ltd., 4.88%, 03/30/26(c)(e)			221		216,816
Energy Transfer LP
6.13%, 12/15/45(g)			500		588,587
5.30%, 04/15/47(g)			350		384,002
Series H, (5 year CMT + 5.69%), 6.50%(b)(l)			820		838,704
EnLink Midstream LLC
5.63%, 01/15/28(c)			226		232,034
5.38%, 06/01/29			98		98,902
EnLink Midstream Partners LP
4.40%, 04/01/24			281		282,995
4.15%, 06/01/25			68		67,812
4.85%, 07/15/26			160		164,334
5.60%, 04/01/44			237		214,485
5.05%, 04/01/45			39		33,423
Enterprise Products Operating LLC, (3 mo. LIBOR US + 2.57%), 5.38%, 02/15/78(b)			420		411,130
EQM Midstream Partners LP
4.13%, 12/01/26			131		129,625
4.50%, 01/15/29(c)			223		212,969
4.75%, 01/15/31(c)(g)			1,258		1,204,120
EQT Corp.
1.75%, 05/01/26(j)			544		883,724
3.13%, 05/15/26(c)			226		220,915
3.90%, 10/01/27			197		198,336
5.00%, 01/15/29			41		43,153
7.50%, 02/01/30			158		188,233
3.63%, 05/15/31(c)			64		63,360
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25(g)			53		51,859
7.75%, 02/01/28			144		141,912
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27(e)			200		186,350
Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25(c)			214		223,403
Harvest Midstream I LP, 7.50%, 09/01/28(c)			78		81,235
Hess Corp., 4.30%, 04/01/27			750		800,494
Hess Midstream Operations LP, 4.25%, 02/15/30(c)			325		313,625
Hilong Holding Ltd., 9.75%, 11/18/24(e)			207		165,380
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(e)			200		203,000
HTA Group Ltd., 7.00%, 12/18/25(c)			410		425,196
IHS Holding Ltd., 6.25%, 11/29/28(c)			200		202,160
Impulsora Pipeline LLC, 6.05%, 12/31/42(a)			1,566		1,493,699
Independence Energy Finance LLC, 7.25%, 05/01/26(c)(g)			602		617,712
ITT Holdings LLC, 6.50%, 08/01/29(c)			437		419,271
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24(g)			2,500		2,628,097
Leviathan Bond Ltd., 5.75%, 06/30/23(c)(e)			278		284,851
Matador Resources Co., 5.88%, 09/15/26(g)			1,100		1,115,147
MC Brazil Downstream Trading S.a.r.l, 7.25%, 06/30/31(c)			320		305,280
Medco Bell Pte Ltd., 6.38%, 01/30/27(e)			250		242,500
MEG Energy Corp., 6.50%, 01/15/25(c)(g)			440		445,500
MPLX LP, 4.25%, 12/01/27			235		252,812
Murphy Oil Corp.
5.75%, 08/15/25			27		27,405
6.38%, 12/01/42			35		33,468

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Murphy Oil USA, Inc., 4.75%, 09/15/29	USD		171	$	173,565
Nabors Industries Ltd.(c)
7.25%, 01/15/26			70		67,025
7.50%, 01/15/28			179		167,813
Nabors Industries, Inc., 7.38%, 05/15/27(c)			265		271,927
Neptune Energy Bondco PLC, 6.63%, 05/15/25(c)			200		202,500
New Fortress Energy, Inc.(c)(g)
6.75%, 09/15/25			1,201		1,137,947
6.50%, 09/30/26			1,044		976,140
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(c)(g)			470		477,520
NGPL PipeCo LLC, 7.77%, 12/15/37(c)(g)			270		365,934
Northern Oil and Gas, Inc., 8.13%, 03/01/28(c)(g)			762		794,385
NuStar Logistics LP
6.00%, 06/01/26			234		245,436
6.38%, 10/01/30			30		32,451
Occidental Petroleum Corp.
6.95%, 07/01/24			81		88,290
5.50%, 12/01/25			130		137,950
5.55%, 03/15/26			48		51,240
8.88%, 07/15/30			49		63,512
4.30%, 08/15/39			46		43,355
6.20%, 03/15/40			816		944,520
4.50%, 07/15/44(g)			2,268		2,188,620
4.63%, 06/15/45			187		181,156
4.40%, 04/15/46			730		698,114
4.10%, 02/15/47			546		499,208
4.20%, 03/15/48			606		563,580
Odebrecht Offshore Drilling Finance Ltd., (7.72% PIK), 7.72%, 12/01/26(c)(i)			1		118
OQ SAOC, 5.13%, 05/06/28(c)			300		301,931
PDC Energy, Inc.
6.13%, 09/15/24			89		89,890
5.75%, 05/15/26			292		297,285
Pertamina Persero PT, 3.65%, 07/30/29(e)			446		457,234
Petroleos Mexicanos
6.50%, 03/13/27(g)			586		610,539
5.95%, 01/28/31			576		546,264
6.70%, 02/16/32(c)			285		281,466
6.38%, 01/23/45			177		147,811
6.75%, 09/21/47			346		295,138
7.69%, 01/23/50			292		269,808
Pioneer Natural Resources Co., 0.25%, 05/15/25(j)			361		748,398
Puma International Financing SA, 5.13%, 10/06/24(c) .			483		483,000
Range Resources Corp.
5.88%, 07/01/22			57		56,573
5.00%, 08/15/22(g)			312		313,560
5.00%, 03/15/23			145		146,450
4.88%, 05/15/25			18		18,345
9.25%, 02/01/26			79		84,481
4.75%, 02/15/30(c)(m)			139		138,832
Rockcliff Energy II LLC, 5.50%,��10/15/29(c)			409		414,112
Shell International Finance BV, 4.38%, 05/11/45(g)			450		521,658
SM Energy Co.
10.00%, 01/15/25(c)(g)			1,142		1,241,925
5.63%, 06/01/25			72		71,460
6.75%, 09/15/26			127		128,270
6.50%, 07/15/28			110		113,630
Southwestern Energy Co.
5.38%, 02/01/29			411		417,938

SCHEDULE   OF  INVESTMENTS 14

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co. (continued)
4.75%, 02/01/32	USD		287	$	286,515
Stoneway Capital Corp.(f)(h)
10.00%, 03/01/27(c)			940		270,312
10.00%, 03/01/27(e)			333		95,794
Suncor Energy, Inc., 6.50%, 06/15/38(g)			800		1,047,962
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27			75		77,393
5.88%, 03/15/28			147		152,411
Tap Rock Resources LLC, 7.00%, 10/01/26(c)			950		973,750
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.88%, 04/15/26(g)			312		321,563
5.38%, 02/01/27			2		2,050
6.50%, 07/15/27			258		273,815
6.88%, 01/15/29(g)			673		736,094
5.50%, 03/01/30			489		517,729
4.88%, 02/01/31			275		287,375
Transocean, Inc., 11.50%, 01/30/27(c)			195		193,456
Venture Global Calcasieu Pass LLC(c)
3.88%, 08/15/29			1,000		998,240
4.13%, 08/15/31			901		906,848
3.88%, 11/01/33			1,631		1,613,842
Vine Energy Holdings LLC, 6.75%, 04/15/29(c)(g)			662		707,512
Vivo Energy Investments BV, 5.13%, 09/24/27(c)			349		357,681
Western Midstream Operating LP
5.45%, 04/01/44(g)			934		1,032,070
5.50%, 08/15/48			82		90,610
6.50%, 02/01/50(g)			939		1,030,172
Williams Cos, Inc., 4.50%, 11/15/23(g)			1,750		1,831,875
					76,388,963
Personal Products — 0.1%
Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC, 4.75%, 01/15/29(c)			191		188,135
Coty, Inc.(e)
4.00%, 04/15/23	EUR		100		111,502
3.88%, 04/15/26			100		112,244
					411,881
Pharmaceuticals — 2.0%
AbbVie, Inc.(g)
4.75%, 03/15/45	USD		500		578,023
4.45%, 05/14/46			1,000		1,120,360
Bausch Health Americas, Inc., 8.50%, 01/31/27(c)			853		862,596
Bausch Health Cos., Inc.(c)
9.00%, 12/15/25			264		275,769
4.88%, 06/01/28			31		29,383
5.00%, 02/15/29(g)			364		293,020
7.25%, 05/30/29(g)			664		597,600
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27(e)	EUR		100		112,561
CVS Health Corp., 5.05%, 03/25/48(g)	USD		1,110		1,359,365
Elanco Animal Health, Inc., 5.90%, 08/28/28			316		344,440
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/27(c)(g)			962		950,167
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc., 6.13%, 04/01/29(c)(g)			615		584,385
Gruenenthal GmbH, 4.13%, 05/15/28(e)	EUR		100		112,064
Jazz Securities DAC, 4.38%, 01/15/29(c)	USD		506		499,599
Nidda BondCo GmbH, 7.25%, 09/30/25(e)	EUR		100		112,626
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24(e)			100		109,817

Security		Par (000)		Value
Pharmaceuticals (continued)
Option Care Health, Inc., 4.38%, 10/31/29(c)	USD		170	$	165,634
Organon & Co./Organon Foreign Debt Co-Issuer BV(c)
4.13%, 04/30/28			953		937,771
5.13%, 04/30/31			931		931,000
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(c)			339		328,830
Par Pharmaceutical, Inc., 7.50%, 04/01/27(c)(g)			931		936,819
PRA Health Sciences, Inc., 2.88%, 07/15/26(c)			563		550,828
Prestige Brands, Inc., 3.75%, 04/01/31(c)			190		172,425
Rossini Sarl, 6.75%, 10/30/25(e)	EUR		166		192,321
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25			100		118,335
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/25	USD		200		208,562
Utah Acquisition Sub, Inc., 3.95%, 06/15/26(g)			650		686,307
					13,170,607
Real Estate Management & Development — 1.8%
Adler Group SA, 2.75%, 11/13/26(e)	EUR		200		180,876
Agile Group Holdings Ltd.(e)
5.75%, 01/02/25	USD		224		98,560
6.05%, 10/13/25			200		84,000
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(c)			325		310,781
CFLD Cayman Investment Ltd.(e)(f)(h)
8.63%, 02/28/21			200		51,000
6.90%, 01/13/23			400		100,200
China Aoyuan Group Ltd.(e)(f)(h)
6.35%, 02/08/24			435		76,125
5.98%, 08/18/25			200		34,000
China Evergrande Group(e)(f)(h)
8.25%, 03/23/22			450		78,750
9.50%, 04/11/22			200		33,000
11.50%, 01/22/23			450		72,000
12.00%, 01/22/24			250		40,000
China SCE Group Holdings Ltd., 7.38%, 04/09/24(e)			650		490,750
CIFI Holdings Group Co. Ltd.(e)
6.00%, 07/16/25			200		176,500
5.95%, 10/20/25			200		175,000
5.25%, 05/13/26			215		182,750
Country Garden Holdings Co. Ltd.(e)
6.50%, 04/08/24			200		179,400
6.15%, 09/17/25			200		174,000
5.13%, 01/14/27			200		163,500
Dexin China Holdings Co. Ltd., 11.88%, 04/23/22(e)			200		151,350
DIC Asset AG, 2.25%, 09/22/26(e)	EUR		100		104,882
Easy Tactic Ltd.(e)
5.88%, 02/13/23	USD		200		72,000
8.13%, 02/27/23			200		71,000
11.75%, 08/02/23			200		70,000
8.63%, 02/27/24			200		69,000
Fantasia Holdings Group Co. Ltd.(e)(f)(h)
11.75%, 04/17/22			430		88,150
12.25%, 10/18/22			200		41,000
11.88%, 06/01/23			200		41,000
9.25%, 07/28/23			400		82,000
Fastighets AB Balder, (5 year EUR Swap + 3.19%), 2.87%, 06/02/81(b)(e)	EUR		100		104,717
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(c)(g)	USD		265		273,281
Global Prime Capital Pte Ltd., 5.50%, 10/18/23(e)			200		199,787

15

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate Management & Development (continued)
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(c)	USD		120	$	121,991
Haimen Zhongnan Investment Development
International Co. Ltd., 12.00%, 06/08/22(e)			200		79,975
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%(b)(e)(l)	EUR		100		102,609
Howard Hughes Corp.(c)
5.38%, 08/01/28	USD		237		241,424
4.13%, 02/01/29			189		181,672
4.38%, 02/01/31			176		167,420
Jingrui Holdings Ltd., 12.00%, 07/25/22(e)			200		80,000
Kaisa Group Holdings Ltd.(e)(f)(h)
11.95%, 10/22/22			200		55,500
11.50%, 01/30/23			400		106,825
10.88%, 07/23/23			400		106,700
9.75%, 09/28/23			248		65,999
11.95%, 11/12/23			200		54,500
11.70%, 11/11/25			200		53,350
Kennedy-Wilson, Inc., 4.75%, 02/01/30			174		170,955
KWG Group Holdings Ltd., 7.40%, 03/05/24(e)			390		222,300
Logan Group Co. Ltd.(e)
6.90%, 06/09/24			200		152,750
5.25%, 10/19/25			200		147,000
MAF Sukuk Ltd.(e)
4.64%, 05/14/29(g)			325		353,397
3.93%, 02/28/30			262		274,985
Modern Land China Co. Ltd., 9.80%, 04/11/23(e)(f)(h)			200		36,000
Powerlong Real Estate Holdings Ltd.(e)
7.13%, 11/08/22			200		168,000
6.95%, 07/23/23			330		267,300
6.25%, 08/10/24			350		269,500
Realogy Group LLC/Realogy Co-Issuer Corp.(c)
5.75%, 01/15/29			375		368,362
5.25%, 04/15/30			173		165,648
Redsun Properties Group Ltd., 10.50%, 10/03/22(e)			200		84,000
RKPF Overseas Ltd.(e)
Series 2019-A, 6.00%, 09/04/25			200		173,000
Series 2020-A, 5.20%, 01/12/26			205		172,200
Ronshine China Holdings Ltd.(e)
7.35%, 12/15/23			304		79,040
6.75%, 08/05/24			220		55,000
Scenery Journey Ltd.(e)(f)(h)
11.50%, 10/24/22			219		21,900
13.00%, 11/06/22			200		20,000
12.00%, 10/24/23			448		44,800
Seazen Group Ltd.(e)
6.45%, 06/11/22			200		165,000
6.00%, 08/12/24			200		129,500
Shimao Group Holdings Ltd.(e)
5.60%, 07/15/26			200		91,000
3.45%, 01/11/31(g)			200		81,000
Shui On Development Holding Ltd., 5.75%, 11/12/23(e)			500		472,500
Sinic Holdings Group Co. Ltd., 10.50%, 06/18/22(e)(f)(h)			200		12,000
Starwood Property Trust, 4.38%, 01/15/27(c)			99		98,651
Sunac China Holdings Ltd.(e)
6.65%, 08/03/24			224		133,280
7.00%, 07/09/25			400		232,000
Theta Capital Pte Ltd., 8.13%, 01/22/25(e)			200		205,000

Security		Par (000)		Value
Real Estate Management & Development (continued)
Times China Holdings Ltd., 6.75%, 07/08/25(e)	USD		553	$	265,440
Wanda Group Overseas Ltd.(e)
7.50%, 07/24/22			200		185,000
8.88%, 03/21/23			200		177,000
Yango Justice International Ltd.
10.25%, 09/15/22			400		80,000
8.25%, 11/25/23(e)			200		42,830
7.88%, 09/04/24(e)			200		38,000
Yanlord Land HK Co. Ltd., 6.75%, 04/23/23(e)			370		365,375
Yuzhou Group Holdings Co. Ltd.(e)
7.70%, 02/20/25			200		43,000
8.30%, 05/27/25			200		43,000
7.38%, 01/13/26			205		44,075
Zhenro Properties Group Ltd., 7.88%, 04/14/24(e)			400		184,000
					11,821,112
Road & Rail — 0.5%
Autostrade per l’Italia SpA, 2.00%, 01/15/30(e)	EUR		100		112,098
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42(g)	USD		500		578,691
Danaos Corp., 8.50%, 03/01/28(c)			100		109,000
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(c)(g) .			1,975		2,214,866
Seaspan Corp., 5.50%, 08/01/29(c)			444		439,107
					3,453,762
Semiconductors & Semiconductor Equipment — 0.6%
ams AG, 6.00%, 07/31/25(e)	EUR		100		117,400
Broadcom, Inc., 3.46%, 09/15/26(g)	USD		688		715,933
Microchip Technology, Inc.(j)
0.13%, 11/15/24			411		487,574
1.63%, 02/15/25			102		349,146
ON Semiconductor Corp., 3.88%, 09/01/28(c)			429		426,307
QUALCOMM, Inc., 4.65%, 05/20/35(g)			400		475,397
Sensata Technologies BV(c)
5.00%, 10/01/25			368		387,780
4.00%, 04/15/29			408		403,177
Sensata Technologies, Inc.(c)
4.38%, 02/15/30(g)			513		512,795
3.75%, 02/15/31			44		41,346
Synaptics, Inc., 4.00%, 06/15/29(c)			243		238,286
					4,155,141
Software — 1.6%
ACI Worldwide, Inc., 5.75%, 08/15/26(c)(g)			510		530,209
Black Knight InfoServ LLC, 3.63%, 09/01/28(c)			501		480,549
Boxer Parent Co., Inc.
6.50%, 10/02/25(e)	EUR		100		116,664
7.13%, 10/02/25(c)	USD		749		780,937
9.13%, 03/01/26(c)			194		202,245
Cedacri Mergeco SpA, (3 mo. Euribor + 4.63%), 4.63%, 05/15/28(b)(e)	EUR		100		112,064
Crowdstrike Holdings, Inc., 3.00%, 02/15/29	USD		357		334,688
Elastic NV, 4.13%, 07/15/29(c)			481		449,735
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28(c)			400		390,000
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(c)			450		439,875
Kane Bidco Ltd.(e)(m)
5.00%, 02/15/27	EUR		100		112,626
6.50%, 02/15/27	GBP		100		134,238
MicroStrategy, Inc., 6.13%, 06/15/28(c)(g)	USD		409		390,595

SCHEDULE   OF  INVESTMENTS 16

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
MSCI, Inc.(c)
4.00%, 11/15/29	USD		99	$	99,619
3.63%, 09/01/30			197		193,228
3.88%, 02/15/31(g)			454		453,487
3.63%, 11/01/31			164		161,504
3.25%, 08/15/33			233		218,514
Open Text Corp.(c)
3.88%, 02/15/28			179		175,416
3.88%, 12/01/29			201		193,036
Open Text Holdings, Inc., 4.13%, 02/15/30(c)			340		332,149
Oracle Corp., 3.60%, 04/01/50			250		221,471
Playtika Holding Corp., 4.25%, 03/15/29(c)			484		462,825
PTC, Inc., 4.00%, 02/15/28(c)			242		239,855
SS&C Technologies, Inc., 5.50%, 09/30/27(c)(g)			1,589		1,640,992
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(c)			1,247		1,271,940
					10,138,461
Specialty Retail — 0.7%
Arko Corp., 5.13%, 11/15/29(c)			232		220,713
National Vision Holdings, Inc., 2.50%, 05/15/25(j)			311		461,057
PetSmart, Inc./PetSmart Finance Corp.(c)
4.75%, 02/15/28			436		434,790
7.75%, 02/15/29(g)			1,824		1,956,660
Staples, Inc.(c)
7.50%, 04/15/26(g)			952		938,910
10.75%, 04/15/27			257		239,545
Tendam Brands SAU, (3 mo. Euribor + 5.25%), 5.25%, 09/15/24(b)(e)	EUR		100		111,752
					4,363,427
Technology Hardware, Storage & Peripherals — 0.1%
II-VI, Inc., 5.00%, 12/15/29(c)	USD		440		439,142
Textiles, Apparel & Luxury Goods(c) — 0.1%
Crocs, Inc.
4.25%, 03/15/29			199		183,140
4.13%, 08/15/31			292		260,610
Kontoor Brands, Inc., 4.13%, 11/15/29			126		120,802
Levi Strauss & Co., 3.50%, 03/01/31			141		136,130
William Carter Co., 5.63%, 03/15/27			28		28,665
Wolverine World Wide, Inc., 4.00%, 08/15/29			129		123,921
					853,268
Thrifts & Mortgage Finance — 0.2%
Home Point Capital, Inc., 5.00%, 02/01/26(c)			269		233,358
Jerrold Finco PLC, 5.25%, 01/15/27(e)	GBP		100		134,322
MGIC Investment Corp., 5.25%, 08/15/28	USD		216		223,301
Nationstar Mortgage Holdings, Inc.(c)
6.00%, 01/15/27			237		245,859
5.13%, 12/15/30			136		127,558
5.75%, 11/15/31			125		120,874
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26(c)			167		158,811
					1,244,083
Tobacco(g) — 0.4%
Altria Group, Inc., 4.50%, 05/02/43			750		732,941
Philip Morris International, Inc., 4.38%, 11/15/41			900		970,413
Reynolds American, Inc., 5.85%, 08/15/45			715		811,451
					2,514,805

Security		Par (000)		Value
Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28(e)	EUR		100	$	113,879
Transportation Infrastructure — 0.5%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(c)	USD		320		310,360
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(c)			274		277,425
DP World Salaam, (5 year CMT + 5.75%), 6.00%(b)(e)(l)			256		274,000
FedEx Corp.(g)
3.90%, 02/01/35			500		535,216
4.75%, 11/15/45			500		577,002
Heathrow Finance PLC, 4.38%, 09/01/29(e)(n)	GBP		100		131,723
Mexico City Airport Trust, 5.50%, 07/31/47(e)	USD		308		286,440
Transurban Finance Co. Pty Ltd., 4.13%, 02/02/26(c)(g)			520		556,281
					2,948,447
Utilities — 1.8%
Centrais Eletricas Brasileiras SA, 3.63%, 02/04/25(c)			200		199,725
Consensus Cloud Solutions, Inc.(c)
6.00%, 10/15/26			91		93,748
6.50%, 10/15/28			83		85,126
Electricite de France SA, (10 year USD Swap + 3.71%), 5.25%(b)(c)(g)(l)			7,500		7,621,874
FEL Energy VI Sarl, 5.75%, 12/01/40(e)			297		290,996
Genneia SA, 8.75%, 09/02/27(c)			184		169,915
India Cleantech Energy, 4.70%, 08/10/26(c)			250		247,500
Inkia Energy Ltd., 5.88%, 11/09/27(c)(g)			255		257,040
Mong Doung Finacial Holdings BV, 5.13%, 05/07/29(e)			250		229,188
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(c)(g)			687		689,102
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(c)			335		349,824
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(e)			336		357,349
Thames Water Kemble Finance PLC, 4.63%, 05/19/26(e)	GBP		168		228,054
Vistra Operations Co. LLC(c)
5.63%, 02/15/27	USD		254		259,088
4.38%, 05/01/29			290		279,850
					11,358,379
Wireless Telecommunication Services — 2.4%
Altice France SA
5.88%, 02/01/27(e)	EUR		100		115,951
8.13%, 02/01/27(c)	USD		780		824,936
5.50%, 01/15/28(c)			357		340,542
4.13%, 01/15/29(e)	EUR		100		106,728
5.13%, 01/15/29(c)	USD		201		186,930
5.13%, 07/15/29(c)(g)			1,606		1,491,235
4.25%, 10/15/29(e)	EUR		100		106,683
5.50%, 10/15/29(c)	USD		610		578,091
Kenbourne Invest SA(c)
6.88%, 11/26/24			329		337,952
4.70%, 01/22/28			200		191,725
Millicom International Cellular SA, 5.13%, 01/15/28(e) .			283		285,744
SBA Communications Corp., 3.88%, 02/15/27(g)			939		948,390
Sprint Corp.
7.88%, 09/15/23			206		222,480

17

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
Sprint Corp. (continued)
7.13%, 06/15/24(g)	USD		333	$	362,970
7.63%, 03/01/26(g)			816		934,320
T-Mobile USA, Inc.
4.75%, 02/01/28(g)			626		647,127
2.63%, 02/15/29			471		441,784
2.88%, 02/15/31(g)			420		394,800
3.50%, 04/15/31			507		494,594
3.50%, 04/15/31(c)			462		450,695
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(c)(g)			613		579,892
VEON Holdings BV, 4.00%, 04/09/25(c)			200		194,500
VICI Properties LP/VICI Note Co., Inc.(c)
3.50%, 02/15/25			503		500,966
4.25%, 12/01/26(g)			1,187		1,200,354
3.75%, 02/15/27			446		441,596
4.63%, 12/01/29(g)			640		658,733
4.13%, 08/15/30(g)			1,191		1,194,656
Vmed O2 UK Financing I PLC
4.00%, 01/31/29(e)	GBP		100		125,084
4.50%, 07/15/31(e)			100		127,564
4.75%, 07/15/31(c)	USD		962		919,364
VTR Comunicaciones SpA, 5.13%, 01/15/28(c)			178		174,796
					15,581,182
Total Corporate Bonds — 84.7%     (Cost: $557,013,816)					549,652,572
Floating Rate Loan Interests(b)
Aerospace & Defense — 0.3%
Cobham Ultra SeniorCo Sarl, USD Term Loan B, 11/16/28(o)			99		98,722
Peraton Holding Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% floor), 8.50%, 02/01/29			370		377,052
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28			1,083		1,081,484
Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 01/15/25			257		257,221
					1,814,479
Air Freight & Logistics — 0.2%
AIT Worldwide Logistics, Inc, 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/06/28			144		143,551
PECF USS Intermediate Holding III Corporation, Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 4.75%, 12/15/28			976		976,219
					1,119,770
Airlines — 0.4%
AAdvantage Loyalty IP Ltd./American Airlines, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 04/20/28			816		845,873
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28			449		449,934

Security		Par (000)		Value
Airlines (continued)
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/21/27	USD		267	$	281,901
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/20/27			381		402,004
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 04/21/28			824		823,429
					2,803,141
Auto Components — 0.0%
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 04/30/26			286		283,984
Banks — 0.2%
Directv Financing LLC, Term Loan, (3 mo. LIBOR + 5.00%, 0.75% floor), 5.75%, 08/02/27			1,072		1,072,993
Building Products — 0.1%
CP Atlas Buyer, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 11/23/27			118		117,584
CPG International, Inc., 2017 Term Loan, (3 mo. LIBOR + 2.50%, 0.75% Floor), 3.25%, 05/05/24			129		128,558
Griffon Corporation, Term Loan B, (SOFRTE + 2.75%, 0.50% Floor), 3.25%, 01/24/29			117		116,805
Standard Industries, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 09/22/28			146		145,997
					508,944
Capital Markets — 0.1%
AQGEN Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%, 0.50% Floor), 7.00%, 08/02/29			232		231,968
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27			104		104,293
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 04/07/28			274		278,795
					615,056
Chemicals — 0.3%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 5.50%, 08/27/26			489		490,381
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 3.00%, 03/18/28			586		584,696
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/15/24			260		259,719
New Arclin U.S. Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 09/30/28			209		208,826
W.R. Grace & Co.-Conn., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 09/22/28			404		404,000
					1,947,622	��
Commercial Services & Supplies — 0.3%
Asurion LLC, 2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 3.36%, 12/23/26			93		92,796
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 4.36%, 12/12/25			93		93,139

SCHEDULE   OF  INVESTMENTS 18

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Services & Supplies (continued)
GFL Environmental, Inc., 2020 Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 05/30/25	USD		115	$	114,928
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 2.38%, 09/19/26(a)			66		64,523
Tempo Acquisition LLC, 2022 Term Loan B, 08/31/28(o)			40		39,741
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.11%, 08/27/25			1,250		1,248,679
					1,653,806
Construction & Engineering — 0.4%
Brand Industrial Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 06/21/24			2,603		2,548,376
Construction Materials — 0.0%
Forterra Finance LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/25/23			111		111,164
Containers & Packaging — 0.1%
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.35%, 04/03/24			609		602,781
Charter NEX US, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			217		216,882
					819,663
Diversified Consumer Services — 0.1%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.50%), 3.61%, 01/29/27			80		79,785
Ascend Learning, LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 6.25%, 12/10/29			157		157,736
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 5.00%, 01/15/27			222		222,431
TruGreen Limited Partnership, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%, 0.75% Floor), 9.25%, 11/02/28(a)			201		202,508
					662,460
Diversified Financial Services — 0.7%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 4.61%, 07/31/26			120		119,315
AQGEN Island Holdings, Inc., Term Loan, 08/02/28(o)			185		184,153
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 3.91%, 02/17/23(a)			56		48,440
Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27			520		519,366
EP Purchaser, LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 11/06/28			193		193,081
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 02/16/28			125		124,521
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 6.25%, 09/21/29			34		34,482
2021 Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 3.50%, 09/23/28			210		209,357
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% floor), 4.50%, 12/17/27			60		60,094
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27			969		969,500

Security		Par (000)		Value
Diversified Financial Services (continued)
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 09/25/26	USD		75	$	74,820
Veritas US, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.00%, 09/01/25			1,044		1,042,231
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 02/28/27			92		91,836
White Cap Buyer LLC, Term Loan B, (PRIME + 3.00%), 6.25%, 10/19/27			670		668,916
					4,340,112
Diversified Telecommunication Services — 0.5%
Cincinnati Bell, Inc., 2021 Term Loan B2, (SOFRTE + 3.25%, 0.50% Floor), 3.75%, 11/22/28			110		109,743
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% floor), 4.50%, 05/01/28			371		370,174
Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, 02/01/29(o)			474		471,393
Intelsat Jackson Holdings SA
2017 Term Loan B3, (PRIME + 4.75%), 8.00%, 11/27/23			107		106,756
2017 Term Loan B4, (PRIME + 5.50%), 8.75%, 01/02/24			330		329,837
2017 Term Loan B5, (Fixed + 8.62%), 8.63%, 01/02/24			1,841		1,834,929
					3,222,832
Electrical Equipment — 0.1%
II-VI Incorporated, 2021 Bridge Term Loan B, 12/01/28(o)			346		345,135
Entertainment — 0.1%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%, 0.75% Floor), 7.00%, 11/12/25(a)			484		493,792
Food Products(o) — 0.0%
Naked Juice LLC
2nd Lien Term Loan, 01/24/30			38		38,190
Delayed Draw Term Loan, 01/24/29			15		30,966
Term Loan, 01/24/29			269		268,372
					337,528
Gas Utilities — 0.0%
Freeport LNG Investments, LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 12/21/28			328		326,644
Health Care Equipment & Supplies — 0.2%
Embecta Corp, Term Loan B, 01/27/29(o)			237		236,853
Ortho-Clinical Diagnostics SA
2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.10%, 06/30/25.			100		100,179
EUR Term Loan B, (EURIBOR + 3.50%), 3.50%, 06/30/25	EUR		875		982,143
					1,319,175
Health Care Providers & Services — 0.3%
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/08/27	USD		229		229,505
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 3.86%, 10/10/25			784		605,905

19

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
LifePoint Health, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 11/16/25	USD		146	$	145,291
Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 04/29/25			300		286,427
Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 3.25%, 12/11/26			489		487,015
					1,754,143
Health Care Services — 0.0%
Medical Solutions LLC, 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%, 0.50% floor), 7.50%, 11/01/29			149		147,014
Health Care Technology — 0.5%
Athenahealth, Inc.
2021 Term Loan B1, (3 mo. LIBOR + 4.25%), 4.40%, 02/11/26			157		156,698
2022 Delayed Draw Term loan, 01/26/29(o)			390		387,980
2022 Term Loan, 01/26/29(o)			2,300		2,289,084
Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 4.50%, 06/02/28			478		477,420
					3,311,182
Hotels, Restaurants & Leisure — 0.2%
Fertitta Entertainment, LLC, 2022 Term Loan B, (SOFRTE + 4.00%, 0.50% Floor), 4.50%, 01/27/29 ..			363		363,908
Great Canadian Gaming Corp., 2021 Term Loan, (3 mo. LIBOR + 4.00%, 0.75% floor), 4.75%, 11/01/26			71		71,036
IRB Holding Corp, 2022 Term Loan B, (SOFRTE + 3.00%, 0.75% Floor), 3.75%, 12/15/27			463		463,320
Life Time Fitness, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/16/24			100		100,433
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 2.47%, 07/21/26			39		39,331
					1,038,028
Household Durables — 0.0%
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% floor), 4.75%, 10/06/28			347		344,724
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.11%, 08/12/26			44		43,865
Industrial Conglomerates — 0.2%
PSAV Holdings Corp., 2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.25%, 09/01/25			623		494,009
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23			193		194,406
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 2.85%, 03/02/27			425		423,089
					1,111,504
Insurance — 0.3%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 05/09/25.			249		246,017
2021 Term Loan B4, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 11/06/27			283		282,760

Security		Par (000)		Value
Insurance (continued)
AssuredPartners, Inc., 2022 Term Loan, 02/12/27(o)	USD		265	$	264,338
HUB International Ltd., 2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 04/25/25			242		241,521
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%, 0.75% Floor), 3.75%, 09/01/27			235		234,339
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 3.36%, 12/31/25.			176		175,183
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 09/03/26.			274		273,359
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			201		200,934
					1,918,451
Interactive Media & Services — 0.1%
Camelot Finance SA, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/30/26			150		149,163
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			204		204,455
					353,618
Internet & Direct Marketing Retail — 0.0%
CNT Holdings I Corp., 2020 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 11/08/27			292		291,614
IT Services — 0.3%
Banff Merger Sub, Inc.
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 5.50%, 0.50% Floor), 6.00%, 02/27/26			529		532,084
2021 USD Term Loan, (3 mo. LIBOR + 3.75%), 3.97%, 10/02/25			347		345,503
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 10/30/26			202		201,123
Greeneden US Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27			336		335,368
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 3.61%, 02/12/27			213		210,953
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 05/05/26			167		167,277
					1,792,308
Life Sciences Tools & Services — 0.1%
ICON Luxembourg Sarl
LUX Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 2.75%, 07/03/28			454		452,977
US Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 2.75%, 07/03/28			113		112,659
					565,636
Machinery — 0.4%
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 10/21/28			290		289,669
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 1.86%, 03/01/27			104		103,065
Madison IAQ LLC, Term Loan, (6 mo. LIBOR + 3.25%, 0.50% Floor), 3.75%, 06/21/28			126		125,813

SCHEDULE   OF  INVESTMENTS 20

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Machinery (continued)
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 5.11%, 09/21/26	USD		514	$	513,686
Titan Acquisition Ltd., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.35%, 03/28/25			1,587		1,563,870
					2,596,103
Media — 0.6%
Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 2.99%, 07/15/25			44		43,112
Altice France SA, 2018 Term Loan B13, (2 mo. LIBOR + 4.00%), 4.11%, 08/14/26			205		204,422
AMC Entertainment Holdings, Inc., 04/22/26(o)			295		262,040
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 3.80%, 08/21/26			944		929,976
Connect Finco Sarl, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/11/26			234		233,394
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			90		85,129
MH Sub I LLC 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 3.61%, 09/13/24			229		227,770
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/13/24			230		229,120
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 6.36%, 02/12/29			66		66,289
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 03/09/27			1,507		1,484,849
					3,766,101
Metals & Mining — 0.0%
Grinding Media Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/12/28			120		119,626
Oil, Gas & Consumable Fuels — 0.4%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.00%, 11/01/25			2,463		2,648,117
Citgo Holding, Inc., 2019 Term Loan B, (1 mo. LIBOR + 7.00%, 1.00% Floor), 8.00%, 08/01/23			202		199,118
McDermott Technology Americas, Inc., 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.11%, 06/28/24(a)			17		10,323
					2,857,558
Pharmaceuticals — 0.1%
Endo Luxembourg Finance Co. I Sarl, 2021 Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 5.75%, 03/27/28			736		715,841
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.11%, 06/02/25			155		153,793
					869,634
Professional Services — 0.1%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 02/06/26			405		403,015
Dun & Bradstreet Corporation, 2022 Incremental Term Loan B2, 01/18/29(a)(o)			232		231,420
					634,435

Security		Par (000)		Value
Real Estate Management & Development — 0.1%
Chamberlain Group Inc, Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 11/03/28	USD		473	$	471,818
Semiconductors & Semiconductor Equipment — 0.1%
MKS Instruments, Inc., 2021 USD Term Loan, 10/21/28(o)			443		442,030
Software — 1.3%
Barracuda Networks, Inc., 2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 7.50%, 10/30/28			228		229,631
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%, 0.50% Floor), 6.50%, 10/08/29(a)			341		340,147
2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 4.25%, 10/08/28			974		970,961
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.50%, 05/28/24			315		306,516
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 07/31/28			117		119,267
2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 4.00%, 07/30/27			319		318,257
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 3.97%, 03/11/28			152		151,155
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%, 0.75% Floor), 5.75%, 07/27/28			1,009		1,005,937
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 9.00%, 07/27/29			530		528,675
Planview Parent, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 8.00%, 12/18/28(a)			195		194,513
Proof Point, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 6.25%, 0.50% Floor), 6.75%, 08/31/29			457		460,286
Proofpoint, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 0.50% floor), 3.75%, 08/31/28			309		307,282
RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% floor), 3.75%, 04/24/28			414		411,677
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 3.36%, 05/30/25			18		17,805
Sabre GLBL, Inc.
2021 Term Loan B1, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 12/17/27			204		201,161
2021 Term Loan B2, (1 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 12/17/27			326		320,663
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 4.00%, 10/07/27			983		981,640
Sovos Compliance LLC, 2021 Term Loan, (1 mo. LIBOR + 4.50%, 0.50% Floor), 5.00%, 08/11/28			192		192,824
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 1.86%, 04/16/25.			71		70,023
SS&C Technologies, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 1.86%, 04/16/25			97		96,244
Tibco Software Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 7.36%, 03/03/28			232		232,580
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%, 0.50% Floor), 5.75%, 05/03/27			409		411,896

21

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
Ultimate Software Group, Inc. (continued)
2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50%floor), 3.75%, 05/04/26	USD		215	$	214,291
Term Loan B, (1 mo. LIBOR + 3.75%), 3.86%, 05/04/26.			304		303,780
					8,387,211
Specialty Retail — 0.1%
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/11/28			729		727,738
Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 5.13%, 04/16/26			183		174,037
					901,775
Textiles, Apparel & Luxury Goods — 0.2%
Crocs, Inc., Term Loan B, 01/26/29(o)			1,146		1,138,265
Trading Companies & Distributors — 0.0%
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50%floor), 3.75%, 02/03/28.			130		129,144
SRS Distribution Inc., 2022 Incremental Term Loan, 06/02/28(o)			137		136,915
					266,059
Total Floating Rate Loan Interests — 9.5%     (Cost: $61,477,496)				61,469,378
Foreign Agency Obligations
Argentina — 0.0%
Argentine Republic Government International Bond, 2.50%, 07/09/41(n)			802		285,229
Bahrain — 0.1%
Bahrain Government International Bond, 7.00%, 01/26/26(e)			301		323,914
Colombia — 0.2%
Colombia Government International Bond
8.13%, 05/21/24			159		178,259
4.50%, 01/28/26(g)			342		352,645
3.88%, 04/25/27(g)			477		468,295
3.13%, 04/15/31			580		497,096
					1,496,295
Dominican Republic — 0.3%
Dominican Republic International Bond
5.95%, 01/25/27(e)			531		580,781
4.50%, 01/30/30(c)			443		434,223
4.88%, 09/23/32(c)			550		539,619
6.40%, 06/05/49(e)			271		270,712
					1,825,335
Egypt — 0.3%
Egypt Government International Bond
5.75%, 05/29/24(c)			200		204,000
5.88%, 06/11/25(e)			603		609,030
7.60%, 03/01/29(e)			471		455,104
6.38%, 04/11/31(c)	EUR		130		127,792

Security		Par (000)		Value
Egypt (continued)
Egypt Government International Bond (continued)
8.50%, 01/31/47(c)	USD		502	$	419,170
7.50%, 02/16/61(c)			200		154,750
					1,969,846
Guatemala — 0.1%
Guatemala Government Bond(c)
5.38%, 04/24/32			200		215,662
4.65%, 10/07/41			200		192,913
					408,575
Iceland — 0.5%
Iceland Government International Bond, 5.88%, 05/11/22(e)(g)			3,415		3,455,787
Indonesia — 0.1%
Indonesia Government International Bond(g)
4.10%, 04/24/28			317		344,004
5.35%, 02/11/49			295		356,983
					700,987
Mexico — 0.1%
Mexico Government International Bond
3.75%, 01/11/28(g)			200		210,300
2.66%, 05/24/31			200		188,400
					398,700
Mongolia — 0.0%
Mongolia Government International Bond, 5.13%, 04/07/26(e)			250		252,527
Morocco — 0.1%
Morocco Government International Bond
3.00%, 12/15/32(c)			300		277,125
4.00%, 12/15/50(e)			311		267,460
					544,585
Oman — 0.1%
Oman Government International Bond(e)
6.50%, 03/08/47			309		293,936
6.75%, 01/17/48			309		302,434
					596,370
Panama — 0.2%
Panama Government International Bond(g)
3.16%, 01/23/30			727		730,998
4.50%, 04/16/50			407		416,107
					1,147,105
Paraguay — 0.1%
Paraguay Government International Bond, 4.70%, 03/27/27(e)			305		329,076
Peru — 0.1%
Peruvian Government International Bond
2.78%, 01/23/31(g)			233		225,471
1.86%, 12/01/32(g)			373		328,077
3.00%, 01/15/34			176		168,696
					722,244
Portugal — 0.6%
Portugal Government International Bond, 5.13%, 10/15/24(c)(g)			3,680		4,024,787

SCHEDULE   OF  INVESTMENTS 22

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Qatar — 0.1%
Qatar Government International Bond
4.00%, 03/14/29(c)	USD		478	$	525,800
4.40%, 04/16/50(e)			200		236,500
					762,300
Romania — 0.1%
Romanian Government International Bond, 3.00%, 02/14/31(c)			458		443,802
Russia — 0.1%
Russian Foreign Bond - Eurobond, 4.25%, 06/23/27(e)			600		599,400
Saudi Arabia — 0.1%
Saudi Government International Bond
4.38%, 04/16/29(c)			200		223,776
4.50%, 04/17/30(e)(g)			362		409,965
2.25%, 02/02/33(e)			200		190,222
					823,963
Sri Lanka — 0.1%
Sri Lanka Government International Bond(e)
6.85%, 03/14/24			400		204,325
7.85%, 03/14/29			400		194,825
					399,150	��
Ukraine — 0.1%
Ukraine Government International Bond
8.99%, 02/01/24(e)			224		207,200
7.75%, 09/01/24(e)			280		249,777
7.75%, 09/01/25(e)			226		198,880
7.25%, 03/15/33(c)			371		311,640
					967,497
Uruguay — 0.0%
Uruguay Government International Bond, 4.98%, 04/20/55			198		244,222
Total Foreign Agency Obligations — 3.5%     (Cost: $23,175,054)				22,721,696
Municipal Bonds
California — 0.0%
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(k)			1,230		234,568
Illinois — 0.2%
State of Illinois, GO, 5.10%, 06/01/33			800		890,207
Total Municipal Bonds — 0.2%     (Cost: $1,002,157)				1,124,775
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 10.3%
American Home Mortgage Assets Trust,
Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 1.01%, 11/25/46(b)			4,502		1,798,442
CHL Mortgage Pass-Through Trust
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 0.76%, 07/25/37(b)			2,698		820,386
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			1,490		789,295

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 2.61%, 11/25/36(b)	USD		1,385	$	1,323,646
COLT Mortgage Loan Trust(b)(c)
Series 2020-2, Class M1, 5.25%, 03/25/65			2,550		2,567,569
Series 2020-3, Class M1, 3.36%, 04/27/65			2,850		2,861,956
Countrywide Alternative Loan Trust
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 0.56%, 05/25/35(b)			1,574		1,465,864
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 0.51%, 12/25/36(b)			2,271		215,032
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			1,698		1,180,728
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 1.72%, 11/20/46(b)			3,518		2,680,792
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,924		1,159,297
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 0.94%, 11/25/46(b)			5,160		4,688,545
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.38%), 0.49%, 10/25/46(b)			3,384		3,292,229
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.24%), 0.35%, 12/25/46(b)			1,967		1,907,681
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.42%), 0.53%, 07/25/46(b)			3,843		3,090,710
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.38%), 0.49%, 07/25/46(b)			1,339		1,218,779
Series 2007-12T1, Class A22, 5.75%, 06/25/37			3,686		2,419,856
Series 2007-12T1, Class A5, 6.00%, 06/25/37			1,788		1,210,109
Series 2007-19, Class 1A1, 6.00%, 08/25/37			574		394,782
Series 2007-22, Class 2A16, 6.50%, 09/25/37			7,334		4,020,883
Series 2007-23CB, Class A1, 6.00%, 09/25/37			4,367		3,106,332
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 0.46%, 04/25/37(b)			1,947		1,531,945
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 0.93%, 03/25/47(b)			2,343		2,117,211
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.40%), 0.51%, 04/25/46(b)			5,268		4,958,562
CSMC(b)(c)
Series 2011-4R, Class 1A2, (1 mo. LIBOR US + 1.50%), 1.60%, 09/27/37			1,553		1,431,236
Series 2021-NQM2, Class M1, 2.28%, 02/25/66			1,500		1,464,252
Ellington Financial Mortgage Trust, Series 2020-1, Class M1, 5.24%, 05/25/65(b)(c)			500		507,421
MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65(b)(c)			2,000		1,968,488
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 0.98%, 05/26/37(c)			5,131		5,223,781
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(b)			6,952		2,102,925
Residential Asset Securitization Trust, Series 2006- A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 0.71%, 08/25/36(b)			6,373		820,834
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(b)(c)			1,750		1,722,249
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65(b)(c)			1,057		1,055,820
					67,117,637

23

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities(c) — 0.7%
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36	USD		2,000	$	2,124,995
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. LIBOR US + 0.27%), 0.38%, 07/25/37(b)			1,612		1,550,362
Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. LIBOR US + 2.25%), 2.36%, 07/15/38(b)			328		327,785
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1 mo. LIBOR US + 1.00%), 1.11%, 04/25/31(b)			512		504,558
					4,507,700
Total Non-Agency Mortgage-Backed Securities — 11.0%     (Cost: $80,651,655)					71,625,337
Preferred Securities
Capital Trusts — 6.8%
Automobiles — 0.1%
General Motors Financial Co., Inc., Series C, 5.70%(b)(l)			395		443,901
Banks(b) — 2.2%
Al Ahli Bank of Kuwait KSCP, 7.25%(e)(l)			200		208,475
Banco Davivienda SA, 6.65%(c)(l)			200		197,750
Banco Mercantil del Norte SA, 5.88%(c)(l)			205		197,671
Bank of East Asia Ltd., 5.88%(e)(l)			250		256,453
BBVA Bancomer SA, 5.13%, 01/18/33(e)			200		201,018
Burgan Bank SAK, 5.75%(e)(l)			250		247,938
Credit Agricole S.A., 4.75%, 12/31/99(c)(l)			460		451,375
Industrial & Commercial Bank of China Ltd., 3.20%(e)(l)			210		211,838
ING Groep NV, 3.88%(l)			1,750		1,601,250
Kasikornbank PCL, 5.28%(e)(l)			246		252,811
Nanyang Commercial Bank Ltd., 5.00%(e)(l)			200		201,750
Nordea Bank Abp, 3.75%(c)(l)			560		508,200
Rizal Commercial Banking Corp., 6.50%(e)(l)			200		201,725
TMBThanachart Bank PCL, 4.90%(e)(l)			250		247,781
Wells Fargo & Co., Series S, 5.90%(g)(l)			8,800		9,020,000
					14,006,035
Building Materials — 0.0%
Cemex SAB de CV, 5.13%(b)(c)(l)			200		200,302
Capital Markets — 0.4%
Bank of New York Mellon Corp., Series I, 3.75%(b)(l)			2,845		2,759,650
Diversified Financial Services(b)(l) — 3.4%
Banco Santander SA, 4.38%(e)	EUR		200		223,630
Bank of America Corp.(g)
Series AA, 6.10%	USD		2,880		3,104,381
Series X, 6.25%			5,535		5,867,100
Barclays PLC, 4.38%			585		552,298
Credit Suisse Group AG, 6.38%(c)			358		373,663
HSBC Holdings PLC, 6.00%(g)			695		733,663
JPMorgan Chase & Co.
Series FF, 5.00%(g)			1,025		1,042,937
Series HH, 4.60%			320		318,400
Series R, 6.00%			174		180,721
Natwest Group PLC, 6.00%(g)			1,185		1,247,923
Societe Generale SA(c)(g) 5.38%			3,000		3,019,500

Security		Par (000)		Value
Diversified Financial Services (continued)
Societe Generale SA(c)(g) (continued) 6.75%	USD		3,000	$	3,195,000
UBS Group AG, 3.88%(c)			1,750		1,680,437
Woori Bank, 4.25%(e)			250		257,969
					21,797,622
Diversified Telecommunication Services(b)(e)(l) — 0.0%
Koninklijke KPN NV, 2.00%	EUR		100		111,462
Telefonica Europe BV, 4.38%			100		119,371
					230,833
Electric Utilities(b) — 0.5%
Edison International, Series B, 5.00%(l)	USD		220		219,160
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79(g)			2,500		2,778,385
					2,997,545
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26(e)	EUR		100		112,907
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp., 7.00%(b)(c)(l)	USD		307		305,465
Insurance — 0.0%
Heungkuk Life Insurance Co. Ltd., 4.48%(b)(e)(l)			200		201,163
Oil, Gas & Consumable Fuels(b)(e)(l) — 0.0%
Abertis Infraestructuras Finance BV, 3.25%	EUR		100		112,064
Repsol International Finance BV, 4.25%			100		118,103
					230,167
Real Estate Management & Development(b)(e)(l) — 0.1%
Aroundtown SA, 3.38%			100		114,277
Citycon OYJ, 4.50%			100		109,966
Heimstaden Bostad AB, 3.00%			100		104,200
					328,443
Transportation Infrastructure — 0.0%
Poste Italiane SpA, 2.63%(b)(e)(l)			100		105,011
Utilities — 0.0%
Electricite de France SA, 3.00%(b)(e)(l)			200		218,983
					43,938,027
		Shares
Preferred Stocks — 2.2%(b)(l)
Capital Markets — 2.2%
Goldman Sachs Group, Inc., Series J			395,017		10,338,969
Morgan Stanley
Series F			100,000		2,712,000
Series K			60,125		1,659,450
					14,710,419
Total Preferred Securities — 9.0% (Cost: $57,235,549)					58,648,446

SCHEDULE   OF  INVESTMENTS 24

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
U.S. Government Sponsored Agency Securities
Agency Obligations — 5.3%
Uniform Mortgage-Backed Securities
3.63%, 03/27/32(c)	USD		222	$	222,000
2.50%, 10/01/51 - 01/01/52(g)			33,384		33,644,592
4.00%, 01/31/52			200		205,000
4.50%, 01/19/63			200		202,200
					34,273,792
Collateralized Mortgage Obligations — 1.0%
Government National Mortgage Association, Series 2017-136, Class GB, 3.00%, 03/20/47			944		952,645
Uniform Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44			5,246		5,591,338
					6,543,983
Mortgage-Backed Securities — 24.8%
Fannie Mae Mortgage-Backed Securities, 2.50%, 12/01/51(g)			23,036		23,139,991
Uniform Mortgage-Backed Securities
4.50%, 11/01/23 - 07/01/55(g)(p)			21,190		23,140,984
4.00%, 02/01/34 - 04/01/56(g)			21,828		23,691,726
2.00%, 11/01/50 - 02/14/52(g)(p)			35,845		35,004,691
2.50%, 02/01/52(p)			56,450		56,352,976
					161,330,368
Total U.S. Government Sponsored Agency Securities — 31.1% (Cost: $204,633,505)				202,148,143
		Shares
Warrants
Entertainment — 0.0%
Aviron Capital LLC (Expires 12/16/31)(a)(f)			10		—
Total Warrants — 0.0%     (Cost: $ — )				—
Total Long-Term Investments — 161.5%     (Cost: $1,060,572,765)				1,048,713,979
Short-Term Securities
Money Market Funds — 2.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(q)(r)			13,545,252		13,545,252
Total Short-Term Securities — 2.1%     (Cost: $13,545,252)				13,545,252
Options Purchased — 0.4%     (Cost: $2,185,692)				2,427,821
Total Investments Before TBA Sale Commitments     and Options Written — 164.0%     (Cost: $1,076,303,709)				1,064,687,052

Security		Par (000)			Value
TBA Sale Commitments(p)
Mortgage-Backed Securities — (10.0)%
Uniform Mortgage-Backed Securities
2.00%, 02/14/52	USD		(9,000	)	$	(8,773,594	)
2.50%, 02/12/51			(56,450	)		(56,352,976	)
Total TBA Sale Commitments — (10.0)%     (Proceeds: $(65,701,566))					(65,126,570)
Options Written — (0.9)%     (Premiums Received: $(3,586,801))					(5,523,130)
Total Investments, Net of TBA Sale Commitments     and Options Written — 153.1%     (Cost: $1,007,015,342)					994,037,352
Liabilities in Excess of Other Assets — (53.1)%					(344,638,714)
Net Assets — 100.0%					$    649,398,638

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

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

^(c)  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.

^(d)  Rounds to less than 1,000.

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

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

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

^(j)  Convertible security.

^(k)  Zero-coupon bond.

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

^(m)  When-issued security.

⁽ⁿ⁾  Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

^(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.

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

25

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/22		Shares Held at 01/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	36,212,415	$	—	$	(22,667,163	)(a)	$	—	$	—	$	13,545,252		13,545,252	$	513	$	—

(a) Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty	Interest Rate		Trade Date	Maturity Date	(a)		Face Value		Face Value Including Accrued Interest	Type of Non-Cash Underlying Collateral	Remaining    Contractual Maturity    of the Agreements(a)
BNP Paribas S.A	0.65	%(b)	05/19/21	Open		$	748,294	$	751,658	Corporate Bonds	Open/Demand
Credit Agricole Corporate and Investment Bank	0.27	(b)	05/28/21	Open			218,729		219,131	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A	0.55	(b)	06/02/21	Open			127,635		128,118	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	06/02/21	Open			573,530		575,715	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	06/02/21	Open			405,300		406,835	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	06/02/21	Open			786,097		789,075	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.60	(b)	06/02/21	Open			292,110		293,315	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.60	(b)	06/02/21	Open			251,940		252,960	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.60	(b)	06/02/21	Open			335,723		337,082	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.60	(b)	06/02/21	Open			806,310		809,666	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	06/02/21	Open			2,895,220		2,907,923	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	06/02/21	Open			1,138,467		1,143,463	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	06/02/21	Open			413,400		415,214	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	06/02/21	Open			941,162		945,292	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	06/03/21	Open			4,011,200		4,026,030	Foreign Agency Obligations	Open/Demand
BNP Paribas S.A	0.60	(b)	06/03/21	Open			1,463,040		1,468,941	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.60	(b)	06/03/21	Open			703,972		706,812	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.60	(b)	06/03/21	Open			815,797		819,088	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.63	(b)	06/03/21	Open			1,027,055		1,031,405	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	06/03/21	Open			875,617		879,443	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	06/03/21	Open			640,628		643,427	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	06/03/21	Open			987,806		992,122	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	06/04/21	Open			1,066,007		1,069,900	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.58	(b)	06/04/21	Open			568,488		570,677	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.58	(b)	06/04/21	Open			654,439		656,959	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	06/04/21	Open			493,870		496,001	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	06/07/21	Open			318,553		319,927	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			768,281		770,810	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			851,200		854,002	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			1,713,319		1,718,958	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			1,246,087		1,250,189	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			548,885		550,692	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			638,691		640,794	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			1,234,494		1,238,557	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			568,215		570,085	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			590,550		592,494	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			186,900		187,515	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			724,066		726,450	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			556,140		557,971	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			561,720		563,569	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			540,940		542,721	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			737,100		739,526	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			602,950		604,935	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			508,500		510,174	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/08/21	Open			771,192		773,731	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	0.30	(b)	06/08/21	Open			195,122		195,507	Foreign Agency Obligations	Open/Demand

SCHEDULE   OF   INVESTMENTS 26

Schedule of Investments (unaudited) (continued) January 31, 2022 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 Suisse Securities (USA) LLC	0.30	%(b)	06/08/21	Open		$	322,288	$	322,924	Foreign Agency Obligations	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			447,435		448,618	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			367,031		368,002	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			513,523		514,880	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			503,815		505,147	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			376,188		377,182	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			607,104		608,709	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			369,075		370,051	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			132,076		132,424	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			646,121		647,823	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			606,365		607,962	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			1,082,812		1,085,664	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			544,620		546,054	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			43,394		43,508	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			316,350		317,183	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			291,094		291,860	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			1,617,724		1,621,984	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			1,260,682		1,264,002	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/08/21	Open			399,630		400,682	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.30	(b)	06/09/21	Open			1,881,487		1,885,188	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.30	(b)	06/09/21	Open			3,030,812		3,036,773	Foreign Agency Obligations	Open/Demand
Barclays Bank PLC	0.50	(b)	06/09/21	Open			8,250,000		8,277,042	Capital Trusts	Open/Demand
Barclays Bank PLC	0.50	(b)	06/09/21	Open			6,562,500		6,584,010	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			689,081		691,340	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			593,583		595,528	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/09/21	Open			726,250		728,631	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.28	(b)	06/09/21	Open			711,220		712,525	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/09/21	Open			457,714		458,914	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/09/21	Open			195,428		195,940	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/09/21	Open			145,991		146,374	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	06/09/21	Open			158,415		158,830	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.45	(b)	06/09/21	Open			650,000		651,918	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.30	(b)	06/11/21	Open			3,001,087		3,006,890	Capital Trusts	Open/Demand
Barclays Bank PLC	0.30	(b)	06/11/21	Open			1,071,250		1,073,321	Capital Trusts	Open/Demand
Barclays Bank PLC	0.30	(b)	06/11/21	Open			3,192,922		3,199,095	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.35	(b)	06/11/21	Open			4,020,000		4,029,067	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.50	(b)	06/11/21	Open			1,832,500		1,838,405	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.50	(b)	06/11/21	Open			2,538,750		2,546,930	Capital Trusts	Open/Demand
Barclays Bank PLC	0.50	(b)	06/11/21	Open			507,919		509,555	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.50	(b)	06/11/21	Open			1,732,500		1,738,083	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/11/21	Open			359,599		360,757	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/11/21	Open			1,402,992		1,407,513	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.28	(b)	06/11/21	Open			1,795,937		1,799,178	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.28	(b)	06/11/21	Open			605,625		606,718	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.28	(b)	06/11/21	Open			384,125		384,818	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.28	(b)	06/11/21	Open			2,625,000		2,629,737	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/18/21	Open			89,700		89,984	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/23/21	Open			852,825		855,466	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.30	(b)	06/29/21	Open			205,275		205,644	Capital Trusts	Open/Demand
Barclays Bank PLC	0.30	(b)	06/29/21	Open			1,309,800		1,312,158	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.30	(b)	06/29/21	Open			4,236,937		4,244,564	Capital Trusts	Open/Demand
Barclays Bank PLC	0.30	(b)	06/29/21	Open			691,145		692,389	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.30	(b)	06/29/21	Open			1,992,500		1,996,087	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.50	(b)	06/29/21	Open			2,583,750		2,591,501	Capital Trusts	Open/Demand
Barclays Bank PLC	0.50	(b)	06/29/21	Open			880,175		882,816	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.50	(b)	06/29/21	Open			1,030,950		1,034,043	Capital Trusts	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/29/21	Open			527,088		528,669	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/29/21	Open			1,718,640		1,723,796	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/29/21	Open			661,458		663,442	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/29/21	Open			793,760		796,141	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/29/21	Open			1,215,982		1,219,630	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	06/29/21	Open			662,905		664,894	Corporate Bonds	Open/Demand

27

Schedule of Investments (unaudited) (continued) January 31, 2022 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.	0.50	%(b)	06/29/21	.Open		$	763,875	$	766,167	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	07/06/21	Open			1,655,280		1,659,124	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	07/06/21	Open			1,171,970		1,174,692	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	07/06/21	Open			1,066,155		1,068,631	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	07/09/21	Open			1,094,919		1,098,021	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	07/09/21	Open			346,750		347,831	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	07/09/21	Open			388,643		390,074	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.60	(b)	07/13/21	Open			804,151		806,859	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	07/13/21	Open			575,456		576,748	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.45	(b)	07/14/21	Open			1,089,485		1,092,222	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.50	(b)	07/14/21	Open			1,122,367		1,125,501	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.29	(b)	07/15/21	Open			845,487		846,850	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.43	(b)	07/15/21	Open			877,200		879,296	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.45	(b)	07/15/21	Open			538,750		540,097	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			596,250		597,078	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			2,901,565		2,905,595	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			1,749,375		1,751,805	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			861,000		862,196	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			458,000		458,636	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			369,675		370,188	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			1,078,000		1,079,497	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			757,750		758,802	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			808,500		809,623	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			530,438		531,174	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			853,012		854,197	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			124,875		125,048	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			447,836		448,458	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			897,187		898,434	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			538,945		539,694	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			1,007,812		1,009,212	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			678,438		679,380	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			721,912		722,915	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			480,500		481,167	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			492,500		493,184	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			508,000		508,706	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			485,000		485,674	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			1,017,000		1,018,413	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			780,937		782,022	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			554,375		555,145	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			2,949,019		2,953,115	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			555,100		555,871	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			1,304,687		1,306,500	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			394,975		395,524	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			293,125		293,532	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			595,000		595,826	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			2,646,000		2,649,675	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			1,161,250		1,162,863	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.25	(b)	07/15/21	Open			318,150		318,592	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.47	(b)	07/16/21	Open			718,275		720,122	Corporate Bonds	Open/Demand
Barclays Bank PLC	(0.25	)(b)	07/19/21	Open			177,500		177,258	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	07/20/21	Open			500,894		502,753	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	07/20/21	Open			492,769		493,836	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	07/20/21	Open			532,703		533,857	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	07/20/21	Open			504,175		505,267	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	07/20/21	Open			462,070		463,071	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	07/20/21	Open			486,570		487,624	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	07/20/21	Open			523,933		525,068	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC	(0.50	)(b)	07/21/21	Open			684,688		682,843	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	07/22/21	Open			681,150		683,650	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	07/22/21	Open			1,114,296		1,118,179	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	07/22/21	Open			1,104,327		1,108,176	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	07/22/21	Open			1,240,720		1,245,044	Corporate Bonds	Open/Demand

SCHEDULE   OF   INVESTMENTS 28

Schedule of Investments (unaudited) (continued) January 31, 2022 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

0.25

%(b)

07/22/21

Open

$

327,630

$

328,069

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

147,900

148,217

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

646,380

647,766

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

315,563

316,239

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

187,208

187,609

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

167,580

167,939

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

886,559

888,460

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

452,078

453,047

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

249,851

250,387

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

114,180

114,425

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

402,720

403,584

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

1,366,540

1,369,470

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

1,132,115

1,134,543

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

843,526

845,335

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

515,235

516,340

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

372,300

373,098

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

176,245

176,623

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

3,416,250

3,423,576

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

502,226

503,303

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

1,146,360

1,148,818

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

829,170

830,948

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

178,094

178,476

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

270,300

270,880

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

378,000

378,811

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/22/21

Open

99,325

99,538

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.34

(b)

07/23/21

Open

620,800

621,914

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.35

(b)

07/23/21

Open

603,838

604,953

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.37

(b)

07/23/21

Open

590,388

591,540

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.37

(b)

07/23/21

Open

565,756

566,861

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.40

(b)

07/27/21

Open

660,935

662,316

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/29/21

Open

908,406

909,814

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/29/21

Open

13,744

13,765

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.30

(b)

07/29/21

Open

415,013

415,656

Capital Trusts

Open/Demand

Barclays Capital, Inc.

0.40

(b)

07/29/21

Open

1,022,805

1,024,919

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

845,575

847,759

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

904,812

907,150

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

498,438

499,725

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

129,060

129,393

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

612,763

614,345

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

1,780,120

1,784,719

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

895,747

898,062

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

29,800

29,877

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

163,445

163,867

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

1,342,120

1,345,587

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

261,184

261,858

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

522,675

524,025

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

388,068

389,070

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

891,800

894,104

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

118,140

118,445

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

1,085,256

1,088,060

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

(b)

07/29/21

Open

223,355

223,932

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.25

(b)

07/29/21

Open

1,231,250

1,232,840

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.25

(b)

07/29/21

Open

572,500

573,239

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.27

(b)

07/29/21

Open

391,738

392,284

Foreign Agency Obligations

Open/Demand

29

Schedule of Investments (unaudited) (continued) January 31, 2022 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	0.27	%(b)	07/29/21	Open		$	310,989	$	311,423	Foreign Agency Obligations	Open/Demand
Credit Agricole Corporate and Investment Bank	0.30	(b)	07/29/21	Open			1,477,500		1,479,790	Capital Trusts	Open/Demand
RBC Capital Markets LLC	0.40	(b)	07/29/21	Open			863,651		865,436	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	08/03/21	Open			1,298,400		1,301,664	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	08/03/21	Open			531,019		532,354	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	08/03/21	Open			1,312,905		1,315,545	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	08/03/21	Open			324,370		325,022	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	08/04/21	Open			192,270		192,751	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	08/04/21	Open			387,603		388,378	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.50	(b)	08/09/21	Open			1,701,976		1,706,113	Corporate Bonds	Open/Demand
Credit Agricole Corporate and Investment Bank	0.34	(b)	09/16/21	Open			464,310		464,911	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	09/20/21	Open			707,000		708,306	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	09/20/21	Open			700,931		702,236	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	09/22/21	Open			261,750		262,134	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.47	(b)	10/01/21	Open			504,875		505,666	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.50	(b)	10/06/21	Open			907,705		909,193	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	10/12/21	Open			1,648,211		1,650,752	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.63	(b)	10/12/21	Open			1,022,351		1,024,337	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.50	(b)	10/18/21	Open			278,731		279,138	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.50	(b)	10/22/21	Open			811,125		812,240	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	10/22/21	Open			414,775		415,345	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.45	(b)	10/27/21	Open			795,375		796,329	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	10/27/21	Open			482,588		483,295	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.10	(b)	10/28/21	Open			433,613		433,727	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.11	(b)	10/28/21	Open			239,951		240,021	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.15	(b)	10/28/21	Open			881,182		881,531	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.15	(b)	10/28/21	Open			270,663		270,770	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.15	(b)	10/28/21	Open			127,065		127,115	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.15	(b)	10/28/21	Open			904,162		904,520	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.15	(b)	10/28/21	Open			488,700		488,893	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.15	(b)	10/28/21	Open			413,131		413,295	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.15	(b)	10/28/21	Open			366,420		366,565	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.15	(b)	10/28/21	Open			209,950		210,033	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.47	(b)	10/29/21	Open			435,240		435,763	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	11/02/21	Open			798,607		799,406	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	11/05/21	Open			490,500		491,079	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.50	(b)	11/08/21	Open			161,000		161,188	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	11/08/21	Open			182,569		182,782	Corporate Bonds	Open/Demand
Credit Agricole Corporate and Investment Bank	0.27	(b)	11/08/21	Open			346,938		347,156	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	11/09/21	Open			169,894		170,050	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.55	(b)	11/10/21	Open			215,156		215,423	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.33	(b)	11/10/21	Open			332,850		333,097	Foreign Agency Obligations	Open/Demand
Barclays Capital, Inc.	0.50	(b)	11/16/21	Open			249,380		249,643	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.47	(b)	11/16/21	Open			704,996		705,696	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	11/16/21	Open			1,037,900		1,039,105	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	11/16/21	Open			334,950		335,233	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	(3.00	)(b)	11/17/21	Open			159,485		158,488	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.60	(b)	11/17/21	Open			927,990		929,150	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	11/17/21	Open			68,371		68,428	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.15	(b)	11/18/21	Open			416,779		416,907	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.55	(b)	11/23/21	Open			239,019		239,270	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	11/26/21	Open			1,087,121		1,088,436	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	12/01/21	Open			581,018		581,510	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	12/01/21	Open			906,125		906,739	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.30	(b)	12/06/21	Open			637,922		638,220	Corporate Bonds	Open/Demand
Barclays Bank PLC	0.55	(b)	12/08/21	Open			180,750		180,899	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.45	(b)	12/08/21	Open			345,420		345,653	Foreign Agency Obligations	Open/Demand

SCHEDULE   OF   INVESTMENTS 30

Schedule of Investments (unaudited) (continued) January 31, 2022 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	0.27	%(b)	12/08/21	Open		$	513,166	$	513,374	Foreign Agency Obligations	Open/Demand
Credit Agricole Corporate and Investment Bank	0.32	(b)	12/08/21	Open			574,828		575,104	Corporate Bonds	Open/Demand
Credit Agricole Corporate and Investment Bank	0.25	(b)	12/09/21	Open			402,725		402,873	Foreign Agency Obligations	Open/Demand
RBC Capital Markets LLC	(0.60	)(b)	12/20/21	Open			158,015		157,904	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	12/20/21	Open			807,795		808,172	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	12/20/21	Open			78,488		78,525	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	12/29/21	Open			180,863		180,974	Corporate Bonds	Open/Demand
Credit Agricole Corporate and Investment Bank	0.35	(b)	01/04/22	Open			614,010		614,171	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	0.50	(b)	01/05/22	Open			958,954		959,300	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.40	(b)	01/06/22	Open			376,275		376,380	Corporate Bonds	Open/Demand
Barclays Capital, Inc.	(1.75	)(b)	01/10/22	Open			344,583		344,231	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	01/10/22	Open			319,510		319,613	Corporate Bonds	Open/Demand
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			26,573		26,574	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,458,578		1,458,647	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			975,154		975,200	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,254,791		1,254,850	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			250,869		250,881	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,543,265		1,543,339	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			4,622,698		4,622,917	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,105,173		1,105,226	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			38,821		38,822	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			22,682,310		22,688,445	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,973,131		1,973,225	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			39,059		39,061	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			3,236,677		3,236,831	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			6,934,548		6,934,878	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			609,469		609,498	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			3,799,150		3,799,330	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			876,338		876,380	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,508,424		1,508,496	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			460,789		460,811	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			11,292		11,293	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			561,332		561,359	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			820,702		820,741	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			714,940		714,974	U.S. Government Sponsored Agency Securities	Up to 30 Days

31

Schedule of Investments (unaudited) (continued) January 31, 2022 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	0.09	%	01/12/22	02/14/22		$	14,661	$	14,662	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			831,914		831,954	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			636,192		636,223	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,555,355		1,555,429	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			184,948		184,957	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			2,408,660		2,408,775	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			719,901		719,935	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			173,448		173,456	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			156,916		156,923	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,807,219		1,807,305	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			3,133,091		3,133,240	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			35,705		35,707	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			362,297		362,314	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,908,198		1,908,288	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			21,451		21,452	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			43,511		43,513	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			4,893,292		4,893,524	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			2,106,866		2,106,967	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			660,399		660,431	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,805,456		1,805,542	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			35,931		35,932	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,039,066		1,039,115	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,052,398		1,052,448	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,289,680		1,289,741	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,356,197		1,356,262	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			894,594		894,636	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,319,940		1,320,003	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			646,897		646,927	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			920,080		920,123	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			640,697		640,727	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			6,334,080		6,334,381	U.S. Government Sponsored Agency Securities	Up to 30 Days

SCHEDULE   OF  INVESTMENTS 32

Schedule of Investments (unaudited) (continued) January 31, 2022 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	0.09	%	01/12/22	02/14/22		$	1,235,946	$	1,236,005	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			1,280,127		1,280,188	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			142,493		142,500	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			8,506,519		8,506,923	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.09		01/12/22	02/14/22			31,232		31,233	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.	0.10		01/12/22	02/14/22			6,466,693		6,467,035	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.	0.10		01/12/22	02/14/22			2,869,308		2,869,460	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.	0.10		01/12/22	02/14/22			9,553,491		9,553,995	U.S. Government Sponsored Agency Securities	Up to 30 Days
Credit Agricole Corporate and Investment Bank	0.37	(b)	01/13/22	Open			551,650		551,752	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	0.38	(b)	01/18/22	Open			357,500		357,553	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.55	(b)	01/19/22	Open			755,402		755,414	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.65	(b)	01/20/22	Open			452,056		452,146	Corporate Bonds	Open/Demand
BNP Paribas S.A	0.47	(b)	01/27/22	Open			610,695		610,727	Corporate Bonds	Open/Demand
Credit Agricole Corporate and Investment Bank	0.35	(b)	01/27/22	Open			269,815		269,826	Corporate Bonds	Open/Demand
						$	366,671,746	$	367,242,201

^(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)
Short Contracts
10-Year U.S. Treasury Note.		713		03/22/22	$	91,242	$	623,828
10-Year U.S. Ultra Long Treasury Note		233		03/22/22		33,257		407,209
U.S. Long Bond		95		03/22/22		14,775		387,878
Ultra U.S. Treasury Bond		274		03/22/22		51,658		1,523,677
2-Year U.S. Treasury Note		521		03/31/22		112,841		900,397
5-Year U.S. Treasury Note		838		03/31/22		99,905		1,053,211
90-Day Eurodollar.		42		12/16/24		10,294		53,829
							$	4,950,029

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	167,423	EUR	146,740	Citibank N.A.		02/22/22	$	2,501
USD	4,970,000	CAD	6,267,533	Westpac Banking Corp.		03/16/22		39,688
USD	13,256,231	EUR	11,708,000	Natwest Markets PLC		03/16/22		90,686
								132,875
CAD	6,209,271	USD	4,970,000	Barclays Bank PLC		03/16/22		(85,519	)
USD	11,740	CAD	15,000	Morgan Stanley & Co. International PLC		03/16/22		(60	)
USD	2,123,070	GBP	1,601,000	JPMorgan Chase Bank N.A.		03/16/22		(29,567	)

33

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT)

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	3,422,638	GBP	2,581,000	JPMorgan Chase Bank N.A.		03/16/22	$	(47,666	)
USD	116,892	GBP	87,000	State Street Bank and Trust Co.		03/16/22		(84	)
								(162,896	)
							$	(30,021	)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
10-Year U.S. Treasury Note Future		3		03/25/22		USD	129.00		USD	384	$	1,500
Put
10-Year U.S. Treasury Note Future		68		02/18/22		USD	126.00		USD	8,702		5,313
											$	6,813

OTC Interest Rate Swaptions Purchased

Paid by the Trust

Received by the Trust

Expiration

Exercise

Notional Amount

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

(000)

Value

Call

5-Year Interest Rate Swap, 07/03/27

3-Month LIBOR, 0.31%

Quarterly

1.32%

Semi-Annual

JPMorgan Chase Bank N.A.

07/01/22

1.32

%

USD

9,300

$

23,843

5-Year Interest Rate Swap, 08/05/27

3-Month LIBOR, 0.31%

Quarterly

1.54%

Semi-Annual

Deutsche Bank AG

08/03/22

1.54

USD

4,720

26,901

30-Year Interest Rate Swap, 01/14/53

1-Day SOFR, 0.05%

Quarterly

1.70%

Semi-Annual

Goldman Sachs International

01/12/23

1.70

USD

850

55,534

5-Year Interest Rate Swap, 01/14/28

1-Day SOFR, 0.05%

Quarterly

1.59%

Semi-Annual

Morgan Stanley & Co. International PLC

01/12/23

1.59

USD

8,070

113,091

10-Year Interest Rate Swap, 11/17/33

3-Month LIBOR, 0.31%

Quarterly

1.94%

Semi-Annual

Bank of America N.A.

11/15/23

1.94

USD

3,082

105,526

10-Year Interest Rate Swap, 06/26/34

3-Month LIBOR, 0.31%

Quarterly

1.97%

Semi-Annual

Goldman Sachs International

06/24/24

1.97

USD

1,940

77,639

10-Year Interest Rate Swap, 06/30/34

3-Month LIBOR, 0.31%

Quarterly

2.00%

Semi-Annual

Goldman Sachs International

06/28/24

2.00

USD

1,940

80,375

10-Year Interest Rate Swap, 07/24/34

3-Month LIBOR, 0.31%

Quarterly

1.68%

Semi-Annual

Goldman Sachs International

07/22/24

1.68

USD

1,970

56,801

10-Year Interest Rate Swap, 07/31/34

3-Month LIBOR, 0.31%

Quarterly

1.55%

Semi-Annual

Bank of America N.A.

07/29/24

1.55

USD

2,520

62,708

10-Year Interest Rate Swap, 08/04/34

3-Month LIBOR, 0.31%

Quarterly

1.68%

Semi-Annual

Wells Fargo Bank N.A.

08/02/24

1.68

USD

45

1,313

10-Year Interest Rate Swap, 08/09/35

3-Month LIBOR, 0.31%

Quarterly

0.91%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/25

0.91

USD

1,660

24,439

10-Year Interest Rate Swap, 08/09/50

1-Day SOFR, 0.05%

Quarterly

0.65%

Semi-Annual

Morgan Stanley & Co. International PLC

08/07/40

0.65

USD

940

34,276

662,446

Put

5-Year Interest Rate Swap, 07/03/27

1.32%

Semi-Annual

3-Month LIBOR, 0.31%

Quarterly

JPMorgan Chase Bank N.A.

07/01/22

1.32

USD

9,300

244,907

10-Year Interest Rate Swap, 07/07/32

1.54%

Semi-Annual

1-Day SOFR, 0.05%

Quarterly

JPMorgan Chase Bank N.A.

07/05/22

1.54

USD

3,390

91,751

5-Year Interest Rate Swap, 07/08/27

1.45%

Semi-Annual

3-Month LIBOR, 0.31%

Quarterly

JPMorgan Chase Bank N.A.

07/06/22

1.45

USD

9,300

202,321

5-Year Interest Rate Swap, 08/05/27

1.54%

Semi-Annual

3-Month LIBOR, 0.31%

Quarterly

Deutsche Bank AG

08/03/22

1.54

USD

4,720

94,506

30-Year Interest Rate Swap, 01/14/53

1.70%

Semi-Annual

1-Day SOFR, 0.05%

Quarterly

Goldman Sachs International

01/12/23

1.70

USD

850

59,463

5-Year Interest Rate Swap, 01/14/28

1.59%

Semi-Annual

1-Day SOFR, 0.05%

Quarterly

Morgan Stanley & Co. International PLC

01/12/23

1.59

USD

8,070

142,555

SCHEDULE   OF  INVESTMENTS 34

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT)

OTC Interest Rate Swaptions Purchased (continued)

	Paid by the Trust				Received by the Trust					Expiration		Exercise					Notional
Description	Rate			Frequency	Rate			Frequency	Counterparty	Date		Rate			Amount (000)				Value
Put (continued)
10-Year Interest Rate Swap, 11/17/33		1.94	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Bank of America N.A.		11/15/23		1.94	%		USD		3,083	$	132,180
10-Year Interest Rate Swap, 06/26/34		1.97	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Goldman Sachs International		06/24/24		1.97			USD		1,940		90,946
10-Year Interest Rate Swap, 06/30/34		2.00	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Goldman Sachs International		06/28/24		2.00			USD		1,940		88,595
10-Year Interest Rate Swap, 07/24/34		1.68	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Goldman Sachs International		07/22/24		1.68			USD		1,970		122,122
10-Year Interest Rate Swap, 08/04/34		1.68	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Wells Fargo Bank N.A.		08/02/24		1.68			USD		45		2,789
10-Year Interest Rate Swap, 08/07/34		1.80	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Deutsche Bank AG		08/05/24		1.80			USD		3,570		199,197
10-Year Interest Rate Swap, 08/09/35		0.91	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Morgan Stanley & Co. International PLC		08/07/25		0.91			USD		1,660		192,313
10-Year Interest Rate Swap, 08/09/50		0.65	%	Semi-Annual		1-Day SOFR, 0.05	%	Quarterly	Morgan Stanley & Co. International PLC		08/07/40		0.66			USD		940		94,917
																				1,758,562
																			$	2,421,008

OTC Interest Rate Swaptions Written

	Paid by the Trust				Received by the Trust					Expiration		Exercise					Notional
Description	Rate			Frequency	Rate			Frequency	Counterparty	Date		Rate			Amount (000)				Value
Call
10-Year Interest Rate Swap, 02/20/32		1.62	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Bank of America N.A.		02/18/22		1.62	%		USD		2,010	$	(1,147	)
10-Year Interest Rate Swap, 03/03/32		1.25	%	Semi-Annual		1-Day SOFR, 0.05	%	Quarterly	Deutsche Bank AG		03/01/22		1.25			USD		2,300		(1,070	)
10-Year Interest Rate Swap, 03/03/32		1.35	%	Semi-Annual		1-Day SOFR, 0.05	%	Quarterly	JPMorgan Chase Bank N.A.		03/01/22		1.35			USD		2,710		(3,039	)
10-Year Interest Rate Swap, 03/03/32		1.40	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Deutsche Bank AG		03/01/22		1.40			USD		2,100		(391	)
2-Year Interest Rate Swap, 03/03/24		0.51	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Deutsche Bank AG		03/01/22		0.51			USD		20,500		(17	)
2-Year Interest Rate Swap, 03/05/24		0.52	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Citibank N.A.		03/03/22		0.52			USD		10,480		(13	)
2-Year Interest Rate Swap, 03/23/24		0.56	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Deutsche Bank AG		03/21/22		0.56			USD		10,480		(129	)
2-Year Interest Rate Swap, 03/25/24		0.57	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Deutsche Bank AG		03/23/22		0.57			USD		20,560		(299	)
2-Year Interest Rate Swap, 04/03/24		0.61	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	JPMorgan Chase Bank N.A.		04/01/22		0.61			USD		28,230		(800	)
2-Year Interest Rate Swap, 05/05/24		1.02	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Deutsche Bank AG		05/03/22		1.02			USD		14,150		(6,791	)
10-Year Interest Rate Swap, 06/09/32		1.40	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	JPMorgan Chase Bank N.A.		06/07/22		1.40			USD		2,711		(9,334	)
10-Year Interest Rate Swap, 09/03/32		1.53	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Morgan Stanley & Co. International PLC		09/01/22		1.53			USD		4,238		(35,360	)
10-Year Interest Rate Swap, 10/09/32		1.80	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Deutsche Bank AG		10/07/22		1.80			USD		2,840		(50,160	)
10-Year Interest Rate Swap, 10/15/32		1.80	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Deutsche Bank AG		10/13/22		1.80			USD		1,420		(25,107	)
2-Year Interest Rate Swap, 10/27/24		1.24	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Morgan Stanley & Co. International PLC		10/25/22		1.24			USD		13,510		(25,939	)
2-Year Interest Rate Swap, 10/27/24		1.24	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Morgan Stanley & Co. International PLC		10/25/22		1.23			USD		9,010		(17,195	)
2-Year Interest Rate Swap, 11/06/24		1.25	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Morgan Stanley & Co. International PLC		11/04/22		1.25			USD		4,425		(8,870	)
10-Year Interest Rate Swap, 11/17/32		1.85	%	Semi-Annual		3-Month LIBOR, 0.31	%	Quarterly	Bank of America N.A.		11/15/22		1.85			USD		4,290		(89,317	)

35

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT)

OTC Interest Rate Swaptions Written (continued)

	Paid by the Trust		Received by the Trust			Expiration		Exercise					Notional
Description	Rate	Frequency	Rate	Frequency	Counterparty	Date		Rate			Amount (000)				Value
Call (continued)
10-Year Interest Rate Swap, 12/07/32	1.45%	Semi-Annual	1-Day SOFR, 0.05%	Quarterly	JPMorgan Chase Bank N.A.		12/05/22		1.45	%		USD		543	$	(8,904	)
10-Year Interest Rate Swap, 12/15/32	1.43%	Semi-Annual	1-Day SOFR, 0.05%	Quarterly	Morgan Stanley & Co. International PLC		12/13/22		1.43			USD		3,408		(54,815	)
10-Year Interest Rate Swap, 12/17/32	1.42%	Semi-Annual	1-Day SOFR, 0.05%	Quarterly	JPMorgan Chase Bank N.A.		12/15/22		1.42			USD		3,407		(53,688	)
10-Year Interest Rate Swap, 12/18/32	1.23%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	Goldman Sachs International		12/16/22		1.23			USD		1,980		(11,977	)
10-Year Interest Rate Swap, 12/18/32	1.25%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	Goldman Sachs International		12/16/22		1.24			USD		1,980		(12,314	)
10-Year Interest Rate Swap, 01/01/33	1.25%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	Citibank N.A.		12/30/22		1.25			USD		2,180		(14,415	)
2-Year Interest Rate Swap, 01/12/25	1.25%	Semi-Annual	1-Day SOFR, 0.05%	Quarterly	Deutsche Bank AG		01/10/23		1.25			USD		16,245		(57,502	)
2-Year Interest Rate Swap, 01/14/25	1.25%	Semi-Annual	1-Day SOFR, 0.05%	Quarterly	Barclays Bank PLC		01/12/23		1.25			USD		16,245		(57,328	)
2-Year Interest Rate Swap, 01/20/25	1.36%	Semi-Annual	1-Day SOFR, 0.05%	Quarterly	Wells Fargo Bank N.A.		01/18/23		1.36			USD		6,780		(29,869	)
10-Year Interest Rate Swap, 03/03/33	2.01%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	Bank of America N.A.		03/01/23		2.01			USD		3,130		(97,317	)
																(673,107	)
Put
10-Year Interest Rate Swap, 02/09/32	3-Month LIBOR, 0.31%	Quarterly	1.60%	Semi-Annual	Deutsche Bank AG		02/07/22		1.60			USD		2,775		(68,976	)
10-Year Interest Rate Swap, 02/20/32	3-Month LIBOR, 0.31%	Quarterly	1.62%	Semi-Annual	Bank of America N.A.		02/18/22		1.62			USD		2,010		(48,617	)
2-Year Interest Rate Swap, 02/27/24	3-Month LIBOR, 0.31%	Quarterly	0.75%	Semi-Annual	Deutsche Bank AG		02/25/22		0.75			USD		43,910		(555,235	)
10-Year Interest Rate Swap, 03/03/32	1-Day SOFR, 0.05%	Quarterly	1.57%	Semi-Annual	Deutsche Bank AG		03/01/22		1.57			USD		2,570		(29,498	)
2-Year Interest Rate Swap, 03/03/24	3-Month LIBOR, 0.31%	Quarterly	0.51%	Semi-Annual	Deutsche Bank AG		03/01/22		0.51			USD		20,500		(359,903	)
2-Year Interest Rate Swap, 03/05/24	3-Month LIBOR, 0.31%	Quarterly	0.52%	Semi-Annual	Citibank N.A.		03/03/22		0.52			USD		10,480		(183,214	)
2-Year Interest Rate Swap, 03/23/24	3-Month LIBOR, 0.31%	Quarterly	0.56%	Semi-Annual	Deutsche Bank AG		03/21/22		0.56			USD		10,480		(182,279	)
2-Year Interest Rate Swap, 03/25/24	3-Month LIBOR, 0.31%	Quarterly	0.57%	Semi-Annual	Deutsche Bank AG		03/23/22		0.57			USD		20,560		(355,703	)
2-Year Interest Rate Swap, 04/03/24	3-Month LIBOR, 0.31%	Quarterly	0.61%	Semi-Annual	JPMorgan Chase Bank N.A.		04/01/22		0.61			USD		28,230		(480,802	)
2-Year Interest Rate Swap, 04/08/24	3-Month LIBOR, 0.31%	Quarterly	0.74%	Semi-Annual	JPMorgan Chase Bank N.A.		04/06/22		0.74			USD		17,250		(251,360	)
2-Year Interest Rate Swap, 05/05/24	3-Month LIBOR, 0.31%	Quarterly	1.02%	Semi-Annual	Deutsche Bank AG		05/03/22		1.02			USD		14,150		(150,817	)
10-Year Interest Rate Swap, 06/09/32	3-Month LIBOR, 0.31%	Quarterly	2.40%	Semi-Annual	JPMorgan Chase Bank N.A.		06/07/22		2.40			USD		2,711		(14,042	)
10-Year Interest Rate Swap, 07/07/32	1-Day SOFR, 0.05%	Quarterly	1.79%	Semi-Annual	JPMorgan Chase Bank N.A.		07/05/22		1.79			USD		3,390		(53,176	)
2-Year Interest Rate Swap, 07/07/24	1-Day SOFR, 0.05%	Quarterly	1.35%	Semi-Annual	JPMorgan Chase Bank N.A.		07/05/22		1.35			USD		13,570		(75,569	)
10-Year Interest Rate Swap, 09/03/32	3-Month LIBOR, 0.31%	Quarterly	1.53%	Semi-Annual	Morgan Stanley & Co. International PLC		09/01/22		1.53			USD		4,237		(204,370	)
10-Year Interest Rate Swap, 10/09/32	3-Month LIBOR, 0.31%	Quarterly	1.80%	Semi-Annual	Deutsche Bank AG		10/07/22		1.80			USD		2,840		(94,586	)
10-Year Interest Rate Swap, 10/15/32	3-Month LIBOR, 0.31%	Quarterly	1.80%	Semi-Annual	Deutsche Bank AG		10/13/22		1.80			USD		1,420		(48,182	)
2-Year Interest Rate Swap, 10/27/24	3-Month LIBOR, 0.31%	Quarterly	1.24%	Semi-Annual	Morgan Stanley & Co. International PLC		10/25/22		1.24			USD		13,510		(166,789	)
2-Year Interest Rate Swap, 10/27/24	3-Month LIBOR, 0.31%	Quarterly	1.24%	Semi-Annual	Morgan Stanley & Co. International PLC		10/25/22		1.24			USD		9,010		(111,570	)

SCHEDULE   OF  INVESTMENTS 36

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT)

OTC Interest Rate Swaptions Written (continued)

	Paid by the Trust			Received by the Trust				Expiration		Exercise					Notional
Description	Rate		Frequency	Rate		Frequency	Counterparty	Date		Rate			Amount (000)				Value
Put (continued)
2-Year Interest Rate Swap, 11/04/24		3-Month LIBOR, 0.31%	Quarterly		1.48%	Semi-Annual	JPMorgan Chase Bank N.A.		11/02/22		1.48	%		USD		6,120	$	(56,365	)
2-Year Interest Rate Swap, 11/06/24		3-Month LIBOR, 0.31%	Quarterly		1.25%	Semi-Annual	Morgan Stanley & Co. International PLC		11/04/22		1.25			USD		4,425		(54,806	)
10-Year Interest Rate Swap, 11/17/32		3-Month LIBOR, 0.31%	Quarterly		1.85%	Semi-Annual	Bank of America N.A.		11/15/22		1.85			USD		4,290		(141,576	)
10-Year Interest Rate Swap, 12/07/32		1-Day SOFR, 0.05%	Quarterly		1.45%	Semi-Annual	JPMorgan Chase Bank N.A.		12/05/22		1.45			USD		543		(22,527	)
10-Year Interest Rate Swap, 12/15/32		1-Day SOFR, 0.05%	Quarterly		1.43%	Semi-Annual	Morgan Stanley & Co. International PLC		12/13/22		1.43			USD		3,408		(146,292	)
10-Year Interest Rate Swap, 12/17/32		1-Day SOFR, 0.05%	Quarterly		1.42%	Semi-Annual	JPMorgan Chase Bank N.A.		12/15/22		1.42			USD		3,407		(148,855	)
10-Year Interest Rate Swap, 12/18/ 32		3-Month LIBOR, 0.31%	Quarterly		1.23%	Semi-Annual	Goldman Sachs International		12/16/22		1.23			USD		1,980		(148,477	)
10-Year Interest Rate Swap, 12/18/32		3-Month LIBOR, 0.31%	Quarterly		1.25%	Semi-Annual	Goldman Sachs International		12/16/22		1.24			USD		1,980		(146,558	)
10-Year Interest Rate Swap, 01/01/33		3-Month LIBOR, 0.31%	Quarterly		1.25%	Semi-Annual	Citibank N.A.		12/30/22		1.25			USD		2,180		(160,989	)
2-Year Interest Rate Swap, 01/12/25		1-Day SOFR, 0.05%	Quarterly		1.75%	Semi-Annual	Deutsche Bank AG		01/10/23		1.75			USD		16,245		(93,145	)
2-Year Interest Rate Swap, 01/14/25		1-Day SOFR, 0.05%	Quarterly		1.75%	Semi-Annual	Barclays Bank PLC		01/12/23		1.75			USD		16,245		(93,490	)
10-Year Interest Rate Swap, 03/03/33		3-Month LIBOR, 0.31%	Quarterly		2.01%	Semi-Annual	Bank of America N.A.		03/01/23		2.01			USD		3,130		(95,471	)
10-Year Interest Rate Swap, 05/17/33		6-Month EURIBOR, (0.51%)	Semi-Annual		0.70%	Annual	Barclays Bank PLC		05/15/23		0.70			EUR		3,735		(106,784	)
																		(4,850,023	)
																	$	(5,523,130	)

Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.37.V1		5.00	%		Quarterly		12/20/26		USD	7,170	$	(537,616	)	$	(606,735	)	$	69,119
CDX.NA.IG.37.V1		1.00			Quarterly		12/20/26		USD	34,240		(683,400	)		(756,320	)		72,920
											$	(1,221,016	)	$	(1,363,055	)	$	142,039

Centrally Cleared Interest Rate Swaps

Paid by the Trust		Received by the Trust		Effective	Termination	Notional						Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		Amount (000)			Value			(Received)			(Depreciation)
3-Month LIBOR, 0.31%	Quarterly	0.50%	Semi-Annual	N/A	12/08/23		USD	11,710	$	(159,437	)	$	48		$	(159,485	)
3-Month LIBOR, 0.31%	Quarterly	0.34%	Semi-Annual	N/A	12/13/23		USD	6,220		(105,624	)		26			(105,650	)
3-Month LIBOR, 0.31%	Quarterly	0.45%	Semi-Annual	N/A	12/14/23		USD	11,609		(172,797	)		48			(172,845	)
3-Month LIBOR, 0.31%	Quarterly	1.00%	Semi-Annual	04/05/22(a)	12/31/23		USD	21,510		(146,032	)		(892	)		(145,140	)
3-Month LIBOR, 0.31%	Quarterly	0.51%	Semi-Annual	N/A	01/12/24		USD	31,490		(475,498	)		136			(475,634	)
3-Month LIBOR, 0.31%	Quarterly	0.50%	Semi-Annual	N/A	01/21/24		USD	8,010		(126,073	)		35			(126,108	)
1.06%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	02/28/22(a)	02/29/24		USD	1,560		9,903			7			9,896
1.11%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	03/10/22(a)	03/10/24		USD	5,450		32,597			24			32,573
0.56%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	03/24/22(a)	03/24/24		USD	1,630		28,343			7			28,336
0.61%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	03/28/22(a)	03/28/24		USD	8,940		148,674			39			148,635
0.64%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	03/29/22(a)	03/29/24		USD	7,550		120,921			33			120,888
0.62%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	03/31/22(a)	03/31/24		USD	4,310		70,501			19			70,482
0.63%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	03/31/22(a)	03/31/24		USD	3,680		59,671			16			59,655

37

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT)

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Trust		Received by the Trust		Effective	Termination	Notional						Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		Amount (000)			Value			(Received)			(Depreciation)
1.10%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/04/22(a)	04/04/24		USD	1,260	$	9,174		$	6		$	9,168
0.99%	Annual	1-Day SOFR, 0.05%	Annual	04/07/22(a)	04/07/24		USD	5,030		30,978			22			30,956
0.99%	Annual	1-Day SOFR, 0.05%	Annual	04/07/22(a)	04/07/24		USD	5,030		31,179			22			31,157
0.64%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/08/22(a)	04/08/24		USD	12,520		206,222			56			206,166
0.65%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/11/22(a)	04/11/24		USD	6,830		111,863			30			111,833
0.66%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/12/22(a)	04/12/24		USD	10,920		178,032			49			177,983
0.69%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/12/22(a)	04/12/24		USD	6,870		107,685			31			107,654
1.08%	Annual	1-Day SOFR, 0.05%	Annual	04/13/22(a)	04/13/24		USD	10,000		45,988			44			45,944
0.74%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/14/22(a)	04/14/24		USD	7,570		112,470			34			112,436
0.79%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/14/22(a)	04/14/24		USD	6,850		94,745			31			94,714
0.80%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/14/22(a)	04/14/24		USD	6,850		93,568			31			93,537
0.78%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/19/22(a)	04/19/24		USD	10,140		144,679			45			144,634
0.83%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/20/22(a)	04/20/24		USD	6,790		90,173			30			90,143
0.93%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/25/22(a)	04/25/24		USD	6,850		79,175			31			79,144
0.93%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/25/22(a)	04/25/24		USD	10,280		118,415			46			118,369
0.98%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/26/22(a)	04/26/24		USD	3,435		35,996			15			35,981
0.98%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/26/22(a)	04/26/24		USD	2,905		30,871			13			30,858
1.00%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/26/22(a)	04/26/24		USD	3,435		35,167			15			35,152
1.01%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	05/03/22(a)	05/03/24		USD	10,255		105,860			46			105,814
1.01%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	05/03/22(a)	05/03/24		USD	10,255		104,952			46			104,906
1.05%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	05/12/22(a)	05/12/24		USD	6,810		66,304			30			66,274
1.06%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	05/12/22(a)	05/12/24		USD	3,400		32,748			15			32,733
1.07%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	05/12/22(a)	05/12/24		USD	3,400		31,709			15			31,694
1.11%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	05/16/22(a)	05/16/24		USD	7,480		65,261			33			65,228
1.22%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	06/07/22(a)	06/07/24		USD	3,360		24,200			15			24,185
1.25%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	06/07/22(a)	06/07/24		USD	3,360		22,318			15			22,303
1.01%	Annual	1-Day SOFR, 0.05%	Annual	06/09/22(a)	06/09/24		USD	3,350		25,745			15			25,730
1.28%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	06/17/22(a)	06/17/24		USD	2,510		16,163			11			16,152
0.73%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	06/21/22(a)	06/21/24		USD	5,760		99,699			26			99,673
1.30%	Annual	1-Day SOFR, 0.05%	Annual	07/18/22(a)	07/18/24		USD	2,510		7,499			11			7,488
1.31%	Annual	1-Day SOFR, 0.05%	Annual	07/18/22(a)	07/18/24		USD	2,510		6,951			11			6,940
1.37%	Annual	1-Day SOFR, 0.05%	Annual	07/20/22(a)	07/20/24		USD	2,500		3,857			11			3,846
1.30%	Annual	1-Day SOFR, 0.05%	Annual	07/28/22(a)	07/28/24		USD	2,505		7,773			11			7,762
1.45%	Annual	1-Day SOFR, 0.05%	Annual	07/28/22(a)	07/28/24		USD	2,505		731			11			720
1.47%	Annual	1-Day SOFR, 0.05%	Annual	07/28/22(a)	07/28/24		USD	2,480		(237	)		11			(248	)
1.47%	Annual	1-Day SOFR, 0.05%	Annual	07/29/22(a)	07/29/24		USD	2,510		(469	)		11			(480	)
1.48%	Annual	1-Day SOFR, 0.05%	Annual	07/29/22(a)	07/29/24		USD	2,510		(868	)		11			(879	)
0.74%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	08/12/22(a)	08/12/24		USD	9,030		166,670			40			166,630
0.78%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	08/15/22(a)	08/15/24		USD	4,695		83,414			21			83,393
3-Month LIBOR, 0.31%	Quarterly	0.45%	Semi-Annual	N/A	11/12/25		USD	7,620		(320,043	)		90			(320,133	)
3-Month LIBOR, 0.31%	Quarterly	0.48%	Semi-Annual	N/A	01/21/26		USD	3,970		(175,212	)		29			(175,241	)
1.46%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	04/05/22(a)	05/31/26		USD	8,600		88,597			(438	)		89,035
3-Month LIBOR, 0.31%	Quarterly	0.93%	Semi-Annual	N/A	09/17/26		USD	7,360		(220,762	)		62			(220,824	)
1.33%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	N/A	11/23/26		USD	820		11,690			7			11,683
1.02%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/02/26		USD	2,600		48,075			23			48,052
1.06%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/03/26		USD	1,610		26,690			14			26,676
1.08%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/03/26		USD	280		4,382			3			4,379
1.08%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/03/26		USD	1,290		19,936			12			19,924
1.04%	Annual	1-Day SOFR, 0.05%	Annual	N/A	12/06/26		USD	1,620		28,797			15			28,782
1.21%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/05/27		USD	970		10,229			9			10,220
1-Day SOFR, 0.05%	Annual	1.22%	Annual	N/A	01/07/27		USD	980		(10,134	)		9			(10,143	)
1-Day SOFR, 0.05%	Annual	1.33%	Annual	N/A	01/10/27		USD	1,960		(10,165	)		18			(10,183	)
1-Day SOFR, 0.05%	Annual	1.33%	Annual	N/A	01/10/27		USD	980		(4,987	)		9			(4,996	)
1-Day SOFR, 0.05%	Annual	1.34%	Annual	N/A	01/10/27		USD	980		(4,365	)		9			(4,374	)
1-Day SOFR, 0.05%	Annual	1.37%	Annual	N/A	01/11/27		USD	1,950		(6,565	)		18			(6,583	)
1-Day SOFR, 0.05%	Annual	1.39%	Annual	N/A	01/12/27		USD	980		(2,075	)		9			(2,084	)
1-Day SOFR, 0.05%	Annual	1.33%	Annual	N/A	01/14/27		USD	975		(5,030	)		9			(5,039	)
1.33%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/14/27		USD	13,380		69,682			122			69,560
3-Month LIBOR, 0.31%	Quarterly	1.43%	Semi-Annual	N/A	01/20/27		USD	1,850		(22,719	)		17			(22,736	)
3-Month LIBOR, 0.31%	Quarterly	1.45%	Semi-Annual	N/A	01/20/27		USD	2,550		(29,470	)		23			(29,493	)
1-Day SOFR, 0.05%	Annual	1.46%	Annual	N/A	01/20/27		USD	970		913			9			904

SCHEDULE   OF  INVESTMENTS 38

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT)

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Trust		Received by the Trust		Effective	Termination	Notional						Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		Amount (000)			Value			(Received)			(Depreciation)
1.34%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	N/A	01/21/27		USD	3,820	$	64,631		$	35		$	64,596
3-Month LIBOR, 0.31%	Quarterly	1.56%	Semi-Annual	02/25/22(a)	02/25/27		USD	190		(1,513	)		2			(1,515	)
1-Day SOFR, 0.05%	Annual	1.45%	Annual	04/13/22(a)	04/13/27		USD	5,150		(16,500	)		47			(16,547	)
3-Month LIBOR, 0.31%	Quarterly	1.63%	Semi-Annual	05/26/22(a)	05/26/27		USD	5,570		(45,180	)		52			(45,232	)
3-Month LIBOR, 0.31%	Quarterly	1.63%	Semi-Annual	05/26/22(a)	05/26/27		USD	1,393		(11,562	)		13			(11,575	)
1-Day SOFR, 0.05%	Annual	1.25%	Annual	07/05/22(a)	07/05/27		USD	1,030		(16,257	)		10			(16,267	)
3-Month LIBOR, 0.31%	Quarterly	1.35%	Semi-Annual	07/08/22(a)	07/08/27		USD	5,220		(120,722	)		48			(120,770	)
3-Month LIBOR, 0.31%	Quarterly	1.19%	Semi-Annual	07/19/22(a)	07/19/27		USD	2,170		(67,518	)		20			(67,538	)
3-Month LIBOR, 0.31%	Quarterly	1.58%	Semi-Annual	07/27/22(a)	07/27/27		USD	630		(8,067	)		6			(8,073	)
1-Day SOFR, 0.05%	Annual	1.30%	Annual	07/28/22(a)	07/28/27		USD	1,210		(16,541	)		11			(16,552	)
3-Month LIBOR, 0.31%	Quarterly	1.48%	Semi-Annual	08/01/22(a)	08/01/27		USD	4,205		(73,958	)		39			(73,997	)
3-Month LIBOR, 0.31%	Quarterly	1.49%	Semi-Annual	08/01/22(a)	08/01/27		USD	4,205		(71,845	)		39			(71,884	)
1.24%	Annual	1-Day SOFR, 0.05%	Annual	11/15/22(a)	11/15/27		USD	1,740		32,599			16			32,583
3-Month LIBOR, 0.31%	Quarterly	1.68%	Semi-Annual	11/21/22(a)	11/21/27		USD	1,770		(19,432	)		16			(19,448	)
1.27%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	N/A	02/15/28		USD	3,650		81,977			43			81,934
1-Day SOFR, 0.05%	Annual	1.20%	Annual	03/31/22(a)	11/15/28		USD	1,340		(30,970	)		17			(30,987	)
1-Day SOFR, 0.05%	Annual	1.21%	Annual	03/31/22(a)	11/15/28		USD	2,930		(65,184	)		38			(65,222	)
1.36%	Annual	1-Day SOFR, 0.05%	Annual	03/31/22(a)	11/15/28		USD	12,590		163,607			(11,770	)		175,377
1-Day SOFR, 0.05%	Annual	1.25%	Annual	03/31/22(a)	08/15/31		USD	1,010		(32,088	)		16			(32,104	)
1.29%	Annual	1-Day SOFR, 0.05%	Annual	03/31/22(a)	08/15/31		USD	580		16,773			9			16,764
1-Day SOFR, 0.05%	Annual	1.46%	Annual	03/31/22(a)	08/15/31		USD	4,450		(60,856	)		12,216			(73,072	)
1.52%	Annual	1-Day SOFR, 0.05%	Annual	03/31/22(a)	08/15/31		USD	2,270		19,103			37			19,066
1-Day SOFR, 0.05%	Annual	1.58%	Annual	03/31/22(a)	08/15/31		USD	3,410		(12,160	)		55			(12,215	)
1.43%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	N/A	09/21/31		USD	2,120		74,853			33			74,820
1.39%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	N/A	09/22/31		USD	2,120		82,418			33			82,385
1.52%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	N/A	09/24/31		USD	4,590		123,433			71			123,362
3-Month LIBOR, 0.31%	Quarterly	1.55%	Semi-Annual	N/A	10/08/31		USD	28,600		(725,034	)		451			(725,485	)
1.78%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly	N/A	10/18/31		USD	2,440		11,004			39			10,965
1.46%	Annual	1-Day SOFR, 0.05%	Annual	N/A	11/19/31		USD	900		8,810			14			8,796
1.43%	Annual	1-Day SOFR, 0.05%	Annual	N/A	11/22/31		USD	540		6,604			9			6,595
1.48%	Annual	1-Day SOFR, 0.05%	Annual	N/A	11/26/31		USD	1,960		14,718			31			14,687
1-Day SOFR, 0.05%	Annual	1.19%	Annual	N/A	12/07/31		USD	455		(16,349	)		7			(16,356	)
1-Day SOFR, 0.05%	Annual	1.24%	Annual	N/A	12/07/31		USD	1,380		(42,857	)		22			(42,879	)
1.46%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/06/32		USD	1,040		11,690			17			11,673
1.55%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/10/32		USD	550		1,920			9			1,911
1.55%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/10/32		USD	1,050		3,370			17			3,353
1.55%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/10/32		USD	525		1,635			8			1,627
1.57%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/10/32		USD	525		628			8			620
1.55%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/11/32		USD	220		798			4			794
1.60%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/11/32		USD	525		(603	)		8			(611	)
1.61%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/11/32		USD	1,040		(1,876	)		17			(1,893	)
1.60%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/12/32		USD	520		(454	)		8			(462	)
1.61%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/12/32		USD	470		(805	)		8			(813	)
1.60%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/19/32		USD	520		(445	)		8			(453	)
1.64%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/20/32		USD	520		(2,393	)		8			(2,401	)
1.65%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/20/32		USD	470		(2,675	)		8			(2,683	)
1.69%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/20/32		USD	520		(4,558	)		8			(4,566	)
1.70%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/21/32		USD	520		(5,189	)		8			(5,197	)
1-Day SOFR, 0.05%	Annual	1.61%	Annual	N/A	01/25/32		USD	525		959			8			951
1-Day SOFR, 0.05%	Annual	1.61%	Annual	N/A	01/25/32		USD	525		542			8			534
1.31%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/26/32		USD	32		853			1			852
1-Day SOFR, 0.05%	Annual	1.53%	Annual	N/A	01/26/32		USD	520		(3,011	)		8			(3,019	)
1-Day SOFR, 0.05%	Annual	1.54%	Annual	N/A	01/26/32		USD	520		(2,452	)		8			(2,460	)
1.56%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/26/32		USD	730		2,213			12			2,201
1-Day SOFR, 0.05%	Annual	1.61%	Annual	N/A	01/28/32		USD	300		282			5			277
1.63%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/28/32		USD	520		(1,461	)		8			(1,469	)
1.65%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/28/32		USD	520		(2,604	)		8			(2,612	)
1.66%	Annual	1-Day SOFR, 0.05%	Annual	N/A	01/28/32		USD	515		(3,205	)		8			(3,213	)
3-Month LIBOR, 0.31%	Quarterly	1.25%	Semi-Annual	01/31/22(a)	01/31/32		USD	2,092		(124,057	)		34			(124,091	)
3-Month LIBOR, 0.31%	Quarterly	1.50%	Semi-Annual	01/31/22(a)	01/31/32		USD	2,280		(81,880	)		37			(81,917	)
1-Day SOFR, 0.05%	Annual	1.62%	Annual	02/02/22(a)	02/02/32		USD	690		1,580			11			1,569

39

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT)

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Trust		Received by the Trust		Effective			Termination			Notional				Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency		Date			Date	Amount (000)			Value			(Received	)		(Depreciation	)
1.61%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly		03/28/22	(a)		03/28/32	USD	10,600	$	304,024		$	170		$	303,854
1.66%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly		04/25/22	(a)		04/25/32	USD	10,290		264,323			167			264,156
0.83%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly		08/15/22	(a)		08/15/32	USD	5,790		610,791			35,013			575,778
0.44%	Annual	6-Month EURIBOR, (0.51%)	Semi-Annual		05/16/23	(a)		05/16/33	EUR	1,050		20,538			23			20,515
3-Month LIBOR, 0.31%	Quarterly	1.67%	Semi-Annual		08/06/24	(a)		08/06/34	USD	1,900		(69,054	)		30			(69,084	)
1.73%	Semi-Annual	3-Month LIBOR, 0.31%	Quarterly		N/A			10/08/36	USD	32,800		867,533			645			866,888
1-Day SOFR, 0.05%	Annual	1.80%	Annual		01/15/27	(a)		01/15/37	USD	840		(1,430	)		14			(1,444	)
1.84%	Annual	1-Day SOFR, 0.05%	Annual		01/15/32	(a)		01/15/42	USD	240		274			253			21
3-Month LIBOR, 0.31%	Quarterly	0.99%	Semi-Annual		N/A			08/21/50	USD	175		(38,024	)		4			(38,028	)
3-Month LIBOR, 0.31%	Quarterly	1.00%	Semi-Annual		N/A			08/21/50	USD	175		(37,601	)		4			(37,605	)
3-Month LIBOR, 0.31%	Quarterly	1.84%	Semi-Annual		N/A			10/08/51	USD	11,500		(281,551	)		358			(281,909	)
3-Month LIBOR, 0.31%	Quarterly	1.93%	Semi-Annual		N/A			10/22/51	USD	2,840		(7,139	)		89			(7,228	)
3-Month LIBOR, 0.31%	Quarterly	1.92%	Semi-Annual		N/A			10/27/51	USD	1,420		(7,687	)		44			(7,731	)
1-Day SOFR, 0.05%	Annual	1.39%	Annual		N/A			12/15/51	USD	210		(13,872	)		7			(13,879	)
1-Day SOFR, 0.05%	Annual	1.62%	Annual		N/A			01/06/52	USD	200		(2,241	)		155			(2,396	)
1.65%	Annual	1-Day SOFR, 0.05%	Annual		N/A			01/14/52	USD	290		1,002			9			993
1.67%	Annual	1-Day SOFR, 0.05%	Annual		01/15/25	(a)		01/15/55	USD	150		657			5			652
1.69%	Annual	1-Day SOFR, 0.05%	Annual		01/15/27	(a)		01/15/57	USD	100		(462	)		3			(465	)
											$	1,854,093		$	39,609		$	1,814,484

^(a) Forward Swap.

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)

CMBX.NA.7.BBB-

3.00

%

Monthly

Deutsche Bank AG

01/17/47

USD

25,000

$

4,830,522

$

1,715,759

$

3,114,763

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency	Counterparty	Termination Date	Credit Rating(a)	Notional Amount (000)(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Adler Real Estate AG		5.00	%	Quarterly	Morgan Stanley & Co.     International PLC 12/20/25		N/R		EUR	20	$	(1,297	)	$	2,699		$	(3,996	)
Virgin Media Finance PLC		5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B		EUR	20		2,379			2,087			292
Adler Real Estate AG		5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	N/R		EUR	10		(626	)		913			(1,539	)
Adler Real Estate AG		5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	N/R		EUR	10		(627	)		1,025			(1,652	)
CMA CGM SA		5.00		Quarterly	Credit Suisse International	06/20/26	BB-		EUR	10		916			456			460
Trust Fibra Uno		1.00		Quarterly	Citibank N.A.	06/20/26	N/R		USD	190		(13,083	)		(18,644	)		5,561
Trust Fibrauno		1.00		Quarterly	Citibank N.A.	06/20/26	N/R		USD	676		(46,551	)		(66,207	)		19,656
Adler Real Estate AG		5.00		Quarterly	Citibank N.A.	12/20/26	BB-		EUR	10		(606	)		239			(845	)
CMBX.NA.7.BBB-		3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	10,000		(1,932,209	)		(481,259	)		(1,450,950	)
CMBX.NA.7.BBB-		3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	5,000		(966,105	)		(240,352	)		(725,753	)
CMBX.NA.7.BBB-		3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	10,000		(1,932,209	)		(238,093	)		(1,694,116	)
					Morgan Stanley & Co.
CMBX.NA.9.BBB-		3.00		Monthly	International PLC	09/17/58	N/R		USD	2,500		(268,613	)		(527,246	)		258,633
					Morgan Stanley & Co.
CMBX.NA.9.BBB-		3.00		Monthly	International PLC	09/17/58	N/R		USD	5,000		(537,225	)		(521,579	)		(15,646	)
					Morgan Stanley & Co.
CMBX.NA.9.BBB-		3.00		Monthly	International PLC	09/17/58	N/R		USD	972		(104,436	)		(106,442	)		2,006
											$	(5,800,292	)	$	(2,192,403	)	$	(3,607,889	)

^(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.

SCHEDULE   OF  INVESTMENTS 40

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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); and

• 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 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	74,039,233	$	2,645,695	$	76,684,928
Common Stocks		4,638,704		—		—		4,638,704
Corporate Bonds
Aerospace & Defense		—		17,035,486		—		17,035,486
Airlines		—		12,329,092		—		12,329,092
Auto Components		—		6,797,215		—		6,797,215
Automobiles		—		12,419,726		—		12,419,726
Banks		—		9,363,874		—		9,363,874
Beverages		—		10,588,356		—		10,588,356
Biotechnology		—		947,436		—		947,436
Building Materials		—		4,761,965		—		4,761,965
Building Products		—		4,639,348		—		4,639,348
Capital Markets		—		5,470,717		—		5,470,717
Chemicals		—		12,579,871		—		12,579,871
Commercial Services & Supplies		—		5,449,238		—		5,449,238
Communications Equipment		—		4,048,406		—		4,048,406
Construction Materials		—		1,867,535		—		1,867,535
Consumer Discretionary		—		9,873,872		—		9,873,872
Consumer Finance		—		9,088,619		—		9,088,619
Containers & Packaging		—		1,926,568		—		1,926,568
Diversified Consumer Services		—		9,458,399		—		9,458,399
Diversified Financial Services		—		12,107,571		—		12,107,571
Diversified Telecommunication Services		—		20,357,997		—		20,357,997
Education		—		252,949		—		252,949
Electric Utilities		—		7,085,568		—		7,085,568
Electrical Equipment		—		676,156		—		676,156
Electronic Equipment, Instruments & Components		—		3,702,064		—		3,702,064
Energy Equipment & Services		—		2,880,349		—		2,880,349
Environmental, Maintenance & Security Service		—		3,843,849		—		3,843,849
Equity Real Estate Investment Trusts (REITs)		—		8,556,641		—		8,556,641
Food & Staples Retailing		—		11,195,339		—		11,195,339
Food Products		—		3,197,858		—		3,197,858
Gas Utilities		—		167,450		—		167,450
Health Care Equipment & Supplies		—		3,014,175		—		3,014,175

41

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End (continued)
	Level 1		Level 2			Level 3		Total
Corporate Bonds (continued)
Health Care Providers & Services	$	—	$	27,708,362		$	—	$	27,708,362
Health Care Services		—		218,447			—		218,447
Health Care Technology		—		4,879,696			—		4,879,696
Hotels, Restaurants & Leisure		—		22,316,321			—		22,316,321
Household Durables		—		4,540,660			—		4,540,660
Independent Power and Renewable Electricity Producers		—		7,307,169			—		7,307,169
Industrial Conglomerates		—		243,800			—		243,800
Insurance		—		12,486,398			—		12,486,398
Interactive Media & Services		—		1,930,458			—		1,930,458
Internet & Direct Marketing Retail		—		133,481			—		133,481
Internet Software & Services		—		7,719,503			—		7,719,503
IT Services		—		6,194,652			—		6,194,652
Leisure Products		—		1,248,016			—		1,248,016
Machinery		—		5,260,205			—		5,260,205
Media		—		57,619,226			—		57,619,226
Metals & Mining		—		13,943,781			—		13,943,781
Multiline Retail		—		1,160,649			—		1,160,649
Offshore Drilling & Other Services		—		101,520			—		101,520
Oil, Gas & Consumable Fuels		205,297		74,689,967			1,493,699		76,388,963
Personal Products		—		411,881			—		411,881
Pharmaceuticals		—		13,170,607			—		13,170,607
Real Estate Management & Development		—		11,821,112			—		11,821,112
Road & Rail		—		3,453,762			—		3,453,762
Semiconductors & Semiconductor Equipment		—		4,155,141			—		4,155,141
Software		—		10,138,461			—		10,138,461
Specialty Retail		—		4,363,427			—		4,363,427
Technology Hardware, Storage & Peripherals		—		439,142			—		439,142
Textiles, Apparel & Luxury Goods		—		853,268			—		853,268
Thrifts & Mortgage Finance		—		1,244,083			—		1,244,083
Tobacco		—		2,514,805			—		2,514,805
Transportation		—		113,879			—		113,879
Transportation Infrastructure		—		2,948,447			—		2,948,447
Utilities		—		11,358,379			—		11,358,379
Wireless Telecommunication Services		—		15,581,182			—		15,581,182
Floating Rate Loan Interests		—		59,883,712			1,585,666		61,469,378
Foreign Agency Obligations		—		22,721,696			—		22,721,696
Municipal Bonds		—		1,124,775			—		1,124,775
Non-Agency Mortgage-Backed Securities		—		71,625,337			—		71,625,337
Preferred Securities
Capital Trusts		—		43,938,027			—		43,938,027
Preferred Stocks		14,710,419		—			—		14,710,419
U.S. Government Sponsored Agency Securities		—		202,148,143			—		202,148,143
Warrants		—		—			—		—
Short-Term Securities
Money Market Funds		13,545,252		—			—		13,545,252
Options Purchased
Interest Rate Contracts		6,813		2,421,008			—		2,427,821
Unfunded Floating Rate Loan Interests		—		224			—		224
Liabilities
Investments
TBA Sale Commitments		—		(65,126,570	)		—		(65,126,570	)
	$	33,106,485	$	960,729,161		$	5,725,060	$	999,560,706
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—	$	3,543,410		$	—	$	3,543,410
Foreign Currency Exchange Contracts.		—		132,875			—		132,875
Interest Rate Contracts		4,950,029		5,978,129			—		10,928,158
Liabilities
Credit Contracts		—		(3,894,497	)		—		(3,894,497	)

SCHEDULE   OF  INVESTMENTS 42

Schedule of Investments (unaudited) (continued) January 31, 2022 BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Liabilities (continued)
Foreign Currency Exchange Contracts.	$	—	$	(162,896	)	$	—	$	(162,896	)
Interest Rate Contracts		—		(9,686,775	)		—		(9,686,775	)
	$	4,950,029	$	(4,089,754	)	$	—	$	860,275

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $367,242,201 are categorized as Level 2 within the fair value hierarchy.

Currency Abbreviation
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar
Portfolio Abbreviation
CAB	Capital Appreciation Bonds
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
CR	Custodian Receipt
DAC	Designated Activity Company
DIP	Debtor-In-Possession
EURIBOR	Euro Interbank Offered Rate
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
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
SOFR	Secured Overnight Financing Rate
TBA	To-Be-Announced

43