BlackRock Multi-Sector Income Trust (BIT) NPORT-P/A BlackRock Multi-Sector Income Trust (Jul 2022 report)

Schedule of Investments  (unaudited) July 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		20	$	18,630
ALM Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 6.00%), 8.51%, 10/15/29(b)(c)			287		255,739
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36(c)			2,000		2,030,171
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 9.51%, 10/15/28(b)(c)			1,000		975,779
Anchorage Capital CLO 5-R Ltd., Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 7.91%, 01/15/30(b)(c)			860		791,495
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 6.29%, 01/28/31(b)(c)			250		235,711
Argent Securities Trust, Series 2006-W5, Class A1A, (1 mo. LIBOR US + 0.30%), 2.56%, 06/25/36(b)			4,349		2,966,714
Bain Capital Credit CLO Ltd., Series 2020-2A, Class DR, (3 mo. LIBOR US + 3.30%), 6.04%, 07/19/34(b)(c)			250		230,499
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 2.40%, 11/25/36(b)			1,224		1,181,730
Benefit Street Partners CLO XX Ltd., Series 2020-20A, Class CR, (3 mo. LIBOR US + 2.05%), 4.56%, 07/15/34(b)(c)			250		233,975
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 5.39%, 01/17/28(b)(c)			250		240,764
Carlyle U.S. CLO Ltd., Class A2, (3 mo. LIBOR US + 1.80%), 4.51%, 01/20/31(b)(c)			250		237,060
Carrington Mortgage Loan Trust(b)
Series 2006-FRE2, Class A2, (1 mo. LIBOR US + 0.12%), 2.38%, 10/25/36			3,091		2,552,657
Series 2006-FRE2, Class A5, (1 mo. LIBOR US + 0.08%), 2.34%, 03/25/35			6,367		5,241,873
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 9.15%, 07/20/32(b)(c)			500		445,475
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.32%), 2.58%, 10/25/36(b)			4,442		3,090,706
CIFC Funding Ltd.(b)(c)
(3 mo. LIBOR US + 1.70%), 4.43%, 10/21/31			750		712,843
Series 2020-1A, Class DR, (3 mo. LIBOR US + 3.10%), 5.61%, 07/15/36			500		466,885
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 5.78%, 10/25/36			350		261,903
Clear Creek CLO, Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.95%), 5.66%, 10/20/30(b)(c)			250		230,870
Countrywide Asset-Backed Certificates, Series 2006-26, Class 1A, (1 mo. LIBOR US + 0.14%), 2.40%, 06/25/37(b)			562		514,626
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. LIBOR US + 0.14%), 2.14%, 01/15/37(b)			500		457,678
Elevation CLO Ltd., Series 2021-12A, Class E, (3 mo. LIBOR US + 7.27%), 9.98%, 04/20/32(b)(c)			250		210,734
Elmwood CLO IV Ltd., Series 2020-1A, Class B, (3 mo. LIBOR US + 1.70%), 4.21%, 04/15/33(b)(c)			250		236,462
FirstKey Homes Trust, Series 2022-SFR1, Class E1, 5.00%, 05/17/39(c)			3,800		3,586,564
Fremont Home Loan Trust(b)
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.32%), 2.58%, 05/25/36			4,286		2,635,777

Security		Par (000)		Value
Asset-Backed Securities (continued)
Fremont Home Loan Trust(b) (continued)
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 2.41%, 11/25/36	USD		6,439	$	2,504,969
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3 mo. LIBOR US + 5.25%), 7.96%, 04/20/31(b)(c)			500		425,487
Generate CLO 2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 8.41%, 01/22/31(b)(c)			250		214,762
Goldentree Loan Management U.S. CLO 5 Ltd., Series 2019-5A, Class BR, (3 mo. LIBOR US + 1.55%), 4.26%, 10/20/32(b)(c)			250		236,646
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 8.96%, 04/15/33(b)(c)			500		449,186
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 2.43%, 04/25/37(b)			3,574		2,541,045
HPS Loan Management Ltd., Series 8A-2016, Class ER, (3 mo. LIBOR US + 5.50%), 8.21%, 07/20/30(b)(c)			1,000		825,449
Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.32%), 2.58%, 08/25/36(b)			5,231		2,374,749
Madison Park Funding XXIX Ltd., Series 2018-29A, Class E, (3 mo. LIBOR US + 5.70%), 8.44%, 10/18/30(b)(c)			500		441,558
Mastr Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1 mo. LIBOR US + 0.30%), 2.56%, 06/25/36(b)			7,422		3,117,588
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class ERR, (3 mo. LIBOR US + 6.50%), 9.01%, 07/15/34(b)(c)			710		628,789
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3 mo. LIBOR US + 1.80%), 4.51%, 07/20/31(b)(c)			400		379,392
Neuberger Berman Loan Advisers CLO Ltd., Series 2021- 46A, Class B, (3 mo. LIBOR US + 1.65%), 4.36%, 01/20/36(b)(c)			250		233,801
Octagon Investment Partners 31 LLC, Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 9.01%, 07/20/30(b)(c)			500		442,759
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3 mo. LIBOR US + 1.40%), 4.18%, 01/25/31(b)(c)			250		235,533
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3 mo. LIBOR US + 2.75%), 5.51%, 01/22/30(b)(c)			500		465,690
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 8.25%, 01/20/31(b)(c)			250		213,171
Palmer Square Loan Funding Ltd., Series 2019-3A, Class B, (3 mo. LIBOR US + 2.10%), 3.58%, 08/20/27(b)(c)			750		734,835
Rad CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 10.24%, 01/20/33(b)(c)			500		468,107
Regional Management Issuance Trust, 3.88%, 10/17/33(a)			1,110		1,034,295
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37			3,649		1,759,595
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3 mo. LIBOR US + 2.85%), 5.36%, 10/15/29(b)(c)			500		473,389
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 2.66%, 09/25/47(b)			3,886		3,663,071

S C H E D U L E   O F   I N V E S T M E N  T S 1

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

Security		Par (000)			Value
Asset-Backed Securities (continued)
Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 01/30/45(a)	USD		—	(d) $		1,089,883
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 9.56%, 04/15/33(b)(c)			250			226,591
TICP CLO VIII Ltd., Series 2017-8A, Class A2R, (3 mo. LIBOR US + 1.70%), 4.41%, 10/20/34(b)(c)			250			235,029
Trestles CLO IV Ltd., 4.43%, 07/21/34			1,000			931,013
Trestles CLO Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 5.68%, 04/25/32(b)(c)			250			233,763
Unique Pub Finance Co. PLC(e)
Series M, 7.40%, 03/28/24	GBP		1,951			2,399,412
Series N, 6.46%, 03/30/32			50			69,678
WaMu Asset-Backed Certificates Trust, Series 2007- HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 2.50%, 05/25/37(b)	USD		6,009			5,187,011
Whetstone Park CLO Ltd., 4.31%, 01/20/35			275			257,128
Total Asset-Backed Securities — 11.1% (Cost: $66,919,084)						64,536,694
		Shares
Common Stocks
Aerospace & Defense — 0.4%
Raytheon Technologies Corp.			25,650			2,390,836
Building Products — 0.2%
Carrier Global Corp.			25,650			1,039,595
Diversified Telecommunication Services — 0.0%
Liberty Global PLC, Class A(f)			247			5,375
Machinery — 0.2%
Otis Worldwide Corp.			12,825			1,002,530
Total Common Stocks — 0.8% (Cost: $2,975,709)						4,438,336
		Par (000)
Corporate Bonds
Aerospace & Defense — 2.9%
Amsted Industries, Inc., 5.63%, 07/01/27(c)	USD		185			179,596
Bombardier, Inc.(c)
7.50%, 03/15/25			50			48,750
7.13%, 06/15/26			907			842,059
7.88%, 04/15/27			781			722,425
6.00%, 02/15/28			683			589,292
7.45%, 05/01/34			100			86,500
Embraer Netherlands Finance BV, 6.95%, 01/17/28(c)			269			269,336
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(c)			464			366,560
Howmet Aerospace, Inc., 5.13%, 10/01/24			2			2,014
Lockheed Martin Corp., 4.09%, 09/15/52(g)			451			437,206
Northrop Grumman Corp., 3.85%, 04/15/45			530			472,294
Raytheon Technologies Corp., 3.75%, 11/01/46(g)			700			619,864
Rolls-Royce PLC, 5.75%, 10/15/27(c)(g)			1,545			1,458,920
Spirit AeroSystems, Inc.(c) 5.50%, 01/15/25			236			235,087

Security		Par (000)		Value
Aerospace & Defense (continued)
Spirit AeroSystems, Inc.(c) (continued)
7.50%, 04/15/25	USD		40	$	39,844
TransDigm, Inc.
8.00%, 12/15/25(c)(g)			825		854,882
6.25%, 03/15/26(c)(g)			7,135		7,169,319
6.38%, 06/15/26			58		57,710
7.50%, 03/15/27			134		136,186
4.63%, 01/15/29			715		643,500
4.88%, 05/01/29			382		341,795
Triumph Group, Inc., 8.88%, 06/01/24(c)(g)			1,055		1,091,260
					16,664,399
Airlines — 2.0%
Air Canada, 3.88%, 08/15/26(c)			401		368,920
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 07/15/24			403		395,129
American Airlines, Inc., 11.75%, 07/15/25(c)			530		588,300
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(c)
5.50%, 04/20/26			1,006		989,597
5.75%, 04/20/29			1,485		1,421,437
Avianca Midco 2 Ltd., 9.00%, 12/01/28(c)			304		253,781
Azul Investments LLP
5.88%, 10/26/24(e)			200		134,000
7.25%, 06/15/26(c)			230		152,375
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28(c)			98		95,335
Deutsche Lufthansa AG(e)
3.75%, 02/11/28	EUR		100		88,284
3.50%, 07/14/29			100		83,297
Gol Finance SA, 8.00%, 06/30/26(c)	USD		200		128,038
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(c)			317		308,153
International Consolidated Airlines Group SA(e)
2.75%, 03/25/25	EUR		100		91,234
3.75%, 03/25/29			100		78,293
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(c)(g)	USD		947		956,966
United Airlines Pass-Through Trust
Series 2015-1, Class A, 3.70%, 12/01/22(g)			3,570		3,549,886
Series 2020-1, Class A, 5.88%, 10/15/27(g)			739		745,280
Series 2020-1, Class B, 4.88%, 07/15/27			48		45,337
United Airlines, Inc.(c)
4.38%, 04/15/26(g)			588		564,480
4.63%, 04/15/29			785		723,181
					11,761,303
Auto Components — 1.2%
Aptiv PLC, 4.40%, 10/01/46(g)			280		229,178
Clarios Global LP/Clarios U.S. Finance Co.
4.38%, 05/15/26(e)	EUR		101		95,588
6.25%, 05/15/26(c)(g)	USD		1,673		1,683,289
8.50%, 05/15/27(c)(g)			3,666		3,700,020
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(c)			436		391,266
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29(c)			142		106,188
Faurecia SE(e)
2.75%, 02/15/27	EUR		100		86,874
3.75%, 06/15/28			100		88,509
Goodyear Tire & Rubber Co.
5.00%, 07/15/29	USD		187		170,544
5.63%, 04/30/33			316		277,132

2

Schedule of Investments  (unaudited) (continued) July 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)(h)	EUR			100	$	83,808
ZF Finance GmbH(e)
3.00%, 09/21/25				100		95,250
2.00%, 05/06/27				100		85,980
						7,093,626
Automobiles — 2.0%
Allison Transmission, Inc., 5.88%, 06/01/29(c)	USD			211		207,667
Asbury Automotive Group, Inc.
4.50%, 03/01/28				168		153,730
4.75%, 03/01/30				164		142,988
5.00%, 02/15/32(c)				201		175,542
Carvana Co.(c)		��
5.50%, 04/15/27(g)				371		244,860
4.88%, 09/01/29(g)				286		170,728
10.25%, 05/01/30				213		175,126
Constellation Automotive Financing PLC, 4.88%, 07/15/27(e)	GBP			100		97,424
Ford Motor Co.
0.00%, 03/15/26(i)(j)	USD			282		300,330
3.25%, 02/12/32				797		665,495
Ford Motor Credit Co. LLC
5.13%, 06/16/25(g)				397		395,773
3.38%, 11/13/25				200		190,842
4.39%, 01/08/26(g)				1,250		1,216,644
2.70%, 08/10/26				376		341,690
4.95%, 05/28/27				519		509,918
4.13%, 08/17/27				320		303,584
3.82%, 11/02/27				400		366,620
2.90%, 02/16/28				376		326,187
5.11%, 05/03/29				214		208,049
4.00%, 11/13/30(g)				937		828,231
3.63%, 06/17/31				617		523,315
General Motors Co., 6.25%, 10/02/43(g)				2,194		2,158,514
General Motors Financial Co., Inc., 4.25%, 05/15/23(g)				326		327,672
Group 1 Automotive, Inc., 4.00%, 08/15/28(c)				59		52,770
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28(e)	EUR			100		76,597
Ken Garff Automotive LLC, 4.88%, 09/15/28(c)	USD			156		128,659
LCM Investments Holdings II LLC, 4.88%, 05/01/29(c)				373		318,727
Lithia Motors, Inc., 3.88%, 06/01/29(c)				167		148,589
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(c)				228		171,891
Penske Automotive Group, Inc.
3.50%, 09/01/25				104		100,307
3.75%, 06/15/29				87		78,300
Renault SA, 2.38%, 05/25/26(e)	EUR			100		93,914
Sonic Automotive, Inc., 4.63%, 11/15/29(c)	USD			76		64,590
TML Holdings Pte. Ltd., 4.35%, 06/09/26(e)				200		174,913
Wabash National Corp., 4.50%, 10/15/28(c)				281		231,305
						11,671,491
Banks — 1.3%
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%(b)(g)(k)				2,000		1,751,458
Banco BPM SpA, (5 year EUR Swap + 3.17%), 2.88%, 06/29/31(b)(e)	EUR			100		84,914
Banco de Sabadell SA, (5 year EUR Swap + 2.95%), 2.50%, 04/15/31(b)(e)				100		85,235
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%(k)	USD			205		190,560

Security		Par (000)		Value
Banks (continued)
BBK BSC, 5.50%, 07/09/24(e)	USD		289	$	282,552
Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70%(b)(e)(k)			250		239,109
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%(b)(e)(k)	EUR		200		195,844
Grupo Aval Ltd., 4.38%, 02/04/30(c)	USD		512		404,480
Intesa Sanpaolo SpA, 5.02%, 06/26/24(c)(g)			2,888		2,796,419
NBK Tier 1 Ltd., (6 year USD Swap + 2.88%), 3.63%(b)(c)(k)			556		500,330
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33(b)(c)(g)			500		475,525
Wells Fargo & Co., Series BB, (5 year CMT + 3.45%), 3.90%(b)(k)			465		430,706
					7,437,132
Beverages — 2.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(g)			2,160		2,175,347
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(c)(g)(h)			865		654,276
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(c)
6.00%, 06/15/27			736		757,160
3.25%, 09/01/28			200		185,662
4.00%, 09/01/29(g)			2,668		2,294,480
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(c)
4.13%, 08/15/26			295		261,075
4.75%, 07/15/27	GBP		100		90,901
Ball Corp.
5.25%, 07/01/25	USD		44		44,528
2.88%, 08/15/30			46		39,615
3.13%, 09/15/31			481		421,476
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25(c)			211		189,702
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			45		48,589
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24(c)(g)			1,030		1,018,788
OI European Group BV, 2.88%, 02/15/25(e)	EUR		100		94,809
Silgan Holdings, Inc., 4.13%, 02/01/28	USD		105		98,437
Trivium Packaging Finance BV(c)(g)
5.50%, 08/15/26			1,189		1,171,165
8.50%, 08/15/27			1,924		1,837,162
					11,383,172
Biotechnology — 0.2%
Amgen, Inc., 2.80%, 08/15/41			250		198,211
Cidron Aida Finco Sarl, 5.00%, 04/01/28(e)	EUR		100		89,920
Gilead Sciences, Inc., 4.75%, 03/01/46(g)	USD		700		700,846
					988,977
Building Materials(c) — 0.5%
CP Atlas Buyer, Inc., 7.00%, 12/01/28			84		66,150
Jeld-Wen, Inc., 6.25%, 05/15/25			189		188,229
Masonite International Corp.
Class C, 5.38%, 02/01/28			161		157,377
Class C, 3.50%, 02/15/30			273		234,944
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28			103		89,868
9.75%, 07/15/28			48		40,190
SRM Escrow Issuer LLC, 6.00%, 11/01/28			643		596,633

S C H E D U L E   O F   I N V E S T M E N  T S 3

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

Security		Par (000)		Value
Building Materials (continued)
Standard Industries, Inc.
5.00%, 02/15/27	USD		48	$	46,034
4.75%, 01/15/28			115		109,250
4.38%, 07/15/30(g)			1,082		945,105
3.38%, 01/15/31(g)			384		312,250
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29			227		213,706
					2,999,736
Building Products — 0.8%
Advanced Drainage Systems, Inc.(c)
5.00%, 09/30/27			259		253,820
6.38%, 06/15/30			636		640,875
Beacon Roofing Supply, Inc., 4.13%, 05/15/29(c)			128		113,280
Foundation Building Materials, Inc., 6.00%, 03/01/29(c)(g)			139		106,757
GYP Holdings III Corp., 4.63%, 05/01/29(c)			300		243,000
LBM Acquisition LLC, 6.25%, 01/15/29(c)			266		200,830
Lowe’s Cos., Inc., 4.65%, 04/15/42(g)			400		388,634
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(c)			329		292,810
SRS Distribution, Inc.(c)
4.63%, 07/01/28			661		617,969
6.13%, 07/01/29			629		565,723
6.00%, 12/01/29			723		625,490
White Cap Buyer LLC, 6.88%, 10/15/28(c)(g)			617		521,353
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26(c)(h)			268		221,488
					4,792,029
Capital Markets — 1.1%
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%(b)(k)			1,060		897,025
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(c)			273		240,928
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26			534		530,881
5.25%, 05/15/27(g)			842		808,253
4.38%, 02/01/29			378		340,164
Intercorp Peru Ltd., 3.88%, 08/15/29(c)			270		220,219
Kane Bidco Ltd., 6.50%, 02/15/27(e)	GBP		100		107,319
NFP Corp.(c)
4.88%, 08/15/28	USD		1,027		934,908
6.88%, 08/15/28(g)			2,267		1,989,519
Raymond James Financial, Inc., 4.95%, 07/15/46(g)			400		395,876
					6,465,092
Chemicals — 2.2%
Alpek SAB de CV, 3.25%, 02/25/31(c)			285		238,741
Ashland LLC, 3.38%, 09/01/31(c)			373		318,773
Axalta Coating Systems LLC, 3.38%, 02/15/29(c)			745		649,542
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27(c)			600		573,121
Braskem Idesa SAPI, 6.99%, 02/20/32(c)			305		256,871
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81(b)(c)			337		348,087
Celanese US Holdings LLC, 6.17%, 07/15/27			355		360,556
Chemours Co., 4.00%, 05/15/26	EUR		200		189,590
Diamond BC BV, 4.63%, 10/01/29(c)	USD		712		603,406
Element Solutions, Inc., 3.88%, 09/01/28(c)(g)			1,889		1,743,981
Equate Petrochemical BV, 2.63%, 04/28/28(c)			200		179,250
EverArc Escrow SARL, 5.00%, 10/30/29(c)			703		617,733

Security		Par (000)		Value
Chemicals (continued)
GCP Applied Technologies, Inc., 5.50%, 04/15/26(c)	USD		199	$	201,886
HB Fuller Co., 4.25%, 10/15/28			141		125,490
Herens Holdco Sarl, 4.75%, 05/15/28(c)			671		562,420
Herens Midco Sarl, 5.25%, 05/15/29(e)	EUR		100		71,605
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(c)	USD		443		351,343
Ingevity Corp., 3.88%, 11/01/28(c)			105		93,168
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(c)(h)			294		233,584
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(c)			144		123,467
Lune Holdings Sarl, 5.63%, 11/15/28(e)	EUR		100		88,744
Minerals Technologies, Inc., 5.00%, 07/01/28(c)	USD		218		199,761
Monitchem HoldCo 3 SA, 5.25%, 03/15/25(e)	EUR		100		95,581
NOVA Chemicals Corp., 4.88%, 06/01/24(c)	USD		80		78,350
Sasol Financing USA LLC
6.50%, 09/27/28			290		276,370
5.50%, 03/18/31			320		260,860
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26(c)			305		255,152
Scotts Miracle-Gro Co.
4.00%, 04/01/31			220		181,500
4.38%, 02/01/32			34		27,880
Sherwin-Williams Co., 4.50%, 06/01/47(g)			310		286,877
SPCM SA, 3.13%, 03/15/27(c)			200		170,500
WESCO Distribution, Inc.(c)
7.13%, 06/15/25			830		857,888
7.25%, 06/15/28			573		593,634
WR Grace Holdings LLC(c)
5.63%, 10/01/24(g)			300		287,853
4.88%, 06/15/27			24		22,980
5.63%, 08/15/29			1,741		1,469,404
					12,995,948
Commercial Services & Supplies — 0.9%
ADT Security Corp.
4.13%, 06/15/23			16		15,883
4.13%, 08/01/29(c)			35		31,500
4.88%, 07/15/32(c)			57		50,496
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26(c)			222		195,312
APX Group, Inc., 5.75%, 07/15/29(c)			342		285,255
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29(c)(g)			45		41,036
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(e)	EUR		100		85,086
EC Finance PLC, 3.00%, 10/15/26(e)			200		187,577
Fortress Transportation & Infrastructure Investors LLC(c)
6.50%, 10/01/25	USD		74		73,630
5.50%, 05/01/28			396		356,028
Herc Holdings, Inc., 5.50%, 07/15/27(c)			428		428,000
Hertz Corp.(c)
4.63%, 12/01/26			161		143,290
5.00%, 12/01/29			130		111,156
Loxam SAS, 4.50%, 02/15/27(e)	EUR		101		95,898
Metis Merger Sub LLC, 6.50%, 05/15/29(c)	USD		273		232,209
NESCO Holdings II, Inc., 5.50%, 04/15/29(c)			305		264,587
Prime Security Services Borrower LLC/Prime Finance, Inc.(c)
5.25%, 04/15/24			178		177,777
5.75%, 04/15/26(g)			626		636,185

4

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

Security		Par (000)		Value
Commercial Services & Supplies (continued)
Prime Security Services Borrower LLC/Prime Finance, Inc.(c) (continued) 6.25%, 01/15/28	USD		229	$	209,920
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(c)(g)			157		157,392
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29(c)			690		598,470
United Rentals North America, Inc.
5.50%, 05/15/27			173		175,855
5.25%, 01/15/30			170		171,866
Verisure Holding AB, 3.25%, 02/15/27(e)	EUR		100		89,429
Williams Scotsman International, Inc., 4.63%, 08/15/28(c)	USD		316		296,299
					5,110,136
Communications Equipment — 0.6%
Avaya, Inc., 6.13%, 09/15/28(c)(g)			651		305,794
Ciena Corp., 4.00%, 01/31/30(c)			133		121,695
CommScope Technologies LLC, 6.00%, 06/15/25(c)			655		605,875
CommScope, Inc.(c) 6.00%, 03/01/26			103		100,126
8.25%, 03/01/27			129		112,230
7.13%, 07/01/28(g)			188		155,570
4.75%, 09/01/29			604		525,166
Nokia OYJ, 4.38%, 06/12/27(g)			177		174,494
Viasat, Inc.(c)
5.63%, 09/15/25			410		360,800
5.63%, 04/15/27			87		82,032
6.50%, 07/15/28			360		267,840
Viavi Solutions, Inc., 3.75%, 10/01/29(c)			454		399,969
					3,211,591
Construction Materials(c) — 0.3%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/28(g)			536		501,626
3.88%, 11/15/29			76		64,980
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			139		121,279
H&E Equipment Services, Inc., 3.88%, 12/15/28			76		65,930
IAA, Inc., 5.50%, 06/15/27			443		442,737
Resideo Funding, Inc., 4.00%, 09/01/29			77		65,626
Thor Industries, Inc., 4.00%, 10/15/29			137		110,996
Winnebago Industries, Inc., 6.25%, 07/15/28			98		93,532
					1,466,706
Consumer Discretionary — 1.4%
APi Escrow Corp., 4.75%, 10/15/29(c)			128		107,840
APi Group DE, Inc., 4.13%, 07/15/29(c)			168		139,857
Carnival Corp.
10.13%, 02/01/26(e)	EUR		100		106,932
10.50%, 02/01/26(c)(g)	USD		846		888,317
7.63%, 03/01/26(c)			91		78,283
5.75%, 03/01/27(c)(g)			1,191		954,652
9.88%, 08/01/27(c)			488		505,658
4.00%, 08/01/28(c)			1,115		972,838
6.00%, 05/01/29(c)			402		309,476
CoreLogic, Inc., 4.50%, 05/01/28(c)			657		506,711
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26(c)			114		102,756
Life Time, Inc.(c)
5.75%, 01/15/26			329		309,267
8.00%, 04/15/26			276		260,130
Lindblad Expeditions LLC, 6.75%, 02/15/27(c)			334		306,395
NCL Corp. Ltd.(c)
5.88%, 03/15/26			324		264,245

Security		Par (000)		Value
Consumer Discretionary (continued)
NCL Corp. Ltd.(c) (continued)
7.75%, 02/15/29	USD		140	$	112,224
NCL Finance Ltd., 6.13%, 03/15/28(c)			333		257,419
Nielsen Finance LLC/Nielsen Finance Co.(c)
5.63%, 10/01/28			633		620,340
5.88%, 10/01/30			242		237,463
Royal Caribbean Cruises Ltd.(c)
10.88%, 06/01/23			114		116,563
9.13%, 06/15/23			195		197,946
11.50%, 06/01/25			154		164,963
5.50%, 08/31/26			116		91,611
5.38%, 07/15/27			365		282,875
5.50%, 04/01/28(g)			343		257,006
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(c).			233		201,232
					8,352,999
Consumer Finance — 1.7%
American Express Co., (5 year CMT + 2.85%), 3.55%(b)(k)			940		826,260
Avient Corp., 7.13%, 08/01/30			214		220,510
Block, Inc., 3.50%, 06/01/31(g)			2,304		1,992,960
HealthEquity, Inc., 4.50%, 10/01/29(c)			814		758,111
Iron Mountain U.K. PLC, 3.88%, 11/15/25(e)	GBP		100		109,099
MPH Acquisition Holdings LLC, 5.50%, 09/01/28(c)	USD		280		260,400
Navient Corp.
7.25%, 09/25/23(g)			91		92,225
6.13%, 03/25/24			105		104,453
5.88%, 10/25/24			76		74,502
5.50%, 03/15/29			355		304,356
OneMain Finance Corp.
6.88%, 03/15/25			263		259,712
7.13%, 03/15/26			389		376,542
3.50%, 01/15/27			389		331,211
6.63%, 01/15/28			285		267,224
5.38%, 11/15/29			44		37,415
4.00%, 09/15/30			141		110,685
Sabre Global, Inc.(c)
9.25%, 04/15/25			229		232,985
7.38%, 09/01/25			336		333,176
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26(c)			666		625,207
Shift4 Payments, Inc., 0.00%, 12/15/25(i)(j)			446		383,281
SLM Corp., 3.13%, 11/02/26			221		193,729
Verscend Escrow Corp., 9.75%, 08/15/26(c)(g)			2,007		2,015,941
					9,909,984
Containers & Packaging — 0.5%
Clydesdale Acquisition Holdings, Inc.(c)
6.63%, 04/15/29			684		690,648
8.75%, 04/15/30			483		460,671
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			513		499,672
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26			258		256,034
Graphic Packaging International LLC(c)
4.75%, 07/15/27			104		101,298
3.50%, 03/15/28			22		20,323
3.50%, 03/01/29			78		70,313
Klabin Austria GmbH, 3.20%, 01/12/31(c)			315		257,418
LABL, Inc., 5.88%, 11/01/28(c)			332		303,365

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

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

Security		Par (000)		Value
Containers & Packaging (continued)
Sealed Air Corp.(c)
5.13%, 12/01/24	USD		54	$	54,675
4.00%, 12/01/27			92		87,400
					2,801,817
Diversified Consumer Services — 1.8%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)
6.63%, 07/15/26			2,705		2,621,064
9.75%, 07/15/27(g)			812		743,435
6.00%, 06/01/29(g)			1,655		1,272,281
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL
3.63%, 06/01/28(e)	EUR		100		84,702
4.63%, 06/01/28(c)(g)	USD		900		799,110
4.63%, 06/01/28(c)			710		619,475
Clarivate Science Holdings Corp.(c)
3.88%, 07/01/28			1,281		1,165,710
4.88%, 07/01/29(g)			557		492,945
Garda World Security Corp., 4.63%, 02/15/27(c)			183		165,094
Graham Holdings Co., 5.75%, 06/01/26(c)			135		135,257
Rekeep SpA, 7.25%, 02/01/26(e)	EUR		100		88,663
Service Corp. International
5.13%, 06/01/29	USD		107		107,000
3.38%, 08/15/30			341		303,064
4.00%, 05/15/31			454		417,700
Sotheby’s, 7.38%, 10/15/27(c)			1,297		1,248,023
					10,263,523
Diversified Financial Services — 1.7%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28(c)			514		431,760
ASG Finance Designated Activity Co., 7.88%, 12/03/24(c)			262		245,625
Barclays PLC, 5.20%, 05/12/26			200		201,424
BNP Paribas SA, (5 year CMT + 3.34%), 4.63%(b)(c)(k)			1,750		1,409,302
Castlelake Aviation Finance DAC, 5.00%, 04/15/27(c)			56		47,014
Central Garden & Pet Co.
4.13%, 10/15/30			244		211,529
4.13%, 04/30/31(c)			224		192,851
Citigroup, Inc.(b)(k)
(5 year CMT + 3.42%), 3.88%(g)			2,000		1,828,100
Series W, (5 year CMT + 3.60%), 4.00%			200		185,926
Series Y, (5 year CMT + 3.00%), 4.15%			630		554,765
Deutsche Bank AG, (5 year EURIBOR ICE Swap Rate + 3.30%), 4.00%, 06/24/32(b)(e)	EUR		100		97,793
Easy Tactic Ltd., 6.50%, 07/11/27	USD		210		41,287
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25(e)	GBP		100		105,583
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(c)(h)	USD		275		210,983
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%(b)(g)(k)			900		860,400
HSBC Holdings PLC
4.38%, 11/23/26(g)			370		369,771
(5 year CMT + 3.25%), 4.70%(b)(g)(k)			465		371,282
(5 year CMT + 3.65%), 4.60%(b)(k)			200		166,960
Intrum AB, 3.00%, 09/15/27(e)	EUR		100		82,019
ION Trading Technologies Sarl, 5.75%, 05/15/28(c)	USD		246		202,182

Security		Par (000)		Value
Diversified Financial Services (continued)
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28(c)	USD		415	$	347,848
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(c)
4.25%, 02/01/27			220		196,123
4.75%, 06/15/29			85		72,551
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%(b)(g)(k)			515		506,052
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25(c)			501		322,143
Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22(e)			320		317,600
Spectrum Brands, Inc.(c)
5.00%, 10/01/29			106		95,135
5.50%, 07/15/30			198		178,372
UBS Group AG, (5 year CMT + 3.31%), 4.38%(b)(c)(k)			210		168,788
					10,021,168
Diversified Telecommunication Services — 3.4%
AT&T, Inc.(g)
4.65%, 06/01/44			111		104,361
4.75%, 05/15/46			2,545		2,473,622
Consolidated Communications, Inc., 6.50%, 10/01/28(c)(g)			861		740,460
Level 3 Financing, Inc.
5.38%, 05/01/25			146		146,197
3.40%, 03/01/27(c)			113		101,979
4.63%, 09/15/27(c)			127		116,083
4.25%, 07/01/28(c)(g)			785		684,874
3.63%, 01/15/29(c)			198		165,480
3.75%, 07/15/29(c)			487		402,992
Lumen Technologies, Inc.
5.13%, 12/15/26(c)(g)			826		752,395
4.00%, 02/15/27(c)			641		589,733
4.50%, 01/15/29(c)(g)			731		579,317
5.38%, 06/15/29(c)			582		485,970
Series U, 7.65%, 03/15/42			149		116,220
Series W, 6.75%, 12/01/23(g)			620		630,030
Series Y, 7.50%, 04/01/24(g)			368		377,458
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25(h)			383		181,925
SoftBank Group Corp.(e)
4.50%, 04/20/25	EUR		100		94,022
3.13%, 09/19/25			100		88,663
2.88%, 01/06/27			100		84,319
Sprint Capital Corp.(g)
6.88%, 11/15/28	USD		1,778		1,995,805
8.75%, 03/15/32			1,025		1,327,375
Switch Ltd.(c)
3.75%, 09/15/28			399		399,128
4.13%, 06/15/29			788		797,401
Telecom Italia Capital SA
6.38%, 11/15/33			191		159,275
6.00%, 09/30/34(g)			569		448,274
7.20%, 07/18/36			137		113,625
7.72%, 06/04/38			71		58,930
Telecom Italia SpA
4.00%, 04/11/24(e)	EUR		100		101,694
5.30%, 05/30/24(c)(g)	USD		202		196,395

6

Schedule of Investments  (unaudited) (continued) July 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 SpA (continued)
2.75%, 04/15/25(e)	EUR		100	$	96,855
1.63%, 01/18/29(e)			200		150,671
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30(c)	USD		194		138,531
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28(c)			339		298,360
Verizon Communications, Inc., 3.70%, 03/22/61(g)			1,250		1,024,605
Zayo Group Holdings, Inc.(c)(g)
4.00%, 03/01/27			1,586		1,388,162
6.13%, 03/01/28			2,561		1,984,775
					19,595,961
Education — 0.0%
Grand Canyon University, 5.13%, 10/01/28			249		234,060
Electric Utilities — 1.1%
Comision Federal de Electricidad, 4.88%, 01/15/24			323		322,192
Duke Energy Corp., 4.80%, 12/15/45(g)			1,500		1,459,612
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(c)			309		244,264
FirstEnergy Corp.
2.65%, 03/01/30			345		303,600
Series B, 2.25%, 09/01/30			27		22,883
Series C, 3.40%, 03/01/50			932		695,598
FirstEnergy Transmission LLC(c)
5.45%, 07/15/44			573		579,761
4.55%, 04/01/49			206		187,543
General Motors Co., 3.63%, 05/25/27(c)(g)			1,250		1,188,559
NextEra Energy Operating Partners LP(c)
4.25%, 07/15/24			205		203,108
4.25%, 09/15/24			11		10,753
NPC Ukrenergo, 6.88%, 11/09/26(c)			205		36,900
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37(g)			750		856,540
					6,111,313
Electrical Equipment(c) — 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			572		559,222
GrafTech Finance, Inc., 4.63%, 12/15/28			176		152,842
					712,064
Electronic Equipment, Instruments & Components — 0.7%
BWX Technologies, Inc.(c)
4.13%, 06/30/28			22		20,845
4.13%, 04/15/29			265		248,862
CDW LLC/CDW Finance Corp.
3.28%, 12/01/28			72		63,289
3.25%, 02/15/29			93		79,978
Corning, Inc., 4.38%, 11/15/57(g)			1,915		1,683,275
Energizer Holdings, Inc.(c)
6.50%, 12/31/27			150		138,937
4.38%, 03/31/29			24		19,820
Imola Merger Corp., 4.75%, 05/15/29(c)(g)			839		784,465
Vertiv Group Corp., 4.13%, 11/15/28(c)			872		771,720
Xerox Corp., 4.80%, 03/01/35			65		49,737
					3,860,928
Energy Equipment & Services — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp.(c)
6.88%, 04/01/27			202		188,526

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	$	956,490
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			212		198,703
6.88%, 09/01/27			657		600,682
Vallourec SA, 8.50%, 06/30/26(e)	EUR		32		31,290
Weatherford International Ltd.(c)
6.50%, 09/15/28	USD		17		16,175
8.63%, 04/30/30			266		240,544
					2,232,410
Environmental, Maintenance & Security Service — 0.7%
Clean Harbors, Inc.(c)(g)
4.88%, 07/15/27			297		294,876
5.13%, 07/15/29			205		198,882
Covanta Holding Corp.
4.88%, 12/01/29(c)			242		215,557
5.00%, 09/01/30			137		119,622
GFL Environmental, Inc.(c)
3.75%, 08/01/25			176		170,828
5.13%, 12/15/26			496		499,229
4.00%, 08/01/28			567		511,536
3.50%, 09/01/28			259		234,395
4.75%, 06/15/29			483		444,326
4.38%, 08/15/29			403		359,677
Stericycle, Inc., 3.88%, 01/15/29(c)			210		192,009
Tervita Corp., 11.00%, 12/01/25(c)			147		159,863
Waste Pro USA, Inc., 5.50%, 02/15/26(c)			939		868,575
					4,269,375
Equity Real Estate Investment Trusts (REITs) — 0.9%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27(c)			227		198,194
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28(c)			208		183,781
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(c)			183		160,446
Iron Mountain, Inc.(c)
5.25%, 07/15/30			183		171,202
5.63%, 07/15/32(g)			566		530,936
LMIRT Capital Pte. Ltd., 7.25%, 06/19/24(e)			232		188,500
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27			68		65,450
4.63%, 08/01/29(g)			506		474,375
3.50%, 03/15/31(g)			1,787		1,538,509
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27(g)			1,032		995,880
4.50%, 02/15/29(c)			227		206,998
RLJ Lodging Trust LP(c)
3.75%, 07/01/26			173		162,283
4.00%, 09/15/29			124		109,895
Trust Fibra Uno, 5.25%, 01/30/26(c)			235		219,989
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29(c)			64		58,431
					5,264,869

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

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

Security		Par (000)		Value
Food & Staples Retailing — 1.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(c)
3.25%, 03/15/26	USD		756	$	702,551
7.50%, 03/15/26(g)			127		131,150
4.63%, 01/15/27(g)			972		918,240
5.88%, 02/15/28			377		365,690
4.88%, 02/15/30			182		166,530
Bellis Acquisition Co. PLC, 3.25%, 02/16/26(e)	GBP		100		98,946
BRF GmbH, 4.35%, 09/29/26(e)	USD		200		182,315
Casino, Guichard-Perrachon S.A., 5.25%, 04/15/27(e)	EUR		100		66,178
Darling Ingredients, Inc., 6.00%, 06/15/30(c)	USD		417		431,274
Kraft Heinz Foods Co.
6.50%, 02/09/40			205		226,140
4.88%, 10/01/49(g)			513		479,750
5.50%, 06/01/50(g)			913		930,183
Lamb Weston Holdings, Inc.(c)
4.88%, 05/15/28			373		363,395
4.13%, 01/31/30			368		342,963
4.38%, 01/31/32			1,153		1,081,738
Market Bidco Finco PLC, 5.50%, 11/04/27(e)	GBP		100		101,686
Ocado Group PLC, 3.88%, 10/08/26(e)			100		97,812
Performance Food Group, Inc., 4.25%, 08/01/29(c)	USD		502		446,077
Post Holdings, Inc.(c)
5.75%, 03/01/27			42		41,895
5.63%, 01/15/28			86		84,710
5.50%, 12/15/29			190		179,599
4.63%, 04/15/30			464		416,097
4.50%, 09/15/31			14		12,425
Premier Foods Finance PLC, 3.50%, 10/15/26(e)	GBP		100		110,333
U.S. Foods, Inc.(c)
4.75%, 02/15/29	USD		427		398,577
4.63%, 06/01/30			51		46,729
					8,422,983
Food Products(c) — 0.7%
Aramark Services, Inc.
5.00%, 04/01/25			242		241,343
6.38%, 05/01/25			105		105,193
5.00%, 02/01/28			606		592,062
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/25(g)			1,075		1,034,688
4.63%, 11/15/28			846		762,677
Grupo Bimbo SAB de CV, (5 year CMT + 3.28%), 5.95%(b)(k)			287		281,777
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31			357		300,532
Pilgrim’s Pride Corp., 3.50%, 03/01/32			224		189,140
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29			364		332,317
					3,839,729
Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy
Finance Corp., 5.00%, 06/01/31(c)			117		106,589
Health Care Equipment & Supplies(c) — 0.4%
Avantor Funding, Inc.
4.63%, 07/15/28(g)			1,385		1,333,367

Security		Par (000)		Value
Health Care Equipment & Supplies (continued)
Avantor Funding, Inc. (continued) 3.88%, 11/01/29	USD		252	$	231,971
Embecta Corp., 6.75%, 02/15/30			195		179,107
Garden Spinco Corp., 8.63%, 07/20/30			254		266,708
Hologic, Inc., 3.25%, 02/15/29			59		53,468
					2,064,621
Health Care Providers & Services — 3.3%
180 Medical, Inc., 3.88%, 10/15/29(c)			200		181,823
Acadia Healthcare Co., Inc., 5.00%, 04/15/29(c)			71		68,803
AdaptHealth LLC(c)
6.13%, 08/01/28			97		91,798
5.13%, 03/01/30			34		31,186
AHP Health Partners, Inc., 5.75%, 07/15/29(c)			415		307,922
Cano Health LLC, 6.25%, 10/01/28(c)			159		142,537
Centene Corp.
2.45%, 07/15/28			871		779,545
4.63%, 12/15/29(g)			1,292		1,274,235
3.00%, 10/15/30			859		766,692
2.50%, 03/01/31(g)			1,363		1,169,331
2.63%, 08/01/31			426		363,267
CHS/Community Health Systems, Inc.(c)
8.00%, 03/15/26(g)			581		554,855
5.63%, 03/15/27			475		422,156
6.00%, 01/15/29			585		510,413
6.13%, 04/01/30			384		205,298
Elevance Health, Inc., 2.75%, 10/15/42(i)			73		495,020
Encompass Health Corp.
4.50%, 02/01/28			59		54,587
4.75%, 02/01/30			510		470,404
4.63%, 04/01/31			270		242,395
Legacy LifePoint Health LLC, 4.38%, 02/15/27(c)			124		110,050
LifePoint Health, Inc., 5.38%, 01/15/29(c)(g)			459		354,164
Medline Borrower LP(c)
3.88%, 04/01/29			575		519,656
5.25%, 10/01/29(g)			1,596		1,442,385
ModivCare, Inc., 5.88%, 11/15/25(c)			91		88,776
Molina Healthcare, Inc.(c)
4.38%, 06/15/28			152		146,300
3.88%, 11/15/30			321		296,546
3.88%, 05/15/32			341		313,304
Northwell Healthcare, Inc., 4.26%, 11/01/47(g)			686		619,990
Owens & Minor, Inc., 6.63%, 04/01/30(c)			11		11,002
Prime Healthcare Services, Inc., 7.25%, 11/01/25(c)			368		323,641
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26(c)(g)			129		121,260
Surgery Center Holdings, Inc.(c)
6.75%, 07/01/25(g)			782		742,454
10.00%, 04/15/27			778		791,716
Teleflex, Inc.
4.63%, 11/15/27			100		98,347
4.25%, 06/01/28(c)			325		306,353
Tenet Healthcare Corp.
4.63%, 07/15/24(g)			104		103,920
4.63%, 09/01/24(c)			433		428,274
4.88%, 01/01/26(c)(g)			1,629		1,604,402
6.25%, 02/01/27(c)			231		233,696
5.13%, 11/01/27(c)(g)			910		896,350

8

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

Security		Par (000)		Value
Health Care Providers & Services (continued)
Tenet Healthcare Corp. (continued)
6.13%, 10/01/28(c)	USD		235	$	229,125
4.25%, 06/01/29(c)			61		56,730
6.13%, 06/15/30(c)			452		456,574
UnitedHealth Group, Inc., 4.38%, 03/15/42(g)			750		746,585
					19,173,867
Health Care Technology — 0.9%
CAB SELAS, 3.38%, 02/01/28(e)	EUR		100		88,899
Catalent Pharma Solutions, Inc.(c)
5.00%, 07/15/27	USD		341		341,269
3.13%, 02/15/29			201		178,136
3.50%, 04/01/30			584		522,426
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(c)(g)			750		776,233
Charles River Laboratories International, Inc.(c)
3.75%, 03/15/29			44		40,602
4.00%, 03/15/31			125		114,365
Chrome Bidco SASU, 3.50%, 05/31/28(e)	EUR		100		90,647
IQVIA, Inc.(c)
5.00%, 10/15/26	USD		548		545,775
5.00%, 05/15/27(g)			517		517,835
Minerva Merger Sub, Inc., 6.50%, 02/15/30(c)			999		904,095
Syneos Health, Inc., 3.63%, 01/15/29(c)(g)			1,306		1,168,896
					5,289,178
Hotels, Restaurants & Leisure — 2.9%
1011778 BC ULC/New Red Finance, Inc.(c)
3.88%, 01/15/28(g)			754		697,307
4.38%, 01/15/28			157		145,509
4.00%, 10/15/30			207		180,090
Affinity Gaming, 6.88%, 12/15/27(c)			5		4,333
Boyd Gaming Corp., 4.75%, 06/15/31(c)			495		455,514
Boyne USA, Inc., 4.75%, 05/15/29(c)			378		353,902
Caesars Entertainment, Inc.(c)
6.25%, 07/01/25(g)			1,916		1,911,210
8.13%, 07/01/27(g)			2,072		2,072,000
4.63%, 10/15/29			803		680,783
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(c)			20		20,003
CDI Escrow Issuer, Inc., 5.75%, 04/01/30(c)			1,246		1,218,040
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(c)(g)			559		562,843
Champion Path Holdings Ltd., 4.50%, 01/27/26(e)			250		160,000
Churchill Downs, Inc.(c)
5.50%, 04/01/27			658		655,302
4.75%, 01/15/28			434		411,439
Cirsa Finance International Sarl, 4.75%, 05/22/25(e)	EUR		100		92,782
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(c)
4.63%, 01/15/29	USD		56		52,220
6.75%, 01/15/30			82		67,035
Food Service Project SA, 5.50%, 01/21/27(e)	EUR		100		87,237
Fortune Star BVI Ltd., 6.75%, 07/02/23(e)	USD		200		159,000
Gamma Bidco SpA, 6.25%, 07/15/25(e)	EUR		100		98,372
Hilton Domestic Operating Co., Inc.
3.75%, 05/01/29(c)	USD		186		168,795
4.88%, 01/15/30(g)			1,055		1,024,669

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Hilton Domestic Operating Co., Inc. (continued)
4.00%, 05/01/31(c)	USD		534	$	479,340
3.63%, 02/15/32(c)			20		17,250
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			246		241,695
Melco Resorts Finance Ltd., 5.25%, 04/26/26(e)			250		195,000
Merlin Entertainments Ltd., 5.75%, 06/15/26(c)			200		185,133
MGM China Holdings Ltd., 5.88%, 05/15/26(e)			250		206,219
MGM Resorts International
6.00%, 03/15/23			494		498,256
5.75%, 06/15/25			35		34,583
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(c)			301		274,687
Powdr Corp., 6.00%, 08/01/25(c)			461		474,830
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(c)
5.63%, 09/01/29			148		119,510
5.88%, 09/01/31			148		115,832
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26(c)			225		205,222
Scientific Games International, Inc.(c)
7.00%, 05/15/28			190		193,270
7.25%, 11/15/29			213		216,727
Station Casinos LLC, 4.63%, 12/01/31(c)			354		308,964
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25(e).	GBP		100		115,113
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(c)	USD		204		187,416
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(c)(g)			268		248,570
Wynn Macau Ltd., 5.50%, 01/15/26(e)			200		162,000
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(c)(g)			808		704,980
Yum! Brands, Inc.
3.88%, 11/01/23			110		109,725
4.75%, 01/15/30(c)			159		154,612
3.63%, 03/15/31			123		111,311
5.38%, 04/01/32			49		48,387
5.35%, 11/01/43			85		72,250
					16,959,267
Household Durables — 0.6%
Ashton Woods USA LLC/Ashton Woods Finance Co.(c)
4.63%, 08/01/29			128		99,218
4.63%, 04/01/30			185		140,464
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC(c)
5.00%, 06/15/29			266		204,421
4.88%, 02/15/30			539		417,663
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25(c)			27		25,337
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26(c)			284		278,604
Mattamy Group Corp., 4.63%, 03/01/30(c)			257		206,823
Meritage Homes Corp., 5.13%, 06/06/27			57		55,710
NCR Corp.(c)
5.75%, 09/01/27			259		253,333
5.00%, 10/01/28			143		136,023
5.13%, 04/15/29			197		189,135
6.13%, 09/01/29			93		90,542
SWF Escrow Issuer Corp., 6.50%, 10/01/29(c)			422		299,620

S C H E D U L E   O F   I N V E S T M E N  T S 9

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

Security		Par (000)		Value
Household Durables (continued)
Taylor Morrison Communities, Inc.(c)
5.88%, 06/15/27	USD		287	$	293,099
5.13%, 08/01/30			75		68,758
Tempur Sealy International, Inc.(c)
4.00%, 04/15/29			287		247,268
3.88%, 10/15/31			308		249,545
					3,255,563
Independent Power and Renewable Electricity Producers — 1.0%
Adani Green Energy UP Ltd./Prayatna Developers Pvt Ltd./Parampujya Solar Energy, 6.25%, 12/10/24(e)			200		194,162
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24(e)			200		194,500
Calpine Corp.(c)
5.25%, 06/01/26(g)			195		196,714
4.50%, 02/15/28(g)			295		286,150
5.13%, 03/15/28(g)			1,281		1,204,909
4.63%, 02/01/29			145		130,393
5.00%, 02/01/31			58		51,430
3.75%, 03/01/31			7		6,214
Clearway Energy Operating LLC(c)
4.75%, 03/15/28			116		112,230
3.75%, 01/15/32			335		285,350
Continuum Energy Levanter Pte. Ltd., 4.50%, 02/09/27(c)			197		163,718
Greenko Mauritius Ltd., 6.25%, 02/21/23(e)			200		197,787
India Cleantech Energy, 4.70%, 08/10/26(c)			244		203,218
India Green Energy Holdings, 5.38%, 04/29/24(c)			325		310,375
NRG Energy, Inc.
6.63%, 01/15/27(g)			958		972,370
5.25%, 06/15/29(c)(g)			347		325,312
3.63%, 02/15/31(c)			365		305,726
3.88%, 02/15/32(c)			171		146,159
SCC Power PLC(c)(h)
(4% PIK), 4.00%, 05/17/32			351		34,591
(8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28			648		272,503
TerraForm Power Operating LLC, 4.75%, 01/15/30(c)			179		166,396
					5,760,207
Insurance — 2.0%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29(c)			295		246,012
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(c)(g)
4.25%, 10/15/27			2,228		2,076,655
6.75%, 10/15/27			2,012		1,909,670
5.88%, 11/01/29			1,512		1,317,466
Allstate Corp., Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53(b)(g)			2,000		1,854,080
AmWINS Group, Inc., 4.88%, 06/30/29(c)			366		332,877
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42(g)			250		248,528
GTCR AP Finance, Inc., 8.00%, 05/15/27(c)			351		345,057
HUB International Ltd.(c)
7.00%, 05/01/26(g)			1,392		1,374,558
5.63%, 12/01/29			67		59,361

Security		Par (000)		Value
Insurance (continued)
Ryan Specialty Group LLC, 4.38%, 02/01/30(c)	USD		173	$	156,132
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(c)(g)			700		646,173
Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53(b)(g)			1,090		1,040,950
					11,607,519
Interactive Media & Services — 0.4%
Arches Buyer, Inc., 4.25%, 06/01/28(c)			143		122,324
Cablevision Lightpath LLC(c) 3.88%, 09/15/27			418		371,497
5.63%, 09/15/28			401		323,872
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28			269		250,843
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.(c) 4.75%, 04/30/27			387		336,123
6.00%, 02/15/28(g)			277		212,704
Twitter, Inc.(c) 3.88%, 12/15/27			377		358,715
5.00%, 03/01/30			233		224,907
United Group BV(e) 4.88%, 07/01/24	EUR		100		97,887
4.00%, 11/15/27			100		82,171
					2,381,043
Internet & Direct Marketing Retail — 0.0%
Very Group Funding PLC, 6.50%, 08/01/26(e)	GBP		100		95,049
Internet Software & Services — 1.4%
Airbnb, Inc., 0.00%, 03/15/26(i)(j)	USD		724		629,880
ANGI Group LLC, 3.88%, 08/15/28(c)			340		277,100
Booking Holdings, Inc., 0.75%, 05/01/25(i)			485		646,766
Go Daddy Operating Co. LLC/GD Finance Co., Inc.(c) 5.25%, 12/01/27			359		350,147
3.50%, 03/01/29			261		232,349
Match Group Holdings II LLC(c) 5.63%, 02/15/29			209		204,820
4.13%, 08/01/30			262		234,364
3.63%, 10/01/31			635		542,442
Uber Technologies, Inc. 0.00%, 12/15/25(i)(j)			2,019		1,676,607
8.00%, 11/01/26(c)(g)			843		858,261
7.50%, 09/15/27(c)(g)			1,157		1,171,463
6.25%, 01/15/28(c)			366		359,972
4.50%, 08/15/29(c)			908		811,552
Zillow Group, Inc., 1.38%, 09/01/26(i)			70		74,375
					8,070,098
IT Services — 1.2%
Ahead DB Holdings LLC, 6.63%, 05/01/28(c)			190		175,387
Booz Allen Hamilton, Inc.(c) 3.88%, 09/01/28			352		333,858
4.00%, 07/01/29			503		479,844
CA Magnum Holdings, 5.38%, 10/31/26(c)			488		429,440
Camelot Finance SA, 4.50%, 11/01/26(c)(g)			524		501,264
Centurion Bidco SpA, 5.88%, 09/30/26(e)	EUR		100		93,827
Condor Merger Sub, Inc., 7.38%, 02/15/30(c)	USD		1,084		951,725
Dun & Bradstreet Corp., 5.00%, 12/15/29(c)			642		598,421

10

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

Security		Par (000)		Value
IT Services (continued)
Fair Isaac Corp., 4.00%, 06/15/28(c)	USD		459	$	428,108
Gartner, Inc.(c) 4.50%, 07/01/28			96		92,381
3.63%, 06/15/29			171		156,156
3.75%, 10/01/30(g)			485		445,482
KBR, Inc., 4.75%, 09/30/28(c)			268		241,870
La Financiere Atalian SASU, 5.13%, 05/15/25(e)	EUR		100		98,727
Science Applications International Corp., 4.88%, 04/01/28(c)	USD		377		358,636
Twilio, Inc., 3.88%, 03/15/31			735		651,107
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(c)			1,130		1,011,350
					7,047,583
Leisure Products — 0.1%
Mattel, Inc. 3.75%, 04/01/29(c)			131		121,011
6.20%, 10/01/40			291		285,180
5.45%, 11/01/41			326		297,246
					703,437
Machinery — 0.9%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28(c)			139		123,223
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25(c)(g)(h)			587		571,388
Madison IAQ LLC, 5.88%, 06/30/29(c)			399		311,483
Mueller Water Products, Inc., 4.00%, 06/15/29(c)			177		161,310
OT Merger Corp., 7.88%, 10/15/29(c)			147		102,900
Renk AG/Frankfurt am Main, 5.75%, 07/15/25(e)	EUR		100		95,562
Stevens Holding Co., Inc., 6.13%, 10/01/26(c)	USD		197		193,600
Terex Corp., 5.00%, 05/15/29(c)			421		375,692
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26(c)(g)			1,241		1,110,695
TK Elevator Holdco GmbH, 7.63%, 07/15/28(c)			552		499,560
TK Elevator Midco GmbH, 4.38%, 07/15/27(e)	EUR		235		219,904
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(c)(g)	USD		1,748		1,678,080
					5,443,397
Media — 9.0%
Altice Financing SA 3.00%, 01/15/28(e)	EUR		100		86,363
5.00%, 01/15/28(c)	USD		462		406,893
5.75%, 08/15/29(c)(g)			1,368		1,194,223
Altice France Holding SA, 10.50%, 05/15/27(c)(g)			1,864		1,760,362
AMC Entertainment Holdings, Inc., 7.50%, 02/15/29(c)			187		165,942
AMC Networks, Inc. 5.00%, 04/01/24			16		15,940
4.75%, 08/01/25			331		317,760
4.25%, 02/15/29			157		138,109
Block Communications, Inc., 4.88%, 03/01/28(c)			168		147,420
Cable Onda SA, 4.50%, 01/30/30(e)			200		214,875
Cable One, Inc. 1.13%, 03/15/28(i)			1,312		1,128,320
4.00%, 11/15/30(c)			385		342,169
CCO Holdings LLC/CCO Holdings Capital Corp. 5.13%, 05/01/27(c)(g)			711		696,389
5.00%, 02/01/28(c)(g)			74		71,410
5.38%, 06/01/29(c)(g)			658		627,041
4.75%, 03/01/30(c)			368		334,880
4.50%, 08/15/30(c)(g)			1,314		1,168,041
4.25%, 02/01/31(c)(g)			1,017		882,247

Security		Par (000)		Value
Media (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. (continued) 4.75%, 02/01/32(c)	USD		716	$	632,317
4.50%, 05/01/32			648		560,241
4.50%, 06/01/33(c)			332		280,540
4.25%, 01/15/34(c)			1,265		1,044,934
Charter Communications Operating LLC/Charter
Communications Operating Capital, 6.48%, 10/23/45(g)			3,000		3,012,442
Clear Channel International BV, 6.63%, 08/01/25(c)			507		502,183
Clear Channel Outdoor Holdings, Inc.(c) 5.13%, 08/15/27			1,930		1,784,903
7.75%, 04/15/28			1,291		1,038,377
7.50%, 06/01/29(g)			1,015		817,075
CMG Media Corp., 8.88%, 12/15/27(c)(g)			997		797,813
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(c)			2,548		2,492,020
CSC Holdings LLC 5.25%, 06/01/24			633		626,670
6.50%, 02/01/29(c)			368		355,709
5.75%, 01/15/30(c)			855		690,438
4.13%, 12/01/30(c)			508		432,024
3.38%, 02/15/31(c)			200		160,000
4.50%, 11/15/31(c)(g)			783		665,550
Directv Financing LLC/Directv Financing Co. -Obligor, Inc., 5.88%, 08/15/27(c)			589		548,707
Discovery Communications LLC, 4.95%, 05/15/42(g)			400		346,262
DISH DBS Corp. 5.00%, 03/15/23			49		48,081
7.75%, 07/01/26(g)			1,070		887,565
5.25%, 12/01/26(c)(g)			1,465		1,267,225
5.75%, 12/01/28(c)			1,143		927,259
Frontier Communications Holdings LLC(c) 5.88%, 10/15/27(g)			387		381,249
5.00%, 05/01/28			939		882,416
6.75%, 05/01/29			544		484,160
6.00%, 01/15/30			340		285,624
8.75%, 05/15/30			658		698,724
GCI LLC, 4.75%, 10/15/28(c)			255		232,407
iHeartCommunications, Inc. 6.38%, 05/01/26			192		186,654
5.25%, 08/15/27(c)			213		194,725
4.75%, 01/15/28(c)			96		86,244
Iliad Holding SASU(c) 6.50%, 10/15/26			622		597,027
7.00%, 10/15/28			608		583,592
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(e)	EUR		100		88,224
Lamar Media Corp. 3.75%, 02/15/28	USD		50		47,000
4.00%, 02/15/30			163		150,066
LCPR Senior Secured Financing DAC(c) 6.75%, 10/15/27			180		174,741
5.13%, 07/15/29(g)			921		808,055
Liberty Broadband Corp.(c)(i) 1.25%, 09/30/50			528		491,040
2.75%, 09/30/50			1,018		971,880
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(c)(h)			304		161,322
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(c)			962		783,101

S C H E D U L E   O F   I N V E S T M E N  T S 11

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

Security		Par (000)		Value
Media (continued)
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26(c)	USD		200	$	174,412
Live Nation Entertainment, Inc.(c)
4.88%, 11/01/24			40		39,854
6.50%, 05/15/27(g)			1,647		1,690,234
4.75%, 10/15/27			605		576,262
3.75%, 01/15/28			253		231,435
Lorca Telecom Bondco SA, 4.00%, 09/18/27(e)	EUR		100		93,280
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(c)	USD		209		197,505
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%(b)(e)(k)			250		239,950
Outfront Media Capital LLC/Outfront Media Capital Corp.(c)
5.00%, 08/15/27			501		473,280
4.25%, 01/15/29			183		156,407
4.63%, 03/15/30			19		16,052
Paramount Global, 5.85%, 09/01/43(g)			645		623,788
Pinewood Finance Co. Ltd., 3.25%, 09/30/25(e)	GBP		100		110,211
Radiate Holdco LLC/Radiate Finance, Inc.(c)(g)
4.50%, 09/15/26	USD		932		861,541
6.50%, 09/15/28			2,274		1,804,351
Sable International Finance Ltd.
5.75%, 09/07/27(e)			279		246,217
5.75%, 09/07/27(c)			200		176,500
Scripps Escrow II, Inc., 3.88%, 01/15/29(c)			114		102,273
Sinclair Television Group, Inc., 4.13%, 12/01/30(c)			643		546,634
Sirius XM Radio, Inc.(c)
3.13%, 09/01/26			627		590,991
5.00%, 08/01/27			292		289,597
4.00%, 07/15/28			445		413,405
5.50%, 07/01/29			349		342,892
4.13%, 07/01/30(g)			139		125,496
3.88%, 09/01/31			571		496,770
Stagwell Global LLC, 5.63%, 08/15/29(c)			129		108,035
Summer BC Holdco B SARL, 5.75%, 10/31/26(e)	EUR		100		94,766
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(c)	USD		400		360,700
Univision Communications, Inc.(c)
5.13%, 02/15/25			110		106,975
6.63%, 06/01/27			132		132,330
7.38%, 06/30/30			166		168,093
UPC Broadband Finco BV, 4.88%, 07/15/31(c)(g)			574		507,508
Videotron Ltd., 3.63%, 06/15/29(c)			336		293,167
Virgin Media Secured Finance PLC, 4.50%, 08/15/30(c)(g)			399		359,100
VTR Comunicaciones SpA, 4.38%, 04/15/29(c)			290		179,800
VZ Secured Financing BV, 3.50%, 01/15/32(e)	EUR		100		83,901
Ziggo Bond Co. BV(c)(g)
6.00%, 01/15/27	USD		638		614,298
5.13%, 02/28/30			295		251,487
Ziggo BV, 4.88%, 01/15/30(c)			217		200,324
					51,984,791
Metals & Mining — 2.4%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24(e)			250		251,875
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			400		338,923
Arconic Corp.(c)
6.00%, 05/15/25			361		363,629
6.13%, 02/15/28			488		487,722
ATI, Inc.
4.88%, 10/01/29			129		110,379

Security		Par (000)		Value
Metals & Mining (continued)
ATI, Inc. (continued) 5.13%, 10/01/31	USD		350	$	287,240
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(g)			250		241,354
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(c)(g)			1,363		1,395,964
Carpenter Technology Corp.
6.38%, 07/15/28			57		52,975
7.63%, 03/15/30			391		356,009
Commercial Metals Co.
4.13%, 01/15/30			90		78,921
4.38%, 03/15/32			96		82,285
Constellium SE(c)
5.88%, 02/15/26(g)			1,193		1,157,920
5.63%, 06/15/28			250		225,374
3.75%, 04/15/29(g)			1,645		1,402,362
FMG Resources August Pty. Ltd., 6.13%, 04/15/32(c)			519		493,309
JSW Steel Ltd., 5.95%, 04/18/24(e)			200		196,750
Kaiser Aluminum Corp.(c)
4.63%, 03/01/28			281		240,089
4.50%, 06/01/31			770		620,466
Metinvest BV(e)
8.50%, 04/23/26			302		116,308
7.65%, 10/01/27			200		78,163
Mineral Resources Ltd.(c)
8.00%, 11/01/27			162		164,596
8.50%, 05/01/30			165		167,063
New Gold, Inc., 7.50%, 07/15/27(c)(g)			900		706,500
Nexa Resources SA, 5.38%, 05/04/27(c)(g)			200		189,662
Novelis Corp.(c)
3.25%, 11/15/26			835		777,018
4.75%, 01/30/30			1,059		979,612
3.88%, 08/15/31			995		850,725
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(e)	EUR		200		171,255
Rio Tinto Finance USA PLC, 4.75%, 03/22/42(g)	USD		400		414,546
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(c)			155		140,515
thyssenkrupp AG, 2.88%, 02/22/24(e)	EUR		100		100,059
U.S. Steel Corp., 6.88%, 03/01/29(g)	USD		438		420,664
Vedanta Resources Finance II PLC
13.88%, 01/21/24(e)			200		171,912
8.95%, 03/11/25(c)			320		235,200
					14,067,344
Multiline Retail — 0.1%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26(c)			506		495,172
Offshore Drilling & Other Services(c) — 0.4%
Entegris Escrow Corp., 4.75%, 04/15/29(g)			1,842		1,773,514
Entegris, Inc.
4.38%, 04/15/28			223		210,271
3.63%, 05/01/29			142		125,994
					2,109,779
Oil, Gas & Consumable Fuels — 12.3%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(c)(g)			1,057		1,092,462
Antero Midstream Partners LP/Antero Midstream Finance Corp.(c)
5.75%, 03/01/27			382		380,195
5.75%, 01/15/28			75		73,643
5.38%, 06/15/29			263		256,923
Antero Resources Corp., 7.63%, 02/01/29(c)			269		283,459

12

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

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Apache Corp.
4.25%, 01/15/30	USD		315	$	303,488
5.10%, 09/01/40(g)			757		673,253
5.25%, 02/01/42			114		99,179
4.75%, 04/15/43(g)			800		655,164
5.35%, 07/01/49			83		69,280
Arcosa, Inc., 4.38%, 04/15/29(c)			477		423,230
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(c)
9.00%, 11/01/27(g)			1,132		1,371,189
5.88%, 06/30/29			131		115,078
Buckeye Partners LP
4.13%, 03/01/25(c)			345		332,925
5.85%, 11/15/43			182		132,860
5.60%, 10/15/44			117		85,995
Callon Petroleum Co.
6.38%, 07/01/26			152		145,718
8.00%, 08/01/28(c)(g)			739		748,237
7.50%, 06/15/30(c)			703		674,240
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31(e)(i)	EUR		200		162,055
Centennial Resource Production LLC
6.88%, 04/01/27(c)	USD		59		56,240
3.25%, 04/01/28(i)			610		794,525
Cheniere Energy Partners LP
4.50%, 10/01/29(g)			1,139		1,103,503
4.00%, 03/01/31			520		483,179
3.25%, 01/31/32			668		582,830
Cheniere Energy, Inc., 4.63%, 10/15/28			2,416		2,352,338
Chesapeake Energy Corp.(c)
5.88%, 02/01/29			53		53,272
6.75%, 04/15/29(g)			662		685,733
Citgo Holding, Inc., 9.25%, 08/01/24(c)			344		342,280
Civitas Resources, Inc., 5.00%, 10/15/26(c)			113		106,141
CNX Midstream Partners LP, 4.75%, 04/15/30(c)			124		106,890
CNX Resources Corp.
2.25%, 05/01/26(i)			637		963,462
6.00%, 01/15/29(c)			139		135,178
Colgate Energy Partners III LLC(c)
7.75%, 02/15/26			584		572,954
5.88%, 07/01/29(g)			452		413,729
Comstock Resources, Inc.(c)
6.75%, 03/01/29(g)			662		655,380
5.88%, 01/15/30			1,179		1,107,694
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(c)			1,969		1,866,041
Crescent Energy Finance LLC, 7.25%, 05/01/26(c)(g)			902		834,350
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(c)
5.63%, 05/01/27			67		64,320
6.00%, 02/01/29			59		53,750
8.00%, 04/01/29			116		114,675
CrownRock LP/CrownRock Finance, Inc.(c)
5.63%, 10/15/25(g)			1,403		1,400,924
5.00%, 05/01/29			56		52,016
DCP Midstream Operating LP
5.13%, 05/15/29			33		32,312
6.45%, 11/03/36(c)(g)			182		181,545
6.75%, 09/15/37(c)(g)			323		319,770
5.60%, 04/01/44			7		6,058

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
DT Midstream, Inc.(c)
4.13%, 06/15/29	USD		521	$	482,321
4.38%, 06/15/31			657		589,657
Dycom Industries, Inc., 4.50%, 04/15/29(c)			130		119,250
Earthstone Energy Holdings LLC, 8.00%, 04/15/27(c)			373		356,331
Ecopetrol SA, 4.63%, 11/02/31			370		302,475
eG Global Finance PLC
6.75%, 02/07/25(c)			452		432,519
6.25%, 10/30/25(e)	EUR		142		134,566
8.50%, 10/30/25(c)	USD		299		292,799
Enbridge, Inc.(b)
(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78			1,865		1,769,572
Series 20-A, (5 year CMT + 5.31%), 5.75%, 07/15/80			690		649,911
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28(c)			567		567,873
Energy Transfer LP
6.13%, 12/15/45(g)			500		494,921
5.30%, 04/15/47(g)			350		314,557
Series H, (5 year CMT + 5.69%), 6.50%(b)(k)			894		811,305
EnLink Midstream LLC
5.63%, 01/15/28(c)			450		436,797
5.38%, 06/01/29			526		499,479
EnLink Midstream Partners LP
4.40%, 04/01/24			281		281,478
5.05%, 04/01/45			49		36,125
Enterprise Products Operating LLC, (3 mo. LIBOR US + 2.57%), 5.38%, 02/15/78(b)			420		336,569
EQM Midstream Partners LP
4.13%, 12/01/26			131		120,761
4.50%, 01/15/29(c)			34		30,430
7.50%, 06/01/30(c)			108		111,146
4.75%, 01/15/31(c)(g)			1,055		953,087
EQT Corp., 1.75%, 05/01/26(i)			248		743,256
General Motors Co.
4.15%, 06/01/25			68		66,858
4.85%, 07/15/26			160		158,315
5.60%, 04/01/44			274		213,115
5.45%, 06/01/47			78		59,443
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25(g)			53		51,351
7.75%, 02/01/28			144		138,931
Gulfport Energy Corp., 8.00%, 05/17/26(c)			47		47,227
Harvest Midstream I LP, 7.50%, 09/01/28(c)			78		74,515
Hess Corp., 4.30%, 04/01/27(g)			750		744,616
Hess Midstream Operations LP, 4.25%, 02/15/30(c)			305		271,700
Hilcorp Energy I LP/Hilcorp Finance Co.(c)
6.25%, 11/01/28			188		182,068
5.75%, 02/01/29			33		30,113
6.00%, 04/15/30			35		31,763
Hilong Holding Ltd., 9.75%, 11/18/24(e)			207		99,399
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(e)			200		184,000
HTA Group Ltd., 7.00%, 12/18/25(c)			431		382,728
IHS Holding Ltd., 6.25%, 11/29/28(c)			200		163,000
Impulsora Pipeline LLC, 6.05%, 01/01/43			1,546		1,406,692
ITT Holdings LLC, 6.50%, 08/01/29(c)			437		375,538
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24(g)			2,500		2,517,641
Kinetik Holdings LP, 5.88%, 06/15/30(c)			709		720,195
Leviathan Bond Ltd., 5.75%, 06/30/23(c)(e)			169		169,540

S C H E D U L E   O F   I N V E S T M E N  T S 13

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

Security		Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(c)	USD		95		$	90,531
Matador Resources Co., 5.88%, 09/15/26(g)			1,251			1,272,892
MC Brazil Downstream Trading Sarl, 7.25%, 06/30/31(c)			320			256,000
Medco Bell Pte. Ltd., 6.38%, 01/30/27(e)			250			222,188
MPLX LP, 4.25%, 12/01/27			235			233,033
Murphy Oil Corp.
5.75%, 08/15/25			2			2,005
5.88%, 12/01/27			25			24,719
6.13%, 12/01/42			35			27,475
Murphy Oil USA, Inc., 4.75%, 09/15/29			171			165,420
Nabors Industries Ltd.(c)
7.25%, 01/15/26			109			98,918
7.50%, 01/15/28			179			155,712
Nabors Industries, Inc., 7.38%, 05/15/27(c)			423			418,770
Neptune Energy Bondco PLC, 6.63%, 05/15/25(c)			200			193,280
New Fortress Energy, Inc.(c)(g)
6.75%, 09/15/25			1,201			1,172,476
6.50%, 09/30/26			1,134			1,073,955
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26(c)(g)			470			429,378
NGPL PipeCo LLC, 7.77%, 12/15/37(c)(g)			270			301,677
Northern Oil & Gas, Inc., 8.13%, 03/01/28(c)(g)			1,054			1,019,745
NuStar Logistics LP
6.00%, 06/01/26			234			230,024
6.38%, 10/01/30			30			27,657
Occidental Petroleum Corp.
6.95%, 07/01/24			81			85,001
8.00%, 07/15/25			46			50,617
5.88%, 09/01/25			150			152,813
5.50%, 12/01/25			195			199,421
8.88%, 07/15/30			197			235,908
6.63%, 09/01/30			1,082			1,200,365
6.13%, 01/01/31			100			107,168
7.50%, 05/01/31			182			211,034
6.45%, 09/15/36			417			463,758
6.20%, 03/15/40			860			880,767
6.60%, 03/15/46			49			54,145
Odebrecht Offshore Drilling Finance Ltd., (7.72% PIK), 7.72%, 12/01/26(c)(h)			—	(d)		140
Oil & Gas Holding Co., 7.63%, 11/07/24(e)			200			201,850
OQ SAOC, 5.13%, 05/06/28(c)			300			284,775
PDC Energy, Inc.
6.13%, 09/15/24			89			88,560
5.75%, 05/15/26			292			285,430
Pertamina Persero PT, 3.65%, 07/30/29(e)			646			604,737
Petroleos Mexicanos
6.50%, 03/13/27(g)			538			486,029
8.75%, 06/02/29(c)			529			496,519
5.95%, 01/28/31			525			405,563
6.70%, 02/16/32			285			227,216
6.38%, 01/23/45			177			117,926
6.75%, 09/21/47			290			196,693
7.69%, 01/23/50			66			47,850
Pioneer Natural Resources Co., 0.25%, 05/15/25(i)			361			828,856
Puma International Financing SA, 5.13%, 10/06/24(c)			483			435,907

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Range Resources Corp.
5.00%, 03/15/23	USD		145	$	145,560
4.88%, 05/15/25			18		17,962
Rockcliff Energy II LLC, 5.50%, 10/15/29(c)			479		462,700
Shell International Finance BV, 4.38%, 05/11/45(g)			450		443,826
SM Energy Co.
5.63%, 06/01/25			72		70,830
6.75%, 09/15/26			161		159,390
6.63%, 01/15/27			44		43,835
6.50%, 07/15/28			230		226,640
Southwestern Energy Co.
5.38%, 02/01/29			296		289,340
4.75%, 02/01/32			206		192,095
Suncor Energy, Inc., 6.50%, 06/15/38(g)			800		897,041
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27			75		74,621
5.88%, 03/15/28			147		140,658
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(c)
6.00%, 03/01/27			53		49,237
6.00%, 12/31/30			36		32,445
6.00%, 09/01/31			168		151,368
Tap Rock Resources LLC, 7.00%, 10/01/26(c)			982		927,990
Transocean, Inc., 11.50%, 01/30/27(c)			195		184,785
Venture Global Calcasieu Pass LLC(c)
3.88%, 08/15/29			1,058		976,238
4.13%, 08/15/31			1,123		1,035,282
3.88%, 11/01/33			2,459		2,134,756
Vermilion Energy, Inc., 6.88%, 05/01/30(c)			204		196,836
Vivo Energy Investments BV, 5.13%, 09/24/27(c)			349		327,188
Western Midstream Operating LP
5.45%, 04/01/44(g)			934		835,911
5.30%, 03/01/48			43		37,708
5.50%, 08/15/48			103		89,795
5.50%, 02/01/50(g)			978		874,924
Williams Cos, Inc., 4.50%, 11/15/23(g)			1,750		1,763,884
					71,023,343
Personal Products — 0.0%
Coty, Inc., 3.88%, 04/15/26(e)	EUR		100		97,837
Pharmaceuticals — 1.4%
AbbVie, Inc.(g)
4.75%, 03/15/45	USD		500		494,495
4.45%, 05/14/46			1,000		955,283
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27(e)	EUR		100		91,732
CVS Health Corp., 5.05%, 03/25/48(g)	USD		1,110		1,127,472
Elanco Animal Health, Inc., 6.40%, 08/28/28			316		323,110
Gruenenthal GmbH, 4.13%, 05/15/28(e)	EUR		100		92,236
Jazz Securities DAC, 4.38%, 01/15/29(c)	USD		706		679,772
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24(e)	EUR		100		94,802
Option Care Health, Inc., 4.38%, 10/31/29(c)	USD		314		286,525
Organon & Co./Organon Foreign Debt Co-Issuer BV(c)
4.13%, 04/30/28			1,153		1,090,161
5.13%, 04/30/31			1,216		1,138,480
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(c)			339		227,130
PRA Health Sciences, Inc., 2.88%, 07/15/26(c)			563		533,212
Prestige Brands, Inc., 3.75%, 04/01/31(c)			190		163,400
Rossini Sarl, 6.75%, 10/30/25(e)	EUR		166		170,424

14

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

Security		Par (000)		Value
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25	EUR		100	$	104,683
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/25	USD		200		203,413
Utah Acquisition Sub, Inc., 3.95%, 06/15/26(g)			650		615,195
					8,391,525
Real Estate — 0.0%
VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28(c)			128		119,337
Real Estate Management & Development — 0.6%
Adler Group SA, 2.75%, 11/13/26(e)	EUR		200		109,359
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26(c)	USD		325		292,967
China Aoyuan Group Ltd.(e)(f)(l)
6.35%, 02/08/24			435		23,925
5.98%, 08/18/25			200		13,100
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25(e)			200		74,000
Country Garden Holdings Co. Ltd., 6.50%, 04/08/24(e)			200		83,000
DIC Asset AG, 2.25%, 09/22/26(e)	EUR		100		73,435
Fantasia Holdings Group Co. Ltd.(e)(f)(l)
11.75%, 04/17/22	USD		430		32,250
12.25%, 10/18/22			200		15,000
11.88%, 06/01/23			200		15,000
9.25%, 07/28/23			400		30,000
Fastighets AB Balder, (5 year EUR Swap + 3.19%), 2.87%, 06/02/81(b)(e)	EUR		100		69,499
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(c)	USD		41		34,850
Global Prime Capital Pte. Ltd., 5.50%, 10/18/23(e)			200		196,413
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(c)			120		119,891
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%(b)(e)(k)	EUR		100		71,705
Howard Hughes Corp.(c)
5.38%, 08/01/28	USD		237		221,913
4.13%, 02/01/29			189		162,575
4.38%, 02/01/31			176		149,039
Jingrui Holdings Ltd., 12.00%, 07/25/22(f)(l)			200		38,732
KWG Group Holdings Ltd., 7.40%, 03/05/24(e)			390		48,750
MAF Sukuk Ltd.(e)
4.64%, 05/14/29(g)			325		324,959
3.93%, 02/28/30			262		251,405
Modern Land China Co. Ltd., 9.80%, 04/11/23(a)(e)(f)(l)			200		32,000
Realogy Group LLC/Realogy Co.-Issuer Corp.(c)
5.75%, 01/15/29			375		306,240
5.25%, 04/15/30			173		137,985
Redsun Properties Group Ltd., 10.50%, 10/03/22(e)			200		18,000
Ronshine China Holdings Ltd., 7.35%, 12/15/23(e)(f)(l)			23		1,610
Shimao Group Holdings Ltd., 3.45%, 01/11/31(e)(f)(g)(l)			200		15,100
Shui On Development Holding Ltd., 5.75%, 11/12/23(e)			200		171,000
Sinic Holdings Group Co. Ltd., 10.50%, 12/18/22(a)(f)(l)			200		4,000
Starwood Property Trust, Inc., 4.38%, 01/15/27(c)			99		90,744
Theta Capital Pte. Ltd., 8.13%, 01/22/25(e)			200		160,413
Times China Holdings Ltd., 6.75%, 07/08/25(e)			200		22,000
Yuzhou Group Holdings Co. Ltd.(e)(f)(l)
7.70%, 02/20/25			200		14,000
8.30%, 05/27/25			200		14,000

Security		Par (000)		Value
Real Estate Management & Development (continued)
Yuzhou Group Holdings Co. Ltd.(e)(f)(l) (continued)
7.38%, 01/13/26	USD		205	$	14,350
Zhenro Properties Group Ltd., 7.88%, 04/14/24(e)(f)(l)			200		12,000
					3,465,209
Road & Rail — 0.5%
Autostrade per l’Italia SpA, 2.00%, 01/15/30(e)	EUR		100		85,630
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42(g)	USD		500		495,921
Danaos Corp., 8.50%, 03/01/28(c)			100		99,955
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(c)(g)			1,920		1,872,240
Seaspan Corp., 5.50%, 08/01/29(c)			444		347,430
Union Pacific Corp., 3.20%, 05/20/41			275		237,010
					3,138,186
Semiconductors & Semiconductor Equipment — 0.6%
ams AG, 6.00%, 07/31/25(e)	EUR		100		95,868
Broadcom, Inc., 3.46%, 09/15/26(g)	USD		688		673,969
Microchip Technology, Inc.(i)
0.13%, 11/15/24			411		425,591
1.63%, 02/15/25			102		294,079
Qualcomm, Inc., 4.65%, 05/20/35(g)			400		427,795
Sensata Technologies BV(c)
5.00%, 10/01/25			368		369,910
4.00%, 04/15/29			216		196,409
Sensata Technologies, Inc.(c)
4.38%, 02/15/30(g)			818		759,248
3.75%, 02/15/31			44		38,231
Synaptics, Inc., 4.00%, 06/15/29(c)			287		250,465
					3,531,565
Software — 1.5%
ACI Worldwide, Inc., 5.75%, 08/15/26(c)(g)			510		499,081
Black Knight InfoServ LLC, 3.63%, 09/01/28(c)			501		463,425
Boxer Parent Co., Inc.
6.50%, 10/02/25(e)	EUR		100		97,912
7.13%, 10/02/25(c)	USD		761		746,195
9.13%, 03/01/26(c)			194		185,277
Cedacri Mergeco SpA, (3 mo. EURIBOR + 4.63%), 4.63%, 05/15/28(b)(e)	EUR		100		95,032
Central Parent, Inc./Central Merger Sub, Inc., 7.25%, 06/15/29(c)	USD		796		809,054
Elastic NV, 4.13%, 07/15/29(c)			481		428,268
Helios Software Holdings, Inc./ION Corporate
Solutions Finance Sarl, 4.63%, 05/01/28(c)			400		318,114
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(c)			294		265,084
MicroStrategy, Inc., 6.13%, 06/15/28(c)(g)			577		500,548
MSCI, Inc.(c)
4.00%, 11/15/29			99		93,280
3.63%, 09/01/30			197		179,861
3.88%, 02/15/31(g)			374		340,381
3.63%, 11/01/31			164		145,997
3.25%, 08/15/33			233		201,855
Open Text Corp.(c)
3.88%, 02/15/28			179		164,673
3.88%, 12/01/29			339		305,149
Open Text Holdings, Inc., 4.13%, 02/15/30(c)			378		349,346
Oracle Corp., 3.60%, 04/01/50			250		182,213
Playtika Holding Corp., 4.25%, 03/15/29(c)			501		449,417
PTC, Inc., 4.00%, 02/15/28(c)			242		229,532

S C H E D U L E   O F   I N V E S T M E N  T S 15

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

Security		Par (000)		Value
Software (continued)
SS&C Technologies, Inc., 5.50%, 09/30/27(c)(g)	USD		1,452	$	1,430,249
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(c)			432		364,641
					8,844,584
Specialty Retail — 0.4%
Arko Corp., 5.13%, 11/15/29(c)			232		194,899
National Vision Holdings, Inc., 2.50%, 05/15/25(i)			311		360,190
PetSmart, Inc./PetSmart Finance Corp.(c)
4.75%, 02/15/28			436		413,755
7.75%, 02/15/29(g)			895		861,635
Staples, Inc., 7.50%, 04/15/26(c)(g)			526		465,510
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.52%, 09/15/24(b)(e)	EUR		100		97,350
					2,393,339
Technology Hardware, Storage & Peripherals — 0.2%
II-VI, Inc., 5.00%, 12/15/29(c)	USD		924		880,110
Textiles, Apparel & Luxury Goods(c) — 0.1%
Crocs, Inc.
4.25%, 03/15/29			32		26,246
4.13%, 08/15/31			191		148,069
Kontoor Brands, Inc., 4.13%, 11/15/29			126		106,252
Levi Strauss & Co., 3.50%, 03/01/31			244		220,520
William Carter Co., 5.63%, 03/15/27			28		27,773
					528,860
Thrifts & Mortgage Finance — 0.3%
doValue SpA, 3.38%, 07/31/26(e)	EUR		100		87,431
Home Point Capital, Inc., 5.00%, 02/01/26(c)	USD		247		169,699
Jerrold Finco PLC, 5.25%, 01/15/27(e)	GBP		100		101,991
MGIC Investment Corp., 5.25%, 08/15/28	USD		216		207,900
Nationstar Mortgage Holdings, Inc.(c)
6.00%, 01/15/27			237		219,495
5.13%, 12/15/30			136		113,093
5.75%, 11/15/31			125		104,531
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26(c)			566		499,857
					1,503,997
Tobacco(g) — 0.3%
Altria Group, Inc., 4.50%, 05/02/43			750		574,625
Philip Morris International, Inc., 4.38%, 11/15/41			900		768,962
Reynolds American, Inc., 5.85%, 08/15/45			715		629,334
					1,972,921
Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28(e)	EUR		100		89,134
Transportation Infrastructure — 0.5%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61(c)	USD		320		265,560
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(c)			274		250,881
DP World Salaam, (5 year CMT + 5.75%), 6.00%(b)(e)(k)			456		456,855
FedEx Corp.(g)
3.90%, 02/01/35			500		472,004
4.75%, 11/15/45			500		484,072

Security		Par (000)		Value
Transportation Infrastructure (continued)
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27(e)	USD		200	$	165,600
Heathrow Finance PLC, 4.63%, 09/01/29(e)(m)	GBP		100		102,600
Mexico City Airport Trust, 5.50%, 07/31/47(e)	USD		308		234,294
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26(c)(g)			520		517,984
					2,949,850
Utilities — 1.7%
Centrais Eletricas Brasileiras SA, 3.63%, 02/04/25(c)			200		191,500
Consensus Cloud Solutions, Inc.(c)
6.00%, 10/15/26			91		83,720
6.50%, 10/15/28			83		73,827
Electricite de France SA, (10 year USD Swap + 3.71%), 5.25%(b)(c)(g)(k)			7,500		7,200,000
Genneia SA, 8.75%, 09/02/27(c)			168		147,616
Inkia Energy Ltd., 5.88%, 11/09/27(e)			251		229,241
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(e)			250		203,172
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(c)(g)			578		536,199
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(e)			164		155,213
Thames Water Kemble Finance PLC, 4.63%, 05/19/26(e)	GBP		168		180,056
Vistra Operations Co. LLC(c)
5.50%, 09/01/26	USD		18		18,216
5.63%, 02/15/27			254		254,815
5.00%, 07/31/27			18		17,722
4.38%, 05/01/29			306		284,479
					9,575,776
Wireless Telecommunication Services — 1.4%
Altice France SA
5.88%, 02/01/27(e)	EUR		100		96,190
8.13%, 02/01/27(c)	USD		570		562,858
5.50%, 01/15/28(c)			357		314,777
4.13%, 01/15/29(e)	EUR		100		85,597
5.13%, 01/15/29(c)	USD		201		170,265
5.13%, 07/15/29(c)(g)			1,406		1,203,325
5.50%, 10/15/29(c)			410		352,629
General Motors Co., 3.13%, 02/01/29			680		595,000
Kenbourne Invest SA(c)
6.88%, 11/26/24			329		306,032
4.70%, 01/22/28			200		141,500
Millicom International Cellular SA, 5.13%, 01/15/28(e)			283		256,770
SBA Communications Corp., 3.88%, 02/15/27(g)			930		886,141
Sprint Corp., 7.63%, 03/01/26(g)			748		815,409
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(c)(g)			637		490,369
VICI Properties LP/VICI Note Co., Inc.(c)
3.50%, 02/15/25			140		132,306
4.63%, 06/15/25			60		58,236
4.50%, 09/01/26			10		9,544
4.25%, 12/01/26			23		21,617
4.63%, 12/01/29			256		243,850
4.13%, 08/15/30			342		312,236
Vmed O2 U.K. Financing I PLC
4.00%, 01/31/29(e)	GBP		100		106,538

16

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

Security		Par (000)		Value
Wireless Telecommunication Services (continued)
Vmed O2 U.K. Financing I PLC (continued)
4.50%, 07/15/31(e)	GBP		100	$	105,230
4.75%, 07/15/31(c)	USD		762		689,610
VTR Comunicaciones SpA, 5.13%, 01/15/28(c)			178		129,473
					8,085,502
Total Corporate Bonds — 83.4% (Cost: $526,137,234)					483,140,100
Floating Rate Loan Interests(b)
Aerospace & Defense — 0.4%
Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, 11/16/28(n)			99		94,855
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 9.71%, 02/01/29			676		628,835
Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.12%, 02/01/28			1,185		1,150,402
Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 6.12%, 01/15/25			255		249,932
					2,124,024
Air Freight & Logistics — 0.2%
AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.04%, 04/06/28			143		128,985
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 6.62%, 12/17/28			969		884,017
					1,013,002
Airlines — 0.4%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.46%, 04/20/28			748		735,906
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 4.25%, 08/11/28			394		378,773
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 7.31%, 06/21/27			267		269,280
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.46%, 10/20/27			381		384,524
United Airlines, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.53%, 04/21/28			820		787,455
					2,555,938
Auto Components — 0.0%
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 5.62%, 04/30/26			95		91,333
Banks — 0.2%
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 7.37%, 08/02/27			1,247		1,175,025
Beverages — 0.0%
Naked Juice LLC, 2nd Lien Term Loan, (SOFR + 6.00%), 8.15%, 01/24/30(a)			38		34,453

Security		Par (000)		Value
Capital Markets — 0.1%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%), 8.81%, 08/02/29	USD		232	$	209,061
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 9.12%, 04/07/28			274		266,465
					475,526
Chemicals — 0.3%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 7.00%, 08/27/26			486		479,252
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 4.87%, 03/18/28			583		576,550
New Arclin U.S. Holding Corp., 2021 Term Loan , (1 mo. LIBOR + 3.75%), 6.12%, 09/30/28			208		194,008
W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 6.06%, 09/22/28			306		293,160
					1,542,970
Commercial Services & Supplies — 0.2%
Propulsion BC Finco Sarl, Term Loan, 02/10/29(a)(n)			203		194,437
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 6.37%, 08/27/25			1,245		1,210,193
					1,404,630
Communications Equipment — 0.1%
ViaSat, Inc., Term Loan, (SOFR CME + 4.50%), 6.94%, 03/04/29			310		287,561
Construction & Engineering — 0.4%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.94%, 06/21/24			2,590		2,359,206
Construction Materials — 0.0%
BCPE Empire Holdings, Inc., 2022 Incremental Term Loan, (SOFR CME + 4.62%), 7.05%, 06/11/26			50		47,974
Smyrna Ready Mix Concrete LLC, (SOFR CME + 4.25%), 6.68%, 04/01/29(a)			85		82,197
					130,171
Containers & Packaging — 0.1%
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.04%, 04/03/24			387		369,843
Clydesdale Acquisition Holdings, Inc., Term Loan B, (SOFR CME + 4.17%), 6.60%, 04/13/29			131		125,596
					495,439
Diversified Consumer Services — 0.1%
Amentum Government Services Holdings LLC, Term Loan B, (1 mo. LIBOR + 3.75%), 6.12%, 01/31/27			79		76,751
Ascend Learning LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 8.12%, 12/10/29			157		138,160
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 7.01%, 01/15/27(a)			221		213,212
TruGreen Limited Partnership, 2020 2nd Lien Term Loan, (1 mo. LIBOR + 8.50%, 0.75% Floor), 10.75%, 11/02/28(a)			201		188,940
					617,063
Diversified Financial Services — 0.4%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 6.87%, 07/31/26			154		102,537

S C H E D U L E   O F   I N V E S  T M E N T S 17

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

Security		Par (000)		Value
Diversified Financial Services (continued)
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%, 0.00% Floor), 5.25%, 02/21/23(a)	USD		56	$	1,680
Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 5.84%, 12/01/27			313		294,345
EP Purchaser LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 5.75%, 11/04/28.			83		80,906
Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.25%, 10/01/27			779		754,240
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (SOFR CME + 4.00%), 6.20%, 02/16/28			124		121,095
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 8.12%, 09/23/29			34		32,527
2021 Term Loan, (1 mo. LIBOR + 2.75%), 5.12%, 09/23/28			144		138,404
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 5.62%, 09/25/26			75		70,469
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.25%, 09/01/25			373		314,543
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 5.37%, 02/28/27			92		89,473
White Cap Buyer LLC, Term Loan B, (SOFR + 3.75%), 6.08%, 10/19/27			429		409,192
					2,409,411
Diversified Telecommunication Services — 0.1%
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 6.06%, 05/01/28			255		242,289
Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (SOFR + 4.25%), 4.92%, 02/01/29			356		335,532
					577,821
Food Products — 0.0%
Chobani LLC, 2020 Term Loan B, 10/23/27(n)			62		57,269
Gas Utilities — 0.1%
Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 6.21%, 12/21/28			324		303,158
Health Care Providers & Services — 0.1%
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.30%, 01/08/27			79		76,622
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.12%, 10/10/25			628		162,342
Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.60%, 04/29/25			299		188,039
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.12%, 11/16/25			146		137,404
					564,407
Health Care Technology — 0.3%
Athenahealth, Inc.
2022 Delayed Draw Term loan, 3.50%, 02/15/29			286		26,928
2022 Term Loan B, (SOFR CME + 3.50%), 5.65%, 02/15/29			1,690		1,607,010
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 6.37%, 06/04/28			222		210,658
					1,844,596

Security		Par (000)		Value
Hotels, Restaurants & Leisure — 0.1%
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR + 4.00%), 6.33%, 01/27/29	USD		511	$	486,291
Great Canadian Gaming Corp., 2021 Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 6.10%, 11/01/26			71		68,692
IRB Holding Corp., 2022 Term Loan B, (SOFR + 3.15%, 0.75% Floor), 4.84%, 12/15/27			262		250,709
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 0.00%, 07/21/26			39		38,466
					844,158
Household Durables — 0.1%
Hunter Douglas Inc., USD Term Loan B1, (SOFR + 3.50%), 4.84%, 02/25/29			277		246,392
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%, 0.75% Floor), 6.16%, 10/06/28			536		446,604
					692,996
Industrial Conglomerates — 0.1%
AVSC Holding Corp., 2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.58%, 09/01/25			623		465,471
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 8.30%, 11/28/23			99		99,137
					564,608
Insurance — 0.2%
Alliant Holdings Intermediate LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.62%, 05/09/25			247		238,662
Hub International Ltd., 2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 5.98%, 04/25/25			126		122,623
Ryan Specialty Group LLC, Term Loan, (SOFR CME + 3.00%, 0.75% Floor), 5.43%, 09/01/27			234		227,014
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.62%, 12/31/25			175		169,736
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 6.62%, 09/03/26			199		193,423
					951,458
Interactive Media & Services — 0.0%
Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.88%, 01/29/26			148		133,270
IT Services — 0.2%
Boxer Parent Co., Inc.
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.50%), 7.87%, 02/27/26			529		494,615
2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 6.12%, 10/02/25			214		205,568
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 5.37%, 10/31/26			201		195,640
Greeneden U.S. Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 6.37%, 12/01/27			213		207,671
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 5.87%, 02/13/27			121		111,553
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 6.12%, 05/05/26			64		60,735
					1,275,782

18

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

Security		Par (000)		Value
Leisure Products — 0.0%
Peloton Interactive, Inc., Term Loan, (SOFR CME + 6.50%), 8.35%, 05/25/27	USD		132	$	125,290
Machinery — 0.4%
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 7.37%, 09/20/26(a)			438		424,651
SPX Flow, Inc., (SOFR CME + 4.50%), 6.93%, 04/05/29			482		455,191
Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 5.88%, 03/28/25			1,817		1,702,699
					2,582,541
Media — 0.4%
Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 5.26%, 07/15/25			44		41,477
Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 6.30%, 08/21/26			1,114		1,013,677
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.12%, 09/13/24			169		164,280
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.12%, 09/15/24			250		242,441
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 8.62%, 02/23/29			66		62,425
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 5.37%, 03/09/27			905		834,446
					2,358,746
Oil, Gas & Consumable Fuels — 0.5%
Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 11.46%, 11/01/25			2,934		3,091,433
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 4.67%, 06/28/24			17		10,323
					3,101,756
Professional Services — 0.1%
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Delayed Draw Term Loan D, (SOFR CME + 4.25%), 6.36%, 06/24/29			89		85,319
Galaxy U.S. Opco, Inc., Term Loan, (SOFR CME + 4.75%), 7.08%, 04/29/29			263		247,549
					332,868
Real Estate Management & Development — 0.1%
Chamberlain Group, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 5.87%, 11/03/28			443		411,476
Software — 1.2%
Barracuda Networks, Inc., 2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.75% Floor), 9.56%, 10/30/28(a)			172		172,096
Central Parent, Inc., 2022 USD Term Loan B, (SOFR CME + 4.50%), 6.61%, 07/06/29			129		125,211
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 8.37%, 10/08/29			416		376,480
2021 Term Loan, (1 mo. LIBOR + 3.75%), 6.12%, 10/08/28			519		490,153
Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 5.62%, 05/27/24			706		638,778

Security		Par (000)		Value
Software (continued)
Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 10.12%, 07/31/28	USD		117	$	115,011
Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 3.75%), 5.95%, 03/11/28			90		84,484
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 7.05%, 07/27/28			801		759,789
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 10.55%, 07/27/29			530		499,525
McAfee LLC, 2022 USD Term Loan B, (SOFR + 4.00%), 5.70%, 03/01/29			879		837,621
Planview Parent, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%, 0.75% Floor), 9.62%, 12/17/28(a)			195		178,425
Proofpoint, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%, 0.50% Floor), 7.82%, 08/31/29			472		453,350
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.62%, 05/30/25			18		17,212
Sabre Global, Inc.
2021 Term Loan B1, (1 mo. LIBOR + 3.50%), 5.87%, 12/17/27			84		80,461
2021 Term Loan B2, (1 mo. LIBOR + 3.50%), 5.87%, 12/17/27			135		128,260
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 5.50%, 10/07/27			829		797,050
SS&C Technologies, Inc.
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.12%, 04/16/25			97		94,552
2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 4.12%, 04/16/25			70		68,793
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.63%, 03/04/28			232		229,796
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 7.54%, 05/03/27			556		531,515
Term Loan B, (1 mo. LIBOR + 3.75%), 6.12%, 05/03/26			209		203,209
					6,881,771
Specialty Retail — 0.0%
Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 6.29%, 04/16/26			93		79,808
Textiles, Apparel & Luxury Goods — 0.1%
Crocs, Inc., Term Loan B, (SOFR CME + 3.50%), 4.45%, 02/20/29			712		668,963
Trading Companies & Distributors — 0.1%
Foundation Building Materials Holding Co. LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%), 6.05%, 01/31/28			75		69,211
SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR CME + 3.50%), 6.18%, 06/04/28			289		274,455
					343,666

S C H E D U L E   O F   I N V E S T M E N  T S 19

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

Security		Par (000)		Value
Transportation — 0.1%
Brown Group Holding, LLC, 2022 Term Loan B2, 07/01/29(n)	USD		327	$	319,711
Total Floating Rate Loan Interests — 7.2% (Cost: $44,281,176)					41,731,871
Foreign Agency Obligations
Bahrain — 0.1%
Bahrain Government International Bond(e)
7.00%, 01/26/26			301		309,522
5.45%, 09/16/32			200		168,038
					477,560
Chile — 0.1%
Chile Government International Bond
4.34%, 03/07/42			200		184,000
4.00%, 01/31/52			200		172,700
					356,700
Colombia — 0.3%
Colombia Government International Bond
8.13%, 05/21/24			159		166,930
4.50%, 01/28/26(g)			542		519,236
3.88%, 04/25/27(g)			477		436,097
3.13%, 04/15/31			677		534,746
					1,657,009
Dominican Republic — 0.3%
Dominican Republic International Bond
5.95%, 01/25/27(e)			523		513,129
5.50%, 02/22/29(c)			260		240,630
4.50%, 01/30/30(c)			452		388,240
4.88%, 09/23/32(c)			339		283,976
6.40%, 06/05/49(e)			271		221,847
					1,647,822
Egypt — 0.0%
Egypt Government International Bond(c)
5.75%, 05/29/24			200		170,000
7.50%, 02/16/61			200		112,000
					282,000
Guatemala — 0.2%
Guatemala Government Bond
4.50%, 05/03/26(e)			200		196,350
5.38%, 04/24/32(c)			200		197,662
3.70%, 10/07/33(e)			236		196,146
4.65%, 10/07/41(c)			401		326,314
					916,472
Hungary — 0.1%
Hungary Government International Bond, 5.25%, 06/16/29(c)			450		456,621
Indonesia — 0.2%
Indonesia Government International Bond(g)
4.10%, 04/24/28			947		958,127
5.35%, 02/11/49			295		304,989
					1,263,116

Security		Par (000)		Value
Ivory Coast — 0.1%
Ivory Coast Government International Bond, 6.38%, 03/03/28(e)	USD		731	$	668,865
Mexico — 0.3%
Mexico Government International Bond
3.75%, 01/11/28(g)			805		788,900
2.66%, 05/24/31			832		712,608
					1,501,508
Mongolia — 0.0%
Mongolia Government International Bond, 5.13%, 04/07/26(e)			250		221,277
Morocco — 0.1%
Morocco Government International Bond(c)
2.38%, 12/15/27			379		328,309
3.00%, 12/15/32			500		396,250
					724,559
Nigeria — 0.1%
Nigeria Government International Bond
8.38%, 03/24/29(c)			400		309,500
7.88%, 02/16/32(e)			208		145,600
					455,100
Oman — 0.1%
Oman Government International Bond(e)
6.50%, 03/08/47			309		268,057
6.75%, 01/17/48			309		275,010
7.00%, 01/25/51			224		202,720
					745,787
Panama — 0.2%
Panama Government International Bond
3.88%, 03/17/28			360		349,043
3.16%, 01/23/30(g)			1,015		918,448
					1,267,491
Paraguay — 0.2%
Paraguay Government International Bond
4.70%, 03/27/27(e)			305		309,632
4.95%, 04/28/31(c)			200		197,600
5.60%, 03/13/48(e)			210		179,196
5.40%, 03/30/50(e)			200		175,912
					862,340
Peru — 0.2%
Peruvian Government International Bond
2.78%, 01/23/31(g)			233		205,302
1.86%, 12/01/32(g)			712		565,506
3.00%, 01/15/34			176		150,832
					921,640
Qatar — 0.1%
Qatar Government International Bond
4.00%, 03/14/29(c)			478		497,120
4.40%, 04/16/50(e)			200		204,000
					701,120
Romania — 0.2%
Romanian Government International Bond(c)
5.25%, 11/25/27			416		410,800

20

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

Security		Par (000)		Value
Romania (continued)
Romanian Government International Bond(c) (continued)
3.00%, 02/14/31	USD		366	$	300,417
3.63%, 03/27/32			516		424,991
					1,136,208
Saudi Arabia — 0.2%
Saudi Government International Bond
4.38%, 04/16/29(c)			200		210,250
4.50%, 04/17/30(e)(g)			362		385,077
2.25%, 02/02/33(e)			524		461,775
					1,057,102
South Africa — 0.1%
South Africa Government International Bond
4.85%, 09/30/29			210		192,452
5.88%, 04/20/32			390		361,237
					553,689
Sri Lanka — 0.0%
Sri Lanka Government International Bond, 6.85%, 03/14/24(e)(f)(l)			400		118,450
Ukraine — 0.0%
Ukraine Government International Bond
8.99%, 02/01/24(e)			224		42,560
7.75%, 09/01/25(e)			226		40,680
7.25%, 03/15/33(c)			371		69,934
					153,174
Uruguay — 0.0%
Uruguay Government International Bond, 4.38%, 10/27/27			200		207,850
Total Foreign Agency Obligations — 3.2% (Cost: $20,289,287)					18,353,460
Municipal Bonds
California — 0.0%
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55(j)			1,230		222,871
Illinois — 0.2%
State of Illinois, GO, 5.10%, 06/01/33			800		813,209
Total Municipal Bonds — 0.2% (Cost: $1,007,778)					1,036,080
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 11.5%
BRAVO Residential Funding Trust, Series 2021- NQM1, Class A1, 0.94%, 02/25/49(b)(c)			873		814,519
Chase Home Lending Mortgage Trust, Class A12, 6.50%, 04/25/49(b)(c)			473		472,575
CHL Mortgage Pass-Through Trust
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 2.91%, 07/25/37(b)			2,671		738,775
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			1,475		686,336
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 2.95%, 11/25/36(b)			893		845,611

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
COLT Mortgage Loan Trust
5.16%, 04/25/67	USD		2,750	$	2,749,976
Series 2020-2, Class M1, 5.25%, 03/25/65(b)(c)			2,550		2,504,540
Series 2020-3, Class M1, 3.36%, 04/27/65(b)(c)			2,850		2,680,682
Series 2022-1, Class A1, 4.55%, 04/25/67(b)(c)			1,524		1,491,771
Countrywide Alternative Loan Trust
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 2.71%, 05/25/35(b)			1,419		1,271,722
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 2.66%, 12/25/36(b)			2,271		317,586
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			1,459		824,811
Series 2006-J7, Class 2A1, (1 mo. LIBOR US + 1.50%), 3.21%, 11/20/46(b)			3,323		2,428,049
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,858		953,598
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 1.49%, 11/25/46(b)			4,573		3,907,397
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.38%), 2.64%, 10/25/46(b)			2,991		2,697,725
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.24%), 2.50%, 12/25/46(b)			1,801		1,593,513
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.42%), 2.68%, 07/25/46(b)			3,510		2,775,237
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.38%), 2.64%, 07/25/46(b)			1,215		1,051,678
Series 2007-12T1, Class A22, 5.75%, 06/25/37			3,456		1,867,353
Series 2007-12T1, Class A5, 6.00%, 06/25/37			1,677		934,504
Series 2007-19, Class 1A1, 6.00%, 08/25/37			549		323,919
Series 2007-22, Class 2A16, 6.50%, 09/25/37			7,097		3,362,218
Series 2007-23CB, Class A1, 6.00%, 09/25/37			4,202		2,636,100
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 2.61%, 04/25/37(b)			1,753		1,365,637
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 1.48%, 03/25/47(b)			2,114		1,815,060
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.40%), 2.46%, 04/25/46(b)			4,311		3,778,901
CSMC Trust(b)(c)
Series 2011-4R, Class 1A2, (1 mo. LIBOR US + 1.50%), 2.30%, 09/27/37.			1,433		1,252,802
Series 2021-NQM2, Class M1, 2.28%, 02/25/66			1,500		1,228,769
Ellington Financial Mortgage Trust, Series 2020-1, Class M1, 5.24%, 05/25/65(b)(c)			500		490,261
GS Mortgage-Backed Securities Trust, Series 2021- PJ7, Class A2, 2.50%, 01/25/52(b)(c)			2,197		1,952,059
MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65(b)(c)			2,000		1,808,508
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 2.74%, 05/26/37(c)			4,576		4,558,345
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36(b)			6,817		1,755,293
Residential Asset Securitization Trust, Series 2006-A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 2.86%, 08/25/36(b)			6,341		1,154,329
SG Residential Mortgage Trust, 1.00%, 09/25/67			751		750,531
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(b)(c)			1,750		1,637,334

S C H E D U L E   O F   I N V E S T M E N  T S 21

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

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65(b)(c)	USD		1,057	$	1,017,765
Verus Securitization Trust, 5.35%, 07/25/67			2,046		2,045,854
					66,541,643
Commercial Mortgage-Backed Securities(b)(c) — 0.3%
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. LIBOR US + 0.27%), 2.53%, 07/25/37			1,514		1,335,221
Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. LIBOR US + 2.25%), 4.25%, 07/15/38			328		316,836
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1 mo. LIBOR US + 1.00%), 3.26%, 04/25/31			512		501,714
					2,153,771
Total Non-Agency Mortgage-Backed Securities — 11.8% (Cost: $81,717,363)					68,695,414
Preferred Securities
Capital Trusts — 6.6%(b)
Automobiles(k) — 0.1%
General Motors Financial Co., Inc., Series C, 5.70%			395		374,262
Volkswagen International Finance NV, 4.38%(e)	EUR		100		89,810
					464,072
Banks(k) — 2.0%
Banco Mercantil del Norte SA(c)
5.88%	USD		205		170,253
6.75%			292		274,900
Bank of East Asia Ltd., 5.88%(e)			250		236,250
Industrial & Commercial Bank of China Ltd., 3.20%(e)			210		201,810
ING Groep NV, 3.88%			1,750		1,345,214
Kasikornbank PCL, 5.28%(e)			246		232,055
Nordea Bank Abp, 3.75%(c)			560		432,490
Rizal Commercial Banking Corp., 6.50%(e)			200		185,225
TMBThanachart Bank PCL, 4.90%(e)			250		220,984
Wells Fargo & Co., Series S, 5.90%(g)			8,800		8,353,708
					11,652,889
Capital Markets — 0.4%
Bank of New York Mellon Corp., Series I, 3.75%(k)			2,845		2,478,564
Diversified Financial Services(k) — 3.4%
Bank of America Corp.(g)
Series AA, 6.10%			2,865		2,896,881
Series X, 6.25%			5,535		5,574,649
Barclays PLC, 4.38%			585		475,488
Credit Agricole SA, 4.75%(c)			260		220,350
Credit Suisse Group AG, 6.38%(c)			358		302,510
HSBC Holdings PLC, 6.00%(g)			695		666,736
JPMorgan Chase & Co.
Series FF, 5.00%(g)			1,025		952,202
Series HH, 4.60%			320		283,710
NatWest Group PLC, 6.00%(g)			1,185		1,156,122
Societe Generale SA(c)(g)
5.38%			3,000		2,517,341
6.75%			3,000		2,820,143

Security		Par (000)		Value
Diversified Financial Services (continued)
UBS Group AG, 3.88%(c)(g)	USD		1,750	$	1,509,278
Woori Bank, 4.25%(e)			250		236,609
					19,612,019
Diversified Telecommunication Services — 0.0%
Koninklijke KPN NV, 2.00%(e)(k)	EUR		100		95,206
Electric Utilities — 0.4%
Edison International, Series B, 5.00%(k)	USD		220		185,589
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79(g)			2,500		2,303,391
					2,488,980
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp., 7.00%(c)(k)			307		285,492
Insurance — 0.1%
Heungkuk Life Insurance Co. Ltd., 4.48%(e)(k)			200		193,037
Media — 0.0%
SES SA, 2.88%(e)(k)	EUR		100		86,874
Oil, Gas & Consumable Fuels(e)(k) — 0.1%
Abertis Infraestructuras Finance BV, 3.25%			100		91,094
Repsol International Finance BV, 4.25%			100		93,241
					184,335
Real Estate Management & Development(e)(k) — 0.0%
Aroundtown SA, 3.38%			100		87,360
Citycon OYJ, 4.50%			100		72,564
					��
					159,924
Transportation Infrastructure — 0.0%
Poste Italiane SpA, 2.63%(e)(k)			100		72,565
Utilities — 0.0%
Electricite de France SA, 3.00%(e)(k)			200		169,437
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 2.63%, 08/27/80(e)			100		94,161
					38,037,555
		Shares
Preferred Stocks — 2.4%(b)(k)
Capital Markets — 2.4%
Goldman Sachs Group, Inc., Series J			395,017		9,907,026
Morgan Stanley
Series F			100,000		2,631,000
Series K			60,125		1,544,010
					14,082,036
Total Preferred Securities — 9.0% (Cost: $55,602,802)					52,119,591

22

Schedule of Investments  (unaudited) (continued) July 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 — 0.0%
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27(c)	USD		200	$	204,000
Collateralized Mortgage Obligations — 1.0%
Freddie Mac REMICS, Series 4480, Class ZX, 4.00%, 11/15/44			5,051		5,173,236
Government National Mortgage Association, Series 2017-136, Class GB, 3.00%, 03/20/47			710		700,689
					5,873,925
Mortgage-Backed Securities(g) — 28.1%
Fannie Mae Mortgage-Backed Securities 4.00%, 08/11/22.			7,849		8,006,555
4.50%, 08/11/22			7,827		8,219,634
Uniform Mortgage-Backed Securities 2.00%, 08/11/22 - 03/01/51			19,106		17,230,552
3.50%, 08/11/22			4,034		4,074,377
4.00%, 08/11/22 - 09/14/52(o)			113,954		114,779,039
4.50%, 08/11/22 - 09/14/52(o)			9,879		10,190,715
					162,500,872
Total U.S. Government Sponsored Agency Securities — 29.1% (Cost: $170,924,183)					168,578,797
		Shares
Warrants
Entertainment — 0.0%
Aviron Capital LLC (Expires 12/16/31)(a)			10		—
Total Warrants — 0.0% (Cost: $ — )					—
Total Long-Term Investments — 155.8% (Cost: $969,854,616)					902,630,343
Short-Term Securities
Money Market Funds — 3.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.76%(p)(q)			21,796,872		21,796,872
Total Short-Term Securities — 3.8% (Cost: $21,796,872)					21,796,872
Options Purchased — 0.0% (Cost: $5,201)					1,452
Total Investments Before TBA Sale Commitments — 159.6% (Cost: $991,656,689)					924,428,667

Security		Par (000)			Value
TBA Sale Commitments(o)
Mortgage-Backed Securities — (3.1)%
Uniform Mortgage-Backed Securities
4.00%, 04/25/52.	USD		(17,500	)	$	(17,586,817	)
4.50%, 08/11/52			(58	)		(59,008	)
Total TBA Sale Commitments — (3.1)% (Proceeds: $(17,306,835))						(17,645,825	)
Total Investments, Net of TBA Sale Commitments — 156.5% (Cost: $974,349,854)						906,782,842
Liabilities in Excess of Other Assets — (56.5)%						(327,284,350	)
Net Assets — 100.0%					$	579,498,492

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

⁽ⁱ⁾  Convertible security.

^(j)  Zero-coupon bond.

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

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

^(m)  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.

⁽ⁿ⁾  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.

^(o) Represents or includes a TBA transaction.

^(p)  Affiliate of the Trust.

^(q)  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.

S C H E D U L E   O F   I N V E S  T M E N T S 23

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended July 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 07/31/22		Shares Held at 07/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	36,212,415	$	—	$	(14,415,543	)(a)	$	—	$	—	$	1,796,872		21,796,872	$	62,621	$	—

^(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)

Barclays Capital Inc.

2.75

%(b)

03/03/22

Open

$

334,163

$

335,655

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.55

(b)

03/04/22

Open

2,839,931

2,850,175

Capital Trusts

Open/Demand

Barclays Bank PLC

2.55

(b)

03/04/22

Open

1,709,137

1,715,302

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.55

(b)

03/04/22

Open

3,195,845

3,206,018

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.55

(b)

03/04/22

Open

1,002,500

1,006,116

Capital Trusts

Open/Demand

Barclays Bank PLC

2.60

(b)

03/04/22

Open

3,710,000

3,724,139

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.75

(b)

03/04/22

Open

1,622,500

1,629,677

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.75

(b)

03/04/22

Open

464,144

466,197

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.75

(b)

03/04/22

Open

6,075,000

6,101,873

Corporate Bonds

Open/Demand

Barclays Bank PLC

2.75

(b)

03/04/22

Open

2,212,500

2,222,287

Capital Trusts

Open/Demand

Barclays Bank PLC

2.75

(b)

03/04/22

Open

7,656,000

7,689,867

Capital Trusts

Open/Demand

Barclays Bank PLC

2.75

(b)

03/04/22

Open

1,660,000

1,667,343

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

03/04/22

Open

754,875

758,214

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

03/04/22

Open

575,825

578,372

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

03/04/22

Open

89,310

89,705

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

03/14/22

Open

711,515

714,583

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

03/16/22

Open

395,388

397,082

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

03/31/22

Open

461,700

463,579

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

03/31/22

Open

889,034

892,652

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

04/11/22

Open

107,030

107,441

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

04/21/22

Open

969,030

972,549

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.70

(b)

04/28/22

Open

177,320

176,782

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.65

(b)

04/28/22

Open

243,000

243,770

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

(b)

05/06/22

Open

699,221

701,971

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.75

(b)

05/10/22

Open

1,127,270

1,131,231

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.80

(b)

05/10/22

Open

601,944

604,128

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

05/10/22

Open

1,604,460

1,609,659

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.80

(b)

05/13/22

Open

247,431

248,284

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

05/13/22

Open

153,108

153,580

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

05/16/22

Open

657,305

659,501

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

05/16/22

Open

915,915

918,711

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.65

(b)

05/18/22

Open

659,175

661,173

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.65

(b)

05/27/22

Open

760,919

762,933

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

2.62

(b)

06/06/22

Open

433,067

��

434,097

Corporate Bonds

Open/Demand

Barclays Capital Inc.

(1.50

)(b)

06/14/22

Open

654,939

654,056

Corporate Bonds

Open/Demand

Barclays Capital Inc.

(3.00

)(b)

06/17/22

Open

33,188

33,074

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(0.50

)(b)

06/22/22

Open

172,190

172,097

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

(b)

06/24/22

Open

636,912

637,934

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(5.00

)(b)

06/24/22

Open

101,640

101,104

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

06/29/22

Open

335,256

335,816

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

(b)

06/30/22

Open

310,399

310,840

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.65

(b)

07/01/22

Open

666,775

667,725

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/06/22

Open

331,380

331,840

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.72

(b)

07/06/22

Open

207,086

207,370

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/07/22

Open

880,380

881,554

Corporate Bonds

Open/Demand

24

Schedule of Investments  (unaudited) (continued) July 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)

Deutsche Bank Securities, Inc.

1.99

%

07/13/22

08/11/22

$

5,361,353

$

5,366,688

U.S. Government Sponsored Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.99

07/13/22

08/11/22

3,343,336

3,346,663

U.S. Government Sponsored Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.99

07/13/22

08/11/22

4,000,853

4,004,833

U.S. Government Sponsored Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.99

07/13/22

08/11/22

5,805,051

5,810,827

U.S. Government Sponsored Agency Securities

Up to 30 Days

Deutsche Bank Securities, Inc.

1.99

07/13/22

08/11/22

7,116,447

7,123,528

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

7,825,431

7,833,257

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

136,779

136,916

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

2,303,415

2,305,718

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

112,457

112,569

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

1,790,807

1,792,598

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

805,723

806,529

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

400,906

401,307

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

470,719

471,190

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

270,547

270,817

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

140,025

140,165

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

2,436,221

2,438,657

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

172,902

173,075

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

132,550

132,683

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

1,915,539

1,917,455

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

5,306,218

5,311,525

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

62,569,435

62,632,236

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

1,206,051

1,207,257

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

1,914,297

1,916,211

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

1,418,571

1,419,990

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

744,734

745,479

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

1,758,803

1,760,562

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

3,180,765

3,183,946

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

1,329,502

1,330,831

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

2.00

07/13/22

08/11/22

1,557,759

1,559,317

U.S. Government Sponsored Agency Securities

Up to 30 Days

RBC Capital Markets LLC

2.65

(b)

07/13/22

Open

56,888

56,942

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

(b)

07/14/22

Open

92,783

92,855

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/19/22

Open

669,735

670,181

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.85

(b)

07/19/22

Open

476,420

476,753

Corporate Bonds

Open/Demand

S C H E D U L E   O F   I N V E S T M E N  T S 25

Schedule of Investments  (unaudited) (continued) July 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)
BNP Paribas S.A	2.72	%(b)	07/22/22	Open		$	705,180	$            705,180	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/22/22	Open			320,243	320,367	Corporate Bonds	Open/Demand
Barclays Bank PLC	2.50	(b)	07/25/22	Open			695,625	695,862	Corporate Bonds	Open/Demand
Barclays Bank PLC	2.55	(b)	07/25/22	Open			173,363	173,414	Capital Trusts	Open/Demand
Barclays Bank PLC	2.55	(b)	07/25/22	Open			537,652	537,814	Corporate Bonds	Open/Demand
Barclays Bank PLC	2.55	(b)	07/25/22	Open			1,667,500	1,668,000	Corporate Bonds	Open/Demand
Barclays Bank PLC	2.55	(b)	07/25/22	Open			3,871,875	3,873,037	Capital Trusts	Open/Demand
Barclays Bank PLC	2.55	(b)	07/25/22	Open			1,010,100	1,010,403	Corporate Bonds	Open/Demand
Barclays Bank PLC	2.75	(b)	07/25/22	Open			790,250	790,513	Corporate Bonds	Open/Demand
Barclays Bank PLC	2.75	(b)	07/25/22	Open			2,096,250	2,096,949	Capital Trusts	Open/Demand
Barclays Bank PLC	2.75	(b)	07/25/22	Open			882,825	883,119	Capital Trusts	Open/Demand
Barclays Bank PLC	2.80	(b)	07/25/22	Open			158,500	158,554	Corporate Bonds	Open/Demand
Barclays Capital Inc.	(1.75	)(b)	07/25/22	Open			304,705	304,616	Corporate Bonds	Open/Demand
Barclays Capital Inc.	(0.50	)(b)	07/25/22	Open			352,590	352,556	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.55	(b)	07/25/22	Open			781,562	781,797	Capital Trusts	Open/Demand
Barclays Capital Inc.	2.55	(b)	07/25/22	Open			350,494	350,599	Capital Trusts	Open/Demand
Barclays Capital Inc.	2.55	(b)	07/25/22	Open			531,255	531,414	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			347,871	347,987	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			448,555	448,704	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			121,860	121,901	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			752,505	752,756	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			458,562	458,715	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			27,100	27,109	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			700,729	700,962	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			828,991	829,268	Corporate Bonds	Open/Demand
Barclays Capital Inc	2.75	(b)	07/25/22	Open			541,205	541,385	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			672,750	672,974	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			150,108	150,158	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			1,465,570	1,466,058	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			327,980	328,089	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			1,006,525	1,006,860	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			593,880	594,078	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			209,790	209,860	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			379,208	379,334	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/25/22	Open			695,830	696,062	Corporate Bonds	Open/Demand
BNP Paribas S.A	1.80	(b)	07/25/22	Open			924,444	924,606	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.11	(b)	07/25/22	Open			1,202,130	1,202,402	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.13	(b)	07/25/22	Open			1,207,500	1,207,778	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.15	(b)	07/25/22	Open			1,008,805	1,009,040	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.17	(b)	07/25/22	Open			1,085,542	1,085,799	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.21	(b)	07/25/22	Open			1,034,656	1,034,908	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.33	(b)	07/25/22	Open			1,207,342	1,207,660	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.37	(b)	07/25/22	Open			1,424,782	1,425,167	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.37	(b)	07/25/22	Open			1,257,525	1,257,865	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.39	(b)	07/25/22	Open			1,542,004	1,542,425	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.49	(b)	07/25/22	Open			1,257,812	1,258,177	Capital Trusts	Open/Demand
BNP Paribas S.A	2.63	(b)	07/25/22	Open			1,485,226	1,485,692	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.72	(b)	07/25/22	Open			579,250	579,440	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.80	(b)	07/25/22	Open			283,610	283,707	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.80	(b)	07/25/22	Open			463,361	463,520	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.83	(b)	07/25/22	Open			620,362	620,578	Corporate Bonds	Open/Demand
BNP Paribas S.A	2.85	(b)	07/25/22	Open			1,581,772	1,582,326	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			1,363,125	1,363,523	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			804,375	804,610	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			576,875	577,043	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			2,070,587	2,071,191	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			494,000	494,144	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			411,750	411,870	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			584,500	584,670	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			716,625	716,834	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			273,575	273,655	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			2,338,219	2,338,901	Corporate Bonds	Open/Demand

26

Schedule of Investments  (unaudited) (continued) July 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	2.50	%(b)	07/25/22	Open		$	590,175	$            590,347	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			839,000	839,245	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			455,625	455,758	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			1,107,812	1,108,136	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			416,611	416,733	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			672,000	672,196	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			325,500	325,595	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			544,687	544,846	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			705,000	705,206	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			602,000	602,176	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			367,000	367,107	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			470,000	470,137	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			390,000	390,114	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			444,375	444,505	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			906,250	906,514	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			400,000	400,117	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			310,108	310,198	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			2,054,700	2,055,299	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			374,500	374,609	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.50	(b)	07/25/22	Open			347,338	347,439	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.63	(b)	07/25/22	Open			575,050	575,230	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.63	(b)	07/25/22	Open			736,189	736,419	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			2,441,250	2,442,023	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			426,855	426,990	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			272,630	272,716	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			750,622	750,860	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			473,269	473,419	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			447,615	447,757	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			158,619	158,669	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			631,849	632,049	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			241,313	241,389	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			410,603	410,732	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			228,319	228,391	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			403,953	404,080	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			810,405	810,662	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			771,610	771,854	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			1,582,420	1,583,005	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			170,033	170,086	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/25/22	Open			158,318	158,368	Corporate Bonds	Open/Demand
TD Securities (USA) LLC	2.49	(b)	07/25/22	Open			234,688	234,767	Corporate Bonds	Open/Demand
Barclays Bank PLC	2.00	(b)	07/26/22	Open			10,000	10,002	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.60	(b)	07/26/22	Open			1,196,737	1,197,106	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.60	(b)	07/26/22	Open			1,116,990	1,117,334	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.60	(b)	07/26/22	Open			1,010,324	1,010,635	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.60	(b)	07/26/22	Open			961,755	962,052	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.60	(b)	07/26/22	Open			1,378,541	1,378,966	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.80	(b)	07/26/22	Open			381,160	381,268	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.80	(b)	07/26/22	Open			323,950	324,042	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.80	(b)	07/26/22	Open			120,809	120,843	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.85	(b)	07/26/22	Open			290,179	290,263	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.85	(b)	07/26/22	Open			1,338,240	1,338,630	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.90	(b)	07/26/22	Open			1,044,834	1,045,146	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.90	(b)	07/26/22	Open			712,519	712,731	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.90	(b)	07/26/22	Open			858,681	858,938	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.90	(b)	07/26/22	Open			915,412	915,686	Corporate Bonds	Open/Demand
BNP Paribas S.A.	2.90	(b)	07/26/22	Open			2,490,900	2,491,644	Corporate Bonds	Open/Demand
RBC Capital Markets LLC	2.65	(b)	07/26/22	Open			266,475	266,545	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.65	(b)	07/27/22	Open			1,007,817	1,008,030	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/27/22	Open			1,078,735	1,078,975	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/27/22	Open			625,800	625,939	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/27/22	Open			924,885	925,091	Corporate Bonds	Open/Demand
Barclays Capital Inc.	2.75	(b)	07/27/22	Open			488,856	488,965	Corporate Bonds	Open/Demand

S C H E D U L E   O F   I N V E S T M E N  T S 27

Schedule of Investments  (unaudited) (continued) July 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.

2.75

%(b)

07/27/22

Open

$

1,170,240

$          1,170,500

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

597,379

597,511

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

1,266,700

1,266,981

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

1,522,365

1,522,703

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

1,574,871

1,575,221

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

494,000

494,110

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

146,475

146,508

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

719,950

720,110

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

1,120,395

1,120,644

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

1,610,155

1,610,513

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

605,250

605,384

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

806,760

806,939

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

1,161,000

1,161,258

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

951,781

951,993

Corporate Bonds

Open/Demand

Barclays Capital Inc.

2.75

(b)

07/27/22

Open

837,612

837,799

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.35

(b)

07/27/22

Open

342,356

342,417

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.36

(b)

07/27/22

Open

187,668

187,701

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

(b)

07/27/22

Open

114,488

114,508

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.40

(b)

07/27/22

Open

396,900

396,973

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.54

(b)

07/27/22

Open

599,706

599,826

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.58

(b)

07/27/22

Open

301,546

301,608

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.68

(b)

07/27/22

Open

810,550

810,724

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.70

(b)

07/27/22

Open

307,800

307,867

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.70

(b)

07/27/22

Open

456,875

456,974

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.70

(b)

07/27/22

Open

221,619

221,667

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.70

(b)

07/27/22

Open

672,750

672,896

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.70

(b)

07/27/22

Open

785,722

785,893

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.70

(b)

07/27/22

Open

358,775

358,853

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.72

(b)

07/27/22

Open

403,048

403,136

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.72

(b)

07/27/22

Open

631,925

632,063

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.75

(b)

07/27/22

Open

411,413

411,504

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

2.75

(b)

07/27/22

Open

871,780

871,974

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.80

(b)

07/27/22

Open

6,386,587

6,388,042

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.80

(b)

07/27/22

Open

787,787

787,967

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.80

(b)

07/27/22

Open

457,725

457,829

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.80

(b)

07/27/22

Open

800,685

800,867

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.83

(b)

07/27/22

Open

316,838

316,911

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.85

(b)

07/27/22

Open

632,790

632,938

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.88

(b)

07/27/22

Open

1,053,010

1,053,259

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.88

(b)

07/27/22

Open

1,005,837

1,006,076

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

(b)

07/27/22

Open

444,745

444,851

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

(b)

07/27/22

Open

484,075

484,191

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

(b)

07/27/22

Open

173,794

173,835

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

(b)

07/27/22

Open

1,049,840

1,050,091

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

(b)

07/27/22

Open

370,879

370,967

Corporate Bonds

Open/Demand

BNP Paribas S.A.

2.90

(b)

07/27/22

Open

686,612

686,777

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

2.50

(b)

07/27/22

Open

366,073

366,144

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

2.50

(b)

07/27/22

Open

446,875

446,962

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

2.50

(b)

07/27/22

Open

917,187

917,366

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

2.52

(b)

07/27/22

Open

264,364

264,416

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

2.52

(b)

07/27/22

Open

436,751

436,837

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

2.52

(b)

07/27/22

Open

305,094

305,154

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

2.52

(b)

07/27/22

Open

187,274

187,311

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

2.55

(b)

07/27/22

Open

1,125,000

1,125,225

Capital Trusts

Open/Demand

28

Schedule of Investments  (unaudited) (continued) July 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

2.57

%(b)

07/27/22

Open

$

438,421

$ 438,510

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

2.59

(b)

07/27/22

Open

403,926

404,009

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

2.60

(b)

07/27/22

Open

510,875

510,980

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

2.60

(b)

07/27/22

Open

547,545

547,658

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

2.62

(b)

07/27/22

Open

494,146

494,249

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

2.62

(b)

07/27/22

Open

418,381

418,468

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(0.75

)(b)

07/27/22

Open

183,645

183,630

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.00

(b)

07/27/22

Open

116,090

116,106

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

2.55

(b)

07/27/22

Open

342,760

342,829

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

2.55

(b)

07/27/22

Open

257,388

257,439

Foreign Agency Obligations

Open/Demand

RBC Capital Markets LLC

2.50

(b)

07/27/22

Open

228,438

228,482

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.50

(b)

07/27/22

Open

219,450

219,493

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.50

(b)

07/27/22

Open

98,096

98,115

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.53

(b)

07/27/22

Open

2,393,750

2,394,223

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.53

(b)

07/27/22

Open

463,750

463,842

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.53

(b)

07/27/22

Open

635,540

635,666

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.53

(b)

07/27/22

Open

1,671,250

1,671,581

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.53

(b)

07/27/22

Open

299,688

299,747

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

626,250

626,381

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

419,143

419,230

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

323,010

323,077

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

1,302,656

1,302,928

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

367,716

367,793

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

521,369

521,478

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

39,816

39,825

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

635,160

635,293

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

607,447

607,574

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

424,500

424,589

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

344,768

344,839

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

125,208

125,234

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

647,701

647,837

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

960,520

960,721

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.63

(b)

07/27/22

Open

954,687

954,887

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.65

(b)

07/27/22

Open

75,075

75,091

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.65

(b)

07/27/22

Open

1,137,645

1,137,885

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.65

(b)

07/27/22

Open

136,733

136,761

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.65

(b)

07/27/22

Open

257,593

257,647

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.70

(b)

07/27/22

Open

521,000

521,113

Corporate Bonds

Open/Demand

$

333,730,173

$

334,080,159

^(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.

S C H E D U L E   O F   I N V E S T M E N  T S 29

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

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 Japanese Government Treasury Bonds		8		09/12/22	$	9,029	$	(122,705	)
10-Year U.S. Treasury Note		446		09/21/22		53,980		(1,542,300	)
10-Year U.S. Ultra Long Treasury Note		293		09/21/22		38,365		(465,537	)
U.S. Long Bond		144		09/21/22		20,642		(346,410	)
Ultra U.S. Treasury Bond		218		09/21/22		34,103		44,554
2-Year U.S. Treasury Note		662		09/30/22		139,325		272,842
5-Year U.S. Treasury Note		976		09/30/22		111,012		(1,501,217	)
							$	(3,660,773	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	6,310	EUR	6,000	Deutsche Bank AG		09/21/22	$	156
USD	9,618,706	EUR	8,958,000	Natwest Markets PLC		09/21/22		431,177
USD	2,848,359	GBP	2,295,000	HSBC Bank USA N.A.		09/21/22		50,315
USD	2,083,059	GBP	1,661,000	Natwest Markets PLC		09/21/22		57,982
								539,630
EUR	522,826	USD	553,735	Morgan Stanley & Co. International PLC		09/21/22		(17,512	)
GBP	71,517	USD	87,482	Deutsche Bank AG		09/21/22		(289	)
								(17,801	)
							$	521,829

OTC Credit Default Swaptions Purchased

Paid by the Trust

Received by the Trust

Expiration

Credit

Exercise

Notional

Description

Rate/Reference

Rate/Reference

Frequency

Counterparty

Date

Rating(a)

Price

Amount (000)(b)

Value

Put

Buy Protection 5-Year Credit Default Swap, 06/20/27

5.00%

ITRAXX.XO.37.V1

Quarterly

Bank of America N.A.

08/17/22

N/R

EUR 600.00

EUR

181

$

476

Buy Protection 5-Year Credit Default Swap, 06/20/27

5.00%

ITRAXX.XO.37.V1

Quarterly

Barclays Bank PLC

09/21/22

N/R

EUR 800.00

EUR

408

976

$

1,452

^(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.

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.38.V2		5.00	%		Quarterly		06/20/27		USD	5,697	$	(97,154	)	$	(148,527	)	$	51,373
CDX.NA.IG.38.V1		1.00			Quarterly		06/20/27		USD	19,020		(189,193	)		(165,362	)		(23,831	)
											$	(286,347	)	$	(313,889	)	$	27,542

30

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

Centrally Cleared Interest Rate Swaps

Paid by the Trust			Received by the Trust			Effective Date			Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate	Frequency
1-Day SOFR, 2.32%		Annual	3.01%		Annual		10/05/22	(a)	06/30/24		USD	13,295	$	18,346		$	58	$	18,288
2.86%		Annual	1-Day SOFR, 2.32%		Annual		10/05/22	(a)	11/30/26		USD	13,295		(192,513	)		121		(192,634	)
3-Month LIBOR, 2.79%		Quarterly	1.55%		Semi-Annual		N/A		10/08/31		USD	28,600		(2,642,120	)		430		(2,642,550	)
1.61%		Semi-Annual	3-Month LIBOR, 2.79%		Quarterly		N/A		03/28/32		USD	10,600		974,727			164		974,563
1.66%		Semi-Annual	3-Month LIBOR, 2.79%		Quarterly		N/A		04/25/32		USD	10,290		917,727			163		917,564
1.73%		Semi-Annual	3-Month LIBOR, 2.79%		Quarterly		N/A		10/08/36		USD	32,800		4,234,670			626		4,234,044
3-Month LIBOR, 2.79%		Quarterly	1.84%		Semi-Annual		N/A		10/08/51		USD	11,500		(2,159,196	)		354		(2,159,550	)
3-Month LIBOR, 2.79%		Quarterly	1.93%		Semi-Annual		N/A		10/22/51		USD	2,840		(478,608	)		87		(478,695	)
3-Month LIBOR, 2.79%		Quarterly	1.92%		Semi-Annual		N/A		10/27/51		USD	1,420		(242,524	)		44		(242,568	)
													$	430,509		$	2,047	$	428,462

^(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

3.00

%

Monthly

Deutsche Bank AG

01/17/47

USD

25,000

$

4,789,616

$

1,691,567

$

3,098,049

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)
Casino, Guichard-Perrachon S.A		5.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	B		EUR	20	$	(2,219	)	$	(1,587	)	$	(632	)
Novafives S.A.S		5.00		Quarterly	Citibank N.A.	06/20/23	B-		EUR	20		(1,842	)		(1,225	)		(617	)
Adler Real Estate AG		5.00		Quarterly	Morgan Stanley & Co. International PLC	12/20/25	CCC		EUR	20		(5,080	)		2,399			(7,479	)
Virgin Media Finance PLC		5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B		EUR	20		669			1,858			(1,189	)
Adler Real Estate AG		5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	N/R		EUR	10		(2,571	)		821			(3,392	)
Adler Real Estate AG		5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	N/R		EUR	10		(2,571	)		922			(3,493	)
CMA CGM SA		5.00		Quarterly	Credit Suisse International	06/20/26	N/R		EUR	10		161			411			(250	)
Adler Real Estate AG		5.00		Quarterly	Citibank N.A.	12/20/26	CCC		EUR	10		(2,616	)		217			(2,833	)
CMA CGM SA		5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BB+		EUR	30		113			1,173			(1,060	)
Jaguar Land Rover Automotive PLC		5.00		Quarterly	Bank of America N.A.	12/20/26	B+		EUR	20		(2,995	)		(768	)		(2,227	)
Jaguar Land Rover Automotive PLC		5.00		Quarterly	Barclays Bank PLC	12/20/26	B+		EUR	10		(1,520	)		391			(1,911	)
Jaguar Land Rover Automotive PLC		5.00		Quarterly	Credit Suisse International	12/20/26	B+		EUR	10		(1,478	)		401			(1,879	)
K&S AG		5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BB		EUR	30		2,181			2,373			(192	)
CMA CGM SA		5.00		Quarterly	Barclays Bank PLC	06/20/27	BB+		EUR	3		(24	)		99			(123	)
CMA CGM SA		5.00		Quarterly	Credit Suisse International	06/20/27	BB+		EUR	50		(379	)		2,247			(2,626	)
CMA CGM SA		5.00		Quarterly	Credit Suisse International	06/20/27	BB+		EUR	17		(134	)		585			(719	)
CMA CGM SA		5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	18		(134	)		637			(771	)
CMA CGM SA		5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	17		(127	)		598			(725	)
CMA CGM SA		5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB+		EUR	5		(35	)		168			(203	)
Ladbrokes Coral Group Ltd.		1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB		EUR	10		(1,414	)		(1,092	)		(322	)
Ladbrokes Coral Group Ltd.		1.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB		EUR	60		(8,485	)		(10,452	)		1,967
CMBX.NA.7		3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	10,000		(1,915,847	)		(474,381	)		(1,441,466	)
CMBX.NA.7		3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	5,000		(957,924	)		(236,917	)		(721,007	)
CMBX.NA.7		3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	10,000		(1,915,846	)		(234,657	)		(1,681,189	)
CMBX.NA.9		3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	2,500		(409,418	)		(522,558	)		113,140

S C H E D U L E   O F   I N V E S T M E N  T S 31

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

OTC Credit Default Swaps — Sell Protection (continued)

Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency	Counterparty	Termination Date	Credit    Rating(a)	Notional    Amount (000)(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.9		3.00	%	Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	5,000	$	(818,835	)	$	(517,390	)	$	(301,445	)
CMBX.NA.9		3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	972		(159,182	)		(105,370	)		(53,812	)
											$	(6,207,552	)	$	(2,091,097	)	$	(4,116,455	)

^(a)  Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)  The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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	$	—	$	62,393,886	$	2,142,808	$	64,536,694
Common Stocks		4,438,336		—		—		4,438,336
Corporate Bonds
Aerospace & Defense		—		16,664,399		—		16,664,399
Airlines		—		11,761,303		—		11,761,303
Auto Components		—		7,093,626		—		7,093,626
Automobiles		—		11,671,491		—		11,671,491
Banks		—		7,437,132		—		7,437,132
Beverages		—		11,383,172		—		11,383,172
Biotechnology		—		988,977		—		988,977
Building Materials		—		2,999,736		—		2,999,736
Building Products		—		4,792,029		—		4,792,029
Capital Markets		—		6,465,092		—		6,465,092
Chemicals		—		12,995,948		—		12,995,948
Commercial Services & Supplies		—		5,110,136		—		5,110,136
Communications Equipment		—		3,211,591		—		3,211,591
Construction Materials		—		1,466,706		—		1,466,706
Consumer Discretionary		—		8,352,999		—		8,352,999

32

Schedule of Investments  (unaudited) (continued) July 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)
Consumer Finance	$	—	$	9,909,984	$	—	$	9,909,984
Containers & Packaging		—		2,801,817		—		2,801,817
Diversified Consumer Services		—		10,263,523		—		10,263,523
Diversified Financial Services		—		10,021,168		—		10,021,168
Diversified Telecommunication Services		—		19,595,961		—		19,595,961
Education		—		234,060		—		234,060
Electric Utilities		—		6,111,313		—		6,111,313
Electrical Equipment		—		712,064		—		712,064
Electronic Equipment, Instruments & Components		—		3,860,928		—		3,860,928
Energy Equipment & Services		—		2,232,410		—		2,232,410
Environmental, Maintenance & Security Service		—		4,269,375		—		4,269,375
Equity Real Estate Investment Trusts (REITs)		—		5,264,869		—		5,264,869
Food & Staples Retailing		—		8,422,983		—		8,422,983
Food Products		—		3,839,729		—		3,839,729
Gas Utilities		—		106,589		—		106,589
Health Care Equipment & Supplies		—		2,064,621		—		2,064,621
Health Care Providers & Services		—		19,173,867		—		19,173,867
Health Care Technology		—		5,289,178		—		5,289,178
Hotels, Restaurants & Leisure		—		16,959,267		—		16,959,267
Household Durables		—		3,255,563		—		3,255,563
Independent Power and Renewable Electricity Producers		—		5,760,207		—		5,760,207
Insurance		—		11,607,519		—		11,607,519
Interactive Media & Services		—		2,381,043		—		2,381,043
Internet & Direct Marketing Retail		—		95,049		—		95,049
Internet Software & Services		—		8,070,098		—		8,070,098
IT Services		—		7,047,583		—		7,047,583
Leisure Products		—		703,437		—		703,437
Machinery		—		5,443,397		—		5,443,397
Media		—		51,984,791		—		51,984,791
Metals & Mining		—		14,067,344		—		14,067,344
Multiline Retail		—		495,172		—		495,172
Offshore Drilling & Other Services		—		2,109,779		—		2,109,779
Oil, Gas & Consumable Fuels		162,055		70,861,288		—		71,023,343
Personal Products		—		97,837		—		97,837
Pharmaceuticals		—		8,391,525		—		8,391,525
Real Estate		—		119,337		—		119,337
Real Estate Management & Development		—		3,429,209		36,000		3,465,209
Road & Rail		—		3,138,186		—		3,138,186
Semiconductors & Semiconductor Equipment		—		3,531,565		—		3,531,565
Software		—		8,844,584		—		8,844,584
Specialty Retail		—		2,393,339		—		2,393,339
Technology Hardware, Storage & Peripherals		—		880,110		—		880,110
Textiles, Apparel & Luxury Goods		—		528,860		—		528,860
Thrifts & Mortgage Finance		—		1,503,997		—		1,503,997
Tobacco		—		1,972,921		—		1,972,921
Transportation		—		89,134		—		89,134
Transportation Infrastructure		—		2,949,850		—		2,949,850
Utilities		—		9,575,776		—		9,575,776
Wireless Telecommunication Services		—		8,085,502		—		8,085,502
Floating Rate Loan Interests		—		40,276,233		1,455,638		41,731,871
Foreign Agency Obligations		—		18,353,460		—		18,353,460
Municipal Bonds		—		1,036,080		—		1,036,080
Non-Agency Mortgage-Backed Securities		—		68,695,414		—		68,695,414
Preferred Securities
Capital Trusts		—		38,037,555		—		38,037,555
Preferred Stocks		14,082,036		—		—		14,082,036
U.S. Government Sponsored Agency Securities		—		168,578,797		—		168,578,797
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		21,796,872		—		—		21,796,872

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

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Options Purchased
Credit Contracts	$	—		$	1,452		$	—	$	1,452
Liabilities
Investments
TBA Sale Commitments		—			(17,645,825	)		—		(17,645,825	)
Unfunded Floating Rate Loan Interests(a)		—			(18,165	)		—		(18,165	)
	$	40,479,299		$	862,650,932		$	3,634,446	$	906,764,677
Derivative Financial Instruments(b)
Assets
Credit Contracts	$	—		$	3,264,529		$	—	$	3,264,529
Foreign Currency Exchange Contracts		—			539,630			—		539,630
Interest Rate Contracts		317,396			6,144,459			—		6,461,855
Liabilities
Credit Contracts		—			(4,255,393	)		—		(4,255,393	)
Foreign Currency Exchange Contracts		—			(17,801	)		—		(17,801	)
Interest Rate Contracts		(3,978,169	)		(5,715,997	)		—		(9,694,166	)
	$	(3,660,773	)	$	(40,573	)	$	—	$	(3,701,346	)

^(a)  Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

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

The Trust may hold 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 $334,080,159 are categorized as Level 2 within the fair value hierarchy.

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

	Asset-Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Warrants		Total
Assets
Opening balance, as of October 31, 2021	$	1,662,822		$	1,536,662		$	2,589,803		$	—	$	5,789,287
Transfers into Level 3		1,110,000			58,035			1,165,101			—		2,333,136
Transfers out of Level 3		—			(1,536,662	)		(1,507,570	)		—		(3,044,232	)
Accrued discounts/premiums		891			—			2,162			—		3,053
Net realized gain (loss)		(11,882	)		—			(12,882	)		—		(24,764	)
Net change in unrealized appreciation (depreciation)(a)		(449,117	)		(22,035	)		(135,155	)		—		(606,307	)
Purchases		—			—			375,995			—		375,995
Sales		(169,906	)		—			(1,021,816	)		—		(1,191,722	)
Closing balance, as of July 31, 2022	$	2,142,808		$	36,000		$	1,455,638		$	—	$	3,634,446
Net change in unrealized appreciation (depreciation) on investments still held at July 31, 2022(a)	$	(449,117	)	$	(22,035	)	$	(113,804	)	$	—	$	(584,956	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at July 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

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

Currency Abbreviation
EUR	Euro
GBP	British Pound
USD	United States Dollar

Portfolio Abbreviation
CAB	Capital Appreciation Bonds
CDI	CREST Depository Interest
CLO	Collateralized Loan Obligation
CME	Chicago Mercantile Exchange
CMT	Constant Maturity Treasury
CR	Custodian Receipt

34

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

Portfolio Abbreviation (continued)
DAC	Designated Activity Company
DIP	Debtor-In-Possession
EURIBOR	Euro Interbank Offered Rate
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
MTA	Month Treasury Average
PCL	Public Company Limited
PIK	Payment-in-Kind
RB	Revenue Bond
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SAB	Special Assessment Bonds
SG	Syncora Guarantee
SOFR	Secured Overnight Financing Rate
TBA	To-Be-Announced

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