Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22774

Name of Fund:

BlackRock Multi-Sector Income Trust (BIT)

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Multi-Sector Income Trust, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2022

Date of reporting period: 04/30/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		APRIL 30, 2022

2022 Semi-Annual Report

(Unaudited)

BlackRock Multi-Sector Income Trust (BIT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

Supplemental Information (unaudited)

Section 19(a) Notices

BlackRock Multi-Sector Income Trust’s (BIT) (the “Trust”) amounts and sources of distributions reported are estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Trust’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.

April 30, 2022



	Total Cumulative Distributions for the Fiscal Period											% Breakdown of the Total Cumulative Distributions for the Fiscal Period

Trust Name		Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital	^(a)		Total Per Common Share		Net Income		Net Realized Capital Gains Short-Term		Net Realized Capital Gains Long-Term		Return of Capital		Total Per Common Share

BIT	$	0.492937	$	—	$	—	$	0.249263		$	0.742200		66	%	—	%	—	%	34	%	100%

^(a)

The Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Trust is returned to the shareholder. A return of capital does not necessarily reflect the Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce the Trust’s net asset value per share.

Section 19(a) notices for the Trust, as applicable, are available on the BlackRock website at blackrock.com.

Section 19(b) Disclosure

The Trust, acting pursuant to a U.S. Securities and Exchange Commission (“SEC”) exemptive order and with the approval of the Trust’s Board of Trustees (the “Board”), has adopted a managed distribution plan, consistent with its investment objectives and policies to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plan, the Trust currently distributes the following fixed amounts per share on a monthly basis:



Exchange Symbol	Amount Per Common Share

BIT	$	0.1237

The fixed amounts distributed per share are subject to change at the discretion of the Trust’s Board. Under its Plan, the Trust will distribute all available net income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net income and short-term capital gains) is not earned on a monthly basis, the Trust will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, the Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the Investment Company Act of 1940, as amended (the “1940 Act”).

Shareholders should not draw any conclusions about the Trust’s investment performance from the amount of these distributions or from the terms of the Plan. The Trust’s total return performance is presented in its financial highlights table.

The Board may amend, suspend or terminate the Trust’s Plan at any time without prior notice to the Trust’s shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. The Trust is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to BIT’s prospectus for a more complete description of the Trust’s risks.


2		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of April 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets which characterized 2021. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth which followed reopening and the development of the COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed but mostly down, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks were nearly flat. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. We believe sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long term. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of April 30, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(9.65)%	0.21%

U.S. small cap equities (Russell 2000^® Index)	(18.38)	(16.87)

International equities (MSCI Europe, Australasia, Far East Index)	(11.80)	(8.15)

Emerging market equities (MSCI Emerging Markets Index)	(14.15)	(18.33)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.07	0.08

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.29)	(8.86)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.47)	(8.51)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(7.90)	(7.88)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.40)	(5.22)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T		3

Table of Contents


		Page

Supplemental Information		2
The Markets in Review		3
Semi-Annual Report:
The Benefits and Risks of Leveraging		5
Derivative Financial Instruments		5
Trust Summary		6
Financial Statements:
Schedule of Investments		8
Statement of Assets and Liabilities		47
Statement of Operations		49
Statements of Changes in Net Assets		50
Statement of Cash Flows		51
Financial Highlights		53
Notes to Financial Statements		54
Additional Information		65
Glossary of Terms Used in this Report		68


4


The Benefits and Risks of Leveraging		BlackRock Multi-Sector Income Trust (BIT)

The Trust may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, its common shares (“Common Shares”). However, there is no guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by the Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trust’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.

To illustrate these concepts, assume the Trust’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, the Trust’s financing cost of leverage is significantly lower than the income earned on the Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Trust’s return on assets purchased with leverage proceeds, income to shareholders is lower than if the Trust had not used leverage. Furthermore, the value of the Trust’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of the Trust’s obligations under its leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trust’s NAV positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that the Trust’s intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in the Trust’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of the Trust’s shares than if the Trust were not leveraged. In addition, the Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trust to incur losses. The use of leverage may limit the Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. The Trust incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of the Trust’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trust’s investment adviser will be higher than if the Trust did not use leverage.

The Trust may utilize leverage through reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Trust is permitted to issue debt up to 33 1/3% of its total managed assets. The Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act.

If the Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of the Trust’s obligations under a reverse repurchase agreement (including accrued interest) then such transaction is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.

Derivative Financial Instruments

The Trust may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Trust’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trust’s investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.


T H E B E N E F I T S A N D R I S K S O F L E V E R A G I N G / D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S		5


Trust Summary as of April 30, 2022		BlackRock Multi-Sector Income Trust (BIT)

Investment Objective

BlackRock Multi-Sector Income Trust’s (BIT) (the “Trust”) primary investment objective is to seek high current income, with a secondary objective of capital appreciation. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in loan and debt instruments and other investments with similar economic characteristics. The Trust may invest directly in such securities or synthetically through the use of derivatives. Additionally, as part of the Trust’s investments in loans, the Trust may make loans directly to borrowers either as a sole lender or by acting as a member of a syndicate of original lenders.

No assurance can be given that the Trust’s investment objective will be achieved.

Trust Information



Symbol on New York Stock Exchange		BIT
Initial Offering Date		February 27, 2013
Current Distribution Rate on Closing Market Price as of April 30, 2022 ($15.80)^(a)		9.39%
Current Monthly Distribution per Common Share^(b)		$0.1237
Current Annualized Distribution per Common Share^(b)		$1.4844
Leverage as of April 30, 2022^(c)		37%

^(a)

Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results.

^(b)

The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.

^(c)

Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary



	04/30/22		10/31/21		Change			High		Low

Closing Market Price	$	15.80	$	18.90		(16.40	)%	$	18.95	$	15.17
Net Asset Value		16.20		17.98		(9.90	)		18.01		16.20

Performance

Returns for the period ended April 30, 2022 were as follows:


			Average Annual Total Returns


	6-month			1 Year		5 Years		Since Inception	^(a)

Trust at NAV^(b)(c)	(5.85	)%		(4.93	)%	5.43	%	7.27	%
Trust at Market Price^(b)(c)	(12.65	)		(7.32	)	6.27		6.45

Bloomberg U.S. Aggregate Bond Index^(d)	(9.47	)		(8.51	)	1.20		1.62

^(a)

The Trust commenced operations on February 27, 2013.

^(b)

All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage.

^(c)

The Trust moved from a premium to NAV to a discount during the period, which accounts for the difference between performance based on market price and performance based on NAV.

^(d)

A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Past performance is not an indication of future results.

The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.

More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.

The following discussion relates to the Trust’s absolute performance based on NAV:

What factors influenced performance?

Against the backdrop of a sharp rise in interest rates, most of the Trust’s sector exposures weighed on performance. Allocations to both high yield and investment grade corporate bonds were among the leading detractors. Exposure to emerging market, sovereign plus and non-dollar developed international market bonds detracted as well. Holdings of a range of securitized asset categories were in negative territory, including residential mortgage-backed securities (“MBS”), non-agency adjustable-rate mortgage-backed securities (“ARMS”), commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”) and collateralized mortgage obligations (“CMOs”). Finally, exposure to municipal bonds detracted as well.

Positive contributors to performance included holdings of U.S Treasuries, floating rate loan interest and collateralized loan obligations. The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy.


6		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Trust Summary as of April 30, 2022 (continued)		BlackRock Multi-Sector Income Trust (BIT)

During the period, the Trust held derivatives including U.S. futures and interest rate swaps, primarily as hedging vehicles. The use of derivatives had a positive impact on performance over the period.

Describe recent portfolio activity.

Over the period, the Trust’s exposure to cash and cash equivalent securities was increased, while exposure to 30-year pass-through MBS, high yield corporate credit, municipal bonds, emerging market bonds, non-agency ARMS and CMOs was trimmed.

Describe portfolio positioning at period end.

At period end, the Trust maintained a diversified exposure within non-government spread sectors, including U.S. high yield corporate bonds, non-agency ARMS, CMOs, investment grade corporate bonds, emerging market debt, ABS and CMBS.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Overview of the Trust’s Total Investments

PORTFOLIO ALLOCATION



Asset Type	04/30/22			10/31/21

Corporate Bonds		52	%	55%
U.S. Government Sponsored Agency Securities		14		13
Asset-Backed Securities		8		7
Non-Agency Mortgage-Backed Securities		7		7
Floating Rate Loan Interests		7		5
Preferred Securities		6		7
Short-Term Securities		4		3
Foreign Agency Obligations		2		3
Other*		—	^(a)	—^(a)

CREDIT QUALITY ALLOCATION



Credit Rating^(b)(c)	04/30/22			10/31/21

AAA/Aaa^(d)		14	%	14%
AA/Aa		—	^(a)	—
A		2		3
BBB/Baa		14		16
BB/Ba		28		26
B		21		22
CCC/Caa		8		7
CC		4		4
C		3		2
N/R		6	^(e)	6

^(a)	Rounds to less than 1% of total investments.

^(b)

For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(c)	Excludes common stocks, warrants, short-term securities, options purchased and options written.

^(d)	Includes U.S. Government Sponsored Agency Securities which are deemed AAA/Aaa by the investment adviser.

^(e)

The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of April 30, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1% of the Trust’s total investments.

^*	Includes one or more investment categories that individually represents less than 1% of the Trust’s total investments. Please refer to the Schedule of Investments for details.


T R U S T S U M M A R Y		7

Schedule of Investments (unaudited)

April 30, 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)(d)(e)}	USD		22	$	19,503
ALM 2020 Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 6.00%), 7.04%, 10/15/29^(b)(c)			287		275,002
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36^(c)			2,000		2,017,666
AMMC CLO 19 Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 8.04%, 10/15/28^(b)(c)			1,000		995,304
Anchorage Capital CLO Ltd.^(b)(c)
Series 2014-5RA, Class E, (3 mo. LIBOR US + 5.40%), 6.44%, 01/15/30			860		838,618
Series 2015-7A, Class D1R2, (3 mo. LIBOR US + 3.50%), 4.74%, 01/28/31			250		248,758
Argent Securities Trust, Series 2006-W5, Class A1A, (1 mo. LIBOR US + 0.30%), 0.97%, 06/25/36^(b)			4,481		3,238,266
Bain Capital Credit CLO Ltd., Series 2020-2A, Class DR, (3 mo. LIBOR US + 3.30%), 4.34%, 07/19/34^(b)(c)			250		246,318
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 0.81%, 11/25/36^(b)			1,333		1,304,631
Benefit Street Partners CLO XX Ltd., Series 2020- 20A, Class CR, (3 mo. LIBOR US + 2.05%), 3.09%, 07/15/34^(b)(c)			250		243,347
Brookside Mill CLO Ltd., Series 2013-1A, Class DR, (3 mo. LIBOR US + 2.65%), 3.69%, 01/17/28^(b)(c)			250		249,357
Carrington Mortgage Loan Trust^(b)
Series 2006-FRE2, Class A2, (1 mo. LIBOR US + 0.12%), 0.79%, 10/25/36			3,208		2,900,779
Series 2006-FRE2, Class A5, (1 mo. LIBOR US + 0.08%), 0.75%, 03/25/35^(d)			6,610		5,956,673
CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 7.50%, 07/20/32^(b)(c)			500		487,576
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.32%), 0.99%, 10/25/36^(b)			4,612		3,661,108
CIFC Funding Ltd., Series 2020-1A, Class DR, (3 mo. LIBOR US + 3.10%), 4.14%, 07/15/36^(b)(c)			500		491,004
Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A7, 5.78%, 10/25/36			358		280,499
Clear Creek CLO, Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.95%), 4.01%, 10/20/30^(b)(c)			250		240,673
Countrywide Asset-Backed Certificates, Series 2006- 26, Class 1A, (1 mo. LIBOR US + 0.14%), 0.81%, 06/25/37^(b)			581		543,214
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. LIBOR US + 0.14%), 0.69%, 01/15/37^(b)			543		513,303
Elevation CLO Ltd., Series 2021-12A, Class E, (3 mo. LIBOR US + 7.27%), 8.33%, 04/20/32^(b)(c)			250		240,574
Fremont Home Loan Trust^(b)
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.32%), 0.99%, 05/25/36			4,367		3,085,482
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 0.82%, 11/25/36			6,520		2,798,603
Galaxy XXI CLO Ltd., Series 2015-21A, Class ER, (3 mo. LIBOR US + 5.25%), 6.31%, 04/20/31^(b)(c)			500		462,781


Security		Par (000)			Value

Asset-Backed Securities (continued)
Generate CLO 2 Ltd., Series 2015-1A, Class ER, (3 mo. LIBOR US + 5.65%), 6.79%, 01/22/31^(b)(c)	USD		250		$	235,617
Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 7.49%, 04/15/33^(b)(c)			500			489,550
Home Equity Mortgage Loan Asset-Backed Trust, Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 0.84%, 04/25/37^(b)			3,685			2,833,497
HPS Loan Management Ltd., Series 8A-2016, Class ER, (3 mo. LIBOR US + 5.50%), 6.56%, 07/20/30^(b)(c)			1,000			936,363
Kayne CLO 6 Ltd., Series 2019-6A, Class E, (3 mo. LIBOR US + 7.53%), 8.59%, 01/20/33^(b)(c)			500			487,405
Long Beach Mortgage Loan Trust^(b)
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.83%, 11/25/36.			9,910			3,755,570
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 0.99%, 08/25/36			5,297			2,521,944
Madison Park Funding XXIX Ltd., Series 2018-29A, Class E, (3 mo. LIBOR US + 5.70%), 6.74%, 10/18/30^(b)(c)			500			478,856
Mastr Asset-Backed Securities Trust, Series 2006- HE2, Class A3, (1 mo. LIBOR US + 0.30%), 0.97%, 06/25/36^(b)			7,650			3,547,040
Neuberger Berman CLO Ltd., Series 2015-20A, (3 mo. LIBOR US + 6.50%), 7.54%, 07/15/34^(b)(c)			710			673,005
Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3 mo. LIBOR US + 1.80%), 2.86%, 07/20/31^(b)(c)			400			394,039
Oaktree CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 5.20%), 6.26%, 10/20/27^(b)(c)			1,000			992,621
Octagon Investment Partners 31 LLC, Series 2017- 1A, Class E, (3 mo. LIBOR US + 6.30%), 7.36%, 07/20/30^(b)(c)			500			483,221
Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3 mo. LIBOR US + 2.75%), 3.89%, 01/22/30^(b)(c)			500			486,164
OZLM XXI Ltd., Series 2017-21A, Class D, (3 mo. LIBOR US + 5.54%), 6.60%, 01/20/31^(b)(c)			250			237,901
Palmer Square Loan Funding Ltd., Series 2019-3A, Class B, (3 mo. LIBOR US + 2.10%), 2.58%, 08/20/27^(b)(c)			750			748,097
Regional Management Issuance, 3.88%, 10/17/33^(a)			1,110			1,035,075
Renaissance Home Equity Loan Trust, Series 2007-3, Class AF2, 7.00%, 09/25/37			3,696			1,874,364
Rockford Tower CLO Ltd., Series 2017-2A, Class DR, (3 mo. LIBOR US + 2.85%), 3.89%, 10/15/29^(b)(c)			500			491,405
Saxon Asset Securities Trust, Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 1.07%, 09/25/47^(b)			4,051			3,903,056
Scholar Funding Trust, Series 2013-A, Class R, 0.00%, 01/30/45^(a)(e)			—	^(f)		1,256,894
TICP CLO VII Ltd., Series 2017-7A, Class ER, (3 mo. LIBOR US + 7.05%), 8.09%, 04/15/33^(b)(c)			250			243,883
Treman Park CLO Ltd., Series 2015-1A, Class DRR, (3 mo. LIBOR US + 2.65%), 3.71%, 10/20/28^(b)(c)			1,500			1,485,882
TRESTLES CLO Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 4.08%, 04/25/32^(b)(c)			250			244,939


8		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Asset-Backed Securities (continued)
Unique Pub Finance Co. PLC^(g)
Series M, 7.40%, 03/28/24	GBP		2,209	$	2,868,524
Series N, 6.46%, 03/30/32			50		73,661
WaMu Asset-Backed Certificates Trust, Series 2007- HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 0.91%, 05/25/37^(b)	USD		6,270		5,797,248


Total Asset-Backed Securities — 11.5% (Cost: $69,625,022)					69,914,860


		Shares

Common Stocks

Aerospace & Defense — 0.4%
Raytheon Technologies Corp.			25,650		2,434,441


Building Products — 0.2%
Carrier Global Corp.			25,650		981,626


Diversified Telecommunication Services — 0.0%
Liberty Global PLC, Class A^(h)			247		5,622


Machinery — 0.1%
Otis Worldwide Corp.			12,825		934,173


Total Common Stocks — 0.7% (Cost: $2,975,709)					4,355,862


		Par (000)

Corporate Bonds

Aerospace & Defense — 2.5%
Amsted Industries, Inc., 5.63%, 07/01/27^(c)	USD		185		183,613
Bombardier, Inc.^(c)
7.50%, 12/01/24			210		208,950
7.50%, 03/15/25			38		36,860
7.13%, 06/15/26			817		751,640
7.88%, 04/15/27			698		650,236
6.00%, 02/15/28			580		501,700
7.45%, 05/01/34			100		95,000
Embraer Netherlands Finance BV, 6.95%, 01/17/28^(c)			269		269,417
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26^(c)			464		409,480
Howmet Aerospace, Inc., 5.13%, 10/01/24			2		2,035
Lockheed Martin Corp., 4.09%, 09/15/52⁽ⁱ⁾			451		433,844
Raytheon Technologies Corp., 3.75%, 11/01/46⁽ⁱ⁾			700		619,090
Rolls-Royce PLC, 5.75%, 10/15/27^(c)(i)			1,145		1,103,585
Spirit AeroSystems, Inc.^(c)
5.50%, 01/15/25			236		233,640
7.50%, 04/15/25			40		40,500
TransDigm, Inc.
8.00%, 12/15/25^(c)(i)			825		858,676
6.25%, 03/15/26^(c)(i)			6,999		6,964,005
6.38%, 06/15/26			58		57,272
7.50%, 03/15/27			134		135,005
4.63%, 01/15/29			469		408,114


Security		Par (000)		Value

Aerospace & Defense (continued)
TransDigm, Inc. (continued)
4.88%, 05/01/29	USD		382	$	334,728
Triumph Group, Inc., 8.88%, 06/01/24^(c)			1,055		1,091,735


					15,389,125

Airlines — 1.9%
Air Canada, 3.88%, 08/15/26^(c)			401		370,795
American Airlines Pass-Through Trust, Series 2013-2, Class A, 4.95%, 01/15/23			429		426,718
American Airlines, Inc., 11.75%, 07/15/25^(c)			405		465,750
American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(c)
5.50%, 04/20/26			976		967,668
5.75%, 04/20/29			1,158		1,115,603
Avianca Midco 2 Ltd., 9.00%, 12/01/28^(c)			304		288,922
Azul Investments LLP
5.88%, 10/26/24^(g)			200		178,225
7.25%, 06/15/26^(c)			230		196,334
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28^(c)			98		96,472
Deutsche Lufthansa AG^(g)
3.75%, 02/11/28	EUR		100		95,487
3.50%, 07/14/29			100		91,670
Gol Finance SA, 8.00%, 06/30/26^(c)	USD		200		174,850
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26^(c)			317		309,121
International Consolidated Airlines Group SA^(g)
2.75%, 03/25/25	EUR		100		98,631
3.75%, 03/25/29			100		90,754
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27^(c)(i)	USD		860		877,183
United Airlines Pass-Through Trust
Series 2015-1, Class A, 3.70%, 12/01/22⁽ⁱ⁾			3,570		3,583,568
Series 2020-1, Class A, 5.88%, 10/15/27⁽ⁱ⁾			763		778,867
Series 2020-1, Class B, 4.88%, 01/15/26			50		48,125
United Airlines, Inc.^(c)
4.38%, 04/15/26⁽ⁱ⁾			588		567,714
4.63%, 04/15/29			744		682,620


					11,505,077

Auto Components — 1.0%
Aptiv PLC, 4.40%, 10/01/46⁽ⁱ⁾			280		243,033
Clarios Global LP/Clarios U.S. Finance Co.^(c)(i)
6.25%, 05/15/26			1,403		1,417,030
8.50%, 05/15/27			3,085		3,083,087
Clarios Global LP/Clarios US Finance Co., 4.38%, 05/15/26^(g)	EUR		101		101,824
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28^(c)	USD		436		426,513
Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/29^(c)			142		116,440
Faurecia SE^(g)
2.75%, 02/15/27	EUR		100		92,259
3.75%, 06/15/28			100		93,844
Goodyear Tire & Rubber Co., 5.63%, 04/30/33	USD		392		337,637
IHO Verwaltungs GmbH, (4.63% PIK), 3.88%, 05/15/27^(g)(j)	EUR		100		95,650
ZF Finance GmbH^(g)
3.00%, 09/21/25			100		99,954
2.00%, 05/06/27			100		90,198


					6,197,469


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Automobiles — 1.9%
Allison Transmission, Inc.^(c)
5.88%, 06/01/29	USD		306	$	302,092
3.75%, 01/30/31			375		324,375
Asbury Automotive Group, Inc.
4.50%, 03/01/28			168		156,660
4.75%, 03/01/30			164		146,980
5.00%, 02/15/32^(c)			201		178,388
Carvana Co.^(c)
5.50%, 04/15/27⁽ⁱ⁾			371		296,893
4.88%, 09/01/29⁽ⁱ⁾			286		208,723
10.25%, 05/01/30^(d)			213		206,078
Constellation Automotive Financing PLC, 4.88%, 07/15/27^(g)	GBP		100		108,141
Ford Motor Co.
0.00%, 03/15/26^(e)(k)	USD		282		299,343
3.25%, 02/12/32			797		647,722
Ford Motor Credit Co. LLC
5.13%, 06/16/25⁽ⁱ⁾			397		396,007
3.38%, 11/13/25			200		192,036
4.39%, 01/08/26⁽ⁱ⁾			1,250		1,206,250
2.70%, 08/10/26			376		335,196
4.13%, 08/17/27			320		296,656
3.82%, 11/02/27			200		182,000
2.90%, 02/16/28			376		322,420
5.11%, 05/03/29			214		202,765
4.00%, 11/13/30⁽ⁱ⁾			937		810,505
3.63%, 06/17/31			200		166,250
General Motors Co., 6.25%, 10/02/43⁽ⁱ⁾			2,194		2,267,568
General Motors Financial Co., Inc., 4.25%, 05/15/23⁽ⁱ⁾			326		329,746
Goodyear Tire & Rubber Co.
5.00%, 07/15/29			167		148,914
5.25%, 07/15/31			203		175,088
Group 1 Automotive, Inc., 4.00%, 08/15/28^(c)			59		53,084
Jaguar Land Rover Automotive PLC, 4.50%, 07/15/28^(g)	EUR		100		88,024
Ken Garff Automotive LLC, 4.88%, 09/15/28^(c)	USD		156		141,966
LCM Investments Holdings II LLC, 4.88%, 05/01/29^(c)			373		326,867
Lithia Motors, Inc., 3.88%, 06/01/29^(c)			167		150,796
MajorDrive Holdings IV LLC, 6.38%, 06/01/29^(c)			228		180,690
Penske Automotive Group, Inc.
3.50%, 09/01/25			104		100,360
3.75%, 06/15/29^(c)			87		74,194
Renault SA, 2.38%, 05/25/26^(g)	EUR		100		95,547
Sonic Automotive, Inc., 4.63%, 11/15/29^(c)	USD		76		65,380
TML Holdings Pte. Ltd., 4.35%, 06/09/26^(g)			200		182,750
Wabash National Corp., 4.50%, 10/15/28^(c)			281		235,197


					11,601,651

Banks — 1.3%
Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%^(b)(i)(l)			2,000		1,857,500
Banco BPM SpA, (5 year EUR Swap + 3.17%), 2.88%, 06/29/31^(b)(g)	EUR		100		97,689
Banco de Sabadell SA, (5 year EUR Swap + 2.95%), 2.50%, 04/15/31^(b)(g)			100		96,771
Banco GNB Sudameris SA, (5 year CMT + 6.66%), 7.50%, 04/16/31^(b)(c)	USD		161		147,245


Security		Par (000)		Value

Banks (continued)
Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00%^(b)(g)(l)	USD		205	$	199,401
Bank Leumi Le-Israel BM, (5 year CMT + 1.63%), 3.28%, 01/29/31^(b)(c)(g)			343		312,644
Bank Tabungan Negara Persero Tbk PT, 4.20%, 01/23/25^(g)			200		193,022
BBK BSC, 5.50%, 07/09/24^(g)			289		291,583
Chong Hing Bank Ltd., (5 year CMT + 3.86%), 5.70%^(b)(g)(l)			250		249,813
Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%^(b)(g)(l)	EUR		200		205,715
Grupo Aval Ltd., 4.38%, 02/04/30^(c)	USD		200		169,185
Intesa Sanpaolo SpA, 5.02%, 06/26/24^(c)(i)			2,888		2,818,936
NBK Tier 1 Ltd., (6 year USD Swap + 2.88%), 3.63%^(b)(c)(l)			356		323,804
Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33^(b)(c)(i)			500		482,853
Wells Fargo & Co., Series BB, (5 year CMT + 3.45%), 3.90%^(b)(l)			465		424,289


					7,870,450

Beverages — 1.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46⁽ⁱ⁾			2,160		2,128,966
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(c)(i)(j)			864		726,224
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29^(c)(i)			1,546		1,324,968
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(c)
4.13%, 08/15/26			510		471,750
4.75%, 07/15/27	GBP		100		107,830
Ball Corp.
5.25%, 07/01/25	USD		44		45,100
2.88%, 08/15/30			46		38,681
3.13%, 09/15/31			481		402,496
Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25^(c)			211		194,648
Crown Cork & Seal Co., Inc., 7.38%, 12/15/26			45		47,813
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24^(c)(i)			1,030		1,005,538
OI European Group BV, 2.88%, 02/15/25^(g)	EUR		100		101,946
Silgan Holdings, Inc., 4.13%, 02/01/28	USD		71		66,208
Trivium Packaging Finance BV^(c)(i)
5.50%, 08/15/26			1,189		1,148,871
8.50%, 08/15/27			1,924		1,899,950


					9,710,989

Biotechnology — 0.1%
Cidron Aida Finco SARL, 5.00%, 04/01/28^(g)	EUR		100		94,802
Gilead Sciences, Inc., 4.75%, 03/01/46⁽ⁱ⁾	USD		700		693,100


					787,902

Building Materials^(c)— 0.6%
Cornerstone Building Brands, Inc., 6.13%, 01/15/29⁽ⁱ⁾			513		426,842
CP Atlas Buyer, Inc., 7.00%, 12/01/28			247		206,245
Jeld-Wen, Inc., 6.25%, 05/15/25			189		193,016
Masonite International Corp.
Class C, 5.38%, 02/01/28			161		154,141
Class C, 3.50%, 02/15/30			273		230,003


10		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Building Materials (continued)
New Enterprise Stone & Lime Co., Inc.
5.25%, 07/15/28	USD		103	$	94,146
9.75%, 07/15/28			48		47,160
SRM Escrow Issuer LLC, 6.00%, 11/01/28			643		617,280
Standard Industries, Inc.
5.00%, 02/15/27			48		45,480
4.75%, 01/15/28			68		62,560
4.38%, 07/15/30⁽ⁱ⁾			952		793,830
3.38%, 01/15/31⁽ⁱ⁾			296		236,403
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29			227		212,813


					3,319,919

Building Products — 0.7%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27^(c)			255		246,394
Beacon Roofing Supply, Inc., 4.13%, 05/15/29^(c)			128		112,657
Foundation Building Materials, Inc., 6.00%, 03/01/29^(c)(i)			247		200,996
GYP Holdings III Corp., 4.63%, 05/01/29^(c)			300		265,875
LBM Acquisition LLC, 6.25%, 01/15/29^(c)			433		352,354
Lowe’s Cos., Inc., 4.65%, 04/15/42⁽ⁱ⁾			400		387,788
Patrick Industries, Inc., 4.75%, 05/01/29^(c)			81		69,457
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26^(c)			329		320,709
SRS Distribution, Inc.^(c)
4.63%, 07/01/28			556		509,024
6.13%, 07/01/29			499		440,357
6.00%, 12/01/29			614		538,785
White Cap Buyer LLC, 6.88%, 10/15/28^(c)(i)			572		524,095
White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26^(c)(j)			268		258,620


					4,227,111

Capital Markets — 0.8%
Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%^(b)(l)			1,060		898,477
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(c)			273		245,018
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25%, 05/15/26			498		493,727
5.25%, 05/15/27⁽ⁱ⁾			723		675,405
4.38%, 02/01/29			261		225,173
Intercorp Peru Ltd., 3.88%, 08/15/29^(c)			270		239,676
Kane Bidco Ltd.^(g)
5.00%, 02/15/27	EUR		100		99,221
6.50%, 02/15/27	GBP		100		116,354
NFP Corp.^(c)
4.88%, 08/15/28	USD		554		504,140
6.88%, 08/15/28⁽ⁱ⁾			1,132		1,005,839
Raymond James Financial, Inc., 4.95%, 07/15/46⁽ⁱ⁾			400		414,726


					4,917,756

Chemicals — 2.0%
Alpek SAB de CV, 3.25%, 02/25/31^(c)			285		240,789
Ashland LLC, 3.38%, 09/01/31^(c)			373		322,645
Axalta Coating Systems LLC, 3.38%, 02/15/29^(c)			745		644,596
Braskem Idesa SAPI, 6.99%, 02/20/32^(c)			305		271,450
Braskem Netherlands Finance BV, (5 year CMT + 8.22%), 8.50%, 01/23/81^(b)(c)			337		346,655
Chemours Co., 4.00%, 05/15/26	EUR		200		197,080


Security		Par (000)		Value

Chemicals (continued)
Diamond (BC) B.V., 4.63%, 10/01/29^(c)	USD		402	$	345,812
Element Solutions, Inc., 3.88%, 09/01/28^(c)			1,728		1,544,400
Equate Petrochemical BV, 2.63%, 04/28/28^(c)			200		182,000
EverArc Escrow SARL, 5.00%, 10/30/29^(c)			703		616,404
GCP Applied Technologies, Inc., 5.50%, 04/15/26^(c)			199		200,741
HB Fuller Co., 4.25%, 10/15/28			125		111,886
Herens Holdco SARL, 4.75%, 05/15/28^(c)			671		588,803
Herens Midco SARL, 5.25%, 05/15/29^(g)	EUR		100		86,928
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28^(c)	USD		465		441,750
Ingevity Corp., 3.88%, 11/01/28^(c)			105		93,975
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26^(c)(j)			294		287,753
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29^(c)			144		125,280
Lune Holdings SARL, 5.63%, 11/15/28^(g)	EUR		100		96,950
Minerals Technologies, Inc., 5.00%, 07/01/28^(c)	USD		218		203,553
Monitchem HoldCo. 3 SA, 5.25%, 03/15/25^(g)	EUR		100		101,803
Nobian Finance BV, 3.63%, 07/15/26^(g)			100		93,231
NOVA Chemicals Corp., 4.88%, 06/01/24^(c)	USD		80		78,900
Sasol Financing USA LLC
6.50%, 09/27/28			290		284,925
5.50%, 03/18/31			320		286,400
SCIH Salt Holdings, Inc., 6.63%, 05/01/29^(c)(i)			187		149,162
SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26^(c)			305		278,313
Scotts Miracle-Gro Co.
4.00%, 04/01/31			220		180,950
4.38%, 02/01/32			34		28,390
Sherwin-Williams Co., 4.50%, 06/01/47⁽ⁱ⁾			310		295,825
SPCM SA, 3.13%, 03/15/27^(c)			200		176,500
WESCO Distribution, Inc.^(c)
7.13%, 06/15/25			830		862,163
7.25%, 06/15/28			547		564,778
WR Grace Holdings LLC^(c)
5.63%, 10/01/24⁽ⁱ⁾			300		300,750
5.63%, 08/15/29			1,650		1,405,635


					12,037,175

Commercial Services & Supplies — 0.8%
ADT Security Corp., 4.13%, 06/15/23			16		15,904
Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26^(c)			222		206,460
APX Group, Inc., 5.75%, 07/15/29^(c)			342		280,218
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29^(c)			135		126,563
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28^(g)	EUR		100		95,201
EC Finance PLC, 3.00%, 10/15/26^(g)			200		203,078
Fortress Transportation & Infrastructure Investors LLC^(c)
6.50%, 10/01/25	USD		97		92,393
5.50%, 05/01/28			396		341,550
Herc Holdings, Inc., 5.50%, 07/15/27^(c)			369		361,509
Hertz Corp.^(c)
4.63%, 12/01/26			161		146,755
5.00%, 12/01/29			256		224,000
Loxam SAS, 4.50%, 02/15/27^(g)	EUR		101		101,755
Metis Merger Sub LLC, 6.50%, 05/15/29^(c)	USD		273		237,510
NESCO Holdings II, Inc., 5.50%, 04/15/29^(c)			305		287,411


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Commercial Services & Supplies (continued)
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29^(c)	USD		284	$	261,990
Prime Security Services Borrower LLC/Prime Finance, Inc.^(c)
5.25%, 04/15/24			178		177,777
5.75%, 04/15/26⁽ⁱ⁾			416		398,840
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25^(c)(i)			157		157,416
Sotheby’s/Bidfair Holdings, Inc., 5.88%, 06/01/29^(c)			690		648,088
United Rentals North America, Inc.
5.50%, 05/15/27			173		176,027
5.25%, 01/15/30			170		164,900
Verisure Holding AB, 3.25%, 02/15/27^(g)	EUR		100		94,761


					4,800,106

Communications Equipment — 0.5%
Avaya, Inc., 6.13%, 09/15/28^(c)(i)	USD		651		603,967
Ciena Corp., 4.00%, 01/31/30^(c)			133		121,280
CommScope Technologies LLC, 6.00%, 06/15/25^(c)			101		88,375
CommScope, Inc.^(c)
6.00%, 03/01/26			103		97,150
8.25%, 03/01/27			646		549,100
7.13%, 07/01/28⁽ⁱ⁾			188		149,930
4.75%, 09/01/29			354		295,976
Nokia OYJ, 4.38%, 06/12/27⁽ⁱ⁾			177		171,690
ViaSat, Inc.^(c)
5.63%, 09/15/25			372		341,310
5.63%, 04/15/27			87		80,692
6.50%, 07/15/28			360		310,950
Viavi Solutions, Inc., 3.75%, 10/01/29^(c)			434		390,483


					3,200,903

Construction Materials^(c)— 0.3%
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/28⁽ⁱ⁾			444		414,030
3.88%, 11/15/29			60		53,004
BCPE Empire Holdings, Inc., 7.63%, 05/01/27			139		130,275
H&E Equipment Services, Inc., 3.88%, 12/15/28			76		66,199
IAA, Inc., 5.50%, 06/15/27			443		433,033
Thor Industries, Inc., 4.00%, 10/15/29			215		181,699
Williams Scotsman International, Inc., 4.63%, 08/15/28			316		299,078
Winnebago Industries, Inc., 6.25%, 07/15/28			176		174,680


					1,751,998

Consumer Discretionary — 1.7%
APi Escrow Corp., 4.75%, 10/15/29^(c)			128		115,200
APi Group DE, Inc., 4.13%, 07/15/29^(c)			168		149,945
Carnival Corp.
10.13%, 02/01/26^(g)	EUR		100		114,990
10.50%, 02/01/26^(c)(i)	USD		846		930,600
5.75%, 03/01/27^(c)(i)			1,146		1,037,720
9.88%, 08/01/27^(c)			488		525,940
4.00%, 08/01/28^(c)			1,442		1,298,002
6.00%, 05/01/29^(c)			797		715,307
CoreLogic, Inc., 4.50%, 05/01/28^(c)			663		587,438
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26^(c)			114		106,983
Life Time, Inc.^(c)
5.75%, 01/15/26			329		319,229
8.00%, 04/15/26			276		269,471
Lindblad Expeditions LLC, 6.75%, 02/15/27^(c)			334		327,737


Security		Par (000)		Value

Consumer Discretionary (continued)
NCL Corp. Ltd.^(c)
5.88%, 03/15/26	USD		348	$	321,486
7.75%, 02/15/29			140		135,800
NCL Finance Ltd., 6.13%, 03/15/28^(c)			693		623,700
Nielsen Finance LLC/Nielsen Finance Co.^(c)
5.63%, 10/01/28			633		613,396
5.88%, 10/01/30			242		232,088
Royal Caribbean Cruises Ltd.^(c)
10.88%, 06/01/23			114		119,273
9.13%, 06/15/23			195		201,305
11.50%, 06/01/25			154		167,429
5.50%, 08/31/26			145		135,110
5.38%, 07/15/27			489		449,364
5.50%, 04/01/28⁽ⁱ⁾			575		524,687
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29^(c)			233		205,623


					10,227,823

Consumer Finance — 1.4%
American Express Co., (5 year CMT + 2.85%), 3.55%^(b)(l)			940		809,669
Block, Inc., 3.50%, 06/01/31^(c)(i)			1,135		950,562
HealthEquity, Inc., 4.50%, 10/01/29^(c)			514		469,667
Iron Mountain U.K. PLC, 3.88%, 11/15/25^(g)	GBP		100		123,570
MPH Acquisition Holdings LLC, 5.50%, 09/01/28^(c)	USD		280		259,350
Muthoot Finance Ltd., 4.40%, 09/02/23^(g)			200		197,740
Navient Corp.
7.25%, 09/25/23⁽ⁱ⁾			91		93,275
6.13%, 03/25/24			105		105,591
5.88%, 10/25/24			76		75,430
5.50%, 03/15/29			347		305,128
OneMain Finance Corp.
6.88%, 03/15/25			263		264,315
7.13%, 03/15/26			295		298,687
3.50%, 01/15/27			389		341,744
6.63%, 01/15/28			262		258,775
5.38%, 11/15/29			83		74,492
4.00%, 09/15/30			171		139,992
Sabre GLBL, Inc.^(c)
9.25%, 04/15/25			311		331,691
7.38%, 09/01/25			336		339,846
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26^(c)			451		431,832
Shift4 Payments, Inc., 0.00%, 12/15/25^(e)(k)			446		429,052
SLM Corp., 3.13%, 11/02/26			221		201,937
Verscend Escrow Corp., 9.75%, 08/15/26^(c)(i)			1,936		1,994,080


					8,496,425

Containers & Packaging — 0.4%
Clydesdale Acquisition Holdings, Inc.^(c)
6.63%, 04/15/29			485		483,787
8.75%, 04/15/30			409		373,801
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			513		496,761
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26			258		257,033
Graphic Packaging International LLC^(c)
4.75%, 07/15/27			104		100,819
3.50%, 03/15/28			22		19,800
3.50%, 03/01/29			78		68,835
Intertape Polymer Group, Inc., 4.38%, 06/15/29^(c)			171		175,938
Klabin Austria GmbH, 3.20%, 01/12/31^(c)			315		251,213


12		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Containers & Packaging (continued)
LABL, Inc., 5.88%, 11/01/28^(c)	USD		332	$	303,552
Sealed Air Corp.^(c)
5.13%, 12/01/24			54		54,945
4.00%, 12/01/27			92		86,480


					2,672,964

Diversified Consumer Services — 1.5%
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(c)
6.63%, 07/15/26			2,705		2,614,220
9.75%, 07/15/27⁽ⁱ⁾			812		788,123
6.00%, 06/01/29⁽ⁱ⁾			1,655		1,369,512
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 SARL
3.63%, 06/01/28^(g)	EUR		100		90,462
4.63%, 06/01/28^(c)(i)	USD		900		796,500
4.63%, 06/01/28^(c)			710		623,025
Clarivate Science Holdings Corp.^(c)
3.88%, 07/01/28			518		461,020
4.88%, 07/01/29⁽ⁱ⁾			754		664,485
Garda World Security Corp.^(c)
4.63%, 02/15/27			311		279,900
9.50%, 11/01/27⁽ⁱ⁾			119		116,918
Graham Holdings Co., 5.75%, 06/01/26^(c)			135		136,012
Rekeep SpA, 7.25%, 02/01/26^(g)	EUR		100		106,483
Service Corp. International
5.13%, 06/01/29	USD		107		105,548
3.38%, 08/15/30			341		293,260
4.00%, 05/15/31			454		408,600
Sotheby’s, 7.38%, 10/15/27^(c)			537		529,509


					9,383,577

Diversified Financial Services — 1.8%
Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28^(c)			514		470,310
ASG Finance Designated Activity Co., 7.88%, 12/03/24^(c)			262		250,865
Barclays PLC, 5.20%, 05/12/26			200		202,512
BNP Paribas SA, (5 year CMT + 3.34%), 4.63%^(b)(c)(l)			1,750		1,474,287
Castlelake Aviation Finance DAC, 5.00%, 04/15/27^(c)			95		85,500
Central Garden & Pet Co.
4.13%, 10/15/30			244		210,921
4.13%, 04/30/31^(c)			224		192,080
Citigroup, Inc.^(b)(l)
(5 year CMT + 3.42%), 3.88%⁽ⁱ⁾			2,000		1,806,640
Series W, (5 year CMT + 3.60%), 4.00%			200		181,500
Series Y, (5 year CMT + 3.00%), 4.15%			630		557,298
Deutsche Bank AG, (5 year EURIBOR ICE Swap Rate + 3.30%), 4.00%, 06/24/32^(b)(g)	EUR		100		100,748
doValue SpA, 3.38%, 07/31/26^(g)			100		98,891
Garfunkelux Holdco 3 SA, 7.75%, 11/01/25^(g)	GBP		100		122,759
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24^(c)(j)	USD		275		239,011
Goldman Sachs Group, Inc., Series R, (5 year CMT + 3.22%), 4.95%^(b)(i)(l)			900		866,250
HSBC Holdings PLC
4.38%, 11/23/26⁽ⁱ⁾			370		366,143
(5 year CMT + 3.25%), 4.70%^(b)(i)(l)			465		395,250
(5 year CMT + 3.65%), 4.60%^(b)(l)			200		169,500
Intrum AB, 3.00%, 09/15/27^(g)	EUR		100		93,378


Security		Par (000)		Value

Diversified Financial Services (continued)
ION Trading Technologies SARL, 5.75%, 05/15/28^(c)	USD		246	$	230,317
Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28^(c)			415		377,654
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(c)
4.25%, 02/01/27			408		375,034
4.75%, 06/15/29			174		156,092
Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%^(b)(i)(l)			515		518,708
Manappuram Finance Ltd., 5.90%, 01/13/23^(g)			200		199,690
Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25^(c)			501		315,630
Shriram Transport Finance Co. Ltd., 5.95%, 10/24/22^(g)			320		318,800
Spectrum Brands, Inc.^(c)
5.00%, 10/01/29			153		142,290
5.50%, 07/15/30			198		184,260
3.88%, 03/15/31			59		49,412
UBS Group AG, (5 year CMT + 3.31%), 4.38%^(b)(c)(l)			210		175,287


					10,927,017

Diversified Telecommunication Services — 3.1%
AT&T, Inc.⁽ⁱ⁾
4.65%, 06/01/44			111		105,443
4.85%, 07/15/45			389		375,106
4.75%, 05/15/46			2,545		2,521,710
Consolidated Communications, Inc., 6.50%, 10/01/28^(c)(i)			840		731,928
Level 3 Financing, Inc.
5.38%, 05/01/25			146		144,730
4.63%, 09/15/27^(c)			127		114,141
4.25%, 07/01/28^(c)(i)			407		343,915
3.63%, 01/15/29^(c)			230		186,659
3.75%, 07/15/29^(c)			235		190,938
Lumen Technologies, Inc.
5.13%, 12/15/26^(c)(i)			826		743,400
4.00%, 02/15/27^(c)			611		543,356
4.50%, 01/15/29^(c)(i)			731		577,600
5.38%, 06/15/29^(c)			582		473,928
Series U, 7.65%, 03/15/42			286		255,999
Series W, 6.75%, 12/01/23⁽ⁱ⁾			620		630,075
Series Y, 7.50%, 04/01/24⁽ⁱ⁾			368		377,936
Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25^(j)			383		305,395
SoftBank Group Corp.^(g)
4.50%, 04/20/25	EUR		100		101,275
3.13%, 09/19/25			100		96,913
2.88%, 01/06/27			100		89,671
Sprint Capital Corp.
6.88%, 11/15/28	USD		1,778		1,951,515
8.75%, 03/15/32⁽ⁱ⁾			927		1,178,055
Switch Ltd.^(c)
3.75%, 09/15/28			399		374,062
4.13%, 06/15/29			788		752,540
Telecom Italia Capital SA
6.38%, 11/15/33			191		166,886
6.00%, 09/30/34⁽ⁱ⁾			569		486,647
7.20%, 07/18/36			137		123,583
7.72%, 06/04/38			71		66,651
Telecom Italia SpA
4.00%, 04/11/24^(g)	EUR		100		105,480


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

Schedule of Investments (unaudited) (continued)

April 30, 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)
5.30%, 05/30/24^(c)(i)	USD		202	$	198,212
2.75%, 04/15/25^(g)	EUR		100		100,086
1.63%, 01/18/29^(g)			200		168,518
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30^(c)	USD		185		154,280
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28^(c)			330		294,525
Verizon Communications, Inc., 3.70%, 03/22/61⁽ⁱ⁾			1,250		1,004,917
Zayo Group Holdings, Inc.^(c)
4.00%, 03/01/27			1,253		1,090,110
6.13%, 03/01/28⁽ⁱ⁾			1,912		1,601,300


					18,727,485

Education — 0.0%
Grand Canyon University, 5.13%, 10/01/28			249		239,663


Electric Utilities — 1.0%
Duke Energy Corp., 4.80%, 12/15/45⁽ⁱ⁾			1,500		1,431,353
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29^(c)			309		259,715
Enel Finance International NV, 3.63%, 05/25/27^(c)(i)			1,250		1,222,450
FirstEnergy Corp.
2.65%, 03/01/30			345		292,570
Series B, 2.25%, 09/01/30			27		22,545
Series C, 7.38%, 11/15/31			43		49,313
Series C, 3.40%, 03/01/50			1,032		768,840
FirstEnergy Transmission LLC^(c)
5.45%, 07/15/44			500		491,079
4.55%, 04/01/49			206		177,526
NextEra Energy Operating Partners LP^(c)
4.25%, 07/15/24			205		203,501
4.25%, 09/15/24			11		10,808
NPC Ukrenergo, 6.88%, 11/09/26^(c)			205		63,550
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37⁽ⁱ⁾			750		855,301


					5,848,551

Electrical Equipment^(c)— 0.1%
Gates Global LLC/Gates Corp., 6.25%, 01/15/26			490		477,750
GrafTech Finance, Inc., 4.63%, 12/15/28			176		160,644


					638,394

Electronic Equipment, Instruments & Components — 0.6%
BWX Technologies, Inc.^(c)
4.13%, 06/30/28			22		20,405
4.13%, 04/15/29			265		245,125
Corning, Inc., 4.38%, 11/15/57⁽ⁱ⁾			1,915		1,729,116
Energizer Holdings, Inc.^(c)
6.50%, 12/31/27			150		144,000
4.38%, 03/31/29			24		19,985
Imola Merger Corp., 4.75%, 05/15/29^(c)(i)			785		730,050
Vertiv Group Corp., 4.13%, 11/15/28^(c)			872		759,730
Xerox Corp., 4.80%, 03/01/35			71		56,090


					3,704,501

Energy Equipment & Services — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp.^(c)
6.88%, 04/01/27			202		202,303


Security		Par (000)		Value

Energy Equipment & Services (continued)
Archrock Partners LP/Archrock Partners Finance Corp.^(c)(continued)
6.25%, 04/01/28⁽ⁱ⁾	USD		1,057	$	1,025,290
ChampionX Corp., 6.38%, 05/01/26			94		94,783
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26			212		207,760
6.88%, 09/01/27			657		642,093
Vallourec SA, 8.50%, 06/30/26^(g)	EUR		32		33,799
Weatherford International Ltd.^(c)
6.50%, 09/15/28	USD		17		17,170
8.63%, 04/30/30			266		263,303


					2,486,501

Environmental, Maintenance & Security Service — 0.6%
Clean Harbors, Inc.^(c)(i)
4.88%, 07/15/27			297		291,060
5.13%, 07/15/29			205		201,925
Covanta Holding Corp.
4.88%, 12/01/29^(c)			251		228,360
5.00%, 09/01/30			128		115,520
GFL Environmental, Inc.^(c)
3.75%, 08/01/25			346		327,835
5.13%, 12/15/26			386		379,399
4.00%, 08/01/28			535		470,800
3.50%, 09/01/28			259		230,510
4.75%, 06/15/29			333		302,197
4.38%, 08/15/29			128		113,562
Stericycle, Inc., 3.88%, 01/15/29^(c)			210		185,189
Tervita Corp., 11.00%, 12/01/25^(c)			147		163,905
Waste Pro USA, Inc., 5.50%, 02/15/26^(c)			672		597,811


					3,608,073

Equity Real Estate Investment Trusts (REITs) — 1.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27^(c)			227		205,528
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28^(c)			208		188,240
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(c)			183		164,281
Iron Mountain, Inc.^(c)
5.25%, 07/15/30			366		335,453
5.63%, 07/15/32⁽ⁱ⁾			566		511,788
LMIRT Capital Pte. Ltd., 7.25%, 06/19/24^(g)			232		227,360
MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer, Inc.⁽ⁱ⁾
5.63%, 05/01/24			1,312		1,325,120
4.50%, 09/01/26			665		658,350
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27			68		65,247
4.63%, 08/01/29⁽ⁱ⁾			506		467,559
3.50%, 03/15/31⁽ⁱ⁾			1,372		1,165,322
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27⁽ⁱ⁾			971		905,419
4.50%, 02/15/29^(c)			227		205,088
RLJ Lodging Trust LP^(c)
3.75%, 07/01/26			173		160,025


14		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Equity Real Estate Investment Trusts (REITs) (continued)
RLJ Lodging Trust LP^(c)(continued)
4.00%, 09/15/29	USD		124	$	110,698
Trust Fibra Uno, 5.25%, 01/30/26^(c)			235		234,163


					6,929,641

Food & Staples Retailing — 1.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(c)
3.25%, 03/15/26			756		689,850
7.50%, 03/15/26⁽ⁱ⁾			127		133,485
4.63%, 01/15/27⁽ⁱ⁾			972		910,448
5.88%, 02/15/28			377		366,161
4.88%, 02/15/30			182		164,720
Bellis Acquisition Co. PLC, 3.25%, 02/16/26^(g)	GBP		100		110,148
BRF GmbH, 4.35%, 09/29/26^(g)	USD		200		190,163
Casino Guichard Perrachon SA, 5.25%, 04/15/27^(g)	EUR		100		82,286
Health & Happiness H&H International Holdings Ltd., 5.63%, 10/24/24^(g)	USD		200		186,413
Kraft Heinz Foods Co.
6.50%, 02/09/40			205		225,142
4.88%, 10/01/49⁽ⁱ⁾			513		477,621
5.50%, 06/01/50⁽ⁱ⁾			913		919,364
Lamb Weston Holdings, Inc.^(c)
4.88%, 05/15/28			289		281,053
4.13%, 01/31/30			212		189,185
4.38%, 01/31/32			205		183,118
Market Bidco Finco PLC, 5.50%, 11/04/27^(d)(g)	GBP		100		111,913
Ocado Group PLC, 3.88%, 10/08/26^(g)			100		108,474
Performance Food Group, Inc., 4.25%, 08/01/29^(c)	USD		431		383,043
Post Holdings, Inc.^(c)
5.75%, 03/01/27			42		41,423
5.63%, 01/15/28			86		81,313
5.50%, 12/15/29			190		172,900
4.63%, 04/15/30			224		191,520
4.50%, 09/15/31			14		11,642
Premier Foods Finance PLC, 3.50%, 10/15/26^(g)	GBP		100		114,877
U.S. Foods, Inc., 4.75%, 02/15/29^(c)	USD		336		310,363


					6,636,625

Food Products^(c)— 0.5%
Aramark Services, Inc., 5.00%, 04/01/25			347		343,964
Chobani LLC/Chobani Finance Corp., Inc.
7.50%, 04/15/25⁽ⁱ⁾			966		905,654
4.63%, 11/15/28			311		279,900
Frigorifico Concepcion SA, 7.70%, 07/21/28			200		172,850
Grupo Bimbo SAB de CV, (5 year CMT + 3.28%), 5.95%^(b)(l)			287		287,179
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31			357		314,160
Pilgrim’s Pride Corp.
4.25%, 04/15/31			33		30,112
3.50%, 03/01/32			714		603,330
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29			364		328,463


					3,265,612

Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31^(c)			117		106,394


Security		Par (000)		Value

Health Care Equipment & Supplies^(c)— 0.5%
Avantor Funding, Inc.
4.63%, 07/15/28⁽ⁱ⁾	USD		1,164	$	1,107,302
3.88%, 11/01/29			252		226,102
Embecta Corp.
5.00%, 02/15/30			126		113,715
6.75%, 02/15/30			195		189,150
Hologic, Inc., 3.25%, 02/15/29			59		52,561
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 02/01/28⁽ⁱ⁾			1,381		1,394,810


					3,083,640

Health Care Providers & Services — 4.0%
180 Medical, Inc., 3.88%, 10/15/29^(c)			200		178,000
Acadia Healthcare Co., Inc., 5.00%, 04/15/29^(c)			71		67,273
AdaptHealth LLC^(c)
6.13%, 08/01/28			97		91,665
5.13%, 03/01/30			64		55,040
AHP Health Partners, Inc., 5.75%, 07/15/29^(c)			415		374,538
Anthem, Inc., 2.75%, 10/15/42^(k)			73		520,855
Cano Health LLC, 6.25%, 10/01/28^(c)			159		146,678
Centene Corp.
4.25%, 12/15/27			168		162,960
2.45%, 07/15/28			1,049		915,158
4.63%, 12/15/29⁽ⁱ⁾			1,460		1,414,046
3.00%, 10/15/30			859		747,330
2.50%, 03/01/31⁽ⁱ⁾			1,563		1,299,244
2.63%, 08/01/31			538		446,922
CHS/Community Health Systems, Inc.^(c)
8.00%, 03/15/26⁽ⁱ⁾			1,861		1,923,902
5.63%, 03/15/27			736		701,586
6.00%, 01/15/29			621		586,963
6.13%, 04/01/30			384		315,840
Encompass Health Corp.
4.50%, 02/01/28			59		54,547
4.75%, 02/01/30			486		439,223
4.63%, 04/01/31			270		238,275
HCA, Inc.
5.38%, 02/01/25⁽ⁱ⁾			1,193		1,227,299
5.38%, 09/01/26			229		234,383
5.63%, 09/01/28⁽ⁱ⁾			592		611,796
3.50%, 09/01/30⁽ⁱ⁾			1,203		1,077,683
Legacy LifePoint Health LLC, 4.38%, 02/15/27^(c)			124		114,700
LifePoint Health, Inc., 5.38%, 01/15/29^(c)(i)			477		407,835
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/29^(c)			121		105,875
ModivCare, Inc., 5.88%, 11/15/25^(c)			91		89,180
Molina Healthcare, Inc.^(c)
4.38%, 06/15/28			152		142,065
3.88%, 11/15/30			321		289,539
3.88%, 05/15/32			255		223,885
Mozart Debt Merger Sub, Inc., 5.25%, 10/01/29^(c)			1,359		1,182,330
Northwell Healthcare, Inc., 4.26%, 11/01/47⁽ⁱ⁾			686		617,986
Owens & Minor, Inc., 6.63%, 04/01/30^(c)			181		177,179
Prime Healthcare Services, Inc., 7.25%, 11/01/25^(c)			400		401,000
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/26^(c)(i)			129		132,557
Surgery Center Holdings, Inc.^(c)
6.75%, 07/01/25⁽ⁱ⁾			782		767,337
10.00%, 04/15/27			848		886,160
Teleflex, Inc.
4.63%, 11/15/27			72		70,560
4.25%, 06/01/28^(c)			325		306,313


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

Schedule of Investments (unaudited) (continued)

April 30, 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.
4.63%, 07/15/24⁽ⁱ⁾	USD		104	$	103,717
4.63%, 09/01/24^(c)			433		429,211
4.88%, 01/01/26^(c)			1,537		1,504,992
5.13%, 11/01/27^(c)(i)			910		883,578
6.13%, 10/01/28^(c)			235		225,588
4.25%, 06/01/29^(c)			61		55,113
UnitedHealth Group, Inc., 4.38%, 03/15/42⁽ⁱ⁾			750		738,371
Vizient, Inc., 6.25%, 05/15/27^(c)			483		498,697


					24,184,974

Health Care Technology — 0.7%
CAB SELAS, 3.38%, 02/01/28^(g)	EUR		100		93,943
Catalent Pharma Solutions, Inc.
5.00%, 07/15/27^(c)	USD		341		330,344
2.38%, 03/01/28^(g)	EUR		124		115,116
3.13%, 02/15/29^(c)	USD		185		160,532
3.50%, 04/01/30^(c)			505		439,254
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25^(c)(i)			810		807,975
Charles River Laboratories International, Inc.^(c)
3.75%, 03/15/29			44		39,820
4.00%, 03/15/31			125		111,601
Chrome Bidco SASU, 3.50%, 05/31/28^(g)	EUR		100		94,946
IQVIA, Inc.^(c)
5.00%, 10/15/26	USD		548		545,260
5.00%, 05/15/27⁽ⁱ⁾			517		512,254
Minerva Merger Sub, Inc., 6.50%, 02/15/30^(c)			697		641,547
Syneos Health, Inc., 3.63%, 01/15/29^(c)(i)			650		575,022


					4,467,614

Hotels, Restaurants & Leisure — 2.8%
1011778 BC ULC/New Red Finance, Inc.^(c)
3.88%, 01/15/28⁽ⁱ⁾			701		644,920
4.38%, 01/15/28			157		143,263
4.00%, 10/15/30			48		41,033
Affinity Gaming, 6.88%, 12/15/27^(c)			43		40,276
Boyd Gaming Corp.^(c)
8.63%, 06/01/25			62		64,634
4.75%, 06/15/31			495		447,629
Boyne USA, Inc., 4.75%, 05/15/29^(c)			378		350,595
Caesars Entertainment, Inc.^(c)
6.25%, 07/01/25⁽ⁱ⁾			1,916		1,936,827
8.13%, 07/01/27⁽ⁱ⁾			2,072		2,165,240
4.63%, 10/15/29			803		688,572
CDI Escrow Issuer, Inc., 5.75%, 04/01/30^(c)			807		777,875
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25^(c)(i)			357		358,785
Champion Path Holdings Ltd., 4.50%, 01/27/26^(g)			250		191,250
Churchill Downs, Inc.^(c)
5.50%, 04/01/27			491		482,118
4.75%, 01/15/28			344		322,082
Cirsa Finance International SARL, 4.75%, 05/22/25^(g)	EUR		100		100,629
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.^(c)
4.63%, 01/15/29	USD		289		262,192
6.75%, 01/15/30			731		632,403
Food Service Project SA, 5.50%, 01/21/27^(g)	EUR		100		98,294
Fortune Star BVI Ltd., 5.95%, 01/29/23^(g)	USD		200		197,000


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Gamma Bidco SpA, 6.25%, 07/15/25^(g)	EUR		100	$	103,649
Hilton Domestic Operating Co., Inc.
4.88%, 01/15/30⁽ⁱ⁾	USD		1,033		996,535
4.00%, 05/01/31^(c)			306		273,671
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27			246		243,540
Melco Resorts Finance Ltd., 5.25%, 04/26/26^(g)			250		217,813
Merlin Entertainments Ltd., 5.75%, 06/15/26^(c)			200		195,500
MGM China Holdings Ltd., 5.88%, 05/15/26^(g)			250		222,781
MGM Resorts International
6.00%, 03/15/23			494		499,557
5.75%, 06/15/25			35		34,771
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29^(c)			331		290,462
Penn National Gaming, Inc., 4.13%, 07/01/29^(c)			93		78,469
Powdr Corp., 6.00%, 08/01/25^(c)			461		466,762
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(c)
5.63%, 09/01/29			148		118,400
5.88%, 09/01/31			148		116,550
Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26^(c)			225		213,273
Scientific Games International, Inc.^(c)
7.00%, 05/15/28			190		194,520
7.25%, 11/15/29			213		223,586
Station Casinos LLC, 4.63%, 12/01/31^(c)			354		296,671
Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25^(g)	GBP		100		127,153
Studio City Finance Ltd., 5.00%, 01/15/29^(c)	USD		435		296,561
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28^(c)			204		190,136
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27^(c)			268		246,472
Wynn Macau Ltd., 5.50%, 01/15/26^(g)			200		173,000
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29^(c)(i)			808		707,501
Yum! Brands, Inc.
3.88%, 11/01/23			110		110,924
4.75%, 01/15/30^(c)			159		151,249
3.63%, 03/15/31			123		105,689
5.35%, 11/01/43			85		77,775


					16,918,587

Household Durables — 0.7%
Ashton Woods USA LLC/Ashton Woods Finance Co.^(c)
4.63%, 08/01/29			128		107,705
4.63%, 04/01/30			185		151,469
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(c)
5.00%, 06/15/29			266		235,262
4.88%, 02/15/30			539		450,065
CD&R Smokey Buyer, Inc., 6.75%, 07/15/25^(c)			27		27,479
Controladora Mabe SA de CV, 5.60%, 10/23/28^(c)			283		289,244
Forestar Group, Inc., 3.85%, 05/15/26^(c)			133		119,700
K Hovnanian Enterprises, Inc., 7.75%, 02/15/26^(c)			284		282,651
Mattamy Group Corp., 4.63%, 03/01/30^(c)			257		218,664
Meritage Homes Corp., 5.13%, 06/06/27			57		55,718
NCR Corp.^(c)
5.75%, 09/01/27			259		249,287
5.00%, 10/01/28			143		136,565
5.13%, 04/15/29			197		187,642


16		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Household Durables (continued)
NCR Corp.^(c)(continued)
6.13%, 09/01/29	USD		93	$	89,048
Newell Brands, Inc., 5.75%, 04/01/46			142		132,238
SWF Escrow Issuer Corp., 6.50%, 10/01/29^(c)			422		325,995
Taylor Morrison Communities, Inc.^(c)
5.88%, 06/15/27			287		284,899
5.13%, 08/01/30			75		68,438
Tempur Sealy International, Inc.^(c)
4.00%, 04/15/29			394		341,306
3.88%, 10/15/31			429		355,461


					4,108,836

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^(g)			200		202,037
Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24^(g)			200		200,038
Calpine Corp.^(c)
5.25%, 06/01/26⁽ⁱ⁾			195		192,563
4.50%, 02/15/28⁽ⁱ⁾			405		374,917
5.13%, 03/15/28⁽ⁱ⁾			1,321		1,199,963
4.63%, 02/01/29			145		126,722
5.00%, 02/01/31			58		49,458
3.75%, 03/01/31			7		5,898
Clearway Energy Operating LLC^(c)
4.75%, 03/15/28			55		51,975
3.75%, 01/15/32			335		283,912
Continuum Energy Levanter Pte Ltd., 4.50%, 02/09/27^(c)			197		179,498
Greenko Mauritius Ltd., 6.25%, 02/21/23^(g)			200		200,038
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26^(g)			200		194,000
India Green Energy Holdings
5.38%, 04/29/24^(c)			325		318,500
5.38%, 04/29/24^(g)			250		245,000
Investment Energy Resources Ltd., 6.25%, 04/26/29^(c)			230		226,895
NRG Energy, Inc.
6.63%, 01/15/27⁽ⁱ⁾			958		969,975
5.25%, 06/15/29^(c)(i)			347		326,829
3.63%, 02/15/31^(c)			365		303,862
3.88%, 02/15/32^(c)			171		142,741
ReNew Power Synthetic, 6.67%, 03/12/24^(g)			200		202,537
TerraForm Power Operating LLC, 4.75%, 01/15/30^(c)			179		161,100


					6,158,458

Industrial Conglomerates — 0.0%
Metalloinvest Finance DAC, 3.38%, 10/22/28^(c)			265		53,000


Insurance — 1.9%
Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29^(c)			295		257,756
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(c)
4.25%, 10/15/27⁽ⁱ⁾			1,472		1,359,466
6.75%, 10/15/27⁽ⁱ⁾			2,012		1,902,608
5.88%, 11/01/29			1,512		1,409,940
Allstate Corp., Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53^(b)(i)			2,000		1,940,300
AmWINS Group, Inc., 4.88%, 06/30/29^(c)			340		311,212
Asahi Mutual Life Insurance Co., (5 year USD Swap + 4.59%), 6.50%^(b)(g)(l)			310		315,037


Security		Par (000)		Value

Insurance (continued)
BroadStreet Partners, Inc., 5.88%, 04/15/29^(c)	USD		68	$	58,990
GTCR AP Finance, Inc., 8.00%, 05/15/27^(c)			351		349,668
HUB International Ltd.^(c)
7.00%, 05/01/26⁽ⁱ⁾			1,322		1,310,327
5.63%, 12/01/29			67		61,473
Nationwide Building Society, (5 year USD ICE Swap + 1.85%), 4.13%, 10/18/32^(b)(c)(i)			690		657,644
Ryan Specialty Group, 4.38%, 02/01/30^(c)			173		157,781
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47^(c)(i)			700		660,350
Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53^(b)(i)			1,090		1,084,430


					11,836,982

Interactive Media & Services — 0.4%
Arches Buyer, Inc., 4.25%, 06/01/28^(c)			143		127,088
Cablevision Lightpath LLC^(c)
3.88%, 09/15/27			218		191,705
5.63%, 09/15/28			401		343,609
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.^(c)
4.75%, 04/30/27			387		352,046
6.00%, 02/15/28⁽ⁱ⁾			277		231,766
Twitter, Inc.^(c)
3.88%, 12/15/27			377		369,575
5.00%, 03/01/30			305		311,490
United Group BV^(g)
4.88%, 07/01/24	EUR		100		101,983
4.00%, 11/15/27			100		93,585


					2,122,847

Internet & Direct Marketing Retail — 0.0%
Very Group Funding PLC, 6.50%, 08/01/26^(g)	GBP		100		113,485


Internet Software & Services — 1.2%
Airbnb, Inc., 0.00%, 03/15/26^(e)(k)	USD		724		663,546
ANGI Group LLC, 3.88%, 08/15/28^(c)			340		269,239
Booking Holdings, Inc., 0.75%, 05/01/25^(k)			485		674,150
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^(c)
5.25%, 12/01/27			359		355,154
3.50%, 03/01/29			159		141,095
Match Group Holdings II LLC^(c)
5.63%, 02/15/29			209		201,685
4.13%, 08/01/30			262		234,163
3.63%, 10/01/31			139		115,634
Uber Technologies, Inc.
0.00%, 12/15/25^(e)(k)			2,019		1,743,406
8.00%, 11/01/26^(c)(i)			843		883,043
7.50%, 09/15/27^(c)(i)			1,085		1,116,432
6.25%, 01/15/28^(c)			260		257,400
4.50%, 08/15/29^(c)			642		552,929
Zillow Group, Inc., 1.38%, 09/01/26^(k)			70		80,045


					7,287,921

IT Services — 0.8%
Ahead DB Holdings LLC, 6.63%, 05/01/28^(c)			140		123,200
Booz Allen Hamilton, Inc.^(c)
3.88%, 09/01/28			415		382,281
4.00%, 07/01/29			503		463,962
CA Magnum Holdings, 5.38%, 10/31/26^(c)			488		468,480
Camelot Finance SA, 4.50%, 11/01/26^(c)(i)			524		492,560
Centurion Bidco SpA, 5.88%, 09/30/26^(g)	EUR		100		100,583
Dun & Bradstreet Corp., 5.00%, 12/15/29^(c)	USD		596		554,280


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

Schedule of Investments (unaudited) (continued)

April 30, 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	$	419,352
Gartner, Inc.^(c)
3.63%, 06/15/29			151		135,145
3.75%, 10/01/30⁽ⁱ⁾			512		456,602
KBR, Inc., 4.75%, 09/30/28^(c)			243		229,027
La Financiere Atalian SASU, 5.13%, 05/15/25^(g)	EUR		100		84,757
Rackspace Technology Global, Inc., 5.38%, 12/01/28^(c)(i)	USD		76		61,919
Science Applications International Corp., 4.88%, 04/01/28^(c)			332		317,060
Twilio, Inc., 3.88%, 03/15/31			451		387,621
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29^(c)			500		442,490


					5,119,319

Leisure Products — 0.1%
Mattel, Inc.
3.75%, 04/01/29^(c)			131		124,778
6.20%, 10/01/40			291		301,913
5.45%, 11/01/41			326		327,222


					753,913

Machinery — 0.8%
ATS Automation Tooling Systems, Inc., 4.13%, 12/15/28^(c)			139		125,447
Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25^(c)(i)(j)			587		601,675
Madison IAQ LLC^(c)
4.13%, 06/30/28			67		58,793
5.88%, 06/30/29			399		325,185
Mueller Water Products, Inc., 4.00%, 06/15/29^(c)			177		158,415
OT Merger Corp., 7.88%, 10/15/29^(c)			147		124,950
Renk AG/Frankfurt am Main, 5.75%, 07/15/25^(g)	EUR		100		104,229
Stevens Holding Co., Inc., 6.13%, 10/01/26^(c)	USD		197		197,492
Terex Corp., 5.00%, 05/15/29^(c)			421		386,874
Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26^(c)(i)			1,213		1,170,545
TK Elevator Holdco GmbH, 7.63%, 07/15/28^(c)			552		531,217
TK Elevator Midco GmbH, 4.38%, 07/15/27^(g)	EUR		100		97,444
TK Elevator US Newco Inc., 5.25%, 07/15/27^(c)(i)	USD		908		850,633


					4,732,899

Media — 8.7%
Altice Financing SA
3.00%, 01/15/28^(g)	EUR		100		88,903
5.00%, 01/15/28^(c)	USD		462		385,645
5.75%, 08/15/29^(c)			1,434		1,208,159
Altice France Holding SA^(c)(i)
10.50%, 05/15/27			2,064		2,092,380
6.00%, 02/15/28			497		410,438
AMC Entertainment Holdings, Inc.^(c)
7.50%, 02/15/29			296		270,840
(10.00% Cash or 12.00% PIK), 10.00%, 06/15/26^(j)			473		396,073
AMC Networks, Inc.
5.00%, 04/01/24			16		15,840
4.75%, 08/01/25			331		319,622
4.25%, 02/15/29			157		136,662
Block Communications, Inc., 4.88%, 03/01/28^(c)			168		157,080
Cable One, Inc.
1.13%, 03/15/28^(k)			1,312		1,077,152


Security		Par (000)		Value

Media (continued)
Cable One, Inc. (continued)
4.00%, 11/15/30^(c)	USD		337	$	289,149
CCO Holdings LLC/CCO Holdings Capital Corp.
5.13%, 05/01/27^(c)(i)			711		693,069
5.00%, 02/01/28^(c)(i)			116		110,490
5.38%, 06/01/29^(c)(i)			658		623,455
4.75%, 03/01/30^(c)			261		233,269
4.50%, 08/15/30^(c)(i)			1,443		1,259,017
4.25%, 02/01/31^(c)(i)			1,082		911,910
4.75%, 02/01/32^(c)			306		262,955
4.50%, 05/01/32			599		503,852
4.50%, 06/01/33^(c)			332		271,616
4.25%, 01/15/34^(c)			1,265		1,005,675
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45⁽ⁱ⁾			3,000		3,023,708
Clear Channel International BV, 6.63%, 08/01/25^(c)			507		512,354
Clear Channel Outdoor Holdings, Inc.^(c)
5.13%, 08/15/27			1,880		1,766,636
7.75%, 04/15/28			975		918,937
7.50%, 06/01/29⁽ⁱ⁾			1,100		1,038,070
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(c)			2,548		2,477,930
CSC Holdings LLC
5.25%, 06/01/24			633		618,682
6.50%, 02/01/29^(c)			368		349,600
5.75%, 01/15/30^(c)			855		709,650
4.13%, 12/01/30^(c)			293		241,725
4.63%, 12/01/30^(c)(i)			600		459,000
3.38%, 02/15/31^(c)			200		156,196
4.50%, 11/15/31^(c)(i)			398		326,905
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc., 5.88%, 08/15/27^(c)			589		554,396
Discovery Communications LLC, 4.95%, 05/15/42⁽ⁱ⁾			400		362,157
DISH DBS Corp.
5.88%, 07/15/22⁽ⁱ⁾			999		1,000,189
5.00%, 03/15/23⁽ⁱ⁾			83		82,226
7.75%, 07/01/26⁽ⁱ⁾			1,070		1,006,512
5.25%, 12/01/26^(c)			1,567		1,438,741
5.75%, 12/01/28^(c)			1,210		1,082,321
5.13%, 06/01/29			188		146,849
DISH Network Corp., 3.38%, 08/15/26^(k)			396		339,570
Frontier Communications Holdings LLC^(c)
5.88%, 10/15/27⁽ⁱ⁾			592		566,840
5.00%, 05/01/28			1,309		1,194,521
6.75%, 05/01/29			544		490,198
6.00%, 01/15/30			480		417,643
GCI LLC, 4.75%, 10/15/28^(c)			255		236,512
iHeartCommunications, Inc.
6.38%, 05/01/26			192		192,294
8.38%, 05/01/27			45		44,550
5.25%, 08/15/27^(c)			213		199,155
4.75%, 01/15/28^(c)			96		87,000
Iliad Holding SAS^(c)
6.50%, 10/15/26			622		597,873
7.00%, 10/15/28			608		574,560
Kaixo Bondco Telecom SA, 5.13%, 09/30/29^(g)	EUR		100		92,880
Lamar Media Corp., 4.00%, 02/15/30	USD		163		146,056


18		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Media (continued)
LCPR Senior Secured Financing DAC^(c)
6.75%, 10/15/27	USD		180	$	178,880
5.13%, 07/15/29⁽ⁱ⁾			670		609,904
Liberty Broadband Corp.^(c)(k)
1.25%, 09/30/50			528		496,320
2.75%, 09/30/50			1,018		977,274
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23^(c)(j)			366		275,269
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(c)			921		816,457
Liquid Telecommunications Financing PLC, 5.50%, 09/04/26^(c)			200		191,500
Live Nation Entertainment, Inc.^(c)
4.88%, 11/01/24			40		39,497
6.50%, 05/15/27			1,341		1,391,019
4.75%, 10/15/27			331		310,974
3.75%, 01/15/28			103		93,215
Lorca Telecom Bondco SA, 4.00%, 09/18/27^(g)	EUR		100		96,563
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27^(c)	USD		209		204,297
Network i2i Ltd., (5 year CMT + 4.27%), 5.65%^(b)(g)(l)			250		246,687
Outfront Media Capital LLC/Outfront Media Capital Corp.^(c)
5.00%, 08/15/27			392		372,890
4.25%, 01/15/29			183		159,210
4.63%, 03/15/30			19		17,001
Paramount Global, 5.85%, 09/01/43⁽ⁱ⁾			645		651,817
Pinewood Finance Co. Ltd., 3.25%, 09/30/25^(g)	GBP		100		119,929
Radiate Holdco LLC/Radiate Finance, Inc.^(c)(i)
4.50%, 09/15/26	USD		685		630,810
6.50%, 09/15/28			2,274		2,001,120
Sable International Finance Ltd.
5.75%, 09/07/27^(g)			279		274,729
5.75%, 09/07/27^(c)			200		196,938
Scripps Escrow II, Inc., 3.88%, 01/15/29^(c)			114		101,335
Sinclair Television Group, Inc., 4.13%, 12/01/30^(c)			478		396,477
Sirius XM Radio, Inc.^(c)
3.13%, 09/01/26			627		577,624
4.00%, 07/15/28			445		402,169
5.50%, 07/01/29			349		335,619
4.13%, 07/01/30⁽ⁱ⁾			139		122,055
3.88%, 09/01/31			675		570,044
Stagwell Global LLC, 5.63%, 08/15/29^(c)			129		113,867
Summer BC Holdco B SARL, 5.75%, 10/31/26^(g)	EUR		100		103,962
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28^(c)	USD		400		382,000
Terrier Media Buyer, Inc., 8.88%, 12/15/27^(c)(i)			997		974,458
Univision Communications, Inc., 5.13%, 02/15/25^(c)			110		108,075
UPC Broadband Finco BV, 4.88%, 07/15/31^(c)(i)			574		504,402
Videotron Ltd., 3.63%, 06/15/29^(c)			336		292,320
Virgin Media Secured Finance PLC, 4.50%, 08/15/30^(c)(i)			399		346,276
VTR Comunicaciones SpA, 4.38%, 04/15/29^(c)			290		246,500
VZ Secured Financing BV, 3.50%, 01/15/32^(g)	EUR		100		89,935
Ziggo Bond Co. BV^(c)(i)
6.00%, 01/15/27	USD		638		625,240
5.13%, 02/28/30			295		255,912
Ziggo BV, 4.88%, 01/15/30^(c)			217		192,316


					53,268,573


Security		Par (000)		Value

Metals & Mining — 2.0%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24^(g)	USD		250	$	255,625
Allegheny Technologies, Inc.
4.88%, 10/01/29			129		117,378
5.13%, 10/01/31			145		130,977
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30			200		177,000
Arconic Corp.^(c)
6.00%, 05/15/25			361		362,231
6.13%, 02/15/28			443		429,156
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42⁽ⁱ⁾			250		240,144
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29^(c)(i)			1,258		1,286,305
Carpenter Technology Corp., 7.63%, 03/15/30			196		199,572
Commercial Metals Co.
4.13%, 01/15/30			90		81,900
4.38%, 03/15/32			96		85,680
Constellium SE^(c)
5.88%, 02/15/26⁽ⁱ⁾			1,193		1,181,261
3.75%, 04/15/29			1,145		990,230
FMG Resources August 2006 Property Ltd., 6.13%, 04/15/32^(c)			519		515,115
JSW Steel Ltd., 5.95%, 04/18/24^(g)			200		202,000
Kaiser Aluminum Corp.^(c)
4.63%, 03/01/28			281		257,817
4.50%, 06/01/31			164		141,450
Metinvest BV^(g)
8.50%, 04/23/26			302		161,570
7.65%, 10/01/27			200		106,500
Mineral Resources Ltd.^(c)
8.00%, 11/01/27			162		161,393
8.50%, 05/01/30			165		162,938
Mongolian Mining Corp./Energy Resources LLC, 9.25%, 04/15/24^(g)			200		144,913
New Gold, Inc., 7.50%, 07/15/27^(c)(i)			900		905,625
Nexa Resources SA, 5.38%, 05/04/27^(c)(i)			200		192,000
Novelis Corp.^(c)
3.25%, 11/15/26			532		485,423
4.75%, 01/30/30			910		836,954
3.88%, 08/15/31			617		529,077
Rio Tinto Finance USA PLC, 4.75%, 03/22/42⁽ⁱ⁾			400		417,166
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29^(c)			155		139,500
thyssenkrupp AG, 2.88%, 02/22/24^(g)	EUR		100		103,649
U.S. Steel Corp., 6.88%, 03/01/29	USD		563		572,757
Vedanta Resources Finance II PLC
8.00%, 04/23/23^(g)			313		298,974
8.95%, 03/11/25^(c)			320		304,800


					12,177,080

Multiline Retail — 0.2%
Bath & Body Works, Inc.
6.88%, 11/01/35⁽ⁱ⁾			478		467,001
6.75%, 07/01/36			79		76,630
7.60%, 07/15/37			78		73,710
Macy’s Retail Holdings LLC^(c)
5.88%, 03/15/30			62		58,178
6.13%, 03/15/32			62		57,350
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26^(c)			506		502,321


					1,235,190


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Offshore Drilling & Other Services — 0.2%
Entegris Escrow Corp., 4.75%, 04/15/29^(c)	USD		1,300	$	1,252,888


Oil, Gas & Consumable Fuels — 11.4%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(c)(i)			914		941,904
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(c)
5.75%, 03/01/27			289		281,408
5.75%, 01/15/28			75		72,923
5.38%, 06/15/29			263		246,515
Antero Resources Corp.^(c)
7.63%, 02/01/29			269		285,032
5.38%, 03/01/30			41		40,061
Apache Corp.
4.25%, 01/15/30			360		334,462
5.10%, 09/01/40⁽ⁱ⁾			725		656,125
5.25%, 02/01/42			114		104,880
4.75%, 04/15/43⁽ⁱ⁾			800		692,000
5.35%, 07/01/49			72		63,180
Arcosa, Inc., 4.38%, 04/15/29^(c)			477		435,210
Ascent Resources Utica Holdings LLC/ARU Finance Corp.^(c)
9.00%, 11/01/27⁽ⁱ⁾			1,080		1,502,655
5.88%, 06/30/29			131		126,796
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/34^(e)(g)			348		232,910
Brand Industrial Services, Inc., 8.50%, 07/15/25^(c)(i)			273		243,652
Buckeye Partners LP
4.13%, 03/01/25^(c)			345		330,748
5.85%, 11/15/43			182		145,145
5.60%, 10/15/44			232		186,180
Callon Petroleum Co.
6.13%, 10/01/24			161		158,949
9.00%, 04/01/25^(c)(i)			1,298		1,375,880
6.38%, 07/01/26			56		54,040
8.00%, 08/01/28^(c)(i)			792		819,181
Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31^(g)	EUR		200		177,054
Centennial Resource Production LLC
6.88%, 04/01/27^(c)	USD		59		58,885
3.25%, 04/01/28^(k)			610		895,556
Cheniere Energy Partners LP
4.50%, 10/01/29⁽ⁱ⁾			503		481,622
4.00%, 03/01/31			326		295,064
3.25%, 01/31/32^(c)			680		581,400
Cheniere Energy, Inc., 4.63%, 10/15/28			1,979		1,914,682
Chesapeake Energy Corp.^(c)
5.88%, 02/01/29			53		52,402
6.75%, 04/15/29⁽ⁱ⁾			662		666,137
Citgo Holding, Inc., 9.25%, 08/01/24^(c)			344		341,850
Civitas Resources, Inc., 5.00%, 10/15/26^(c)			113		107,350
CNX Midstream Partners LP, 4.75%, 04/15/30^(c)			118		108,560
CNX Resources Corp.
2.25%, 05/01/26^(k)			637		1,102,328
6.00%, 01/15/29^(c)			114		112,469
Colgate Energy Partners III LLC^(c)
7.75%, 02/15/26			342		358,248
5.88%, 07/01/29⁽ⁱ⁾			452		449,740
Comstock Resources, Inc.^(c)
7.50%, 05/15/25			117		119,399
6.75%, 03/01/29⁽ⁱ⁾			633		640,077


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Comstock Resources, Inc.^(c)(continued)
5.88%, 01/15/30	USD		563	$	541,781
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31^(c)			1,469		1,354,859
Crescent Energy Finance LLC, 7.25%, 05/01/26^(c)(i)			865		852,025
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.^(c)
5.63%, 05/01/27			50		48,688
6.00%, 02/01/29			59		57,387
8.00%, 04/01/29			116		120,930
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25^(c)			1,307		1,307,000
DCP Midstream Operating LP
6.45%, 11/03/36^(c)(i)			254		283,996
6.75%, 09/15/37^(c)(i)			323		362,732
5.60%, 04/01/44			7		6,692
DT Midstream, Inc.^(c)
4.13%, 06/15/29			521		474,110
4.38%, 06/15/31			616		551,862
Dycom Industries, Inc., 4.50%, 04/15/29^(c)			130		118,625
Earthstone Energy Holding Co., 8.00%, 04/15/27^(c)			373		371,674
Ecopetrol SA, 4.63%, 11/02/31			370		309,135
eG Global Finance PLC
6.75%, 02/07/25^(c)			452		439,349
6.25%, 10/30/25^(g)	EUR		142		146,275
8.50%, 10/30/25^(c)	USD		299		299,045
Enbridge, Inc.^(b)
(3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78			1,865		1,880,840
Series 20-A, (5 year CMT + 5.31%), 5.75%, 07/15/80			690		684,825
Endeavor Energy Resources LP/EER Finance, Inc.^(c)
6.63%, 07/15/25			32		32,880
5.75%, 01/30/28			567		568,463
Energean Israel Finance Ltd., 4.88%, 03/30/26^(c)(g)			179		165,035
Energy Transfer LP
6.13%, 12/15/45⁽ⁱ⁾			500		492,378
5.30%, 04/15/47⁽ⁱ⁾			350		316,816
Series H, (5 year CMT + 5.69%), 6.50%^(b)(l)			820		779,090
EnLink Midstream LLC
5.63%, 01/15/28^(c)			322		319,070
5.38%, 06/01/29			224		218,026
EnLink Midstream Partners LP
4.40%, 04/01/24			281		277,459
4.15%, 06/01/25			68		66,130
4.85%, 07/15/26			160		155,600
5.60%, 04/01/44			274		226,071
5.05%, 04/01/45			39		30,026
5.45%, 06/01/47			78		63,180
Enterprise Products Operating LLC, (3 mo. LIBOR US + 2.57%), 5.38%, 02/15/78^(b)			420		376,407
EQM Midstream Partners LP
4.13%, 12/01/26			131		121,666
4.50%, 01/15/29^(c)			223		200,749
4.75%, 01/15/31^(c)(i)			1,258		1,121,633
EQT Corp., 1.75%, 05/01/26^(k)			544		1,481,040
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25⁽ⁱ⁾			53		50,350
7.75%, 02/01/28			144		138,600
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27^(g)			200		182,686


20		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Great Western Petroleum LLC/Great Western Finance Corp., 12.00%, 09/01/25^(c)	USD		214	$	238,610
Gulfport Energy Corp., 8.00%, 05/17/26^(c)			47		48,343
Harvest Midstream I LP, 7.50%, 09/01/28^(c)			78		79,143
Hess Corp., 4.30%, 04/01/27			750		743,024
Hess Midstream Operations LP, 4.25%, 02/15/30^(c)			305		279,773
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28^(c)			42		41,817
Hilong Holding Ltd., 9.75%, 11/18/24^(g)			207		128,340
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26^(g)			200		192,000
HTA Group Ltd., 7.00%, 12/18/25^(c)			210		206,102
IHS Holding Ltd., 6.25%, 11/29/28^(c)			200		188,000
Impulsora Pipeline LLC, 6.05%, 12/31/42^(a)			1,566		1,328,352
ITT Holdings LLC, 6.50%, 08/01/29^(c)			437		386,745
Kinder Morgan Energy Partners LP, 4.25%, 09/01/24⁽ⁱ⁾			2,500		2,528,177
Leviathan Bond Ltd., 5.75%, 06/30/23^(c)(g)			169		167,797
Matador Resources Co., 5.88%, 09/15/26⁽ⁱ⁾			1,251		1,228,157
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31^(c)			320		278,400
Medco Bell Pte. Ltd., 6.38%, 01/30/27^(g)			250		233,750
MPLX LP, 4.25%, 12/01/27			235		232,803
Murphy Oil Corp.
5.75%, 08/15/25			2		2,000
5.88%, 12/01/27			25		24,813
6.38%, 12/01/42			35		31,585
Murphy Oil USA, Inc., 4.75%, 09/15/29			171		162,023
Nabors Industries Ltd.^(c)
7.25%, 01/15/26			109		106,525
7.50%, 01/15/28			179		171,392
Nabors Industries, Inc., 7.38%, 05/15/27^(c)			330		336,666
Neptune Energy Bondco PLC, 6.63%, 05/15/25^(c)			200		198,100
New Fortress Energy, Inc.^(c)(i)
6.75%, 09/15/25			1,201		1,180,751
6.50%, 09/30/26			1,044		1,010,404
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26^(c)(i)			470		442,780
NGPL PipeCo LLC, 7.77%, 12/15/37^(c)(i)			270		313,796
Northern Oil and Gas, Inc., 8.13%, 03/01/28^(c)(i)			804		799,980
NuStar Logistics LP
6.00%, 06/01/26			234		233,448
6.38%, 10/01/30			30		29,537
Occidental Petroleum Corp.
6.95%, 07/01/24			81		84,949
5.50%, 12/01/25			130		132,275
8.88%, 07/15/30			160		192,174
6.63%, 09/01/30			736		797,640
6.20%, 03/15/40			860		890,220
4.50%, 07/15/44			583		501,380
6.60%, 03/15/46			14		15,260
4.40%, 04/15/46			48		41,165
4.40%, 08/15/49			48		40,719
Odebrecht Offshore Drilling Finance Ltd., (7.72% PIK), 7.72%, 12/01/26^(c)(j)			1		132
Oil and Gas Holding Co., 7.63%, 11/07/24^(g)			200		209,537
OQ SAOC, 5.13%, 05/06/28^(c)			300		291,337
PDC Energy, Inc.
6.13%, 09/15/24			89		89,202
5.75%, 05/15/26			292		284,163


Security		Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Pertamina Persero PT, 3.65%, 07/30/29^(g)	USD		446	$	422,808
Petroleos Mexicanos
6.50%, 03/13/27⁽ⁱ⁾			538		513,946
5.95%, 01/28/31			525		440,575
6.70%, 02/16/32			285		245,579
6.38%, 01/23/45			177		126,619
7.69%, 01/23/50			268		209,174
Pioneer Natural Resources Co., 0.25%, 05/15/25^(k)			361		794,561
Puma International Financing SA, 5.13%, 10/06/24^(c)			483		461,265
Range Resources Corp.
5.00%, 08/15/22⁽ⁱ⁾			312		312,250
5.00%, 03/15/23			145		145,363
4.88%, 05/15/25			18		17,820
Rockcliff Energy II LLC, 5.50%, 10/15/29^(c)			425		412,250
Shell International Finance BV, 4.38%, 05/11/45⁽ⁱ⁾			450		436,011
SM Energy Co.
10.00%, 01/15/25^(c)(i)			1,142		1,233,611
5.63%, 06/01/25			72		70,380
6.75%, 09/15/26			127		126,360
6.63%, 01/15/27			44		43,775
6.50%, 07/15/28			168		165,623
Southwestern Energy Co.
5.38%, 02/01/29			296		292,389
4.75%, 02/01/32			206		194,800
Stoneway Capital Corp.^(m)
10.00%, 03/01/27^(c)(h)			939		254,163
10.00%, 03/01/27^(g)			333		90,071
Suncor Energy, Inc., 6.50%, 06/15/38⁽ⁱ⁾			800		914,234
Sunoco LP/Sunoco Finance Corp.
6.00%, 04/15/27			75		75,562
5.88%, 03/15/28			147		144,795
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(c)
6.00%, 03/01/27			53		50,880
6.00%, 12/31/30			36		33,300
6.00%, 09/01/31			135		123,188
Tap Rock Resources LLC, 7.00%, 10/01/26^(c)			950		959,699
Transocean, Inc., 11.50%, 01/30/27^(c)			195		193,974
Venture Global Calcasieu Pass LLC^(c)
3.88%, 08/15/29			1,058		965,425
4.13%, 08/15/31			901		817,657
3.88%, 11/01/33			1,665		1,448,633
Vermilion Energy Inc., 6.88%, 05/01/30^(c)			204		199,155
Vivo Energy Investments BV, 5.13%, 09/24/27^(c)			349		340,275
Western Midstream Operating LP
5.45%, 04/01/44⁽ⁱ⁾			934		852,275
5.30%, 03/01/48			44		38,170
5.50%, 08/15/48			103		91,670
5.75%, 02/01/50⁽ⁱ⁾			978		861,774
Williams Cos, Inc., 4.50%, 11/15/23⁽ⁱ⁾			1,750		1,773,695


					69,424,884

Personal Products — 0.1%
Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC, 4.75%, 01/15/29^(c)			191		169,990
Coty, Inc., 3.88%, 04/15/26^(g)	EUR		100		98,796


					268,786

Pharmaceuticals — 1.9%
AbbVie, Inc.⁽ⁱ⁾
4.75%, 03/15/45	USD		500		486,568


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Pharmaceuticals (continued)
AbbVie, Inc.⁽ⁱ⁾(continued)
4.45%, 05/14/46	USD		1,000	$	941,172
Bausch Health Americas, Inc., 8.50%, 01/31/27^(c)(i)			446		422,036
Bausch Health Cos., Inc.^(c)
9.00%, 12/15/25			351		264,991
6.13%, 02/01/27			172		165,139
4.88%, 06/01/28			31		27,505
5.00%, 02/15/29⁽ⁱ⁾			364		255,985
7.25%, 05/30/29⁽ⁱ⁾			624		472,022
5.25%, 02/15/31			29		20,155
Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27^(g)	EUR		100		97,319
CVS Health Corp., 5.05%, 03/25/48⁽ⁱ⁾	USD		1,110		1,116,687
Elanco Animal Health, Inc., 6.40%, 08/28/28			316		324,295
Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 07/31/27^(c)(i)			962		759,095
Endo Luxembourg Finance Co. I SARL/Endo U.S., Inc., 6.13%, 04/01/29^(c)(i)			615		535,050
Gruenenthal GmbH, 4.13%, 05/15/28^(g)	EUR		100		97,618
Jazz Securities DAC, 4.38%, 01/15/29^(c)	USD		506		466,152
Nidda BondCo GmbH, 7.25%, 09/30/25^(g)	EUR		100		99,076
Nidda Healthcare Holding GmbH, 3.50%, 09/30/24^(g)			100		97,716
Option Care Health, Inc., 4.38%, 10/31/29^(c)	USD		267		240,025
Organon and Co./Organon Foreign Debt Co-Issuer BV^(c)
4.13%, 04/30/28			953		886,576
5.13%, 04/30/31			931		841,391
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25^(c)			339		298,744
Par Pharmaceutical, Inc., 7.50%, 04/01/27^(c)(i)			931		849,426
PRA Health Sciences, Inc., 2.88%, 07/15/26^(c)			563		521,642
Prestige Brands, Inc., 3.75%, 04/01/31^(c)			190		161,073
Rossini SARL, 6.75%, 10/30/25^(g)	EUR		166		177,344
Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25			100		107,163
Teva Pharmaceutical Finance Netherlands III BV, 7.13%, 01/31/25	USD		200		202,250
Utah Acquisition Sub, Inc., 3.95%, 06/15/26⁽ⁱ⁾			650		631,084


					11,565,299

Real Estate^(c)— 0.1%
VICI Properties LP/VICI Note Co., Inc.
5.75%, 02/01/27			32		33,096
4.50%, 01/15/28			402		398,249
3.88%, 02/15/29			402		381,204


					812,549

Real Estate Management & Development — 1.2%
Adler Group SA, 2.75%, 11/13/26^(g)	EUR		200		144,632
Agile Group Holdings Ltd.^(g)
5.75%, 01/02/25	USD		224		79,520
6.05%, 10/13/25			200		67,000
Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26^(c)			325		306,170
China Aoyuan Group Ltd.^(g)(m)
6.35%, 02/08/24			435		96,733
5.98%, 08/18/25			200		43,912
China Evergrande Group^(m)
8.25%, 03/23/22^(g)			450		54,366
9.50%, 10/11/22			200		22,600
11.50%, 01/22/23^(g)			450		51,131
12.00%, 01/22/24^(g)			250		28,406
China SCE Group Holdings Ltd., 7.38%, 04/09/24^(g)			300		202,500


Security		Par (000)		Value

Real Estate Management & Development (continued)
CIFI Holdings Group Co. Ltd., 6.00%, 07/16/25^(g)	USD		200	$	157,200
Country Garden Holdings Co. Ltd., 6.50%, 04/08/24^(g)			200		162,000
DIC Asset AG, 2.25%, 09/22/26^(g)	EUR		100		90,951
Easy Tactic Ltd.^(g)
5.88%, 02/13/23	USD		200		42,288
8.13%, 02/27/23			200		42,100
11.75%, 08/02/23			200		42,413
8.63%, 02/27/24			200		41,538
Fantasia Holdings Group Co. Ltd.^(m)
11.75%, 10/17/22			430		66,650
12.25%, 10/18/22^(g)			200		31,000
11.88%, 06/01/23^(g)			200		31,000
9.25%, 07/28/23^(g)			400		62,000
Fastighets AB Balder, (5 year EUR Swap + 3.19%), 2.87%, 06/02/81^(b)(g)	EUR		100		89,548
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25^(c)(i)	USD		265		262,922
Global Prime Capital Pte Ltd., 5.50%, 10/18/23^(g)			200		195,787
Greystar Real Estate Partners LLC, 5.75%, 12/01/25^(c)			120		120,522
Haimen Zhongnan Investment Development International Co. Ltd., 12.00%, 06/08/22^(g)			200		78,100
Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%^(b)(g)(l)	EUR		100		85,715
Howard Hughes Corp.^(c)
5.38%, 08/01/28	USD		237		229,717
4.13%, 02/01/29			189		170,172
4.38%, 02/01/31			176		156,538
Jingrui Holdings Ltd., 12.00%, 07/25/22^(g)			200		39,537
Kaisa Group Holdings Ltd.^(g)(m)
11.95%, 10/22/22			200		43,038
11.50%, 01/30/23			400		85,200
10.88%, 07/23/23			400		84,000
9.75%, 09/28/23			248		49,910
11.95%, 11/12/23			200		42,000
11.70%, 11/11/25			200		42,538
Kennedy-Wilson, Inc., 4.75%, 02/01/30			105		94,762
KWG Group Holdings Ltd., 7.40%, 03/05/24^(g)			390		159,900
Logan Group Co. Ltd.^(g)
6.90%, 06/09/24			200		57,000
5.25%, 10/19/25			200		54,500
MAF Sukuk Ltd.^(g)
4.64%, 05/14/29⁽ⁱ⁾			325		330,342
3.93%, 02/28/30			262		256,482
Modern Land China Co. Ltd., 9.80%, 04/11/23^(g)(m)			200		32,000
Powerlong Real Estate Holdings Ltd.^(g)
7.13%, 11/08/22			200		119,250
6.95%, 07/23/23			330		155,100
Realogy Group LLC/Realogy Co.-Issuer Corp.^(c)
5.75%, 01/15/29			375		314,351
5.25%, 04/15/30			173		140,163
Redsun Properties Group Ltd., 10.50%, 10/03/22^(g)			200		94,000
RKPF Overseas Ltd., Series 2019-A, 6.00%, 09/04/25^(g)			200		151,000
Ronshine China Holdings Ltd., 7.35%, 12/15/23^(g)			304		57,760
Scenery Journey Ltd.^(g)(m)
11.50%, 10/24/22			219		24,200
13.00%, 11/06/22			200		22,350
12.00%, 10/24/23			448		49,084


22		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Real Estate Management & Development (continued)
Seazen Group Ltd., 6.45%, 06/11/22^(g)	USD		200	$	187,000
Shimao Group Holdings Ltd.^(g)
5.60%, 07/15/26			200		48,000
3.45%, 01/11/31⁽ⁱ⁾			200		40,000
Shui On Development Holding Ltd., 5.75%, 11/12/23^(g)			200		189,000
Sinic Holdings Group Co. Ltd., 10.50%, 06/18/22^(g)(m)			200		4,000
Starwood Property Trust, Inc., 4.38%, 01/15/27^(c)			99		92,356
Sunac China Holdings Ltd.^(g)
6.65%, 08/03/24			224		50,400
7.00%, 07/09/25			400		88,000
Theta Capital Pte. Ltd., 8.13%, 01/22/25^(g)			200		196,750
Times China Holdings Ltd., 6.75%, 07/08/25^(g)			553		246,085
Wanda Group Overseas Ltd., 7.50%, 07/24/22^(g)			200		190,500
Yango Justice International Ltd.^(m)
10.25%, 09/15/22			200		16,413
8.25%, 11/25/23^(g)			200		14,000
7.88%, 09/04/24^(g)			200		14,000
Yuzhou Group Holdings Co. Ltd.^(g)(m)
7.70%, 02/20/25			200		27,000
8.30%, 05/27/25			200		27,000
7.38%, 01/13/26			205		26,650
Zhenro Properties Group Ltd., 7.88%, 04/14/24^(g)(h)(m)			200		18,000


					7,228,752

Road & Rail — 0.5%
Autostrade per l’Italia SpA, 2.00%, 01/15/30^(g)	EUR		100		94,844
Burlington Northern Santa Fe LLC, 4.38%, 09/01/42⁽ⁱ⁾	USD		500		487,386
Danaos Corp., 8.50%, 03/01/28^(c)			100		103,207
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34^(c)(i)			1,948		1,987,599
Seaspan Corp., 5.50%, 08/01/29^(c)			444		395,160


					3,068,196

Semiconductors & Semiconductor Equipment — 0.6%
ams AG, 6.00%, 07/31/25^(g)	EUR		100		105,486
Broadcom, Inc., 3.46%, 09/15/26⁽ⁱ⁾	USD		688		669,998
Microchip Technology, Inc.^(k)
0.13%, 11/15/24			411		435,167
1.63%, 02/15/25			102		276,675
Qualcomm, Inc., 4.65%, 05/20/35⁽ⁱ⁾			400		415,832
Sensata Technologies BV^(c)
5.00%, 10/01/25			368		365,240
4.00%, 04/15/29			246		219,300
Sensata Technologies, Inc.^(c)
4.38%, 02/15/30⁽ⁱ⁾			691		628,596
3.75%, 02/15/31			44		37,204
Synaptics, Inc., 4.00%, 06/15/29^(c)			243		214,233


					3,367,731

Software — 1.5%
ACI Worldwide, Inc., 5.75%, 08/15/26^(c)(i)			510		515,100
Black Knight InfoServ LLC, 3.63%, 09/01/28^(c)			501		464,652
Boxer Parent Co., Inc.
6.50%, 10/02/25^(g)	EUR		100		105,187
7.13%, 10/02/25^(c)	USD		749		763,980
9.13%, 03/01/26^(c)			194		196,367
Cedacri Mergeco SpA, (3 mo. EURIBOR + 4.63%), 4.63%, 05/15/28^(b)(g)	EUR		100		104,255
Condor Merger Sub, Inc., 7.38%, 02/15/30^(c)	USD		708		633,448


Security		Par (000)		Value

Software (continued)
Elastic NV, 4.13%, 07/15/29^(c)	USD		481	$	430,495
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28^(c)			400		352,000
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(c)			294		259,067
MicroStrategy, Inc., 6.13%, 06/15/28^(c)(i)			553		506,642
MSCI, Inc.^(c)
4.00%, 11/15/29			99		91,184
3.63%, 09/01/30			197		173,734
3.88%, 02/15/31⁽ⁱ⁾			374		337,535
3.63%, 11/01/31			164		143,910
3.25%, 08/15/33			233		196,885
Open Text Corp.^(c)
3.88%, 02/15/28			179		163,030
3.88%, 12/01/29			201		178,621
Open Text Holdings, Inc., 4.13%, 02/15/30^(c)			340		301,750
Oracle Corp., 3.60%, 04/01/50			250		179,844
Playtika Holding Corp., 4.25%, 03/15/29^(c)			611		550,487
PTC, Inc., 4.00%, 02/15/28^(c)			242		224,288
SS&C Technologies, Inc., 5.50%, 09/30/27^(c)(i)			1,431		1,402,437
Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25^(c)			626		551,663


					8,826,561

Specialty Retail — 0.7%
Arko Corp., 5.13%, 11/15/29^(c)			232		205,320
National Vision Holdings, Inc., 2.50%, 05/15/25^(k)			311		428,029
PetSmart, Inc./PetSmart Finance Corp.^(c)
4.75%, 02/15/28			436		405,480
7.75%, 02/15/29⁽ⁱ⁾			2,074		2,063,630
Staples, Inc.^(c)
7.50%, 04/15/26⁽ⁱ⁾			952		909,160
10.75%, 04/15/27			257		227,702
Tendam Brands SAU, (3 mo. EURIBOR + 5.25%), 5.25%, 09/15/24^(b)(g)	EUR		100		104,440


					4,343,761

Technology Hardware, Storage & Peripherals — 0.1%
II-VI, Inc., 5.00%, 12/15/29^(c)	USD		440		412,500


Textiles, Apparel & Luxury Goods^(c)— 0.1%
Crocs, Inc.
4.25%, 03/15/29			199		169,150
4.13%, 08/15/31			292		233,033
Kontoor Brands, Inc., 4.13%, 11/15/29			126		109,305
Levi Strauss & Co., 3.50%, 03/01/31			141		121,965
William Carter Co., 5.63%, 03/15/27			28		27,901
Wolverine World Wide, Inc., 4.00%, 08/15/29			129		109,629


					770,983

Thrifts & Mortgage Finance — 0.2%
Home Point Capital, Inc., 5.00%, 02/01/26^(c)			269		212,510
Jerrold Finco PLC, 5.25%, 01/15/27^(g)	GBP		100		119,458
MGIC Investment Corp., 5.25%, 08/15/28	USD		216		202,779
Nationstar Mortgage Holdings, Inc.^(c)
6.00%, 01/15/27			237		229,890
5.13%, 12/15/30			136		118,291
5.75%, 11/15/31			125		110,937
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26^(c)			167		147,795


					1,141,660


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Tobacco⁽ⁱ⁾— 0.3%
Altria Group, Inc., 4.50%, 05/02/43	USD		750	$	624,316
Philip Morris International, Inc., 4.38%, 11/15/41			900		804,484
Reynolds American, Inc., 5.85%, 08/15/45			715		666,878


					2,095,678

Transportation — 0.0%
Autostrade per l’Italia SpA, 2.00%, 12/04/28^(g)	EUR		100		97,055


Transportation Infrastructure — 0.5%
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61^(c)	USD		320		274,060
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29^(c)			274		264,924
DP World Salaam, (5 year CMT + 5.75%), 6.00%^(b)(g)(l)			456		461,557
FedEx Corp.⁽ⁱ⁾
3.90%, 02/01/35			500		461,011
4.75%, 11/15/45			500		475,657
Heathrow Finance PLC, 4.63%, 09/01/29^(g)(n)	GBP		100		113,642
Mexico City Airport Trust, 5.50%, 07/31/47^(g)	USD		308		245,630
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26^(c)(i)			520		525,285


					2,821,766

Utilities — 1.7%
Centrais Eletricas Brasileiras SA, 3.63%, 02/04/25^(c)			200		193,537
Consensus Cloud Solutions, Inc.^(c)
6.00%, 10/15/26			91		86,450
6.50%, 10/15/28			83		78,020
Electricite de France SA, (10 year USD Swap + 3.71%), 5.25%^(b)(c)(i)(l)			7,500		7,425,000
FEL Energy VI SARL, 5.75%, 12/01/40^(g)			297		255,723
Genneia SA, 8.75%, 09/02/27^(c)			168		162,012
India Cleantech Energy, 4.70%, 08/10/26^(c)			243		219,646
Inkia Energy Ltd., 5.88%, 11/09/27^(g)			251		236,065
Mong Duong Finance Holdings BV, 5.13%, 05/07/29^(g)			250		223,125
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28^(c)(i)			578		540,430
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38^(c)			335		318,313
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33^(g)			165		171,821
Thames Water Kemble Finance PLC, 4.63%, 05/19/26^(g)	GBP		168		201,977
Vistra Operations Co. LLC^(c)
5.63%, 02/15/27	USD		254		250,190
4.38%, 05/01/29			290		263,169


					10,625,478

Wireless Telecommunication Services — 1.7%
Altice France SA
5.88%, 02/01/27^(g)	EUR		100		105,759
8.13%, 02/01/27^(c)	USD		570		574,275
5.50%, 01/15/28^(c)			357		314,606
4.13%, 01/15/29^(g)	EUR		100		90,726
5.13%, 01/15/29^(c)	USD		201		170,566
5.13%, 07/15/29^(c)			1,406		1,190,263
4.25%, 10/15/29^(g)	EUR		100		90,955
5.50%, 10/15/29^(c)	USD		610		518,500
Kenbourne Invest SA^(c)
6.88%, 11/26/24			329		314,565
4.70%, 01/22/28			200		168,787
Millicom International Cellular SA, 5.13%, 01/15/28^(g)			283		267,198


Security		Par (000)		Value

Wireless Telecommunication Services (continued)
SBA Communications Corp., 3.88%, 02/15/27⁽ⁱ⁾	USD		869	$	824,855
Sprint Corp.
7.88%, 09/15/23			206		216,300
7.13%, 06/15/24⁽ⁱ⁾			333		350,482
7.63%, 03/01/26⁽ⁱ⁾			816		886,323
T-Mobile USA, Inc.
4.75%, 02/01/28⁽ⁱ⁾			626		617,640
2.63%, 02/15/29			471		407,161
2.88%, 02/15/31⁽ⁱ⁾			271		230,038
3.50%, 04/15/31^(c)			318		281,853
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29^(c)(i)			613		528,964
VICI Properties LP/VICI Note Co., Inc.^(c)(i)
4.25%, 12/01/26			454		430,224
4.63%, 12/01/29			351		329,589
4.13%, 08/15/30			202		181,471
Vmed O2 U.K. Financing I PLC
4.00%, 01/31/29^(g)	GBP		100		108,769
4.50%, 07/15/31^(g)			100		108,581
4.75%, 07/15/31^(c)	USD		762		653,415
VTR Comunicaciones SpA, 5.13%, 01/15/28^(c)			178		159,177


					10,121,042


Total Corporate Bonds — 79.9% (Cost: $533,289,762)					487,085,764


Floating Rate Loan Interests^(b)

Aerospace & Defense — 0.4%
Cobham Ultra SeniorCo. SARL, USD Term Loan B, 11/17/28^(o)			99		98,084
Peraton Corp.
2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%), 8.50%, 02/01/29			359		354,709
Term Loan B, (1 mo. LIBOR + 3.75%), 4.51%, 02/01/28			1,517		1,503,316
Spirit Aerosystems, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.51%, 01/15/25			256		255,176


					2,211,285

Air Freight & Logistics — 0.2%
AIT Worldwide Logistics, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 5.72%, 04/06/28			143		140,175
PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%), 4.76%, 12/15/28			1,101		1,082,932


					1,223,107

Airlines — 0.5%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%), 5.81%, 04/20/28			816		829,886
Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 4.25%, 08/11/28			449		443,949
Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 6.25%, 06/21/27			267		277,022
SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 4.81%, 10/20/27			381		393,222
United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.50%, 04/21/28			822		813,951


					2,758,030

Auto Components — 0.0%
Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 4.01%, 04/30/26			286		280,748


24		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Banks — 0.2%
Directv Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%), 5.76%, 08/02/27	USD		1,294	$	1,287,085


Beverages — 0.0%
Naked Juice LLC, Term Loan, (SOFR + 3.25%), 4.00%, 01/24/29			284		278,626


Building Products — 0.0%
CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%), 4.51%, 11/23/27			74		79,704


Capital Markets — 0.1%
AqGen Ascensus, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 1.00% Floor), 7.50%, 08/02/29			232		228,489
Deerfield Dakota Holding LLC
2020 USD Term Loan B, (SOFR CME + 3.75%, 1.00% Floor), 4.75%, 04/09/27			235		233,965
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 7.51%, 04/07/28^(a)			274		276,055


					738,509

Chemicals — 0.3%
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (3 mo. LIBOR + 4.75%), 5.50%, 08/27/26			487		486,847
Atotech BV, 2021 USD Term Loan B, (1 mo. LIBOR + 2.50%), 3.26%, 03/18/28			585		579,152
Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 4.02%, 05/15/24			259		257,163
New Arclin U.S. Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 3.75%), 4.51%, 09/30/28			209		202,668
W.R. Grace & Co.-Conn., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.81%, 09/22/28			403		399,061


					1,924,891

Commercial Services & Supplies — 0.3%
Asurion LLC, 2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 4.01%, 12/23/26			93		91,085
Dealer Tire LLC, 2020 Term Loan B, (1 mo. LIBOR + 4.25%), 5.02%, 12/12/25			93		92,677
KAR Auction Services, Inc., 2019 Term Loan B6, (1 mo. LIBOR + 2.25%), 3.06%, 09/19/26^(a)			66		65,096
Propulsion BC Finco SARL, Term Loan, 02/10/29^(o)			257		255,556
Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.76%, 08/27/25			1,508		1,501,340


					2,005,754

Communications Equipment — 0.1%
ViaSat, Inc., Term Loan, (SOFR + 4.50%), 5.00%, 03/02/29			494		490,986


Construction & Engineering — 0.4%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 5.29%, 06/21/24			2,596		2,461,790


Construction Materials — 0.0%
Smyrna Ready Mix Concrete LLC, (SOFR CME + 4.25%), 5.05%, 04/02/29^(a)			124		122,140


Security		Par (000)		Value

Containers & Packaging — 0.2%
BWAY Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 3.71%, 04/03/24	USD		608	$	594,772
Charter NEX US, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%), 4.51%, 12/01/27			216		214,892
Clydesdale Acquisition Holdings, Inc., Term Loan B, (SOFR CME + 4.25%), 4.78%, 04/13/29			209		206,101


					1,015,765

Diversified Consumer Services — 0.1%
Amentum Government Services Holdings LLC
2022 Term Loan, (SOFR + 4.00%), 4.65%, 02/15/29			178		176,443
Term Loan B, (1 mo. LIBOR + 3.50%), 4.26%, 01/29/27			80		79,010
Ascend Learning, LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 6.51%, 12/10/29			157		154,841
Sotheby’s, 2021 Term Loan B, (3 mo. LIBOR + 4.50%), 5.54%, 01/15/27			221		220,880
TruGreen Limited Partnership, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%), 9.26%, 11/02/28^(a)			201		201,503


					832,677

Diversified Financial Services — 0.7%
Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 5.26%, 07/31/26			154		153,730
AqGen Island Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%), 4.56%, 08/02/28			185		182,072
Credito Real SAB de CV Sofom ENR, Term Loan B, (3 mo. LIBOR + 3.75%), 4.23%, 02/17/23^(a)			56		6,720
Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%), 4.50%, 12/01/27			519		511,079
EP Purchaser LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 4.51%, 11/06/28			193		192,241
I-Logic Technologies Bidco Ltd., 2021 USD Term Loan B, (SOFR CME + 4.00%), 4.80%, 02/16/28			125		123,770
KKR Apple Bidco LLC
2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%), 6.51%, 09/21/29			34		33,915
2021 Term Loan, (1 mo. LIBOR + 3.00%), 3.76%, 09/23/28			209		207,030
LBM Acquisition LLC, Term Loan B, (1 mo. LIBOR + 3.75%), 4.51%, 12/18/27			3		3,201
Milano Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%), 5.01%, 10/01/27			1,222		1,216,832
Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 4.01%, 09/25/26			75		73,717
Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 6.01%, 09/01/25			611		557,988
VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 3.76%, 02/28/27			92		91,130
White Cap Buyer LLC, Term Loan B, (SOFR + 3.75%), 6.25%, 10/19/27			668		651,362


					4,004,787

Diversified Telecommunication Services — 0.2%
Cincinnati Bell, Inc., 2021 Term Loan B2, (SOFR + 3.25%), 4.05%, 11/22/28			110		108,872


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Telecommunication Services (continued)
Frontier Communications Corp., 2021 DIP Term Loan B, (3 mo. LIBOR + 3.75%), 4.81%, 05/01/28	USD		370	$	363,473
Intelsat Jackson Holdings S.A., 2021 Exit Term Loan B, (SOFR + 4.25%), 4.92%, 02/01/29			473		458,611


					930,956

Electrical Equipment — 0.0%
II-VI Incorporated, 2021 Bridge Term Loan B, 12/08/28^(o)			133		132,200


Entertainment — 0.1%
MSG National Properties LLC, Term Loan, (3 mo. LIBOR + 6.25%), 7.00%, 11/12/25^(a)			483		480,473


Food Products — 0.0%
Naked Juice LLC, 2nd Lien Term Loan, (SOFR + 6.00%), 6.65%, 06/30/22			38		37,715


Gas Utilities — 0.1%
Freeport LNG Investments, LLLP, Term Loan B, (3 mo. LIBOR + 3.50%), 4.56%, 12/21/28			325		322,540


Health Care Equipment & Supplies — 0.2%
Ortho-Clinical Diagnostics SA
2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.45%, 06/30/25			100		99,981
EUR Term Loan B, (3 mo. EURIBOR + 3.50%), 3.50%, 06/30/25	EUR		872		912,024


					1,012,005

Health Care Providers & Services — 0.2%
Da Vinci Purchaser Corp., 2019 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 5.01%, 01/08/27	USD		229		228,208
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 4.51%, 10/10/25			782		475,316
Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR + 6.50%, 1.00% Floor), 7.50%, 04/29/25			300		233,738
RegionalCare Hospital Partners Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 4.50%, 11/16/25			146		143,876


					1,081,138

Health Care Services — 0.0%
Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 7.00%), 7.50%, 11/01/29			149		142,481


Health Care Technology — 0.5%
Athenahealth, Inc., 2022 Term Loan B, (SOFR + 3.50%), 4.01%, 02/15/29			2,300		2,265,600
Polaris Newco LLC, USD Term Loan B, (1 mo. LIBOR + 4.00%), 4.76%, 06/02/28			547		541,039


					2,806,639

Hotels, Restaurants & Leisure — 0.3%
Fertitta Entertainment LLC, 2022 Term Loan B, (SOFR CME + 4.00%), 4.70%, 01/27/29			749		744,914
Great Canadian Gaming Corp., 2021 Term Loan, (3 mo. LIBOR + 4.00%), 4.93%, 11/01/26			71		70,698
IRB Holding Corp., 2022 Term Loan B, (SOFR + 3.00%), 3.75%, 12/15/27			379		373,605


Security		Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Life Time Fitness, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/16/24	USD		100	$	99,472
Scientific Games International, Inc., 2022 USD Term Loan, (SOFR CME + 3.00%), 3.57%, 04/14/29			179		177,994
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 3.26%, 07/21/26			39		39,133


					1,505,816

Household Durables — 0.1%
Solis IV BV, USD Term Loan B1, (SOFR + 3.50%), 4.00%, 02/26/29			277		263,219
Springs Windows Fashions LLC, 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 4.75%, 10/06/28			537		496,392


					759,611

Independent Power and Renewable Electricity Producers — 0.0%
Calpine Corp., 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 2.76%, 08/12/26			44		43,647


Industrial Conglomerates — 0.1%
AVSC Holding Corp., 2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 8.25%, 09/01/25			623		546,733
Sequa Mezzanine Holdings LLC, 2020 Extended Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 7.75%, 11/28/23			193		193,038
Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 3.20%, 03/02/27			156		151,736


					891,507

Insurance — 0.3%
Alliant Holdings Intermediate LLC
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.01%, 05/09/25			248		245,231
2021 Term Loan B4, (1 mo. LIBOR + 3.50%), 4.05%, 11/06/27			178		176,159
AssuredPartners, Inc., 2022 Term Loan, (SOFR + 3.50%), 4.20%, 02/12/27			265		261,025
Hub International Ltd., 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 4.35%, 04/25/25			241		240,030
Ryan Specialty Group LLC, Term Loan, (1 mo. LIBOR + 3.00%), 3.80%, 09/01/27			234		233,478
Sedgwick Claims Management Services, Inc.
2018 Term Loan B, (1 mo. LIBOR + 3.25%), 4.01%, 12/31/25			176		174,109
2019 Term Loan B, (1 mo. LIBOR + 3.75%), 4.51%, 09/03/26			273		271,614
2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 5.25%, 09/03/26			200		199,498


					1,801,144


26		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Interactive Media & Services — 0.1%
Camelot US Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 4.00%, 10/30/26	USD		149	$	147,696
Grab Holdings, Inc., Term Loan B, (6 mo. LIBOR + 4.50%, 1.00% Floor), 5.50%, 01/29/26			204		198,246

					345,942


Internet & Direct Marketing Retail — 0.0%
CNT Holdings I Corp., 2020 Term Loan, (3 mo. LIBOR + 3.50%), 4.25%, 11/08/27			227		224,249


IT Services — 0.3%
Banff Merger Sub, Inc.
2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.50%), 6.26%, 02/27/26			529		521,594
2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 4.51%, 10/02/25			346		341,276
Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 3.76%, 10/30/26			201		198,723
Greeneden US Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%), 4.76%, 12/01/27			441		439,269
PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 4.26%, 02/12/27			212		206,787
TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%), 4.51%, 05/05/26			167		165,378


					1,873,027

Machinery — 0.5%
Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%), 4.26%, 10/21/28			290		285,564
Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. LIBOR + 1.75%), 2.51%, 03/01/27			104		102,466
MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 5.76%, 09/21/26			512		509,814
SPX Flow, Inc., 04/05/29^(o)			482		469,198
Titan Acquisition Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 4.01%, 03/28/25			1,822		1,778,364


					3,145,406

Media — 0.6%
Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 3.79%, 07/15/25			44		42,698
Altice France SA, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 4.51%, 08/14/26			177		175,431
AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 3.49%, 04/22/26			294		262,084
Clear Channel Outdoor Holdings, Inc., Term Loan B, (1 mo. LIBOR + 3.50%), 4.74%, 08/21/26			1,117		1,088,373
Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 4.50%, 12/11/26			233		231,425
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 4.25%, 12/01/23			89		84,596
MH Sub I LLC
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 4.26%, 09/13/24			170		168,616


Security		Par (000)		Value

Media (continued)
MH Sub I LLC (continued)
2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 4.75%, 09/13/24	USD		391	$	388,868
2021 2nd Lien Term Loan, (1 mo. LIBOR + 6.25%), 7.01%, 02/23/29			66		65,159
Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 3.76%, 03/09/27			1,507		1,427,801


					3,935,051

Metals & Mining — 0.0%
Grinding Media, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%), 4.80%, 10/12/28^(a)			119		116,714


Oil, Gas & Consumable Fuels — 0.4%
Ascent Resources Utica LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 10.02%, 11/01/25			2,504		2,667,536
Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 3.46%, 06/28/24^(a)			17		11,184


					2,678,720

Pharmaceuticals — 0.1%
Bausch Health Companies Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 3.76%, 06/02/25			144		143,251
Endo Luxembourg Finance Co. I SARL, 2021 Term Loan, (1 mo. LIBOR + 5.00%), 5.81%, 03/27/28			735		679,541


					822,792

Professional Services — 0.2%
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 3.92%, 02/06/26			336		333,122
Dun & Bradstreet Corporation, 2022 Incremental Term Loan B2, (SOFR + 3.25%), 3.92%, 01/18/29			232		229,970
Element Materials Technology Group US Holdings, Inc.^(o)
2022 USD Delayed Draw Term Loan B, 06/30/29			74		73,912
2022 USD Delayed Draw Term Loan D, 04/12/29			161		160,143
Galaxy US Opco Inc., Term Loan, 0.00%, 04/29/29^(a)(e)			337		328,154


					1,125,301

Real Estate Management & Development — 0.1%
Chamberlain Group, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 4.51%, 11/03/28			472		462,527


Semiconductors & Semiconductor Equipment — 0.1%
MKS Instruments, Inc., 2022 Term Loan B, 04/08/29^(o)			485		482,575


Software — 1.6%
Barracuda Networks, Inc., 2020 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%), 7.99%, 10/30/28			188		187,272
Cloudera, Inc.
2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%), 6.76%, 10/08/29^(a)			341		330,770
2021 Term Loan, (1 mo. LIBOR + 3.75%), 4.51%, 10/08/28			974		956,955
Digicel International Finance Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.25%), 3.50%, 05/28/24			708		672,519


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Software (continued)
Epicor Software Corp.
2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 8.75%, 07/31/28	USD		117	$	119,121
2020 Term Loan, (1 mo. LIBOR + 3.25%), 4.01%, 07/30/27			318		316,088
Helios Software Holdings, Inc., 2021 USD Term Loan B, (1 mo. LIBOR + 3.75%), 4.55%, 03/11/28			152		150,643
Magenta Buyer LLC
2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 5.00%), 6.23%, 07/27/28			1,073		1,057,276
2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%), 9.48%, 07/27/29			530		519,177
McAfee, LLC, 2022 USD Term Loan B, (SOFR + 4.00%), 4.50%, 03/01/29^(a)			1,406		1,367,335
Planview Parent, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 8.26%, 12/18/28^(a)			195		193,050
Proof Point, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 6.25%), 6.76%, 08/31/29			457		456,571
Proofpoint, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 3.76%, 08/31/28			308		302,963
RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.01%, 04/24/28			413		405,959
Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.01%, 05/30/25			18		17,720
Sabre GLBL, Inc.
2021 Term Loan B1, (1 mo. LIBOR + 3.50%), 4.26%, 12/17/27			128		126,303
2021 Term Loan B2, (1 mo. LIBOR + 3.50%), 4.26%, 12/17/27			203		201,334
Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.25%), 4.26%, 10/07/27			980		967,850
Sovos Compliance LLC, 2021 Term Loan, (1 mo. LIBOR + 4.50%), 5.26%, 08/11/28			192		191,211
SS&C Technologies Holdings Europe SARL, 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 2.51%, 04/16/25			71		69,632
SS&C Technologies, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 2.51%, 04/16/25			97		95,705
Tibco Software, Inc., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 8.02%, 03/03/28			232		231,420
Ultimate Software Group, Inc.
2021 2nd Lien Term Loan, (3 mo. LIBOR + 5.25%), 6.21%, 05/03/27			527		522,143
2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.21%, 05/04/26			214		212,050
Term Loan B, (3 mo. LIBOR + 3.75%), 4.76%, 05/04/26			304		301,950


					9,973,017

Specialty Retail — 0.1%
PetSmart, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%), 4.50%, 02/11/28			626		619,200
Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 5.32%, 04/16/26			182		174,305


					793,505


Security		Par (000)		Value

Textiles, Apparel & Luxury Goods — 0.2%
Crocs, Inc., Term Loan B, (SOFR CME + 3.50%), 4.45%, 02/17/29	USD		1,146	$	1,117,831


Trading Companies & Distributors — 0.1%
Foundation Building Materials Holding Company LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%), 4.49%, 02/03/28			130		124,908
SRS Distribution, Inc., 2022 Incremental Term Loan, (SOFR + 3.50%), 4.00%, 06/02/28			333		321,008


					445,916

Wireless Telecommunication Services — 0.0%
MetroNet Systems Holdings, LLC, 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 4.50%, 06/02/28			26		25,676


Total Floating Rate Loan Interests — 10.0% (Cost: $62,283,578)					61,232,005


Foreign Agency Obligations

Argentina — 0.0%
Argentine Republic Government International Bond, 3.50%, 07/09/41⁽ⁿ⁾			802		267,577


Bahrain — 0.1%
Bahrain Government International Bond, 7.00%, 01/26/26^(g)			301		320,245


Chile — 0.1%
Chile Government International Bond
4.34%, 03/07/42			200		183,100
4.00%, 01/31/52			200		171,200


					354,300

Colombia — 0.2%
Colombia Government International Bond
8.13%, 05/21/24			159		168,222
4.50%, 01/28/26⁽ⁱ⁾			342		328,598
3.88%, 04/25/27⁽ⁱ⁾			477		435,799
3.13%, 04/15/31			380		297,303


					1,229,922

Dominican Republic — 0.2%
Dominican Republic International Bond
5.95%, 01/25/27^(g)			523		524,896
5.50%, 02/22/29^(c)			260		242,174
4.50%, 01/30/30^(c)			236		202,783
4.88%, 09/23/32^(c)			339		284,611
6.40%, 06/05/49^(g)			271		228,792


					1,483,256

Egypt — 0.1%
Egypt Government International Bond^(c)
5.75%, 05/29/24			200		186,500
7.50%, 02/16/61			200		133,500


					320,000

Guatemala — 0.1%
Guatemala Government Bond 5.38%, 04/24/32^(c)			200		199,475


28		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Guatemala (continued)
Guatemala Government Bond (continued)
3.70%, 10/07/33^(g)	USD		236	$	202,709
4.65%, 10/07/41^(c)			200		170,913


					573,097

Iceland — 0.6%
Iceland Government International Bond, 5.88%, 05/11/22^(g)(i)			3,415		3,418,313


Indonesia — 0.1%
Indonesia Government International Bond⁽ⁱ⁾
4.10%, 04/24/28			317		319,041
5.35%, 02/11/49			295		304,251


					623,292

Ivory Coast — 0.0%
Ivory Coast Government International Bond, 6.38%, 03/03/28^(g)			212		208,860


Mexico — 0.1%
Mexico Government International Bond
3.75%, 01/11/28⁽ⁱ⁾			400		384,800
2.66%, 05/24/31			400		335,800


					720,600

Mongolia — 0.0%
Mongolia Government International Bond, 5.13%, 04/07/26^(g)			250		233,777


Morocco — 0.1%
Morocco Government International Bond
3.00%, 12/15/32^(c)			500		395,000
4.00%, 12/15/50^(g)			311		214,590


					609,590

Nigeria — 0.1%
Nigeria Government International Bond
8.38%, 03/24/29^(c)			200		185,500
7.88%, 02/16/32^(g)			208		174,200


					359,700

Oman — 0.1%
Oman Government International Bond^(g)
6.50%, 03/08/47			309		281,963
6.75%, 01/17/48			309		288,142


					570,105

Panama — 0.1%
Panama Government International Bond
3.88%, 03/17/28			360		348,480
3.16%, 01/23/30⁽ⁱ⁾			527		479,010


					827,490

Paraguay — 0.1%
Paraguay Government International Bond^(g)
4.70%, 03/27/27			305		302,388
5.60%, 03/13/48			210		188,121
5.40%, 03/30/50			200		176,663


					667,172


Security		Par (000)		Value

Peru — 0.1%
Peruvian Government International Bond
2.78%, 01/23/31⁽ⁱ⁾	USD		233	$	201,443
1.86%, 12/01/32⁽ⁱ⁾			373		289,262
3.00%, 01/15/34			176		146,608


					637,313

Portugal — 0.6%
Portugal Government International Bond, 5.13%, 10/15/24^(c)(i)			3,680		3,833,100


Qatar — 0.1%
Qatar Government International Bond
4.00%, 03/14/29^(c)			478		489,352
4.40%, 04/16/50^(g)			200		202,000


					691,352

Romania — 0.1%
Romanian Government International Bond^(c)
3.00%, 02/14/31			228		194,128
3.63%, 03/27/32			332		285,789


					479,917

Saudi Arabia — 0.1%
Saudi Government International Bond
4.38%, 04/16/29^(c)			200		207,500
4.50%, 04/17/30^(g)(i)			362		378,290
2.25%, 02/02/33^(g)			200		173,500


					759,290

South Africa — 0.1%
Republic of South Africa Government International Bond
5.65%, 09/27/47			251		197,867
5.75%, 09/30/49			450		355,584


					553,451

Sri Lanka — 0.0%
Sri Lanka Government International Bond, 6.85%, 03/14/24^(g)(h)(m)			400		171,044


Ukraine — 0.1%
Ukraine Government International Bond
8.99%, 02/01/24^(g)			224		78,960
7.75%, 09/01/25^(g)			226		73,634
7.25%, 03/15/33^(c)			371		115,010


					267,604

Uruguay — 0.0%
Uruguay Government International Bond, 4.38%, 10/27/27			200		204,475


Total Foreign Agency Obligations — 3.3% (Cost: $22,232,223)					20,384,842


Municipal Bonds

California — 0.1%
California County Tobacco Securitization Agency, Refunding RB, CAB, Series B-2, Subordinate, 0.00%, 06/01/55^(e)			1,230		216,698


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Illinois — 0.1%
State of Illinois, GO, 5.10%, 06/01/33	USD		800	$	817,961


Total Municipal Bonds — 0.2% (Cost: $1,004,901)					1,034,659


Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations — 10.2%
Alternative Loan Trust
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 1.72%, 11/20/46^(b)			3,483		2,618,695
Series 2006-J8, Class A5, 6.00%, 02/25/37			1,891		1,047,765
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.38%), 1.05%, 10/25/46^(b)			3,132		2,952,071
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.24%), 0.91%, 12/25/46^(b)			1,852		1,707,305
American Home Mortgage Assets Trust, Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 1.14%, 11/25/46^(b)			4,398		1,521,852
Chase Home Lending Mortgage Trust, 6.50%, 04/25/49^(b)(c)			605		608,428
CHL Mortgage Pass-Through Trust
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 1.32%, 07/25/37^(b)			2,671		760,002
Series 2007-J2, Class 2A8, 6.00%, 07/25/37			1,475		718,404
Citigroup Mortgage Loan Trust, Series 2006-AR7, Class 2A3A, 2.64%, 11/25/36^(b)			910		857,896
COLT Mortgage Loan Trust^(b)(c)
Series 2020-2, Class M1, 5.25%, 03/25/65			2,550		2,547,289
Series 2020-3, Class M1, 3.36%, 04/27/65			2,850		2,743,156
Countrywide Alternative Loan Trust
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 1.12%, 05/25/35^(b)			1,498		1,396,431
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 1.07%, 12/25/36^(b)			2,267		205,812
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36			1,459		874,644
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 1.07%, 11/25/46^(b)(d)			4,925		4,365,953
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.42%), 1.09%, 07/25/46^(b)			3,591		3,013,845
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.38%), 1.05%, 07/25/46^(b)			1,270		1,150,020
Series 2007-12T1, Class A22, 5.75%, 06/25/37			3,556		2,050,429
Series 2007-12T1, Class A5, 6.00%, 06/25/37			1,726		1,025,420
Series 2007-19, Class 1A1, 6.00%, 08/25/37			562		356,105
Series 2007-22, Class 2A16, 6.50%, 09/25/37			7,208		3,632,839
Series 2007-23CB, Class A1, 6.00%, 09/25/37			4,256		2,829,231
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 1.02%, 04/25/37^(b)			1,828		1,433,096
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 1.06%, 03/25/47^(b)			2,213		1,974,630
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.40%), 1.07%, 04/25/46^(b)			4,839		4,414,074
CSMC^(b)(c)
Series 2011-4R, Class 1A2, (1 mo. LIBOR US + 1.50%), 1.73%, 09/27/37			1,453		1,313,510
Series 2021-NQM2, Class M1, 2.28%, 02/25/66			1,500		1,396,468
Ellington Financial Mortgage Trust, Series 2020-1, Class M1, 5.24%, 05/25/65^(b)(c)			500		498,719


Security		Par (000)		Value

Collateralized Mortgage Obligations (continued)
MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65^(b)(c)	USD		2,000	$	1,876,555
Morgan Stanley Re-REMIC Trust, Series 2010-R5, Class 7B, 1.65%, 05/26/37^(c)			4,833		4,871,657
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-AF1, Class 1A2, 6.16%, 05/25/36^(b)			6,851		1,876,661
Residential Asset Securitization Trust, Series 2006- A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 1.27%, 08/25/36^(b)			6,373		1,001,886
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65^(b)(c)			1,750		1,636,679
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65^(b)(c)			1,057		1,029,793


					62,307,320

Commercial Mortgage-Backed Securities^(b)(c)— 0.4%
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. LIBOR US + 0.27%), 0.94%, 07/25/37			1,554		1,462,174
Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. LIBOR US + 2.25%), 2.81%, 07/15/38			328		322,060
Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1 mo. LIBOR US + 1.00%), 1.67%, 04/25/31			512		503,845


					2,288,079


Total Non-Agency Mortgage-Backed Securities — 10.6% (Cost: $76,543,535)					64,595,399


Preferred Securities

Capital Trusts — 6.6%^(b)

Automobiles^(l)— 0.1%
General Motors Financial Co., Inc., Series C, 5.70%			395		385,619
Volkswagen International Finance NV, 4.38%^(g)	EUR		100		96,923


					482,542

Banks^(l)— 2.1%
Al Ahli Bank of Kuwait KSCP, 7.25%^(g)	USD		200		202,850
Banco Davivienda SA, 6.65%^(c)			200		178,600
Banco Mercantil del Norte SA^(c)
5.88%			205		181,912
6.75%			292		280,648
Bank of East Asia Ltd., 5.88%^(g)			250		250,516
Burgan Bank SAK, 5.75%^(g)			250		238,875
Industrial & Commercial Bank of China Ltd., 3.20%^(g)			210		200,340
ING Groep NV, 3.88%			1,750		1,417,500
Kasikornbank PCL, 5.28%^(g)			246		240,004
Nanyang Commercial Bank Ltd., 5.00%^(g)			200		200,250
Nordea Bank Abp, 3.75%^(c)			560		457,800
Rizal Commercial Banking Corp., 6.50%^(g)			200		194,662
TMBThanachart Bank PCL, 4.90%^(g)			250		239,266
Wells Fargo & Co., Series S, 5.90%⁽ⁱ⁾			8,800		8,613,000


					12,896,223

Capital Markets — 0.4%
Bank of New York Mellon Corp., Series I, 3.75%^(l)			2,845		2,532,050


Diversified Financial Services^(l)— 3.3%
Banco Santander SA, 4.38%^(g)	EUR		200		195,335


30		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Diversified Financial Services (continued)
Bank of America Corp.⁽ⁱ⁾
Series AA, 6.10%	USD		2,865	$	2,895,240
Series X, 6.25%			5,535		5,603,080
Barclays PLC, 4.38%			585		487,744
Credit Agricole SA, 4.75%^(c)			460		396,175
Credit Suisse Group AG, 6.38%^(c)			358		337,018
HSBC Holdings PLC, 6.00%⁽ⁱ⁾			695		667,200
JPMorgan Chase & Co.
Series FF, 5.00%⁽ⁱ⁾			1,025		971,392
Series HH, 4.60%			320		295,776
Natwest Group PLC, 6.00%⁽ⁱ⁾			1,185		1,167,877
Societe Generale SA^(c)(i)
5.38%			3,000		2,634,000
6.75%			3,000		2,861,298
UBS Group AG, 3.88%^(c)			1,750		1,518,737
Woori Bank, 4.25%^(g)			250		244,813


					20,275,685

Diversified Telecommunication Services — 0.0%
Koninklijke KPN NV, 2.00%^(g)(l)	EUR		100		100,484


Electric Utilities — 0.5%
Edison International, Series B, 5.00%^(l)	USD		220		199,127
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79⁽ⁱ⁾			2,500		2,457,700


					2,656,827

Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp., 7.00%^(c)(l)			307		298,557


Insurance — 0.0%
Heungkuk Life Insurance Co. Ltd., 4.48%^(g)(l)			200		198,800


Media — 0.0%
SES SA, 2.88%^(g)(l)	EUR		100		95,239


Oil, Gas & Consumable Fuels^(g)(l)— 0.0%
Abertis Infraestructuras Finance BV, 3.25%			100		99,353
Repsol International Finance BV, 4.25%			100		100,731


					200,084

Real Estate Management & Development^(g)(l)— 0.1%
Aroundtown SA, 3.38%			100		101,131
Citycon OYJ, 4.50%			100		96,370
Heimstaden Bostad AB, 3.00%			100		85,343


					282,844

Transportation Infrastructure — 0.0%
Poste Italiane SpA, 2.63%^(g)(l)			100		89,302


Utilities — 0.0%
Electricite de France SA, 3.00%^(g)(l)			200		185,418


Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 2.63%, 08/27/80^(g)			100		98,527


					40,392,582


Security		Shares		Value

Preferred Stocks — 2.3%^(b)(l)

Capital Markets — 2.3%
Goldman Sachs Group, Inc., Series J			395,017	$	10,049,232
Morgan Stanley
Series F			100,000		2,600,000
Series K			60,125		1,516,954


					14,166,186


Total Preferred Securities — 8.9% (Cost: $57,021,609)					54,558,768


		Par (000)

U.S. Government Sponsored Agency Securities

Agency Obligations — 1.0%
Uniform Mortgage-Backed Securities
4.00%, 10/01/49	USD		2,067		2,088,788
3.50%, 01/01/51 - 04/01/52^(d)			4,133		4,070,636


					6,159,424

Collateralized Mortgage Obligations — 1.0%
Ginnie Mae, Series 2017-136, Class GB, 3.00%, 03/20/47			803		782,592
Uniform Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44			5,186		5,184,566


					5,967,158

Mortgage-Backed Securities⁽ⁱ⁾— 18.8%
Uniform Mortgage-Backed Securities
4.50%, 11/01/23 - 07/01/55^(p)			19,045		19,740,401
4.00%, 02/01/34 - 04/01/56			20,472		20,862,732
2.00%, 11/01/50 - 06/01/51			26,101		23,102,825
2.50%, 10/01/51 - 01/01/52			55,671		51,042,807


					114,748,765


Total U.S. Government Sponsored Agency Securities — 20.8% (Cost: $138,541,216)					126,875,347


		Shares

Warrants

Entertainment — 0.0%
Aviron Capital LLC (Expires 12/16/31)^(a)			10		—


Total Warrants — 0.0% (Cost: $ — )					—


Total Long-Term Investments — 145.9% (Cost: $963,517,555)					890,037,506


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

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

(Percentages shown are based on Net Assets)


Security	Shares			Value


Short-Term Securities

Money Market Funds — 6.1%

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.29%^(q)(r)		37,104,073		$	37,104,073


Total Short-Term Securities — 6.1% (Cost: $37,104,073)					37,104,073


Total Investments Before TBA Sale Commitments — 152.0% (Cost: $1,000,621,628)					927,141,579


	Par (000)


TBA Sale Commitments

Mortgage-Backed Securities — (0.0)%
Uniform Mortgage-Backed Securities, 4.50%, 05/12/52^(p)	USD	(58	)		(58,963	)


Total TBA Sale Commitments — (0.0)% (Proceeds: $(59,357))					(58,963	)


Total Investments, Net of TBA Sale Commitments — 152.0% (Cost: $1,000,562,271)					927,082,616

Liabilities in Excess of Other Assets — (52.0)%					(317,266,536	)


Net Assets — 100.0%				$	609,816,080

^(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)	When-issued security.

^(e)	Zero-coupon bond.

^(f)	Rounds to less than 1,000.

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

^(h)	Non-income producing security.

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

^(j)	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.

^(k)	Convertible security.

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

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

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

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

^(p)	Represents or includes a TBA transaction.

^(q)	Affiliate of the Trust.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended April 30, 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 04/30/22		Shares Held at 04/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	36,212,415	$	891,658	^(a)	$	—	$	—	$	—	$	37,104,073		37,104,073	$	9,714	$	—

^(a)

Represents net amount purchased (sold).

Reverse Repurchase Agreements

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

Barclays Bank PLC

0.55

%^(b)

06/29/21

Open

205,275

205,841

Capital Trusts

Open/Demand

Barclays Bank PLC

0.55

^(b)

06/29/21

Open

1,309,800

1,313,411

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.55

^(b)

06/29/21

Open

4,236,937

4,248,618

Capital Trusts

Open/Demand

Barclays Bank PLC

0.55

^(b)

06/29/21

Open

691,145

693,050

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.55

^(b)

06/29/21

Open

1,992,500

1,997,993

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.75

^(b)

06/29/21

Open

2,583,750

2,595,251

Capital Trusts

Open/Demand

Barclays Bank PLC

0.75

^(b)

06/29/21

Open

880,175

884,093

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.75

^(b)

06/29/21

Open

1,030,950

1,035,539

Capital Trusts

Open/Demand


32		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

Barclays Capital Inc.

0.75

%^(b)

06/29/21

Open

527,088

529,434

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

06/29/21

Open

793,760

797,293

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

06/29/21

Open

763,875

767,275

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

596,250

597,575

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

2,901,565

2,908,013

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

1,749,375

1,753,262

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

861,000

862,913

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

458,000

459,018

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

369,675

370,496

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

1,078,000

1,080,396

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

757,750

759,434

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

808,500

810,297

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

530,438

531,616

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

853,012

854,908

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

897,187

899,181

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

538,945

540,143

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

1,007,812

1,010,052

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

678,437

679,945

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

721,912

723,517

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

480,500

481,568

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

492,500

493,594

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

508,000

509,129

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

485,000

486,078

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

1,017,000

1,019,260

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

780,937

782,673

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

554,375

555,607

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

2,949,019

2,955,572

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

555,100

556,334

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

1,304,687

1,307,587

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

394,975

395,853

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

595,000

596,322

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

2,646,000

2,651,880

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/15/21

Open

1,161,250

1,163,831

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/20/21

Open

492,769

494,430

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/20/21

Open

532,703

534,498

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/20/21

Open

462,070

463,628

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/20/21

Open

486,570

488,210

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

07/22/21

Open

327,630

328,342

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

646,380

648,544

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

315,563

316,619

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

187,208

187,834

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

167,580

168,141

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

886,559

889,527

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

452,078

453,591

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

249,851

250,688

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

176,245

176,835

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

3,416,250

3,427,690

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

502,226

503,908

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

829,170

831,947

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

178,094

178,690

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/22/21

Open

99,325

99,658

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.55

^(b)

07/29/21

Open

908,406

910,684

Capital Trusts

Open/Demand

Barclays Capital Inc.

0.55

^(b)

07/29/21

Open

415,013

416,053

Capital Trusts

Open/Demand

Barclays Capital Inc.

0.75

^(b)

07/29/21

Open

845,575

848,987

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

07/29/21

Open

904,812

908,463

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

07/29/21

Open

498,438

500,449

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

07/29/21

Open

129,060

129,581

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

07/29/21

Open

612,762

615,235

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

07/29/21

Open

1,780,120

1,787,302

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

07/29/21

Open

895,747

899,362

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

07/29/21

Open

29,800

29,920

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

07/29/21

Open

163,445

164,104

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		33

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

Barclays Capital Inc.

0.75

%^(b)

07/29/21

Open

388,068

389,633

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

07/29/21

Open

1,085,256

1,089,635

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

07/29/21

Open

863,651

866,476

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

08/03/21

Open

324,370

325,413

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

09/20/21

Open

707,000

709,332

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

09/22/21

Open

261,750

262,477

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

11/02/21

Open

798,607

800,368

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

11/05/21

Open

490,500

491,724

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

11/08/21

Open

182,569

183,047

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

11/16/21

Open

249,380

250,005

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

11/17/21

Open

68,371

68,511

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

12/01/21

Open

581,017

582,353

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.30

^(b)

12/06/21

Open

637,922

638,693

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.80

^(b)

12/08/21

Open

180,750

181,184

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

(0.35

)^(b)

12/20/21

Open

158,015

157,704

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

12/20/21

Open

807,795

809,145

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

01/05/22

Open

958,954

960,692

Corporate Bonds

Open/Demand

Barclays Capital Inc.

(1.75

)^(b)

01/10/22

Open

344,583

342,740

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

01/10/22

Open

319,510

320,116

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.55

^(b)

01/19/22

Open

755,402

756,441

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.72

^(b)

01/27/22

Open

610,695

611,568

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

02/03/22

Open

481,456

482,192

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

02/11/22

Open

246,840

247,154

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

02/11/22

Open

123,984

124,154

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

02/11/22

Open

390,520

391,057

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.85

^(b)

02/11/22

Open

287,040

287,465

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.85

^(b)

02/11/22

Open

316,638

317,107

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

02/11/22

Open

2,689,450

2,693,719

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

02/11/22

Open

941,162

942,657

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

02/11/22

Open

1,099,825

1,101,571

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

02/11/22

Open

733,387

734,552

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

02/14/22

Open

3,836,400

3,841,622

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.85

^(b)

02/14/22

Open

690,690

691,702

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.85

^(b)

02/14/22

Open

1,397,760

1,399,808

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

02/14/22

Open

919,370

920,813

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

02/14/22

Open

292,655

292,962

Corporate Bonds

Open/Demand

Barclays Bank PLC

(0.00

)^(b)

02/16/22

Open

51,000

50,985

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

02/17/22

Open

333,960

334,366

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.83

^(b)

03/01/22

Open

653,565

654,337

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

03/01/22

Open

479,460

480,083

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/01/22

Open

1,023,437

1,024,306

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/01/22

Open

127,955

128,064

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/01/22

Open

521,145

521,587

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/01/22

Open

373,643

373,960

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/01/22

Open

292,624

292,872

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/01/22

Open

347,985

348,280

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/01/22

Open

449,510

449,891

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/01/22

Open

42,996

43,033

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.65

^(b)

03/02/22

Open

1,122,227

1,123,217

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

1,584,895

1,586,557

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

1,125,910

1,127,091

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

946,375

947,367

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

1,158,402

1,159,617

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

1,498,530

1,500,101

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

1,270,350

1,271,682

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

803,250

804,092

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

641,662

642,335

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

1,067,712

1,068,832

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

1,236,480

1,237,777

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

1,018,001

1,019,069

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

524,875

525,425

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

1,704,870

1,706,658

Corporate Bonds

Open/Demand


34		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

Barclays Capital Inc.

0.75

%^(b)

03/02/22

Open

558,700

559,286

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

722,330

723,087

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

798,490

799,327

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

525,406

525,957

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

733,950

734,720

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/02/22

Open

1,721,425

1,723,230

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.40

^(b)

03/02/22

Open

419,230

419,425

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.40

^(b)

03/02/22

Open

934,344

934,778

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

03/02/22

Open

1,083,472

1,084,518

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.72

^(b)

03/02/22

Open

491,166

491,657

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.72

^(b)

03/02/22

Open

750,075

750,824

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

03/02/22

Open

1,210,385

1,211,654

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

03/02/22

Open

442,418

442,881

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.80

^(b)

03/02/22

Open

840,780

841,732

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

03/02/22

Open

6,666,547

6,674,094

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.85

^(b)

03/02/22

Open

1,654,812

1,656,824

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.88

^(b)

03/02/22

Open

1,188,495

1,189,999

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

03/02/22

Open

692,807

693,707

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

03/02/22

Open

386,141

386,636

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.38

^(b)

03/02/22

Open

1,626,240

1,627,270

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

559,924

560,393

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

1,154,666

1,155,646

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

666,462

667,028

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

770,000

770,653

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

493,500

493,914

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

1,545,819

1,547,114

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

784,080

784,737

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

677,370

677,945

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

246,380

246,589

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

435,156

435,521

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

753,114

753,745

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

429,603

429,967

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

608,440

608,956

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

221,606

221,794

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

03/02/22

Open

987,160

987,998

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/03/22

Open

334,163

334,504

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.53

^(b)

03/03/22

Open

1,723,750

1,724,899

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.53

^(b)

03/03/22

Open

349,563

349,795

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.53

^(b)

03/03/22

Open

677,680

678,132

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.53

^(b)

03/03/22

Open

2,446,875

2,448,506

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.53

^(b)

03/03/22

Open

535,625

535,982

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

03/03/22

Open

147,353

147,479

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.70

^(b)

03/03/22

Open

642,000

642,604

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.30

^(b)

03/04/22

Open

2,979,587

2,980,953

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.30

^(b)

03/04/22

Open

3,195,845

3,197,310

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.55

^(b)

03/04/22

Open

2,839,931

2,841,844

Capital Trusts

Open/Demand

Barclays Bank PLC

0.55

^(b)

03/04/22

Open

1,709,137

1,710,289

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.55

^(b)

03/04/22

Open

1,002,500

1,003,175

Capital Trusts

Open/Demand

Barclays Bank PLC

0.60

^(b)

03/04/22

Open

3,710,000

3,712,783

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.75

^(b)

03/04/22

Open

1,622,500

1,624,089

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.75

^(b)

03/04/22

Open

464,144

464,598

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.75

^(b)

03/04/22

Open

6,075,000

6,080,948

Corporate Bonds

Open/Demand

Barclays Bank PLC

0.75

^(b)

03/04/22

Open

2,212,500

2,214,666

Capital Trusts

Open/Demand

Barclays Bank PLC

0.75

^(b)

03/04/22

Open

7,656,000

7,663,496

Capital Trusts

Open/Demand

Barclays Bank PLC

0.75

^(b)

03/04/22

Open

1,660,000

1,661,625

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/04/22

Open

716,912

717,614

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/04/22

Open

171,413

171,580

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/04/22

Open

754,875

755,614

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/04/22

Open

575,825

576,389

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/04/22

Open

89,310

89,397

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/04/22

Open

519,480

519,989

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/04/22

Open

836,640

837,459

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		35

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

Barclays Capital Inc.

0.75

%^(b)

03/04/22

Open

705,712

706,404

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.54

^(b)

03/04/22

Open

722,150

722,625

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.68

^(b)

03/04/22

Open

842,800

843,535

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

03/04/22

Open

499,375

499,826

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.72

^(b)

03/04/22

Open

673,137

673,766

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

03/04/22

Open

341,050

341,410

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.85

^(b)

03/04/22

Open

793,677

794,576

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

03/04/22

Open

113,359

113,426

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

03/04/22

Open

254,688

254,840

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

03/04/22

Open

276,850

277,015

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.50

^(b)

03/04/22

Open

402,615

402,855

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

03/04/22

Open

949,790

950,575

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

03/04/22

Open

1,516,200

1,517,453

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

03/04/22

Open

1,092,100

1,093,002

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.35

^(b)

03/08/22

Open

381,881

382,020

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.36

^(b)

03/08/22

Open

218,138

218,220

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.40

^(b)

03/08/22

Open

368,401

368,562

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.40

^(b)

03/08/22

Open

391,140

391,311

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.40

^(b)

03/08/22

Open

469,125

469,330

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.40

^(b)

03/08/22

Open

196,983

197,068

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.40

^(b)

03/08/22

Open

240,794

240,899

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.40

^(b)

03/08/22

Open

123,840

123,894

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.58

^(b)

03/08/22

Open

320,963

321,188

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.70

^(b)

03/08/22

Open

800,527

801,230

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.70

^(b)

03/08/22

Open

327,038

327,325

Foreign Agency Obligations

Open/Demand

BNP Paribas S.A.

0.70

^(b)

03/08/22

Open

734,625

735,270

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.72

^(b)

03/08/22

Open

406,720

407,089

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

03/08/22

Open

889,742

890,589

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

03/08/22

Open

476,213

476,701

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

03/08/22

Open

967,012

968,004

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.85

^(b)

03/08/22

Open

859,250

860,194

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.88

^(b)

03/08/22

Open

1,023,852

1,025,023

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

03/08/22

Open

1,136,332

1,137,665

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

03/08/22

Open

1,085,630

1,086,903

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

03/08/22

Open

179,888

180,098

Corporate Bonds

Open/Demand

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

1,496,177

1,496,915

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

1,979,599

1,980,575

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

1,648,624

1,649,437

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

1,403,636

1,404,328

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

21,841,815

21,852,590

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

3,604,552

3,606,330

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

1,496,871

1,497,610

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

1,876,766

1,877,692

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

3,847,242

3,849,139

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

8,059,585

8,063,561

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

6,033,497

6,036,474

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

1,486,466

1,487,199

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

2,313,470

2,314,611

U.S. Government Sponsored Agency Securities

Up to 30 Days


36		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

Cantor Fitzgerald & Company

0.37

%^(b)

03/11/22

05/12/22

1,863,093

1,864,012

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

1,307,218

1,307,863

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

4,607,485

4,609,758

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

3,062,439

3,063,950

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

1,613,613

1,614,410

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

6,581,539

6,584,786

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

1,406,184

1,406,878

U.S. Government Sponsored Agency Securities

Up to 30 Days

Cantor Fitzgerald & Company

0.37

^(b)

03/11/22

05/12/22

2,787,855

2,789,230

U.S. Government Sponsored Agency Securities

Up to 30 Days

Barclays Capital Inc.

0.75

^(b)

03/14/22

Open

711,515

712,133

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/16/22

Open

395,388

395,720

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

03/16/22

Open

78,033

78,088

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.50

^(b)

03/17/22

Open

483,125

483,420

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.50

^(b)

03/17/22

Open

1,018,750

1,019,373

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.50

^(b)

03/17/22

Open

388,245

388,482

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.52

^(b)

03/17/22

Open

290,940

291,125

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

0.52

^(b)

03/17/22

Open

204,458

204,587

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

0.52

^(b)

03/17/22

Open

322,969

323,174

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.52

^(b)

03/17/22

Open

482,864

483,171

Foreign Agency Obligations

Open/Demand

Credit Agricole Corporate and Investment Bank

0.55

^(b)

03/17/22

Open

1,312,500

1,313,382

Capital Trusts

Open/Demand

Credit Agricole Corporate and Investment Bank

0.59

^(b)

03/17/22

Open

433,825

434,138

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.60

^(b)

03/17/22

Open

252,980

253,166

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.60

^(b)

03/17/22

Open

570,491

570,910

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.60

^(b)

03/17/22

Open

553,588

553,993

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.62

^(b)

03/17/22

Open

517,578

517,970

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.62

^(b)

03/17/22

Open

512,748

513,136

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.62

^(b)

03/17/22

Open

511,719

512,107

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(0.25

)^(b)

03/17/22

Open

655,362

655,162

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.55

^(b)

03/17/22

Open

364,225

364,470

Foreign Agency Obligations

Open/Demand

Credit Suisse Securities (USA) LLC

0.55

^(b)

03/17/22

Open

286,150

286,342

Foreign Agency Obligations

Open/Demand

Barclays Capital Inc.

(1.70

)^(b)

03/22/22

Open

720,720

719,393

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.85

^(b)

03/22/22

Open

650,565

651,164

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

03/22/22

Open

760,375

761,116

Corporate Bonds

Open/Demand

Barclays Capital Inc.

(3.00

)^(b)

03/30/22

Open

57,000

56,853

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/30/22

Open

1,026,334

1,026,997

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/31/22

Open

461,700

461,989

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

03/31/22

Open

889,034

889,589

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

04/01/22

Open

1,153,744

1,154,369

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

04/05/22

Open

1,017,170

1,017,615

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.63

^(b)

04/06/22

Open

378,240

378,399

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		37

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

BNP Paribas S.A.

0.80

%^(b)

04/07/22

Open

348,300

348,478

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

04/11/22

Open

107,030

107,072

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.57

^(b)

04/11/22

Open

482,765

482,910

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

37,094

37,103

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

29,405

29,412

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

122,917

122,948

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

12,333

12,336

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

8,420

8,422

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

150,640

150,677

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

136,498

136,532

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

21,290

21,295

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

532,095

532,228

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

923,100

923,331

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

1,140,129

1,140,414

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

889,990

890,213

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

775,313

775,507

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

760,114

760,304

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

510,402

510,530

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

553,502

553,640

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

581,976

582,121

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

29,409

29,417

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

590,560

590,708

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

1,129,234

1,129,516

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

158,650

158,690

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

901,538

901,763

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

12,287

12,290

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

961,310

961,551

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

745,637

745,823

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

1,170,047

1,170,340

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

1,151,024

1,151,312

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

1,170,997

1,171,289

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

644,892

645,053

U.S. Government Sponsored Agency Securities

Up to 30 Days


38		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

Reverse Repurchase Agreements (continued)

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

^(a)

Face Value

Including

Accrued Interest

Type of Non-Cash Underlying

Collateral

Remaining

Contractual Maturity

of the Agreements^(a)

BNP Paribas S.A.

0.50

%^(b)

04/12/22

05/12/22

418,808

418,913

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

17,654

17,659

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

654,128

654,291

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

752,268

752,456

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

603,812

603,963

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

203,114

203,165

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

33,361

33,369

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

26,087

26,093

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

814,168

814,372

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

554,916

555,055

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

33,102

33,110

U.S. Government Sponsored Agency Securities

Up to 30 Days

BNP Paribas S.A.

0.50

^(b)

04/12/22

05/12/22

301,527

301,602

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

0.50

^(b)

04/12/22

05/12/22

5,737,295

5,738,729

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

0.50

^(b)

04/12/22

05/12/22

8,495,687

8,497,811

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

0.50

^(b)

04/12/22

05/12/22

2,509,194

2,509,822

U.S. Government Sponsored Agency Securities

Up to 30 Days

Credit Suisse Securities (USA) LLC

(1.00

)^(b)

04/12/22

Open

122,200

122,139

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

04/13/22

Open

443,820

443,988

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.80

^(b)

04/19/22

Open

632,400

632,555

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

04/19/22

Open

506,473

506,612

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.59

^(b)

04/19/22

Open

469,050

469,135

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

04/21/22

Open

74,375

74,389

Corporate Bonds

Open/Demand

Barclays Capital Inc.

0.75

^(b)

04/21/22

Open

969,030

969,212

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.83

^(b)

04/21/22

Open

322,639

322,706

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

(1.50

)^(b)

04/21/22

Open

235,585

235,542

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.75

^(b)

04/22/22

Open

1,295,750

1,295,912

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.90

^(b)

04/22/22

Open

745,885

745,997

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

04/22/22

Open

186,651

186,671

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

04/27/22

Open

294,738

294,753

Corporate Bonds

Open/Demand

Barclays Capital Inc.

(1.25

)^(b)

04/28/22

Open

177,320

177,302

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.00

^(b)

04/28/22

Open

480,771

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.00

^(b)

04/28/22

Open

243,000

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

04/28/22

Open

349,481

349,494

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

04/29/22

Open

1,150,261

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

0.65

^(b)

04/29/22

Open

551,361

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.00

^(b)

04/29/22

Open

497,150

Corporate Bonds

Open/Demand

BNP Paribas S.A.

0.00

^(b)

04/29/22

Open

564,688

564,687

Corporate Bonds

Open/Demand

Credit Agricole Corporate and Investment Bank

0.00

^(b)

04/29/22

Open

302,738

302,737

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

0.00

^(b)

04/29/22

Open

325,023

325,022

Corporate Bonds

Open/Demand

353,836,233

354,227,276

^(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		39

Schedule of Investments (unaudited) (continued)

April 30, 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 U.S. Treasury Note		672		06/21/22	$	80,000	$	3,432,773
10-Year U.S. Ultra Long Treasury Note		331		06/21/22		42,658		3,612,881
U.S. Long Bond		139		06/21/22		19,530		1,981,191
Ultra U.S. Treasury Bond		256		06/21/22		40,904		6,159,264
2-Year U.S. Treasury Note		356		06/30/22		75,027		1,094,317
5-Year U.S. Treasury Note		1,261		06/30/22		141,941		4,541,277


							$	20,821,703

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	167,252	EUR	146,741	The Bank of New York Mellon		05/20/22	$	12,339
USD	135,029	CAD	171,824	Bank of America N.A.		06/15/22		1,291
USD	12,133,813	EUR	11,027,000	BNP Paribas SA		06/15/22		477,977
USD	97,437	EUR	88,000	Morgan Stanley & Co. International PLC		06/15/22		4,419
USD	108,498	EUR	97,000	Royal Bank of Canada		06/15/22		5,967
USD	140,737	EUR	127,599	Royal Bank of Canada		06/15/22		5,861
USD	103,756	EUR	94,000	Societe Generale		06/15/22		4,396
USD	110,168	EUR	100,000	State Street Bank and Trust Co.		06/15/22		4,465
USD	438,034	EUR	393,000	State Street Bank and Trust Co.		06/15/22		22,623
USD	2,194,014	GBP	1,682,000	Bank of America N.A.		06/15/22		78,910
USD	429,438	GBP	328,166	State Street Bank and Trust Co.		06/15/22		16,771
USD	2,974,290	GBP	2,280,000	Toronto-Dominion Bank		06/15/22		107,204
USD	47,351	IDR	678,246,428	Morgan Stanley & Co. International PLC		06/15/22		887


								743,110

EUR	146,741	USD	162,254	Deutsche Bank AG		05/20/22		(7,342	)
EUR	216,222	USD	238,484	Barclays Bank PLC		06/15/22		(9,932	)
EUR	521,180	USD	581,798	State Street Bank and Trust Co.		06/15/22		(30,897	)


								(48,171	)


							$	694,939

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.V1		5.00	%		Quarterly	06/20/27	USD	2,870	$	(59,985	)	$	(129,617	)	$	69,632
CDX.NA.IG.38.V1		1.00			Quarterly	06/20/27	USD	12,860		(113,076	)		(194,965	)		81,889


									$	(173,061	)	$	(324,582	)	$	151,521


40		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 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	Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)

3-Month LIBOR, 1.33%	Quarterly	1.55%	Semi-Annual		N/A		10/08/31		USD	28,600	$	(3,432,153	)	$	441	$	(3,432,594	)
1.61%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly		N/A		03/28/32		USD	10,600		1,267,121			168		1,266,953
1.66%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly		N/A		04/25/32		USD	10,290		1,203,937			167		1,203,770
1.73%	Semi-Annual	3-Month LIBOR, 1.33%	Quarterly		N/A		10/08/36		USD	32,800		4,934,917			636		4,934,281
3-Month LIBOR, 1.33%	Quarterly	1.84%	Semi-Annual		N/A		10/08/51		USD	11,500		(2,208,642	)		355		(2,208,997	)
3-Month LIBOR, 1.33%	Quarterly	1.93%	Semi-Annual		N/A		10/22/51		USD	2,840		(491,541	)		88		(491,629	)
3-Month LIBOR, 1.33%	Quarterly	1.92%	Semi-Annual		N/A		10/27/51		USD	1,420		(249,484	)		44		(249,528	)


											$	1,024,155		$	1,899	$	1,022,256

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

4,523,288

1,703,674

2,819,614

OTC Credit Default Swaps — Sell Protection



Reference Obligation/Index	Financing Rate Received by the Trust		Payment Frequency	Counterparty	Termination Date	Credit Rating	^(a)	Notional Amount (000)^(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)

Adler Real Estate AG	5.00	%	Quarterly	Morgan Stanley & Co. International PLC	12/20/25	B		EUR	20	$	(3,008	)	$	2,545		$	(5,553	)
Virgin Media Finance PLC	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/25	B		EUR	20		1,702			1,970			(268	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	N/R		EUR	10		(1,463	)		866			(2,329	)
Adler Real Estate AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/26	N/R		EUR	10		(1,463	)		972			(2,435	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/26	BB-		EUR	10		441			433			8
Adler Real Estate AG	5.00		Quarterly	Citibank N.A.	12/20/26	B		EUR	10		(1,424	)		228			(1,652	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	BB-		EUR	30		932			1,231			(299	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Bank of America N.A.	12/20/26	B+		EUR	20		(1,066	)		(808	)		(258	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Barclays Bank PLC	12/20/26	B+		EUR	10		(542	)		410			(952	)
Jaguar Land Rover Automotive PLC	5.00		Quarterly	Credit Suisse International	12/20/26	B+		EUR	10		(526	)		422			(948	)
K&S AG	5.00		Quarterly	JPMorgan Chase Bank N.A.	12/20/26	B+		EUR	30		4,204			2,497			1,707
CMA CGM SA	5.00		Quarterly	Barclays Bank PLC	06/20/27	BB-		EUR	3		61			102			(41	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB-		EUR	50		952			2,351			(1,399	)
CMA CGM SA	5.00		Quarterly	Credit Suisse International	06/20/27	BB-		EUR	17		336			613			(277	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB-		EUR	18		338			666			(328	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB-		EUR	17		317			626			(309	)
CMA CGM SA	5.00		Quarterly	JPMorgan Chase Bank N.A.	06/20/27	BB-		EUR	5		90			175			(85	)
CMBX.NA.7	3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	10,000		(1,809,315	)		(477,822	)		(1,331,493	)
CMBX.NA.7	3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	5,000		(904,658	)		(238,635	)		(666,023	)
CMBX.NA.7	3.00		Monthly	Barclays Bank PLC	01/17/47	C-		USD	10,000		(1,809,315	)		(236,376	)		(1,572,939	)
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	2,500		(298,624	)		(524,902	)		226,278
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	5,000		(597,247	)		(519,486	)		(77,761	)
CMBX.NA.9	3.00		Monthly	Morgan Stanley & Co. International PLC	09/17/58	N/R		USD	972		(116,106	)		(105,906	)		(10,200	)


										$	(5,535,384	)	$	(2,087,828	)	$	(3,447,556	)

^(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.


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps



Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation

Centrally Cleared Swaps^(a)	$	1,899	$	(324,582	)	$	7,556,525	$	(6,382,748	)
OTC Swaps		1,719,781		(2,103,935	)		3,047,607		(3,675,549	)

^(a)

Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	—	$	—	$	20,821,703	$	—	$	20,821,703
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		743,110		—		—		743,110
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)		—		151,521		—		—		7,405,004		—		7,556,525
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		4,767,388		—		—		—		—		4,767,388


	$	—	$	4,918,909	$	—	$	743,110	$	28,226,707	$	—	$	33,888,726

Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	48,171	$	—	$	—	$	48,171
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		—		—		—		6,382,748		—		6,382,748
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		5,779,484		—		—		—		—		5,779,484


	$	—	$	5,779,484	$	—	$	48,171	$	6,382,748	$	—	$	12,210,403

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended April 30, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	18,338,885		$	—	$	18,338,885
Forward foreign currency exchange contracts		—		—		—		1,406,489		—			—		1,406,489
Options purchased^(a)		—		—		—		—		743,547			—		743,547
Options written		—		—		—		—		(3,251,544	)		—		(3,251,544	)
Swaps		—		1,664,199		—		—		2,102,942			—		3,767,141

	$	—	$	1,664,199	$	—	$	1,406,489	$	17,933,830		$	—	$	21,004,518


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	17,962,653		$	—	$	17,962,653
Forward foreign currency exchange contracts		—		—		—		298,560		—			—		298,560
Options purchased^(b)		—		—		—		—		106,235			—		106,235


42		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)



	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total

Options written	$	—	$	—		$	—	$	—	$	755,414		$	—	$	755,414
Swaps		—		(1,420,601	)		—		—		(81,839	)		—		(1,502,440	)


	$	—	$	(1,420,601	)	$	—	$	298,560	$	18,742,463		$	—	$	17,620,422

^(a)

Options purchased are included in net realized gain (loss) from investments — unaffiliated.

^(b)

Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — short	$	407,015,529
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	21,573,906
Average amounts sold — in USD	$	2,976,269
Options:
Average value of option contracts purchased	$	3,406
Average value of option contracts written	$	—	^(a)
Average notional value of swaption contracts purchased	$	43,907,500
Average notional value of swaption contracts written	$	251,806,794
Credit default swaps:
Average notional value — buy protection	$	53,570,000
Average notional value — sell protection	$	34,102,917
Interest rate swaps:
Average notional value — pays fixed rate	$	223,665,811
Average notional value — receives fixed rate	$	135,532,000

^(a)

Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments — Offsetting as of Period End

The Trust’s derivative assets and liabilities (by type) were as follows:



	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	1,315,191		$	—
Forward foreign currency exchange contracts		743,110			48,171
Swaps — centrally cleared		—			46,414
Swaps — OTC^(a)		4,767,388			5,779,484


Total derivative assets and liabilities in the Statement of Assets and Liabilities		6,825,689			5,874,069


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,315,191	)		(46,414	)


Total derivative assets and liabilities subject to an MNA	$	5,510,498		$	5,827,655

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statement of Assets and Liabilities.

The following table presents the Trust’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Trust:



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received	^(b)		Net Amount of Derivative Assets	^(c)(d)

Bank of America N.A.	$	80,201	$	(1,066	)	$	—	$	—		$	79,135
Barclays Bank PLC		512		(512	)		—		—			—
BNP Paribas SA		477,977		—			—		—			477,977
Citibank N.A.		228		(228	)		—		—			—
Credit Suisse International		3,827		(2,624	)		—		—			1,203
Deutsche Bank AG		4,523,288		(7,342	)		—		(4,440,000	)		75,946


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received	^(b)		Net Amount of Derivative Assets	^(c)(d)

JPMorgan Chase Bank N.A.	$	10,710	$	(6,053	)	$	—	$	—		$	4,657
Morgan Stanley & Co. International PLC		234,129		(234,129	)		—		—			—
Royal Bank of Canada		11,828		—			—		—			11,828
Societe Generale		4,396		—			—		—			4,396
State Street Bank and Trust Co.		43,859		(30,897	)		—		—			12,962
The Bank of New York Mellon		12,339		—			—		—			12,339
Toronto-Dominion Bank		107,204		—			—		—			107,204


	$	5,510,498	$	(282,851	)	$	—	$	(4,440,000	)	$	787,647




Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	^(e)		Net Amount of Derivative Liabilities	^(c)(f)

Bank of America N.A.	$	1,066	$	(1,066	)	$	—	$	—		$	—
Barclays Bank PLC		4,534,213		(512	)		—		(4,480,000	)		53,701
Citibank N.A.		1,652		(228	)		—		(1,424	)		—
Credit Suisse International		2,624		(2,624	)		—		—			—
Deutsche Bank AG		7,342		(7,342	)		—		—			—
JPMorgan Chase Bank N.A.		6,053		(6,053	)		—		—			—
Morgan Stanley & Co. International PLC		1,243,808		(234,129	)		—		(740,000	)		269,679
State Street Bank and Trust Co.		30,897		(30,897	)		—		—			—


	$	5,827,655	$	(282,851	)	$	—	$	(5,221,424	)	$	323,380

^(a)

The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(d)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(e)

Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(f)

Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to 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	$	—	$	67,603,388	$	2,311,472	$	69,914,860
Common Stocks		4,355,862		—		—		4,355,862
Corporate Bonds
Aerospace & Defense		—		15,389,125		—		15,389,125
Airlines		—		11,505,077		—		11,505,077
Auto Components		—		6,197,469		—		6,197,469
Automobiles		—		11,601,651		—		11,601,651
Banks		—		7,870,450		—		7,870,450
Beverages		—		9,710,989		—		9,710,989
Biotechnology		—		787,902		—		787,902
Building Materials		—		3,319,919		—		3,319,919
Building Products		—		4,227,111		—		4,227,111
Capital Markets		—		4,917,756		—		4,917,756
Chemicals		—		12,037,175		—		12,037,175
Commercial Services & Supplies		—		4,800,106		—		4,800,106


44		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

April 30, 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)
Communications Equipment	$	—	$	3,200,903	$	—	$	3,200,903
Construction Materials		—		1,751,998		—		1,751,998
Consumer Discretionary		—		10,227,823		—		10,227,823
Consumer Finance		—		8,496,425		—		8,496,425
Containers & Packaging		—		2,672,964		—		2,672,964
Diversified Consumer Services		—		9,383,577		—		9,383,577
Diversified Financial Services		—		10,927,017		—		10,927,017
Diversified Telecommunication Services		—		18,727,485		—		18,727,485
Education		—		239,663		—		239,663
Electric Utilities		—		5,848,551		—		5,848,551
Electrical Equipment		—		638,394		—		638,394
Electronic Equipment, Instruments & Components		—		3,704,501		—		3,704,501
Energy Equipment & Services		—		2,486,501		—		2,486,501
Environmental, Maintenance & Security Service		—		3,608,073		—		3,608,073
Equity Real Estate Investment Trusts (REITs)		—		6,929,641		—		6,929,641
Food & Staples Retailing		—		6,636,625		—		6,636,625
Food Products		—		3,265,612		—		3,265,612
Gas Utilities		—		106,394		—		106,394
Health Care Equipment & Supplies		—		3,083,640		—		3,083,640
Health Care Providers & Services		—		24,184,974		—		24,184,974
Health Care Technology		—		4,467,614		—		4,467,614
Hotels, Restaurants & Leisure		—		16,918,587		—		16,918,587
Household Durables		—		4,108,836		—		4,108,836
Independent Power and Renewable Electricity Producers		—		6,158,458		—		6,158,458
Industrial Conglomerates		—		53,000		—		53,000
Insurance		—		11,836,982		—		11,836,982
Interactive Media & Services		—		2,122,847		—		2,122,847
Internet & Direct Marketing Retail		—		113,485		—		113,485
Internet Software & Services		—		7,287,921		—		7,287,921
IT Services		—		5,119,319		—		5,119,319
Leisure Products		—		753,913		—		753,913
Machinery		—		4,732,899		—		4,732,899
Media		—		53,268,573		—		53,268,573
Metals & Mining		—		12,177,080		—		12,177,080
Multiline Retail		—		1,235,190		—		1,235,190
Offshore Drilling & Other Services		—		1,252,888		—		1,252,888
Oil, Gas & Consumable Fuels		177,054		67,919,478		1,328,352		69,424,884
Personal Products		—		268,786		—		268,786
Pharmaceuticals		—		11,565,299		—		11,565,299
Real Estate		—		812,549		—		812,549
Real Estate Management & Development		—		7,228,752		—		7,228,752
Road & Rail		—		3,068,196		—		3,068,196
Semiconductors & Semiconductor Equipment		—		3,367,731		—		3,367,731
Software		—		8,826,561		—		8,826,561
Specialty Retail		—		4,343,761		—		4,343,761
Technology Hardware, Storage & Peripherals		—		412,500		—		412,500
Textiles, Apparel & Luxury Goods		—		770,983		—		770,983
Thrifts & Mortgage Finance		—		1,141,660		—		1,141,660
Tobacco		—		2,095,678		—		2,095,678
Transportation		—		97,055		—		97,055
Transportation Infrastructure		—		2,821,766		—		2,821,766
Utilities		—		10,625,478		—		10,625,478
Wireless Telecommunication Services		—		10,121,042		—		10,121,042
Floating Rate Loan Interests		—		57,732,811		3,499,194		61,232,005
Foreign Agency Obligations		—		20,384,842		—		20,384,842
Municipal Bonds		—		1,034,659		—		1,034,659
Non-Agency Mortgage-Backed Securities		—		64,595,399		—		64,595,399
Preferred Securities
Capital Trusts		—		40,392,582		—		40,392,582
Preferred Stocks		14,166,186		—		—		14,166,186
U.S. Government Sponsored Agency Securities		—		126,875,347		—		126,875,347
Warrants		—		—		—		—


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (unaudited) (continued)

April 30, 2022

BlackRock Multi-Sector Income Trust (BIT)

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2			Level 3		Total

Short-Term Securities
Money Market Funds	$	37,104,073	$	—		$	—	$	37,104,073
Liabilities
Investments
TBA Sale Commitments		—		(58,963	)		—		(58,963	)
Unfunded Floating Rate Loan Interests^(a)		—		(6,644	)		—		(6,644	)


	$	55,803,175	$	864,133,779		$	7,139,018	$	927,075,972

Derivative Financial Instruments^(b)
Assets
Credit Contracts	$	—	$	3,199,128		$	—	$	3,199,128
Foreign Currency Exchange Contracts		—		743,110			—		743,110
Interest Rate Contracts		20,821,703		7,405,004			—		28,226,707
Liabilities
Credit Contracts		—		(3,675,549	)		—		(3,675,549	)
Foreign Currency Exchange Contracts		—		(48,171	)		—		(48,171	)
Interest Rate Contracts		—		(6,382,748	)		—		(6,382,748	)


	$	20,821,703	$	1,240,774		$	—	$	22,062,477

^(a)

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

^(b)

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

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 $354,227,276 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			—			475,733			—		1,585,733
Transfers out of Level 3		—			—			(1,305,362	)		—		(1,305,362	)
Accrued discounts/premiums		890			—			1,649			—		2,539
Net realized gain (loss)		(14,210	)		—			60			—		(14,150	)
Net change in unrealized appreciation (depreciation)^(a)(b)		(302,676	)		(187,207	)		(107,134	)		—		(597,017	)
Purchases		—			—			1,847,825			—		1,847,825
Sales		(145,354	)		(21,103	)		(3,380	)		—		(169,837	)


Closing balance, as of April 30, 2022	$	2,311,472		$	1,328,352		$	3,499,194		$	—	$	7,139,018


Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2022^(a)	$	(302,676	)	$	(187,207	)	$	(107,134	)	$	—	$	(597,017	)

^(a)

Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.

^(b)

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 30, 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.

See notes to financial statements.


46		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement of Assets and Liabilities (unaudited)

April 30, 2022


	BIT


ASSETS
Investments, at value — unaffiliated^(a)	$	890,037,506
Investments, at value — affiliated^(b)		37,104,073
Cash pledged:
Collateral — reverse repurchase agreements		22,573,998
Collateral — OTC derivatives		5,230,025
Futures contracts		6,188,400
Centrally cleared swaps		669,000
Foreign currency, at value^(c)		1,538,955
Receivables:
Investments sold		4,305,592
Reverse repurchase agreements		4,464,472
TBA sale commitments		59,357
Dividends — unaffiliated		139,635
Dividends — affiliated		6,781
Interest — unaffiliated		9,282,445
Variation margin on futures contracts		1,315,191
Swap premiums paid		1,719,781
Unrealized appreciation on:
Forward foreign currency exchange contracts		743,110
OTC swaps		3,047,607
Deferred offering costs		177,734


Total assets		988,603,662


LIABILITIES
Bank overdraft		1,654,249
Cash received as collateral for OTC derivatives		4,440,000
TBA sale commitments, at value^(d)		58,963
Reverse repurchase agreements, at value		354,227,276
Payables:
Investments purchased		9,518,414
Reverse repurchase agreements		1,335,923
Accounting services fees		69,429
Custodian fees		49,535
Income dividend distributions		196,538
Investment advisory fees		641,753
Offering costs		137,351
Trustees’ and Officer’s fees		139,462
Other accrued expenses		63,132
Principal payups		168,501
Professional fees		173,998
Transfer agent fees		32,345
Variation margin on centrally cleared swaps		46,414
Swap premiums received		2,103,935
Unrealized depreciation on:
Forward foreign currency exchange contracts		48,171
OTC swaps		3,675,549
Unfunded floating rate loan interests		6,644


Total liabilities		378,787,582


NET ASSETS	$	609,816,080


F I N A N C I A L S T A T E M E N T S		47

Statement of Assets and Liabilities (unaudited) (continued)

April 30, 2022


	BIT


NET ASSETS CONSIST OF
Paid-in capital^(e)(f)(g)	$	670,782,923
Accumulated loss		(60,966,843	)


NET ASSETS	$	609,816,080


Net asset value	$	16.20


^(a) Investments, at cost — unaffiliated	$	963,517,555
^(b) Investments, at cost — affiliated	$	37,104,073
^(c) Foreign currency, at cost	$	1,593,977
^(d) Proceeds from TBA sale commitments	$	59,357
^(e) Shares outstanding		37,647,536
^(f) Shares authorized		Unlimited
^(g) Par value	$	0.001

See notes to financial statements.


48		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement of Operations (unaudited)

Six Months Ended April 30, 2022


	BIT


INVESTMENT INCOME
Dividends — unaffiliated	$	1,039,160
Dividends — affiliated		9,714
Interest — unaffiliated		24,598,050
Other income — unaffiliated		41,040
Foreign taxes withheld		(491	)


Total investment income		25,687,473


EXPENSES
Investment advisory		4,032,432
Accounting services		68,714
Custodian		46,161
Transfer agent		37,771
Registration		6,219
Trustees and Officer		221
Miscellaneous		108,897


Total expenses excluding interest expense		4,300,415
Interest expense		711,529


Total expenses		5,011,944
Less:
Fees waived and/or reimbursed by the Manager		(4,775	)


Total expenses after fees waived and/or reimbursed		5,007,169


Net investment income		20,680,304


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,324,924	)
Forward foreign currency exchange contracts		1,406,489
Foreign currency transactions		(111,564	)
Futures contracts		18,338,885
Options written		(3,251,544	)
Swaps		3,767,141


		13,824,483

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(91,227,523	)
Forward foreign currency exchange contracts		298,560
Foreign currency translations		(58,151	)
Futures contracts		17,962,653
Options written		755,414
Swaps		(1,502,440	)
Unfunded floating rate loan interests		(6,902	)


		(73,778,389	)


Net realized and unrealized loss		(59,953,906	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(39,273,602	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		49

Statements of Changes in Net Assets


	BIT


	Six Months Ended 04/30/22 (unaudited)				Year Ended 10/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	20,680,304		$	42,334,107
Net realized gain			13,824,483			21,043,621
Net change in unrealized appreciation (depreciation)			(73,778,389	)		4,551,708


Net increase (decrease) in net assets resulting from operations			(39,273,602	)		67,929,436


DISTRIBUTIONS TO SHAREHOLDERS^(a)
From net investment income			(27,933,070	)^(b)		(41,784,318	)
Return of capital			—			(13,963,431	)


Decrease in net assets resulting from distributions to shareholders			(27,933,070	)		(55,747,749	)


CAPITAL SHARE TRANSACTIONS
Reinvestment of distributions			631,367			1,356,433


NET ASSETS
Total increase (decrease) in net assets			(66,575,305	)		13,538,120
Beginning of period			676,391,385			662,853,265


End of period		$	609,816,080		$	676,391,385

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


50		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement of Cash Flows (unaudited)

Six Months Ended April 30, 2022


	BIT


CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net decrease in net assets resulting from operations	$	(39,273,602	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by (used for) operating activities
Proceeds from sales of long-term investments and principal paydowns/payups		683,899,993
Purchases of long-term investments		(655,094,624	)
Net purchases of short-term securities		(1,068,158	)
Amortization of premium and accretion of discount on investments and other fees		(2,822,589	)
Premiums paid on closing options written		(10,720,506	)
Premiums received from options written		3,186,978
Net realized loss on investments and options written		9,576,468
Net unrealized depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests		91,825,418
(Increase) Decrease in Assets
Receivables
Dividends — affiliated		(6,623	)
Dividends — unaffiliated		(707	)
Interest — unaffiliated		437,338
Variation margin on futures contracts		(1,174,533	)
Variation margin on centrally cleared swaps		74,491
Swap premiums paid		15,544
Deferred offering costs		(177,734	)
Increase (Decrease) in Liabilities
Cash received
Collateral — reverse repurchase agreements		(525,900	)
Collateral — OTC derivatives		1,090,000
Payables
Accounting services fees		(95,071	)
Custodian fees		(59,644	)
Interest expense		(67,472	)
Investment advisory fees		(84,597	)
Trustees’ and Officer’s fees		(56,421	)
Other accrued expenses		(59,620	)
Professional fees		(81,878	)
Transfer agent fees		2,777
Variation margin on futures contracts		(342,849	)
Variation margin on centrally cleared swaps		46,414
Swap premiums received		(1,420,167	)


Net cash provided by operating activities		77,022,726


CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(27,105,165	)
Payments for offering costs		137,351
Increase in bank overdraft		1,578,656
Net borrowing of reverse repurchase agreements		(35,568,704	)


Net cash used for financing activities		(60,957,862	)


CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations		(50,973	)


CASH AND FOREIGN CURRENCY
Net increase in restricted and unrestricted cash and foreign currency		16,013,891
Restricted and unrestricted cash and foreign currency at beginning of period		20,186,487


Restricted and unrestricted cash and foreign currency at end of period	$	36,200,378


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	779,001


NON-CASH FINANCING ACTIVITIES
Reinvestment of distributions	$	631,367


F I N A N C I A L S T A T E M E N T S		51

Statement of Cash Flows (unaudited) (continued)

Six Months Ended April 30, 2022


	BIT


RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES
Cash pledged
Collateral — reverse repurchase agreements	$	22,573,998
Collateral — OTC derivatives		5,230,025
Futures contracts		6,188,400
Centrally cleared swaps		669,000
Foreign currency at value		1,538,955


	$	36,200,378

See notes to financial statements.


52		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


		BIT

		Six Months Ended 04/30/22 (unaudited)				Year Ended October 31,
		Six Months Ended 04/30/22 (unaudited)					2021			2020	^(a)		2019	^(a)		2018	^(a)		2017	^(a)

Net asset value, beginning of period			$	17.98		$	17.66		$	17.28		$	18.79		$	20.07		$	18.91

Net investment income^(b)				0.55			1.13			1.08			1.18			1.38			1.51
Net realized and unrealized gain (loss)				(1.59	)		0.67			0.78			(1.28	)		(1.13	)		1.42


Net increase (decrease) from investment operations				(1.04	)		1.80			1.86			(0.10	)		0.25			2.93


Distributions^(c)
From net investment income				(0.74	)^(d)		(1.11	)		(0.99	)		(1.14	)		(1.49	)		(1.77	)
Return of capital				—			(0.37	)		(0.49	)		(0.27	)		(0.04	)		—


Total distributions				(0.74	)		(1.48	)		(1.48	)		(1.41	)		(1.53	)		(1.77	)


Net asset value, end of period			$	16.20		$	17.98		$	17.66		$	17.28	^(e)	$	18.79		$	20.07


Market price, end of period			$	15.80		$	18.90		$	15.65		$	17.15		$	16.25		$	18.55


Total Return^(f)
Based on net asset value				(5.85	)%^(g)		10.55	%		12.68	%^(h)		0.00	%^(e)(i)		2.18	%^(j)		17.34	%^(k)


Based on market price				(12.65	)%^(g)		31.13	%		0.61	%		14.76	%		(4.40	)%		22.36	%


Ratios to Average Net Assets^(l)
Total expenses				1.56	%^(m)		1.70	%		2.36	%		2.89	%		2.90	%		2.33	%


Total expenses after fees waived and/or reimbursed				1.56	%^(m)		1.70	%		2.19	%⁽ⁿ⁾		2.89	%		2.89	%		2.33	%


Total expenses after fees waived and/or reimbursed and excluding interest expense				1.34	%^(m)		1.42	%		1.39	%		1.35	%		1.42	%		1.39	%


Net investment income				6.44	%^(m)		6.14	%		6.51	%		6.43	%		7.17	%		7.86	%


Supplemental Data
Net assets, end of period (000)			$	609,816		$	676,391		$	662,853		$	648,617		$	710,832		$	765,859


Borrowings outstanding, end of period (000)			$	354,227		$	386,820		$	353,128		$	373,345		$	376,302		$	471,082


Portfolio turnover rate^(o)				61	%		75	%		101	%		32	%		38	%		53	%


^(a) Consolidated Financial Highlights.
^(b) Based on average shares outstanding.
^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
^(d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
^(e) For financial reporting purposes, the market value of certain investments were adjusted as of report date. Accordingly, the NAV per share and total return performance based on NAV presented herein are different than the information previously published on October 31, 2019.
^(f) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.
^(g) Aggregate total return.
^(h) Includes payments received from an affiliate and unaffiliated third parties, which impacted the Trust’s total return. Excluding the payments, the Trust’s total return would have been 1.38%.
⁽ⁱ⁾ Amount is greater than (0.005)%.
^(j) Includes payment received from an affiliate, which had no impact on the Trust’s total return.
^(k) Includes payment received from a settlement of litigation, which impacted the Trust’s total return. Excluding the payment from a settlement of litigation, the Trust’s total return is 16.70%.
^(l) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
^(m)Annualized.
⁽ⁿ⁾ Includes reimbursement of professional fees by unaffiliated third parties, which impacted the Trust’s expense ratio. Excluding the payment, the Trust’s total expense ratio would have been 2.36%.
^(o) Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

		Six Months Ended 04/30/22 (unaudited)				Year Ended October 31,
		Six Months Ended 04/30/22 (unaudited)					2021			2020	^(a)		2019	^(a)		2018	^(a)		2017	^(a)

	Portfolio turnover rate (excluding MDRs)			38	%		58	%		72	%		32	%		38	%		53	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		53

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

BlackRock Multi-Sector Income Trust (BIT) (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is registered as a diversified, closed-end management investment company. The Trust is organized as a Delaware statutory trust. The Trust determines and makes available for publication the net asset value (“NAV”) of its Common Shares on a daily basis.

The Trust, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of open-end non-index fixed-income funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

Basis of Consolidation: The accompanying consolidated financial statements of the Trust include the account of BIT Subsidiary, LLC (the “Taxable Subsidiary”). Effective December 20, 2019, the Taxable Subsidiary, which was wholly-owned by the Trust, was dissolved. The Taxable Subsidiary enabled the Trust to hold an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary were taxable to such subsidiary. There was no tax provision required for income or realized gains during the period.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trust is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.

Foreign Currency Translation: The Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Trust does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Trust may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Trust invests. These foreign taxes, if any, are paid by the Trust and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

The Trust files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trust may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where the Trust enters into certain investments (e.g., dollar rolls, futures contracts, forward foreign currency exchange contracts, options written and swaps) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, the Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investments or borrowings to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trust may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions paid by the Trust are recorded on the ex-dividend dates. Subject to the Trust’s managed distribution plan, the Trust intends to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.


54		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds the Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by the Board of Trustees of the Trust (the “Board”), the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statement of Assets and Liabilities and will remain as a liability of the Trust until such amounts are distributed in accordance with the Plan.

Indemnifications: In the normal course of business, the Trust enters into contracts that contain a variety of representations that provide general indemnification. The Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to the Trust are charged to the Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Trust’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Trust’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

•

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

•

Repurchase agreements are valued at amortized cost, which approximates market value.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trust uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair


N O T E S T O F I N A N C I A L S T A T E M E N T S		55

Notes to Financial Statements (unaudited) (continued)

Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Global Valuation Committee and third-party pricing services utilize one or a combination of, but not limited to, the following inputs.



	Standard Inputs Generally Considered By Third-Party Pricing Services

Market approach	(i)	recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;

	(ii)	recapitalizations and other transactions across the capital structure; and

	(iii)	market multiples of comparable issuers.

Income approach	(i)	future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks;

	(ii)	quoted prices for similar investments or assets in active markets; and

	(iii)	other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.

Cost approach	(i)	audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company;

	(ii)	changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;

	(iii)	relevant news and other public sources; and

	(iv)	known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by the Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date the Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Trust could receive upon the sale of the investment.

Fair Value Hierarchy: 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 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 Private Companies that may not have a secondary market and/or may have 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.

4.	*SECURITIES AND OTHER INVESTMENTS*

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as


56		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

Inflation-Indexed Bonds: Inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond is included as interest income in the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or mortgage pass-through securities (the “Mortgage Assets”). The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.


N O T E S T O F I N A N C I A L S T A T E M E N T S		57

Notes to Financial Statements (unaudited) (continued)

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Trust may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, the fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statement of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statement of Assets and Liabilities and Statement of Operations. As of period end, the Trust had the following unfunded floating rate loan interests:




Trust Name	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation (Depreciation)


BIT	Athenahealth, Inc.	$	389,847	$	389,847	$	384,000	$	(5,848)
	New Arclin U.S. Holding Corp.		30,545		30,393		29,661		(732)
	Sovos Compliance LLC		33,168		33,167		33,103		(64)

Forward Commitments, When-Issued and Delayed Delivery Securities: The Trust may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trust may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trust may be required to pay more at settlement than the security is worth. In addition, the Trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trust assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments


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Notes to Financial Statements (unaudited) (continued)

or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

Mortgage Dollar Roll Transactions: The Trust may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statement of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statement of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the six months ended April 30, 2022, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Trust were $369,358,169 and 0.39%, respectively.

Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

As of period end, the following table is a summary of the Trust’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:



Counterparty		Reverse Repurchase Agreements			Fair Value of Non-Cash Collateral Pledged Including Accrued Interest	^(a)		Cash Collateral Pledged/Received	^(a)		Net Amount	^(b)

Barclays Bank PLC	$	(48,361,741	)	$	48,361,741		$	—		$	—
Barclays Capital Inc.		(46,361,388	)		46,361,388			—			—
BNP Paribas S.A.		(76,300,346	)		76,300,346			—			—
Cantor Fitzgerald & Company		(80,357,348	)		76,955,132			—			(3,402,216	)
Credit Agricole Corporate and Investment Bank		(9,116,916	)		9,116,916			—			—
Credit Suisse Securities (USA) LLC		(2,469,448	)		2,469,448			—			—
HSBC Securities (USA), Inc.		(16,746,362	)		16,746,362			—			—
RBC Capital Markets LLC		(74,513,727	)		73,697,921			—			(815,806	)


	$	(354,227,276	)	$	350,009,254		$	—		$	(4,218,022	)

^(a)

Collateral with a value of $385,136,311 has been pledged in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(b)

Net amount represents the net amount payable due to the counterparty in the event of default.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

The Trust engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Trust and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or OTC.


N O T E S T O F I N A N C I A L S T A T E M E N T S		59

Notes to Financial Statements (unaudited) (continued)

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Trust and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trust is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trust are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.

Options: The Trust may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trust writes a call option, such option is typically “covered,” meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Trust writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statement of Assets and Liabilities.

•

Swaptions — The Trust may purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Trust’s holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

In purchasing and writing options, the Trust bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trust purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trust and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.


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Notes to Financial Statements (unaudited) (continued)

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Trust’s counterparty on the swap. The Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Trust is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

•

Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Trust may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Trust will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Trust will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

•

Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

•

Forward swaps — The Trust may enter into forward interest rate swaps and forward total return swaps. In a forward swap, the Trust and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trust and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trust and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trust, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trust. Any additional required collateral is delivered to/pledged by the Trust on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trust from the counterparties are not fully collateralized, the Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trust has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trust does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.


N O T E S T O F I N A N C I A L S T A T E M E N T S		61

Notes to Financial Statements (unaudited) (continued)

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory: The Trust entered into an Investment Advisory Agreement with the Manager, the Trust’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of the Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Trust.

For such services, the Trust pays the Manager a monthly fee at an annual rate equal to 0.80% of the average daily value of the Trust’s managed assets.

The Manager entered into a sub-advisory agreement with BlackRock (Singapore) Limited (“BSL”) and BlackRock International Limited (“BIL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BSL and BIL, for services they provide for that portion of the Trust for which BSL and BIL, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Trust to the Manager.

Expense Waivers: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Trust. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended April 30, 2022, the amount waived was $4,775.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Trust’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trust’s Independent Trustees. For the six months ended April 30, 2022, there were no fees waived by the Manager pursuant to this arrangement.

Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Trust reimburses the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.

Other Transactions: The Trust may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended April 30, 2022, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:




Trust Name	Purchases		Sales		Net Realized Gain (Loss)


BIT	$	616,625	$	992,957	$	(227,309	)

7.	*PURCHASES AND SALES*

For the six months ended April 30, 2022, purchases and sales of investments, including paydowns/payups, excluding short-term investments, were $596,632,417 and $679,114,506, respectively.

For the six months ended April 30, 2022, purchases and sales related to mortgage dollar rolls were $221,424,402 and $221,686,226, respectively.

8.	*INCOME TAX INFORMATION*

It is the Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trust’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on the Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trust as of April 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trust’s financial statements.

As of October 31, 2021, the Trust had non-expiring capital loss carryforwards, subject to limitations, amounts available to offset future realized capital gains of $27,546,345.

As of April 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:




Trust Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


BIT	$	985,619,846	$	64,725,824	$	(101,141,614	)	$	(36,415,790	)


62		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

9.	*PRINCIPAL RISKS*

In the normal course of business, the Trust invests in securities or other instruments and may enter into certain transactions, and such activities subject the Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trust and its investments.

The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

Market Risk: The Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Trust to reinvest in lower yielding securities. The Trust may also be exposed to reinvestment risk, which is the risk that income from the Trust’s portfolio will decline if the Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Trust portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Trust may invest in illiquid investments. An illiquid investment is any investment that the Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Trust may lose value, regardless of the individual results of the securities and other instruments in which the Trust invests.

The price the Trust could receive upon the sale of any particular portfolio investment may differ from the Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Trust, and the Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Trust may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trust manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trust to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trust’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Trust.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Trust since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trust.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Trust’s portfolio are disclosed in its Schedule of Investments.


N O T E S T O F I N A N C I A L S T A T E M E N T S		63

Notes to Financial Statements (unaudited) (continued)

The Trust invests a significant portion of its assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Trust invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Trust may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

The Trust invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a Trust concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the LIBOR. Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Trust may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Trust is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

The Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

Common Shares

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:




Trust Name	Six Months Ended 04/30/22	Year Ended 10/31/21


BIT	35,912	74,028

The Trust participates in an open market share repurchase program (the “Repurchase Program”). From December 1, 2021 through November 30, 2022, the Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2021, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust’s NAV. There is no assurance that the Trust will purchase shares in any particular amounts. For the six months ended April 30, 2022, the Trust did not repurchase any shares.

The Trust filed a registration statement with the SEC seeking the ability to issue additional Common Shares through an equity shelf program (a “Shelf Offering”), which was declared effective on March 3, 2022. The Trust may not sell any Common Shares in the Shelf Offering until a definitive prospectus relating to the Shelf Offering has been filed with the SEC. Under the Shelf Offering, the Trust, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above the Trust’s NAV per Common Share (calculated within 48 hours of pricing). See Additional Information - Shelf Offering Program for additional information.

Initial costs incurred by the Trust in connection with its Shelf Offering are recorded as “Deferred offering costs” in the Statement of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the shelf offering period will be charged to expense.

11.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Trust’s financial statements was completed through the date the financial statements were issued and the following items were noted:

The Trust declared and paid or will pay distributions to Common Shareholders as follows:

Trust Name

Declaration

Date

Record

Date

Payable/

Paid Date

Dividend Per

Common Share

BIT

05/02/22

05/16/22

05/31/22

0.123700

06/01/22

06/15/22

06/30/22

0.123700

On May 3, 2022, the Trust filed a definitive prospectus with the SEC in connection with its Shelf Offering and may sell additional Common Shares through the Shelf Offering.


64		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information

Trust Certification

The Trust is listed for trading on the NYSE and has filed with the NYSE its annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trust filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Trust will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Environmental, Social and Governance (“ESG”) Integration

Although a Trust does not seek to implement a specific ESG, impact or sustainability strategy unless otherwise disclosed, Trust management will consider ESG characteristics as part of the investment process for actively managed Trusts. These considerations will vary depending on a Trust’s particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. Trust management will consider those ESG characteristics it deems relevant or additive when making investment decisions for a Trust. The ESG characteristics utilized in a Trust’s investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. ESG characteristics are not the sole considerations when making investment decisions for a Trust. Further, investors can differ in their views of what constitutes positive or negative ESG characteristics. As a result, a Trust may invest in issuers that do not reflect the beliefs and values with respect to ESG of any particular investor. ESG considerations may affect a Trust’s exposure to certain companies or industries and a Trust may forego certain investment opportunities. While Trust management views ESG considerations as having the potential to contribute to a Trust’s long-term performance, there is no guarantee that such results will be achieved.

Dividend Policy

The Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, the Trust employs a managed distribution plan (the “Plan”), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of the Trust.

The distributions paid by the Trust for any particular month may be more or less than the amount of net investment income earned by the Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of the Trust and is reported in the Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. The Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.

A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.

Such distributions, under certain circumstances, may exceed the Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.

General Information

The Trust does not make available copies of its Statement of Additional Information because the Trust’s shares are not continuously offered, which means that the Statement of Additional Information of the Trust has not been updated after completion of the Trust’s offerings and the information contained in the Trust’s Statement of Additional Information may have become outdated.

BIT’s Statement of Additional Information includes additional information about its Board and is available, without charge upon request by calling (800)-882-0052.

The following information is a summary of certain changes since October 31, 2021. This information may not reflect all of the changes that have occurred since you purchased the Trust.

Except if noted otherwise herein, there were no changes to the Trust’s charter or by-laws that would delay or prevent a change of control of the Trust that were not approved by the shareholders.

In accordance with Section 23(c) of the Investment Company Act of 1940, the Trust may from time to time purchase shares of its common stock in the open market or in private transactions.


A D D I T I O N A L I N F O R M A T I O N		65

Additional Information (continued)

General Information (continued)

On December 17, 2019, the Trust filed a lawsuit against Aviron Capital, LLC (“Aviron”) and its principal officer relating to a loan on which Aviron defaulted. On December 19, 2019, the Trust obtained a court order removing Aviron’s principal officer and replacing him with a chief restructuring officer chosen by BIT. The lawsuit is currently pending and the outcome is uncertain.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trust may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trust and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trust will mail only one copy of shareholder documents, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trust at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT is available on the SEC’s website at sec.gov. Additionally, the Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities and information about how the Trust voted proxies relating to securities held in the Trust’s portfolio during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trust on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trust. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trust and does not, and is not intended to, incorporate BlackRock’s website in this report.

Shelf Offering Program

From time to time, BIT may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BIT may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BIT’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BIT to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

On March 3, 2022, BIT’s registration statement with the SEC to issue additional Common Shares through a Shelf Offering was declared effective. BIT may not sell any Common Shares in a Shelf Offering until a definitive prospectus relating to the Shelf Offering has been filed with the SEC. This report and the prospectus of BIT are not offers to sell BIT Common Shares or solicitations of an offer to buy BIT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BIT contains important information about BIT, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BIT carefully and in its entirety before investing. Copies of the final prospectus for BIT can be obtained from BlackRock at blackrock.com, when available.


66		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Additional Information (continued)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Trust and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited

079912 Singapore

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809


A D D I T I O N A L I N F O R M A T I O N		67

Glossary of Terms Used in this Report


Currency Abbreviation

CAD		Canadian Dollar

EUR		Euro

GBP		British Pound

IDR		Indonesian Rupiah

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

DAC		Designated Activity Company

DIP		Debtor-In-Possession

EURIBOR		Euro Interbank Offered Rate

GO		General Obligation Bonds

LIBOR		London Interbank Offered Rate

PCL		Public Company Limited

PIK		Payment-in-Kind

RB		Revenue Bond

REIT		Real Estate Investment Trust

REMIC		Real Estate Mortgage Investment Conduit

SAB		Special Assessment Bonds

SOFR		Secured Overnight Financing Rate

TBA		To-Be-Announced


68		2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Want to know more?

blackrock.com | 800-882-0052

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.

BIT-04/22-SAR

(b) Not Applicable

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 13 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Multi-Sector Income Trust


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Multi-Sector Income Trust

Date: June 23, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


		By:		/s/ John M. Perlowski
				John M. Perlowski
				Chief Executive Officer (principal executive officer) of
				BlackRock Multi-Sector Income Trust

Date: June 23, 2022


		By:		/s/ Trent Walker
				Trent Walker
				Chief Financial Officer (principal financial officer) of
				BlackRock Multi-Sector Income Trust

Date: June 23, 2022

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